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, 2026

Item 1. Report to Shareholders.

Janus Henderson Small/Mid Cap Growth Alpha ETF

Semi-Annual Shareholder Report

April 30, 2026

ETF: JSMD - NASDAQ

This semi-annual shareholder report contains important information about the Janus Henderson Small/Mid Cap Growth Alpha ETF ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-800-668-0434.

What were the costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investmentFootnote Reference^
Janus Henderson Small/Mid Cap Growth Alpha ETF	$14	0.28%

Footnote	Description
Footnote^	Annualized.

Key Fund Statistics

Table Summary

Net assets (Millions)	$980
Number of portfolio holdings	123
Portfolio turnover rate	101%

What did the Fund invest in?

5 Largest equity holdings - (% of net assets)

Table Summary

Comfort Systems USA, Inc.	4.5
Bloom Energy Corp.	2.6
Jabil, Inc.	2.4
Piper Sandler Cos.	1.9
Fabrinet	1.8

Sector Allocation - (% of net assets)

Table Summary

Common Stocks	100.0
Investments Purchased with Cash Collateral from Securities Lending	2.7
Investment Companies	0.0
Others	(2.7)

Janus Henderson Small/Mid Cap Growth Alpha ETF

1

Where can I find more information?

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

You can also request this information by contacting us at  1-800-668-0434.

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.

Janus Henderson Small/Mid Cap Growth Alpha ETF

2

125-70-71224E 04-26

Janus Henderson Small Cap Growth Alpha ETF

Semi-Annual Shareholder Report

April 30, 2026

ETF: JSML - NASDAQ

This semi-annual shareholder report contains important information about the Janus Henderson Small Cap Growth Alpha ETF ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-800-668-0434.

What were the costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investmentFootnote Reference^
Janus Henderson Small Cap Growth Alpha ETF	$16	0.30%

Footnote	Description
Footnote^	Annualized.

Key Fund Statistics

Table Summary

Net assets (Millions)	$316
Number of portfolio holdings	121
Portfolio turnover rate	101%

What did the Fund invest in?

5 Largest equity holdings - (% of net assets)

Table Summary

Bloom Energy Corp.	4.0
Credo Technology Group Holding Ltd.	2.2
Sterling Infrastructure, Inc.	2.0
Piper Sandler Cos.	2.0
Fabrinet	1.9

Sector Allocation - (% of net assets)

Table Summary

Common Stocks	100.0
Investments Purchased with Cash Collateral from Securities Lending	1.4
Investment Companies	0.0
Others	(1.4)

Janus Henderson Small Cap Growth Alpha ETF

1

Where can I find more information?

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

You can also request this information by contacting us at  1-800-668-0434.

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.

Janus Henderson Small Cap Growth Alpha ETF

2

125-70-71223E 04-26

Janus Henderson Short Duration Income ETF

Semi-Annual Shareholder Report

April 30, 2026

ETF: VNLA - NYSE Arca

This semi-annual shareholder report contains important information about the Janus Henderson Short Duration Income ETF ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-800-668-0434.

What were the costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investmentFootnote Reference^
Janus Henderson Short Duration Income ETF	$11	0.22%

Footnote	Description
Footnote^	Annualized.

Key Fund Statistics

Table Summary

Net assets (Millions)	$3,233
Number of portfolio holdingsFootnote Reference#	329
Portfolio turnover rate	26%
Weighted average maturity	1.52 Years
Effective duration	0.74 Years

Footnote	Description
Footnote#	Does not include derivatives, except purchased options, if any.

What did the Fund invest in?

Sector Allocation - (% of net assets)

Table Summary

Corporate Bonds	73.7
Commercial Paper	13.6
Asset-Backed Securities	8.0
Mortgage-Backed Securities	6.5
Collateralized Loan Obligations	0.9
Foreign Government Bonds	0.2
Investment Companies	0.1
Purchased Swaption	0.0
Others	(3.0)

Ratings^† Summary – (% of net assets)

Table Summary

Aaa	6.10
AA	0.31
AA-	1.14
A+	6.60
A	3.88
A-	18.79
BBB+	18.39
BBB	21.45
BBB-	11.45
BB+	1.20
Other	10.69

^† Credit ratings provided by Standard & Poor's ("S&P"), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality.

Janus Henderson Short Duration Income ETF

1

Where can I find more information?

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

You can also request this information by contacting us at  1-800-668-0434.

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.

Janus Henderson Short Duration Income ETF

2

125-70-71222E 04-26 

Janus Henderson Mortgage-Backed Securities ETF

Semi-Annual Shareholder Report

April 30, 2026

ETF: JMBS - NYSE Arca

This semi-annual shareholder report contains important information about the Janus Henderson Mortgage-Backed Securities ETF ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-800-668-0434.

What were the costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investmentFootnote Reference^
Janus Henderson Mortgage-Backed Securities ETF	$10	0.21%

Footnote	Description
Footnote^	Annualized.

Key Fund Statistics

Table Summary

Net assets (Millions)	$6,617
Number of portfolio holdingsFootnote Reference#	637
Portfolio turnover rate	55%
Weighted average maturity	8.66 Years
Effective duration	6.13 Years

Footnote	Description
Footnote#	Does not include derivatives, except purchased options, if any.

What did the Fund invest in?

Sector Allocation - (% of net assets)

Table Summary

Mortgage-Backed Securities	156.5
Asset-Backed Securities	7.8
Investment Companies	1.5
Corporate Bonds	0.2
Others	(66.0)

Ratings^† Summary – (% of net assets)

Table Summary

Aaa	6.73
Aa	116.68
A	2.98
Baa	3.04
Ba	1.19
B	1.30
Caa	0.01
Other	(31.93)

^† Credit ratings provided by Standard & Poor's ("S&P"), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality.

Janus Henderson Mortgage-Backed Securities ETF

1

Where can I find more information?

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

You can also request this information by contacting us at  1-800-668-0434.

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.

Janus Henderson Mortgage-Backed Securities ETF

2

125-70-71220E 04-26

Janus Henderson AAA CLO ETF

Semi-Annual Shareholder Report

April 30, 2026

ETF: JAAA - NYSE Arca

This semi-annual shareholder report contains important information about the Janus Henderson AAA CLO ETF ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-800-668-0434.

What were the costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investmentFootnote Reference^
Janus Henderson AAA CLO ETF	$10	0.20%

Footnote	Description
Footnote^	Annualized.

Key Fund Statistics

Table Summary

Net assets (Millions)	$27,099
Number of portfolio holdings	600
Portfolio turnover rate	49%
Weighted average maturity	4.81 Years
Effective duration	0.21 Years

What did the Fund invest in?

Sector Allocation - (% of net assets)

Table Summary

Collateralized Loan Obligations	95.9
Investment Companies	5.4
Others	(1.3)

Ratings^† Summary – (% of net assets)

Table Summary

Aaa	93.28
Aa	3.19
Other	3.53

^† Credit ratings provided by Standard & Poor's ("S&P"), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality.

Janus Henderson AAA CLO ETF

1

Where can I find more information?

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

You can also request this information by contacting us at  1-800-668-0434.

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.

Janus Henderson AAA CLO ETF

2

125-70-71217E 04-26

Janus Henderson U.S. Real Estate ETF

Semi-Annual Shareholder Report

April 30, 2026

ETF: JRE - NYSE Arca

This semi-annual shareholder report contains important information about the Janus Henderson U.S. Real Estate ETF ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-800-668-0434.

What were the costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investmentFootnote Reference^
Janus Henderson U.S. Real Estate ETF	$35	0.65%

Footnote	Description
Footnote^	Annualized.

Key Fund Statistics

Table Summary

Net assets (Millions)	$4
Number of portfolio holdings	26
Portfolio turnover rate	38%

What did the Fund invest in?

5 Largest equity holdings - (% of net assets)

Table Summary

Welltower, Inc.	12.8
Prologis, Inc.	12.1
Equinix, Inc.	9.5
Digital Realty Trust, Inc.	7.2
Ventas, Inc.	6.2

Sector Allocation - (% of net assets)

Table Summary

Common Stocks	99.1
Investments Purchased with Cash Collateral from Securities Lending	2.7
Investment Companies	0.9
Others	(2.7)

Janus Henderson U.S. Real Estate ETF

1

Where can I find more information?

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

You can also request this information by contacting us at  1-800-668-0434.

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.

Janus Henderson U.S. Real Estate ETF

2

125-70-71226E 04-26

Janus Henderson Corporate Bond ETF

Semi-Annual Shareholder Report

April 30, 2026

ETF: JLQD - NYSE Arca

This semi-annual shareholder report contains important information about the Janus Henderson Corporate Bond ETF ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-800-668-0434.

What were the costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investmentFootnote Reference^
Janus Henderson Corporate Bond ETF	$9	0.19%

Footnote	Description
Footnote^	Annualized.

Key Fund Statistics

Table Summary

Net assets (Millions)	$25
Number of portfolio holdingsFootnote Reference#	145
Portfolio turnover rate	117%
Weighted average maturity	8.75 Years
Effective duration	6.85 Years

Footnote	Description
Footnote#	Does not include derivatives, except purchased options, if any.

What did the Fund invest in?

Sector Allocation - (% of net assets)

Table Summary

Corporate Bonds	93.5
Asset-Backed Securities	3.0
Investment Companies	3.0
Exchange Traded Funds	2.5
Investments Purchased with Cash Collateral from Securities Lending	0.4
Others	(2.4)

Ratings^† Summary – (% of net assets)

Table Summary

Aa	3.49
A	23.65
Baa	60.67
Ba	8.19
B	4.07
Other	(0.07)

^† Credit ratings provided by Standard & Poor's ("S&P"), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality.

Janus Henderson Corporate Bond ETF

1

Where can I find more information?

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

You can also request this information by contacting us at  1-800-668-0434.

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.

Janus Henderson Corporate Bond ETF

2

125-70-71225E 04-26

Janus Henderson B-BBB CLO ETF

Semi-Annual Shareholder Report

April 30, 2026

ETF: JBBB - Cboe BZX Exchange

This semi-annual shareholder report contains important information about the Janus Henderson B-BBB CLO ETF ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-800-668-0434.

What were the costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investmentFootnote Reference^
Janus Henderson B-BBB CLO ETF	$23	0.46%

Footnote	Description
Footnote^	Annualized.

Key Fund Statistics

Table Summary

Net assets (Millions)	$1,144
Number of portfolio holdingsFootnote Reference#	195
Portfolio turnover rate	36%
Weighted average maturity	7.35 Years
Effective duration	0.23 Years

Footnote	Description
Footnote#	Does not include derivatives, except purchased options, if any.

What did the Fund invest in?

Sector Allocation - (% of net assets)

Table Summary

Collateralized Loan Obligations	89.9
Investment Companies	6.4
Exchange Traded Fund	4.4
Others	(0.7)

Ratings^† Summary – (% of net assets)

Table Summary

Aa	4.39
Baa	90.24
Ba	0.46
Other	4.91

^† Credit ratings provided by Standard & Poor's ("S&P"), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality.

Janus Henderson B-BBB CLO ETF

1

Where can I find more information?

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

You can also request this information by contacting us at  1-800-668-0434.

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.

Janus Henderson B-BBB CLO ETF

2

125-70-71218E 04-26

Janus Henderson Securitized Income ETF

Semi-Annual Shareholder Report

April 30, 2026

ETF: JSI - NYSE Arca

This semi-annual shareholder report contains important information about the Janus Henderson Securitized Income ETF ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-800-668-0434.

What were the costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investmentFootnote Reference^
Janus Henderson Securitized Income ETF	$26	0.51%

Footnote	Description
Footnote^	Annualized.

Key Fund Statistics

Table Summary

Net assets (Millions)	$1,515
Number of portfolio holdingsFootnote Reference#	559
Portfolio turnover rate	34%
Weighted average maturity	4.29 Years
Effective duration	3.91 Years

Footnote	Description
Footnote#	Does not include derivatives, except purchased options, if any.

What did the Fund invest in?

Sector Allocation - (% of net assets)

Table Summary

Mortgage-Backed Securities	89.4
Asset-Backed Securities	41.9
Exchange Traded Funds	6.9
Collateralized Loan Obligations	2.5
Investment Companies	2.1
Corporate Bonds	1.9
Others	(44.7)

Ratings^† Summary – (% of net assets)

Table Summary

Aaa	19.01
Aa	42.86
A	15.69
Baa	28.13
Ba	11.04
B	5.75
D	0.23
Other	(22.71)

^† Credit ratings provided by Standard & Poor's ("S&P"), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality.

Janus Henderson Securitized Income ETF

1

Where can I find more information?

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

You can also request this information by contacting us at  1-800-668-0434.

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.

Janus Henderson Securitized Income ETF

2

125-70-71221E 04-26

Janus Henderson Emerging Markets Debt Hard Currency ETF

Semi-Annual Shareholder Report

April 30, 2026

ETF: JEMB - NYSE Arca

This semi-annual shareholder report contains important information about the Janus Henderson Emerging Markets Debt Hard Currency ETF ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-800-668-0434.

What were the costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investmentFootnote Reference^
Janus Henderson Emerging Markets Debt Hard Currency ETF	$26	0.52%

Footnote	Description
Footnote^	Annualized.

Key Fund Statistics

Table Summary

Net assets (Millions)	$478
Number of portfolio holdingsFootnote Reference#	316
Portfolio turnover rate	21%
Weighted average maturity	8.92 Years
Effective duration	6.79 Years

Footnote	Description
Footnote#	Does not include derivatives, except purchased options, if any.

What did the Fund invest in?

Sector Allocation - (% of net assets)

Table Summary

Foreign Government Bonds	82.2
Corporate Bonds	13.4
Investment Companies	3.5
Others	0.9

Ratings^† Summary – (% of net assets)

Table Summary

Aa	3.54
A	5.57
Baa	17.90
Ba	34.11
B	18.69
Caa	11.50
C	0.39
D	0.58
Other	7.72

Top Country Allocations - (% of total investments)

Table Summary

Mexico	5.2
Turkey	4.9
Argentina	4.6
Dominican Republic	4.2
Saudi Arabia	3.5

^† Credit ratings provided by Standard & Poor's ("S&P"), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality.

Janus Henderson Emerging Markets Debt Hard Currency ETF

1

Where can I find more information?

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

You can also request this information by contacting us at  1-800-668-0434.

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.

Janus Henderson Emerging Markets Debt Hard Currency ETF

2

125-70-71251E 04-26

Janus Henderson Mid Cap Growth Alpha ETF

Semi-Annual Shareholder Report

April 30, 2026

ETF: JMID - NASDAQ

This semi-annual shareholder report contains important information about the Janus Henderson Mid Cap Growth Alpha ETF ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-800-668-0434.

What were the costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investmentFootnote Reference^
Janus Henderson Mid Cap Growth Alpha ETF	$15	0.30%

Footnote	Description
Footnote^	Annualized.

Key Fund Statistics

Table Summary

Net assets (Millions)	$18
Number of portfolio holdings	83
Portfolio turnover rate	112%

What did the Fund invest in?

5 Largest equity holdings - (% of net assets)

Table Summary

Vertiv Holdings Co.	6.1
Howmet Aerospace, Inc.	4.4
Comfort Systems USA, Inc.	4.0
Cencora, Inc.	3.1
Ameriprise Financial, Inc.	2.8

Sector Allocation - (% of net assets)

Table Summary

Common Stocks	100.0
Investments Purchased with Cash Collateral from Securities Lending	1.4
Investment Companies	0.1
Others	(1.5)

Janus Henderson Mid Cap Growth Alpha ETF

1

Where can I find more information?

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

You can also request this information by contacting us at  1-800-668-0434.

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.

Janus Henderson Mid Cap Growth Alpha ETF

2

125-70-71262E 04-26

Janus Henderson Income ETF

Semi-Annual Shareholder Report

April 30, 2026

ETF: JIII - NYSE Arca

This semi-annual shareholder report contains important information about the Janus Henderson Income ETF ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-800-668-0434.

What were the costs for the period?

(based on a hypothetical $10,000 investment)

Table Summary

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investmentFootnote Reference^
Janus Henderson Income ETF	$26	0.51%

Footnote	Description
Footnote^	Annualized.

Key Fund Statistics

Table Summary

Net assets (Millions)	$166
Number of portfolio holdingsFootnote Reference#	425
Portfolio turnover rate	50%
Weighted average maturity	5.92 Years
Effective duration	4.47 Years

Footnote	Description
Footnote#	Does not include derivatives, except purchased options, if any.

What did the Fund invest in?

Sector Allocation - (% of net assets)

Table Summary

Mortgage-Backed Securities	44.0
Corporate Bonds	35.8
Asset-Backed Securities	14.8
Bank Loans	13.3
Investment Companies	6.7
Exchange Traded Fund	4.2
Collateralized Loan Obligations	4.1
Common Stocks	0.8
Convertible Bonds	0.7
Investments Purchased with Cash Collateral from Securities Lending	0.6
Purchased Swaption	0.1
Others	(25.1)

Ratings^† Summary – (% of net assets)

Table Summary

Aaa	3.64
Aa	23.31
A	7.08
Baa	18.28
Ba	25.61
B	29.41
Caa	1.85
C	0.06
D	0.12
Equities	0.81
Other	(10.17)

^† Credit ratings provided by Standard & Poor's ("S&P"), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality.

Janus Henderson Income ETF

1

Where can I find more information?

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

You can also request this information by contacting us at  1-800-668-0434.

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.

Janus Henderson Income ETF

2

125-70-71294E 04-26 

Janus Henderson Transformational Growth ETF

Semi-Annual Shareholder Report

April 30, 2026

ETF: JXX - Cboe BZX Exchange

This semi-annual shareholder report contains important information about the Janus Henderson Transformational Growth ETF ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-800-668-0434.

What were the costs for the period?

(based on a hypothetical $10,000 investment)

Table Summary

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investmentFootnote Reference^
Janus Henderson Transformational Growth ETF	$29	0.57%

Footnote	Description
Footnote^	Annualized.

Key Fund Statistics

Table Summary

Net assets (Millions)	$36
Number of portfolio holdings	26
Portfolio turnover rate	20%

What did the Fund invest in?

5 Largest equity holdings - (% of net assets)

Table Summary

Amazon.com, Inc.	11.8
Taiwan Semiconductor Manufacturing Co. Ltd.	11.7
Broadcom, Inc.	9.0
Oracle Corp.	7.0
Howmet Aerospace, Inc.	5.2

Sector Allocation - (% of net assets)

Table Summary

Common Stocks	99.0
Investments Purchased with Cash Collateral from Securities Lending	2.0
Investment Companies	1.1
Others	(2.1)

Janus Henderson Transformational Growth ETF

1

Where can I find more information?

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

You can also request this information by contacting us at  1-800-668-0434.

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.

Janus Henderson Transformational Growth ETF

2

125-70-71310E 04-26

Janus Henderson Asset-Backed Securities ETF

Semi-Annual Shareholder Report

April 30, 2026

ETF: JABS - NYSE Arca

This semi-annual shareholder report contains important information about the Janus Henderson Asset-Backed Securities ETF ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-800-668-0434.

What were the costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investmentFootnote Reference^
Janus Henderson Asset-Backed Securities ETF	$17	0.33%

Footnote	Description
Footnote^	Annualized.

Key Fund Statistics

Table Summary

Net assets (Millions)	$131
Number of portfolio holdingsFootnote Reference#	128
Portfolio turnover rate	40%
Weighted average maturity	2.86 Years
Effective duration	2.17 Years

Footnote	Description
Footnote#	Does not include derivatives, except purchased options, if any.

What did the Fund invest in?

Sector Allocation - (% of net assets)

Table Summary

Asset-Backed Securities	86.6
Mortgage-Backed Securities	6.3
Collateralized Loan Obligations	3.2
Exchange Traded Fund	2.4
Investment Companies	2.0
Others	(0.5)

Ratings^† Summary – (% of net assets)

Table Summary

Aaa	7.85
Aa	17.39
A	66.41
Baa	6.46
Other	1.89

^† Credit ratings provided by Standard & Poor's ("S&P"), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality.

Janus Henderson Asset-Backed Securities ETF

1

Where can I find more information?

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

You can also request this information by contacting us at  1-800-668-0434.

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.

Janus Henderson Asset-Backed Securities ETF

2

125-70-71353E 04-26

Janus Henderson Global Artificial Intelligence ETF

Semi-Annual Shareholder Report

April 30, 2026

ETF: JHAI - NASDAQ

This semi-annual shareholder report contains important information about the Janus Henderson Global Artificial Intelligence ETF ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-800-668-0434.

What were the costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investmentFootnote Reference^
Janus Henderson Global Artificial Intelligence ETF	$30	0.59%

Footnote	Description
Footnote^	Annualized.

Key Fund Statistics

Table Summary

Net assets (Millions)	$21
Number of portfolio holdings	48
Portfolio turnover rate	28%

What did the Fund invest in?

5 Largest equity holdings - (% of net assets)

Table Summary

Taiwan Semiconductor Manufacturing Co. Ltd.	16.0
NVIDIA Corp.	13.9
Broadcom, Inc.	6.4
Amazon.com, Inc.	5.5
Alphabet, Inc.	4.6

Sector Allocation - (% of net assets)

Table Summary

Common Stocks	99.9
Investment Companies	2.1
Investments Purchased with Cash Collateral from Securities Lending	1.6
Others	(3.6)

Top Country Allocations - (% of total investments)

Table Summary

United States	74.4
Taiwan	15.5
Netherlands	4.7
Japan	1.3
Ireland	1.0

Janus Henderson Global Artificial Intelligence ETF

1

Where can I find more information?

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

You can also request this information by contacting us at  1-800-668-0434.

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.

Janus Henderson Global Artificial Intelligence ETF

2

125-70-71372E 04-26

Janus Henderson AA-A CLO ETF

Semi-Annual Shareholder Report

April 30, 2026

ETF: JA - NYSE Arca

This semi-annual shareholder report contains important information about the Janus Henderson AA-A CLO ETF ("Fund") for the period of February 18, 2026 (inception) to April 30, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-800-668-0434.

What were the costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary

Fund	Costs of a $10,000 investmentFootnote Reference*	Costs paid as a percentage of a $10,000 investmentFootnote Reference^
Janus Henderson AA-A CLO ETF	$6	0.29%

Footnote	Description
Footnote*	Amount shown reflects the expenses of the Fund from inception date through April 30, 2026. Expenses would be higher if the Fund had been in operations for the full period.
Footnote^	Annualized.

Key Fund Statistics

Table Summary

Net assets (Millions)	$110
Number of portfolio holdings	35
Portfolio turnover rate	0%
Weighted average maturity	5.85 Years
Effective duration	0.21 Years

What did the Fund invest in?

Sector Allocation - (% of net assets)

Table Summary

Collateralized Loan Obligations	89.1
Investment Companies	11.0
Exchange Traded Fund	0.0
Others	(0.1)

Ratings^† Summary – (% of net assets)

Table Summary

Aa	36.80
A	53.38
Other	9.82

^† Credit ratings provided by Standard & Poor's ("S&P"), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality.

Janus Henderson AA-A CLO ETF

1

Where can I find more information?

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

You can also request this information by contacting us at  1-800-668-0434.

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.

Janus Henderson AA-A CLO ETF

2

125-70-71406E 04-26

Janus Henderson U.S. Equity Enhanced Income ETF

Semi-Annual Shareholder Report

April 30, 2026

ETF: JUDO - Cboe BZX Exchange, Inc.

This semi-annual shareholder report contains important information about the Janus Henderson U.S. Equity Enhanced Income ETF ("Fund") for the period of March 24, 2026 (inception) to April 30, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-800-668-0434.

What were the costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary

Fund	Costs of a $10,000 investmentFootnote Reference*	Costs paid as a percentage of a $10,000 investmentFootnote Reference^
Janus Henderson U.S. Equity Enhanced Income ETF	$6	0.55%

Footnote	Description
Footnote*	Amount shown reflects the expenses of the Fund from inception date through April 30, 2026. Expenses would be higher if the Fund had been in operations for the full period.
Footnote^	Annualized.

Key Fund Statistics

Table Summary

Net assets (Millions)	$7
Number of portfolio holdingsFootnote Reference#	68
Portfolio turnover rate	25%

Footnote	Description
Footnote#	Does not include derivatives, except purchased options, if any.

What did the Fund invest in?

5 Largest equity holdings - (% of net assets)

Table Summary

NVIDIA Corp.	8.4
Alphabet, Inc.	7.5
Microsoft Corp.	6.0
Amazon.com, Inc.	5.2
Apple, Inc.	4.9

Sector Allocation - (% of net assets)

Table Summary

Common Stocks	100.7
Investment Companies	0.2
Others	(0.9)

Janus Henderson U.S. Equity Enhanced Income ETF

1

Where can I find more information?

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

You can also request this information by contacting us at  1-800-668-0434.

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.

Janus Henderson U.S. Equity Enhanced Income ETF

2

125-70-71437E 04-26

Janus Henderson Equity Linked High Income ETF

Semi-Annual Shareholder Report

April 30, 2026

ETF: JELH - Cboe BZX Exchange, Inc.

This semi-annual shareholder report contains important information about the Janus Henderson Equity Linked High Income ETF ("Fund") for the period of April 21, 2026 (inception) to April 30, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-800-668-0434.

What were the costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary

Fund	Costs of a $10,000 investmentFootnote Reference*	Costs paid as a percentage of a $10,000 investmentFootnote Reference^
Janus Henderson Equity Linked High Income ETF	$1	0.59%

Footnote	Description
Footnote*	Amount shown reflects the expenses of the Fund from inception date through April 30, 2026. Expenses would be higher if the Fund had been in operations for the full period.
Footnote^	Annualized.

Key Fund Statistics

Table Summary

Net assets (Millions)	$11
Number of portfolio holdings	1
Portfolio turnover rate	0%

What did the Fund invest in?

Sector Allocation - (% of net assets)

Table Summary

Investment Companies	99.8
Others	0.2

Janus Henderson Equity Linked High Income ETF

1

Where can I find more information?

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

You can also request this information by contacting us at  1-800-668-0434.

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.

Janus Henderson Equity Linked High Income ETF

2

125-70-71451E 04-26

Janus Henderson Equity Linked Moderate Income ETF

Semi-Annual Shareholder Report

April 30, 2026

ETF: JELM - Cboe BZX Exchange, Inc.

This semi-annual shareholder report contains important information about the Janus Henderson Equity Linked Moderate Income ETF ("Fund") for the period of April 21, 2026 (inception) to April 30, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-800-668-0434.

What were the costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary

Fund	Costs of a $10,000 investmentFootnote Reference*	Costs paid as a percentage of a $10,000 investmentFootnote Reference^
Janus Henderson Equity Linked Moderate Income ETF	$1	0.59%

Footnote	Description
Footnote*	Amount shown reflects the expenses of the Fund from inception date through April 30, 2026. Expenses would be higher if the Fund had been in operations for the full period.
Footnote^	Annualized.

Key Fund Statistics

Table Summary

Net assets (Millions)	$11
Number of portfolio holdings	1
Portfolio turnover rate	0%

What did the Fund invest in?

Sector Allocation - (% of net assets)

Table Summary

Investment Companies	95.4
Others	4.6

Janus Henderson Equity Linked Moderate Income ETF

1

Where can I find more information?

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

You can also request this information by contacting us at  1-800-668-0434.

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.

Janus Henderson Equity Linked Moderate Income ETF

2

125-70-71453E 04-26

(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. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

SEMIANNUAL

FINANCIAL

STATEMENTS

April

30,

2026

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Item

7.

Financial

Statements

and

Financial

Highlights

for

Open-End

Management

Investment

Companies

Schedule

of

Investments

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

3

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

Items

8-11

-

Additional

Information

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

21

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

Janus

Detroit

Street

Trust

3

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Common

Stocks

-

100.0%

Aerospace

&

Defense

-

4.0%

Cadre

Holdings,

Inc.

61,244

$

1,815,885

FTAI

Aviation

Ltd.

49,425

12,339,940

Red

Cat

Holdings,

Inc.

#

,*

238,814

2,798,900

Rocket

Lab

Corp.*

171,363

14,139,161

StandardAero,

Inc.*

156,269

3,884,847

V2X,

Inc.*

59,300

4,021,133

38,999,866

Banks

-

1.5%

Provident

Financial

Services,

Inc.

298,082

6,760,500

ServisFirst

Bancshares,

Inc.

105,018

8,361,533

15,122,033

Beverages

-

0.4%

Celsius

Holdings,

Inc.*

113,618

3,814,156

Biotechnology

-

9.8%

Apellis

Pharmaceuticals,

Inc.*

233,088

9,544,953

Arrowhead

Pharmaceuticals,

Inc.*

95,209

6,995,957

Aurinia

Pharmaceuticals,

Inc.*

539,369

8,298,192

Bridgebio

Pharma,

Inc.*

145,924

10,376,656

CareDx

,

Inc.*

220,863

4,596,159

Catalyst

Pharmaceuticals,

Inc.*

114,986

3,234,556

Cytokinetics,

Inc.*

189,801

12,141,570

Exelixis,

Inc.*

306,870

13,643,440

Halozyme

Therapeutics,

Inc.*

144,590

9,204,599

Krystal

Biotech,

Inc.*

38,719

10,154,445

Rigel

Pharmaceuticals,

Inc.*

102,534

2,963,233

Veracyte

,

Inc.*

163,830

5,393,284

96,547,044

Building

Products

-

2.5%

AZZ,

Inc.

55,255

7,903,675

Griffon

Corp.

179,710

16,384,161

24,287,836

Capital

Markets

-

5.1%

Acadian

Asset

Management,

Inc.

96,771

6,517,527

Artisan

Partners

Asset

Management,

Inc.

-

Class

A

68,759

2,574,337

Lazard,

Inc.

-

Class

A

186,787

9,059,169

Piper

Sandler

Cos.

211,779

18,467,129

StoneX

Group,

Inc.*

78,595

8,333,428

XP,

Inc.

-

Class

A

276,188

5,291,762

50,243,352

Commercial

Services

&

Supplies

-

2.0%

Brink's

Co.

(The)

126,123

13,463,630

Healthcare

Services

Group,

Inc.*

302,664

6,480,036

19,943,666

Communications

Equipment

-

0.9%

Lumentum

Holdings,

Inc.*

9,344

8,431,278

Construction

&

Engineering

-

9.4%

Argan,

Inc.

16,238

10,879,135

Comfort

Systems

USA,

Inc.

23,908

43,996,697

Dycom

Industries,

Inc.*

17,266

7,149,851

EMCOR

Group,

Inc.

15,257

13,604,209

Sterling

Infrastructure,

Inc.*

31,403

16,192,015

91,821,907

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

4

April

30,

2026

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Common

Stocks

-

(continued)

Consumer

Finance

-

1.1%

Enova

International,

Inc.*

63,295

$

10,722,806

Diversified

Consumer

Services

-

1.3%

Frontdoor

,

Inc.*

79,769

5,474,547

Stride,

Inc.*

76,389

7,421,955

12,896,502

Diversified

Telecommunication

Services

-

2.3%

AST

SpaceMobile

,

Inc.

-

Class

A

#

,*

70,817

5,233,376

Iridium

Communications,

Inc.

271,919

10,623,875

Lumen

Technologies,

Inc.*

727,653

6,432,453

22,289,704

Electrical

Equipment

-

6.3%

Bloom

Energy

Corp.

-

Class

A*

90,278

25,581,174

EnerSys

42,631

9,091,487

Nextpower

,

Inc.

-

Class

A*

84,596

10,077,922

Powell

Industries,

Inc.

60,663

16,820,030

61,570,613

Electronic

Equipment,

Instruments

&

Components

-

6.2%

Belden,

Inc.

87,904

9,887,442

CTS

Corp.

78,804

4,499,709

Fabrinet*

26,289

17,967,743

Jabil,

Inc.

70,578

23,819,369

Ouster,

Inc.*

166,816

4,497,359

60,671,622

Energy

Equipment

&

Services

-

1.3%

Helix

Energy

Solutions

Group,

Inc.*

792,244

8,199,726

Oceaneering

International,

Inc.*

109,556

4,112,732

12,312,458

Entertainment

-

1.5%

Cinemark

Holdings,

Inc.

267,494

7,896,423

IMAX

Corp.*

182,625

6,943,402

14,839,825

Financial

Services

-

0.3%

International

Money

Express,

Inc.*

175,538

2,792,810

Food

Products

-

0.6%

Darling

Ingredients,

Inc.*

93,429

6,000,945

Health

Care

Equipment

&

Supplies

-

3.0%

Haemonetics

Corp.*

125,093

7,516,838

Integer

Holdings

Corp.*

71,726

6,348,468

Lantheus

Holdings,

Inc.*

93,500

7,911,970

TransMedics

Group,

Inc.*

43,837

4,418,331

UFP

Technologies,

Inc.*

17,236

3,302,935

29,498,542

Health

Care

Providers

&

Services

-

2.3%

BrightSpring

Health

Services,

Inc.*

117,423

5,632,782

Brookdale

Senior

Living,

Inc.*

309,242

4,440,715

Concentra

Group

Holdings

Parent,

Inc.

297,594

6,686,937

Guardant

Health,

Inc.*

63,938

5,567,721

22,328,155

Hotel

&

Resort

REITs

-

3.1%

DiamondRock

Hospitality

Co.

1,306,671

13,328,044

Ryman

Hospitality

Properties,

Inc.

164,335

17,269,965

30,598,009

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

Janus

Detroit

Street

Trust

5

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Common

Stocks

-

(continued)

Hotels,

Restaurants

&

Leisure

-

2.8%

Choice

Hotels

International,

Inc.

#

133,220

$

13,199,438

Jack

in

the

Box,

Inc.

#

,*

181,228

2,283,473

Wendy's

Co.

(The)

#

906,055

6,306,143

Wyndham

Hotels

&

Resorts,

Inc.

67,480

5,491,522

27,280,576

Household

Durables

-

2.9%

Champion

Homes,

Inc.*

102,197

7,790,477

Installed

Building

Products,

Inc.

26,676

7,697,360

SharkNinja

,

Inc.

#

,*

71,979

8,315,734

Somnigroup

International,

Inc.

55,850

4,236,781

28,040,352

Household

Products

-

0.6%

Energizer

Holdings,

Inc.

305,281

5,977,402

Insurance

-

2.0%

HCI

Group,

Inc.

15,649

2,403,217

Palomar

Holdings,

Inc.*

88,285

10,627,748

Slide

Insurance

Holdings,

Inc.*

170,106

3,172,477

Universal

Insurance

Holdings,

Inc.

77,252

3,061,497

19,264,939

Interactive

Media

&

Services

-

0.5%

Cargurus

,

Inc.

-

Class

A*

137,032

4,996,187

IT

Services

-

0.3%

Rackspace

Technology,

Inc.

#

,*

1,946,325

2,841,634

Life

Sciences

Tools

&

Services

-

1.6%

10X

Genomics,

Inc.

-

Class

A*

186,577

4,114,023

Medpace

Holdings,

Inc.*

28,523

11,941,439

16,055,462

Machinery

-

2.9%

Allison

Transmission

Holdings,

Inc.

30,071

4,040,039

Atmus

Filtration

Technologies,

Inc.

119,780

7,594,052

Blue

Bird

Corp.*

60,172

3,857,627

Douglas

Dynamics,

Inc.

82,630

3,811,722

Kadant

,

Inc.

32,131

9,418,560

28,722,000

Metals

&

Mining

-

2.6%

Coeur

Mining,

Inc.*

495,585

8,905,663

Constellium

SE

-

Class

A*

292,461

9,148,180

Hecla

Mining

Co.

389,311

7,015,384

25,069,227

Oil,

Gas

&

Consumable

Fuels

-

0.5%

Calumet,

Inc.*

138,004

4,515,491

Personal

Care

Products

-

0.6%

Interparfums

,

Inc.

64,415

5,875,936

Pharmaceuticals

-

2.0%

ANI

Pharmaceuticals,

Inc.*

70,147

5,573,179

Collegium

Pharmaceutical,

Inc.*

124,586

4,202,286

Corcept

Therapeutics,

Inc.*

127,990

5,954,095

Theravance

Biopharma,

Inc.*

226,068

3,784,378

19,513,938

Professional

Services

-

0.4%

Huron

Consulting

Group,

Inc.*

29,210

3,816,725

Real

Estate

Management

&

Development

-

0.7%

eXp

World

Holdings,

Inc.

391,831

2,437,189

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

6

April

30,

2026

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Common

Stocks

-

(continued)

Real

Estate

Management

&

Development

-

(continued)

St

Joe

Co.

(The)

71,857

$

4,639,806

7,076,995

Semiconductors

&

Semiconductor

Equipment

-

2.8%

Enphase

Energy,

Inc.*

77,351

2,549,489

Onto

Innovation,

Inc.*

50,196

14,810,832

Rambus,

Inc.*

85,306

9,819,573

27,179,894

Software

-

6.7%

ACI

Worldwide,

Inc.*

87,906

3,799,297

Adeia

,

Inc.

312,759

9,961,374

Clear

Secure,

Inc.

-

Class

A

116,418

6,215,557

InterDigital

,

Inc.

38,838

11,517,797

Qualys,

Inc.*

85,480

7,430,777

Rezolve

AI

plc

#

,*

1,100,283

2,827,727

RingCentral,

Inc.

-

Class

A

148,156

5,958,834

Teradata

Corp.*

444,134

11,702,931

Workiva,

Inc.

-

Class

A*

118,072

6,314,491

65,728,785

Specialty

Retail

-

0.6%

Boot

Barn

Holdings,

Inc.*

37,440

6,419,088

Technology

Hardware,

Storage

&

Peripherals

-

1.8%

Diebold

Nixdorf,

Inc.*

95,853

7,362,469

Everpure

,

Inc.

-

Class

A*

151,109

10,796,738

18,159,207

Textiles,

Apparel

&

Luxury

Goods

-

1.7%

Tapestry,

Inc.

112,667

16,341,222

Trading

Companies

&

Distributors

-

1.1%

Core

&

Main,

Inc.

-

Class

A*

211,876

10,672,194

Total

Common

Stocks

(cost

$869,273,723)

979,280,383

Investment

Companies

-

0.0%

Money

Market

Funds

-

0.0%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

3.6483%

£,∞

(cost

$421,574)

421,575

421,575

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

2.7%

Investment

Companies

-

2.2%

Janus

Henderson

Cash

Collateral

Fund

LLC,

3.5866%

£,∞

21,016,623

21,016,623

Time

Deposits

-

0.5%

Royal

Bank

of

Canada,

3.6300%,

5/1/26

$

5,197,746

5,197,746

Total

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

(cost

$26,214,369)

26,214,369

Total

Investments

(total

cost

$

895,909,666

)

-

102.7%

1,005,916,327

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(2.7%)

(26,377,691)

Net

Assets

-

100.0%

$979,538,636

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

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

$

948,856,043

94.3

%

Thailand

17,967,743

1.8

Canada

15,241,594

1.5

France

9,148,180

0.9

Brazil

5,291,762

0.5

Cayman

Islands

3,784,378

0.4

United

Kingdom

2,827,727

0.3

Puerto

Rico

2,798,900

0.3

Total

$1,005,916,327

100.0%

Schedule

of

Affiliated

Investments

-

(%

of

Net

Assets)

Affiliated

Investments,

at

Value

at

10/31/25

Purchases

Sales

Proceeds

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciatio

n/

(Depreciation)

Affiliated

Investments,

at

Value

at

4/30/26

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

Shares

Held

at

4/30/26

Dividend

Income

Investment

Company

-

0.0%

Money

Market

Funds

-

0.0%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

3.6483%

∞

$

101,838

$

125,704,313

$

(125,384,592)

$

24

$

(8)

$

421,575

421,575

$

19,624

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

2.7%

Investment

Companies

-

2.2%

Janus

Henderson

Cash

Collateral

Fund

LLC,

3.5866%

∞

13,974,572

159,475,872

(152,433,821)

–

–

21,016,623

21,016,623

199,399

Δ

Total

Affiliated

Investments

-

2.2%

$14,076,410

$285,180,185

$(277,818,413)

$24

$(8)

$21,438,198

$219,023

Offsetting

of

Financial

Assets

and

Derivative

Assets

Counterparty

Gross

Amounts

of

Recognized

Assets

Offsetting

Asset

or

Liability

(a)

Collateral

Pledged

(b)

Net

Amount

JPMorgan

Chase

Bank

NA

$

25,545,011

$

—

$

(25,545,011)

$

—

(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,

2026

8

April

30,

2026

LLC

Limited

Liability

Company

plc

Public

Limited

Company

REIT

Real

Estate

Investment

Trust

*

Non-income

producing

security.

#

Loaned

security;

a

portion

of

the

security

is

on

loan

at

April

30,

2026.

∞

Rate

shown

is

the

7-day

yield

as

of

April

30,

2026.

£

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,

2026

.

See

Notes

to

Financial

Statements

for

more

information.

Valuation

Inputs

Summary

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Total

Assets

Investments

in

Securities:

Common

Stocks

$

979,280,383

$

—

$

—

$

979,280,383

Investment

Companies

—

421,575

—

421,575

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

—

26,214,369

—

26,214,369

Total

Assets

$

979,280,383

$

26,635,944

$

—

$

1,005,916,327

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Statement

of

Assets

and

Liabilities

(unaudited)

April

30,

2026

Janus

Detroit

Street

Trust

9

See

Notes

to

Financial

Statements.

Assets:

Unaffiliated

investments,

at

value

(cost

$874,471,469)

(1)

$

984,478,129

Affiliated

investments,

at

value

(cost

$21,438,197)

21,438,198

Cash

4,672

Receivables:

Dividends

22,761

Affiliated

securities

lending

income,

net

13,168

Total

Assets

1,005,956,928

Liabilities:

Collateral

on

securities

loaned

(Note

2)

26,214,369

Payables:

Management

fees

203,923

Total

Liabilities

26,418,292

Commitments

and

contingent

liabilities

Net

Assets

$

979,538,636

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

905,106,707

Total

distributable

earnings

(loss)

74,431,929

Total

Net

Assets

$

979,538,636

Net

Assets

$

979,538,636

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

11,002,000

Net

Asset

Value

Per

Share

$

89

.03

(1)

Includes

$25,545,011

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

2026

10

April

30,

2026

See

Notes

to

Financial

Statements.

Investment

Income:

Dividends

$

2,946,256

Affiliated

securities

lending

income,

net    

199,399

Unaffiliated

securities

lending

income,

net

54,727

Dividends

from

affiliates

19,624

Foreign

tax

withheld

(

2,700

)

Total

Investment

Income

3,217,306

Expenses:

Management

Fees

1,131,267

Total

Expenses

1,131,267

Net

Investment

Income/(Loss)

2,086,039

Net

Realized

Gain/(Loss)

on

Investments:

Investments

$

464,255

Investments

in

affiliates

24

Total

Net

Realized

Gain/(Loss)

on

Investments

$

464,279

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

52,313,470

Investments

in

affiliates

(

8

)

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

52,313,462

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

54,863,780

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Statements

of

Changes

in

Net

Assets

Janus

Detroit

Street

Trust

11

See

Notes

to

Financial

Statements.

Period

Ended

April

30,

2026

(unaudited)

Year

Ended

October

31,

2025

Operations:

Net

investment

income/(loss)

$

2,086,039

$

2,856,975

Net

realized

gain/(loss)

on

investments

464,279

77,344,022

Change

in

unrealized

net

appreciation/depreciation

52,313,462

5,251,061

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

54,863,780

85,452,058

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(

1,953,037

)

(

4,509,553

)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(

1,953,037

)

(

4,509,553

)

Capital

Share

Transactions

174,292,109

288,095,491

Net

Increase/(Decrease)

in

Net

Assets

227,202,852

369,037,996

Net

Assets:

—

—

Beginning

of

Period  

752,335,784

383,297,788

End

of

Period

$

979,538,636

$

752,335,784

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Financial

Highlights

12

April

30,

2026

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

the

period

ended

April

30,

2026

(unaudited)

and

each

year

or

period

ended

October

31

2026

2025

2024

2023

2022

2021

Net

Asset

Value,

Beginning

of

Period

$83.81

$71.95

$54.91

$52.92

$67.73

$52.35

Income/(Loss)

from

Investment

Operations:

—

—

—

—

—

—

Net

investment

income/(loss)

(1)

0.21

0.43

0.26

0.30

0.21

0.21

Net

realized

and

unrealized

gain/(loss)

5.21

12.15

17.04

1.97

(2)

(14.83)

15.38

Total

from

Investment

Operations

5.42

12.58

17.30

2.27

(2)

(14.62)

15.59

Less

Dividends

and

Distributions:

—

—

—

—

—

—

Dividends

(from

net

investment

income)

(0.20)

(0.72)

(0.26)

(0.28)

(0.19)

(0.21)

Total

Dividends

and

Distributions

(0.20)

(0.72)

(0.26)

(0.28)

(0.19)

(0.21)

Net

Asset

Value,

End

of

Period

$89.03

$83.81

$71.95

$54.91

$52.92

$67.73

Total

Return

*

6.49%

17.58%

31.54%

4.27%

(21.60)%

29.81%

Net

assets,

End

of

Period

(in

thousands)

$979,539

$752,336

$383,298

$245,834

$172,098

$201,635

Ratios

to

Average

Net

Assets

**

Ratio

of

Gross

Expenses

0.28%

0.30%

0.30%

0.30%

0.30%

0.30%

Ratio

of

Net

Investment

Income/(Loss)

0.52%

0.56%

0.39%

0.51%

0.36%

0.33%

Portfolio

Turnover

Rate

(3)

101%

197%

102%

91%

89%

102%

*

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

13

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 nineteen

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

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 The

Nasdaq

Stock

Market

LLC

(“Nasdaq”)

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.

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

Chief

Financial

Officer

of

the

Fund/Portfolio

is

designated

as

the

Chief

Operating

Decision

Maker

(“CODM”)

as

it

relates

to

ASC

Topic

280.

The

CODM

has

concluded

that

the

Fund/Portfolio

operated

as

a

single

segment

entity

for

the period ended

April

30,

2026.

The

key

indicator

of

performance

of

the

Fund

is

net

investment

income

as

reported

on

the

Statement

of

Operations.

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)

14

April

30,

2026

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

period.

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,

2026 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

15

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. 

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

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

(unaudited)

16

April

30,

2026

and

pandemics),

terrorism,

conflicts,

including

related

sanctions,

social

unrest,

tariffs,

financial

institution

failures,

and

economic

recessions 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.

Armed

Conflict.

Armed

conflicts

between

countries

or

in

a

geographic

region,

such

as

the

ongoing

armed

conflicts

in

Europe

and

the

Middle

East,

have

the

potential

to

adversely

impact

a

Fund.

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

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

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

17

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,

2026,

securities

lending

transactions

accounted

for

as

secured

borrowings

with

an

overnight

and

continuous

contractual

maturity

are

$25,545,011

for

equity

securities.

Gross

amounts

of

recognized

liabilities

for

securities

lending

(collateral

received)

as

of

April

30,

2026 is $26,214,369,

resulting

in

the

net

amount

due

to

the

counterparty

of

$669,358.

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: 

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)

18

April

30,

2026

For

the

period

ended April

30,

2026,

the

Fund’s

actual

management

fee

rate

(expressed

as

an

annual

rate)

was

0.28% of

the

Fund’s

average

daily

net

assets.

J.P.

Morgan

Chase

Bank,

N.A.

(“JP

Morgan")

provides

certain

fund

administration

services

to

the

Fund,

including

services

related

to

the

Fund’s

accounting,

including

calculating

the

daily

NAV,

audit

coordination,

tax,

and

reporting

obligations,

pursuant

to

an

agreement

with

the

Adviser,

on

behalf

of

the

Fund.

As

compensation

for

such

services, the

Adviser pays

JP

Morgan

a

fee

based

on

a

percentage

of

the

Fund’s

assets,

with

a

minimum

flat

fee,

for

certain

services. The

Adviser serves

as

administrator

to

the

Fund,

providing

oversight

and

coordination

of

the

Fund’s

service

providers,

recordkeeping

and

other

administrative

services. The

Adviser does

not

receive

any

additional

compensation,

beyond

the

unitary

fee,

for

serving

as

administrator.

JP

Morgan

also

serves

as

transfer

agent

for

the

shares

of

the

Fund.

Pursuant

to

agreements

with

the

Adviser on

behalf

of

the

Fund,

J.P.

Morgan

Securities

LLC,

an

affiliate

of

JP

Morgan,

may

execute

portfolio

transactions

for

the

Fund,

including

but

not

limited

to,

transactions

in

connection

with

cash

in

lieu

transactions

for

non-US

securities. 

The

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,

2026, the

Adviser

owned 2,000

shares

or 0.02%

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

at

least

80%

of

its

net

assets

(plus

any

borrowings

for

investment

purposes)

in

U.S.

Government

securities

and

repurchase

agreements

that

are collateralized

by

U.S.

Government 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). 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,

2026 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.

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

19

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,

2025,

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,

2026 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,

2026,

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,

2026,

the

cost

of

in-kind

purchases

and

proceeds

from

in-kind

sales,

were

as

follows: 

During

the

period

ended

April

30,

2026,

the

Fund

had

net

realized

gain of $7,929,076 from

in-kind

redemptions.

Gains

on

in-kind

transactions

are

not

considered

taxable

for

federal

income

tax

purposes.

Capital

Loss

Carryover

Schedule

For

the

year

ended

October

31,

2025

No

Expiration

Short-Term

Long-Term

Accumulated

Capital

Losses

$(36,026,429)

$—

$(36,026,429)

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$895,909,666

$159,592,068

$(49,585,407)

$110,006,661

Period

Ended

April

30,

2026

Year

Ended

October

31,

2025

Shares

Amount

Shares

Amount

Shares

sold

2,700,000

$

228,828,285

6,075,000

$

480,501,213

Shares

repurchased

(675,000)

(54,536,176

)

(2,425,000)

(192,405,722

)

Net

Increase/(Decrease)

2,025,000

$

174,292,109

3,650,000

$

288,095,491

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

$828,127,474

$827,970,783

$—

$—

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

$230,772,167

$54,494,492

$—

$—

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

(unaudited)

20

April

30,

2026

7.

Acquisition

Note

On

December

22,

2025,

Janus

Henderson

Group

plc,

the

parent

company

of

the

Fund's

investment

adviser,

announced

a

definitive

agreement

to

be

acquired

by

Trian

Fund

Management

and

General

Catalyst.

The

Transaction

is

expected

to

close

in

2026,

subject

to

customary

closing

conditions,

including

requisite

regulatory

approvals,

and

client

consents.

The

shareholders

of

Janus

Henderson

Group,

plc

approved

the

acquisition

on

April

16,

2026. 

8.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to April

30,

2026

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:

At

a

June

11,

2026

meeting

of

Fund

shareholders,

shareholders

approved

a

new

investment

advisory

agreement

between

the

Fund

and

the

Adviser,

to

take

effect

in

connection

with

the

closing

of

the

Transaction.

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Additional

Information

(unaudited)

Janus

Detroit

Street

Trust

21

Item

8.

Changes

in

and

Disagreements

with

Accountants

for

Open-End

Management

Investment

Companies.

Not

applicable.

Item

9.

Proxy

Disclosures

for

Open-End

Management

Investment

Companies.

Not

applicable.

Item

10.

Remuneration

Paid

to

Directors,

Officers,

and

Others

of

Open-End

Management

Investment

Companies.

Because

the

Adviser

has

agreed

in

the

Investment

Advisory

Agreement

to

cover

all

operating

expenses

of

the

Fund,

subject

to

certain

exclusions

as

provided

for

therein,

the

Adviser

pays

the

compensation

to

each

Independent

Trustee

for

services

to

the

Fund

from

Adviser’s

management

fees.

Item

11.

APPROVAL

OF

ADVISORY

AGREEMENTS

DURING

THE

PERIOD

Not

applicable.

125-24-93062

04-26

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

FINANCIAL

STATEMENTS

April

30,

2026

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Item

7.

Financial

Statements

and

Financial

Highlights

for

Open-End

Management

Investment

Companies

Schedule

of

Investments

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

3

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

Items

8-11

-

Additional

Information

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

21

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

Janus

Detroit

Street

Trust

3

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Common

Stocks

-

100.0%

Aerospace

&

Defense

-

1.8%

Moog,

Inc.

-

Class

A

8,162

$

2,459,292

Red

Cat

Holdings,

Inc.

#

,*

114,973

1,347,484

V2X,

Inc.*

28,492

1,932,042

5,738,818

Banks

-

1.6%

ServisFirst

Bancshares,

Inc.

64,030

5,098,069

Biotechnology

-

8.7%

Alkermes

plc*

81,328

2,741,567

Arrowhead

Pharmaceuticals,

Inc.*

24,940

1,832,591

Atrium

Therapeutics,

Inc.*

118,267

1,510,270

Aurinia

Pharmaceuticals,

Inc.*

191,540

2,946,843

Beam

Therapeutics,

Inc.*

50,397

1,528,541

Bridgebio

Pharma,

Inc.*

49,222

3,500,176

CareDx,

Inc.*

82,803

1,723,130

Cytokinetics,

Inc.*

48,338

3,092,182

Geron

Corp.*

1,855,332

2,857,211

Krystal

Biotech,

Inc.*

11,911

3,123,779

MapLight

Therapeutics,

Inc.

#

,*

51,336

1,636,078

Rigel

Pharmaceuticals,

Inc.*

37,605

1,086,785

27,579,153

Building

Products

-

2.6%

AZZ,

Inc.

22,772

3,257,307

Griffon

Corp.

54,743

4,990,919

8,248,226

Capital

Markets

-

6.4%

Acadian

Asset

Management,

Inc.

86,740

5,841,939

Marex

Group

plc

36,990

1,973,417

Piper

Sandler

Cos.

72,720

6,341,184

StoneX

Group,

Inc.*

30,202

3,202,318

Victory

Capital

Holdings,

Inc.

-

Class

A

36,546

2,869,226

20,228,084

Commercial

Services

&

Supplies

-

3.0%

Brink's

Co.

(The)

40,927

4,368,957

Healthcare

Services

Group,

Inc.*

178,285

3,817,082

Interface,

Inc.

-

Class

A

46,495

1,296,281

9,482,320

Construction

&

Engineering

-

5.9%

Argan,

Inc.

6,245

4,184,025

Dycom

Industries,

Inc.*

10,068

4,169,159

IES

Holdings,

Inc.*

2,358

1,518,741

Legence

Corp.

-

Class

A*

27,931

2,428,880

Sterling

Infrastructure,

Inc.*

12,488

6,439,062

18,739,867

Consumer

Finance

-

1.8%

Dave,

Inc.*

7,130

1,939,289

Enova

International,

Inc.*

21,296

3,607,755

5,547,044

Diversified

Consumer

Services

-

2.7%

American

Public

Education,

Inc.*

20,435

1,188,295

Frontdoor,

Inc.*

23,233

1,594,481

Laureate

Education,

Inc.*

93,699

2,819,871

Stride,

Inc.*

28,949

2,812,685

8,415,332

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

4

April

30,

2026

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Common

Stocks

-

(continued)

Diversified

Telecommunication

Services

-

0.7%

Lumen

Technologies,

Inc.*

261,198

$

2,308,990

Electrical

Equipment

-

10.3%

Bloom

Energy

Corp.

-

Class

A*

44,875

12,715,780

EnerSys

23,004

4,905,833

Nextpower,

Inc.

-

Class

A*

35,522

4,231,736

Powell

Industries,

Inc.

19,656

5,450,019

Vicor

Corp.*

19,374

5,216,837

32,520,205

Electronic

Equipment,

Instruments

&

Components

-

5.4%

Belden,

Inc.

36,666

4,124,192

CTS

Corp.

84,329

4,815,186

Fabrinet*

8,896

6,080,149

Sanmina

Corp.*

9,727

2,118,735

17,138,262

Energy

Equipment

&

Services

-

2.2%

Cactus,

Inc.

-

Class

A

36,247

2,019,683

Helix

Energy

Solutions

Group,

Inc.*

236,476

2,447,527

Oceaneering

International,

Inc.*

66,476

2,495,509

6,962,719

Entertainment

-

1.5%

Cinemark

Holdings,

Inc.

77,220

2,279,535

IMAX

Corp.*

65,164

2,477,535

4,757,070

Financial

Services

-

0.6%

International

Money

Express,

Inc.*

119,515

1,901,484

Health

Care

Equipment

&

Supplies

-

2.4%

Haemonetics

Corp.*

43,927

2,639,573

Lantheus

Holdings,

Inc.*

39,443

3,337,667

TransMedics

Group,

Inc.*

16,209

1,633,705

7,610,945

Health

Care

Providers

&

Services

-

4.4%

BrightSpring

Health

Services,

Inc.*

51,713

2,480,672

Brookdale

Senior

Living,

Inc.*

110,363

1,584,813

Concentra

Group

Holdings

Parent,

Inc.

85,106

1,912,332

Ensign

Group,

Inc.

(The)

9,294

1,735,097

Guardant

Health,

Inc.*

27,866

2,426,571

HealthEquity,

Inc.*

15,360

1,259,981

Innovage

Holding

Corp.*

113,558

925,498

Talkspace,

Inc.*

281,314

1,460,019

13,784,983

Health

Care

Technology

-

0.3%

Teladoc

Health,

Inc.*

178,607

1,082,358

Hotel

&

Resort

REITs

-

1.9%

Ryman

Hospitality

Properties,

Inc.

56,190

5,905,007

Hotels,

Restaurants

&

Leisure

-

1.0%

Brinker

International,

Inc.*

10,150

1,545,236

Xponential

Fitness,

Inc.

-

Class

A

#

,*

249,378

1,640,907

3,186,143

Household

Durables

-

1.7%

Champion

Homes,

Inc.*

25,498

1,943,713

Installed

Building

Products,

Inc.

11,890

3,430,859

5,374,572

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

Janus

Detroit

Street

Trust

5

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Common

Stocks

-

(continued)

Household

Products

-

0.8%

Energizer

Holdings,

Inc.

132,648

$

2,597,248

Insurance

-

1.2%

Palomar

Holdings,

Inc.*

30,099

3,623,318

Interactive

Media

&

Services

-

0.7%

Cargurus,

Inc.

-

Class

A*

57,026

2,079,168

IT

Services

-

0.9%

Applied

Digital

Corp.

#

,*

41,121

1,408,394

Rackspace

Technology,

Inc.

#

,*

1,049,730

1,532,606

2,941,000

Life

Sciences

Tools

&

Services

-

1.1%

10X

Genomics,

Inc.

-

Class

A*

76,225

1,680,761

Mesa

Laboratories,

Inc.

17,809

1,780,900

3,461,661

Machinery

-

3.1%

Aebi

Schmidt

Holding

AG

57,788

671,497

Douglas

Dynamics,

Inc.

24,905

1,148,868

Kadant,

Inc.

14,119

4,138,702

SPX

Technologies,

Inc.*

17,154

3,755,182

9,714,249

Metals

&

Mining

-

3.1%

Coeur

Mining,

Inc.*

173,105

3,110,697

Constellium

SE

-

Class

A*

108,734

3,401,200

Hecla

Mining

Co.

109,151

1,966,901

Ivanhoe

Electric,

Inc.*

97,515

1,251,117

9,729,915

Oil,

Gas

&

Consumable

Fuels

-

0.6%

Calumet,

Inc.*

54,146

1,771,657

Personal

Care

Products

-

0.5%

Interparfums,

Inc.

18,502

1,687,753

Pharmaceuticals

-

3.3%

ANI

Pharmaceuticals,

Inc.*

33,976

2,699,393

Collegium

Pharmaceutical,

Inc.*

44,739

1,509,047

LB

Pharmaceuticals,

Inc.

#

,*

61,346

1,945,282

SIGA

Technologies,

Inc.

175,770

808,542

Theravance

Biopharma,

Inc.*

137,933

2,308,998

Xeris

Biopharma

Holdings,

Inc.*

211,520

1,295,560

10,566,822

Professional

Services

-

1.4%

Huron

Consulting

Group,

Inc.*

15,645

2,044,254

Kforce,

Inc.

54,688

2,472,444

4,516,698

Real

Estate

Management

&

Development

-

1.6%

Compass,

Inc.

-

Class

A*

117,247

887,560

St

Joe

Co.

(The)

63,536

4,102,519

4,990,079

Retail

REITs

-

0.3%

Alexander's,

Inc.

3,768

949,385

Semiconductors

&

Semiconductor

Equipment

-

5.2%

Credo

Technology

Group

Holding

Ltd.*

39,859

6,935,865

Rambus,

Inc.*

37,709

4,340,683

Rigetti

Computing,

Inc.*

48,243

841,840

Semtech

Corp.*

18,057

1,896,888

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

6

April

30,

2026

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Common

Stocks

-

(continued)

Semiconductors

&

Semiconductor

Equipment

-

(continued)

SiTime

Corp.*

4,091

$

2,299,756

16,315,032

Software

-

6.4%

A10

Networks,

Inc.

51,780

1,381,490

Adeia,

Inc.

127,638

4,065,270

Arteris,

Inc.*

100,247

2,903,153

Clear

Secure,

Inc.

-

Class

A

35,815

1,912,163

eGain

Corp.*

86,038

650,447

InterDigital,

Inc.

13,477

3,996,739

Progress

Software

Corp.*

26,997

751,867

Qualys,

Inc.*

28,467

2,474,636

Workiva,

Inc.

-

Class

A*

38,899

2,080,319

20,216,084

Specialty

Retail

-

1.2%

Abercrombie

&

Fitch

Co.

-

Class

A*

13,035

1,112,537

Boot

Barn

Holdings,

Inc.*

9,211

1,579,226

Victoria's

Secret

&

Co.*

22,535

1,167,989

3,859,752

Technology

Hardware,

Storage

&

Peripherals

-

0.7%

Diebold

Nixdorf,

Inc.*

28,368

2,178,946

Textiles,

Apparel

&

Luxury

Goods

-

0.4%

Wolverine

World

Wide,

Inc.

64,641

1,100,190

Trading

Companies

&

Distributors

-

0.6%

Rush

Enterprises,

Inc.

-

Class

A

23,789

1,761,100

Total

Common

Stocks

(cost

$270,791,533)

315,669,708

Investment

Companies

-

0.0%

Money

Market

Funds

-

0.0%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

3.6483%

£,∞

(cost

$157,548)

157,549

157,549

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

1.4%

Investment

Companies

-

1.2%

Janus

Henderson

Cash

Collateral

Fund

LLC,

3.5866%

£,∞

3,597,169

3,597,169

Time

Deposits

-

0.2%

Royal

Bank

of

Canada,

3.6300%,

5/1/26

$

764,159

764,159

Total

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

(cost

$4,361,329)

4,361,328

Total

Investments

(total

cost

$

275,310,410

)

-

101.4%

320,188,585

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(1.4%)

(4,415,620)

Net

Assets

-

100.0%

$315,772,965

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

296,239,895

92.5

%

Thailand

6,080,149

1.9

Canada

5,424,378

1.7

France

3,401,200

1.1

Ireland

2,741,567

0.9

Cayman

Islands

2,308,998

0.7

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

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)

(continued)

Country

Value

%

of

Investment

Securities

United

Kingdom

$

1,973,417

0.6

%

Puerto

Rico

1,347,484

0.4

Switzerland

671,497

0.2

Total

$320,188,585

100.0%

Schedule

of

Affiliated

Investments

-

(%

of

Net

Assets)

Affiliated

Investments,

at

Value

at

10/31/25

Purchases

Sales

Proceeds

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciatio

n/

(Depreciation)

Affiliated

Investments,

at

Value

at

4/30/26

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

Shares

Held

at

4/30/26

Dividend

Income

Investment

Company

-

0.0%

Money

Market

Funds

-

0.0%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

3.6483%

∞

$

38,243

$

8,942,946

$

(8,823,666)

$

31

$

(5)

$

157,549

157,549

$

2,280

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

1.4%

Investment

Companies

-

1.2%

Janus

Henderson

Cash

Collateral

Fund

LLC,

3.5866%

∞

6,036,545

53,351,641

(55,791,017)

–

–

3,597,169

3,597,169

14,819

Δ

Total

Affiliated

Investments

-

1.2%

$6,074,788

$62,294,587

$(64,614,683)

$31

$(5)

$3,754,718

$17,099

Offsetting

of

Financial

Assets

and

Derivative

Assets

Counterparty

Gross

Amounts

of

Recognized

Assets

Offsetting

Asset

or

Liability

(a)

Collateral

Pledged

(b)

Net

Amount

JPMorgan

Chase

Bank

NA

$

4,250,314

$

—

$

(4,250,314)

$

—

(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,

2026

8

April

30,

2026

LLC

Limited

Liability

Company

plc

Public

Limited

Company

REIT

Real

Estate

Investment

Trust

*

Non-income

producing

security.

#

Loaned

security;

a

portion

of

the

security

is

on

loan

at

April

30,

2026.

∞

Rate

shown

is

the

7-day

yield

as

of

April

30,

2026.

£

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,

2026

.

See

Notes

to

Financial

Statements

for

more

information.

Valuation

Inputs

Summary

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Total

Assets

Investments

in

Securities:

Common

Stocks

$

315,669,708

$

—

$

—

$

315,669,708

Investment

Companies

—

157,549

—

157,549

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

—

4,361,328

—

4,361,328

Total

Assets

$

315,669,708

$

4,518,877

$

—

$

320,188,585

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Statement

of

Assets

and

Liabilities

(unaudited)

April

30,

2026

Janus

Detroit

Street

Trust

9

See

Notes

to

Financial

Statements.

Assets:

Unaffiliated

investments,

at

value

(cost

$271,555,692)

(1)

$

316,433,867

Affiliated

investments,

at

value

(cost

$3,754,718)

3,754,718

Cash

256

Receivables:

Dividends

16,350

Affiliated

securities

lending

income,

net

2,500

Total

Assets

320,207,691

Liabilities:

Collateral

on

securities

loaned

(Note

2)

4,361,328

Payables:

Management

fees

73,398

Total

Liabilities

4,434,726

Commitments

and

contingent

liabilities

Net

Assets

$

315,772,965

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

319,391,015

Total

distributable

earnings

(loss)

(

3,618,050

)

Total

Net

Assets

$

315,772,965

Net

Assets

$

315,772,965

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

3,877,000

Net

Asset

Value

Per

Share

$

81

.45

(1)

Includes

$4,250,314

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

2026

10

April

30,

2026

See

Notes

to

Financial

Statements.

Investment

Income:

Dividends

$

1,091,239

Unaffiliated

securities

lending

income,

net

22,541

Affiliated

securities

lending

income,

net    

14,819

Dividends

from

affiliates

2,280

Foreign

tax

withheld

(

4,407

)

Total

Investment

Income

1,126,472

Expenses:

Management

Fees

409,698

Total

Expenses

409,698

Net

Investment

Income/(Loss)

716,774

Net

Realized

Gain/(Loss)

on

Investments:

Investments

$

7,831,366

Investments

in

affiliates

31

Total

Net

Realized

Gain/(Loss)

on

Investments

$

7,831,397

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

17,941,796

Investments

in

affiliates

(

5

)

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

17,941,791

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

26,489,962

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Statements

of

Changes

in

Net

Assets

Janus

Detroit

Street

Trust

11

See

Notes

to

Financial

Statements.

Period

Ended

April

30,

2026

(unaudited)

Year

Ended

October

31,

2025

Operations:

Net

investment

income/(loss)

$

716,774

$

1,490,959

Net

realized

gain/(loss)

on

investments

7,831,397

21,817,662

Change

in

unrealized

net

appreciation/depreciation

17,941,791

581,210

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

26,489,962

23,889,831

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(

594,867

)

(

3,971,465

)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(

594,867

)

(

3,971,465

)

Capital

Share

Transactions

42,452,401

(

7,245,517

)

Net

Increase/(Decrease)

in

Net

Assets

68,347,496

12,672,849

Net

Assets:

—

—

Beginning

of

Period  

247,425,469

234,752,620

End

of

Period

$

315,772,965

$

247,425,469

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Financial

Highlights

12

April

30,

2026

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

the

period

ended

April

30,

2026

(unaudited)

and

each

year

or

period

ended

October

31

2026

2025

2024

2023

2022

2021

Net

Asset

Value,

Beginning

of

Period

$74.37

$64.28

$48.07

$47.37

$67.08

$48.06

Income/(Loss)

from

Investment

Operations:

—

—

—

—

—

—

Net

investment

income/(loss)

(1)

0.19

0.46

0.31

0.25

0.28

0.32

Net

realized

and

unrealized

gain/(loss)

7.06

10.82

16.19

0.80

(2)

(19.79)

19.03

Total

from

Investment

Operations

7.25

11.28

16.50

1.05

(2)

(19.51)

19.35

Less

Dividends

and

Distributions:

—

—

—

—

—

—

Dividends

(from

net

investment

income)

(0.17)

(1.19)

(0.29)

(0.35)

(0.20)

(0.33)

Total

Dividends

and

Distributions

(0.17)

(1.19)

(0.29)

(0.35)

(0.20)

(0.33)

Net

Asset

Value,

End

of

Period

$81.45

$74.37

$64.28

$48.07

$47.37

$67.08

Total

Return

*

9.77%

17.80%

34.38%

2.21%

(29.11)%

40.30%

Net

assets,

End

of

Period

(in

thousands)

$315,773

$247,425

$234,753

$138,291

$75,884

$147,706

Ratios

to

Average

Net

Assets

**

Ratio

of

Gross

Expenses

0.30%

0.30%

0.30%

0.30%

0.30%

0.30%

Ratio

of

Net

Investment

Income/(Loss)

0.52%

0.67%

0.51%

0.48%

0.52%

0.48%

Portfolio

Turnover

Rate

(3)

101%

170%

91%

105%

107%

135%

*

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)

Janus

Detroit

Street

Trust

13

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 nineteen

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

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 The

Nasdaq

Stock

Market

LLC

(“Nasdaq”)

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.

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

Chief

Financial

Officer

of

the

Fund/Portfolio

is

designated

as

the

Chief

Operating

Decision

Maker

(“CODM”)

as

it

relates

to

ASC

Topic

280.

The

CODM

has

concluded

that

the

Fund/Portfolio

operated

as

a

single

segment

entity

for

the period ended

April

30,

2026.

The

key

indicator

of

performance

of

the

Fund

is

net

investment

income

as

reported

on

the

Statement

of

Operations.

The

following

accounting

policies

have

been

followed

by

the

Fund

and

are

in

conformity

with

United

States

of

America

generally

accepted

accounting

principles

(“US

GAAP”). 

Investment

Valuation 

Fund holdings

are

valued

in

accordance

with

policies

and

procedures

established

by

the

Adviser

pursuant

to

Rule

2a-5

under

the

1940

Act

and

approved

by

and

subject

to

the

oversight

of

the

Trustees

(the

“Valuation

Procedures”).

Equity

securities,

including

shares

of

exchange-traded

funds,

traded

on

a

domestic

securities

exchange

are

generally

valued

at

readily

available

market

quotations,

which

are

(i)

the

official

close

prices

or

(ii)

last

sale

prices

on

the

primary

market

or

exchange

in

which

the

securities

trade.

If

such

price

is

lacking

for

the

trading

period

immediately

preceding

the

time

of

determination,

such

securities

are

generally

valued

at

their

current

bid

price.

Equity

securities

that

are

traded

on

a

foreign

exchange

are

generally

valued

at

the

closing

prices

on

such

markets.

In

the

event

that

there

is

no

current

trading

volume

on

a

particular

security

in

such

foreign

exchange,

the

bid

price

from

the

primary

exchange

is

generally

used

to

value

the

security.

Foreign

securities

and

currencies

are

converted

to

U.S.

dollars

using

the

current

spot

USD

dollar

exchange

rate

in

effect

at

the

close

of

the

London

Stock

Exchange.

The Fund will

determine

the

market

value

of

individual

securities

held

by

it

by

using

prices

provided

by

one

or

more

approved

professional

pricing

services

or,

as

needed,

by

obtaining

market

quotations

from

independent

broker-dealers.

Most

debt

securities

are

valued

in

accordance

with

the

evaluated

bid

price

supplied

by

the

Adviser-approved

pricing

service

that

is

intended

to

reflect

market

value.

The

evaluated

bid

price

supplied

by

the

pricing

service

is

an

evaluation

that

may

consider

factors

such

as

security

prices,

yields,

maturities

and

ratings.

Certain

short-term

securities

maturing

within

60

days

or

less

may

be

evaluated

and

valued

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

(unaudited)

14

April

30,

2026

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

period.

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,

2026 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

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

15

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. 

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

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

(unaudited)

16

April

30,

2026

and

pandemics),

terrorism,

conflicts,

including

related

sanctions,

social

unrest,

tariffs,

financial

institution

failures,

and

economic

recessions 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.

Armed

Conflict.

Armed

conflicts

between

countries

or

in

a

geographic

region,

such

as

the

ongoing

armed

conflicts

in

Europe

and

the

Middle

East,

have

the

potential

to

adversely

impact

a

Fund.

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

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. 

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

17

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,

2026,

securities

lending

transactions

accounted

for

as

secured

borrowings

with

an

overnight

and

continuous

contractual

maturity

are

$4,250,314

for

equity

securities.

Gross

amounts

of

recognized

liabilities

for

securities

lending

(collateral

received)

as

of

April

30,

2026 is $4,361,328,

resulting

in

the

net

amount

due

to

the

counterparty

of

$111,014.

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)

18

April

30,

2026

For

the

period

ended April

30,

2026,

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,

2026, the

Adviser

owned 2,000

shares

or 0.05%

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

at

least

80%

of

its

net

assets

(plus

any

borrowings

for

investment

purposes)

in

U.S.

Government

securities

and

repurchase

agreements

that

are collateralized

by

U.S.

Government 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). 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,

2026 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)

Janus

Detroit

Street

Trust

19

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,

2025,

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,

2026 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,

2026,

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,

2026,

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,

2025

No

Expiration

Short-Term

Long-Term

Accumulated

Capital

Losses

$(45,430,997)

$(10,822,380)

$(56,253,377)

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$275,310,410

$59,127,384

$(14,249,209)

$44,878,175

Period

Ended

April

30,

2026

Year

Ended

October

31,

2025

Shares

Amount

Shares

Amount

Shares

sold

1,000,000

$

76,017,187

2,250,000

$

157,739,914

Shares

repurchased

(450,000)

(33,564,786

)

(2,575,000)

(164,985,431

)

Net

Increase/(Decrease)

550,000

$

42,452,401

(325,000)

$

(7,245,517

)

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

$280,018,133

$279,947,245

$—

$—

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

$75,928,966

$33,466,871

$—

$—

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

(unaudited)

20

April

30,

2026

During

the

period

ended

April

30,

2026,

the

Fund

had

net

realized

gain of $5,606,104 from

in-kind

redemptions.

Gains

on

in-kind

transactions

are

not

considered

taxable

for

federal

income

tax

purposes.

7.

Acquisition

Note

On

December

22,

2025,

Janus

Henderson

Group

plc,

the

parent

company

of

the

Fund's

investment

adviser,

announced

a

definitive

agreement

to

be

acquired

by

Trian

Fund

Management

and

General

Catalyst.

The

Transaction

is

expected

to

close

in

2026,

subject

to

customary

closing

conditions,

including

requisite

regulatory

approvals,

and

client

consents.

The

shareholders

of

Janus

Henderson

Group,

plc

approved

the

acquisition

on

April

16,

2026. 

8.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to April

30,

2026

and

through

the

date

of

the

issuance

of

the

Fund's

financial

statements

and

determined

that

there

were

no

material

events

or

transactions

that

would

require

recognition

or

disclosure

in

the

Fund's

financial

statements. 

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Additional

Information

(unaudited)

Janus

Detroit

Street

Trust

21

Item

8.

Changes

in

and

Disagreements

with

Accountants

for

Open-End

Management

Investment

Companies.

Not

applicable.

Item

9.

Proxy

Disclosures

for

Open-End

Management

Investment

Companies.

Not

applicable.

Item

10.

Remuneration

Paid

to

Directors,

Officers,

and

Others

of

Open-End

Management

Investment

Companies.

Because

the

Adviser

has

agreed

in

the

Investment

Advisory

Agreement

to

cover

all

operating

expenses

of

the

Fund,

subject

to

certain

exclusions

as

provided

for

therein,

the

Adviser

pays

the

compensation

to

each

Independent

Trustee

for

services

to

the

Fund

from

Adviser’s

management

fees.

Item

11.

APPROVAL

OF

ADVISORY

AGREEMENTS

DURING

THE

PERIOD

Not

applicable.

125-24-93061

04-26

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

FINANCIAL

STATEMENTS

April

30,

2026

Janus

Henderson

Short

Duration

Income

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

Short

Duration

Income

ETF

Item

7.

Financial

Statements

and

Financial

Highlights

for

Open-End

Management

Investment

Companies

Schedule

of

Investments

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

3

Statement

of

Assets

and

Liabilities

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

18

Statement

of

Operations

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

19

Statements

of

Changes

in

Net

Assets

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

20

Financial

Highlights

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

21

Notes

to

Financial

Statements

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

22

Items

8-11

-

Additional

Information

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

36

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

Janus

Detroit

Street

Trust

3

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Asset-Backed

Securities

-

8.0%

Ally

Bank

Auto

Credit-Linked

Notes,

5.6810%,

5/17/32

(144A)

$

1,969,000

$

1,992,811

Ally

Bank

Auto

Credit-Linked

Notes,

5.8270%,

5/17/32

(144A)

1,969,000

1,991,669

Ally

Bank

Auto

Credit-Linked

Notes,

4.9700%,

9/15/32

(144A)

1,639,300

1,650,397

Bayview

Opportunity

Master

Fund

VII

LLC,

SOFR30A

+

1.1000%,

4.7452%,

12/26/31

(144A)

‡

2,306,744

2,309,740

Compass

Datacenters

Issuer

II

LLC,

5.2500%,

2/25/49

(144A)

4,200,000

4,197,736

Compass

Datacenters

Issuer

II

LLC,

5.0220%,

8/25/49

(144A)

3,905,000

3,897,778

Compass

Datacenters

Issuer

II

LLC,

5.3160%,

5/25/50

(144A)

3,250,000

3,249,928

Credabl

ABS

Trust,

30

Day

Australian

Bank

Bill

Rate

+

1.4500%,

5.5300%,

5/11/45

‡

AUD

8,747,983

6,313,312

Credabl

ABS

Trust,

30

Day

Australian

Bank

Bill

Rate

+

2.2000%,

6.2800%,

5/11/45

‡

AUD

1,395,124

1,006,396

DB

Master

Finance

LLC,

4.0300%,

11/20/47

(144A)

$

5,207,200

5,161,112

DB

Master

Finance

LLC,

2.0450%,

11/20/51

(144A)

5,103,475

5,034,218

DB

Master

Finance

LLC,

2.4930%,

11/20/51

(144A)

1,561,683

1,471,118

Domino's

Pizza

Master

Issuer

LLC,

4.1180%,

7/25/47

(144A)

3,647,200

3,618,440

Domino's

Pizza

Master

Issuer

LLC,

3.6680%,

10/25/49

(144A)

2,797,440

2,680,821

Domino's

Pizza

Master

Issuer

LLC,

2.6620%,

4/25/51

(144A)

10,198,608

9,671,111

Hertz

Vehicle

Financing

III

LLC,

4.6200%,

5/25/30

(144A)

12,800,000

12,749,187

Huntington

Bank

Auto

Credit-Linked

Notes,

6.1530%,

5/20/32

(144A)

5,964,778

6,035,076

Huntington

Bank

Auto

Credit-Linked

Notes,

5.4420%,

10/20/32

(144A)

7,112,507

7,166,604

Huntington

Bank

Auto

Credit-Linked

Notes,

4.9570%,

3/21/33

(144A)

6,547,820

6,563,495

Huntington

Bank

Auto

Credit-Linked

Notes,

4.5030%,

2/20/34

(144A)

9,359,699

9,278,365

Liberty,

30

Day

Australian

Bank

Bill

Rate

+

1.2000%,

5.3775%,

5/25/32

‡

AUD

4,906,746

3,533,570

Metro

Finance

Trust,

30

Day

Australian

Bank

Bill

Rate

+

1.2500%,

5.3600%,

9/17/30

‡

AUD

8,337,827

6,014,530

NOW

Trust,

30

Day

Australian

Bank

Bill

Rate

+

1.4000%,

5.4875%,

6/14/32

‡

AUD

21,621,963

15,591,845

NOW

Trust,

30

Day

Australian

Bank

Bill

Rate

+

1.1500%,

5.2375%,

2/14/34

‡

AUD

17,223,356

12,388,015

Plenti

Auto

ABS,

30

Day

Australian

Bank

Bill

Rate

+

1.1000%,

5.1800%,

8/12/33

‡

AUD

2,493,478

1,793,452

Plenti

PL-Green

ABS

Trust,

30

Day

Australian

Bank

Bill

Rate

+

1.1800%,

5.2600%,

4/11/36

‡

AUD

11,463,844

8,248,786

Plenti

PL-Green

ABS

Trust,

30

Day

Australian

Bank

Bill

Rate

+

1.2000%,

5.2800%,

11/11/36

‡

AUD

4,866,871

3,499,039

Plenti

PL-Green

ABS

Trust,

30

Day

Australian

Bank

Bill

Rate

+

1.2000%,

5.2800%,

11/11/36

‡

AUD

5,694,239

4,101,755

QTS

Issuer

ABS

II

LLC,

5.0440%,

10/5/55

(144A)

$

10,454,000

10,238,869

RAF

ABS,

30

Day

Australian

Bank

Bill

Rate

+

0.9500%,

5.0135%,

12/9/31

‡

AUD

16,518,612

11,861,557

RCKT

Trust,

4.9000%,

7/25/34

(144A)

$

4,043,476

4,050,580

RCKT

Trust,

4.9900%,

7/25/34

(144A)

5,000,000

5,021,509

Santander

Bank

Auto

Credit-Linked

Notes,

4.9110%,

1/18/33

(144A)

2,408,717

2,426,388

Santander

Bank

Auto

Credit-Linked

Notes,

4.9650%,

1/18/33

(144A)

4,854,016

4,876,386

Subway

Funding

LLC,

5.2460%,

7/30/54

(144A)

9,716,040

9,517,468

Subway

Funding

LLC,

6.0280%,

7/30/54

(144A)

11,455,550

11,505,899

Taco

Bell

Funding

LLC,

4.9400%,

11/25/48

(144A)

23,251,403

23,162,463

Taco

Bell

Funding

LLC,

1.9460%,

8/25/51

(144A)

908,813

888,813

Taco

Bell

Funding

LLC,

2.2940%,

8/25/51

(144A)

2,916,060

2,702,653

Truist

Bank

Auto

Credit-Linked

Notes,

4.7280%,

9/26/33

(144A)

10,570,552

10,561,910

United

Airlines

Pass-Through

Trust,

5.8750%,

10/15/27

1,857,590

1,884,455

Westgate

Resorts

LLC,

5.1900%,

10/20/39

(144A)

9,720,844

9,761,902

Total

Asset-Backed

Securities

(cost

$252,133,172)

259,671,158

Collateralized

Loan

Obligations

-

0.9%

Clover

CLO

LLC

2018-1A

A1R3,

CME

Term

SOFR

3

Month

+

1.3100%,

1.0000%,

4/20/37

(144A)

‡

14,500,000

14,498,550

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

4

April

30,

2026

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

Regatta

VIII

Funding

Ltd.

2017-1A

A1R2,

CME

Term

SOFR

3

Month

+

1.2800%,

0.0000%,

4/17/37

(144A)

†,‡

$

14,500,000

$

14,543,500

Total

Collateralized

Loan

Obligations

(cost

$29,000,000)

29,042,050

Corporate

Bonds

-

73.7%

Basic

Materials

-

0.9%

Georgia-Pacific

LLC,

4.4000%, 5/15/29

(144A)

9,850,000

9,836,486

Glencore

Funding

LLC,

4.9070%, 4/1/28

(144A)

18,904,000

19,038,077

28,874,563

Communications

-

1.5%

AppLovin

Corp.,

5.1250%, 12/1/29

22,600,000

22,780,414

NTT

Finance

Corp.,

4.5670%, 7/16/27

(144A)

5,692,000

5,707,996

NTT

Finance

Corp.,

4.6200%, 7/16/28

(144A)

4,347,000

4,363,763

Walt

Disney

Co.

(The),

3.0570%, 3/30/27

CAD

22,920,000

16,828,713

49,680,886

Consumer,

Cyclical

-

8.5%

American

Honda

Finance

Corp.,

4.5500%, 4/10/28

$

10,817,000

10,822,692

Daimler

Truck

Finance

Canada,

Inc.,

2.4600%, 12/15/26

CAD

8,960,000

6,564,874

Daimler

Truck

Finance

North

America

LLC,

5.0000%, 1/15/27

(144A)

$

3,240,000

3,257,262

Daimler

Truck

Finance

North

America

LLC,

5.1250%, 9/25/27

(144A)

6,810,000

6,863,709

Delta

Air

Lines,

Inc.,

4.7500%, 10/20/28

(144A)

13,605,833

13,616,581

General

Motors

Co.,

5.3500%, 4/15/28

6,498,000

6,587,973

General

Motors

Financial

Co.,

Inc.,

5.1500%, 8/15/26

GBP

4,690,000

6,379,518

General

Motors

Financial

Co.,

Inc.,

5.4000%, 5/8/27

$

7,000,000

7,071,481

General

Motors

Financial

Co.,

Inc.,

5.0000%, 7/15/27

2,866,000

2,882,795

General

Motors

Financial

Co.,

Inc.,

5.3500%, 7/15/27

9,000,000

9,089,106

General

Motors

Financial

Co.,

Inc.,

4.7500%, 4/6/29

7,245,000

7,261,147

Hasbro,

Inc.,

3.5500%, 11/19/26

5,972,000

5,952,638

Hyundai

Capital

America,

5.6500%, 6/26/26

(144A)

7,645,000

7,660,037

Hyundai

Capital

America,

5.9500%, 9/21/26

(144A)

12,525,000

12,600,552

Hyundai

Capital

America,

4.8500%, 3/25/27

(144A)

5,000,000

5,020,303

Hyundai

Capital

America,

5.0000%, 1/7/28

(144A)

4,501,000

4,528,973

Hyundai

Capital

America,

4.2500%, 9/18/28

(144A)

4,640,000

4,599,704

Hyundai

Capital

America,

SOFR

+

1.0700%,

4.7261%, 9/18/28

(144A)

‡

6,960,000

6,990,312

Hyundai

Capital

America,

4.2500%, 1/8/29

(144A)

8,767,000

8,672,938

Hyundai

Capital

America,

4.7500%, 4/6/29

(144A)

8,000,000

8,012,290

Marriott

International,

Inc.,

5.4500%, 9/15/26

16,885,000

16,939,169

McDonald's

Corp.,

3.4500%, 9/8/26

AUD

1,000,000

715,347

Mercedes-Benz

Finance

North

America

LLC,

5.2000%, 8/3/26

(144A)

$

12,100,000

12,134,818

Royal

Caribbean

Cruises

Ltd.,

5.5000%, 4/1/28

(144A)

13,050,000

13,190,166

Starbucks

Corp.,

4.5000%, 5/15/28

7,000,000

7,021,633

Stellantis

Financial

Services

US

Corp.,

4.9500%, 9/15/28

(144A)

14,263,000

14,212,639

Toyota

Motor

Credit

Corp.,

SOFR

+

0.7200%,

4.3807%, 9/5/28

‡

20,600,000

20,676,773

Volkswagen

Financial

Services

Australia

Pty.

Ltd.,

5.3000%, 2/9/27

AUD

1,670,000

1,196,804

Volkswagen

Group

of

America

Finance

LLC,

4.9000%, 8/14/26

(144A)

$

4,075,000

4,080,325

Volkswagen

Group

of

America

Finance

LLC,

5.7000%, 9/12/26

(144A)

14,575,000

14,631,116

Volkswagen

Group

of

America

Finance

LLC,

6.0000%, 11/16/26

(144A)

13,200,000

13,313,634

Volkswagen

Group

of

America

Finance

LLC,

4.4500%, 9/11/27

(144A)

8,026,000

8,002,852

Volkswagen

Group

of

America

Finance

LLC,

5.0500%, 3/27/28

(144A)

3,580,000

3,602,852

274,153,013

Consumer,

Non-cyclical

-

3.7%

CVS

Health

Corp.,

4.3000%, 3/25/28

8,975,000

8,940,300

EMD

Finance

LLC,

4.1250%, 8/15/28

(144A)

8,567,000

8,515,024

GE

HealthCare

Technologies,

Inc.,

4.1500%, 12/15/28

10,000,000

9,935,186

Illumina,

Inc.,

4.6500%, 9/9/26

1,705,000

1,705,998

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

Janus

Detroit

Street

Trust

5

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Corporate

Bonds

-

(continued)

Consumer,

Non-cyclical

-

(continued)

Illumina,

Inc.,

5.7500%, 12/13/27

$

5,630,000

$

5,730,203

Lonsdale

Finance

Pty.

Ltd.,

2.4500%, 11/20/26

AUD

29,300,000

20,749,888

Lonsdale

Finance

Pty.

Ltd.,

2.1000%, 10/15/27

AUD

3,800,000

2,601,311

Medline

Borrower

LP,

6.2500%, 4/1/29

(144A)

$

7,000,000

7,158,347

Smith

&

Nephew

plc,

5.1500%, 3/20/27

6,270,000

6,305,345

Solventum

Corp.,

5.4500%, 2/25/27

6,866,000

6,912,456

Solventum

Corp.,

5.4000%, 3/1/29

18,132,000

18,540,131

Universal

Health

Services,

Inc.,

1.6500%, 9/1/26

23,425,000

23,213,129

120,307,318

Energy

-

3.4%

Cheniere

Energy,

Inc.,

4.6250%, 10/15/28

8,814,000

8,785,280

Columbia

Pipelines

Holding

Co.

LLC,

6.0550%, 8/15/26

(144A)

11,486,000

11,524,431

Columbia

Pipelines

Holding

Co.

LLC,

6.0420%, 8/15/28

(144A)

22,825,000

23,555,101

DT

Midstream,

Inc.,

4.1250%, 6/15/29

(144A)

13,840,000

13,550,735

Enbridge,

Inc.,

5.9000%, 11/15/26

5,000,000

5,040,520

Enbridge,

Inc.,

3.2000%, 6/8/27

CAD

14,500,000

10,640,258

Energy

Transfer

LP,

6.0500%, 12/1/26

$

13,440,000

13,566,275

Energy

Transfer

LP,

4.9500%, 6/15/28

5,000,000

5,046,620

Energy

Transfer

LP,

6.0000%, 2/1/29

(144A)

5,000,000

5,046,288

ONEOK,

Inc.,

5.5500%, 11/1/26

6,600,000

6,634,029

Repsol

E&P

Capital

Markets

US

LLC,

4.8050%, 9/16/28

(144A)

5,150,000

5,167,648

108,557,185

Financial

-

42.9%

AerCap

Ireland

Capital

DAC,

6.1000%, 1/15/27

8,375,000

8,465,628

AerCap

Ireland

Capital

DAC,

6.4500%, 4/15/27

19,617,000

19,977,321

AerCap

Ireland

Capital

DAC,

3.6500%, 7/21/27

3,095,000

3,061,998

American

Express

Co.,

SOFR

+

1.0000%,

5.0980%, 2/16/28

‡

1,950,000

1,961,515

American

Express

Co.,

SOFR

+

1.2600%,

4.7310%, 4/25/29

‡

12,750,000

12,816,471

American

Express

Co.,

SOFR

+

0.8110%,

4.4440%, 5/3/30

‡

16,000,000

15,969,326

American

Tower

Corp.,

3.5500%, 7/15/27

12,000,000

11,884,366

Aon

North

America,

Inc.,

5.1250%, 3/1/27

12,795,000

12,878,614

Ares

Capital

Corp.,

7.0000%, 1/15/27

1,358,000

1,375,854

Arthur

J

Gallagher

&

Co.,

4.6000%, 12/15/27

14,940,000

14,982,466

Athene

Global

Funding,

5.6200%, 5/8/26

(144A)

11,500,000

11,502,894

Athene

Global

Funding,

4.9500%, 1/7/27

(144A)

11,000,000

11,038,185

Athene

Global

Funding,

4.7600%, 4/21/27

AUD

1,000,000

711,495

Athene

Global

Funding,

2.5000%, 3/24/28

(144A)

$

9,677,000

9,242,750

Athene

Global

Funding,

4.8300%, 5/9/28

(144A)

20,000,000

19,950,399

Athene

Global

Funding,

5.1460%, 11/1/29

GBP

4,195,000

5,595,749

Atlas

Warehouse

Lending

Co.

LP,

6.0500%, 1/15/28

(144A)

$

25,655,000

26,032,008

Atlas

Warehouse

Lending

Co.

LP,

4.6250%, 11/15/28

(144A)

24,331,000

24,023,094

Atlas

Warehouse

Lending

Co.

LP,

6.2500%, 1/15/30

(144A)

5,700,000

5,859,812

Australia

&

New

Zealand

Banking

Group

Ltd.,

U.K.

Government

Bonds

5

Year

Note

Generic

Bid

Yield

+

1.4500%,

1.8090%, 9/16/31

‡

GBP

12,500,000

16,788,734

Australia

&

New

Zealand

Banking

Group

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.7000%,

5.9060%, 8/12/32

‡

AUD

10,000,000

7,206,323

Australia

&

New

Zealand

Banking

Group

Ltd.,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.6180%,

5.7310%, 9/18/34

(144A)

‡

$

4,500,000

4,612,908

Australia

&

New

Zealand

Banking

Group

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.5200%,

5.5450%, 1/15/35

‡

AUD

34,400,000

24,369,311

Aviation

Capital

Group

LLC,

1.9500%, 9/20/26

(144A)

$

15,250,000

15,108,822

Banco

Bilbao

Vizcaya

Argentaria

SA,

4.1500%, 3/3/29

21,800,000

21,546,329

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

6

April

30,

2026

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Corporate

Bonds

-

(continued)

Financial

-

(continued)

Banco

Santander

SA,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.6500%,

6.5270%, 11/7/27

‡

$

9,600,000

$

9,708,422

Bank

Australia

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.7000%,

5.6935%, 2/21/28

‡

AUD

38,220,000

27,843,455

Bank

of

America

Corp.,

VCDOR03M

+

1.4800%,

3.6150%, 3/16/28

‡

CAD

13,500,000

9,948,402

Bank

of

America

Corp.,

SOFR

+

1.5800%,

4.3760%, 4/27/28

‡

$

3,644,000

3,642,854

Bank

of

America

Corp.,

SOFR

+

1.9900%,

6.2040%, 11/10/28

‡

12,356,000

12,678,248

Bank

of

America

Corp.,

SOFR

+

0.8300%,

4.9790%, 1/24/29

‡

24,707,000

24,905,429

Bank

of

New

York

Mellon

(The),

SOFR

+

1.1350%,

4.7290%, 4/20/29

‡

14,180,000

14,292,322

Bank

of

New

Zealand,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.3000%,

5.6980%, 1/28/35

(144A)

‡

6,035,000

6,170,944

Barclays

plc,

SOFR

+

0.9600%,

5.0860%, 2/25/29

‡

8,066,000

8,135,609

Barclays

plc,

90

Day

Australian

Bank

Bill

Rate

+

2.0000%,

6.1580%, 5/28/35

‡

AUD

2,230,000

1,588,076

Bendigo

&

Adelaide

Bank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.2500%,

5.2072%, 5/15/26

‡

AUD

13,600,000

9,779,187

Bendigo

&

Adelaide

Bank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.4800%,

5.8166%, 10/14/31

‡

AUD

800,000

576,552

Blackstone

Holdings

Finance

Co.

LLC,

5.9000%, 11/3/27

(144A)

$

12,525,000

12,759,701

Blackstone

Private

Credit

Fund,

3.2500%, 3/15/27

5,824,000

5,728,837

Blackstone

Secured

Lending

Fund,

2.1250%, 2/15/27

11,550,000

11,276,361

Blue

Owl

Capital

Corp.,

3.4000%, 7/15/26

7,618,000

7,586,700

Blue

Owl

Capital

Corp.,

3.1250%, 4/13/27

8,800,000

8,606,652

Blue

Owl

Credit

Income

Corp.,

3.1250%, 9/23/26

4,871,000

4,822,218

Blue

Owl

Credit

Income

Corp.,

4.7000%, 2/8/27

6,281,000

6,245,559

BNP

Paribas

SA,

4.6250%, 3/13/27

(144A)

11,800,000

11,819,711

Brown

&

Brown,

Inc.,

4.7000%, 6/23/28

3,036,000

3,045,090

Capital

One

Financial

Corp.,

3.7500%, 7/28/26

17,744,000

17,722,987

Capital

One

Financial

Corp.,

SOFR

+

2.4400%,

7.1490%, 10/29/27

‡

7,823,000

7,922,107

Capital

One

Financial

Corp.,

SOFR

+

2.6000%,

5.2470%, 7/26/30

‡

5,353,000

5,429,664

Capital

One

NA,

USISOA05

+

1.7300%,

5.9740%, 8/9/28

‡

13,900,000

14,243,843

Charter

Hall

LWR

Pty.

Ltd.,

2.0860%, 3/3/28

AUD

3,270,000

2,201,351

Citadel

Securities

Global

Holdings

LLC,

5.5000%, 6/18/30

(144A)

$

7,839,000

7,970,621

Citigroup,

Inc.,

SOFR

+

1.8870%,

4.6580%, 5/24/28

‡

15,000,000

15,037,317

Citigroup,

Inc.,

SOFR

+

1.3640%,

5.1740%, 2/13/30

‡

14,000,000

14,213,373

Commonwealth

Bank

of

Australia,

90

Day

Australian

Bank

Bill

Rate

+

1.3200%,

5.3068%, 8/20/31

‡

AUD

16,600,000

11,955,217

Commonwealth

Bank

of

Australia,

90

Day

Australian

Bank

Bill

Rate

+

2.7000%,

6.6400%, 11/9/32

‡

AUD

10,000,000

7,381,603

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

5,762,288

Commonwealth

Bank

of

Australia,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.0500%,

3.6100%, 9/12/34

(144A)

‡

5,170,000

4,965,172

Computershare

US,

Inc.,

3.1470%, 11/30/27

AUD

1,070,000

738,852

Corebridge

Financial,

Inc.,

3.6500%, 4/5/27

$

9,833,000

9,772,035

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

13,514,316

Danske

Bank

A/S,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.7500%,

4.6620%, 3/27/29

(144A)

‡

18,377,000

18,396,532

Deutsche

Bank

AG,

SOFR

+

1.2190%,

2.3110%, 11/16/27

‡

6,050,000

5,978,147

Deutsche

Bank

AG,

SOFR

+

1.3180%,

2.5520%, 1/7/28

‡

3,320,000

3,274,309

F&G

Global

Funding,

4.6500%, 9/8/28

(144A)

7,744,000

7,644,827

F&G

Global

Funding,

4.5000%, 1/9/29

(144A)

14,948,000

14,656,779

Goldman

Sachs

Group,

Inc.

(The),

SOFR

+

1.3190%,

4.9370%, 4/23/28

‡

17,010,000

17,089,968

Goldman

Sachs

Group,

Inc.

(The),

SOFR

+

0.7100%,

4.3733%, 1/21/29

‡

25,000,000

24,949,000

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

Janus

Detroit

Street

Trust

7

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Corporate

Bonds

-

(continued)

Financial

-

(continued)

Goldman

Sachs

Group,

Inc.

(The),

SOFR

+

0.9900%,

4.5940%, 4/20/30

‡

$

7,901,000

$

7,883,685

Golub

Capital

BDC,

Inc.,

2.0500%, 2/15/27

12,215,000

11,905,966

Heritage

and

People's

Choice

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.4000%,

6.5739%, 9/16/31

‡

AUD

1,000,000

719,842

Insurance

Australia

Group

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.4500%,

6.6239%, 12/15/36

‡

AUD

8,550,000

6,199,026

JPMorgan

Chase

&

Co.,

SOFR

+

0.9300%,

5.5710%, 4/22/28

‡

$

15,500,000

15,673,278

JPMorgan

Chase

&

Co.,

SOFR

+

0.9300%,

4.9790%, 7/22/28

‡

13,500,000

13,591,002

JPMorgan

Chase

&

Co.,

SOFR

+

0.8000%,

4.9150%, 1/24/29

‡

7,459,000

7,518,947

JPMorgan

Chase

&

Co.,

SOFR

+

0.8200%,

4.4080%, 4/23/30

‡

12,500,000

12,449,976

Liberty

Financial

Pty.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.5500%,

6.5431%, 5/25/26

‡

AUD

19,100,000

13,743,205

Liberty

Financial

Pty.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

3.8000%,

7.9739%, 3/16/28

‡

AUD

5,010,000

3,754,986

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

3,613,335

Lloyds

Banking

Group

plc,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.8500%,

5.0870%, 11/26/28

‡

1,260,000

1,270,918

Lloyds

Banking

Group

plc,

90

Day

Australian

Bank

Bill

Rate

+

1.6800%,

5.7500%, 3/6/30

‡

AUD

5,240,000

3,822,338

Logicor

UK

plc,

1.8750%, 11/17/26

GBP

656,000

878,549

LPL

Holdings,

Inc.,

5.7000%, 5/20/27

$

16,965,000

17,145,268

LPL

Holdings,

Inc.,

4.6250%, 11/15/27

(144A)

23,156,000

23,050,969

LPL

Holdings,

Inc.,

4.9000%, 4/3/28

6,548,000

6,565,515

LSEG

Finance

plc,

4.5000%, 10/19/28

GBP

3,000,000

4,034,807

Lseg

US

Fin

Corp.,

4.8750%, 3/28/27

(144A)

$

7,725,000

7,767,538

Macquarie

Bank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.5500%,

5.7330%, 6/17/31

‡

AUD

6,980,000

5,022,436

Macquarie

Bank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.9500%,

5.9167%, 3/1/34

‡

AUD

12,190,000

8,929,377

Macquarie

Group

Ltd.,

SOFR

+

0.9100%,

1.6290%, 9/23/27

(144A)

‡

$

2,100,000

2,076,455

Marex

Group

plc,

5.8290%, 5/8/28

3,280,000

3,311,027

Marex

Group

plc,

5.6800%, 4/21/31

10,656,000

10,646,422

Marsh

&

McLennan

Cos.,

Inc.,

4.5500%, 11/8/27

15,100,000

15,167,617

Mitsubishi

UFJ

Financial

Group,

Inc.,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.7800%,

4.5920%, 4/18/30

‡

5,094,000

5,094,087

Mizuho

Bank

Ltd.,

4.3950%, 4/16/29

(144A)

20,000,000

20,039,177

Morgan

Stanley,

SOFR

+

0.8000%,

4.2380%, 1/9/30

‡

10,000,000

9,898,017

Morgan

Stanley,

SOFRINDX

+

0.9600%,

4.5550%, 4/10/30

‡

8,000,000

7,974,709

Morgan

Stanley

Bank

NA,

SOFR

+

1.0800%,

4.9520%, 1/14/28

‡

43,610,000

43,782,608

Morgan

Stanley

Private

Bank

NA,

SOFR

+

0.7700%,

4.4660%, 7/6/28

‡

12,047,000

12,045,217

National

Australia

Bank

Ltd.,

U.K.

Government

Bonds

5

Year

Note

Generic

Bid

Yield

+

1.4000%,

1.6990%, 9/15/31

‡

GBP

12,385,000

16,624,712

Nationwide

Building

Society,

4.0000%, 9/14/26

(144A)

$

19,530,000

19,498,066

Nationwide

Building

Society,

SOFR

+

1.0600%,

4.6490%, 7/14/29

(144A)

‡

12,049,000

12,066,206

Newcastle

Greater

Mutual

Group

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.8500%,

5.8072%, 2/14/29

‡

AUD

20,400,000

14,967,392

Permanent

TSB

Group

Holdings

plc,

EURIBOR

ICE

Swap

Rate

1

Year

+

3.5000%,

6.6250%, 6/30/29

‡

EUR

10,100,000

12,617,013

Pershing

Square

Holdings

Ltd.,

3.2500%, 11/15/30

(144A)

$

15,500,000

14,262,399

Royal

Bank

of

Canada,

CAONINDX

+

2.1200%,

5.0100%, 2/1/33

‡

CAD

15,500,000

11,662,409

Santander

UK

Group

Holdings

plc,

SOFRINDX

+

1.0700%,

4.3200%, 9/22/29

‡

$

4,756,000

4,719,148

Societe

Generale

SA,

5.2500%, 2/19/27

(144A)

17,440,000

17,567,570

Societe

Generale

SA,

SOFR

+

1.0960%,

4.4500%, 4/12/30

(144A)

‡

7,435,000

7,363,799

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

8

April

30,

2026

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Corporate

Bonds

-

(continued)

Financial

-

(continued)

Sumisho

Air

Lease

Corp.,

5.3000%, 6/25/26

$

10,020,000

$

10,032,290

Sumitomo

Mitsui

Trust

Bank

Ltd.,

SOFR

+

0.7500%,

4.4185%, 9/11/28

(144A)

‡

6,800,000

6,815,796

Suncorp

Group

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.3000%,

6.2667%, 6/1/37

‡

AUD

17,200,000

12,528,058

Suncorp

Group

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.6500%,

6.6167%, 12/1/38

‡

AUD

4,500,000

3,346,601

Teachers

Mutual

Bank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.3000%,

5.6130%, 6/21/27

‡

AUD

16,140,000

11,678,930

UBS

AG,

SOFR

+

0.5000%,

4.1865%, 5/17/27

‡

$

13,950,000

13,958,355

UBS

AG,

SOFR

+

0.8100%,

4.4867%, 3/16/29

‡

15,750,000

15,771,663

UBS

Group

AG,

4.2530%, 3/23/28

(144A)

15,000,000

14,963,599

UBS

Group

AG,

SOFR

+

0.8400%,

4.5141%, 12/23/29

(144A)

‡

7,000,000

6,984,561

VER

Finco

Pty.

Ltd.,

2.4000%, 9/21/28

AUD

2,230,000

1,484,633

VICI

Properties

LP,

5.7500%, 2/1/27

(144A)

$

12,699,000

12,762,725

VICI

Properties

LP,

3.7500%, 2/15/27

(144A)

8,000,000

7,942,158

VICI

Properties

LP,

4.7500%, 4/1/28

4,638,000

4,644,828

Vicinity

Centres

Trust,

4.0000%, 4/26/27

AUD

150,000

106,457

Wells

Fargo

&

Co.,

SOFR

+

0.7800%,

4.9000%, 1/24/28

‡

$

14,586,000

14,637,811

Wells

Fargo

&

Co.,

SOFR

+

1.0700%,

5.7070%, 4/22/28

‡

7,870,000

7,964,252

Wells

Fargo

&

Co.,

SOFR

+

1.3700%,

4.9700%, 4/23/29

‡

12,639,000

12,753,770

Wells

Fargo

&

Co.,

SOFR

+

0.8800%,

4.5567%, 9/15/29

‡

13,820,000

13,838,780

Westpac

Banking

Corp.,

90

Day

Australian

Bank

Bill

Rate

+

0.7500%,

4.6928%, 8/10/26

‡

AUD

1,400,000

1,007,617

Westpac

Banking

Corp.,

90

Day

Australian

Bank

Bill

Rate

+

1.2300%,

5.1766%, 11/11/27

‡

AUD

3,300,000

2,399,107

Westpac

Banking

Corp.,

90

Day

Australian

Bank

Bill

Rate

+

1.8800%,

6.1973%, 4/3/34

‡

AUD

9,500,000

6,981,378

Westpac

Banking

Corp.,

90

Day

Australian

Bank

Bill

Rate

+

1.6700%,

5.9720%, 7/10/34

‡

AUD

6,500,000

4,679,017

Westpac

Banking

Corp.,

90

Day

Australian

Bank

Bill

Rate

+

1.6700%,

5.9916%, 7/10/34

‡

AUD

14,300,000

10,454,836

Westpac

Banking

Corp.,

90

Day

Australian

Bank

Bill

Rate

+

1.5200%,

5.3510%, 2/12/35

‡

AUD

12,300,000

8,653,755

Willis

North

America,

Inc.,

4.6500%, 6/15/27

$

4,599,000

4,609,851

1,386,868,850

Industrial

-

4.8%

Amrize

Finance

US

LLC,

4.6000%, 4/7/27

10,232,000

10,261,201

Amrize

Finance

US

LLC,

4.7000%, 4/7/28

14,284,000

14,339,063

BAE

Systems

plc,

5.0000%, 3/26/27

(144A)

13,915,000

14,012,046

Boeing

Co.

(The),

6.2590%, 5/1/27

16,850,000

17,134,095

CNH

Industrial

Capital

Australia

Pty.

Ltd.,

5.8000%, 7/13/26

AUD

29,790,000

21,441,722

CNH

Industrial

Capital

Australia

Pty.

Ltd.,

5.4000%, 5/17/27

AUD

17,600,000

12,611,510

CNH

Industrial

Capital

Australia

Pty.

Ltd.,

4.7000%, 6/20/28

AUD

13,650,000

9,571,368

Fortive

Corp.,

3.1500%, 6/15/26

$

6,500,000

6,489,272

Honeywell

Aerospace,

Inc.,

4.0000%, 3/16/29

(144A)

16,000,000

15,829,867

Molex

Electronic

Technologies

LLC,

4.7500%, 4/30/28

(144A)

25,440,000

25,547,912

Penske

Truck

Leasing

Co.

LP,

5.3500%, 1/12/27

(144A)

7,900,000

7,949,420

Rolls-Royce

plc,

5.7500%, 10/15/27

(144A)

958,000

970,948

156,158,424

Technology

-

3.9%

Booz

Allen

Hamilton,

Inc.,

3.8750%, 9/1/28

(144A)

19,647,000

19,226,688

Broadcom,

Inc.,

5.0500%, 7/12/27

8,489,000

8,581,544

Broadcom,

Inc.,

4.8000%, 4/15/28

8,040,000

8,130,501

Fidelity

National

Information

Services,

Inc.,

4.4500%, 3/10/28

7,295,000

7,274,532

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

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)

Technology

-

(continued)

Hewlett

Packard

Enterprise

Co.,

SOFR

+

0.9600%,

4.6367%, 9/15/28

‡

$

13,820,000

$

13,838,757

Oracle

Corp.,

3.2500%, 11/15/27

10,105,000

9,888,469

Oracle

Corp.,

4.8000%, 8/3/28

8,800,000

8,787,830

Oracle

Corp.,

4.5500%, 2/4/29

33,151,000

32,751,116

SK

hynix

,

Inc.,

5.5000%, 1/16/27

(144A)

10,045,000

10,128,082

SK

hynix

,

Inc.,

4.2500%, 9/11/28

(144A)

6,499,000

6,472,431

125,079,950

Utilities

-

4.1%

Algonquin

Power

&

Utilities

Corp.,

5.3650%, 6/15/26

Ç

10,157,000

10,156,743

DTE

Energy

Co.,

4.9500%, 7/1/27

9,300,000

9,357,392

Duke

Energy

Corp.,

4.8500%, 1/5/27

12,800,000

12,859,097

Duke

Energy

Corp.,

3.1500%, 8/15/27

13,250,000

13,071,952

ElectraNet

Pty.

Ltd.,

2.4737%, 12/15/28

AUD

1,930,000

1,281,452

ENEL

Finance

International

NV,

4.1250%, 9/30/28

(144A)

$

14,000,000

13,858,298

Georgia

Power

Co.,

5.0040%, 2/23/27

6,520,000

6,564,360

Georgia

Power

Co.,

3.2500%, 3/30/27

5,866,000

5,824,824

Network

Finance

Co.

Pty.

Ltd.,

2.2500%, 11/11/26

AUD

570,000

403,720

NRG

Energy,

Inc.,

2.4500%, 12/2/27

(144A)

$

22,683,000

21,916,969

Vistra

Operations

Co.

LLC,

5.0500%, 12/30/26

(144A)

6,305,000

6,328,909

Vistra

Operations

Co.

LLC,

3.7000%, 1/30/27

(144A)

17,538,000

17,431,369

Vistra

Operations

Co.

LLC,

4.3000%, 10/15/28

(144A)

7,690,000

7,600,638

Xcel

Energy,

Inc.,

4.7500%, 3/21/28

6,808,000

6,840,476

133,496,199

Total

Corporate

Bonds

(cost

2,349,388,195)

2,383,176,388

Foreign

Government

Bonds

-

0.2%

Export-Import

Bank

of

Korea,

SOFR

+

0.4600%,

4.1240%, 9/22/28

‡

(cost

$5,902,000)

5,902,000

5,909,189

Mortgage-Backed

Securities

-

6.5%

BPR

Trust

,

5.3580

%

,

11/5/41

(144A)

‡

6,795,181

6,877,174

BX

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

1.6912%,

5.3459%, 8/15/41

(144A)

‡

4,856,607

4,866,486

CME

Term

SOFR

1

Month

+

1.4000%,

5.0547%, 2/15/43

(144A)

‡

11,020,000

11,025,484

BX

Trust

,

CME

Term

SOFR

1

Month

+

1.1438%

,

4.7985

%

,

3/15/30

(144A)

‡

20,517,801

20,475,442

Connecticut

Avenue

Securities

Trust

SOFR30A

+

1.5500%,

5.1952%, 10/25/41

(144A)

‡

3,932,509

3,939,219

SOFR30A

+

3.0000%,

6.6452%, 1/25/42

(144A)

‡

7,846,606

7,944,622

SOFR30A

+

3.5000%,

7.1452%, 3/25/42

(144A)

‡

11,830,738

12,084,504

SOFR30A

+

3.8500%,

7.4952%, 5/25/42

(144A)

‡

10,000,000

10,282,541

SOFR30A

+

1.7000%,

5.3452%, 7/25/43

(144A)

‡

1,021,161

1,023,470

SOFR30A

+

1.0500%,

4.6952%, 1/25/44

(144A)

‡

4,517,747

4,522,115

SOFR30A

+

1.1000%,

4.7452%, 2/25/44

(144A)

‡

974,935

974,935

SOFR30A

+

1.1500%,

4.7952%, 3/25/44

(144A)

‡

787,099

787,099

SOFR30A

+

1.6000%,

5.2452%, 9/25/44

(144A)

‡

7,553,496

7,563,551

SOFR30A

+

1.1000%,

4.7452%, 1/25/45

(144A)

‡

1,744,999

1,744,999

SOFR30A

+

1.5000%,

5.1452%, 1/25/45

(144A)

‡

6,205,000

6,210,041

SOFR30A

+

1.1500%,

4.7952%, 2/25/45

(144A)

‡

1,233,100

1,233,499

SOFR30A

+

1.6000%,

5.2452%, 3/25/45

(144A)

‡

3,781,383

3,788,638

SOFR30A

+

1.2000%,

4.8452%, 5/25/45

(144A)

‡

1,749,639

1,751,294

SOFR30A

+

1.2000%,

4.8452%, 7/25/45

(144A)

‡

4,944,142

4,947,351

FHLMC

STACR

REMIC

Trust

SOFR30A

+

1.5000%,

5.1452%, 10/25/41

(144A)

‡

13,731,249

13,756,655

SOFR30A

+

1.8000%,

5.4452%, 11/25/41

(144A)

‡

2,465,000

2,476,735

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

10

April

30,

2026

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Mortgage-Backed

Securities

-

(continued)

FHLMC

STACR

REMIC

Trust

-

(continued)

SOFR30A

+

4.3500%,

7.9952%, 4/25/42

(144A)

‡

$

18,211,363

$

18,780,861

SOFR30A

+

5.7500%,

9.3952%, 9/25/42

(144A)

‡

1,850,000

1,966,564

SOFR30A

+

2.0000%,

5.6452%, 5/25/43

(144A)

‡

863,875

869,150

SOFR30A

+

2.0000%,

5.6452%, 6/25/43

(144A)

‡

1,045,792

1,047,202

SOFR30A

+

1.8500%,

5.4952%, 11/25/43

(144A)

‡

1,014,390

1,019,935

SOFR30A

+

1.3500%,

4.9952%, 2/25/44

(144A)

‡

1,692,264

1,693,021

SOFR30A

+

1.2500%,

4.8952%, 3/25/44

(144A)

‡

3,506,408

3,506,128

SOFR30A

+

1.2000%,

4.8452%, 5/25/44

(144A)

‡

1,691,670

1,691,886

SOFR30A

+

1.2000%,

4.8452%, 8/25/44

(144A)

‡

3,237,596

3,238,291

SOFR30A

+

1.4500%,

5.0952%, 10/25/44

(144A)

‡

1,378,333

1,378,543

SOFR30A

+

1.0500%,

4.6952%, 1/25/45

(144A)

‡

3,774,393

3,772,583

SOFR30A

+

1.1500%,

4.7952%, 2/25/45

(144A)

‡

4,316,494

4,316,493

SOFR30A

+

1.2000%,

4.8452%, 5/25/45

(144A)

‡

4,119,214

4,119,214

Homeward

Opportunities

Fund

Trust

,

5.2370

%

,

9/25/40

(144A)

Ç

2,893,000

2,897,931

NRTH

Commercial

Mortgage

Trust

,

CME

Term

SOFR

1

Month

+

1.3933%

,

5.0480

%

,

10/15/40

(144A)

‡

10,500,000

10,485,886

Oceanview

Mortgage

Trust

,

SOFR30A

+

0.9000%

,

4.5452

%

,

12/25/55

(144A)

‡

11,224,119

11,224,093

Resimac

Bastille

Trust

,

30

Day

Australian

Bank

Bill

Rate

+

1.3500%

,

5.4300

%

,

9/13/55

‡

AUD

5,917,910

4,255,874

TVC

Mortgage

Trust

,

4.9640

%

,

2/25/41

(144A)

Ç

$

6,000,000

5,968,877

Total

Mortgage-Backed

Securities

(cost

$209,902,677)

210,508,386

Investment

Companies

-

0.1%

Money

Market

Funds

-

0.1%

Federated

Hermes

Government

Obligations

Tax-Managed

Fund,

Institutional

Class,

3.5000%

∞

(cost

$2,950,788)

2,950,788

2,950,788

Commercial

Paper

-

13.6%

AutoNation,

Inc.,

4.0505%, 5/1/26

(Section

4(2))

77,000,000

76,991,338

AutoNation,

Inc.,

4.0514%, 5/4/26

(Section

4(2))

75,950,000

75,914,979

Enbridge,

Inc.,

2.8203%, 5/21/26

(Section

4(2))

CAD

51,700,000

37,922,829

Enbridge,

Inc.,

2.8093%, 5/22/26

(Section

4(2))

CAD

24,625,000

18,061,409

Enbridge,

Inc.,

2.8266%, 5/26/26

(Section

4(2))

CAD

14,775,000

10,833,372

Global

Payments,

Inc.,

4.2220%, 5/1/26

(Section

4(2))

$

30,900,000

30,896,437

Global

Payments,

Inc.,

4.2230%, 5/4/26

(Section

4(2))

42,000,000

41,980,634

HCA,

Inc.,

4.2596%, 5/13/26

(Section

4(2))

6,450,000

6,440,255

Humana,

Inc.,

3.9004%, 5/1/26

(Section

4(2))

61,550,000

61,543,242

Stellantis

Financial

Services

US

Corp.,

4.3494%, 5/8/26

(Section

4(2))

37,565,000

37,530,282

Stellantis

Financial

Services

US

Corp.,

4.3955%, 5/28/26

(Section

4(2))

41,500,000

41,359,900

Total

Commercial

Paper

(cost

$439,225,383)

439,474,677

OTC

Purchased

Call

Credit

Default

Swaptions

-

Buy

Protection

-

0.0%

Counterparty/Reference

Asset

Goldman

Sachs

International

CDX.NA.IG.46-V1,

Credit

Default

Swap,

Maturing

6/20/2031,

Fixed

Rate

1.00%,  Payment

frequency:

Quarterly,

Notional

amount

$476,100,000,

Premiums

paid

$705,104,

Unrealized

appreciation

$–,

Exercise

price

$0.60,

Expires

7/15/26*

476,100,000

705,104

Total

OTC

Purchased

Call

Credit

Default

Swaptions

-

Buy

Protection

-

(premiums

paid

$705,104,

unrealized

appreciation

$–)

705,104

Total

Investments

(total

cost

$

3,288,492,274

)

-

103.0%

3,331,437,740

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(3.0%)

(98,011,806)

Net

Assets

-

100.0%

$3,233,425,934

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

Janus

Detroit

Street

Trust

11

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

$

2,453,607,698

73.7

%

Australia

407,265,827

12.2

Canada

110,882,414

3.3

United

Kingdom

94,872,840

2.8

Ireland

44,121,960

1.3

Japan

42,020,819

1.3

France

36,751,080

1.1

Denmark

31,910,848

1.0

Spain

31,254,751

0.9

South

Korea

22,509,702

0.7

Switzerland

21,948,160

0.7

Guernsey

14,262,399

0.4

Netherlands

13,858,298

0.4

New

Zealand

6,170,944

0.2

Total

$3,331,437,740

100.0%

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

12

April

30,

2026

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

10/31/25

Purchases

Sales

Proceeds

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciatio

n/

(Depreciation)

Affiliated

Investments,

at

Value

at

4/30/26

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

Shares

Held

at

4/30/26

Dividend

Income

Investment

Company

-

N/A

Exchange

Traded

Fund

-

N/A

Janus

Henderson

AAA

CLO

ETF

$

27,526,450

$

–

$

(27,548,801)

$

(15,624)

$

37,975

$

–

–

$

359,401

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)

BNP

Paribas

SA

Australian

Dollar

7/24/26

516,950,000

$

(367,993,442)

$

(3,071,562)

–

Citibank

N.A.

New

Zealand

Dollar

7/24/26

1,340,000

(794,053)

3,046

–

HSBC

BANK

USA,

N.A.

Australian

Dollar

7/24/26

(1,200,000)

861,278

78

Canadian

Dollar

7/24/26

(1,000,000)

737,673

(376)

Canadian

Dollar

5/26/26

14,775,000

(10,809,840)

(55,655)

(55,953)

J.P.

Morgan

Chase

Bank

Euro

7/24/26

12,610,000

(14,938,370)

91,945

–

Morgan

Stanley

&

Co.

Canadian

Dollar

7/24/26

78,410,000

(57,229,274)

(582,164)

–

State

Street

Bank

and

Trust

Company

Australian

Dollar

7/24/26

(4,000,000)

2,865,010

6,177

Canadian

Dollar

5/22/26

24,625,000

(18,028,239)

(77,733)

Canadian

Dollar

5/21/26

51,700,000

(37,907,256)

(104,421)

Great

British

Pound

7/24/26

39,690,000

(53,832,539)

(85,591)

(261,568)

Total

$(3,876,256)

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

Janus

Detroit

Street

Trust

13

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Schedule

of

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

and

Unrealized

Appreciation

Futures

Long:

3

Month

SOFR

623

3/16/27

$

150,002,825

$

181,947

Total

-

Futures

Long

181,947

Futures

Short:

Australia

3

Year

Bond

1,205

6/15/26

(89,555,059)

693,720

Canada

2

Year

Bond

368

6/19/26

(28,391,507)

39,531

Euro-Schatz

106

6/8/26

(13,149,304)

133,129

U.S.

Treasury

2

Year

Notes

1,817

6/30/26

(376,346,125)

2,252,000

U.S.

Treasury

5

Year

Notes

279

6/30/26

(30,086,227)

479,266

Total

-

Futures

Short

3,597,646

Total

$3,779,593

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.44-V1,

Fixed

Rate

of

1.00%

Paid

Quarterly

6/20/30

$

54,400,000

$

–

$

(63,467)

$

(63,467)

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

3.3650%

Fixed

1

Day

SOFR

Annually

11/21/27

USD

144,900,000

$

–

$

1,075,093

$

1,075,093

3

Month

BBR

3.4500%

Fixed

Quarterly

2/17/27

NZD

106,550,000

–

323,506

323,506

3

Month

BBR

3.5600%

Fixed

Quarterly

10/21/26

NZD

75,370,000

–

177,587

177,587

3

Month

BBR

3.2400%

Fixed

Quarterly

5/01/27

NZD

134,200,000

–

50,746

50,746

1

Day

SONIA

3.3542%

Fixed

Annually

2/27/28

GBP

25,600,000

–

–

–

1

Day

SONIA

3.5001%

Fixed

Annually

12/03/27

GBP

6,200,000

–

(9,592)

(

9,592)

3

Month

BBR

3.1400%

Fixed

Quarterly

4/28/27

NZD

134,200,000

–

(16,393)

(16,393)

3.8198%

Fixed

1

Day

SONIA

Annually

3/06/28

GBP

122,000,000

–

(20,036)

(20,036)

1

Day

SONIA

3.5513%

Fixed

Annually

11/06/27

GBP

55,600,000

–

(97,406)

(

97,406)

1

Day

SONIA

3.6240%

Fixed

Annually

10/21/27

GBP

109,400,000

–

(167,174)

(167,174)

Total

$–

$1,316,331

$1,316,331

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

International

CDX.NA.IG.46-V1

Credit

Default

Swap,

S&P

Credit

Rating:

NR,

Maturing

6/20/2031,

Fixed

Rate

1.00%,

Payment

frequency:

Quarterly

0.70

USD

07/15/26

$

476,100,000

$(392,783)

$–

$(392,783)

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

14

April

30,

2026

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,

2026.

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,

2026.

Fair

Value

of

Derivative

Instruments

(not

accounted

for

as

hedging

instruments)

as

of

April

30,

2026

Credit

Contracts

Interest

Rate

Contracts

Currency

Contracts

Total

Asset

Derivatives:

Forward

foreign

currency

exchange

contracts

$

—

$

—

$

101,246

$

101,246

*

Futures

contracts

—

3,779,593

—

3,779,593

*

Swaps

-

centrally

cleared

—

1,626,932

—

1,626,932

Purchased

Swaption

contracts,

at

Value

705,104

—

—

705,104

Total

Asset

Derivatives

$

705,104

$

5,406,525

$

101,246

$

6,212,875

Liability

Derivatives:

Forward

foreign

currency

exchange

contracts

—

—

3,977,502

3,977,502

*

Swaps

-

centrally

cleared

63,467

310,601

—

374,068

Swaptions

Written,

at

Value

392,783

—

—

392,783

Total

Liability

Derivatives

$

456,250

$

310,601

$

3,977,502

$

4,744,353

*

The

fair

value

presented

includes

net

cumulative

unrealized

appreciation

(depreciation)

on

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,

2026

Amount

of

Realized

Gain/(Loss)

Recognized

on

Derivatives

Derivative

Credit

Contracts

Interest

Rate

Contracts

Currency

Contracts

Total

Forward

foreign

currency

exchange

contracts

$

—

$

—

$

(34,063,347)

$

(34,063,347)

Futures

contracts

—

2,946,047

—

2,946,047

Swap

contracts

(1,162,457)

(1,992,134)

—

(3,154,591)

Purchased

Swaption

contracts

(1,497,741)

—

—

(1,497,741)

Written

Swaption

contracts

534,685

—

—

534,685

Total

$

(2,125,513)

$

953,913

$

(34,063,347)

$

(35,234,947)

Amount

of

Change

in

Unrealized

Appreciation/(Depreciation)

Recognized

on

Derivatives

Derivative

Credit

Contracts

Interest

Rate

Contracts

Currency

Contracts

Total

Forward

foreign

currency

exchange

contracts

$

—

$

—

$

(7,291,406)

$

(

7,291,406)

Futures

contracts

—

2,878,770

—

2,878,770

Swap

contracts

559,692

(1,482,913)

—

(923,221)

Purchased

Swaption

contracts

944,492

944,492

Written

Swaption

contracts

(389,798)

—

—

(389,798)

Total

$

1,114,386

$

1,395,857

$

(7,291,406)

$

(4,781,163)

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

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.

Average

Ending

Monthly

Value

of

Derivative

Instruments

During

the

Period

Ended

April

30,

2026

Futures

contracts:

Average

notional

amount

of

contracts

-

long

$192,283,219

Average

notional

amount

of

contracts

-

short

693,429,134

Forward

foreign

currency

exchange

contracts:

Average

amounts

purchased

-

in

USD

26,000,815

Average

amounts

sold

-

in

USD

549,401,482

Credit

default

swaps:

Average

notional

amount

-

buy

protection

56,150,000

Interest

rate

swaps:

Average

notional

amount

-

pay

fixed

rate/receive

floating

rate

243,213,567

Average

notional

amount

-

pay

floating

rate/receive

fixed

rate

415,412,381

Swaptions:

Average

value

of

swaption

contracts

purchased

341,460

Average

value

of

swaption

contracts

written

134,798

Offsetting

of

Financial

Assets

and

Derivative

Assets

Counterparty

Gross

Amounts

of

Recognized

Assets

Offsetting

Asset

or

Liability

(a)

Collateral

Pledged

(b)

Net

Amount

Citibank

N.A.

$

3,046

$

—

$

—

$

3,046

Goldman

Sachs

International

705,104

(392,783)

—

312,321

HSBC

BANK

USA,

N.A.

78

(78)

—

—

J.P.

Morgan

Chase

Bank

91,945

—

—

91,945

State

Street

Bank

and

Trust

Company

6,177

(6,177)

—

—

Total

$

806,350

$

(399,038)

$

—

$

407,312

Offsetting

of

Financial

Liabilities

and

Derivative

Liabilities

Counterparty

Gross

Amounts

of

Recognized

Liabilities

Offsetting

Asset

or

Liability

(a)

Collateral

Pledged

(b)

Net

Amount

BNP

Paribas

SA

$

3,071,562

$

—

$

—

$

3,071,562

Goldman

Sachs

International

392,783

(392,783)

—

—

HSBC

BANK

USA,

N.A.

56,031

(78)

—

55,953

Morgan

Stanley

&

Co.

582,164

—

—

582,164

State

Street

Bank

and

Trust

Company

267,745

(6,177)

—

261,568

Total

$

4,370,285

$

(399,038)

$

—

$

3,971,247

(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,

2026

16

April

30,

2026

AUD

Australian

Dollar

CAD

Canadian

Dollar

CDOR

Canadian

Dollar

Offered

Rate

CME

Chicago

Mercantile

Exchange

CAONINDX

Canadian

Overnight

Repo

Rate

Average

Compounded

Index

ETF

Exchange

Traded

Fund

EUR

Euro

EURIBOR

Euro

Interbank

Offered

Rate

FHLMC

Federal

Home

Loan

Mortgage

Corp.

GBP

British

Pound

ICE

Intercontinental

Exchange

LLC

Limited

Liability

Company

LP

Limited

Partnership

NZD

New

Zealand

Dollar

plc

Public

Limited

Company

REMIC

Real

Estate

Mortgage

Investment

Conduit

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,

2026.

Ç

Step

bond.

The

coupon

rate

will

increase

or

decrease

periodically

based

upon

a

predetermined

schedule.

The

rate

shown

reflects

the

current

rate.

†

The

position

has

not

yet

settled

as

of

April

30,

2026.

The

coupon

rate

is

undetermined.

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,

2026

is

$439,474,677

which

represents

13.6%

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

1933

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,

2026

is

$1,262,888,037

which

represents

39.1%

of

net

assets.

‡

Variable

or

floating

rate

security.

Rate

shown

is

the

current

rate

as

of

April

30,

2026.

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,

2026

Janus

Detroit

Street

Trust

17

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,

2026

.

See

Notes

to

Financial

Statements

for

more

information.

Valuation

Inputs

Summary

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Total

Assets

Investments

in

Securities:

Asset-Backed

Securities

$

—

$

259,671,158

$

—

$

259,671,158

Collateralized

Loan

Obligations

—

29,042,050

—

29,042,050

Corporate

Bonds

—

2,383,176,388

—

2,383,176,388

Foreign

Government

Bonds

—

5,909,189

—

5,909,189

Mortgage-Backed

Securities

—

210,508,386

—

210,508,386

Investment

Companies

2,950,788

—

—

2,950,788

Commercial

Paper

—

439,474,677

—

439,474,677

OTC

Purchased

Call

Credit

Default

Swaptions

-

Buy

Protection

—

705,104

—

705,104

Total

Investments

in

Securities

$

2,950,788

$

3,328,486,952

$

—

$

3,331,437,740

Other

Financial

Instruments

(a)

:

Centrally

Cleared

Swaps

$

—

$

1,626,932

$

—

$

1,626,932

Forward

Foreign

Currency

Exchange

Contracts

—

101,246

—

101,246

Futures

Contracts

3,779,593

—

—

3,779,593

Total

Other

Financial

Instruments

$

3,779,593

$

1,728,178

$

—

$

5,507,771

Total

Assets

$

6,730,381

$

3,330,215,130

$

—

$

3,336,945,511

Liabilities

Other

Financial

Instruments

(a)

:

Centrally

Cleared

Swaps

$

—

$

374,068

$

—

$

374,068

Forward

Foreign

Currency

Exchange

Contracts

—

3,977,502

—

3,977,502

Swaptions

Written,

at

Value

—

392,783

—

392,783

Total

Liabilities

$

—

$

4,744,353

$

—

$

4,744,353

(a)

Other

financial

instruments

may

include

forward

foreign

currency

exchange

contracts,

futures,

written

options,

written

swaptions,

and

swap

contracts.

Forward

foreign

currency

exchange

contracts,

futures

contracts,

and

centrally

cleared

swap

contracts

are

reported

at

their

unrealized

appreciation/(depreciation)

at

measurement

date,

which

represents

the

change

in

the

contract's

value

from

trade

date.

Written

options,

written

swaptions,

and

OTC

swaps

are

reported

at

their

market

value

at

measurement

date.

Janus

Henderson

Short

Duration

Income

ETF

Statement

of

Assets

and

Liabilities

(unaudited)

April

30,

2026

18

April

30,

2026

See

Notes

to

Financial

Statements.

Assets:

Investments,

at

value

(cost

$3,287,787,170)

$

3,330,732,636

Purchased

swaptions,

at

value

(premiums

paid

$705,104)

705,104

Cash

denominated

in

foreign

currency

(cost

$7,458,637)

7,451,264

Forward

foreign

currency

exchange

contracts

101,246

Due

from

broker

for

centrally

cleared

swaps

1,345,383

Due

from

broker

for

futures

4,190,000

Receivable

for

variation

margin

on

swaps

3,332,674

Receivables:

Investments

sold

24,273,695

Fund

units

sold

14,665,904

Interest

26,728,648

Total

Assets

3,413,526,554

Liabilities:

Payable

for

variation

margin

on

futures

contracts

109,661

Forward

foreign

currency

exchange

contracts

3,977,502

Swaptions

written,

at

value

(premiums

received

$392,783)

392,783

Due

to

custodian

303,564

Payables:

Investments

purchased

162,168,921

Management

fees

582,367

Distributions

12,565,822

Total

Liabilities

180,100,620

Commitments

and

contingent

liabilities

Net

Assets

$

3,233,425,934

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

3,278,597,614

Total

distributable

earnings

(loss)

(

45,171,680

)

Total

Net

Assets

$

3,233,425,934

Net

Assets

$

3,233,425,934

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

66,150,000

Net

Asset

Value

Per

Share

$

48

.88

Janus

Henderson

Short

Duration

Income

ETF

Statement

of

Operations

(unaudited)

For

the

period

ended

April

2026

Janus

Detroit

Street

Trust

19

See

Notes

to

Financial

Statements.

Investment

Income:

Interest

$

71,234,941

Dividends

from

affiliates

359,401

Total

Investment

Income

71,594,342

Expenses:

Management

Fees

3,317,582

Total

Expenses

3,317,582

Less:

Excess

Expense

Reimbursement

and

Waivers

(

13,362

)

Net

Expenses

3,304,220

Net

Investment

Income/(Loss)

68,290,122

Net

Realized

Gain/(Loss)

on

Investments:

Investments

and

foreign

currency

transactions

$

5,007,016

Investments

in

affiliates

(

15,624

)

Forward

foreign

currency

exchange

contracts

(

34,063,347

)

Futures

contracts

2,946,047

Swap

contracts

(

3,154,591

)

Purchased

swaption

contracts

(

1,497,741

)

Written

swaption

contracts

534,685

Total

Net

Realized

Gain/(Loss)

on

Investments

$

(

30,243,555

)

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

and

foreign

currency

translations

$

20,349,964

Investments

in

affiliates

37,975

Forward

foreign

currency

exchange

contracts

(

7,291,406

)

Futures

contracts

2,878,770

Swap

contracts

(

923,221

)

Purchased

swaption

contracts

944,492

Written

swaption

contracts

(

389,798

)

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

15,606,776

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

53,653,343

Janus

Henderson

Short

Duration

Income

ETF

Statements

of

Changes

in

Net

Assets

20

April

30,

2026

See

Notes

to

Financial

Statements.

Period

Ended

April

30,

2026

(unaudited)

Year

Ended

October

31,

2025

Operations:

Net

investment

income/(loss)

$

68,290,122

$

123,729,085

Net

realized

gain/(loss)

on

investments

(

30,243,555

)

1,308,031

Change

in

unrealized

net

appreciation/depreciation

15,606,776

13,311,765

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

53,653,343

138,348,881

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(

81,157,201

)

(

116,306,655

)

Return

of

Capital

—

(

7,338,647

)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(

81,157,201

)

(

123,645,302

)

Capital

Share

Transactions

481,712,847

500,649,674

Net

Increase/(Decrease)

in

Net

Assets

454,208,989

515,353,253

Net

Assets:

—

—

Beginning

of

Period  

2,779,216,945

2,263,863,692

End

of

Period

$

3,233,425,934

$

2,779,216,945

Janus

Henderson

Short

Duration

Income

ETF

Financial

Highlights

Janus

Detroit

Street

Trust

21

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

the

period

ended

April

30,

2026

(unaudited)

and

each

year

or

period

ended

October

31

2026

2025

2024

2023

2022

2021

Net

Asset

Value,

Beginning

of

Period

$49.32

$49.05

$47.98

$48.47

$50.00

$50.40

Income/(Loss)

from

Investment

Operations:

—

—

—

—

—

—

Net

investment

income/(loss)

(1)

1.13

2.40

2.41

1.80

0.69

0.49

Net

realized

and

unrealized

gain/(loss)

(0.23)

0.29

0.99

0.65

(1.27)

(0.41)

Total

from

Investment

Operations

0.90

2.69

3.40

2.45

(0.58)

0.08

Less

Dividends

and

Distributions:

—

—

—

—

—

—

Dividends

(from

net

investment

income)

(1.34)

(2.28)

(1.75)

(2.94)

(0.95)

(0.48)

Return

of

Capital

—

(0.14)

(0.58)

—

—

—

Total

Dividends

and

Distributions

(1.34)

(2.42)

(2.33)

(2.94)

(0.95)

(0.48)

Net

Asset

Value,

End

of

Period

$48.88

$49.32

$49.05

$47.98

$48.47

$50.00

Total

Return

*

1.85%

5.64%

7.26%

5.24%

(1.18)%

0.15%

Net

assets,

End

of

Period

(in

thousands)

$3,233,426

$2,779,217

$2,263,864

$2,372,785

$2,539,796

$2,777,501

Ratios

to

Average

Net

Assets

**

Ratio

of

Gross

Expenses

0.22%

0.23%

0.23%

0.23%

0.23%

0.23%

Ratio

of

Net

Expenses

(After

Waivers

and

Expense

Offsets)

0.22%

0.23%

0.23%

0.23%

0.23%

0.23%

Ratio

of

Net

Investment

Income/(Loss)

4.63%

4.90%

4.96%

3.77%

1.41%

0.98%

Portfolio

Turnover

Rate

(2)

26%

45%

68%

53%

46%

74%

*

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)

22

April

30,

2026

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 nineteen

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,

consistent

with

the

preservation

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.

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

Chief

Financial

Officer

of

the

Fund/Portfolio

is

designated

as

the

Chief

Operating

Decision

Maker

(“CODM”)

as

it

relates

to

ASC

Topic

280.

The

CODM

has

concluded

that

the

Fund/Portfolio

operated

as

a

single

segment

entity

for

the period ended

April

30,

2026.

The

key

indicator

of

performance

of

the

Fund

is

net

investment

income

as

reported

on

the

Statement

of

Operations.

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)

Janus

Detroit

Street

Trust

23

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

period.

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,

2026 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)

24

April

30,

2026

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. 

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,

2026 

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)

Janus

Detroit

Street

Trust

25

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)

26

April

30,

2026

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)

Janus

Detroit

Street

Trust

27

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.

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)

28

April

30,

2026

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)

Janus

Detroit

Street

Trust

29

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,

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

(unaudited)

30

April

30,

2026

political,

economic

and

other

conditions

and

events,

such

as

natural

disasters,

health

emergencies

(e.g.,

epidemics

and

pandemics),

terrorism,

conflicts,

including

related

sanctions,

social

unrest,

tariffs,

financial

institution

failures,

and

economic

recessions 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.

Armed

Conflict.

Armed

conflicts

between

countries

or

in

a

geographic

region,

such

as

the

ongoing

armed

conflicts

in

Europe

and

the

Middle

East,

have

the

potential

to

adversely

impact

a

Fund.

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. 

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

significant

losses

experienced

by

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. 

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

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

31

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.

Sovereign

Debt 

The

Fund

may

invest

in

U.S.

and

non-U.S.

government

debt

securities

(“sovereign

debt”).

Some

investments

in

sovereign

debt,

such

as

U.S.

sovereign

debt,

are

considered

low

risk.

However,

investments

in

sovereign

debt,

especially

the

debt

of

less

developed

countries,

can

involve

a

high

degree

of

risk,

including

the

risk

that

the

governmental

entity

that

controls

the

repayment

of

sovereign

debt

may

not

be

willing

or

able

to

repay

the

principal

and/or

to

pay

the

interest

on

its

sovereign

debt

in

a

timely

manner.

A

sovereign

debtor’s

willingness

or

ability

to

satisfy

its

debt

obligation

may

be

affected

by

various

factors

including,

but

not

limited

to,

its

cash

flow

situation,

the

extent

of

its

foreign

currency

reserves,

the

availability

of

foreign

exchange

when

a

payment

is

due,

the

relative

size

of

its

debt

position

in

relation

to

its

economy

as

a

whole,

the

sovereign

debtor’s

policy

toward

international

lenders,

and

local

political

constraints

to

which

the

governmental

entity

may

be

subject.

Sovereign

debtors

may

also

be

dependent

on

expected

disbursements

from

foreign

governments,

multilateral

agencies,

and

other

entities.

The

failure

of

a

sovereign

debtor

to

implement

economic

reforms,

achieve

specified

levels

of

economic

performance,

or

repay

principal

or

interest

when

due

may

result

in

the

cancellation

of

third

party

commitments

to

lend

funds

to

the

sovereign

debtor,

which

may

further

impair

such

debtor’s

ability

or

willingness

to

timely

service

its

debts.

The

Fund

may

be

requested

to

participate

in

the

rescheduling

of

such

sovereign

debt

and

to

extend

further

loans

to

governmental

entities,

which

may

adversely

affect

the

Fund’s

holdings.

In

the

event

of

default,

there

may

be

limited

or

no

legal

remedies

for

collecting

sovereign

debt

and

there

may

be

no

bankruptcy

proceedings

through

which

the

Fund

may

collect

all

or

part

of

the

sovereign

debt

that

a

governmental

entity

has

not

repaid.

In

addition,

to

the

extent

the

Fund

invests

in

non-U.S.

sovereign

debt,

it

may

be

subject

to

currency

risk. 

Counterparties 

Fund

transactions

involving

a

counterparty

are

subject

to

the

risk

that

the

counterparty

or

a

third

party

will

not

fulfill

its

obligation

to

the

Fund

("counterparty

risk").

Counterparty

risk

may

arise

because

of

the

counterparty's

financial

condition

(i.e.,

financial

difficulties,

bankruptcy,

or

insolvency),

market

activities

and

developments,

or

other

reasons,

whether

foreseen

or

not.

A

counterparty's

inability

to

fulfill

its

obligation

may

result

in

significant

financial

loss

to

the

Fund.

The

Fund

may

be

unable

to

recover

its

investment

from

the

counterparty

or

may

obtain

a

limited

recovery,

and/or

recovery

may

be

delayed.

The

extent

of

the

Fund's

exposure

to

counterparty

risk

with

respect

to

financial

assets

and

liabilities

approximates

its

carrying

value.

See

the

"Offsetting

Assets

and

Liabilities"

section

of

this

Note

for

further

details.

The

Fund

may

be

exposed

to

counterparty

risk

through

participation

in

various

programs,

including,

but

not

limited

to,

lending

its

securities

to

third

parties,

cash

sweep

arrangements

whereby

the

Fund's

cash

balance

is

invested

in

one

or

more

types

of

cash

management

vehicles,

as

well

as

investments

in,

but

not

limited

to,

repurchase

agreements,

and

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

(unaudited)

32

April

30,

2026

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,

2026"

table

located

in

the

Fund’s

Schedule

of

Investments.

The

Fund

generally

does

not

exchange

collateral

on

its

forward

currency

contracts

with

its

counterparties;

however,

all

liquid

securities

and

restricted

cash

are

considered

to

cover

in

an

amount

at

all

times

equal

to

or

greater

than

the

Fund’s

commitment

with

respect

to

these

contracts.

Certain

securities

may

be

segregated

at

the

Fund’s

custodian.

These

segregated

securities

are

denoted

on

the

accompanying

Schedule

of

Investments

and

are

evaluated

daily

to

ensure

their

cover

and/or

market

value

equals

or

exceeds

the

Fund’s

corresponding

forward

foreign

currency

exchange

contract’s

obligation

value. 

4.

Investment

Advisory

Agreements

and

Other

Transactions

with

Affiliates 

Under

its

unitary

fee

structure,

the

Fund

pays

the

Adviser a

management

fee

in

return

for

providing

certain

investment

advisory,

supervisory,

and

administrative

services

to

the

Fund,

including

the

costs

of

transfer

agency,

custody,

fund

administration,

legal,

audit,

and

other

services. The

Adviser's fee

structure

is

designed

to

pay

substantially

all

of

the

Fund’s

expenses.

However,

the

Fund

bears

other

expenses

which

are

not

covered

under

the

management

fee

which

may

vary

and

affect

the

total

level

of

expenses

paid

by

shareholders,

such

as

distribution

fees

(if

any),

brokerage

expenses

or

commissions,

interest,

dividends,

taxes,

litigation

expenses,

acquired

fund

fees

and

expenses

(if

any),

and

extraordinary

expenses.

The

Fund’s

unitary

management

fee

provides

for

reductions

in

the

fee

rate

as

the

Fund’s

assets

grow.

As

of

the

date

of

this

report,

the

Fund’s

management

fee

was

calculated

daily

and

paid

monthly

according

to

the

following

schedule: 

For

the

period

ended April

30,

2026,

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,

Daily

Net

Assets

Fee

Rate

$0-$500

million

0.30%

Next

$500

million

0.25%

Over

$1

billion

0.20%

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

33

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,

2027.

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,

2028.

The

Adviser

may

not

recover

amounts

previously

waived

or

reimbursed

under

this

agreement.

During

the period

ended April

30,

2026,

the

Adviser

waived

$13,362 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,

2026, the

Adviser

owned 369

shares

or 0.00%

of

the

Fund.

Any

purchases

and

sales,

realized

gains/losses

and

recorded

dividends

from

affiliated

investments

during

the

period

ended

April

30,

2026 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.

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

(unaudited)

34

April

30,

2026

Accumulated

capital

losses

noted

below

represent

net

capital

loss

carryovers,

as

of

October

31,

2025,

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,

2026 are

noted

below.

The

primary

difference

between

book

and

tax

appreciation

or

depreciation

of

investments

is

amortization

on

bonds.

6.

Capital

Share

Transactions 

7.

Purchases

and

Sales

of

Investment

Securities

For

the

period

ended

April

30,

2026,

the

aggregate

cost

of

purchases

and

proceeds

from

sales

of

investment

securities

(excluding

any

short-term

securities,

short-term

options

contracts,

and

in-kind

transactions)

was

as

follows:

8.

Acquisition

Note

On

December

22,

2025,

Janus

Henderson

Group

plc,

the

parent

company

of

the

Fund's

investment

adviser,

announced

a

definitive

agreement

to

be

acquired

by

Trian

Fund

Management

and

General

Catalyst.

The

Transaction

is

expected

to

close

in

2026,

subject

to

customary

closing

conditions,

including

requisite

regulatory

approvals,

and

client

consents.

The

shareholders

of

Janus

Henderson

Group,

plc

approved

the

acquisition

on

April

16,

2026. 

9.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to April

30,

2026

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:

Effective

May

1,

2026,

the

Adviser

has

contractually

agreed

to

waive

and/or

reimburse

a

portion

of

the

Fund’s

management

fee

in

an

amount

equal

to

the

management

fee

payable

in

connection

with

any

investment

in

an

affiliated

Capital

Loss

Carryover

Schedule

For

the

year

ended

October

31,

2025

No

Expiration

Short-Term

Long-Term

Accumulated

Capital

Losses

$(494,183)

$(39,862,702)

$(40,356,885)

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$3,288,492,274

$47,250,322

$(4,304,856)

$42,945,466

Period

Ended

April

30,

2026

Year

Ended

October

31,

2025

Shares

Amount

Shares

Amount

Shares

sold

10,450,000

$

513,588,209

15,400,000

$

755,339,370

Shares

repurchased

(650,000)

(31,875,362

)

(5,200,000)

(254,689,696

)

Net

Increase/(Decrease)

9,800,000

$

481,712,847

10,200,000

$

500,649,674

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

$946,659,336

$702,821,867

$—

$—

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

35

Australian

listed

investment

trust

(“Affiliated

Australian

Listed

Trust”)

in

which

the

Fund

invests.

Pursuant

to

this

agreement,

the

waiver/reimbursement

amount

shall

be

equal

to

the

amount

of

the

Fund’s

assets

invested

in

the

Affiliated

Australian

Listed

Trust,

multiplied

by

an

amount

equal

to

the

current

management

fee

of

the

Affiliated

Australian

Listed

Trust,

less

certain

asset-based

operating

fees

and

expenses

incurred

on

a

per-fund

basis

and

paid

by

the

Adviser

with

respect

to

the

Affiliated

Australian

Listed

Trust

(including,

but

are

not

limited

to

custody,

administration,

compliance,

and

audit

fees).

This

contractual

waiver

will

remain

in

effect

for

at

least

until

February

28,

2028.

At

a

May

18,

2026

meeting

of

Fund

shareholders,

shareholders

approved

a

new

investment

advisory

agreement

between

the

Fund

and

the

Adviser,

to

take

effect

in

connection

with

the

closing

of

the

Transaction.

Janus

Henderson

Short

Duration

Income

ETF

Additional

Information

(unaudited)

36

April

30,

2026

Item

8.

Changes

in

and

Disagreements

with

Accountants

for

Open-End

Management

Investment

Companies.

Not

applicable.

Item

9.

Proxy

Disclosures

for

Open-End

Management

Investment

Companies.

Not

applicable.

Item

10.

Remuneration

Paid

to

Directors,

Officers,

and

Others

of

Open-End

Management

Investment

Companies.

Because

the

Adviser

has

agreed

in

the

Investment

Advisory

Agreement

to

cover

all

operating

expenses

of

the

Fund,

subject

to

certain

exclusions

as

provided

for

therein,

the

Adviser

pays

the

compensation

to

each

Independent

Trustee

for

services

to

the

Fund

from

Adviser’s

management

fees.

Item

11.

APPROVAL

OF

ADVISORY

AGREEMENTS

DURING

THE

PERIOD

Not

applicable.

125-24-93073

04-26

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

FINANCIAL

STATEMENTS

April

30,

2026

Janus

Henderson

Mortgage-Backed

Securities

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

Mortgage-Backed

Securities

ETF

Item

7.

Financial

Statements

and

Financial

Highlights

for

Open-End

Management

Investment

Companies

Schedule

of

Investments

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

3

Statement

of

Assets

and

Liabilities

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

21

Statement

of

Operations

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

22

Statements

of

Changes

in

Net

Assets

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

23

Financial

Highlights

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

24

Notes

to

Financial

Statements

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

25

Items

8-11

-

Additional

Information

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

36

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

Janus

Detroit

Street

Trust

3

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Asset-Backed

Securities

-

7

.8

%

Acacia

LLC,

5.2400%,

11/15/37

(144A)

$

8,901,229

$

8,911,315

ACHM

Mortgage

Trust,

6.5500%,

5/25/39

(144A)

6,596,311

6,738,266

ACHM

Mortgage

Trust,

7.2600%,

5/25/39

(144A)

599,665

613,206

ACHV

ABS

TRUST,

6.3400%,

4/25/31

(144A)

1,131,214

1,138,741

ACHV

ABS

TRUST,

6.4200%,

4/25/31

(144A)

528,423

531,163

Affirm

Asset

Securitization

Trust,

4.9300%,

10/15/30

(144A)

4,500,000

4,499,867

Ally

Bank

Auto

Credit-Linked

Notes,

6.0220%,

5/17/32

(144A)

2,067,450

2,091,998

Ally

Bank

Auto

Credit-Linked

Notes,

6.3150%,

5/17/32

(144A)

1,181,400

1,195,837

Ally

Bank

Auto

Credit-Linked

Notes,

4.8440%,

6/15/33

(144A)

9,245,446

9,251,445

Ally

Bank

Auto

Credit-Linked

Notes,

4.9910%,

6/15/33

(144A)

6,005,831

6,000,678

Alterna

Funding

III

LLC,

6.2600%,

5/16/39

(144A)

7,753,515

7,765,098

Arivo

Acceptance

Auto

Loan

Receivables

Trust,

6.4600%,

4/17/28

(144A)

522,603

523,978

Bayview

Opportunity

Master

Fund

VII

LLC,

SOFR30A

+

1.3000%,

4.9452%,

12/26/31

(144A)

‡

2,306,744

2,311,740

Bayview

Opportunity

Master

Fund

VII

LLC,

SOFR30A

+

1.5000%,

5.1452%,

12/26/31

(144A)

‡

1,122,615

1,125,915

Blue

Bridge

Funding

LLC,

7.3700%,

11/15/30

(144A)

665,516

668,596

Compass

Datacenters

Issuer

II

LLC,

7.0000%,

2/25/49

(144A)

620,000

629,137

COOPR

Residential

Mortgage

Trust,

4.8400%,

9/25/60

(144A)

Ç

7,310,449

7,252,291

COOPR

Residential

Mortgage

Trust,

4.9960%,

2/25/61

(144A)

Ç

7,230,576

7,190,875

COOPR

Residential

Mortgage

Trust,

5.1580%,

2/25/61

(144A)

Ç

2,949,000

2,925,690

Ellington

Financial

Mortgage

Trust,

5.1160%,

12/25/60

(144A)

Ç

2,512,773

2,501,055

Ellington

Financial

Mortgage

Trust,

5.3160%,

12/25/60

(144A)

Ç

3,881,000

3,854,673

Ellington

Financial

Mortgage

Trust,

5.4660%,

12/25/60

(144A)

Ç

4,250,000

4,226,830

Ellington

Financial

Mortgage

Trust,

5.6160%,

12/25/60

(144A)

‡

1,166,000

1,154,820

FHF

Issuer

Trust,

4.8390%,

12/15/26

(144A)

3,501,859

3,502,166

FHF

Issuer

Trust,

6.7900%,

10/15/29

(144A)

845,085

851,559

FHF

Issuer

Trust,

5.6900%,

2/15/30

(144A)

1,566,496

1,573,441

FIGRE

Trust,

5.2520%,

9/25/54

(144A)

‡

2,490,869

2,488,078

FIGRE

Trust,

5.7100%,

5/25/55

(144A)

‡

3,956,890

3,973,330

FIGRE

Trust,

5.9100%,

5/25/55

(144A)

‡

3,719,476

3,740,173

FIGRE

Trust,

5.2650%,

7/25/55

(144A)

Ç

3,945,053

3,938,477

FIGRE

Trust,

5.4080%,

7/25/55

(144A)

‡

5,674,203

5,679,891

FIGRE

Trust,

5.6080%,

7/25/55

(144A)

‡

8,289,567

8,327,239

FIGRE

Trust,

5.7090%,

7/25/55

(144A)

‡

10,707,108

10,720,387

FIGRE

Trust,

5.4850%,

8/25/55

(144A)

‡

1,268,790

1,267,475

FIGRE

Trust,

5.1440%,

9/25/55

(144A)

‡

6,040,489

5,968,020

FIGRE

Trust,

5.2450%,

9/25/55

(144A)

‡

6,853,199

6,768,826

FIGRE

Trust,

5.1830%,

1/25/56

(144A)

‡

3,669,715

3,654,326

FIGRE

Trust,

5.4340%,

1/25/56

(144A)

‡

5,465,235

5,452,291

FIGRE

Trust,

5.3000%,

5/25/56

(144A)

‡

6,500,000

6,490,329

FIGRE

Trust,

6.2300%,

5/25/56

(144A)

‡

2,300,000

2,299,965

Finance

of

America

Structured

Securities

Trust,

3.5000%,

2/25/74

(144A)

Ç

3,332,663

3,291,224

Finance

of

America

Structured

Securities

Trust,

3.5000%,

4/25/74

(144A)

Ç

13,575,265

13,369,852

Flagship

Credit

Auto

Trust,

5.0500%,

1/18/28

(144A)

440,722

440,797

FNA

9

LLC,

5.5090%,

4/16/46

(144A)

‡

6,500,000

6,497,300

Fora

Financial

Asset

Securitization

LLC,

6.3300%,

8/15/29

(144A)

5,038,000

5,047,568

Foundation

Finance

Trust,

6.5300%,

6/15/49

(144A)

1,653,604

1,699,615

Foundation

Finance

Trust,

4.9400%,

4/15/52

(144A)

12,522,312

12,489,408

GS

Mortgage-Backed

Securities

Trust,

5.2720%,

5/25/56

(144A)

Ç

7,000,000

6,949,244

GS

Mortgage-Backed

Securities

Trust,

5.4220%,

5/25/56

(144A)

Ç

4,000,000

3,976,614

Hotwire

Funding

LLC,

2.6580%,

11/20/51

(144A)

300,000

295,869

Huntington

Bank

Auto

Credit-Linked

Notes,

6.1530%,

5/20/32

(144A)

7,478,229

7,566,364

Huntington

Bank

Auto

Credit-Linked

Notes,

5.4420%,

10/20/32

(144A)

11,365,346

11,451,789

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

4

April

30,

2026

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Asset-Backed

Securities

-

(continued)

Huntington

Bank

Auto

Credit-Linked

Notes,

4.9570%,

3/21/33

(144A)

$

4,988,816

$

5,000,758

J.P.

Morgan

Mortgage

Trust,

5.1820%,

6/25/56

(144A)

Ç

4,000,000

3,947,870

J.P.

Morgan

Mortgage

Trust,

5.3320%,

6/25/56

(144A)

Ç

5,000,000

4,944,680

MetroNet

Infrastructure

Issuer

LLC,

5.4000%,

8/20/55

(144A)

10,600,000

10,663,225

NRM

FNT1

Excess

LLC,

7.3980%,

11/25/31

(144A)

Ç

24,486,030

24,752,046

OBX

Trust,

SOFR30A

+

1.5000%,

5.1452%,

2/25/56

(144A)

‡

3,300,204

3,299,968

OBX

Trust,

SOFR30A

+

1.6500%,

5.2952%,

2/25/56

(144A)

‡

2,707,000

2,705,286

OBX

Trust,

5.4240%,

4/25/56

(144A)

Ç

2,500,000

2,500,760

OBX

Trust,

5.5860%,

4/25/56

(144A)

Ç

4,000,000

4,007,284

RAM

LLC,

6.6690%,

2/15/39

(144A)

1,665,633

1,666,393

RAM

LLC,

5.4630%,

6/15/46

(144A)

4,210,000

4,210,000

RCKT

Mortgage

Trust,

6.5150%,

6/25/43

(144A)

‡

3,023,933

3,018,253

RCKT

Mortgage

Trust,

6.3250%,

2/25/44

(144A)

‡

5,702,562

5,725,662

RCKT

Mortgage

Trust,

5.6830%,

12/25/44

(144A)

Ç

7,618,577

7,635,729

RCKT

Mortgage

Trust,

5.6030%,

2/25/55

(144A)

Ç

3,153,521

3,155,378

RCKT

Mortgage

Trust,

5.4780%,

7/25/55

(144A)

Ç

7,297,303

7,289,004

RCKT

Mortgage

Trust,

5.2486%,

8/25/55

(144A)

‡

6,305,082

6,273,641

RCKT

Mortgage

Trust,

7.2820%,

8/25/55

(144A)

‡

5,040,000

4,925,569

RCKT

Mortgage

Trust,

4.9970%,

9/25/55

(144A)

Ç

17,943,746

17,774,563

RCKT

Mortgage

Trust,

4.9280%,

1/25/56

(144A)

Ç

3,204,003

3,181,492

RCKT

Mortgage

Trust,

5.0550%,

2/25/56

(144A)

Ç

14,268,000

14,069,248

RCKT

Mortgage

Trust,

5.2550%,

2/25/56

(144A)

Ç

20,600,000

20,326,503

RCKT

Mortgage

Trust,

5.3940%,

4/25/56

(144A)

Ç

6,516,000

6,488,017

RCKT

Mortgage

Trust,

5.5930%,

4/25/56

(144A)

Ç

7,331,000

7,307,280

RCKT

Trust,

5.1600%,

7/25/34

(144A)

2,750,000

2,746,015

Reach

ABS

Trust,

5.8800%,

7/15/31

(144A)

545,373

546,736

Research-Driven

Pagaya

Motor

Asset

Trust,

5.6590%,

7/25/34

(144A)

6,173,934

6,183,548

Saluda

Grade

Alternative

Mortgage

Trust,

CME

Term

SOFR

1

Month

+

1.8000%,

5.4543%,

10/25/55

(144A)

‡

15,693,000

15,785,013

Saluda

Grade

Alternative

Mortgage

Trust,

CME

Term

SOFR

1

Month

+

1.5500%,

5.2043%,

4/25/56

(144A)

‡

15,089,712

15,075,579

Santander

Bank

Auto

Credit-Linked

Notes,

5.6220%,

6/15/32

(144A)

1,739,015

1,755,096

Santander

Bank

Auto

Credit-Linked

Notes,

5.6400%,

12/15/33

(144A)

1,391,202

1,402,807

SF

Abs

Issuer

LLC,

5.3770%,

11/25/55

(144A)

5,750,000

5,552,935

Switch

ABS

Issuer

LLC,

5.6090%,

3/27/56

(144A)

14,000,000

14,045,305

Towd

Point

Mortgage

Trust,

4.9680%,

9/25/65

(144A)

Ç

11,414,892

11,342,790

Towd

Point

Mortgage

Trust,

5.2490%,

10/25/65

(144A)

Ç

10,845,789

10,821,274

US

Auto

Funding,

2.2000%,

5/15/26

(144A)

1,167,857

904,918

US

Bank

NA,

6.7890%,

8/25/32

(144A)

2,535,018

2,552,956

Vista

Point

Securitization

Trust,

5.6010%,

8/25/55

(144A)

Ç

11,013,415

11,044,157

Vista

Point

Securitization

Trust,

5.2260%,

2/25/56

(144A)

Ç

2,600,000

2,577,533

Vista

Point

Securitization

Trust,

5.3760%,

2/25/56

(144A)

Ç

4,169,000

4,124,079

Total

Asset-Backed

Securities

(cost

$514,061,806)

514,204,181

Corporate

Bonds

-

0

.2

%

Communications

-

0

.1

%

Meridian

Arc

Holdco

LLC,

6.2500%, 4/30/31

(144A)

6,398,000

6,396,543

Financial

-

0

.1

%

Rithm

Capital

Corp.,

8.0000%, 4/1/29

(144A)

9,213,000

9,255,380

Total

Corporate

Bonds

(cost

15,552,006)

15,651,923

Mortgage-Backed

Securities

-

156

.5

%

ABL

,

7.4570

%

,

9/25/29

(144A)

Ç

4,840,000

4,856,150

BMP

,

CME

Term

SOFR

1

Month

+

1.3719%

,

5.0267

%

,

6/15/41

(144A)

‡

14,000,000

14,000,231

Brean

Asset-Backed

Securities

Trust

4.5000%, 5/25/64

(144A)

8,705,017

8,573,739

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

Janus

Detroit

Street

Trust

5

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Mortgage-Backed

Securities

-

(continued)

Brean

Asset-Backed

Securities

Trust

-

(continued)

5.0000%, 9/25/64

(144A)

$

5,991,291

$

5,960,414

BX

Commercial

Mortgage

Trust

,

CME

Term

SOFR

1

Month

+

0.8445%

,

4.4995

%

,

10/15/36

(144A)

‡

862,801

862,824

BX

Trust

CME

Term

SOFR

1

Month

+

1.3058%,

4.9607%, 10/15/26

(144A)

‡

2,958,012

2,957,103

CME

Term

SOFR

1

Month

+

3.4640%,

7.1190%, 10/15/26

(144A)

‡

2,488,884

2,483,580

CME

Term

SOFR

1

Month

+

0.7035%,

4.3585%, 9/15/34

(144A)

‡

5,355,350

5,353,711

Chase

Mortgage

Finance

Corp.

SOFR30A

+

1.2000%,

4.8452%, 2/25/50

(144A)

‡

2,812,955

2,765,424

SOFR30A

+

1.3500%,

4.9952%, 2/25/50

(144A)

‡

1,652,611

1,613,646

SOFR30A

+

1.5500%,

5.1952%, 2/25/50

(144A)

‡

1,834,516

1,789,854

Connecticut

Avenue

Securities

Trust

SOFR30A

+

6.2000%,

9.8452%, 11/25/41

(144A)

‡

5,616,000

5,756,825

SOFR30A

+

6.0000%,

9.6452%, 12/25/41

(144A)

‡

8,116,382

8,342,042

SOFR30A

+

3.0000%,

6.6452%, 1/25/42

(144A)

‡

3,678,892

3,724,847

SOFR30A

+

7.6500%,

11.2952%, 1/25/42

(144A)

‡

9,637,000

10,049,309

SOFR30A

+

3.1000%,

6.7452%, 3/25/42

(144A)

‡

1,000,000

1,016,761

SOFR30A

+

9.5000%,

13.1452%, 3/25/42

(144A)

‡

8,793,401

9,390,047

SOFR30A

+

10.6000%,

14.2452%, 5/25/42

(144A)

‡

1,596,475

1,740,777

SOFR30A

+

4.6500%,

8.2952%, 6/25/42

(144A)

‡

4,397,000

4,574,081

SOFR30A

+

12.0000%,

15.6452%, 6/25/42

(144A)

‡

3,206,201

3,577,659

SOFR30A

+

3.6000%,

7.2452%, 7/25/42

(144A)

‡

2,280,000

2,344,963

SOFR30A

+

4.7500%,

8.3952%, 6/25/43

(144A)

‡

312,000

331,347

SOFR30A

+

3.9000%,

7.5452%, 7/25/43

(144A)

‡

11,170,460

11,694,406

SOFR30A

+

3.5500%,

7.1952%, 10/25/43

(144A)

‡

3,750,000

3,911,750

SOFR30A

+

2.7000%,

6.3452%, 1/25/44

(144A)

‡

4,000,000

4,103,599

SOFR30A

+

1.6000%,

5.2452%, 9/25/44

(144A)

‡

2,919,840

2,923,727

SOFR30A

+

1.5000%,

5.1452%, 1/25/45

(144A)

‡

7,526,000

7,532,114

SOFR30A

+

1.6000%,

5.2452%, 7/25/45

(144A)

‡

9,254,000

9,267,228

Easy

Street

Mortgage

Loan

Trust

,

5.6060

%

,

10/25/40

(144A)

Ç

4,100,000

4,092,623

EFMT

,

5.2210

%

,

11/25/40

(144A)

Ç

3,108,000

3,106,904

FHLMC

Gold

Pool,

30

Year

Pool

#

Q57869,

4.0000%, 8/1/48

2,685,089

2,553,499

Pool

#

Q58477,

4.0000%, 9/1/48

1,489,871

1,416,718

FHLMC

Gold

Pools,

Other

Pool

#

ZN0650,

3.0000%, 3/1/43

1,601

1,455

Pool

#

ZT1926,

3.0000%, 11/1/43

743,853

679,648

FHLMC

STACR

REMIC

Trust

SOFR30A

+

1.6500%,

5.2952%, 1/25/34

(144A)

‡

610,034

612,219

SOFR30A

+

2.1000%,

5.7452%, 9/25/41

(144A)

‡

23,964,288

24,064,728

SOFR30A

+

6.2500%,

9.8952%, 9/25/41

(144A)

‡

2,504,211

2,548,817

SOFR30A

+

7.5000%,

11.1452%, 10/25/41

(144A)

‡

19,937,000

20,490,747

SOFR30A

+

7.0000%,

10.6452%, 12/25/41

(144A)

‡

4,000,000

4,129,467

SOFR30A

+

3.7500%,

7.3952%, 2/25/42

(144A)

‡

35,277,125

36,011,298

SOFR30A

+

4.7500%,

8.3952%, 2/25/42

(144A)

‡

4,921,687

5,065,279

SOFR30A

+

8.5000%,

12.1452%, 2/25/42

(144A)

‡

11,519,000

12,155,559

SOFR30A

+

5.2500%,

8.8952%, 3/25/42

(144A)

‡

45,421,486

47,020,424

SOFR30A

+

4.3500%,

7.9952%, 4/25/42

(144A)

‡

2,528,314

2,607,378

SOFR30A

+

5.2500%,

8.8952%, 5/25/42

(144A)

‡

15,050,000

15,697,325

SOFR30A

+

6.7500%,

10.3952%, 6/25/42

(144A)

‡

19,321,656

20,545,544

SOFR30A

+

5.7500%,

9.3952%, 9/25/42

(144A)

‡

9,166,000

9,743,526

SOFR30A

+

1.6500%,

5.2952%, 2/25/45

(144A)

‡

23,060,148

23,057,832

SOFR30A

+

5.3645%,

9.0096%, 1/25/50

(144A)

‡

2,560,595

2,842,260

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

6

April

30,

2026

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Mortgage-Backed

Securities

-

(continued)

FHLMC

STACR

REMIC

Trust

-

(continued)

SOFR30A

+

4.9145%,

8.5596%, 2/25/50

(144A)

‡

$

728,791

$

798,937

SOFR30A

+

7.0000%,

10.6452%, 3/25/52

(144A)

‡

10,000,000

10,856,167

FHLMC

UMBS

Pool

#

ZS7403,

3.0000%, 5/1/31

43,162

42,199

Pool

#

ZK8405,

2.5000%, 12/1/31

6,285

6,050

Pool

#

ZK8962,

3.0000%, 9/1/32

49,186

47,742

Pool

#

ZK9163,

3.0000%, 1/1/33

29,165

28,279

Pool

#

SB0040,

2.5000%, 12/1/33

206,757

199,133

Pool

#

SB0116,

2.5000%, 11/1/34

469,545

445,160

Pool

#

ZT2413,

4.0000%, 2/1/41

38,969,669

37,756,072

Pool

#

ZM2269,

3.0000%, 12/1/46

11,674

10,526

Pool

#

ZT1633,

4.0000%, 3/1/47

104,461

100,078

Pool

#

ZT0391,

4.0000%, 11/1/47

285,870

273,530

Pool

#

ZT0252,

3.0000%, 12/1/47

16,343

14,748

Pool

#

ZM7577,

4.5000%, 8/1/48

88,972

87,070

Pool

#

ZM8197,

4.0000%, 9/1/48

886,439

841,947

Pool

#

SI2101,

4.0000%, 9/1/48

37,825,890

35,928,441

Pool

#

ZM7926,

5.0000%, 9/1/48

76,591

76,917

Pool

#

ZT1320,

4.0000%, 11/1/48

155,080

147,301

Pool

#

SI2017,

4.0000%, 12/1/48

1,908,239

1,812,461

Pool

#

ZN4240,

4.5000%, 12/1/48

245,521

240,890

Pool

#

SD1416,

4.5000%, 12/1/48

3,449,941

3,376,188

Pool

#

ZN2165,

4.5000%, 12/1/48

22,405

22,095

Pool

#

SL2464,

4.5000%, 12/1/48

80,313,145

78,447,497

Pool

#

ZN6461,

4.0000%, 5/1/49

298,487

283,434

Pool

#

ZT2087,

4.0000%, 6/1/49

1,127,414

1,069,226

Pool

#

ZA7158,

4.5000%, 6/1/49

154,649

151,128

Pool

#

RA1100,

4.0000%, 7/1/49

4,645,483

4,406,693

Pool

#

SL0850,

4.0000%, 7/1/49

18,867,704

18,265,223

Pool

#

SD8003,

4.0000%, 7/1/49

1,191,371

1,129,882

Pool

#

RA1087,

4.5000%, 7/1/49

1,015,565

992,444

Pool

#

RA1088,

4.5000%, 7/1/49

201,645

196,673

Pool

#

QA2159,

3.0000%, 8/1/49

74,798

65,607

Pool

#

QA1615,

3.5000%, 8/1/49

267,030

245,882

Pool

#

RA1188,

4.5000%, 8/1/49

1,018,773

995,579

Pool

#

QA5150,

4.5000%, 12/1/49

263,850

257,328

Pool

#

RA1999,

4.5000%, 1/1/50

718,749

702,386

Pool

#

SD8040,

4.5000%, 1/1/50

170,684

166,490

Pool

#

SD8047,

4.5000%, 2/1/50

571,891

557,840

Pool

#

QA8274,

3.5000%, 3/1/50

384,383

352,500

Pool

#

SD1551,

4.0000%, 3/1/50

1,781,394

1,692,034

Pool

#

SD1111,

4.0000%, 6/1/50

3,120,372

2,974,528

Pool

#

SL0938,

4.0000%, 7/1/50

36,851,593

35,536,895

Pool

#

SD4456,

4.0000%, 8/1/50

1,604,995

1,522,159

Pool

#

SD2715,

4.5000%, 9/1/50

4,739,965

4,623,506

Pool

#

SD5994,

4.5000%, 9/1/50

12,291,339

12,028,573

Pool

#

SD1143,

4.5000%, 9/1/50

25,390,499

24,847,698

Pool

#

SD1414,

4.0000%, 10/1/50

430,555

408,333

Pool

#

SD0985,

4.5000%, 10/1/50

15,748,506

15,451,178

Pool

#

SD6178,

4.5000%, 1/1/51

14,164,410

13,869,101

Pool

#

RA7104,

4.5000%, 2/1/51

9,705,904

9,462,134

Pool

#

SD2606,

4.5000%, 9/1/51

5,453,994

5,317,013

Pool

#

QE0318,

4.5000%, 3/1/52

107,366

103,947

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

Janus

Detroit

Street

Trust

7

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Mortgage-Backed

Securities

-

(continued)

FHLMC

UMBS

-

(continued)

Pool

#

SD0943,

3.5000%, 4/1/52

$

1,719,282

$

1,591,640

Pool

#

QD9191,

3.5000%, 4/1/52

494,194

456,102

Pool

#

QE1073,

3.5000%, 4/1/52

642,357

592,845

Pool

#

SD3523,

3.0000%, 6/1/52

2,708,696

2,395,964

Pool

#

SD1046,

4.0000%, 7/1/52

78,705,202

74,584,619

Pool

#

QE6404,

5.5000%, 7/1/52

2,549,080

2,602,623

Pool

#

QE8542,

5.5000%, 8/1/52

2,616,056

2,671,006

Pool

#

QF0488,

5.5000%, 9/1/52

2,292,153

2,340,298

Pool

#

SD1966,

4.0000%, 11/1/52

319,993

302,057

Pool

#

QF2561,

5.5000%, 11/1/52

1,171,227

1,199,536

Pool

#

QF7280,

5.5000%, 1/1/53

3,950,507

4,047,721

Pool

#

QF7810,

5.5000%, 1/1/53

3,338,362

3,420,512

Pool

#

QF9863,

5.5000%, 3/1/53

4,776,220

4,881,201

Pool

#

QF9276,

5.5000%, 3/1/53

2,555,463

2,613,651

Pool

#

SD2897,

5.5000%, 5/1/53

2,464,258

2,506,635

Pool

#

QG2543,

5.5000%, 5/1/53

2,051,836

2,084,694

Pool

#

SD3018,

5.5000%, 5/1/53

5,322,921

5,414,456

Pool

#

QG3397,

6.0000%, 5/1/53

348,993

358,861

Pool

#

QG2540,

6.5000%, 5/1/53

1,131,196

1,173,880

Pool

#

QG2539,

6.5000%, 5/1/53

2,672,056

2,772,430

Pool

#

QG3912,

5.5000%, 6/1/53

6,816,133

6,925,284

Pool

#

QG6755,

5.5000%, 6/1/53

11,619,175

11,883,748

Pool

#

SD3271,

5.5000%, 6/1/53

23,368,609

23,900,721

Pool

#

QG4340,

6.5000%, 6/1/53

1,293,797

1,342,398

Pool

#

QG3885,

6.5000%, 6/1/53

964,631

1,000,867

Pool

#

QG6948,

5.5000%, 7/1/53

885,766

905,935

Pool

#

QG6538,

5.5000%, 7/1/53

1,094,313

1,119,231

Pool

#

QG7338,

6.0000%, 7/1/53

767,346

789,042

Pool

#

SD3813,

6.0000%, 7/1/53

5,179,814

5,343,278

Pool

#

QH1144,

5.5000%, 9/1/53

3,463,817

3,542,690

Pool

#

QH0826,

5.5000%, 9/1/53

3,368,708

3,445,414

Pool

#

QH1500,

6.0000%, 9/1/53

7,493,942

7,731,731

Pool

#

QH2259,

6.0000%, 9/1/53

4,208,175

4,323,056

Pool

#

QH3309,

5.5000%, 10/1/53

886,025

900,213

Pool

#

QH3192,

6.0000%, 10/1/53

14,422,936

14,816,676

Pool

#

QH3306,

6.0000%, 10/1/53

9,915,830

10,269,149

Pool

#

SL1632,

4.0000%, 11/1/53

36,174,913

34,275,397

Pool

#

QH4373,

6.0000%, 11/1/53

9,122,195

9,371,227

Pool

#

QH4473,

6.0000%, 11/1/53

4,354,435

4,473,309

Pool

#

QH4638,

6.0000%, 11/1/53

5,553,930

5,705,550

Pool

#

QH5204,

6.5000%, 11/1/53

3,694,116

3,875,920

Pool

#

QH6041,

5.5000%, 12/1/53

3,111,660

3,161,488

Pool

#

QH7040,

6.0000%, 12/1/53

5,660,099

5,814,617

Pool

#

QH7549,

6.0000%, 12/1/53

3,148,019

3,233,959

Pool

#

QH7013,

6.5000%, 12/1/53

162,326

171,754

Pool

#

SD5061,

5.5000%, 3/1/54

20,284,372

20,748,456

Pool

#

SD5224,

6.0000%, 3/1/54

9,335,221

9,599,162

Pool

#

SD5223,

6.0000%, 4/1/54

5,799,717

5,963,180

Pool

#

QI4878,

6.0000%, 4/1/54

1,686,749

1,734,289

Pool

#

SL0238,

5.0000%, 5/1/54

29,505,864

29,351,087

Pool

#

QI8221,

6.0000%, 6/1/54

3,320,671

3,414,263

Pool

#

SD5963,

6.0000%, 7/1/54

12,618,674

12,974,327

Pool

#

SD6558,

6.0000%, 9/1/54

11,665,571

11,994,361

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

8

April

30,

2026

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)

Pool

#

SL4437,

6.0000%, 9/1/54

$

24,708,083

$

25,696,050

Pool

#

SL1291,

4.0000%, 11/1/54

29,643,216

28,086,674

Pool

#

QJ9063,

5.0000%, 11/1/54

17,896,781

17,733,280

Pool

#

SD6989,

5.5000%, 11/1/54

19,392,331

19,622,097

Pool

#

QJ9072,

6.0000%, 11/1/54

4,806,904

4,942,385

Pool

#

SD6905,

6.0000%, 11/1/54

2,575,092

2,645,294

Pool

#

QX0520,

5.5000%, 12/1/54

6,907,660

6,989,504

Pool

#

SL0239,

5.0000%, 1/1/55

49,021,026

48,763,880

Pool

#

SD7417,

5.5000%, 1/1/55

8,044,631

8,220,131

Pool

#

SD7343,

5.5000%, 1/1/55

43,387,236

44,257,532

Pool

#

SL0046,

6.0000%, 1/1/55

35,813,262

36,822,647

Pool

#

QX7432,

6.0000%, 2/1/55

1,760,245

1,809,916

Pool

#

QX6719,

6.0000%, 2/1/55

3,747,918

3,853,680

Pool

#

QX5273,

6.0000%, 2/1/55

3,099,659

3,187,022

Pool

#

SL1188,

5.5000%, 4/1/55

55,471,451

56,584,141

Pool

#

QX9929,

6.0000%, 4/1/55

5,878,738

6,041,055

Pool

#

RJ4363,

5.5000%, 6/1/55

73,481,202

75,154,329

Pool

#

QY7439,

6.0000%, 6/1/55

1,421,784

1,463,329

Pool

#

QY8779,

6.0000%, 7/1/55

16,051,901

16,500,311

Pool

#

QZ1060,

6.0000%, 8/1/55

4,359,819

4,487,215

Pool

#

QY9883,

6.0000%, 8/1/55

2,150,535

2,213,375

Pool

#

QY9874,

6.0000%, 8/1/55

7,683,523

7,900,341

Pool

#

SL2558,

6.0000%, 8/1/55

28,342,772

29,132,231

Pool

#

QZ4131,

6.0000%, 9/1/55

2,716,319

2,792,970

Pool

#

QZ3837,

6.0000%, 9/1/55

3,253,595

3,348,666

Pool

#

QZ4132,

6.0000%, 9/1/55

1,411,191

1,452,427

Pool

#

QZ4951,

6.0000%, 10/1/55

2,903,032

2,987,860

Pool

#

SL4658,

5.0000%, 1/1/56

12,980,642

12,866,240

Pool

#

SL3988,

5.0000%, 1/1/56

13,915,196

13,901,620

Pool

#

SL3985,

5.0000%, 1/1/56

66,563,039

65,976,399

Pool

#

SL3899,

5.0000%, 1/1/56

110,329,379

109,750,382

Pool

#

SL5145,

5.0000%, 2/1/56

79,703,795

78,975,199

Pool

#

SL4452,

5.0000%, 3/1/56

35,278,856

35,244,439

Pool

#

SL4976,

5.0000%, 4/1/56

13,295,000

13,186,986

Pool

#

SL4515,

5.0000%, 4/1/56

64,916,900

64,344,768

FHLMC,

REMIC

SOFR30A

+

0.4645%,

4.1043%, 2/15/32

‡

8,238

8,226

SOFR30A

+

0.7645%,

4.4043%, 3/15/32

‡

14,926

14,976

SOFR30A

+

0.6145%,

4.2543%, 7/15/32

‡

950

950

SOFR30A

+

0.5145%,

4.1543%, 1/15/33

‡

10,773

10,756

SOFR30A

+

0.3645%,

4.0043%, 9/15/35

‡

7,217

7,199

SOFR30A

+

0.7045%,

4.3443%, 10/15/37

‡

39,645

39,628

SOFR30A

+

0.4145%,

4.0543%, 8/15/40

‡

4,409

4,409

SOFR30A

+

0.6145%,

4.2543%, 9/15/40

‡

39,015

39,025

SOFR30A

+

0.2500%,

3.8952%, 11/25/51

‡

9,420,551

8,584,352

Finance

of

America

Structured

Securities

Trust

3.5000%, 4/25/74

(144A)

19,249,306

18,877,738

3.5000%, 2/25/75

(144A)

20,206,415

19,646,034

FNMA

UMBS

Pool

#

AS7643,

2.5000%, 8/1/31

7,300

7,041

Pool

#

AS8207,

2.5000%, 10/1/31

8,227

7,933

Pool

#

BM1036,

2.5000%, 2/1/32

7,264

7,001

Pool

#

BO7717,

3.0000%, 11/1/34

31,413

30,228

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

Janus

Detroit

Street

Trust

9

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Mortgage-Backed

Securities

-

(continued)

FNMA

UMBS

-

(continued)

Pool

#

BO5957,

3.0000%, 12/1/34

$

41,729

$

40,069

Pool

#

AB7563,

3.0000%, 1/1/43

156,591

143,450

Pool

#

AB9341,

3.0000%, 5/1/43

847,592

773,096

Pool

#

AL6842,

4.0000%, 5/1/45

577,982

553,211

Pool

#

AZ0869,

4.0000%, 7/1/45

481,183

460,544

Pool

#

BC0870,

3.5000%, 1/1/46

35,434

32,903

Pool

#

AS6811,

3.0000%, 3/1/46

1,203,092

1,088,552

Pool

#

AS7492,

4.0000%, 7/1/46

1,080,872

1,028,844

Pool

#

BD2453,

3.0000%, 1/1/47

64,607

58,302

Pool

#

AS8649,

3.0000%, 1/1/47

300,189

269,786

Pool

#

BE3616,

4.0000%, 5/1/47

215,262

206,173

Pool

#

CA0108,

3.5000%, 8/1/47

101,326

94,196

Pool

#

MA3149,

4.0000%, 10/1/47

1,214,660

1,155,486

Pool

#

CA0706,

4.0000%, 11/1/47

5,096,640

4,848,113

Pool

#

BM3282,

3.5000%, 12/1/47

108,914

101,250

Pool

#

CA4646,

3.0000%, 2/1/48

407,087

368,239

Pool

#

BJ9181,

5.0000%, 5/1/48

1,132,121

1,136,982

Pool

#

CA1931,

4.5000%, 6/1/48

1,379,324

1,349,837

Pool

#

MA3415,

4.0000%, 7/1/48

1,458,788

1,385,611

Pool

#

MA3444,

4.5000%, 8/1/48

12,954,055

12,677,121

Pool

#

BK9507,

4.0000%, 10/1/48

587,556

559,909

Pool

#

MA3496,

4.5000%, 10/1/48

2,784,897

2,725,361

Pool

#

MA3521,

4.0000%, 11/1/48

1,731,955

1,645,076

Pool

#

BN3899,

4.0000%, 12/1/48

261,792

248,660

Pool

#

FA2754,

4.5000%, 1/1/49

114,446,306

111,787,757

Pool

#

BN3960,

4.5000%, 1/1/49

17,131,655

16,765,412

Pool

#

FM1598,

4.0000%, 2/1/49

961,287

913,066

Pool

#

BN4541,

4.0000%, 2/1/49

813,531

772,721

Pool

#

MA3687,

4.0000%, 6/1/49

224,644

213,050

Pool

#

FA1182,

4.5000%, 6/1/49

18,307,442

17,916,063

Pool

#

CA3683,

4.5000%, 6/1/49

102,249

99,728

Pool

#

MA3694,

4.5000%, 7/1/49

4,293

4,187

Pool

#

CA4035,

4.5000%, 8/1/49

155,252

151,424

Pool

#

BO1857,

4.5000%, 8/1/49

42,451

41,407

Pool

#

BO2983,

3.0000%, 9/1/49

187,758

168,424

Pool

#

FM1540,

4.0000%, 9/1/49

3,183,412

3,019,776

Pool

#

CA4185,

4.5000%, 9/1/49

168,442

164,288

Pool

#

FM3447,

4.0000%, 11/1/49

348,870

332,057

Pool

#

FS2135,

4.0000%, 11/1/49

3,872,843

3,678,570

Pool

#

BO9819,

4.5000%, 12/1/49

207,254

202,131

Pool

#

MA3908,

4.5000%, 1/1/50

217,790

212,439

Pool

#

FM7479,

4.5000%, 1/1/50

5,743,632

5,620,845

Pool

#

FS0088,

4.0000%, 3/1/50

5,631,182

5,366,215

Pool

#

FM5036,

4.0000%, 3/1/50

2,878,158

2,733,782

Pool

#

FM9138,

4.0000%, 3/1/50

1,182,589

1,123,267

Pool

#

CA5386,

4.5000%, 3/1/50

6,182,603

6,010,278

Pool

#

CA5573,

4.0000%, 4/1/50

1,385,749

1,314,441

Pool

#

FM7840,

4.0000%, 4/1/50

22,385,393

21,230,043

Pool

#

MA4026,

4.0000%, 5/1/50

3,238,847

3,072,440

Pool

#

FA1358,

4.5000%, 5/1/50

16,473,076

16,129,634

Pool

#

MA4056,

4.0000%, 6/1/50

3,006,868

2,852,380

Pool

#

CA6382,

4.5000%, 7/1/50

915,870

892,832

Pool

#

FM5076,

4.0000%, 8/1/50

1,738,028

1,648,592

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

10

April

30,

2026

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)

Pool

#

FM4738,

4.0000%, 9/1/50

$

15,517,037

$

14,719,793

Pool

#

FM4129,

4.0000%, 9/1/50

6,427,300

6,095,576

Pool

#

FM5350,

4.5000%, 9/1/50

12,752,202

12,438,886

Pool

#

FS1578,

4.0000%, 10/1/50

5,708,450

5,433,352

Pool

#

FS2713,

4.5000%, 10/1/50

3,576,768

3,500,303

Pool

#

CA7849,

4.5000%, 10/1/50

1,964,309

1,916,047

Pool

#

FS8681,

4.5000%, 10/1/50

27,011,785

26,434,324

Pool

#

FS5818,

4.5000%, 10/1/50

10,925,398

10,656,966

Pool

#

FS5362,

4.5000%, 12/1/50

10,379,771

10,157,870

Pool

#

FM7725,

4.5000%, 12/1/50

1,234,196

1,203,199

Pool

#

FM7031,

4.0000%, 1/1/51

3,474,670

3,295,336

Pool

#

FS8335,

4.5000%, 1/1/51

28,522,678

27,912,916

Pool

#

FS9239,

4.5000%, 1/1/51

23,292,550

22,794,600

Pool

#

FS8709,

4.5000%, 1/1/51

17,672,442

17,294,638

Pool

#

FA4472,

4.5000%, 2/1/51

1,781,413

1,737,644

Pool

#

FS9040,

4.5000%, 2/1/51

16,231,971

15,833,159

Pool

#

FM7460,

4.0000%, 3/1/51

103,098,688

97,777,584

Pool

#

FS2546,

4.0000%, 3/1/51

150,180

142,647

Pool

#

FS2548,

4.0000%, 3/1/51

289,098

274,177

Pool

#

FS2238,

4.0000%, 3/1/51

281,035

266,938

Pool

#

FS7225,

4.0000%, 8/1/51

21,672,315

20,585,173

Pool

#

FS6382,

4.0000%, 8/1/51

20,443,882

19,418,362

Pool

#

FA0603,

4.5000%, 9/1/51

31,203,201

30,536,136

Pool

#

FA4117,

4.5000%, 9/1/51

28,833,970

28,289,591

Pool

#

FS1133,

4.0000%, 10/1/51

108,981,455

103,356,731

Pool

#

FS4781,

4.0000%, 10/1/51

21,751,578

20,628,941

Pool

#

FS3001,

4.0000%, 10/1/51

2,060,798

1,954,437

Pool

#

FS6662,

4.0000%, 10/1/51

10,181,371

9,655,892

Pool

#

FS5028,

4.0000%, 10/1/51

19,211,768

18,220,215

Pool

#

CB2681,

3.5000%, 1/1/52

1,629,503

1,508,652

Pool

#

CB2907,

3.5000%, 2/1/52

4,270,873

3,953,798

Pool

#

BV4203,

3.5000%, 4/1/52

991,969

915,509

Pool

#

BV5393,

3.5000%, 4/1/52

2,823,415

2,605,790

Pool

#

BV8484,

3.5000%, 4/1/52

998,117

921,184

Pool

#

FS1640,

4.0000%, 4/1/52

2,080,129

1,972,629

Pool

#

BV6879,

4.5000%, 4/1/52

403,031

390,196

Pool

#

BV7131,

4.5000%, 4/1/52

128,084

123,994

Pool

#

BV7632,

4.5000%, 4/1/52

309,654

299,793

Pool

#

BV7132,

4.5000%, 4/1/52

160,446

155,322

Pool

#

BW0072,

4.5000%, 4/1/52

135,307

130,985

Pool

#

BW0081,

4.5000%, 4/1/52

227,961

220,680

Pool

#

BW0343,

4.5000%, 5/1/52

582,838

564,223

Pool

#

FS7613,

4.5000%, 5/1/52

10,491,739

10,267,446

Pool

#

FS2144,

3.5000%, 6/1/52

9,944,468

9,182,797

Pool

#

FS7541,

4.0000%, 6/1/52

12,310,184

11,674,834

Pool

#

CB4329,

3.5000%, 7/1/52

421,236

388,973

Pool

#

FA1798,

4.0000%, 8/1/52

28,332,454

26,851,308

Pool

#

BW6314,

5.5000%, 8/1/52

3,825,603

3,905,959

Pool

#

FS2863,

4.0000%, 9/1/52

18,582,520

17,608,203

Pool

#

BX0804,

5.5000%, 11/1/52

1,117,050

1,140,364

Pool

#

BX0421,

5.5000%, 11/1/52

9,635,021

9,837,401

Pool

#

FS3246,

5.5000%, 11/1/52

3,950,187

4,047,393

Pool

#

BT8051,

5.5000%, 1/1/53

1,375,296

1,409,140

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

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)

FNMA

UMBS

-

(continued)

Pool

#

BX6124,

6.5000%, 1/1/53

$

3,257,026

$

3,440,895

Pool

#

BX7860,

5.5000%, 3/1/53

1,249,754

1,273,492

Pool

#

BX9326,

5.5000%, 3/1/53

4,431,575

4,528,980

Pool

#

BX8700,

5.5000%, 3/1/53

2,737,503

2,797,673

Pool

#

BX8072,

5.5000%, 3/1/53

1,862,283

1,903,216

Pool

#

BX5986,

5.5000%, 3/1/53

4,915,652

5,027,584

Pool

#

BY0782,

5.5000%, 4/1/53

738,333

754,913

Pool

#

BY1896,

5.5000%, 5/1/53

1,351,341

1,372,980

Pool

#

BY0866,

5.5000%, 5/1/53

693,072

705,377

Pool

#

BY0335,

6.0000%, 5/1/53

3,216,144

3,293,971

Pool

#

FS4356,

6.0000%, 5/1/53

6,087,248

6,259,357

Pool

#

BY0338,

6.5000%, 5/1/53

1,899,189

1,983,445

Pool

#

BY0327,

6.5000%, 5/1/53

1,228,835

1,274,720

Pool

#

BY0337,

6.5000%, 5/1/53

4,748,049

4,952,450

Pool

#

BY0361,

6.5000%, 6/1/53

1,512,883

1,575,555

Pool

#

FA5419,

4.5000%, 8/1/53

143,250,236

138,804,864

Pool

#

CB6864,

5.0000%, 8/1/53

652,532

650,889

Pool

#

BY8533,

6.5000%, 8/1/53

2,297,938

2,397,922

Pool

#

FS8881,

4.5000%, 9/1/53

39,036,622

38,077,510

Pool

#

BY5913,

5.5000%, 9/1/53

2,305,215

2,357,706

Pool

#

CB7112,

5.5000%, 9/1/53

19,394,832

19,821,130

Pool

#

DA0026,

6.0000%, 9/1/53

7,728,486

7,939,471

Pool

#

DA1468,

6.0000%, 9/1/53

5,875,819

6,062,263

Pool

#

DA0036,

6.5000%, 9/1/53

1,845,089

1,925,370

Pool

#

DA1525,

6.0000%, 10/1/53

14,480,376

14,875,684

Pool

#

DA3538,

6.0000%, 10/1/53

1,682,226

1,728,150

Pool

#

DA3549,

6.5000%, 10/1/53

2,205,650

2,314,200

Pool

#

DA5019,

6.5000%, 11/1/53

4,567,166

4,791,937

Pool

#

DA5072,

6.5000%, 11/1/53

3,395,637

3,543,382

Pool

#

FS6236,

6.5000%, 11/1/53

9,667,881

10,099,264

Pool

#

FS7117,

6.5000%, 2/1/54

8,455,016

8,832,280

Pool

#

FS7397,

6.0000%, 3/1/54

5,751,145

5,913,239

Pool

#

DB3056,

5.5000%, 5/1/54

1,172,351

1,192,418

Pool

#

DB4017,

6.0000%, 5/1/54

5,853,413

6,018,389

Pool

#

DB4019,

6.0000%, 5/1/54

4,917,984

5,052,059

Pool

#

FA1129,

6.5000%, 6/1/54

19,306,269

20,162,776

Pool

#

FS8717,

6.0000%, 7/1/54

11,803,296

12,135,969

Pool

#

FS8993,

6.0000%, 7/1/54

61,715,621

63,460,547

Pool

#

DC1302,

5.0000%, 8/1/54

2,411,049

2,384,240

Pool

#

CB8995,

5.5000%, 8/1/54

968,373

978,830

Pool

#

FA1128,

6.5000%, 8/1/54

19,707,087

20,535,881

Pool

#

FS9116,

6.0000%, 9/1/54

14,039,889

14,435,599

Pool

#

DC5656,

5.0000%, 11/1/54

4,567,402

4,518,540

Pool

#

FS9909,

5.0000%, 11/1/54

10,142,904

10,132,936

Pool

#

FS9779,

5.5000%, 11/1/54

41,091,370

41,756,537

Pool

#

FS9788,

5.5000%, 11/1/54

26,126,726

26,436,283

Pool

#

CB9654,

5.0000%, 12/1/54

50,589,075

50,323,703

Pool

#

DC7015,

5.5000%, 12/1/54

4,885,410

4,943,293

Pool

#

CB9787,

5.0000%, 1/1/55

129,734,424

129,053,884

Pool

#

FA0573,

5.0000%, 1/1/55

60,013,273

59,954,297

Pool

#

FA0576,

5.5000%, 1/1/55

33,797,956

34,518,047

Pool

#

FA0574,

5.5000%, 1/1/55

65,681,887

67,114,789

Pool

#

FA0339,

5.5000%, 1/1/55

6,385,391

6,527,966

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

12

April

30,

2026

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)

Pool

#

DC9709,

6.0000%, 1/1/55

$

1,393,412

$

1,431,399

Pool

#

FA0470,

6.0000%, 1/1/55

10,498,785

10,794,689

Pool

#

FA3682,

5.5000%, 2/1/55

30,553,700

31,196,646

Pool

#

DD4221,

6.0000%, 2/1/55

1,548,025

1,591,655

Pool

#

DD3307,

6.0000%, 2/1/55

3,758,657

3,864,721

Pool

#

CC0097,

5.5000%, 3/1/55

12,959,212

13,254,286

Pool

#

DD5556,

6.0000%, 3/1/55

5,272,443

5,421,224

Pool

#

FA1613,

5.0000%, 4/1/55

7,422,549

7,415,254

Pool

#

FA1560,

5.5000%, 4/1/55

29,517,065

30,176,132

Pool

#

FA1549,

5.5000%, 5/1/55

17,565,249

17,940,880

Pool

#

FA1557,

6.0000%, 5/1/55

31,802,245

32,698,581

Pool

#

FA3105,

6.0000%, 5/1/55

29,781,203

30,603,491

Pool

#

FA4000,

5.0000%, 6/1/55

54,931,183

54,877,200

Pool

#

DE2839,

6.0000%, 6/1/55

2,334,282

2,402,491

Pool

#

DE1157,

6.0000%, 6/1/55

10,794,952

11,099,571

Pool

#

FA1951,

6.0000%, 6/1/55

33,774,281

34,761,183

Pool

#

FA2246,

5.5000%, 7/1/55

48,961,579

49,979,137

Pool

#

FA4709,

5.5000%, 7/1/55

9,850,995

10,076,375

Pool

#

DE7795,

6.0000%, 8/1/55

3,674,162

3,781,523

Pool

#

DE7796,

6.0000%, 8/1/55

5,477,428

5,631,993

Pool

#

DE6050,

6.0000%, 8/1/55

5,647,997

5,856,620

Pool

#

DE6043,

6.0000%, 8/1/55

11,457,836

11,781,160

Pool

#

CC0990,

5.0000%, 9/1/55

788,055

785,885

Pool

#

FA3025,

5.5000%, 9/1/55

84,040,163

86,036,763

Pool

#

DF0313,

6.0000%, 9/1/55

2,197,656

2,261,872

Pool

#

DE9377,

6.0000%, 9/1/55

4,325,523

4,451,917

Pool

#

CC1195,

5.0000%, 10/1/55

21,480,311

21,459,355

Pool

#

FA3036,

5.5000%, 10/1/55

73,501,363

75,174,949

Pool

#

FA3037,

5.5000%, 10/1/55

67,151,221

68,554,825

Pool

#

FA3191,

5.5000%, 10/1/55

31,391,371

32,047,519

Pool

#

FA3128,

5.5000%, 10/1/55

46,764,244

47,875,254

Pool

#

DF1002,

6.0000%, 10/1/55

3,383,611

3,478,681

Pool

#

FA3182,

6.0000%, 10/1/55

78,220,259

80,481,519

Pool

#

DF0998,

6.0000%, 10/1/55

1,765,045

1,816,620

Pool

#

FA3435,

5.0000%, 11/1/55

41,923,456

41,882,556

Pool

#

FA3572,

5.0000%, 11/1/55

45,797,854

45,752,847

Pool

#

FA3714,

5.0000%, 11/1/55

24,326,478

24,317,050

Pool

#

FA3788,

5.5000%, 11/1/55

3,994,219

4,087,328

Pool

#

FA3563,

5.5000%, 11/1/55

13,207,490

13,515,369

Pool

#

DF2677,

6.0000%, 11/1/55

6,228,165

6,403,663

Pool

#

FA4270,

5.0000%, 12/1/55

58,737,402

58,575,746

Pool

#

FA4202,

5.0000%, 1/1/56

44,591,772

44,469,004

Pool

#

FA4155,

5.0000%, 1/1/56

45,965,504

45,920,662

Pool

#

FA4386,

5.5000%, 1/1/56

21,515,354

22,016,897

Pool

#

CC1844,

5.5000%, 1/1/56

10,174,001

10,405,658

Pool

#

FA4553,

5.0000%, 2/1/56

87,263,716

87,178,583

Pool

#

CC1930,

5.0000%, 2/1/56

29,371,473

29,290,609

Pool

#

CC1926,

5.0000%, 2/1/56

42,177,986

42,152,419

Pool

#

FA4849,

5.0000%, 2/1/56

31,281,076

31,238,758

Pool

#

CC2018,

5.5000%, 2/1/56

46,489,359

47,461,086

Pool

#

CC2016,

5.5000%, 2/1/56

33,875,645

34,646,975

Pool

#

FA5549,

5.0000%, 3/1/56

94,248,775

93,387,220

Pool

#

FA4990,

5.0000%, 3/1/56

58,956,479

58,716,980

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

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)

Pool

#

FA5046,

5.0000%, 3/1/56

$

57,175,811

$

57,018,397

Pool

#

FA5284,

5.5000%, 4/1/56

19,584,565

19,863,025

FNMA,

Other

Pool

#

AB9283,

3.0000%, 4/1/38

125,868

114,792

Pool

#

AB6280,

3.0000%, 9/1/42

187,472

171,290

Pool

#

MA1229,

3.0000%, 10/1/42

140,018

128,284

Pool

#

MA1327,

3.0000%, 1/1/43

225,371

205,919

Pool

#

AR9225,

3.0000%, 3/1/43

313,112

284,669

Pool

#

MA1447,

3.0000%, 5/1/43

74,629

67,849

Pool

#

AS8547,

3.0000%, 11/1/46

70,468

63,173

Pool

#

BF0167,

3.0000%, 2/1/57

1,351,898

1,167,428

Pool

#

BF0226,

3.5000%, 1/1/58

21,403,472

19,672,144

Pool

#

BF0598,

2.5000%, 3/1/62

42,986,449

35,670,534

Pool

#

BF0646,

2.5000%, 6/1/62

47,268,801

39,220,404

Pool

#

BF0698,

3.5000%, 12/1/62

32,105,512

28,995,002

Pool

#

BF0713,

4.0000%, 3/1/63

20,076,885

18,915,209

Pool

#

BF0731,

2.5000%, 6/1/63

14,467,810

11,996,545

Pool

#

BF0783,

3.5000%, 12/1/63

11,988,117

10,821,902

Pool

#

BF0801,

2.5000%, 4/1/64

18,422,905

15,253,032

Pool

#

BF0806,

3.5000%, 4/1/64

17,199,916

15,578,029

Pool

#

BF0807,

3.5000%, 4/1/64

21,187,036

19,125,941

FNMA,

REMIC

3.0000%, 7/25/28

215,282

213,519

SOFR30A

+

0.5145%,

4.1596%, 4/25/32

‡

14,644

14,621

SOFR30A

+

0.6645%,

4.3096%, 4/25/32

‡

6,105

6,117

SOFR30A

+

0.6145%,

4.2596%, 9/25/33

‡

6,999

7,008

SOFR30A

+

0.4145%,

4.0596%, 10/25/35

‡

12,776

12,684

SOFR30A

+

0.4645%,

4.1096%, 4/25/36

‡

50,387

50,121

SOFR30A

+

0.6345%,

4.2796%, 9/25/37

‡

12,175

12,199

SOFR30A

+

0.5145%,

4.1596%, 9/25/40

‡

5,229

5,218

SOFR30A

+

53.7407%,

13.5482%, 10/25/40

‡

41,248

52,012

SOFR30A

+

0.5445%,

4.1896%, 11/25/40

‡

8,346

8,322

SOFR30A

+

0.5145%,

4.1596%, 9/25/42

‡

7,217

7,184

SOFR30A

+

0.4645%,

4.1096%, 10/25/42

‡

84,222

83,444

SOFR30A

+

3.8855%,

0.2404%, 11/25/42

‡

473,554

240,771

SOFR30A

+

0.6145%,

4.2596%, 2/25/43

‡

22,526

22,472

SOFR30A

+

0.8000%,

4.4452%, 9/25/52

‡

7,756,130

7,712,570

3.5000%, 1/25/61

~

18,265,759

3,790,344

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

2.0000%,

TBA, 30

Year

Maturity

^

360,986,255

288,817,522

2.5000%,

TBA, 30

Year

Maturity

^

1,577,739,894

1,321,122,078

3.0000%,

TBA, 30

Year

Maturity

^

303,281,354

265,506,145

3.5000%,

TBA, 30

Year

Maturity

^

155,843,000

141,896,610

5.0000%,

TBA, 30

Year

Maturity

^

7,000,000

6,896,757

5.5000%,

TBA, 30

Year

Maturity

^

220,477,325

221,570,485

6.0000%,

TBA, 30

Year

Maturity

^

413,948,985

422,526,008

6.0000%,

TBA, 30

Year

Maturity

^

44,682,662

45,562,017

6.5000%,

TBA, 30

Year

Maturity

^

137,850,000

142,984,913

FREMF

Mortgage

Trust

,

SOFR30A

+

6.1145%

,

9.7667

%

,

9/25/29

(144A)

‡

890,414

884,282

Galaxy

Senior

Participation

Interest

Trust

1

,

2.3760

%

,

7/31/26

¢

,‡

13,904,675

13,979,010

GNMA

CME

Term

SOFR

1

Month

+

0.5145%,

4.1789%, 8/16/29

‡

737

736

CME

Term

SOFR

1

Month

+

0.5145%,

4.1755%, 7/20/34

‡

23,894

23,869

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

14

April

30,

2026

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Mortgage-Backed

Securities

-

(continued)

GNMA

-

(continued)

CME

Term

SOFR

1

Month

+

0.4145%,

4.0789%, 8/16/34

‡

$

16,810

$

16,767

CME

Term

SOFR

1

Month

+

0.3145%,

3.9755%, 6/20/35

‡

14,474

14,363

CME

Term

SOFR

1

Month

+

0.2645%,

3.9255%, 8/20/35

‡

17,179

16,982

CME

Term

SOFR

1

Month

+

0.4145%,

4.0755%, 4/20/37

‡

6,680

6,605

CME

Term

SOFR

1

Month

+

0.4245%,

4.0855%, 6/20/37

‡

17,871

17,684

CME

Term

SOFR

1

Month

+

0.4345%,

4.0955%, 7/20/37

‡

28,445

28,185

CME

Term

SOFR

1

Month

+

0.6145%,

4.2755%, 10/20/37

‡

9,100

9,067

CME

Term

SOFR

1

Month

+

0.6145%,

4.2755%, 10/20/37

‡

22,435

22,351

CME

Term

SOFR

1

Month

+

0.6145%,

4.2755%, 2/20/38

‡

18,122

18,053

CME

Term

SOFR

1

Month

+

0.6145%,

4.2755%, 2/20/38

‡

37,274

37,121

CME

Term

SOFR

1

Month

+

0.7145%,

4.3789%, 1/16/40

‡

6,359

6,355

CME

Term

SOFR

1

Month

+

0.4645%,

4.1255%, 6/20/40

‡

316

315

CME

Term

SOFR

1

Month

+

0.5445%,

4.2089%, 10/16/40

‡

19,216

19,210

0.0000%, 5/16/41

§

3,108,477

2,371,646

CME

Term

SOFR

1

Month

+

0.4145%,

4.0755%, 7/20/41

‡

10,111

10,116

SOFR30A

+

1.3000%,

4.9401%, 8/20/53

‡

3,883,022

3,916,996

GNMA

II,

30

Year

Pool

#

MA5021,

4.5000%, 2/20/48

868,130

852,647

Pool

#

MA5192,

4.0000%, 5/20/48

207,876

197,862

Pool

#

MA5264,

4.0000%, 6/20/48

693,176

659,786

Pool

#

BF6874,

4.5000%, 7/20/48

125,099

121,852

Pool

#

BK5879,

4.5000%, 11/20/48

110,338

107,886

Pool

#

BK6072,

5.0000%, 1/20/49

8,879

8,935

GNMA

II,

30

Year,

Single

Family

2.5000%,

TBA, 30

Year

Maturity

^

710,603,414

608,438,540

3.0000%,

TBA, 30

Year

Maturity

^

182,289,962

162,168,978

3.5000%,

TBA, 30

Year

Maturity

^

132,283,377

119,453,874

4.0000%,

TBA, 30

Year

Maturity

^

102,070,688

95,126,717

4.5000%,

TBA, 30

Year

Maturity

^

113,901,488

109,778,140

5.0000%,

TBA, 30

Year

Maturity

^

198,508,194

196,813,530

5.5000%,

TBA, 30

Year

Maturity

^

164,697,000

165,836,703

GNMA

II,

Other

Pool

#

MA5753,

4.0000%, 2/20/49

135,701

125,411

Pool

#

MA5866,

4.0000%, 4/20/49

130,700

121,223

GS

Mortgage-Backed

Securities

Trust

,

4.1000

%

,

7/25/65

(144A)

Ç

13,598,445

13,321,916

GWT

,

CME

Term

SOFR

1

Month

+

1.6912%

,

5.3459

%

,

5/15/41

(144A)

‡

2,900,000

2,904,277

HOMES

Trust

,

5.0770

%

,

8/25/60

(144A)

Ç

6,157,451

6,134,638

Homeward

Opportunities

Fund

Trust

5.4760%, 3/25/40

(144A)

Ç

10,475,000

10,482,138

5.2370%, 9/25/40

(144A)

Ç

4,682,000

4,689,980

JPMorgan

Chase

Bank

NA

CME

Term

SOFR

1

Month

+

2.3645%,

6.0188%, 10/25/57

(144A)

‡

12,541,821

12,907,676

CME

Term

SOFR

1

Month

+

2.6145%,

6.2688%, 10/25/57

(144A)

‡

1,839,628

1,898,544

JW

Commercial

Mortgage

Trust

,

CME

Term

SOFR

1

Month

+

1.5000%

,

0.0000

%

,

6/15/39

(144A)

‡

25,000,000

24,947,510

LHOME

Mortgage

Trust

7.1280%, 3/25/29

(144A)

Ç

5,293,684

5,300,095

6.9000%, 5/25/29

(144A)

Ç

9,960,000

9,996,207

6.0920%, 7/25/39

(144A)

Ç

6,870,000

6,882,893

5.7510%, 9/25/39

(144A)

Ç

9,325,000

9,332,430

Mello

Mortgage

Capital

Acceptance

,

4.0000

%

,

4/25/54

(144A)

Ç

6,842,799

6,738,637

Morgan

Stanley

Residential

Mortgage

Loan

Trust

4.2500%, 2/25/65

(144A)

‡

5,607,493

5,464,696

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

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)

Morgan

Stanley

Residential

Mortgage

Loan

Trust

-

(continued)

5.0320%, 12/25/70

(144A)

Ç

$

2,285,052

$

2,264,124

New

Residential

Mortgage

Loan

Trust

7.1010%, 3/25/39

(144A)

Ç

2,750,000

2,774,657

5.0780%, 11/25/65

(144A)

Ç

9,530,941

9,445,477

NRM

FHT1

Excess

Owner

LLC

,

6.5450

%

,

3/25/32

(144A)

Ç

36,049,859

36,412,279

Oceanview

Mortgage

Trust

,

SOFR30A

+

0.9000%

,

4.5452

%

,

12/25/55

(144A)

‡

4,915,362

4,915,351

PRET

LLC

,

6.3677

%

,

4/25/55

(144A)

Ç

10,646,126

10,653,439

PRET

Trust

4.0000%, 8/25/64

(144A)

Ç

6,327,127

6,223,365

4.1500%, 4/25/65

(144A)

Ç

21,788,075

21,246,899

4.0000%, 7/25/69

(144A)

Ç

14,823,661

14,322,853

4.1500%, 1/25/70

(144A)

Ç

12,513,647

12,070,616

PRPM

LLC

5.7740%, 8/25/28

(144A)

Ç

6,823,418

6,807,606

5.7290%, 7/25/30

(144A)

Ç

5,114,857

5,100,710

3.7500%, 3/25/54

(144A)

Ç

2,172,830

2,134,385

3.2500%, 4/25/55

(144A)

Ç

5,879,329

5,682,911

3.0000%, 5/25/55

(144A)

Ç

8,161,098

7,826,361

5.2500%, 7/25/55

(144A)

Ç

2,380,125

2,379,028

5.2500%, 7/25/55

(144A)

Ç

1,700,000

1,691,091

5.2500%, 7/25/55

(144A)

Ç

13,063,687

13,031,569

4.5000%, 8/25/55

(144A)

Ç

4,535,116

4,490,113

PRPM

Trust

5.2060%, 1/25/56

(144A)

Ç

2,500,000

2,492,151

5.3050%, 1/25/56

(144A)

Ç

2,500,000

2,492,084

Saluda

Grade

Alternative

Mortgage

Trust

7.5000%, 2/25/30

(144A)

Ç

4,804,500

4,793,459

7.5000%, 2/25/30

(144A)

Ç

–

–

7.7620%, 4/25/30

(144A)

Ç

7,099,521

7,105,521

7.4390%, 7/25/30

(144A)

Ç

15,216,666

15,291,970

5.7490%, 3/25/31

(144A)

Ç

17,370,000

17,207,443

6.7480%, 3/25/31

(144A)

Ç

9,418,000

9,326,904

Saluds

Grade

Alternative

Mortgage

Trust

,

5.3200

%

,

10/25/40

(144A)

Ç

7,388,000

7,366,169

Sequoia

Mortgage

Trust

2.5000%, 5/25/43

(144A)

‡

597,805

530,963

4.0000%, 9/25/49

(144A)

‡

68,892

63,913

TVC

Mortgage

Trust

,

6.6800

%

,

4/25/40

(144A)

Ç

5,597,000

5,676,468

Vontive

Mortgage

Trust

,

6.5070

%

,

3/25/30

(144A)

Ç

15,444,000

15,596,976

Total

Mortgage-Backed

Securities

(cost

$10,367,896,416)

10,353,987,287

Investment

Companies

-

1

.5

%

Money

Market

Funds

-

1

.5

%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

3.6483%

£,∞

(cost

$101,284,125)

101,284,125

101,284,125

Total

Investments

(total

cost

$

10,998,794,353

)

-

166

.0

%

10,985,127,516

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(66.0%)

(4,367,911,964)

Net

Assets

-

100.0%

$6,617,215,552

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

10,985,127,516

100

.0

%

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

16

April

30,

2026

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Schedule

of

TBA

sales

commitments

-

(%

of

Net

Assets)

Principal

Amounts

Value

Securities

Sold

Short

-

(29.5)%

Mortgage-Backed

Securities

-

(29.5)%

FNMA/FHLMC

UMBS,

30

Year,

Single

Family,

4.0000%,

TBA,

30

Year

Maturity

^

$

(

549,133,893

)

$

(

515,054,644

)

FNMA/FHLMC

UMBS,

30

Year,

Single

Family,

4.5000%,

TBA,

30

Year

Maturity

^

(

556,339,333

)

(

535,183,417

)

FNMA/FHLMC

UMBS,

30

Year,

Single

Family,

5.0000%,

TBA,

30

Year

Maturity

^

(

632,421,561

)

(

623,093,975

)

FNMA/FHLMC

UMBS,

30

Year,

Single

Family,

5.5000%,

TBA,

30

Year

Maturity

^

(

203,902,428

)

(

204,932,135

)

FNMA/FHLMC

UMBS,

30

Year,

Single

Family,

6.0000%,

TBA,

30

Year

Maturity

^

(

69,035,795

)

(

70,466,217

)

Total

Securities

Sold

Short

(proceeds

$1,957,240,910)

$

(

1,948,730,388

)

Summary

of

Investments

by

Country

-

(Short

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

(

1,948,730,388

)

100.0%

Schedule

of

Affiliated

Investments

-

(%

of

Net

Assets)

Affiliated

Investments,

at

Value

at

10/31/25

Purchases

Sales

Proceeds

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciatio

n/

(Depreciation)

Affiliated

Investments,

at

Value

at

4/30/26

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

Shares

Held

at

4/30/26

Dividend

Income

Investment

Company

-

1.5%

Money

Market

Funds

-

1.5%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

3.6483%

∞

$

83,287,971

$

4,778,325,182

$

(

4,760,323,727

)

$

7,440

$

(

12,741

)

$

101,284,125

101,284,125

$

1,595,283

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

N/A

Investment

Companies

-

N/A

Janus

Henderson

Cash

Collateral

Fund

LLC,

3.5866%

∞

83,800

26,664,670

(

26,748,470

)

–

–

–

–

18,929

Δ

Total

Affiliated

Investments

-

1.5%

$83,371,771

$4,804,989,852

$(4,787,072,197)

$7,440

$(12,741)

$101,284,125

$1,614,212

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

Janus

Detroit

Street

Trust

17

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,

2026.

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,

2026.

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

3,274

6/30/26

$

678,127,250

$

(

409,135

)

U.S.

Treasury

5

Year

Notes

62

6/30/26

6,685,828

(

106,134

)

Total

-

Futures

Long

(515,269)

Futures

Short:

U.S.

Treasury

10

Year

Notes

2,593

6/18/26

(286,769,594)

4,121,624

U.S.

Treasury

10

Year

Ultra

Bonds

1,888

6/18/26

(213,078,500)

3,155,964

U.S.

Treasury

Ultra

Bonds

306

6/18/26

(35,199,563)

1,715,475

Total

-

Futures

Short

8,993,063

Total

$8,477,794

Fair

Value

of

Derivative

Instruments

(not

accounted

for

as

hedging

instruments)

as

of

April

30,

2026

Interest

Rate

Contracts

Total

Asset

Derivatives:

*

Futures

contracts

$

8,993,063

$

8,993,063

Total

Asset

Derivatives

$

8,993,063

$

8,993,063

Liability

Derivatives:

*

Futures

contracts

515,269

515,269

Total

Liability

Derivatives

$

515,269

$

515,269

*

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).

The

Effect

of

Derivative

Instruments

(not

accounted

for

as

hedging

instruments)

on

the

Statement

of

Operations

for

the

Period

Ended

April

30,

2026

Amount

of

Realized

Gain/(Loss)

Recognized

on

Derivatives

Derivative

Interest

Rate

Contracts

Total

Futures

contracts

$

(

7,134,077

)

$

(

7,134,077

)

Amount

of

Change

in

Unrealized

Appreciation/(Depreciation)

Recognized

on

Derivatives

Derivative

Interest

Rate

Contracts

Total

Futures

contracts

$

11,355,201

$

11,355,201

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

18

April

30,

2026

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Please

see

the

“Net

realized

and

change

in

unrealized

gain/(loss)

on

investments”

sections

of

the

Fund’s

Statement

of

Operations.

Average

Ending

Monthly

Value

of

Derivative

Instruments

During

the

Period

Ended

April

30,

2026

Futures

contracts:

Average

notional

amount

of

contracts

-

long

$526,223,384

Average

notional

amount

of

contracts

-

short

433,920,922

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

April

30,

2026

Janus

Detroit

Street

Trust

19

CME

Chicago

Mercantile

Exchange

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

LLC

Limited

Liability

Company

REMIC

Real

Estate

Mortgage

Investment

Conduit

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

¢

Security

is

valued

using

significant

unobservable

inputs.

The

total

value

of

Level

3

securities

as

of

the

period

ended

April

30,

2026

is

$13,979,010,

which

represents

0.2%

of

net

assets.

∞

Rate

shown

is

the

7-day

yield

as

of

April

30,

2026.

£

The

Fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

Investment

Company

Act

of

1940,

as

amended,

an

affiliated

company

is

one

in

which

the

Fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

which

is

under

common

ownership

or

control.

Δ

Net

of

income

paid

to

the

securities

lending

agent

and

rebates

paid

to

the

borrowing

counterparties.

Ç

Step

bond.

The

coupon

rate

will

increase

or

decrease

periodically

based

upon

a

predetermined

schedule.

The

rate

shown

reflects

the

current

rate.

†

The

position

has

not

yet

settled

as

of

April

30,

2026.

The

coupon

rate

is

undetermined.

‡

Variable

or

floating

rate

security.

Rate

shown

is

the

current

rate

as

of

April

30,

2026.

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.

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

1933

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,

2026

is

$1,334,627,842

which

represents

20.2%

of

net

assets.

~

IO

–

Interest

Only

§

PO

–

Principal

Only

^

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,

2026

20

April

30,

2026

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,

2026

.

See

Notes

to

Financial

Statements

for

more

information.

Valuation

Inputs

Summary

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Total

Assets

Investments

in

Securities:

Asset-Backed

Securities

$

—

$

514,204,181

$

—

$

514,204,181

Corporate

Bonds

—

15,651,923

—

15,651,923

Mortgage-Backed

Securities

—

10,340,008,277

13,979,010

10,353,987,287

Investment

Companies

—

101,284,125

—

101,284,125

Other

Financial

Instruments

(a)

:

Futures

Contracts

$

8,993,063

$

—

$

—

$

8,993,063

Total

Assets

$

8,993,063

$

10,971,148,506

$

13,979,010

$

10,994,120,579

Liabilities

TBA

sales

commitments:

Mortgage-Backed

Securities

$

—

$

1,948,730,388

$

—

$

1,948,730,388

Other

Financial

Instruments

(a)

:

Futures

Contracts

$

515,269

$

—

$

—

$

515,269

Total

Liabilities

$

515,269

$

1,948,730,388

$

—

$

1,949,245,657

(a)

Other

financial

instruments

may

include

forward

foreign

currency

exchange

contracts,

futures,

written

options,

written

swaptions,

and

swap

contracts.

Forward

foreign

currency

exchange

contracts,

futures

contracts,

and

centrally

cleared

swap

contracts

are

reported

at

their

unrealized

appreciation/(depreciation)

at

measurement

date,

which

represents

the

change

in

the

contract's

value

from

trade

date.

Written

options,

written

swaptions,

and

OTC

swaps

are

reported

at

their

market

value

at

measurement

date.

Janus

Henderson

Mortgage-Backed

Securities

ETF

Statement

of

Assets

and

Liabilities

April

30,

2026

Janus

Detroit

Street

Trust

21

See

Notes

to

Financial

Statements.

Assets:

Unaffiliated

investments,

at

value

(cost

$10,897,510,228)

$

10,883,843,391

Affiliated

investments,

at

value

(cost

$101,284,125)

101,284,125

Due

from

broker

for

futures

11,720,000

Receivables:

TBA

investments

sold

1,984,045,201

Interest

24,976,716

Due

from

counterparty

6,795,282

Collateral

for

To

be

Announced

Transactions

11,777,000

Due

from

adviser

7,103

Total

Assets

13,024,448,818

Liabilities:

TBA

sales

commitments,

at

value

(proceeds

$1,957,240,910)

1,948,730,388

Payable

for

variation

margin

on

futures

contracts

476,566

Due

to

custodian

5,795,029

Payables:

Investments

purchased

64,655,613

TBA

investments

purchased

4,358,608,165

Management

fees

1,152,462

Distributions

27,815,043

Total

Liabilities

6,407,233,266

Commitments

and

contingent

liabilities

Net

Assets

$

6,617,215,552

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

6,723,973,345

Total

distributable

earnings

(loss)

(

106,757,793

)

Total

Net

Assets

$

6,617,215,552

Net

Assets

$

6,617,215,552

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

146,550,000

Net

Asset

Value

Per

Share

$

45

.15

Janus

Henderson

Mortgage-Backed

Securities

ETF

Statement

of

Operations

(unaudited)

For

the

period

ended

April

2026

22

April

30,

2026

See

Notes

to

Financial

Statements.

Investment

Income:

Interest

$

171,374,170

Dividends

from

affiliates

1,595,283

Affiliated

securities

lending

income,

net    

18,929

Unaffiliated

securities

lending

income,

net

4,948

Total

Investment

Income

172,993,330

Expenses:

Management

Fees

7,111,235

Investment

Litigation

Fees

11,071

Total

Expenses

7,122,306

Less:

Excess

Expense

Reimbursement

and

Waivers

(

14,167

)

Net

Expenses

7,108,139

Net

Investment

Income/(Loss)

165,885,191

Net

Realized

Gain/(Loss)

on

Investments:

Investments

$

28,881,397

Investments

in

affiliates

7,440

TBA

sales

commitments

(

18,802,912

)

Futures

contracts

(

7,134,077

)

Total

Net

Realized

Gain/(Loss)

on

Investments

$

2,951,848

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

(

91,644,150

)

Investments

in

affiliates

(

12,741

)

TBA

sales

commitments

14,445,428

Futures

contracts

11,355,201

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

(

65,856,262

)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

102,980,777

Janus

Henderson

Mortgage-Backed

Securities

ETF

Statements

of

Changes

in

Net

Assets

Janus

Detroit

Street

Trust

23

See

Notes

to

Financial

Statements.

Period

Ended

April

30,

2026

(unaudited)

Year

Ended

October

31,

2025

Operations:

Net

investment

income/(loss)

$

165,885,191

$

278,721,273

Net

realized

gain/(loss)

on

investments

2,951,848

(

8,375,684

)

Change

in

unrealized

net

appreciation/depreciation

(

65,856,262

)

144,944,054

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

102,980,777

415,289,643

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(

201,419,742

)

(

288,177,540

)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(

201,419,742

)

(

288,177,540

)

Capital

Share

Transactions

50,432,888

1,838,995,906

Net

Increase/(Decrease)

in

Net

Assets

(

48,006,077

)

1,966,108,009

Net

Assets:

—

—

Beginning

of

Period  

6,665,221,629

4,699,113,620

End

of

Period

$

6,617,215,552

$

6,665,221,629

Janus

Henderson

Mortgage-Backed

Securities

ETF

Financial

Highlights

24

April

30,

2026

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

the

period

ended

April

30,

2026

(unaudited)

and

each

year

or

period

ended

October

31

2026

2025

2024

2023

2022

2021

Net

Asset

Value,

Beginning

of

Period

$45.82

$44.97

$42.17

$44.25

$52.94

$53.58

Income/(Loss)

from

Investment

Operations:

—

—

—

—

—

—

Net

investment

income/(loss)

(1)

1.12

2.30

2.42

2.18

0.92

0.66

Net

realized

and

unrealized

gain/(loss)

(0.42)

0.98

2.68

(2.33)

(8.73)

(0.19)

Total

from

Investment

Operations

0.70

3.28

5.10

(0.15)

(7.81)

0.47

Less

Dividends

and

Distributions:

—

—

—

—

—

—

Dividends

(from

net

investment

income)

(1.37)

(2.43)

(2.30)

(1.93)

(0.88)

(1.00)

Distributions

(from

capital

gains)

—

—

—

—

—

(0.11)

Total

Dividends

and

Distributions

(1.37)

(2.43)

(2.30)

(1.93)

(0.88)

(1.11)

Net

Asset

Value,

End

of

Period

$45.15

$45.82

$44.97

$42.17

$44.25

$52.94

Total

Return

*

1.54%

7.56%

12.23%

(0.57)%

(14.89)%

0.88%

Net

assets,

End

of

Period

(in

thousands)

$6,617,216

$6,665,222

$4,699,114

$2,006,118

$776,603

$848,374

Ratios

to

Average

Net

Assets

**

Ratio

of

Gross

Expenses

0.21%

0.21%

0.22%

0.26%

0.28%

0.28%

Ratio

of

Net

Expenses

(After

Waivers

and

Expense

Offsets)

0.21%

0.21%

0.22%

0.26%

0.28%

0.28%

Ratio

of

Net

Investment

Income/(Loss)

4.92%

5.14%

5.37%

4.83%

1.86%

1.24%

Portfolio

Turnover

Rate

(2)(3)

55%

102%

57%

48%

143%

162%

*

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.

(3)

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

25

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 nineteen

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.

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

Chief

Financial

Officer

of

the

Fund/Portfolio

is

designated

as

the

Chief

Operating

Decision

Maker

(“CODM”)

as

it

relates

to

ASC

Topic

280.

The

CODM

has

concluded

that

the

Fund/Portfolio

operated

as

a

single

segment

entity

for

the period ended

April

30,

2026.

The

key

indicator

of

performance

of

the

Fund

is

net

investment

income

as

reported

on

the

Statement

of

Operations.

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

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

(unaudited)

26

April

30,

2026

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

period.

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,

2026 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

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

27

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

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. 

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,

2026 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

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

(unaudited)

28

April

30,

2026

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,

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.

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

29

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.

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.

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,

social

unrest,

tariffs,

financial

institution

failures,

and

economic

recessions 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.

Armed

Conflict.

Armed

conflicts

between

countries

or

in

a

geographic

region,

such

as

the

ongoing

armed

conflicts

in

Europe

and

the

Middle

East,

have

the

potential

to

adversely

impact

a

Fund.

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. 

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

(unaudited)

30

April

30,

2026

Mortgage

and

Asset-Backed

Securities 

Mortgage-and

asset-backed

securities

represent

interests

in

“pools”

of

commercial

or

residential

mortgages

or

other

assets,

including

consumer

and

commercial

loans

or

receivables.

The

Fund

may

purchase

fixed

or

variable

rate

commercial

or

residential

mortgage-backed

securities

issued

by

the

Government

National

Mortgage

Association

(“Ginnie

Mae”),

the

Federal

National

Mortgage

Association

(“Fannie

Mae”),

the

Federal

Home

Loan

Mortgage

Corporation

(“Freddie

Mac”),

or

other

governmental

or

government-related

entities.

Ginnie

Mae’s

guarantees

are

backed

as

to

the

timely

payment

of

principal

and

interest

by

the

full

faith

and

credit

of

the

U.S.

Government.

Fannie

Mae

and

Freddie

Mac

securities

are

not

backed

by

the

full

faith

and

credit

of

the

U.S.

Government.

In

September

2008,

the

Federal

Housing

Finance

Agency

(“FHFA”),

an

agency

of

the

U.S.

Government,

placed

Fannie

Mae

and

Freddie

Mac

under

conservatorship.

Since

that

time,

Fannie

Mae

and

Freddie

Mac

have

received

capital

support

through

U.S.

Treasury

preferred

stock

purchases

and

Treasury

and

Federal

Reserve

purchases

of

their

mortgage-backed

securities.

The

FHFA

and

the

U.S.

Treasury

have

imposed

strict

limits

on

the

size

of

these

entities’

mortgage

portfolios.

The

FHFA

has

the

power

to

cancel

any

contract

entered

into

by

Fannie

Mae

and

Freddie

Mac

prior

to

FHFA’s

appointment

as

conservator

or

receiver,

including

the

guarantee

obligations

of

Fannie

Mae

and

Freddie

Mac.

The

Fund

may

also

purchase

other

mortgage-and

asset-backed

securities

through

single-and

multi-seller

conduits,

collateralized

debt

obligations,

structured

investment

vehicles,

and

other

similar

securities.

Asset-backed

securities

may

be

backed

by

various

consumer

obligations,

including

automobile

loans,

equipment

leases,

credit

card

receivables,

or

other

collateral.

In

the

event

the

underlying

loans

are

not

paid,

the

securities’

issuer

could

be

forced

to

sell

the

assets

and

recognize

losses

on

such

assets,

which

could

impact

the

Fund's

return.

Unlike

traditional

debt

instruments,

payments

on

these

securities

include

both

interest

and

a

partial

payment

of

principal.

Mortgage-and

asset-backed

securities

are

subject

to

both

extension

risk,

where

borrowers

pay

off

their

debt

obligations

more

slowly

in

times

of

rising

interest

rates,

and

prepayment

risk,

where

borrowers

pay

off

their

debt

obligations

sooner

than

expected

in

times

of

declining

interest

rates.

These

risks

may

reduce

the

Fund’s

returns.

In

addition,

investments

in

mortgage-and

asset-backed

securities,

including

those

comprised

of

subprime

mortgages,

may

be

subject

to

a

higher

degree

of

credit

risk,

valuation

risk,

extension

risk

(if

interest

rates

rise),

and

liquidity

risk

than

various

other

types

of

fixed-income

securities.

Additionally,

although

mortgage-

backed

securities

are

generally

supported

by

some

form

of

government

or

private

guarantee

and/or

insurance,

there

is

no

assurance

that

guarantors

or

insurers

will

meet

their

obligations.

TBA

Commitments 

The

Fund

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.

To

mitigate

the

counterparty

credit

risk

and

in

accordance

with

FINRA

4210

regulatory

requirements

on

TBA

commitments

and

other

types

of

forward-settling

transactions,

the

Fund

enters

into

a

Master

Securities

Forward

Transaction

Agreement

(“MSFTA”)

bilaterally

with

each

counterparty

with

which

it

undertakes

transactions.

An

MSFTA

gives

each

party

to

the

agreement

the

right

to

terminate

all

transactions

traded

under

such

agreement

if

there

is

a

specified

deterioration

in

the

credit

quality

of

the

other

party.

Upon

an

event

of

default

or

a

termination

of

an

MSFTA,

the

non-defaulting

party

has

the

right

to

close

out

all

transactions

traded

under

such

agreement

and

to

net

amounts

owed

under

each

transaction

to

one

net

amount

payable

by

the

defaulting

party.

This

right

to

close

out

and

net

payments

across

all

transactions

traded

under

an

MSFTA

may

result

in

a

reduction

of

the

Fund’s

credit

risk

to

such

counterparty

equal

to

any

amounts

payable

by

the

Fund

under

the

applicable

transactions,

if

any.

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

31

For

mortgage-backed

and

asset-backed

securities

traded

under

an

MSFTA,

the

collateral

and

margining

requirements

are

contract

specific.

Amounts

across

all

transactions

traded

under

an

MSFTA

are

netted

and

an

amount

is

posted

from

one

party

to

the

other

to

collateralize

such

obligations.

Cash

that

has

been

pledged

to

cover

the

Fund’s

collateral

or

margin

obligations

under

an

MSFTA,

if

any,

will

be

reported

separately

on

the

Statement

of

Assets

and

Liabilities

as

restricted

cash. 

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. 

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

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

(unaudited)

32

April

30,

2026

consist

of

cash,

U.S.

Government

securities,

domestic

and

foreign

short-term

debt

instruments,

letters

of

credit,

time

deposits,

repurchase

agreements,

money

market

mutual

funds

or

other

money

market

accounts,

or

such

other

collateral

as

permitted

by

the

SEC.

If

the

Fund

is

unable

to

recover

a

security

on

loan,

the

Fund

may

use

the

collateral

to

purchase

replacement

securities

in

the

market.

There

is

a

risk

that

the

value

of

the

collateral

could

decrease

below

the

cost

of

the

replacement

security

by

the

time

the

replacement

investment

is

made,

resulting

in

a

loss

to

the

Fund.

In

certain

circumstances

individual

loan

transactions

could

yield

negative

returns. 

Upon

receipt

of

cash

collateral, the

Adviser may

invest

it

in

affiliated

or

non-affiliated

cash

management

vehicles,

whether

registered

or

unregistered

entities,

as

permitted

by

the

1940

Act

and

rules

promulgated

thereunder.

The

Adviser

currently

intends

to

invest

the

cash

collateral

in

a

cash

management

vehicle

for

which the

Adviser serves

as

investment

adviser,

Janus

Henderson

Cash

Collateral

Fund

LLC,

or

in

time

deposits.

An

investment

in

Janus

Henderson

Cash

Collateral

Fund

LLC

is

generally

subject

to

the

same

risks

that

shareholders

experience

when

investing

in

similarly

structured

vehicles,

such

as

the

potential

for

significant

fluctuations

in

assets

as

a

result

of

the

purchase

and

redemption

activity

of

the

securities

lending

program,

a

decline

in

the

value

of

the

collateral,

and

possible

liquidity

issues.

Such

risks

may

delay

the

return

of

the

cash

collateral

and

cause

the

Fund

to

violate

its

agreement

to

return

the

cash

collateral

to

a

borrower

in

a

timely

manner.

As

adviser

to

the

Fund

and

Janus

Henderson

Cash

Collateral

Fund

LLC, the

Adviser has

an

inherent

conflict

of

interest

as

a

result

of

its

fiduciary

duties

to

both

the

Fund

and

Janus

Henderson

Cash

Collateral

Fund

LLC.

Additionally, the

Adviser receives

an

investment

advisory

fee

of

0.05%

for

managing

Janus

Henderson

Cash

Collateral

Fund

LLC

and

therefore

may

have

an

incentive

to

allocate

collateral

to

the

Janus

Henderson

Cash

Collateral

Fund

LLC,

rather

than

to

other

collateral

management

options

for

which the

Adviser does

not

receive

compensation. 

The

value

of

the

collateral

must

be

at

least

102%

of

the

market

value

of

the

loaned

securities

that

are

denominated

in

U.S.

dollars

and

105%

of

the

market

value

of

the

loaned

securities

that

are

not

denominated

in

U.S.

dollars.

Loaned

securities

and

related

collateral

are

marked-to-market

each

business

day

based

upon

the

market

value

of

the

loaned

securities

at

the

close

of

business,

employing

the

most

recent

available

pricing

information.

Collateral

levels

are

then

adjusted

based

on

this

mark-to-market

evaluation. 

Additional

required

collateral,

or

excess

collateral

returned,

is

delivered

on

the

next

business

day. 

Therefore,

the

value

of

the

collateral

held

may

be

temporarily

less

than

102%

or

105%

value

of

the

securities

on

loan.

The

cash

collateral

invested

by

the

Adviser is

disclosed

in

the

Schedule

of

Investments

(if

applicable).

Income

earned

from

the

investment

of

the

cash

collateral,

net

of

rebates

paid

to,

or

fees

paid

by,

borrowers

and

less

the

fees

paid

to

the

lending

agent

are

included

as

“Affiliated

securities

lending

income,

net”

on

the

Statement

of

Operations.

There

were

no

securities

on

loan

as

of

April

30,

2026.

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,

2026,

the

Fund’s

actual

management

fee

rate

(expressed

as

an

annual

rate)

was

0.21% of

the

Fund’s

average

daily

net

assets.

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

33

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

0.21% of

the

Fund’s

average

daily

net

assets. The

Adviser has

agreed

to

continue

the

waiver

for

at

least

through

February

28,

2027.

The

previous

expense

limit

for

the

period

from

February

28,

2025

through

February

28,

2026

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

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,

2026, the

Adviser

owned 11,007

shares

or 0.01%

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

at

least

80%

of

its

net

assets

(plus

any

borrowings

for

investment

purposes)

in

U.S.

Government

securities

and

repurchase

agreements

that

are collateralized

by

U.S.

Government 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). 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,

2026 can

be

found

in

a

table

located

in

the

Schedule

of

Investments.

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

(unaudited)

34

April

30,

2026

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,

2025,

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,

2026 are

noted

below.

The

primary

differences

between

book

and

tax

appreciation

or

depreciation

of

investments are

wash

sale

loss

deferrals,

amortization

on

bonds,

and

investments in partnerships.

6.

Capital

Share

Transactions 

7.

Purchases

and

Sales

of

Investment

Securities

For

the

period

ended 

April

30,

2026,

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.

Acquisition

Note

On

December

22,

2025,

Janus

Henderson

Group

plc,

the

parent

company

of

the

Fund's

investment

adviser,

announced

a

definitive

agreement

to

be

acquired

by

Trian

Fund

Management

and

General

Catalyst.

The

Transaction

is

expected

to

Capital

Loss

Carryover

Schedule

For

the

year

ended

October

31,

2025

No

Expiration

Short-Term

Long-Term

Accumulated

Capital

Losses

$(64,506,128)

$(42,574,657)

$(107,080,785)

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$10,998,794,353

$41,902,873

$(55,569,710)

$(13,666,837)

Period

Ended

April

30,

2026

Year

Ended

October

31,

2025

Shares

Amount

Shares

Amount

Shares

sold

19,000,000

$

870,214,556

47,350,000

$

2,123,865,835

Shares

repurchased

(17,900,000)

(819,781,668

)

(6,400,000)

(284,869,929

)

Net

Increase/(Decrease)

1,100,000

$

50,432,888

40,950,000

$

1,838,995,906

Purchases

of

Securities

Proceeds

from

Sales

of

Securities

Purchases

of

Long-

Term

U.S.

Government

Obligations

Proceeds

from

Sales

of

Long-Term

U.S.

Government

Obligations

$3,651,035,868

$3,636,182,325

$—

$—

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

35

close

in

2026,

subject

to

customary

closing

conditions,

including

requisite

regulatory

approvals,

and

client

consents.

The

shareholders

of

Janus

Henderson

Group,

plc

approved

the

acquisition

on

April

16,

2026. 

9.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to April

30,

2026

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:

At

a

May

18,

2026  meeting

of

Fund

shareholders,

shareholders

approved

a

new

investment

advisory

agreement

between

the

Fund

and

the

Adviser,

to

take

effect

in

connection

with

the

closing

of

the

Transaction.

Janus

Henderson

Mortgage-Backed

Securities

ETF

Additional

Information

(unaudited)

36

April

30,

2026

Item

8.

Changes

in

and

Disagreements

with

Accountants

for

Open-End

Management

Investment

Companies.

Not

applicable.

Item

9.

Proxy

Disclosures

for

Open-End

Management

Investment

Companies.

Not

applicable.

Item

10.

Remuneration

Paid

to

Directors,

Officers,

and

Others

of

Open-End

Management

Investment

Companies.

Because

the

Adviser

has

agreed

in

the

Investment

Advisory

Agreement

to

cover

all

operating

expenses

of

the

Fund,

subject

to

certain

exclusions

as

provided

for

therein,

the

Adviser

pays

the

compensation

to

each

Independent

Trustee

for

services

to

the

Fund

from

Adviser’s

management

fees.

Item

11.

APPROVAL

OF

ADVISORY

AGREEMENTS

DURING

THE

PERIOD

Not

applicable.

125-24-93085

04-26

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

FINANCIAL

STATEMENTS

April

30,

2026

Janus

Henderson

AAA

CLO

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

AAA

CLO

ETF

Item

7.

Financial

Statements

and

Financial

Highlights

for

Open-End

Management

Investment

Companies

Schedule

of

Investments

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

3

Statement

of

Assets

and

Liabilities

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

28

Statement

of

Operations

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

29

Statements

of

Changes

in

Net

Assets

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

30

Financial

Highlights

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

31

Notes

to

Financial

Statements

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

32

Items

8-11

-

Additional

Information

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

39

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

Janus

Detroit

Street

Trust

3

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

95

.9

%

1988

CLO

1

Ltd.

2022-1A

AR,

CME

Term

SOFR

3

Month

+

1.3600%,

5.0331%,

10/15/39

(144A)

‡

$

135,200,000

$

135,536,053

1988

CLO

2

Ltd.

2023-2A

A1R,

CME

Term

SOFR

3

Month

+

1.2000%,

4.8731%,

4/15/38

(144A)

‡

34,945,000

34,961,693

37

Capital

CLO

3

Ltd.

2023-1A

A1R,

CME

Term

SOFR

3

Month

+

1.5000%,

5.1731%,

7/15/38

(144A)

‡

10,000,000

10,026,457

522

Funding

CLO

Ltd.

2020-6A

BR2,

CME

Term

SOFR

3

Month

+

1.6500%,

5.3161%,

10/23/34

(144A)

‡

7,000,000

7,017,198

522

Funding

CLO

Ltd.

2019-5A

BR2,

CME

Term

SOFR

3

Month

+

1.5000%,

5.1731%,

4/15/35

(144A)

‡

11,815,000

11,828,449

720

East

CLO

VIII

Ltd.

2025-8A

A1,

CME

Term

SOFR

3

Month

+

1.3100%,

4.9852%,

7/20/38

(144A)

‡

37,192,613

37,283,322

AB

BSL

CLO

1

Ltd.

2020-1A

A1R2,

CME

Term

SOFR

3

Month

+

1.2500%,

4.9231%,

10/15/38

(144A)

‡

229,000,000

229,556,630

AB

BSL

CLO

5

Ltd.

2024-5A

A1,

CME

Term

SOFR

3

Month

+

1.3600%,

5.0352%,

1/20/38

(144A)

‡

70,000,000

70,174,265

AB

BSL

CLO

6

Ltd.

2025-6A

A,

CME

Term

SOFR

3

Month

+

1.4300%,

5.1052%,

7/20/37

(144A)

‡

100,250,000

100,370,741

AB

BSL

CLO

7

Ltd.

2025-7A

A1,

CME

Term

SOFR

3

Month

+

1.2300%,

4.9023%,

1/15/39

(144A)

‡

125,000,000

125,152,587

AB

BSL

CLO

7

Ltd.

2025-7A

A2,

CME

Term

SOFR

3

Month

+

1.5000%,

5.1723%,

1/15/39

(144A)

‡

12,000,000

12,003,316

AGL

CLO

1

Ltd.

2019-1A

BRR,

CME

Term

SOFR

3

Month

+

1.6500%,

5.3252%,

10/20/34

(144A)

‡

15,000,000

15,044,052

AGL

CLO

11

Ltd.

2021-11A

A1R,

CME

Term

SOFR

3

Month

+

1.2700%,

4.9431%,

10/15/38

(144A)

‡

25,000,000

25,051,303

AGL

CLO

16

Ltd.

2021-16A

AR,

CME

Term

SOFR

3

Month

+

0.9500%,

4.6252%,

1/20/35

(144A)

‡

143,394,000

143,215,374

AGL

CLO

17

Ltd.

2022-17A

AR,

CME

Term

SOFR

3

Month

+

0.9500%,

4.6221%,

1/21/35

(144A)

‡

49,858,000

49,795,687

AGL

CLO

19

Ltd.

2022-19A

A1R,

CME

Term

SOFR

3

Month

+

1.3000%,

4.9721%,

7/21/38

(144A)

‡

50,000,000

50,128,000

AGL

CLO

20

Ltd.

2022-20A

A1R,

CME

Term

SOFR

3

Month

+

1.3700%,

5.0452%,

10/20/37

(144A)

‡

15,850,000

15,881,957

AGL

CLO

21

Ltd.

2022-21A

A1R,

CME

Term

SOFR

3

Month

+

1.3600%,

5.0321%,

10/21/37

(144A)

‡

39,000,000

39,076,268

AGL

CLO

22

Ltd.

2022-22A

BR,

CME

Term

SOFR

3

Month

+

1.6500%,

5.3252%,

1/20/37

(144A)

‡

30,500,000

30,610,013

AGL

CLO

23

Ltd.

2022-23A

A1R,

CME

Term

SOFR

3

Month

+

1.1500%,

4.8252%,

4/20/38

(144A)

‡

78,100,000

78,040,144

AGL

CLO

26

Ltd.

2023-26A

A2R,

CME

Term

SOFR

3

Month

+

1.5500%,

5.2221%,

10/21/38

(144A)

‡

20,000,000

20,049,844

AGL

CLO

29

Ltd.

2024-29A

A2R,

CME

Term

SOFR

3

Month

+

1.5000%,

5.1800%,

4/21/39

(144A)

‡

12,000,000

12,002,136

AGL

CLO

32

Ltd.

2024-32A

A1,

CME

Term

SOFR

3

Month

+

1.3800%,

5.0521%,

7/21/37

(144A)

‡

16,350,000

16,370,666

AGL

CLO

37

Ltd.

2024-37A

A1,

CME

Term

SOFR

3

Month

+

1.2400%,

4.9036%,

4/22/38

(144A)

‡

85,751,724

85,886,414

AGL

CLO

40

Ltd.

2025-40A

A1,

CME

Term

SOFR

3

Month

+

1.2400%,

4.9036%,

7/22/38

(144A)

‡

9,750,000

9,768,514

AGL

CLO

42

Ltd.

2025-42A

A1,

CME

Term

SOFR

3

Month

+

1.3000%,

4.9636%,

7/22/38

(144A)

‡

24,890,000

24,954,796

AGL

CLO

44

Ltd.

2025-44A

A,

CME

Term

SOFR

3

Month

+

1.1500%,

4.8136%,

10/22/37

(144A)

‡

41,000,000

40,956,560

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

4

April

30,

2026

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

AGL

CLO

5

Ltd.

2020-5A

AR3,

CME

Term

SOFR

3

Month

+

1.2000%,

4.8752%,

1/20/39

(144A)

‡

$

70,000,000

$

70,036,547

AGL

CLO

6

Ltd.

2020-6A

A1R2,

CME

Term

SOFR

3

Month

+

1.2800%,

4.9552%,

4/20/38

(144A)

‡

11,750,000

11,781,134

AGL

Core

CLO

2

Ltd.

2019-2A

A1R,

CME

Term

SOFR

3

Month

+

1.4600%,

5.1352%,

7/20/37

(144A)

‡

110,000,000

110,178,805

AGL

Core

CLO

27

Ltd.

2023-27A

AR,

CME

Term

SOFR

3

Month

+

1.2100%,

4.8821%,

1/21/39

(144A)

‡

125,000,000

125,078,175

AGL

Core

CLO

38

Ltd.

2025-38A

A1,

CME

Term

SOFR

3

Month

+

1.2400%,

4.9036%,

1/22/38

(144A)

‡

96,500,000

96,646,680

AIMCO

CLO

2018-AA

B1R,

CME

Term

SOFR

3

Month

+

1.6500%,

5.3304%,

10/17/37

(144A)

‡

12,000,000

12,047,009

AIMCO

CLO

2015-AA

A1R4,

CME

Term

SOFR

3

Month

+

1.2500%,

4.9304%,

10/17/38

(144A)

‡

62,080,000

62,216,446

AIMCO

CLO

10

Ltd.

2019-10A

ARR,

CME

Term

SOFR

3

Month

+

1.4100%,

5.0736%,

7/22/37

(144A)

‡

10,970,000

10,983,290

Aimco

CLO

14

Ltd.

2021-14A

A1R,

CME

Term

SOFR

3

Month

+

1.2200%,

4.8952%,

10/20/38

(144A)

‡

40,000,000

40,067,440

AIMCO

CLO

17

Ltd.

2022-17A

A1R,

CME

Term

SOFR

3

Month

+

1.3500%,

5.0136%,

7/20/37

(144A)

‡

14,200,000

14,233,745

Allegany

Park

CLO

Ltd.

2019-1A

ARR,

CME

Term

SOFR

3

Month

+

1.1000%,

4.7752%,

1/20/35

(144A)

‡

26,000,000

26,008,310

Allegro

CLO

V-S

Ltd.

2024-2A

A1,

CME

Term

SOFR

3

Month

+

1.5000%,

5.1671%,

7/24/37

(144A)

‡

21,275,000

21,313,689

Allegro

CLO

XII

Ltd.

2020-1A

A1R,

CME

Term

SOFR

3

Month

+

1.4400%,

5.1121%,

7/21/37

(144A)

‡

26,825,000

26,858,413

Allegro

CLO

XIV

Ltd.

2021-2A

A1R,

CME

Term

SOFR

3

Month

+

1.3400%,

5.0131%,

10/15/37

(144A)

‡

10,000,000

10,024,408

Allegro

CLO

XVI

Ltd.

2024-1A

A2R,

CME

Term

SOFR

3

Month

+

1.5500%,

5.2166%,

4/25/37

(144A)

‡

9,710,000

9,709,947

Allegro

CLO

XVII

Ltd.

2025-2A

A2,

CME

Term

SOFR

3

Month

+

1.7200%,

5.3866%,

7/25/38

(144A)

‡

9,500,000

9,521,163

Allegro

CLO

XVIII

Ltd.

2024-4A

A1,

CME

Term

SOFR

3

Month

+

1.3800%,

5.0466%,

1/25/38

(144A)

‡

42,100,000

42,174,243

AMMC

CLO

25

Ltd.

2022-25A

A1R2,

CME

Term

SOFR

3

Month

+

1.3000%,

4.9731%,

10/15/38

(144A)

‡

109,100,000

109,325,892

AMMC

CLO

26

Ltd.

2023-26A

A1R,

CME

Term

SOFR

3

Month

+

1.2700%,

4.9431%,

4/15/36

(144A)

‡

167,750,000

167,792,978

AMMC

CLO

30

Ltd.

2024-30A

A1R,

CME

Term

SOFR

3

Month

+

1.2300%,

4.8232%,

4/15/39

(144A)

‡

30,000,000

30,035,772

AMMC

CLO

32

Ltd.

2025-32A

A1,

CME

Term

SOFR

3

Month

+

1.3600%,

5.0404%,

10/17/38

(144A)

‡

8,750,000

8,771,327

Anchorage

Capital

CLO

13

LLC

2019-13A

ARR,

CME

Term

SOFR

3

Month

+

1.2700%,

4.9431%,

4/15/38

(144A)

‡

95,300,000

95,513,901

Anchorage

Capital

CLO

15

Ltd.

2020-15A

A1R2,

CME

Term

SOFR

3

Month

+

1.4100%,

5.0852%,

7/20/38

(144A)

‡

125,000,000

125,216,363

Anchorage

Capital

CLO

16

Ltd.

2020-16A

A1R2,

CME

Term

SOFR

3

Month

+

1.2500%,

4.9252%,

1/19/38

(144A)

‡

211,875,000

212,159,018

Anchorage

Capital

CLO

17

Ltd.

2021-17A

A1R,

CME

Term

SOFR

3

Month

+

1.2300%,

4.9031%,

2/15/38

(144A)

‡

207,000,000

207,226,686

Anchorage

Capital

CLO

24

Ltd.

2022-24A

A2R,

CME

Term

SOFR

3

Month

+

1.6500%,

5.3231%,

7/15/37

(144A)

‡

18,000,000

18,043,470

Anchorage

Capital

CLO

30

Ltd.

2024-30A

A1,

CME

Term

SOFR

3

Month

+

1.3000%,

4.9752%,

1/20/37

(144A)

‡

28,250,000

28,287,762

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

Janus

Detroit

Street

Trust

5

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

Anchorage

Capital

CLO

31

Ltd.

2025-31A

A1,

CME

Term

SOFR

3

Month

+

1.3000%,

4.9752%,

10/20/38

(144A)

‡

$

52,500,000

$

52,626,698

Anchorage

Capital

CLO

37

Ltd.

2026-37A

A2,

CME

Term

SOFR

3

Month

+

1.4500%,

5.1579%,

4/20/39

(144A)

‡

8,000,000

8,008,787

Anchorage

Capital

CLO

6

Ltd.

2015-6A

AR4,

CME

Term

SOFR

3

Month

+

1.3700%,

5.0336%,

7/22/38

(144A)

‡

34,500,000

34,593,436

Anchorage

Capital

CLO

8

Ltd.

2016-8A

A1R3,

CME

Term

SOFR

3

Month

+

1.2900%,

4.9566%,

10/27/38

(144A)

‡

19,775,000

19,819,033

Anchorage

Capital

CLO

9

Ltd.

2016-9A

AR3,

CME

Term

SOFR

3

Month

+

1.4500%,

5.1231%,

7/15/37

(144A)

‡

10,000,000

10,014,818

Anchorage

Capital

CLO

Ltd.

2026-22A

BR4,

CME

Term

SOFR

3

Month

+

1.5500%,

5.1292%,

1/20/39

(144A)

‡

11,750,000

11,786,352

Apex

Credit

CLO

12

Ltd.

2025-12A

A1,

CME

Term

SOFR

3

Month

+

1.2700%,

4.9452%,

4/20/38

(144A)

‡

12,800,000

12,827,322

Apex

Credit

CLO

13

Ltd.

2025-13A

A2,

CME

Term

SOFR

3

Month

+

1.6700%,

5.3411%,

1/22/39

(144A)

‡

15,000,000

15,015,144

Apex

Credit

CLO

LLC

2020-2A

AR,

CME

Term

SOFR

3

Month

+

1.4600%,

5.1352%,

10/20/38

(144A)

‡

73,750,000

73,853,471

Apex

Credit

CLO

Ltd.

2024-1A

A1R,

CME

Term

SOFR

3

Month

+

1.4000%,

5.0752%,

4/20/36

(144A)

‡

81,125,000

81,272,339

Apex

Credit

CLO

Ltd.

2024-1A

BR,

CME

Term

SOFR

3

Month

+

1.8500%,

5.5252%,

4/20/36

(144A)

‡

19,950,000

20,009,196

Apex

Credit

CLO

Ltd.

2024-2A

A,

CME

Term

SOFR

3

Month

+

1.5200%,

5.1866%,

7/25/37

(144A)

‡

34,650,000

34,689,349

Apidos

CLO

LIII

2025-53A

A1,

CME

Term

SOFR

3

Month

+

1.3200%,

4.9952%,

7/20/38

(144A)

‡

23,450,000

23,512,274

Apidos

CLO

XLIV

Ltd.

2023-44A

A1R,

CME

Term

SOFR

3

Month

+

1.3600%,

5.0266%,

10/26/37

(144A)

‡

40,000,000

40,078,680

Apidos

CLO

XLIV

Ltd.

2023-44A

A2R,

CME

Term

SOFR

3

Month

+

1.5700%,

5.2366%,

10/26/37

(144A)

‡

10,000,000

10,023,071

Apidos

CLO

XVIII-R

2018-18A

BR2,

CME

Term

SOFR

3

Month

+

1.7000%,

5.3636%,

1/22/38

(144A)

‡

8,320,000

8,357,418

Apidos

CLO

XXXVI

2021-36A

BR,

CME

Term

SOFR

3

Month

+

1.5500%,

5.2252%,

1/20/39

(144A)

‡

20,580,000

20,669,262

ARES

Loan

Funding

II

Ltd.

2022-ALF2A

A1R2,

CME

Term

SOFR

3

Month

+

1.2500%,

4.9252%,

10/20/38

(144A)

‡

130,000,000

130,285,818

Ares

Loan

Funding

IX

Ltd.

2025-ALF9A

A1,

CME

Term

SOFR

3

Month

+

1.1800%,

4.8531%,

3/31/38

(144A)

‡

154,500,000

154,471,047

Ares

Loan

Funding

VIII

Ltd.

2024-ALF8

A1,

CME

Term

SOFR

3

Month

+

1.2500%,

4.9171%,

1/24/38

(144A)

‡

133,440,000

133,660,163

Ares

LV

CLO

Ltd.

2020-55A

A1R2,

CME

Term

SOFR

3

Month

+

1.3700%,

5.0431%,

10/15/37

(144A)

‡

39,250,000

39,327,401

Ares

LXIII

CLO

Ltd.

2022-63A

A1R,

CME

Term

SOFR

3

Month

+

1.3100%,

4.9831%,

10/15/38

(144A)

‡

10,000,000

10,026,070

Ares

LXIV

CLO

Ltd.

2022-64A

AR,

CME

Term

SOFR

3

Month

+

1.3600%,

5.0331%,

10/24/39

(144A)

‡

39,500,000

39,576,180

Ares

LXIX

CLO

Ltd.

2024-69A

A2,

CME

Term

SOFR

3

Month

+

1.7000%,

5.3731%,

4/15/36

(144A)

‡

17,500,000

17,541,851

Ares

LXV

CLO

Ltd.

2022-65A

A1R,

CME

Term

SOFR

3

Month

+

1.1200%,

4.7866%,

7/25/34

(144A)

‡

68,800,000

68,799,897

Ares

LXVI

CLO

Ltd.

2022-66A

A1R2,

CME

Term

SOFR

3

Month

+

1.2700%,

4.9366%,

10/25/38

(144A)

‡

33,350,000

33,417,954

Ares

LXVII

CLO

Ltd.

2022-67A

A1R,

CME

Term

SOFR

3

Month

+

1.1900%,

4.8566%,

1/25/38

(144A)

‡

90,350,000

90,346,549

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

6

April

30,

2026

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

Ares

LXX

CLO

Ltd.

2023-70A

BR,

CME

Term

SOFR

3

Month

+

1.5500%,

5.2166%,

1/25/39

(144A)

‡

$

40,000,000

$

40,165,488

Ares

LXXII

CLO

Ltd.

2024-72A

A2,

CME

Term

SOFR

3

Month

+

1.5800%,

5.2531%,

7/15/36

(144A)

‡

24,500,000

24,560,961

Ares

LXXIV

CLO

Ltd.

2024-74A

A2,

CME

Term

SOFR

3

Month

+

1.5500%,

5.2231%,

10/15/36

(144A)

‡

22,500,000

22,554,914

Ares

LXXVII

CLO

Ltd.

2025-77A

A1,

CME

Term

SOFR

3

Month

+

1.3200%,

4.9931%,

7/15/38

(144A)

‡

23,675,000

23,737,618

Ares

XXVII

CLO

Ltd.

2013-2A

BR3,

CME

Term

SOFR

3

Month

+

1.6500%,

5.3201%,

10/28/34

(144A)

‡

10,000,000

10,023,669

Ares

XXXIV

CLO

Ltd.

2015-2A

A2R4,

CME

Term

SOFR

3

Month

+

1.5500%,

5.2304%,

7/17/38

(144A)

‡

14,000,000

14,037,775

Ares

XXXIX

CLO

Ltd.

2016-39A

AR3,

CME

Term

SOFR

3

Month

+

1.4200%,

5.0952%,

7/18/37

(144A)

‡

39,250,000

39,299,247

Arini

US

CLO

I

Ltd.

1A

A,

CME

Term

SOFR

3

Month

+

1.5000%,

5.1731%,

4/15/38

(144A)

‡

10,000,000

10,018,720

Arini

US

CLO

II

Ltd.

2A

A,

CME

Term

SOFR

3

Month

+

1.4000%,

5.0731%,

3/31/38

(144A)

‡

39,170,000

39,233,252

Atlantic

Avenue

Ltd.

2024-2A

A,

CME

Term

SOFR

3

Month

+

1.6500%,

5.3252%,

4/20/37

(144A)

‡

50,000,000

50,088,975

Atrium

XIV

LLC

14A

A2RR,

CME

Term

SOFR

3

Month

+

1.6100%,

5.2895%,

10/16/37

(144A)

‡

35,200,000

35,286,219

Atrium

XV

15A

A2RR,

CME

Term

SOFR

3

Month

+

1.5900%,

5.2695%,

7/16/37

(144A)

‡

47,250,000

47,364,251

Bain

Capital

Credit

CLO

Ltd.

2021-2A

A2R2,

CME

Term

SOFR

3

Month

+

1.2000%,

4.8795%,

7/16/34

(144A)

‡

10,000,000

9,990,441

Bain

Capital

Credit

CLO

Ltd.

2021-2A

BR2,

CME

Term

SOFR

3

Month

+

1.3500%,

5.0295%,

7/16/34

(144A)

‡

14,500,000

14,484,475

Bain

Capital

Credit

CLO

Ltd.

2021-4A

BRR,

CME

Term

SOFR

3

Month

+

1.3500%,

5.0252%,

10/20/34

(144A)

‡

13,600,000

13,584,757

Bain

Capital

Credit

CLO

Ltd.

2017-2A

A2R3,

CME

Term

SOFR

3

Month

+

1.6000%,

5.2666%,

7/25/37

(144A)

‡

15,040,000

15,076,060

Bain

Capital

Credit

CLO

Ltd.

2022-4A

A1R,

CME

Term

SOFR

3

Month

+

1.3800%,

5.0595%,

10/16/37

(144A)

‡

16,161,250

16,192,916

Bain

Capital

Credit

CLO

Ltd.

2024-6A

A1,

CME

Term

SOFR

3

Month

+

1.3300%,

5.0021%,

1/21/38

(144A)

‡

20,000,000

20,044,672

Bain

Capital

Credit

CLO

Ltd.

2023-1A

A1R,

CME

Term

SOFR

3

Month

+

1.4000%,

5.0795%,

7/16/38

(144A)

‡

107,820,000

107,992,372

Bain

Capital

Credit

CLO

Ltd.

2022-1A

A2R,

CME

Term

SOFR

3

Month

+

1.5000%,

5.1752%,

10/18/38

(144A)

‡

16,500,000

16,511,697

Bain

Capital

Credit

CLO

Ltd.

2025-5A

A2,

CME

Term

SOFR

3

Month

+

1.4500%,

5.0748%,

1/19/39

(144A)

‡

16,000,000

16,005,488

Bain

Capital

Credit

CLO

Ltd.

2023-4A

A1R,

CME

Term

SOFR

3

Month

+

1.2300%,

4.9021%,

1/21/39

(144A)

‡

28,600,000

28,634,497

Bain

Capital

Credit

CLO

Ltd.

2024-1A

A2R,

CME

Term

SOFR

3

Month

+

1.4700%,

5.1506%,

4/16/39

(144A)

‡

15,000,000

15,001,486

Balboa

Bay

Loan

Funding

Ltd.

2021-2A

BR,

CME

Term

SOFR

3

Month

+

1.8000%,

5.4752%,

1/20/35

(144A)

‡

10,000,000

10,029,468

Balboa

Bay

Loan

Funding

Ltd.

2020-1A

A2RR,

CME

Term

SOFR

3

Month

+

1.6200%,

5.2952%,

10/20/35

(144A)

‡

16,000,000

16,038,178

Balboa

Bay

Loan

Funding

Ltd.

2022-1A

AR,

CME

Term

SOFR

3

Month

+

1.1900%,

4.8652%,

4/20/37

(144A)

‡

20,000,000

20,001,400

Balboa

Bay

Loan

Funding

Ltd.

2025-2A

A2,

CME

Term

SOFR

3

Month

+

1.5000%,

5.1752%,

1/20/39

(144A)

‡

8,000,000

8,002,926

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

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)

Ballyrock

CLO

14

Ltd.

2020-14A

A1AR,

CME

Term

SOFR

3

Month

+

1.3800%,

5.0552%,

7/20/37

(144A)

‡

$

23,700,000

$

23,753,387

Ballyrock

CLO

15

Ltd.

2021-1A

A1R,

CME

Term

SOFR

3

Month

+

1.3300%,

5.0031%,

1/15/38

(144A)

‡

10,050,000

10,072,430

Ballyrock

CLO

16

Ltd.

2021-16A

A1R,

CME

Term

SOFR

3

Month

+

1.1500%,

4.8252%,

4/20/38

(144A)

‡

1,175,000

1,173,819

Ballyrock

CLO

17

Ltd.

2021-17A

A1AR,

CME

Term

SOFR

3

Month

+

1.2100%,

4.8852%,

10/20/38

(144A)

‡

136,000,000

136,078,295

Ballyrock

CLO

25

Ltd.

2023-25A

A1AR,

CME

Term

SOFR

3

Month

+

1.1800%,

4.8466%,

1/25/38

(144A)

‡

26,100,000

26,107,446

Ballyrock

CLO

26

Ltd.

2024-26A

A1A,

CME

Term

SOFR

3

Month

+

1.5100%,

5.1766%,

7/25/37

(144A)

‡

20,750,000

20,773,680

Ballyrock

CLO

32

Ltd.

2025-32A

A1B,

CME

Term

SOFR

3

Month

+

1.4400%,

5.1080%,

1/25/39

(144A)

‡

15,000,000

15,051,000

Ballyrock

CLO

Ltd.

2019-2A

A1R3,

CME

Term

SOFR

3

Month

+

1.2400%,

4.9066%,

10/25/38

(144A)

‡

141,040,000

141,306,241

Barings

CLO

Ltd.

2025-7A

A2,

CME

Term

SOFR

3

Month

+

1.4000%,

5.0731%,

1/15/38

(144A)

‡

10,000,000

10,009,253

Barings

CLO

Ltd.

2025-1A

A,

CME

Term

SOFR

3

Month

+

1.1300%,

4.8052%,

4/20/38

(144A)

‡

53,000,000

52,945,935

Barings

CLO

Ltd.

2019-1A

AR2,

CME

Term

SOFR

3

Month

+

1.2500%,

4.9231%,

10/15/38

(144A)

‡

137,350,000

137,651,785

Barings

CLO

Ltd.

2025-5A

A1,

CME

Term

SOFR

3

Month

+

1.2700%,

4.9431%,

10/15/38

(144A)

‡

26,000,000

26,053,092

Barings

CLO

Ltd.

2022-2A

A1R,

CME

Term

SOFR

3

Month

+

1.3700%,

5.0431%,

7/15/39

(144A)

‡

20,000,000

20,039,508

Barings

CLO

Ltd.

2025-4A

A2,

CME

Term

SOFR

3

Month

+

1.5200%,

5.1931%,

10/15/40

(144A)

‡

18,000,000

18,017,662

Barrow

Hanley

CLO

I

Ltd.

2023-1A

A1R,

CME

Term

SOFR

3

Month

+

1.3400%,

5.0152%,

1/20/38

(144A)

‡

70,000,000

70,162,372

Barrow

Hanley

CLO

III

Ltd.

2024-3A

A2,

CME

Term

SOFR

3

Month

+

1.8200%,

5.4952%,

4/20/37

(144A)

‡

12,000,000

12,028,906

Battalion

CLO

XXV

Ltd.

2024-25A

AR,

CME

Term

SOFR

3

Month

+

1.3000%,

4.9752%,

3/13/37

(144A)

‡

150,000,000

149,997,705

BBAM

US

CLO

I

Ltd.

2022-1A

AR,

CME

Term

SOFR

3

Month

+

1.2000%,

4.8731%,

3/30/38

(144A)

‡

117,550,000

117,607,035

Bbam

US

CLO

V

Ltd.

2025-5A

A1,

CME

Term

SOFR

3

Month

+

1.3600%,

5.0266%,

7/25/38

(144A)

‡

25,000,000

25,065,558

Benefit

Street

Partners

CLO

43

Ltd.

2025-43A

A,

CME

Term

SOFR

3

Month

+

1.2700%,

4.9452%,

10/20/38

(144A)

‡

11,000,000

11,028,019

Benefit

Street

Partners

CLO

IV

Ltd.

2014-IVA

AR5,

CME

Term

SOFR

3

Month

+

1.2500%,

4.9252%,

10/20/38

(144A)

‡

22,000,000

22,050,549

Benefit

Street

Partners

CLO

X

Ltd.

2016-10A

A1R3,

CME

Term

SOFR

3

Month

+

1.3000%,

4.9752%,

7/20/38

(144A)

‡

21,540,000

21,590,516

Benefit

Street

Partners

CLO

XII-B

Ltd.

2017-12BRA

A,

CME

Term

SOFR

3

Month

+

1.3700%,

5.0431%,

10/15/37

(144A)

‡

113,841,000

114,057,639

Benefit

Street

Partners

CLO

XLV

Ltd.

2025-45A

A2,

CME

Term

SOFR

3

Month

+

1.4400%,

5.1093%,

1/20/39

(144A)

‡

16,500,000

16,499,249

Benefit

Street

Partners

CLO

XV

Ltd.

2018-15A

A1R,

CME

Term

SOFR

3

Month

+

1.3900%,

5.0631%,

7/15/37

(144A)

‡

10,000,000

10,011,959

Benefit

Street

Partners

CLO

XXI

Ltd.

2020-21A

A2R2,

CME

Term

SOFR

3

Month

+

1.4500%,

5.1231%,

1/15/39

(144A)

‡

13,500,000

13,501,971

Benefit

Street

Partners

CLO

XXVIII

Ltd.

2022-28A

AR,

CME

Term

SOFR

3

Month

+

1.3500%,

5.0252%,

10/20/37

(144A)

‡

16,250,000

16,286,605

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

8

April

30,

2026

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

Benefit

Street

Partners

CLO

XXXII

Ltd.

2023-32A

AR,

CME

Term

SOFR

3

Month

+

1.2100%,

4.8766%,

10/25/38

(144A)

‡

$

45,000,000

$

45,026,645

Benefit

Street

Partners

CLO

XXXVIII

Ltd.

2024-38A

A,

CME

Term

SOFR

3

Month

+

1.3100%,

4.9766%,

1/25/38

(144A)

‡

47,633,000

47,749,825

Birch

Grove

CLO

11

Ltd.

2024-11A

A1,

CME

Term

SOFR

3

Month

+

1.3600%,

5.0236%,

1/22/38

(144A)

‡

141,000,000

141,357,491

Birch

Grove

CLO

12

Ltd.

2025-12A

A1,

CME

Term

SOFR

3

Month

+

1.1700%,

4.8336%,

4/22/38

(144A)

‡

32,500,000

32,498,398

Birch

Grove

CLO

6

Ltd.

2023-6A

A1R,

CME

Term

SOFR

3

Month

+

1.3800%,

5.0552%,

7/20/37

(144A)

‡

46,000,000

46,080,403

Birch

Grove

CLO

9

Ltd.

2024-9A

A1,

CME

Term

SOFR

3

Month

+

1.4000%,

5.0636%,

10/22/37

(144A)

‡

20,000,000

20,041,146

BlueMountain

CLO

XXV

Ltd.

2019-25A

A1RR,

CME

Term

SOFR

3

Month

+

1.3500%,

5.0231%,

1/15/38

(144A)

‡

105,760,000

106,003,333

BlueMountain

CLO

XXV

Ltd.

2019-25A

A2RR,

CME

Term

SOFR

3

Month

+

1.6000%,

5.2731%,

1/15/38

(144A)

‡

7,500,000

7,516,513

BlueMountain

CLO

XXXIII

Ltd.

2021-33A

A1R,

CME

Term

SOFR

3

Month

+

1.3600%,

5.0352%,

10/20/38

(144A)

‡

23,250,000

23,307,955

BlueMountain

CLO

XXXV

Ltd.

2022-35A

A1R,

CME

Term

SOFR

3

Month

+

1.4200%,

5.0836%,

10/22/37

(144A)

‡

63,450,000

63,588,727

BlueMountain

CLO

XXXV

Ltd.

2022-35A

A2R,

CME

Term

SOFR

3

Month

+

1.7000%,

5.3636%,

10/22/37

(144A)

‡

11,000,000

11,027,333

Brant

Point

CLO

Ltd.

2023-1A

A1R,

CME

Term

SOFR

3

Month

+

1.3800%,

5.0466%,

7/26/38

(144A)

‡

12,600,000

12,623,028

Bridge

Street

CLO

V

Ltd.

2025-1A

A1,

CME

Term

SOFR

3

Month

+

1.2200%,

4.8952%,

4/20/38

(144A)

‡

16,250,000

16,267,284

Bryant

Park

Funding

Ltd.

2025-26A

A,

CME

Term

SOFR

3

Month

+

1.2000%,

4.8752%,

4/20/38

(144A)

‡

23,000,000

23,006,336

Canyon

Capital

CLO

Ltd.

2019-2A

BR2,

CME

Term

SOFR

3

Month

+

1.5000%,

5.1731%,

10/15/34

(144A)

‡

29,500,000

29,575,142

Canyon

Capital

CLO

Ltd.

2019-1A

BRR,

CME

Term

SOFR

3

Month

+

1.8000%,

5.4731%,

7/15/37

(144A)

‡

7,000,000

7,016,015

Canyon

Capital

CLO

Ltd.

2022-2A

A1R,

CME

Term

SOFR

3

Month

+

1.1800%,

4.8531%,

4/15/38

(144A)

‡

13,500,000

13,503,723

Capital

Four

US

CLO

III

Ltd.

2022-2A

A1R,

CME

Term

SOFR

3

Month

+

1.2600%,

4.9321%,

4/21/38

(144A)

‡

25,000,000

25,055,055

Carlyle

US

CLO

Ltd.

2022-1A

BR,

CME

Term

SOFR

3

Month

+

1.4200%,

5.0931%,

4/15/35

(144A)

‡

28,335,000

28,248,026

Carlyle

US

CLO

Ltd.

2022-4A

A2R,

CME

Term

SOFR

3

Month

+

1.5700%,

5.2366%,

7/25/36

(144A)

‡

16,150,000

16,189,924

Carlyle

US

CLO

Ltd.

2019-2A

AR2,

CME

Term

SOFR

3

Month

+

1.3600%,

5.0331%,

10/15/37

(144A)

‡

93,860,000

94,040,690

Carlyle

US

CLO

Ltd.

2022-5A

A2R,

CME

Term

SOFR

3

Month

+

1.6000%,

5.2731%,

10/15/37

(144A)

‡

25,000,000

25,060,820

Carlyle

US

CLO

Ltd.

2021-10A

A1R,

CME

Term

SOFR

3

Month

+

1.3100%,

4.9852%,

1/20/38

(144A)

‡

174,750,000

175,197,832

Carlyle

US

CLO

Ltd.

2021-7A

A1R,

CME

Term

SOFR

3

Month

+

1.2000%,

4.8731%,

4/15/38

(144A)

‡

54,100,000

54,126,920

Carlyle

US

CLO

Ltd.

2025-3A

A,

CME

Term

SOFR

3

Month

+

1.3800%,

5.0466%,

7/25/38

(144A)

‡

10,000,000

10,021,435

Carlyle

US

CLO

Ltd.

2023-3A

A1R,

CME

Term

SOFR

3

Month

+

1.2300%,

4.9031%,

10/15/38

(144A)

‡

15,000,000

15,026,971

Carlyle

US

CLO

Ltd.

2021-8A

A1R,

CME

Term

SOFR

3

Month

+

1.2700%,

4.9431%,

10/15/38

(144A)

‡

181,550,000

181,920,362

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

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.

2025-5A

A2,

CME

Term

SOFR

3

Month

+

1.4500%,

5.1001%,

1/15/39

(144A)

‡

$

7,500,000

$

7,501,768

Carlyle

US

CLO

Ltd.

2025-6A

A2,

CME

Term

SOFR

3

Month

+

1.4500%,

5.1089%,

1/20/39

(144A)

‡

10,000,000

10,001,912

Carlyle

US

CLO

Ltd.

2025-7A

A2,

CME

Term

SOFR

3

Month

+

1.4400%,

5.1056%,

1/25/39

(144A)

‡

15,000,000

15,000,448

Carlyle

US

CLO

Ltd.

2026-3A

A2,

CME

Term

SOFR

3

Month

+

1.5000%,

5.1677%,

4/15/39

(144A)

‡

21,000,000

21,121,800

Carlyle

US

CLO

Ltd.

2026-2A

A2,

CME

Term

SOFR

3

Month

+

1.5000%,

5.1633%,

4/20/39

(144A)

‡

19,000,000

19,034,730

Carlyle

US

CLO

Ltd.

2021-1A

A1AR,

CME

Term

SOFR

3

Month

+

1.3700%,

5.0431%,

1/15/40

(144A)

‡

15,250,000

15,280,988

CarVal

CLO

VII-C

Ltd.

2023-1A

A1R,

CME

Term

SOFR

3

Month

+

1.4400%,

5.1152%,

7/20/37

(144A)

‡

10,000,000

10,012,454

Carval

CLO

VIII-C

Ltd.

2022-2A

A1R,

CME

Term

SOFR

3

Month

+

1.4200%,

5.0836%,

10/22/37

(144A)

‡

26,500,000

26,558,014

Cayuga

Park

CLO

Ltd.

2020-1A

AR2,

CME

Term

SOFR

3

Month

+

1.2000%,

4.8804%,

10/17/38

(144A)

‡

37,500,000

37,519,935

CBAM

Ltd.

2017-1A

AR2,

CME

Term

SOFR

3

Month

+

1.3900%,

5.0652%,

1/20/38

(144A)

‡

162,000,000

162,298,372

CBAMR

Ltd.

2019-11RA

A2R,

CME

Term

SOFR

3

Month

+

1.4800%,

5.1552%,

3/20/38

(144A)

‡

22,000,000

22,024,248

CBAMR

Ltd.

2021-14A

A1R,

CME

Term

SOFR

3

Month

+

1.2800%,

4.9552%,

10/20/38

(144A)

‡

101,450,000

101,641,264

Cedar

Funding

II

CLO

Ltd.

2013-1A

AR3,

CME

Term

SOFR

3

Month

+

1.3100%,

4.9736%,

7/22/38

(144A)

‡

23,695,000

23,749,001

Cedar

Funding

IV

CLO

Ltd.

2014-4A

AR3,

CME

Term

SOFR

3

Month

+

1.3400%,

5.0061%,

1/23/38

(144A)

‡

126,075,000

126,339,316

Cedar

Funding

V

CLO

Ltd.

2016-5A

AR2,

CME

Term

SOFR

3

Month

+

1.2600%,

4.8819%,

1/17/39

(144A)

‡

10,500,000

10,516,776

Cedar

Funding

VII

CLO

Ltd.

2018-7A

AR2,

CME

Term

SOFR

3

Month

+

1.2800%,

4.9552%,

10/20/38

(144A)

‡

96,080,000

96,266,136

Cedar

Funding

VIII

CLO

Ltd.

2017-8A

ARR,

CME

Term

SOFR

3

Month

+

1.2200%,

4.9004%,

1/17/38

(144A)

‡

9,500,000

9,507,914

Cedar

Funding

XII

CLO

Ltd.

2020-12A

ARR,

CME

Term

SOFR

3

Month

+

1.2000%,

4.8666%,

1/25/38

(144A)

‡

25,000,000

25,007,500

Cedar

Funding

XIV

CLO

Ltd.

2021-14A

AR,

CME

Term

SOFR

3

Month

+

1.3800%,

5.0531%,

10/15/37

(144A)

‡

143,415,000

143,679,386

Cedar

Funding

XIX

CLO

Ltd.

2024-19A

A1,

CME

Term

SOFR

3

Month

+

1.3300%,

4.9961%,

1/23/38

(144A)

‡

20,000,000

20,047,730

Cedar

Funding

XV

CLO

Ltd.

2022-15A

BR,

CME

Term

SOFR

3

Month

+

1.6500%,

5.3252%,

1/20/39

(144A)

‡

23,200,000

23,298,774

CFIP

CLO

Ltd.

2021-1A

A,

CME

Term

SOFR

3

Month

+

1.4816%,

5.1568%,

1/20/35

(144A)

‡

18,000,000

18,011,482

CIFC

Funding

2021-2A

A1R,

CME

Term

SOFR

3

Month

+

1.2000%,

4.8731%,

1/15/39

(144A)

‡

135,050,000

135,122,886

CIFC

Funding

2021-2A

A2R,

CME

Term

SOFR

3

Month

+

1.4300%,

5.1031%,

1/15/39

(144A)

‡

10,000,000

10,013,539

CIFC

Funding

Ltd.

2014-5A

A1R3,

CME

Term

SOFR

3

Month

+

1.3800%,

5.0604%,

7/17/37

(144A)

‡

138,200,000

138,371,852

CIFC

Funding

Ltd.

2014-5A

A2R3,

CME

Term

SOFR

3

Month

+

1.5800%,

5.2604%,

7/17/37

(144A)

‡

11,250,000

11,277,219

CIFC

Funding

Ltd.

2024-3A

A1,

CME

Term

SOFR

3

Month

+

1.4800%,

5.1521%,

7/21/37

(144A)

‡

10,000,000

10,011,421

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

10

April

30,

2026

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

CIFC

Funding

Ltd.

2021-4A

AR,

CME

Term

SOFR

3

Month

+

1.3600%,

5.0261%,

7/23/37

(144A)

‡

$

22,161,000

$

22,211,139

CIFC

Funding

Ltd.

2014-2RA

AR,

CME

Term

SOFR

3

Month

+

1.3600%,

5.0271%,

10/24/37

(144A)

‡

10,000,000

10,019,467

CIFC

Funding

Ltd.

2021-5A

A1R,

CME

Term

SOFR

3

Month

+

1.2600%,

4.9331%,

1/15/38

(144A)

‡

75,950,000

76,083,019

CIFC

Funding

Ltd.

2018-1A

A1R,

CME

Term

SOFR

3

Month

+

1.3200%,

4.9952%,

1/18/38

(144A)

‡

14,811,000

14,844,097

CIFC

Funding

Ltd.

2018-1A

A2R,

CME

Term

SOFR

3

Month

+

1.5600%,

5.2352%,

1/18/38

(144A)

‡

22,000,000

22,039,351

CIFC

Funding

Ltd.

2025-9A

A1,

CME

Term

SOFR

3

Month

+

1.1900%,

4.8609%,

1/21/38

(144A)

‡

67,715,000

67,739,113

CIFC

Funding

Ltd.

2014-3A

A1R,

CME

Term

SOFR

3

Month

+

1.1800%,

4.8531%,

3/31/38

(144A)

‡

120,359,276

120,337,190

CIFC

Funding

Ltd.

2019-4A

A1R2,

CME

Term

SOFR

3

Month

+

1.3000%,

4.9731%,

7/15/38

(144A)

‡

55,075,000

55,216,383

CIFC

Funding

Ltd.

2019-4A

AJR2,

CME

Term

SOFR

3

Month

+

1.5700%,

5.2431%,

7/15/38

(144A)

‡

15,000,000

15,032,520

CIFC

Funding

Ltd.

2025-3A

A1,

CME

Term

SOFR

3

Month

+

1.3500%,

5.0221%,

7/21/38

(144A)

‡

29,850,000

29,929,655

CIFC

Funding

Ltd.

2023-1A

A1R,

CME

Term

SOFR

3

Month

+

1.2400%,

4.9131%,

10/15/38

(144A)

‡

15,000,000

15,031,376

CIFC

Funding

Ltd.

2023-1A

A2R,

CME

Term

SOFR

3

Month

+

1.4500%,

5.1231%,

10/15/38

(144A)

‡

10,000,000

10,016,197

CIFC

Funding

Ltd.

2019-5A

A2R2,

CME

Term

SOFR

3

Month

+

1.5200%,

5.1931%,

10/15/38

(144A)

‡

15,000,000

15,014,907

CIFC

Funding

Ltd.

2018-3A

A1R,

CME

Term

SOFR

3

Month

+

1.2700%,

4.9452%,

10/18/38

(144A)

‡

20,172,000

20,212,602

CIFC

Funding

Ltd.

2018-3A

A2R,

CME

Term

SOFR

3

Month

+

1.5000%,

5.1752%,

10/18/38

(144A)

‡

8,000,000

8,020,030

CIFC

Funding

Ltd.

2019-7A

A2R,

CME

Term

SOFR

3

Month

+

1.5300%,

5.2052%,

10/19/38

(144A)

‡

12,000,000

12,014,381

CIFC

Funding

Ltd.

2020-3A

A1R2,

CME

Term

SOFR

3

Month

+

1.2100%,

4.8852%,

10/20/38

(144A)

‡

158,700,000

158,831,372

CIFC

Funding

Ltd.

2020-3A

A2R2,

CME

Term

SOFR

3

Month

+

1.4400%,

5.1152%,

10/20/38

(144A)

‡

10,000,000

10,004,176

CIFC

Funding

Ltd.

2025-7A

A1,

CME

Term

SOFR

3

Month

+

1.2000%,

4.8636%,

1/22/39

(144A)

‡

29,750,000

29,766,404

CIFC

Funding

Ltd.

2025-8A

A2,

CME

Term

SOFR

3

Month

+

1.4200%,

5.0913%,

1/24/39

(144A)

‡

10,000,000

10,000,723

Clover

CLO

LLC

2018-1A

A2R3,

CME

Term

SOFR

3

Month

+

1.5300%,

1.0000%,

4/20/37

(144A)

‡

30,000,000

30,084,000

Clover

CLO

LLC

2018-1A

A1R3,

CME

Term

SOFR

3

Month

+

1.3100%,

1.0000%,

4/20/37

(144A)

‡

109,750,000

109,739,025

CQS

US

CLO

5

Ltd.

2025-5A

A1,

CME

Term

SOFR

3

Month

+

1.2900%,

5.1008%,

1/17/39

(144A)

‡

12,000,000

12,028,499

CQS

US

CLO

5

Ltd.

2025-5A

A2,

CME

Term

SOFR

3

Month

+

1.5200%,

5.3308%,

1/17/39

(144A)

‡

22,800,000

22,815,089

CQS

US

CLO

Ltd.

2025-4A

A1,

CME

Term

SOFR

3

Month

+

1.4500%,

5.1252%,

7/20/36

(144A)

‡

57,175,000

57,258,104

Crown

City

CLO

I

2020-1A

A1RR,

CME

Term

SOFR

3

Month

+

1.3700%,

5.0452%,

7/20/38

(144A)

‡

38,000,000

38,094,947

Crown

City

CLO

IV

2022-4A

AJ,

CME

Term

SOFR

3

Month

+

1.8200%,

5.4952%,

4/20/37

(144A)

‡

19,000,000

19,046,873

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

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)

Crown

Point

CLO

11

Ltd.

2021-11A

A1R,

CME

Term

SOFR

3

Month

+

1.2600%,

4.9404%,

2/28/38

(144A)

‡

$

20,000,000

$

20,040,380

Crown

Point

CLO

8

Ltd.

2019-8A

AR,

CME

Term

SOFR

3

Month

+

1.4516%,

5.1268%,

10/20/34

(144A)

‡

10,000,000

10,003,856

CTM

CLO

Ltd.

2025-1A

A1,

CME

Term

SOFR

3

Month

+

1.5000%,

5.1731%,

7/15/38

(144A)

‡

13,100,000

13,133,689

CTM

CLO

Ltd.

2025-2A

A1,

CME

Term

SOFR

3

Month

+

1.3200%,

4.9952%,

10/20/38

(144A)

‡

11,875,000

11,903,946

Danby

Park

CLO

Ltd.

2022-1A

AR,

CME

Term

SOFR

3

Month

+

1.3600%,

5.0321%,

10/21/37

(144A)

‡

10,500,000

10,520,362

Diameter

Capital

CLO

1

Ltd.

2021-1A

A1R,

CME

Term

SOFR

3

Month

+

1.3900%,

5.0631%,

10/15/37

(144A)

‡

86,285,000

86,465,543

Diameter

Capital

CLO

9

Ltd.

2025-9A

A,

CME

Term

SOFR

3

Month

+

1.1700%,

4.8452%,

4/20/38

(144A)

‡

48,750,000

48,725,571

Eaton

Vance

CLO

Ltd.

2013-1A

AR4,

CME

Term

SOFR

3

Month

+

1.3400%,

5.0131%,

10/15/38

(144A)

‡

54,200,000

54,323,923

Elevation

CLO

Ltd.

2021-14A

A1R,

CME

Term

SOFR

3

Month

+

1.2800%,

4.9552%,

1/20/38

(144A)

‡

62,250,000

62,388,531

Elevation

CLO

Ltd.

2016-5A

A1RR,

CME

Term

SOFR

3

Month

+

1.3700%,

5.0366%,

1/25/38

(144A)

‡

18,250,000

18,281,107

Elevation

CLO

Ltd.

2025-18A

A1,

CME

Term

SOFR

3

Month

+

1.2400%,

4.9152%,

3/28/38

(144A)

‡

142,300,000

142,602,914

Elevation

CLO

Ltd.

2013-1A

A1R3,

CME

Term

SOFR

3

Month

+

1.4000%,

5.0666%,

7/25/38

(144A)

‡

19,000,000

19,027,903

Elmwood

CLO

16

Ltd.

2022-3A

ARR,

CME

Term

SOFR

3

Month

+

1.1100%,

4.7852%,

4/20/37

(144A)

‡

159,000,000

158,768,098

Elmwood

CLO

19

Ltd.

2022-6A

AR2,

CME

Term

SOFR

3

Month

+

1.2400%,

4.9204%,

10/17/38

(144A)

‡

49,240,000

49,340,105

Elmwood

CLO

23

Ltd.

2023-2A

BR,

CME

Term

SOFR

3

Month

+

1.7500%,

5.4295%,

4/16/36

(144A)

‡

10,500,000

10,537,666

Elmwood

CLO

24

Ltd.

2023-3A

AR,

CME

Term

SOFR

3

Month

+

1.3200%,

5.0004%,

1/17/38

(144A)

‡

44,692,000

44,791,784

Elmwood

CLO

25

Ltd.

2024-1A

A2,

CME

Term

SOFR

3

Month

+

1.7300%,

5.4104%,

4/17/37

(144A)

‡

10,000,000

10,024,455

Elmwood

CLO

28

Ltd.

2024-4A

AR,

CME

Term

SOFR

3

Month

+

1.2200%,

4.9004%,

4/17/37

(144A)

‡

150,000,000

150,179,190

Elmwood

CLO

30

Ltd.

2024-6A

A,

CME

Term

SOFR

3

Month

+

1.4300%,

5.1104%,

7/17/37

(144A)

‡

32,000,000

32,041,478

Elmwood

CLO

31

Ltd.

2024-7A

A1,

CME

Term

SOFR

3

Month

+

1.3500%,

5.0304%,

7/17/37

(144A)

‡

18,000,000

18,038,551

Elmwood

CLO

35

Ltd.

2024-11A

B,

CME

Term

SOFR

3

Month

+

1.6500%,

5.3252%,

10/18/37

(144A)

‡

14,000,000

14,065,197

Elmwood

CLO

II

Ltd.

2019-2A

A1RR,

CME

Term

SOFR

3

Month

+

1.3500%,

5.0252%,

10/20/37

(144A)

‡

65,315,000

65,440,451

Elmwood

CLO

III

Ltd.

2019-3A

A1RR,

CME

Term

SOFR

3

Month

+

1.3800%,

5.0552%,

7/18/37

(144A)

‡

38,000,000

38,047,397

Elmwood

CLO

IV

Ltd.

2020-1A

ARR,

CME

Term

SOFR

3

Month

+

1.2500%,

4.9252%,

4/18/37

(144A)

‡

123,000,000

123,265,372

Elmwood

CLO

VI

Ltd.

2020-3A

ARR,

CME

Term

SOFR

3

Month

+

1.3800%,

5.0552%,

7/18/37

(144A)

‡

24,815,000

24,845,969

Elmwood

CLO

VII

Ltd.

2020-4A

A1RR,

CME

Term

SOFR

3

Month

+

1.3600%,

5.0404%,

10/17/37

(144A)

‡

103,750,000

103,951,379

Elmwood

CLO

XII

Ltd.

2021-5A

AR,

CME

Term

SOFR

3

Month

+

1.3600%,

5.0331%,

10/15/37

(144A)

‡

29,600,000

29,656,465

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

12

April

30,

2026

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

Empower

CLO

Ltd.

2022-1A

A1R,

CME

Term

SOFR

3

Month

+

1.3900%,

5.0652%,

10/20/37

(144A)

‡

$

11,000,000

$

11,022,388

Fortress

Credit

BSL

XVIII

Ltd.

2023-1A

A1R,

CME

Term

SOFR

3

Month

+

1.5700%,

5.2361%,

4/23/36

(144A)

‡

168,000,000

168,320,863

Fortress

Credit

BSL

XVIII

Ltd.

2023-1A

BR,

CME

Term

SOFR

3

Month

+

1.8500%,

5.5161%,

4/23/36

(144A)

‡

7,500,000

7,503,751

Fortress

Credit

BSL

XXIII

Ltd.

2025-2A

A,

CME

Term

SOFR

3

Month

+

1.4000%,

5.0731%,

10/15/38

(144A)

‡

13,500,000

13,522,276

Fortress

Credit

BSL

XXIV

Ltd.

2025-1A

A,

CME

Term

SOFR

3

Month

+

1.2700%,

4.9452%,

4/20/38

(144A)

‡

47,500,000

47,609,644

Fortress

Credit

BSL

XXVI

Ltd.

2024-4A

A,

CME

Term

SOFR

3

Month

+

1.4000%,

5.0731%,

1/15/38

(144A)

‡

20,000,000

20,040,378

Galaxy

35

CLO

Ltd.

2025-35A

A,

CME

Term

SOFR

3

Month

+

1.1800%,

4.8552%,

4/20/38

(144A)

‡

171,500,000

171,507,066

Gallatin

CLO

XI

Ltd.

2024-1A

A1,

CME

Term

SOFR

3

Month

+

1.4800%,

5.1552%,

10/20/37

(144A)

‡

20,000,000

20,031,204

Garnet

CLO

2

Ltd.

2025-2A

A,

CME

Term

SOFR

3

Month

+

1.3500%,

5.0252%,

10/20/38

(144A)

‡

20,000,000

20,049,914

GoldenTree

Loan

Management

US

CLO

10

Ltd.

2021-10A

AJ,

CME

Term

SOFR

3

Month

+

1.5800%,

5.2552%,

10/20/37

(144A)

‡

18,900,000

18,946,883

GoldenTree

Loan

Management

US

CLO

16

Ltd.

2022-16A

ARR,

CME

Term

SOFR

3

Month

+

1.1200%,

4.7952%,

1/20/38

(144A)

‡

73,680,000

73,581,681

GoldenTree

Loan

Management

US

CLO

20

Ltd.

2024-20A

A,

CME

Term

SOFR

3

Month

+

1.4500%,

5.1252%,

7/20/37

(144A)

‡

10,000,000

10,014,524

GoldenTree

Loan

Management

US

CLO

22

Ltd.

2024-22A

AJ,

CME

Term

SOFR

3

Month

+

1.4500%,

5.1252%,

10/20/37

(144A)

‡

12,000,000

12,020,755

GoldenTree

Loan

Management

US

CLO

22

Ltd.

2024-22A

B,

CME

Term

SOFR

3

Month

+

1.6500%,

5.3252%,

10/20/37

(144A)

‡

10,000,000

10,041,172

GoldenTree

Loan

Management

US

CLO

24

Ltd.

2025-24A

AJ,

CME

Term

SOFR

3

Month

+

1.3500%,

5.0252%,

10/20/38

(144A)

‡

10,000,000

10,006,203

GoldenTree

Loan

Management

US

CLO

26

Ltd.

2025-26A

AJ,

CME

Term

SOFR

3

Month

+

1.5500%,

5.2252%,

7/20/38

(144A)

‡

10,500,000

10,512,045

GoldenTree

Loan

Management

US

CLO

27

Ltd.

2025-27A

A,

CME

Term

SOFR

3

Month

+

1.1900%,

4.8652%,

1/20/39

(144A)

‡

111,000,000

111,020,380

GoldenTree

Loan

Management

US

CLO

27

Ltd.

2025-27A

AJ,

CME

Term

SOFR

3

Month

+

1.4200%,

5.0952%,

1/20/39

(144A)

‡

10,000,000

10,002,512

GoldenTree

Loan

Management

US

CLO

9

Ltd.

2021-9A

AR2,

CME

Term

SOFR

3

Month

+

1.2300%,

4.9052%,

4/20/37

(144A)

‡

125,000,000

125,144,350

Golub

Capital

Partners

CLO

19B-R3

Ltd.

2017-19RA

A1R3,

CME

Term

SOFR

3

Month

+

1.1500%,

4.9310%,

10/20/36

(144A)

‡

50,000,000

49,943,300

Golub

Capital

Partners

CLO

41B-R

Ltd.

2019-41A

AR2,

CME

Term

SOFR

3

Month

+

1.3300%,

5.0052%,

7/20/38

(144A)

‡

15,420,000

15,456,202

Golub

Capital

Partners

CLO

43B

Ltd.

2019-43A

A1R,

CME

Term

SOFR

3

Month

+

1.3400%,

5.0152%,

10/20/37

(144A)

‡

33,175,000

33,253,442

Golub

Capital

Partners

CLO

58B-R

Ltd.

2021-58A

A2R,

CME

Term

SOFR

3

Month

+

1.5500%,

5.2166%,

10/25/37

(144A)

‡

12,000,000

12,014,279

Golub

Capital

Partners

CLO

81

B

Ltd.

2025-81A

A1,

CME

Term

SOFR

3

Month

+

1.3100%,

4.9852%,

7/20/38

(144A)

‡

28,000,000

28,066,923

Greenacre

Park

CLO

LLC

2021-2A

AR,

CME

Term

SOFR

3

Month

+

1.3700%,

5.0452%,

7/20/37

(144A)

‡

11,550,000

11,580,983

Greywolf

CLO

IV

Ltd.

2019-1A

A1R2,

CME

Term

SOFR

3

Month

+

1.2400%,

4.9204%,

4/17/34

(144A)

‡

12,000,000

12,008,398

Greywolf

CLO

IV

Ltd.

2019-1A

A2R2,

CME

Term

SOFR

3

Month

+

1.8000%,

5.4804%,

4/17/34

(144A)

‡

32,320,000

32,339,004

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

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)

Guggenheim

CLO

Ltd.

2022-2A

A2R,

CME

Term

SOFR

3

Month

+

1.4000%,

5.0731%,

1/15/35

(144A)

‡

$

10,000,000

$

10,009,810

HalseyPoint

CLO

3

Ltd.

2020-3A

A1R,

CME

Term

SOFR

3

Month

+

1.4800%,

5.1434%,

7/30/37

(144A)

‡

10,170,000

10,185,980

Halseypoint

CLO

6

Ltd.

2022-6A

A1R,

CME

Term

SOFR

3

Month

+

1.3500%,

5.0252%,

1/20/38

(144A)

‡

23,000,000

23,055,810

Halseypoint

CLO

7

Ltd.

2023-7A

A1R,

CME

Term

SOFR

3

Month

+

1.4500%,

5.1252%,

7/20/38

(144A)

‡

36,950,000

37,004,601

Halseypoint

CLO

II

Ltd.

2020-2A

AR,

CME

Term

SOFR

3

Month

+

1.5200%,

5.1952%,

7/20/37

(144A)

‡

15,000,000

15,017,929

Harmony-Peace

Park

CLO

Ltd.

2024-1A

A,

CME

Term

SOFR

3

Month

+

1.3500%,

5.0252%,

10/20/37

(144A)

‡

26,850,000

26,901,571

Harvest

US

CLO

Ltd.

2025-1A

A1,

CME

Term

SOFR

3

Month

+

1.1800%,

4.8552%,

4/18/38

(144A)

‡

25,000,000

25,007,015

Harvest

US

CLO

Ltd.

2025-2A

A1,

CME

Term

SOFR

3

Month

+

1.3300%,

5.0104%,

7/17/38

(144A)

‡

52,000,000

52,119,642

Hayfin

US

XII

Ltd.

2020-12A

A1R,

CME

Term

SOFR

3

Month

+

1.2300%,

4.9052%,

1/20/38

(144A)

‡

33,210,000

33,249,633

Hayfin

US

XIV

Ltd.

2021-14A

AJR,

CME

Term

SOFR

3

Month

+

1.5500%,

5.2252%,

3/20/38

(144A)

‡

13,525,000

13,561,626

Hayfin

US

XV

Ltd.

2024-15A

A2,

CME

Term

SOFR

3

Month

+

1.9200%,

5.5901%,

4/28/37

(144A)

‡

8,000,000

8,019,178

Honey

Hill

Park

CLO

Ltd.

2026-1A

A2,

CME

Term

SOFR

3

Month

+

1.3000%,

5.0195%,

4/24/39

(144A)

‡

14,000,000

13,985,958

HPS

Loan

Management

Ltd.

2023-17A

AR,

CME

Term

SOFR

3

Month

+

1.2700%,

4.9361%,

4/23/38

(144A)

‡

39,050,000

39,148,465

HPS

Loan

Management

Ltd.

2019-15A

A1R2,

CME

Term

SOFR

3

Month

+

1.2400%,

4.9036%,

10/22/38

(144A)

‡

80,000,000

80,163,584

HPS

Loan

Management

Ltd.

2026-27A

A2,

CME

Term

SOFR

3

Month

+

1.3600%,

5.0712%,

4/15/39

(144A)

‡

13,500,000

13,490,735

ICG

US

CLO

I

Ltd.

2023-1A

AR,

CME

Term

SOFR

3

Month

+

1.3800%,

5.0552%,

7/18/38

(144A)

‡

32,000,000

32,057,725

ICG

US

CLO

Ltd.

2024-1A

A2,

CME

Term

SOFR

3

Month

+

1.7500%,

5.4231%,

4/15/37

(144A)

‡

8,000,000

8,019,507

Invesco

US

CLO

Ltd.

2024-2A

A2,

CME

Term

SOFR

3

Month

+

1.7000%,

5.3731%,

7/15/37

(144A)

‡

15,000,000

15,036,157

Invesco

US

CLO

Ltd.

2024-4A

A1,

CME

Term

SOFR

3

Month

+

1.3300%,

5.0031%,

1/15/38

(144A)

‡

55,175,000

55,306,328

Invesco

US

CLO

Ltd.

2023-4A

A2R,

CME

Term

SOFR

3

Month

+

1.4500%,

5.1252%,

1/18/39

(144A)

‡

10,000,000

10,001,241

Invesco

US

CLO

Ltd.

2023-4A

BR,

CME

Term

SOFR

3

Month

+

1.5500%,

5.2252%,

1/18/39

(144A)

‡

10,750,000

10,794,694

Katayma

CLO

I

Ltd.

2023-1A

AR,

CME

Term

SOFR

3

Month

+

1.2700%,

4.9452%,

1/20/39

(144A)

‡

20,000,000

20,045,042

Katayma

CLO

II

Ltd.

2024-2A

A1,

CME

Term

SOFR

3

Month

+

1.6500%,

5.3252%,

4/20/37

(144A)

‡

98,500,000

98,671,242

Kennedy

Lewis

CLO

12

Ltd.

2023-12A

AR,

CME

Term

SOFR

3

Month

+

1.3300%,

5.0052%,

7/20/38

(144A)

‡

54,070,000

54,194,399

Kennedy

Lewis

CLO

13

Ltd.

2023-13A

A1R,

CME

Term

SOFR

3

Month

+

1.1400%,

4.8152%,

1/20/38

(144A)

‡

47,700,000

47,666,138

Kennedy

Lewis

CLO

13

Ltd.

2023-13A

A2R,

CME

Term

SOFR

3

Month

+

1.4000%,

5.0752%,

1/20/38

(144A)

‡

11,850,000

11,875,646

Kennedy

Lewis

CLO

14

Ltd.

2024-14A

AR,

CME

Term

SOFR

3

Month

+

1.3200%,

0.0000%,

4/22/37

(144A)

†,‡

125,000,000

125,000,625

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

14

April

30,

2026

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

Kennedy

Lewis

CLO

20

Ltd.

2024-20A

A,

CME

Term

SOFR

3

Month

+

1.3000%,

4.9666%,

1/25/38

(144A)

‡

$

24,925,000

$

24,984,389

Kennedy

Lewis

CLO

20

Ltd.

2024-20A

B,

CME

Term

SOFR

3

Month

+

1.7000%,

5.3666%,

1/25/38

(144A)

‡

11,700,000

11,741,854

Kennedy

Lewis

CLO

22

Ltd.

2025-22A

A,

CME

Term

SOFR

3

Month

+

1.3300%,

5.0052%,

7/20/38

(144A)

‡

112,250,000

112,512,519

Kennedy

Lewis

CLO

9

Ltd.

9A

AR,

CME

Term

SOFR

3

Month

+

1.3500%,

5.0252%,

1/20/38

(144A)

‡

132,750,000

133,074,640

Kings

Park

CLO

Ltd.

2021-1A

A1R,

CME

Term

SOFR

3

Month

+

1.2000%,

4.8721%,

1/21/39

(144A)

‡

115,000,000

115,059,512

KKR

CLO

27

Ltd.

27A

A2R2,

CME

Term

SOFR

3

Month

+

1.4300%,

5.1031%,

1/15/35

(144A)

‡

13,500,000

13,516,677

KKR

CLO

35

Ltd.

35A

AR,

CME

Term

SOFR

3

Month

+

1.2000%,

4.8752%,

1/20/38

(144A)

‡

249,004,000

249,126,161

KKR

CLO

37

Ltd.

37A

AR,

CME

Term

SOFR

3

Month

+

1.1700%,

4.8452%,

4/20/38

(144A)

‡

75,600,000

75,610,251

KKR

CLO

37

Ltd.

37A

BR,

CME

Term

SOFR

3

Month

+

1.6500%,

5.3252%,

4/20/38

(144A)

‡

8,000,000

8,029,738

KKR

CLO

38

Ltd.

38A

A2R,

CME

Term

SOFR

3

Month

+

1.5000%,

5.1788%,

1/15/38

(144A)

‡

7,000,000

7,009,440

KKR

CLO

44

Ltd.

44A

A2R,

CME

Term

SOFR

3

Month

+

1.5000%,

5.1752%,

1/20/39

(144A)

‡

5,000,000

5,002,498

KKR

CLO

44

Ltd.

44A

BR,

CME

Term

SOFR

3

Month

+

1.7000%,

5.3752%,

1/20/39

(144A)

‡

25,000,000

25,128,180

KKR

CLO

45a

Ltd.

2024-45A

A1R,

CME

Term

SOFR

3

Month

+

1.3200%,

4.9931%,

7/15/38

(144A)

‡

10,000,000

10,024,236

KKR

CLO

48

Ltd.

48A

AR,

CME

Term

SOFR

3

Month

+

1.2800%,

4.9476%,

10/20/38

(144A)

‡

66,600,000

66,739,600

KKR

CLO

52

Ltd.

2023-52A

A1R,

CME

Term

SOFR

3

Month

+

1.3200%,

4.9995%,

7/16/38

(144A)

‡

80,000,000

80,195,312

KKR

CLO

54

Ltd.

2024-54A

A,

CME

Term

SOFR

3

Month

+

1.3200%,

4.9931%,

1/15/38

(144A)

‡

93,000,000

93,226,855

KKR

CLO

56

Ltd.

2024-56A

A1,

CME

Term

SOFR

3

Month

+

1.4000%,

5.0731%,

10/15/37

(144A)

‡

28,000,000

28,058,204

KKR

CLO

58

Ltd.

2025-58A

A1,

CME

Term

SOFR

3

Month

+

1.2900%,

4.9631%,

10/15/38

(144A)

‡

107,830,000

108,070,881

KKR

CLO

61

Ltd.

2025-61A

A1,

CME

Term

SOFR

3

Month

+

1.4500%,

5.1231%,

7/15/37

(144A)

‡

56,000,000

56,078,977

KKR

Financial

CLO

Ltd.

2013-1A

A2R3,

CME

Term

SOFR

3

Month

+

1.5100%,

5.1831%,

10/15/38

(144A)

‡

6,000,000

6,002,102

LCM

40

Ltd.

40A

A1R,

CME

Term

SOFR

3

Month

+

1.3700%,

5.0431%,

1/15/38

(144A)

‡

73,150,000

73,289,665

LCM

41

Ltd.

41A

A1R,

CME

Term

SOFR

3

Month

+

1.2000%,

4.8731%,

4/15/36

(144A)

‡

25,000,000

25,011,540

LCM

42

Ltd.

42A

A1,

CME

Term

SOFR

3

Month

+

1.3800%,

5.0531%,

1/15/38

(144A)

‡

48,000,000

48,095,606

Madison

Park

Funding

LI

Ltd.

2021-51A

A1R,

CME

Term

SOFR

3

Month

+

1.2300%,

4.9052%,

10/19/38

(144A)

‡

66,750,000

66,857,067

Madison

Park

Funding

LV

Ltd.

2022-55A

A1R,

CME

Term

SOFR

3

Month

+

1.3600%,

5.0352%,

7/18/37

(144A)

‡

4,279,000

4,287,724

Madison

Park

Funding

LVII

Ltd.

2022-57A

A2R,

CME

Term

SOFR

3

Month

+

1.5000%,

5.1666%,

7/27/34

(144A)

‡

16,500,000

16,530,372

Madison

Park

Funding

LVII

Ltd.

2022-57A

BR,

CME

Term

SOFR

3

Month

+

1.7000%,

5.3666%,

7/27/34

(144A)

‡

10,500,000

10,530,311

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

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)

Madison

Park

Funding

LXI

Ltd.

2023-61A

AR,

CME

Term

SOFR

3

Month

+

1.2200%,

4.8952%,

1/20/39

(144A)

‡

$

115,000,000

$

115,118,370

Madison

Park

Funding

LXII

Ltd.

2022-62A

BR2,

CME

Term

SOFR

3

Month

+

1.7500%,

5.4295%,

7/16/38

(144A)

‡

17,000,000

17,081,041

Madison

Park

Funding

LXIX

Ltd.

2024-69A

A2,

CME

Term

SOFR

3

Month

+

1.7100%,

5.3766%,

7/25/37

(144A)

‡

10,000,000

10,024,087

Madison

Park

Funding

LXV

Ltd.

2025-65A

A1,

CME

Term

SOFR

3

Month

+

1.3000%,

4.9795%,

7/16/38

(144A)

‡

115,500,000

115,775,456

Madison

Park

Funding

LXXI

Ltd.

2025-71A

A1,

CME

Term

SOFR

3

Month

+

1.1400%,

4.8061%,

4/23/38

(144A)

‡

125,580,000

125,442,352

Madison

Park

Funding

LXXIII

Ltd.

2025-73A

A1,

CME

Term

SOFR

3

Month

+

1.3000%,

4.9804%,

10/17/38

(144A)

‡

50,000,000

50,121,335

Madison

Park

Funding

LXXIII

Ltd.

2025-73A

A2,

CME

Term

SOFR

3

Month

+

1.5500%,

5.2304%,

10/17/38

(144A)

‡

12,000,000

12,014,102

Madison

Park

Funding

XL-R

Ltd.

2025-40RA

A,

CME

Term

SOFR

3

Month

+

1.2900%,

4.9695%,

10/16/38

(144A)

‡

70,985,000

71,144,567

Madison

Park

Funding

XLV

Ltd.

2020-45A

BRR,

CME

Term

SOFR

3

Month

+

1.6500%,

5.3231%,

7/15/34

(144A)

‡

15,000,000

15,015,003

Madison

Park

Funding

XLVIII

Ltd.

2021-48A

AR,

CME

Term

SOFR

3

Month

+

1.2200%,

4.8952%,

1/19/39

(144A)

‡

20,000,000

20,019,926

Madison

Park

Funding

XVII

Ltd.

2015-17A

AR3,

CME

Term

SOFR

3

Month

+

1.3500%,

5.0221%,

10/21/37

(144A)

‡

30,000,000

30,072,822

Madison

Park

Funding

XXII

Ltd.

2016-22A

AR2,

CME

Term

SOFR

3

Month

+

1.3100%,

4.9831%,

1/15/38

(144A)

‡

23,000,000

23,055,136

Madison

Park

Funding

XXIX

Ltd.

2018-29A

A1R2,

CME

Term

SOFR

3

Month

+

1.1800%,

4.8552%,

3/25/38

(144A)

‡

87,340,000

87,339,362

Madison

Park

Funding

XXVIII

Ltd.

2018-28A

A2R,

CME

Term

SOFR

3

Month

+

1.5500%,

5.2231%,

1/15/38

(144A)

‡

15,575,000

15,605,096

Madison

Park

Funding

XXXII

Ltd.

2018-32A

A1R2,

CME

Term

SOFR

3

Month

+

1.3600%,

5.0236%,

7/22/37

(144A)

‡

53,370,000

53,481,767

Madison

Park

Funding

XXXII

Ltd.

2018-32A

A2R2,

CME

Term

SOFR

3

Month

+

1.5600%,

5.2236%,

7/22/37

(144A)

‡

24,000,000

24,059,462

Madison

Park

Funding

XXXV

Ltd.

2019-35A

A1R2,

CME

Term

SOFR

3

Month

+

1.2200%,

4.7992%,

2/13/39

(144A)

‡

10,000,000

10,004,997

Madison

Park

Funding

XXXVIII

Ltd.

2021-38A

A1R,

CME

Term

SOFR

3

Month

+

1.2400%,

4.9204%,

10/17/38

(144A)

‡

128,000,000

128,237,696

Magnetite

XL

Ltd.

2024-40A

A1,

CME

Term

SOFR

3

Month

+

1.4500%,

5.1231%,

7/15/37

(144A)

‡

12,000,000

12,018,815

Magnetite

Xli

Ltd.

2024-41A

A,

CME

Term

SOFR

3

Month

+

1.2900%,

4.9566%,

1/25/38

(144A)

‡

36,250,000

36,347,458

Magnetite

XXIII

Ltd.

2019-23A

BR2,

CME

Term

SOFR

3

Month

+

1.3500%,

5.0166%,

1/25/35

(144A)

‡

10,000,000

10,013,377

Magnetite

XXVI

Ltd.

2020-26A

AR2,

CME

Term

SOFR

3

Month

+

1.1500%,

4.8166%,

1/25/38

(144A)

‡

51,815,000

51,778,160

Magnetite

XXVII

Ltd.

2020-27A

ARR,

CME

Term

SOFR

3

Month

+

1.2300%,

4.9052%,

10/20/38

(144A)

‡

55,750,000

55,848,789

Magnetite

XXXII

Ltd.

2022-32A

AR,

CME

Term

SOFR

3

Month

+

1.1500%,

4.8231%,

10/15/37

(144A)

‡

175,000,000

174,823,723

Magnetite

XXXII

Ltd.

2022-32A

AJR,

CME

Term

SOFR

3

Month

+

1.3800%,

5.0531%,

10/15/37

(144A)

‡

10,000,000

10,018,920

Magnetite

XXXV

Ltd.

2022-35A

A1RR,

CME

Term

SOFR

3

Month

+

1.2000%,

4.8666%,

1/25/39

(144A)

‡

125,000,000

125,066,037

Magnetite

XXXVII

Ltd.

2023-37A

A1R,

CME

Term

SOFR

3

Month

+

1.2000%,

4.8666%,

10/25/38

(144A)

‡

10,850,000

10,856,100

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

16

April

30,

2026

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

Man

US

CLO

Ltd.

2024-1A

A,

CME

Term

SOFR

3

Month

+

1.5500%,

5.2252%,

7/20/37

(144A)

‡

$

25,000,000

$

25,046,598

Marble

Point

CLO

XIX

Ltd.

2020-3A

AR2,

CME

Term

SOFR

3

Month

+

1.3000%,

4.9752%,

10/19/38

(144A)

‡

30,500,000

30,563,586

Marble

Point

CLO

XVII

Ltd.

2020-1A

AR,

CME

Term

SOFR

3

Month

+

1.4400%,

5.1152%,

7/20/37

(144A)

‡

27,200,000

27,232,792

Marble

Point

CLO

XXI

Ltd.

2021-3A

A2R,

CME

Term

SOFR

3

Month

+

1.4000%,

5.0804%,

10/17/34

(144A)

‡

10,000,000

9,998,388

Meacham

Park

CLO

Ltd.

2024-1A

A2,

CME

Term

SOFR

3

Month

+

1.5300%,

5.2052%,

10/20/37

(144A)

‡

10,000,000

10,023,621

Menlo

CLO

III

Ltd.

2025-3A

A,

CME

Term

SOFR

3

Month

+

1.3000%,

4.9795%,

10/16/38

(144A)

‡

35,000,000

35,084,574

MidOcean

Credit

CLO

XI

Ltd.

2022-11A

A1R2,

CME

Term

SOFR

3

Month

+

1.2100%,

4.8852%,

1/18/36

(144A)

‡

49,500,000

49,499,124

MidOcean

Credit

CLO

XXI

2025-21A

A1,

CME

Term

SOFR

3

Month

+

1.2600%,

4.9352%,

10/20/38

(144A)

‡

29,750,000

29,813,689

Morgan

Stanley

Eaton

Vance

CLO

Ltd.

2023-20A

A2R,

CME

Term

SOFR

3

Month

+

1.5500%,

5.2252%,

1/20/37

(144A)

‡

11,000,000

10,999,815

Morgan

Stanley

Eaton

Vance

CLO

Ltd.

2021-1A

A1R,

CME

Term

SOFR

3

Month

+

1.2900%,

4.9561%,

10/23/37

(144A)

‡

47,800,000

47,896,733

Mountain

View

CLO

XIV

Ltd.

2019-1A

A2R,

CME

Term

SOFR

3

Month

+

1.3950%,

5.2202%,

10/15/34

(144A)

‡

16,000,000

16,025,085

Mountain

View

CLO

XVI

Ltd.

2022-1A

A1RR,

CME

Term

SOFR

3

Month

+

1.3300%,

5.0031%,

3/15/38

(144A)

‡

30,000,000

30,070,716

Navesink

CLO

3

Ltd.

2025-3A

A1,

CME

Term

SOFR

3

Month

+

1.4800%,

5.1531%,

7/15/37

(144A)

‡

130,000,000

130,182,078

Navesink

CLO

4

Ltd.

2025-4A

A1,

CME

Term

SOFR

3

Month

+

1.2800%,

4.9531%,

10/15/37

(144A)

‡

50,250,000

50,348,173

Neuberger

Berman

CLO

XXI

Ltd.

2016-21A

A1R3,

CME

Term

SOFR

3

Month

+

1.3200%,

4.9952%,

1/20/39

(144A)

‡

16,170,000

16,205,778

Neuberger

Berman

CLO

XXII

Ltd.

2016-22A

A2R3,

CME

Term

SOFR

3

Month

+

1.5000%,

5.1804%,

4/17/40

(144A)

‡

12,000,000

12,017,753

Neuberger

Berman

Loan

Advisers

CLO

24

Ltd.

2017-24A

AR2,

CME

Term

SOFR

3

Month

+

1.3600%,

5.0352%,

10/19/38

(144A)

‡

30,000,000

30,058,212

Neuberger

Berman

Loan

Advisers

CLO

26

Ltd.

2017-26A

AR2,

CME

Term

SOFR

3

Month

+

1.3600%,

5.0352%,

10/18/38

(144A)

‡

3,000,000

3,005,818

Neuberger

Berman

Loan

Advisers

CLO

28

Ltd.

2018-28A

A2R,

CME

Term

SOFR

3

Month

+

1.5500%,

5.2252%,

10/20/38

(144A)

‡

10,000,000

10,022,003

Neuberger

Berman

Loan

Advisers

CLO

31

Ltd.

2019-31A

AR2,

CME

Term

SOFR

3

Month

+

1.2300%,

4.9052%,

1/20/39

(144A)

‡

45,000,000

45,060,354

Neuberger

Berman

Loan

Advisers

CLO

33

Ltd.

2019-33A

AR2,

CME

Term

SOFR

3

Month

+

1.2200%,

4.8995%,

4/16/39

(144A)

‡

83,525,000

83,629,264

Neuberger

Berman

Loan

Advisers

CLO

34

Ltd.

2019-34A

A1R2,

CME

Term

SOFR

3

Month

+

1.3000%,

4.9752%,

7/20/39

(144A)

‡

72,875,000

73,062,937

Neuberger

Berman

Loan

Advisers

CLO

36R

Ltd.

2020-36RA

A,

CME

Term

SOFR

3

Month

+

1.2700%,

4.9452%,

7/20/39

(144A)

‡

67,000,000

67,147,186

Neuberger

Berman

Loan

Advisers

CLO

40

Ltd.

2021-40A

AR,

CME

Term

SOFR

3

Month

+

1.2300%,

4.9095%,

10/16/37

(144A)

‡

140,940,000

141,135,498

Neuberger

Berman

Loan

Advisers

CLO

44

Ltd.

2021-44A

BR,

CME

Term

SOFR

3

Month

+

1.5000%,

5.1795%,

10/16/35

(144A)

‡

17,995,000

18,028,609

Neuberger

Berman

Loan

Advisers

CLO

50

Ltd.

2022-50A

BR2,

CME

Term

SOFR

3

Month

+

1.3500%,

5.0161%,

7/23/36

(144A)

‡

15,750,000

15,759,891

Neuberger

Berman

Loan

Advisers

CLO

51

Ltd.

2022-51A

BR2,

CME

Term

SOFR

3

Month

+

1.4000%,

5.0661%,

10/23/36

(144A)

‡

40,375,000

40,402,378

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

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)

Neuberger

Berman

Loan

Advisers

CLO

60

Ltd.

2025-60A

A1,

CME

Term

SOFR

3

Month

+

1.3500%,

5.0136%,

4/22/37

(144A)

‡

$

24,060,000

$

24,122,469

Neuberger

Berman

Loan

Advisers

CLO

60

Ltd.

2025-60A

B,

CME

Term

SOFR

3

Month

+

1.8000%,

5.4636%,

4/22/39

(144A)

‡

35,000,000

35,166,145

Neuberger

Berman

Loan

Advisers

CLO

61

Ltd.

2025-61A

A2,

CME

Term

SOFR

3

Month

+

1.5800%,

5.2604%,

7/17/39

(144A)

‡

11,000,000

11,014,354

Neuberger

Berman

Loan

Advisers

LaSalle

Street

Lending

CLO

II

Ltd.

2024-2A

A1R,

CME

Term

SOFR

3

Month

+

1.3400%,

5.0152%,

4/20/38

(144A)

‡

150,000,000

150,360,495

Neuberger

Berman

Loan

Advisers

LaSalle

Street

Lending

CLO

II

Ltd.

2024-2A

A2R,

CME

Term

SOFR

3

Month

+

1.6000%,

5.2752%,

4/20/38

(144A)

‡

10,000,000

10,024,870

Neuberger

Berman

Loan

Advisers

NBLA

CLO

53

Ltd.

2023-53A

A2R,

CME

Term

SOFR

3

Month

+

1.5400%,

5.2071%,

10/24/37

(144A)

‡

33,000,000

33,069,726

New

Mountain

CLO

2

Ltd.

CLO-2A

A1R,

CME

Term

SOFR

3

Month

+

1.3600%,

5.0331%,

1/15/38

(144A)

‡

105,420,000

105,687,303

New

Mountain

CLO

3

Ltd.

CLO-3A

A1R,

CME

Term

SOFR

3

Month

+

1.3300%,

5.0052%,

10/20/38

(144A)

‡

33,900,000

33,980,028

New

Mountain

CLO

5

Ltd.

CLO-5A

AR,

CME

Term

SOFR

3

Month

+

1.2500%,

4.9252%,

7/20/36

(144A)

‡

96,930,000

97,067,175

New

Mountain

CLO

6

Ltd.

CLO-6A

A,

CME

Term

SOFR

3

Month

+

1.4000%,

5.0752%,

10/15/37

(144A)

‡

62,500,000

62,632,688

New

Mountain

CLO

8

Ltd.

CLO-8A

A1,

CME

Term

SOFR

3

Month

+

1.2700%,

4.9452%,

10/20/38

(144A)

‡

30,000,000

30,059,385

NGC

CLO

2

Ltd.

2025-2A

A1,

CME

Term

SOFR

3

Month

+

1.2300%,

4.9052%,

4/20/38

(144A)

‡

15,000,000

15,017,240

NYACK

Park

CLO

Ltd.

2021-1A

A1R,

CME

Term

SOFR

3

Month

+

1.2300%,

4.9052%,

10/20/38

(144A)

‡

12,020,000

12,041,143

NYACK

Park

CLO

Ltd.

2021-1A

A2R,

CME

Term

SOFR

3

Month

+

1.4500%,

5.1252%,

10/20/38

(144A)

‡

9,000,000

9,014,506

Oaktree

CLO

Ltd.

2020-1A

ARR,

CME

Term

SOFR

3

Month

+

1.1900%,

4.8631%,

1/15/38

(144A)

‡

56,100,000

56,107,921

Oaktree

CLO

Ltd.

2021-1A

A1R,

CME

Term

SOFR

3

Month

+

1.3500%,

5.0231%,

1/15/38

(144A)

‡

87,750,000

87,950,219

Oaktree

CLO

Ltd.

2019-3A

A2R2,

CME

Term

SOFR

3

Month

+

1.5800%,

5.2552%,

1/20/38

(144A)

‡

20,200,000

20,250,197

Obra

CLO

2

Ltd.

2025-2A

A1,

CME

Term

SOFR

3

Month

+

1.5400%,

5.2152%,

7/20/38

(144A)

‡

38,465,000

38,569,317

Ocean

Trails

CLO

8

2020-8A

A2R2,

CME

Term

SOFR

3

Month

+

1.5700%,

5.2431%,

3/15/38

(144A)

‡

22,200,000

22,242,375

Ocean

Trails

CLO

XIV

Ltd.

2023-14A

AR,

CME

Term

SOFR

3

Month

+

1.3400%,

5.0152%,

1/20/38

(144A)

‡

144,000,000

144,308,246

OCP

CLO

Ltd.

2023-26A

AR,

CME

Term

SOFR

3

Month

+

1.0800%,

4.7604%,

4/17/37

(144A)

‡

25,500,000

25,496,637

OCP

CLO

Ltd.

2017-14A

A1R,

CME

Term

SOFR

3

Month

+

1.3700%,

5.0452%,

7/20/37

(144A)

‡

132,000,000

132,284,935

OCP

CLO

Ltd.

2020-18A

A1R2,

CME

Term

SOFR

3

Month

+

1.3700%,

5.0452%,

7/20/37

(144A)

‡

20,200,000

20,244,143

OCP

CLO

Ltd.

2019-17A

AR2,

CME

Term

SOFR

3

Month

+

1.4000%,

5.0752%,

7/20/37

(144A)

‡

10,500,000

10,521,810

OCP

CLO

Ltd.

2024-38A

A,

CME

Term

SOFR

3

Month

+

1.3300%,

5.0021%,

1/21/38

(144A)

‡

11,690,000

11,716,216

OCP

CLO

Ltd.

2026-49A

A,

CME

Term

SOFR

3

Month

+

1.1500%,

4.8291%,

4/16/38

(144A)

‡

3,150,000

3,147,927

OCP

CLO

Ltd.

2025-45A

A,

CME

Term

SOFR

3

Month

+

1.2300%,

4.9031%,

10/15/38

(144A)

‡

15,000,000

15,022,624

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

18

April

30,

2026

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

Octagon

52

Ltd.

2021-1A

A2R,

CME

Term

SOFR

3

Month

+

1.6000%,

5.2661%,

7/23/37

(144A)

‡

$

10,000,000

$

10,024,769

Octagon

55

Ltd.

2021-1A

A1R,

CME

Term

SOFR

3

Month

+

1.2600%,

4.9352%,

3/20/38

(144A)

‡

13,250,000

13,281,107

Octagon

60

Ltd.

2022-1A

A2R,

CME

Term

SOFR

3

Month

+

1.5800%,

5.2552%,

10/20/37

(144A)

‡

15,000,000

15,035,520

Octagon

65

Ltd.

2024-4A

A2,

CME

Term

SOFR

3

Month

+

1.5800%,

5.2461%,

10/23/37

(144A)

‡

18,750,000

18,794,342

Octagon

66

Ltd.

2022-1A

BR2,

CME

Term

SOFR

3

Month

+

1.6000%,

5.3523%,

2/16/37

(144A)

‡

10,000,000

10,036,018

Octagon

67

Ltd.

2023-1A

AR,

CME

Term

SOFR

3

Month

+

1.4500%,

5.1166%,

7/25/38

(144A)

‡

30,000,000

30,047,808

Octagon

68

Ltd.

2023-1A

A2R,

CME

Term

SOFR

3

Month

+

1.5000%,

5.1752%,

10/20/38

(144A)

‡

15,500,000

15,509,260

Octagon

69

Ltd.

2024-3A

A2,

CME

Term

SOFR

3

Month

+

1.6600%,

5.3271%,

7/24/37

(144A)

‡

10,000,000

10,024,541

Octagon

70

Alto

Ltd.

2023-1A

A1R,

CME

Term

SOFR

3

Month

+

1.1400%,

4.8152%,

10/20/36

(144A)

‡

40,000,000

39,976,964

Octagon

71

Ltd.

2024-1A

A2R,

CME

Term

SOFR

3

Month

+

1.5000%,

5.3752%,

4/18/37

(144A)

‡

15,000,000

15,026,857

Octagon

74

Ltd.

2025-2A

A1,

CME

Term

SOFR

3

Month

+

1.1300%,

4.7936%,

4/22/38

(144A)

‡

31,000,000

30,968,997

Octagon

Investment

Partners

20-R

Ltd.

2019-4A

A1RR,

CME

Term

SOFR

3

Month

+

1.4000%,

5.0393%,

8/12/37

(144A)

‡

30,000,000

30,043,146

Octagon

Investment

Partners

29

Ltd.

2016-1A

A1R2,

CME

Term

SOFR

3

Month

+

1.4200%,

5.0952%,

7/18/37

(144A)

‡

68,200,000

68,284,732

Octagon

Investment

Partners

29

Ltd.

2016-1A

A2R2,

CME

Term

SOFR

3

Month

+

1.6200%,

5.2952%,

7/18/37

(144A)

‡

10,000,000

10,024,439

Octagon

Investment

Partners

32

Ltd.

2017-1A

A1R3,

CME

Term

SOFR

3

Month

+

1.3800%,

5.0531%,

10/31/37

(144A)

‡

87,000,000

87,185,136

Octagon

Investment

Partners

42

Ltd.

2019-3A

A1RR,

CME

Term

SOFR

3

Month

+

1.3600%,

5.0331%,

7/15/37

(144A)

‡

99,000,000

99,144,283

Octagon

Investment

Partners

42

Ltd.

2019-3A

BRR,

CME

Term

SOFR

3

Month

+

1.8000%,

5.4731%,

7/15/37

(144A)

‡

8,500,000

8,537,544

Octagon

Investment

Partners

48

Ltd.

2020-3A

A1R2,

CME

Term

SOFR

3

Month

+

1.3600%,

5.0331%,

1/15/38

(144A)

‡

28,665,000

28,719,681

Octagon

Investment

Partners

49

Ltd.

2020-5A

ARR,

CME

Term

SOFR

3

Month

+

1.1200%,

4.7931%,

4/15/37

(144A)

‡

94,200,000

94,120,712

OFSI

BSL

XV

CLO

Ltd.

2025-15A

A1,

CME

Term

SOFR

3

Month

+

1.2400%,

4.9152%,

3/31/38

(144A)

‡

168,450,000

168,800,679

OHA

Credit

Funding

10-R

Ltd.

2021-10RA

A1,

CME

Term

SOFR

3

Month

+

1.2600%,

4.9352%,

7/18/37

(144A)

‡

10,045,000

10,040,179

OHA

Credit

Funding

15-R

Ltd.

2023-15RA

A,

CME

Term

SOFR

3

Month

+

1.2900%,

4.9652%,

7/20/38

(144A)

‡

23,850,000

23,915,382

OHA

Credit

Funding

16-R

Ltd.

2023-16RA

A1,

CME

Term

SOFR

3

Month

+

1.2000%,

4.8752%,

10/20/38

(144A)

‡

21,500,000

21,512,094

OHA

Credit

Funding

2

Ltd.

2019-2A

AR2,

CME

Term

SOFR

3

Month

+

1.2400%,

4.9121%,

1/21/38

(144A)

‡

20,610,000

20,641,300

OHA

Credit

Funding

21

Ltd.

2025-21A

A1,

CME

Term

SOFR

3

Month

+

1.2500%,

4.9252%,

10/20/38

(144A)

‡

10,000,000

10,024,317

OHA

Credit

Funding

24

Ltd.

2025-24A

A2,

CME

Term

SOFR

3

Month

+

1.4200%,

5.0931%,

1/20/39

(144A)

‡

16,000,000

15,998,619

OHA

Credit

Funding

5

Ltd.

2020-5A

AR,

CME

Term

SOFR

3

Month

+

1.3500%,

5.0252%,

10/18/37

(144A)

‡

49,750,000

49,847,396

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

Janus

Detroit

Street

Trust

19

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

OHA

Credit

Funding

7

Ltd.

2020-7A

A1R2,

CME

Term

SOFR

3

Month

+

1.2800%,

4.9552%,

7/19/38

(144A)

‡

$

10,000,000

$

10,016,590

OHA

Credit

Partners

XIV

Ltd.

2017-14A

A2R,

CME

Term

SOFR

3

Month

+

1.5700%,

5.2421%,

7/21/37

(144A)

‡

20,000,000

20,048,802

OHA

Credit

Partners

XVII

Ltd.

2024-17A

A,

CME

Term

SOFR

3

Month

+

1.3200%,

4.9952%,

1/18/38

(144A)

‡

15,056,000

15,089,283

Orion

CLO

Ltd.

2024-3A

A,

CME

Term

SOFR

3

Month

+

1.5600%,

5.2266%,

7/25/37

(144A)

‡

10,000,000

10,019,238

Orion

CLO

Ltd.

2023-1A

A1R,

CME

Term

SOFR

3

Month

+

1.2200%,

4.8866%,

10/25/38

(144A)

‡

158,950,000

159,184,435

Palmer

Square

CLO

Ltd.

2024-1A

AR,

CME

Term

SOFR

3

Month

+

1.2400%,

4.9131%,

4/15/37

(144A)

‡

152,000,000

152,227,422

Palmer

Square

CLO

Ltd.

2024-2A

A1,

CME

Term

SOFR

3

Month

+

1.4000%,

5.0752%,

7/20/37

(144A)

‡

17,000,000

17,023,572

Palmer

Square

CLO

Ltd.

2022-3A

A2R,

CME

Term

SOFR

3

Month

+

1.5500%,

5.2252%,

7/20/37

(144A)

‡

15,400,000

15,437,824

Palmer

Square

CLO

Ltd.

2022-3A

B1R,

CME

Term

SOFR

3

Month

+

1.6000%,

5.2752%,

7/20/37

(144A)

‡

9,000,000

9,029,945

Palmer

Square

CLO

Ltd.

2023-1A

AR,

CME

Term

SOFR

3

Month

+

1.2500%,

4.9252%,

1/20/38

(144A)

‡

28,350,000

28,396,466

Palmer

Square

CLO

Ltd.

2019-1A

A1R2,

CME

Term

SOFR

3

Month

+

1.2500%,

4.9025%,

8/14/38

(144A)

‡

51,250,000

51,352,510

Palmer

Square

CLO

Ltd.

2022-1A

A1R,

CME

Term

SOFR

3

Month

+

1.2500%,

4.9252%,

10/20/38

(144A)

‡

27,540,000

27,600,340

Palmer

Square

CLO

Ltd.

2023-3A

BR,

CME

Term

SOFR

3

Month

+

1.5500%,

5.2252%,

1/20/39

(144A)

‡

22,500,000

22,597,601

Parallel

Ltd.

2023-1A

A1R,

CME

Term

SOFR

3

Month

+

1.3900%,

5.0652%,

7/20/36

(144A)

‡

44,390,000

44,466,990

Park

Blue

CLO

2024-VI

Ltd.

2024-6A

A1,

CME

Term

SOFR

3

Month

+

1.3400%,

5.0066%,

1/25/38

(144A)

‡

75,695,000

75,893,578

Park

Blue

CLO

2025-VII

Ltd.

2025-7A

A1,

CME

Term

SOFR

3

Month

+

1.2200%,

4.8866%,

4/25/38

(144A)

‡

29,750,000

29,779,830

Park

Blue

CLO

2025-X

Ltd.

2025-10A

A1,

CME

Term

SOFR

3

Month

+

1.2800%,

4.9521%,

1/20/39

(144A)

‡

10,000,000

10,023,587

Park

Blue

CLO

Ltd.

2023-3A

A1R,

CME

Term

SOFR

3

Month

+

1.4800%,

5.1552%,

4/20/37

(144A)

‡

17,350,000

17,396,205

Peace

Park

CLO

Ltd.

2021-1A

AR,

CME

Term

SOFR

3

Month

+

1.2500%,

4.9252%,

10/20/38

(144A)

‡

50,150,000

50,260,280

Pikes

Peak

CLO

12

Ltd.

2023-12A

AR,

CME

Term

SOFR

3

Month

+

1.2200%,

4.8952%,

4/20/38

(144A)

‡

41,700,000

41,742,067

Pikes

Peak

CLO

14

Ltd.

2023-14A

A2R,

CME

Term

SOFR

3

Month

+

1.7000%,

5.3752%,

7/20/38

(144A)

‡

8,800,000

8,817,256

Pikes

Peak

CLO

18

2025-18A

A1,

CME

Term

SOFR

3

Month

+

1.2200%,

4.8952%,

4/20/38

(144A)

‡

17,250,000

17,267,562

Pikes

Peak

CLO

8

2021-8A

A1R,

CME

Term

SOFR

3

Month

+

1.3300%,

5.0052%,

1/20/38

(144A)

‡

18,400,000

18,441,245

Pixley

Park

CLO

Ltd.

2024-1A

A2,

CME

Term

SOFR

3

Month

+

1.5200%,

5.1931%,

1/15/37

(144A)

‡

27,000,000

27,046,734

Polen

Capital

CLO

Ltd.

2025-2A

A1,

CME

Term

SOFR

3

Month

+

1.3300%,

5.0397%,

1/20/39

(144A)

‡

20,000,000

20,046,670

Polen

Capital

CLO

Ltd.

2025-2A

A2,

CME

Term

SOFR

3

Month

+

1.6000%,

5.3097%,

1/20/39

(144A)

‡

12,000,000

12,008,200

Polus

Eu

CLO

XXI

DAC

21A

B,

EURIBOR

3

Month

+

2.0000%,

0.0000%,

4/25/39

(144A)

†,‡

EUR

12,990,000

15,276,014

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

20

April

30,

2026

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

Post

CLO

Ltd.

2023-1A

A1R,

CME

Term

SOFR

3

Month

+

1.3000%,

4.9752%,

10/20/38

(144A)

‡

$

10,000,000

$

10,023,887

PPM

CLO

4

Ltd.

2020-4A

A1R2,

CME

Term

SOFR

3

Month

+

1.3300%,

5.0052%,

3/18/38

(144A)

‡

13,500,000

13,532,382

Rad

CLO

12

Ltd.

2021-12A

A1AR,

CME

Term

SOFR

3

Month

+

1.3200%,

4.9834%,

7/30/40

(144A)

‡

32,770,000

32,855,487

Rad

CLO

15

Ltd.

2021-15A

A1AR,

CME

Term

SOFR

3

Month

+

1.3600%,

5.0352%,

7/20/40

(144A)

‡

50,975,000

51,113,433

Rad

CLO

18

Ltd.

2023-18A

A1R,

CME

Term

SOFR

3

Month

+

1.4000%,

5.0731%,

7/15/37

(144A)

‡

125,000,000

125,167,763

Rad

CLO

18

Ltd.

2023-18A

A2R,

CME

Term

SOFR

3

Month

+

1.7000%,

5.3731%,

7/15/37

(144A)

‡

20,000,000

20,048,370

RAD

CLO

21

Ltd.

2023-21A

A1R,

CME

Term

SOFR

3

Month

+

1.0700%,

4.7366%,

1/25/37

(144A)

‡

65,540,000

65,529,566

Rad

CLO

22

Ltd.

2023-22A

A1AR,

CME

Term

SOFR

3

Month

+

1.2500%,

4.9252%,

10/20/40

(144A)

‡

39,410,000

39,496,536

RAD

CLO

26

Ltd.

2024-26A

A,

CME

Term

SOFR

3

Month

+

1.3700%,

5.0452%,

10/20/37

(144A)

‡

49,250,000

49,342,654

RAD

CLO

28

Ltd.

2024-28A

A,

CME

Term

SOFR

3

Month

+

1.2900%,

4.9652%,

4/20/38

(144A)

‡

10,000,000

10,024,976

Regatta

31

Funding

Ltd.

2025-1A

A2,

CME

Term

SOFR

3

Month

+

1.6000%,

5.2666%,

3/25/38

(144A)

‡

11,710,000

11,759,618

Regatta

32

Funding

Ltd.

2025-4A

A1,

CME

Term

SOFR

3

Month

+

1.3400%,

5.0066%,

7/25/38

(144A)

‡

76,940,000

77,138,374

Regatta

35

Funding

Ltd.

2025-5A

A1,

CME

Term

SOFR

3

Month

+

1.2900%,

4.9631%,

10/15/38

(144A)

‡

18,500,000

18,546,898

Regatta

VI

Funding

Ltd.

2016-1A

A1R3,

CME

Term

SOFR

3

Month

+

1.2500%,

4.9252%,

10/20/38

(144A)

‡

72,715,000

72,874,813

Regatta

VIII

Funding

Ltd.

2017-1A

A1R2,

CME

Term

SOFR

3

Month

+

1.2800%,

0.0000%,

4/17/37

(144A)

†,‡

84,750,000

85,004,250

Regatta

XI

Funding

Ltd.

2018-1A

AR,

CME

Term

SOFR

3

Month

+

1.4000%,

5.0804%,

7/17/37

(144A)

‡

70,000,000

70,096,243

Regatta

XIX

Funding

Ltd.

2022-1A

A1R,

CME

Term

SOFR

3

Month

+

1.2400%,

4.9152%,

10/20/38

(144A)

‡

175,000,000

175,358,907

Regatta

XVII

Funding

Ltd.

2020-1A

AR,

CME

Term

SOFR

3

Month

+

1.3800%,

5.0531%,

10/15/37

(144A)

‡

22,350,000

22,395,587

Regatta

XVIII

Funding

Ltd.

2021-1A

A1R,

CME

Term

SOFR

3

Month

+

1.1600%,

4.8331%,

4/15/38

(144A)

‡

160,696,724

160,622,498

Regatta

XX

Funding

Ltd.

2021-2A

AR,

CME

Term

SOFR

3

Month

+

1.1800%,

4.8531%,

1/15/38

(144A)

‡

14,799,000

14,796,070

Regatta

XXII

Funding

Ltd.

2022-2A

A1R2,

CME

Term

SOFR

3

Month

+

1.2600%,

4.9331%,

1/15/39

(144A)

‡

60,000,000

60,143,880

Regatta

XXII

Funding

Ltd.

2022-2A

A2R2,

CME

Term

SOFR

3

Month

+

1.4900%,

5.1631%,

1/15/39

(144A)

‡

10,000,000

10,024,412

Regatta

XXIII

Funding

Ltd.

2021-4A

A1R,

CME

Term

SOFR

3

Month

+

1.2200%,

4.8931%,

10/15/38

(144A)

‡

128,715,000

128,922,772

Regatta

XXIII

Funding

Ltd.

2021-4A

A2R,

CME

Term

SOFR

3

Month

+

1.4500%,

5.1231%,

10/15/38

(144A)

‡

10,000,000

10,004,734

Regatta

XXIV

Funding

Ltd.

2021-5A

AR,

CME

Term

SOFR

3

Month

+

1.3200%,

4.9952%,

1/20/38

(144A)

‡

49,655,000

49,765,562

Regatta

XXV

Funding

Ltd.

2023-1A

A1R,

CME

Term

SOFR

3

Month

+

1.3400%,

5.0131%,

7/15/38

(144A)

‡

33,240,000

33,324,024

Regatta

XXVI

Funding

Ltd.

2023-2A

A1R,

CME

Term

SOFR

3

Month

+

1.2500%,

4.9166%,

1/25/39

(144A)

‡

125,000,000

125,277,700

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

Janus

Detroit

Street

Trust

21

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

Rockford

Tower

CLO

Ltd.

2021-3A

A2R,

CME

Term

SOFR

3

Month

+

1.6500%,

5.3231%,

1/15/38

(144A)

‡

$

14,000,000

$

14,032,175

Rockland

Park

CLO

Ltd.

2021-1A

A1R,

CME

Term

SOFR

3

Month

+

1.3000%,

4.9752%,

7/20/38

(144A)

‡

38,400,000

38,498,565

Rockland

Park

CLO

Ltd.

2021-1A

A2R,

CME

Term

SOFR

3

Month

+

1.5500%,

5.2252%,

7/20/38

(144A)

‡

10,000,000

10,027,387

RR

18

Ltd.

2021-18A

A1AR,

CME

Term

SOFR

3

Month

+

1.2900%,

4.9631%,

7/15/40

(144A)

‡

35,000,000

35,086,411

RR

20

Ltd.

2022-20A

A2R,

CME

Term

SOFR

3

Month

+

1.5500%,

5.2231%,

7/15/37

(144A)

‡

25,000,000

25,057,945

RR

21

Ltd.

2022-21A

A1BR,

CME

Term

SOFR

3

Month

+

1.6000%,

5.2731%,

7/15/39

(144A)

‡

15,000,000

15,037,227

RR

24

Ltd.

2022-24A

A1A2,

CME

Term

SOFR

3

Month

+

1.3100%,

4.9831%,

1/15/37

(144A)

‡

20,000,000

20,051,310

RR

27

Ltd.

2023-27A

A1AR,

CME

Term

SOFR

3

Month

+

1.2300%,

4.9031%,

10/15/40

(144A)

‡

15,875,000

15,902,610

RR

28

Ltd.

2024-28RA

ABR2,

CME

Term

SOFR

3

Month

+

1.5000%,

5.1809%,

4/15/41

(144A)

‡

24,200,000

24,265,502

RR

40

Ltd.

2025-40A

A1,

CME

Term

SOFR

3

Month

+

1.3400%,

5.0131%,

7/15/38

(144A)

‡

13,800,000

13,834,994

RR

42

Ltd.

2025-42A

A2R,

CME

Term

SOFR

3

Month

+

1.6000%,

5.2731%,

10/15/40

(144A)

‡

10,000,000

10,043,779

RR

5

Ltd.

2018-5A

A1R,

CME

Term

SOFR

3

Month

+

1.5000%,

5.1731%,

7/15/39

(144A)

‡

54,000,000

54,054,562

RR

8

Ltd.

2020-8A

A1A2,

CME

Term

SOFR

3

Month

+

1.2300%,

4.9031%,

1/15/39

(144A)

‡

120,000,000

120,188,196

RR

8

Ltd.

2020-8A

A1B2,

CME

Term

SOFR

3

Month

+

1.4600%,

5.1331%,

1/15/39

(144A)

‡

6,250,000

6,251,112

Sagard-Halseypoint

CLO

10

Ltd.

2025-10A

A1,

CME

Term

SOFR

3

Month

+

1.3500%,

5.0252%,

10/20/38

(144A)

‡

75,000,000

75,187,470

Sagard-Halseypoint

CLO

8

Ltd.

2024-8A

A1,

CME

Term

SOFR

3

Month

+

1.3900%,

5.0534%,

1/30/38

(144A)

‡

45,500,000

45,591,632

Sandstone

Peak

II

Ltd.

2023-1A

A1R,

CME

Term

SOFR

3

Month

+

1.4100%,

5.0852%,

7/20/38

(144A)

‡

39,650,000

39,718,166

Sandstone

Peak

IV

Ltd.

2025-1A

A2,

CME

Term

SOFR

3

Month

+

1.5500%,

5.2089%,

1/20/39

(144A)

‡

5,500,000

5,502,589

Sandstone

Peak

Ltd.

2021-1A

A2R2,

CME

Term

SOFR

3

Month

+

1.4500%,

5.1231%,

4/15/38

(144A)

‡

13,500,000

13,495,189

Saratoga

Investment

Corp.

CLO

Ltd.

2013-1A

A2R4,

CME

Term

SOFR

3

Month

+

1.7600%,

5.4352%,

4/20/33

(144A)

‡

10,000,000

10,012,727

Saratoga

Investment

Corp.

Senior

Loan

Fund

Ltd.

2022-1A

A1R,

CME

Term

SOFR

3

Month

+

1.3900%,

5.0652%,

10/20/37

(144A)

‡

50,000,000

50,091,470

Serenity-Peace

Park

CLO

Ltd.

2025-1A

A1,

CME

Term

SOFR

3

Month

+

1.2800%,

4.9471%,

10/24/38

(144A)

‡

18,500,000

18,531,555

Signal

Peak

CLO

1

Ltd.

2014-1A

BR4,

CME

Term

SOFR

3

Month

+

1.6000%,

5.2804%,

4/17/34

(144A)

‡

16,140,000

16,165,462

Signal

Peak

CLO

10

Ltd.

2021-10A

A1R,

CME

Term

SOFR

3

Month

+

1.1900%,

4.8571%,

1/24/38

(144A)

‡

15,000,000

15,002,525

Signal

Peak

CLO

11

Ltd.

2024-11A

A2,

CME

Term

SOFR

3

Month

+

1.6800%,

5.3552%,

7/18/37

(144A)

‡

20,000,000

20,047,790

Signal

Peak

CLO

12

Ltd.

2022-12A

A2R,

CME

Term

SOFR

3

Month

+

1.6000%,

5.2752%,

7/18/37

(144A)

‡

8,000,000

8,019,665

Signal

Peak

CLO

12

Ltd.

2022-12A

BR,

CME

Term

SOFR

3

Month

+

1.8000%,

5.4752%,

7/18/37

(144A)

‡

7,000,000

7,007,826

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

22

April

30,

2026

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

Signal

Peak

CLO

14

Ltd.

2024-14A

A,

CME

Term

SOFR

3

Month

+

1.3000%,

4.9636%,

1/22/38

(144A)

‡

$

100,000,000

$

100,212,550

Signal

Peak

CLO

8

Ltd.

2020-8A

A1R,

CME

Term

SOFR

3

Month

+

1.3900%,

5.0652%,

10/20/37

(144A)

‡

12,525,000

12,550,017

Signal

Peak

CLO

9

Ltd.

2021-9A

A2R,

CME

Term

SOFR

3

Month

+

1.5500%,

5.2221%,

1/21/38

(144A)

‡

10,000,000

10,018,750

Silver

Point

CLO

1

Ltd.

2022-1A

A1R,

CME

Term

SOFR

3

Month

+

1.3200%,

4.9952%,

1/20/38

(144A)

‡

78,200,000

78,389,854

Silver

Point

CLO

10

Ltd.

2025-10A

A1,

CME

Term

SOFR

3

Month

+

1.4500%,

5.1231%,

7/15/38

(144A)

‡

18,210,000

18,236,131

Silver

Point

CLO

10

Ltd.

2025-10A

A2,

CME

Term

SOFR

3

Month

+

1.6500%,

5.3231%,

7/15/38

(144A)

‡

20,000,000

20,035,110

Silver

Point

CLO

11

Ltd.

2025-11A

A1,

CME

Term

SOFR

3

Month

+

1.3500%,

5.0231%,

7/15/38

(144A)

‡

20,800,000

20,851,954

Silver

Point

CLO

13

Ltd.

2025-13A

A1,

CME

Term

SOFR

3

Month

+

1.2500%,

4.9231%,

10/15/38

(144A)

‡

41,717,500

41,817,726

Silver

Point

CLO

14

Ltd.

2025-14A

A1,

CME

Term

SOFR

3

Month

+

1.2300%,

4.9088%,

1/15/39

(144A)

‡

114,110,000

114,253,607

Silver

Point

CLO

14

Ltd.

2025-14A

A2,

CME

Term

SOFR

3

Month

+

1.5000%,

5.1788%,

1/15/39

(144A)

‡

12,000,000

12,005,876

Silver

Point

CLO

2

Ltd.

2023-2A

A1R,

CME

Term

SOFR

3

Month

+

1.3700%,

5.0452%,

4/20/38

(144A)

‡

121,000,000

121,234,062

Silver

Point

CLO

3

Ltd.

2023-3A

A1R,

CME

Term

SOFR

3

Month

+

1.2600%,

4.9352%,

1/18/39

(144A)

‡

140,000,000

140,293,244

Silver

Point

CLO

3

Ltd.

2023-3A

A2R,

CME

Term

SOFR

3

Month

+

1.5000%,

5.1752%,

1/18/39

(144A)

‡

10,000,000

10,005,354

Silver

Point

CLO

4

Ltd.

2024-4A

A1R,

CME

Term

SOFR

3

Month

+

1.3100%,

1.0000%,

4/15/37

(144A)

‡

125,000,000

124,962,500

Silver

Point

CLO

6

Ltd.

2024-6A

A1,

CME

Term

SOFR

3

Month

+

1.4000%,

5.0731%,

10/15/37

(144A)

‡

9,750,000

9,770,657

Silver

Point

CLO

7

Ltd.

2024-7A

A1,

CME

Term

SOFR

3

Month

+

1.3600%,

5.0331%,

1/15/38

(144A)

‡

22,250,000

22,306,884

Silver

Rock

CLO

I

Ltd.

2020-1A

A1RR,

CME

Term

SOFR

3

Month

+

1.4200%,

5.0952%,

10/20/37

(144A)

‡

25,000,000

25,057,993

Sixth

Street

CLO

31

Ltd.

2025-31A

A2,

CME

Term

SOFR

3

Month

+

1.4300%,

5.1068%,

1/17/39

(144A)

‡

15,000,000

14,998,086

Sixth

Street

CLO

32

Ltd.

2026-32A

A2,

CME

Term

SOFR

3

Month

+

1.5000%,

5.1635%,

4/21/39

(144A)

‡

14,000,000

14,025,596

Sixth

Street

CLO

IX

Ltd.

2017-9A

AR,

CME

Term

SOFR

3

Month

+

1.3800%,

5.0521%,

7/21/37

(144A)

‡

77,550,000

77,724,170

Sixth

Street

CLO

XII

Ltd.

2018-12A

A1R2,

CME

Term

SOFR

3

Month

+

1.2000%,

4.8804%,

1/17/39

(144A)

‡

50,000,000

50,010,035

Sixth

Street

CLO

XII

Ltd.

2018-12A

A2R2,

CME

Term

SOFR

3

Month

+

1.4500%,

5.1304%,

1/17/39

(144A)

‡

10,000,000

10,014,941

Sixth

Street

CLO

XVI

Ltd.

2020-16A

A2R2,

CME

Term

SOFR

3

Month

+

1.3700%,

5.0421%,

1/21/39

(144A)

‡

12,000,000

11,997,044

Sixth

Street

CLO

XVIII

Ltd.

2021-18A

A1R,

CME

Term

SOFR

3

Month

+

1.2500%,

4.9304%,

10/17/38

(144A)

‡

18,000,000

18,043,330

Sixth

Street

CLO

XX

Ltd.

2021-20A

A2R,

CME

Term

SOFR

3

Month

+

1.5700%,

5.2504%,

7/17/38

(144A)

‡

10,000,000

10,013,241

Sound

Point

CLO

2025R-1

Ltd.

2025-1RA

A1,

CME

Term

SOFR

3

Month

+

1.3400%,

4.9956%,

2/20/38

(144A)

‡

48,400,000

48,512,428

Sound

Point

CLO

Ltd.

2025-2A

A1,

CME

Term

SOFR

3

Month

+

1.2500%,

4.9231%,

4/15/38

(144A)

‡

10,850,000

10,873,847

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

Janus

Detroit

Street

Trust

23

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

Sound

Point

CLO

XXXII

Ltd.

2021-4A

B1R,

CME

Term

SOFR

3

Month

+

1.5300%,

5.1966%,

10/25/34

(144A)

‡

$

47,200,000

$

47,252,279

Storm

King

Park

CLO

Ltd.

2022-1A

AR,

CME

Term

SOFR

3

Month

+

1.3600%,

5.0331%,

10/15/37

(144A)

‡

22,700,000

22,743,514

Sycamore

Tree

CLO

Ltd.

2023-3A

A1R,

CME

Term

SOFR

3

Month

+

1.6500%,

5.3252%,

4/20/37

(144A)

‡

148,000,000

148,278,891

Sycamore

Tree

CLO

Ltd.

2021-1A

AR,

CME

Term

SOFR

3

Month

+

1.3900%,

5.0652%,

1/20/38

(144A)

‡

101,550,000

101,741,087

Sycamore

Tree

CLO

Ltd.

2025-6A

A1,

CME

Term

SOFR

3

Month

+

1.2000%,

4.8752%,

4/20/38

(144A)

‡

13,200,000

13,209,773

Symetra

CLO

Ltd.

2025-1A

A1,

CME

Term

SOFR

3

Month

+

1.2900%,

4.9652%,

4/20/38

(144A)

‡

10,615,000

10,641,612

Symphony

CLO

40

Ltd.

2023-40A

AR,

CME

Term

SOFR

3

Month

+

1.3100%,

4.9790%,

1/5/38

(144A)

‡

86,370,000

86,555,333

Symphony

CLO

42

Ltd.

2024-42A

A2,

CME

Term

SOFR

3

Month

+

1.7000%,

5.3804%,

4/17/37

(144A)

‡

10,000,000

10,024,742

Symphony

CLO

46

Ltd.

2024-46A

A2,

CME

Term

SOFR

3

Month

+

1.5900%,

5.2652%,

1/20/38

(144A)

‡

10,000,000

10,022,742

Symphony

CLO

52

Ltd.

2025-52A

BR,

CME

Term

SOFR

3

Month

+

1.5500%,

5.2151%,

1/20/36

(144A)

‡

9,000,000

9,025,906

Symphony

CLO

XVIII

Ltd.

2016-18A

AR4,

CME

Term

SOFR

3

Month

+

1.2300%,

4.8961%,

10/23/37

(144A)

‡

170,750,000

170,991,423

Symphony

CLO

XXXIII

Ltd.

2022-33A

AR,

CME

Term

SOFR

3

Month

+

1.2600%,

4.9271%,

1/24/38

(144A)

‡

30,000,000

30,052,356

Symphony

Loan

Funding

CLO

1

Ltd.

2024-1A

A1,

CME

Term

SOFR

3

Month

+

1.4300%,

5.0936%,

1/22/38

(144A)

‡

48,800,000

48,865,719

Symphony

Loan

Funding

CLO

1

Ltd.

2024-1A

A2,

CME

Term

SOFR

3

Month

+

1.6500%,

5.3136%,

1/22/38

(144A)

‡

12,000,000

12,027,578

Tallman

Park

CLO

Ltd.

2021-1A

A1R,

CME

Term

SOFR

3

Month

+

1.3300%,

5.0052%,

7/20/38

(144A)

‡

38,000,000

38,093,579

TCW

CLO

Ltd.

2024-2A

A1,

CME

Term

SOFR

3

Month

+

1.4200%,

5.1004%,

7/17/37

(144A)

‡

11,000,000

11,012,551

TCW

CLO

Ltd.

2019-2A

A1R2,

CME

Term

SOFR

3

Month

+

1.2700%,

4.9452%,

1/20/38

(144A)

‡

29,750,000

29,817,292

TCW

CLO

Ltd.

2023-1A

AJR,

CME

Term

SOFR

3

Month

+

1.6000%,

5.2671%,

3/31/38

(144A)

‡

8,000,000

8,011,262

TCW

CLO

Ltd.

2025-1A

A,

CME

Term

SOFR

3

Month

+

1.1900%,

4.8652%,

4/20/38

(144A)

‡

53,800,000

53,773,202

TCW

CLO

Ltd.

2025-2A

A,

CME

Term

SOFR

3

Month

+

1.2400%,

4.9131%,

1/15/39

(144A)

‡

25,000,000

25,034,433

TCW

CLO

Ltd.

2023-2A

AR,

CME

Term

SOFR

3

Month

+

1.2600%,

4.9271%,

1/24/39

(144A)

‡

38,000,000

38,081,464

Texas

Debt

Capital

CLO

Ltd.

2024-1A

A2,

CME

Term

SOFR

3

Month

+

1.7000%,

5.3636%,

4/22/37

(144A)

‡

16,000,000

16,039,125

Thompson

Park

CLO

Ltd.

2021-1A

B1R,

CME

Term

SOFR

3

Month

+

1.5000%,

5.1731%,

4/15/34

(144A)

‡

16,170,000

16,196,160

Tikehau

US

CLO

I

Ltd.

2021-1A

A2,

CME

Term

SOFR

3

Month

+

1.7116%,

5.3868%,

1/18/35

(144A)

‡

8,000,000

8,019,650

Tikehau

US

CLO

VI

Ltd.

2024-1A

B,

CME

Term

SOFR

3

Month

+

1.8500%,

5.5252%,

7/18/37

(144A)

‡

25,100,000

25,115,012

TPG

CLO

Ltd.

2025-1A

B,

CME

Term

SOFR

3

Month

+

1.8000%,

5.4731%,

7/15/38

(144A)

‡

9,000,000

9,039,127

TPG

CLO

Ltd.

2025-2A

A2,

CME

Term

SOFR

3

Month

+

1.5000%,

5.1721%,

1/21/39

(144A)

‡

11,250,000

11,254,317

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

24

April

30,

2026

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

Tralee

CLO

V

Ltd.

2018-5A

A2RR,

CME

Term

SOFR

3

Month

+

1.4500%,

5.1252%,

10/20/34

(144A)

‡

$

11,000,000

$

11,008,311

Trestles

CLO

VII

Ltd.

2024-7A

A1,

CME

Term

SOFR

3

Month

+

1.3800%,

5.0466%,

10/25/37

(144A)

‡

10,000,000

10,019,580

Trinitas

CLO

XXXI

Ltd.

2024-31A

A1,

CME

Term

SOFR

3

Month

+

1.3500%,

5.0136%,

1/22/38

(144A)

‡

23,000,000

23,055,419

Trinitas

CLO

XXXVII

Ltd.

2025-37A

A2,

CME

Term

SOFR

3

Month

+

1.4500%,

5.1229%,

1/22/39

(144A)

‡

8,000,000

8,001,390

Unity-Peace

Park

CLO

Ltd.

2022-1A

BR,

CME

Term

SOFR

3

Month

+

1.4000%,

5.0752%,

4/20/35

(144A)

‡

10,000,000

10,006,782

Venture

42

CLO

Ltd.

2021-42A

A2,

CME

Term

SOFR

3

Month

+

1.5616%,

5.2347%,

4/15/34

(144A)

‡

5,000,000

5,006,796

Venture

46

CLO

Ltd.

2022-46A

A1R,

CME

Term

SOFR

3

Month

+

1.4500%,

5.1252%,

10/20/37

(144A)

‡

19,000,000

19,025,052

Venture

47

CLO

Ltd.

2023-47A

A1R,

CME

Term

SOFR

3

Month

+

1.5000%,

5.1752%,

4/20/36

(144A)

‡

20,000,000

20,019,050

Venture

48

CLO

Ltd.

2023-48A

AR,

CME

Term

SOFR

3

Month

+

1.3000%,

4.9752%,

10/20/36

(144A)

‡

72,000,000

72,158,998

Voya

CLO

Ltd.

2024-4A

A1,

CME

Term

SOFR

3

Month

+

1.3500%,

5.0252%,

7/20/37

(144A)

‡

10,250,000

10,274,072

Voya

CLO

Ltd.

2019-1A

A1RR,

CME

Term

SOFR

3

Month

+

1.3700%,

5.0431%,

10/15/37

(144A)

‡

39,400,000

39,479,253

Voya

CLO

Ltd.

2020-3A

ARR,

CME

Term

SOFR

3

Month

+

1.2500%,

4.9221%,

1/20/38

(144A)

‡

133,150,000

133,362,015

Voya

CLO

Ltd.

2020-2A

A1RR,

CME

Term

SOFR

3

Month

+

1.3100%,

4.9852%,

1/20/38

(144A)

‡

31,500,000

31,581,865

Voya

CLO

Ltd.

2021-3A

A1R,

CME

Term

SOFR

3

Month

+

1.2500%,

4.9231%,

4/15/38

(144A)

‡

85,900,000

86,066,964

Voya

CLO

Ltd.

2025-1A

A1,

CME

Term

SOFR

3

Month

+

1.1300%,

4.8052%,

4/20/38

(144A)

‡

22,750,000

22,728,540

Voya

CLO

Ltd.

2023-1A

A1R,

CME

Term

SOFR

3

Month

+

1.2100%,

4.8852%,

1/20/39

(144A)

‡

100,000,000

100,060,670

Voya

Ltd.

2024-3A

A2,

CME

Term

SOFR

3

Month

+

1.5800%,

5.2552%,

7/20/37

(144A)

‡

12,000,000

12,028,878

Warwick

Capital

CLO

4

Ltd.

2024-4A

A1,

CME

Term

SOFR

3

Month

+

1.4000%,

5.0752%,

7/20/37

(144A)

‡

10,000,000

10,021,135

Wehle

Park

CLO

Ltd.

2022-1A

A1R,

CME

Term

SOFR

3

Month

+

1.2400%,

4.9121%,

10/21/38

(144A)

‡

24,750,000

24,800,337

Wellfleet

CLO

Ltd.

2021-3A

AR,

CME

Term

SOFR

3

Month

+

1.2000%,

4.8731%,

1/15/35

(144A)

‡

60,000,000

60,009,306

Wellfleet

CLO

Ltd.

2022-1A

A1RN,

CME

Term

SOFR

3

Month

+

1.4200%,

5.0931%,

7/15/37

(144A)

‡

44,000,000

44,049,223

Wellington

Management

CLO

5

Ltd.

2025-5A

A,

CME

Term

SOFR

3

Month

+

1.2900%,

4.9652%,

10/18/38

(144A)

‡

26,350,000

26,408,913

Whitebox

CLO

I

Ltd.

2019-1A

A1R3,

CME

Term

SOFR

3

Month

+

1.1800%,

4.8471%,

1/24/37

(144A)

‡

130,000,000

129,856,935

Whitebox

CLO

I

Ltd.

2019-1A

A2R3,

CME

Term

SOFR

3

Month

+

1.4100%,

5.0771%,

1/24/37

(144A)

‡

10,000,000

10,020,077

Whitebox

CLO

II

Ltd.

2020-2A

A1R2,

CME

Term

SOFR

3

Month

+

1.3800%,

5.0471%,

10/24/37

(144A)

‡

64,117,955

64,240,356

Whitebox

CLO

III

Ltd.

2021-3A

A1R,

CME

Term

SOFR

3

Month

+

1.2700%,

4.9431%,

10/15/35

(144A)

‡

20,000,000

20,018,622

Whitebox

CLO

IV

Ltd.

2023-4A

A1R,

CME

Term

SOFR

3

Month

+

1.4900%,

5.1652%,

4/20/36

(144A)

‡

125,000,000

125,084,000

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

Janus

Detroit

Street

Trust

25

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

Wind

River

CLO

Ltd.

2021-4A

AR,

CME

Term

SOFR

3

Month

+

1.2300%,

4.9021%,

1/20/35

(144A)

‡

$

15,000,000

$

15,011,666

Wind

River

CLO

Ltd.

2022-1A

AR,

CME

Term

SOFR

3

Month

+

1.3500%,

5.0252%,

7/20/35

(144A)

‡

121,670,000

121,856,557

Wise

CLO

Ltd.

2025-1A

A,

CME

Term

SOFR

3

Month

+

1.2300%,

4.9052%,

1/20/38

(144A)

‡

39,000,000

39,048,079

Wise

CLO

Ltd.

2025-2A

A,

CME

Term

SOFR

3

Month

+

1.2000%,

4.8752%,

4/20/38

(144A)

‡

100,000,000

100,050,700

WISE

CLO

Ltd.

2023-1A

AR,

CME

Term

SOFR

3

Month

+

1.3300%,

5.0052%,

10/20/38

(144A)

‡

20,000,000

20,047,194

Total

Collateralized

Loan

Obligations

(cost

$25,987,372,707)

26,001,889,259

Investment

Companies

-

5

.4

%

Money

Market

Funds

-

5

.4

%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

3.6483%

£,∞

(cost

$1,455,869,962)

1,455,869,962

1,455,869,962

Total

Investments

(total

cost

$

27,443,242,669

)

-

101

.3

%

27,457,759,221

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(1.3%)

(359,021,966)

Net

Assets

-

100.0%

$27,098,737,255

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

27,457,759,221

100

.0

%

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

26

April

30,

2026

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

10/31/25

Purchases

Sales

Proceeds

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciatio

n/

(Depreciation)

Affiliated

Investments,

at

Value

at

4/30/26

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

Shares

Held

at

4/30/26

Dividend

Income

Investment

Company

-

5.4%

Money

Market

Funds

-

5.4%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

3.6483%

∞

$

196,327,425

$

14,381,408,133

$

(

13,121,785,651

)

$

(

41,791

)

$

(

38,154

)

$

1,455,869,962

1,455,869,962

$

9,534,975

Janus

Henderson

AAA

CLO

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

April

30,

2026

Janus

Detroit

Street

Trust

27

CME

Chicago

Mercantile

Exchange

DAC

Designated

Activity

Company

EUR

Euro

EURIBOR

Euro

Interbank

Offered

Rate

LLC

Limited

Liability

Company

SOFR

Secured

Overnight

Financing

Rate

∞

Rate

shown

is

the

7-day

yield

as

of

April

30,

2026.

£

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

position

has

not

yet

settled

as

of

April

30,

2026.

The

coupon

rate

is

undetermined.

‡

Variable

or

floating

rate

security.

Rate

shown

is

the

current

rate

as

of

April

30,

2026.

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.

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

1933

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,

2026

is

$26,001,889,259

which

represents

96.0%

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,

2026

.

See

Notes

to

Financial

Statements

for

more

information.

Valuation

Inputs

Summary

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Total

Assets

Investments

in

Securities:

Collateralized

Loan

Obligations

$

—

$

26,001,889,259

$

—

$

26,001,889,259

Investment

Companies

—

1,455,869,962

—

1,455,869,962

Total

Assets

$

—

$

27,457,759,221

$

—

$

27,457,759,221

Janus

Henderson

AAA

CLO

ETF

Statement

of

Assets

and

Liabilities

(unaudited)

April

30,

2026

28

April

30,

2026

See

Notes

to

Financial

Statements.

Assets:

Unaffiliated

investments,

at

value

(cost

$25,987,372,707)

$

26,001,889,259

Affiliated

investments,

at

value

(cost

$1,455,869,962)

1,455,869,962

Receivables:

Fund

units

sold

186,836,899

Interest

55,378,625

Due

from

adviser

41,096

Total

Assets

27,700,015,841

Liabilities:

Due

to

custodian

37,232

Payables:

Investments

purchased

489,737,920

Management

fees

4,451,983

Distributions

107,051,451

Total

Liabilities

601,278,586

Commitments

and

contingent

liabilities

Net

Assets

$

27,098,737,255

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

27,139,360,164

Total

distributable

earnings

(loss)

(

40,622,909

)

Total

Net

Assets

$

27,098,737,255

Net

Assets

$

27,098,737,255

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

536,700,000

Net

Asset

Value

Per

Share

$

50

.49

Janus

Henderson

AAA

CLO

ETF

Statement

of

Operations

(unaudited)

For

the

period

ended

April

2026

Janus

Detroit

Street

Trust

29

See

Notes

to

Financial

Statements.

Investment

Income:

Interest

$

624,848,815

Dividends

from

affiliates

9,534,975

Total

Investment

Income

634,383,790

Expenses:

Management

Fees

25,925,729

Total

Expenses

25,925,729

Less:

Excess

Expense

Reimbursement

and

Waivers

(

248,362

)

Net

Expenses

25,677,367

Net

Investment

Income/(Loss)

608,706,423

Net

Realized

Gain/(Loss)

on

Investments:

Investments

$

(

12,722,195

)

Investments

in

affiliates

(

41,791

)

Total

Net

Realized

Gain/(Loss)

on

Investments

$

(

12,763,986

)

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

and

foreign

currency

translations

$

3,688,884

Investments

in

affiliates

(

38,154

)

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

3,650,730

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

599,593,167

Janus

Henderson

AAA

CLO

ETF

Statements

of

Changes

in

Net

Assets

30

April

30,

2026

See

Notes

to

Financial

Statements.

Period

Ended

April

30,

2026

(unaudited)

Year

Ended

October

31,

2025

Operations:

Net

investment

income/(loss)

$

608,706,423

$

1,127,698,920

Net

realized

gain/(loss)

on

investments

(

12,763,986

)

(

18,818,319

)

Change

in

unrealized

net

appreciation/depreciation

3,650,730

(

27,165,236

)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

599,593,167

1,081,715,365

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(

737,544,940

)

(

1,124,562,458

)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(

737,544,940

)

(

1,124,562,458

)

Capital

Share

Transactions

2,029,994,861

11,283,910,727

Net

Increase/(Decrease)

in

Net

Assets

1,892,043,088

11,241,063,634

Net

Assets:

—

—

Beginning

of

Period  

25,206,694,167

13,965,630,533

End

of

Period

$

27,098,737,255

$

25,206,694,167

Janus

Henderson

AAA

CLO

ETF

Financial

Highlights

Janus

Detroit

Street

Trust

31

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

the

period

ended

April

30,

2026

(unaudited)

and

each

year

or

period

ended

October

31

2026

2025

2024

2023

2022

2021

Net

Asset

Value,

Beginning

of

Period

$50.75

$50.83

$50.16

$48.82

$50.49

$49.79

Income/(Loss)

from

Investment

Operations:

—

—

—

—

—

—

Net

investment

income/(loss)

(1)

1.19

2.73

3.38

3.16

1.26

0.58

Net

realized

and

unrealized

gain/(loss)

(0.01)

0.01

(2)

0.55

1.02

(2.00)

0.69

Total

from

Investment

Operations

1.18

2.74

(2)

3.93

4.18

(0.74)

1.27

Less

Dividends

and

Distributions:

—

—

—

—

—

—

Dividends

(from

net

investment

income)

(1.44)

(2.81)

(3.26)

(2.84)

(0.93)

(0.57)

Distributions

(from

capital

gains)

—

(0.01)

—

—

—

—

Total

Dividends

and

Distributions

(1.44)

(2.82)

(3.26)

(2.84)

(0.93)

(0.57)

Net

Asset

Value,

End

of

Period

$50.49

$50.75

$50.83

$50.16

$48.82

$50.49

Total

Return

*

2.36%

5.54%

8.09%

8.81%

(1.48)%

2.55%

Net

assets,

End

of

Period

(in

thousands)

$27,098,737

$25,206,694

$13,965,631

$4,472,073

$1,662,371

$260,002

Ratios

to

Average

Net

Assets

**

Ratio

of

Gross

Expenses

0.20%

0.20%

0.20%

0.22%

0.24%

0.25%

Ratio

of

Net

Expenses

(After

Waivers

and

Expense

Offsets)

0.20%

0.20%

0.20%

0.22%

0.24%

0.25%

Ratio

of

Net

Investment

Income/(Loss)

4.74%

5.39%

6.68%

6.37%

2.54%

1.16%

Portfolio

Turnover

Rate

(3)

49%

94%

51%

47%

55%

42%

*

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

AAA

CLO

ETF

Notes

to

Financial

Statements

(unaudited)

32

April

30,

2026

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

nineteen 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.

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

Chief

Financial

Officer

of

the

Fund/Portfolio

is

designated

as

the

Chief

Operating

Decision

Maker

(“CODM”)

as

it

relates

to

ASC

Topic

280.

The

CODM

has

concluded

that

the

Fund/Portfolio

operated

as

a

single

segment

entity

for

the period ended

April

30,

2026.

The

key

indicator

of

performance

of

the

Fund

is

net

investment

income

as

reported

on

the

Statement

of

Operations.

The

following

accounting

policies

have

been

followed

by

the

Fund

and

are

in

conformity

with

United

States

of

America

generally

accepted

accounting

principles

(“US

GAAP”). 

Investment

Valuation 

Fund holdings

are

valued

in

accordance

with

policies

and

procedures

established

by

the

Adviser

pursuant

to

Rule

2a-5

under

the

1940

Act

and

approved

by

and

subject

to

the

oversight

of

the

Trustees

(the

“Valuation

Procedures”).

Equity

securities,

including

shares

of

exchange-traded

funds,

traded

on

a

domestic

securities

exchange

are

generally

valued

at

readily

available

market

quotations,

which

are

(i)

the

official

close

prices

or

(ii)

last

sale

prices

on

the

primary

market

or

exchange

in

which

the

securities

trade.

If

such

price

is

lacking

for

the

trading

period

immediately

preceding

the

time

of

determination,

such

securities

are

generally

valued

at

their

current

bid

price.

Equity

securities

that

are

traded

on

a

foreign

exchange

are

generally

valued

at

the

closing

prices

on

such

markets.

In

the

event

that

there

is

no

current

trading

volume

on

a

particular

security

in

such

foreign

exchange,

the

bid

price

from

the

primary

exchange

is

generally

used

to

value

the

security.

Foreign

securities

and

currencies

are

converted

to

U.S.

dollars

using

the

current

spot

USD

dollar

exchange

rate

in

effect

at

the

close

of

the

London

Stock

Exchange.

The Fund will

determine

the

market

value

of

individual

securities

held

by

it

by

using

prices

provided

by

one

or

more

approved

professional

pricing

services

or,

as

needed,

by

obtaining

market

quotations

from

independent

broker-dealers.

Most

debt

securities

are

valued

in

accordance

with

the

evaluated

bid

price

supplied

by

the

Adviser-approved

pricing

service

that

is

intended

to

reflect

market

value.

The

evaluated

bid

price

supplied

by

the

pricing

service

is

an

evaluation

that

may

consider

factors

such

as

security

prices,

Janus

Henderson

AAA

CLO

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

33

yields,

maturities

and

ratings.

Certain

short-term

securities

maturing

within

60

days

or

less

may

be

evaluated

and

valued

on

an

amortized

cost

basis

provided

that

the

amortized

cost

determined

approximates

market

value.

Securities

for

which

market

quotations

or

evaluated

prices

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

determined

in

good

faith

by

the

Adviser

pursuant

to

the

Valuation

Procedures. Circumstances

in

which

fair

valuation

may

be

utilized

include,

but

are

not

limited

to:

(i)

a

significant

event

that

may

affect

the

securities

of

a

single

issuer,

such

as

a

merger,

bankruptcy,

or

significant

issuer-specific

development;

(ii)

an

event

that

may

affect

an

entire

market,

such

as

a

natural

disaster

or

significant

governmental

action;

(iii)

a

nonsignificant

event

such

as

a

market

closing

early

or

not

opening,

or

a

security

trading

halt;

and

(iv)

pricing

of

a

non-valued

security

and

a

restricted

or

nonpublic

security.

Special

valuation

considerations

may

apply

with

respect

to

“odd-lot”

fixed-income

transactions

which,

due

to

their

small

size,

may

receive

evaluated

prices

by

pricing

services

which

reflect

a

large

block

trade

and

not

what

actually

could

be

obtained

for

the

odd-

lot

position.

The

value

of

the

securities

of

mutual

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

mutual

funds,

and

the

prospectuses

for

such

mutual

funds

explain

the

circumstances

under

which

they

use

fair

valuation

and

the

effects

of

using

fair

valuation.

The

value

of

the

securities

of

any

cash

management

pooled

investment

vehicles

that

operate

as

money

market

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

funds.

Valuation

Inputs

Summary 

FASB

ASC

820,

Fair

Value

Measurements

and

Disclosures

(“ASC

820”),

defines

fair

value,

establishes

a

framework

for

measuring

fair

value,

and

expands

disclosure

requirements

regarding

fair

value

measurements.

This

standard

emphasizes

that

fair

value

is

a

market-based

measurement

that

should

be

determined

based

on

the

assumptions

that

market

participants

would

use

in

pricing

an

asset

or

liability

and

establishes

a

hierarchy

that

prioritizes

inputs

to

valuation

techniques

used

to

measure

fair

value.

These

inputs

are

summarized

into

three

broad

levels: 

Level

1

–

Unadjusted

quoted

prices

in

active

markets

the

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities.

Level

2

–

Observable

inputs

other

than

unadjusted

quoted

prices

included

in

Level

1

that

are

observable

for

the

asset

or

liability

either

directly

or

indirectly.

These

inputs

may

include

quoted

prices

for

the

identical

instrument

on

an

inactive

market,

prices

for

similar

instruments,

interest

rates,

prepayment

speeds,

credit

risk,

yield

curves,

default

rates

and

similar

data.

Assets

or

liabilities

categorized

as

Level

2

in

the

hierarchy

generally

include:

debt

securities

fair

valued

in

accordance

with

the

evaluated

bid

or

ask

prices

supplied

by

a

pricing

service;

securities

traded

on

OTC

markets

and

listed

securities

for

which

no

sales

are

reported

that

are

fair

valued

at

the

latest

bid

price

(or

yield

equivalent

thereof)

obtained

from

one

or

more

dealers

transacting

in

a

market

for

such

securities

or

by

a

pricing

service

approved

by

the

Fund’s

Trustees;

and

certain

short-term

debt

securities

with

maturities

of

60

days

or

less

that

are

fair

valued

at

amortized

cost.

Other

securities

that

may

be

categorized

as

Level

2

in

the

hierarchy

include,

but

are

not

limited

to,

preferred

stocks,

bank

loans,

swaps,

investments

in

unregistered

investment

companies,

options,

and

forward

contracts.

Level

3

–

Unobservable

inputs

for

the

asset

or

liability

to

the

extent

that

relevant

observable

inputs

are

not

available,

representing

the

Fund’s

own

assumptions

about

the

assumptions

that

a

market

participant

would

use

in

valuing

the

asset

or

liability,

and

that

would

be

based

on

the

best

information

available.

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

period.

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,

2026 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

Janus

Henderson

AAA

CLO

ETF

Notes

to

Financial

Statements

(unaudited)

34

April

30,

2026

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. 

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. 

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,

social

unrest,

tariffs,

financial

institution

failures,

and

economic

recessions 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

35

Armed

Conflict.

Armed

conflicts

between

countries

or

in

a

geographic

region,

such

as

the

ongoing

armed

conflicts

in

Europe

and

the

Middle

East,

have

the

potential

to

adversely

impact

a

Fund.

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

significant

losses

experienced

by

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

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. 

Janus

Henderson

AAA

CLO

ETF

Notes

to

Financial

Statements

(unaudited)

36

April

30,

2026

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,

2026,

the

Fund’s

actual

management

fee

rate

(expressed

as

an

annual

rate)

was

0.20% 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 0.20%

of

the

Fund’s

average

daily

net

assets. The

Adviser has

agreed

to

continue

the

waiver

for

at

least

through February

28,

2027.

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/

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

37

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,

2026, the

Adviser

owned 2,444,478

shares

or 0.46%

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

at

least

80%

of

its

net

assets

(plus

any

borrowings

for

investment

purposes)

in

U.S.

Government

securities

and

repurchase

agreements

that

are collateralized

by

U.S.

Government 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). 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,

2026 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,

2025,

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,

2026 are

noted

below.

The

primary

differences

between

Capital

Loss

Carryover

Schedule

For

the

year

ended

October

31,

2025

No

Expiration

Short-Term

Long-Term

Accumulated

Capital

Losses

$(18,747,695)

$—

$(18,747,695)

Janus

Henderson

AAA

CLO

ETF

Notes

to

Financial

Statements

(unaudited)

38

April

30,

2026

book

and

tax

appreciation

or

depreciation

of

investments are

wash

sale

loss

deferrals,

amortization

on

bonds,

and

investments in partnerships.

5.

Capital

Share

Transactions 

6.

Purchases

and

Sales

of

Investment

Securities

For

the

period

ended

April

30,

2026,

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,

2026,

the

cost

of

in-kind

purchases

and

proceeds

from

in-kind

sales,

were

as

follows: 

During

the

period

ended

April

30,

2026,

the

Fund

had

net

realized

loss of $175,849 from

in-kind

redemptions.

Gains

on

in-kind

transactions

are

not

considered

taxable

for

federal

income

tax

purposes.

7.

Acquisition

Note

On

December

22,

2025,

Janus

Henderson

Group

plc,

the

parent

company

of

the

Fund's

investment

adviser,

announced

a

definitive

agreement

to

be

acquired

by

Trian

Fund

Management

and

General

Catalyst.

The

Transaction

is

expected

to

close

in

2026,

subject

to

customary

closing

conditions,

including

requisite

regulatory

approvals,

and

client

consents.

The

shareholders

of

Janus

Henderson

Group,

plc

approved

the

acquisition

on

April

16,

2026. 

8.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to April

30,

2026

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:

At

a

June

11,

2026

meeting

of

Fund

shareholders,

shareholders

approved

a

new

investment

advisory

agreement

between

the

Fund

and

the

Adviser,

to

take

effect

in

connection

with

the

closing

of

the

Transaction.

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$27,443,242,669

$23,158,943

$(8,642,391)

$14,516,552

Period

Ended

April

30,

2026

Year

Ended

October

31,

2025

Shares

Amount

Shares

Amount

Shares

sold

97,600,000

$

4,944,123,953

467,150,000

$

23,685,413,664

Shares

repurchased

(57,600,000)

(2,914,129,092

)

(245,200,000)

(12,401,502,937

)

Net

Increase/(Decrease)

40,000,000

$

2,029,994,861

221,950,000

$

11,283,910,727

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

$13,029,523,435

$12,533,930,852

$—

$—

Purchases

of

Securities

Proceeds

from

Sales

of

Securities

Purchases

of

Long-

Term

U.S.

Government

Obligations

Proceeds

from

Sales

of

Long-Term

U.S.

Government

Obligations

$3,185,141,930

$3,092,207,868

$—

$—

Janus

Henderson

AAA

CLO

ETF

Additional

Information

(unaudited)

Janus

Detroit

Street

Trust

39

Item

8.

Changes

in

and

Disagreements

with

Accountants

for

Open-End

Management

Investment

Companies.

Not

applicable.

Item

9.

Proxy

Disclosures

for

Open-End

Management

Investment

Companies.

Not

applicable.

Item

10.

Remuneration

Paid

to

Directors,

Officers,

and

Others

of

Open-End

Management

Investment

Companies.

Because

the

Adviser

has

agreed

in

the

Investment

Advisory

Agreement

to

cover

all

operating

expenses

of

the

Fund,

subject

to

certain

exclusions

as

provided

for

therein,

the

Adviser

pays

the

compensation

to

each

Independent

Trustee

for

services

to

the

Fund

from

Adviser’s

management

fees.

Item

11.

APPROVAL

OF

ADVISORY

AGREEMENTS

DURING

THE

PERIOD

Not

applicable.

125-24-93087

04-26

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

FINANCIAL

STATEMENTS

April

30,

2026

Janus

Henderson

U.S.

Real

Estate

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

U.S.

Real

Estate

ETF

Item

7.

Financial

Statements

and

Financial

Highlights

for

Open-End

Management

Investment

Companies

Schedule

of

Investments

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

3

Statement

of

Assets

and

Liabilities

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

6

Statement

of

Operations

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

7

Statements

of

Changes

in

Net

Assets

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

8

Financial

Highlights

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

9

Notes

to

Financial

Statements

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

10

Items

8-11

-

Additional

Information

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

17

Janus

Henderson

U.S.

Real

Estate

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

Janus

Detroit

Street

Trust

3

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Common

Stocks

-

99.1%

Health

Care

REITs

-

25.9%

Janus

Living,

Inc.

-

Class

1*

4,055

$

106,403

National

Healthcare

Properties,

Inc.

-

Class

A

#

,*

3,319

42,550

Sabra

Health

Care

REIT,

Inc.

6,046

124,910

Ventas,

Inc.

2,833

248,907

Welltower,

Inc.

2,370

515,096

1,037,866

Hotels,

Restaurants

&

Leisure

-

2.6%

Hilton

Worldwide

Holdings,

Inc.

326

105,647

Household

Durables

-

1.4%

DR

Horton,

Inc.

368

56,621

Industrial

REITs

-

15.4%

Prologis,

Inc.

3,413

484,715

Terreno

Realty

Corp.

2,021

131,769

616,484

Office

REITs

-

2.8%

Highwoods

Properties,

Inc.

4,539

110,343

Real

Estate

Management

&

Development

-

3.3%

CBRE

Group,

Inc.

-

Class

A*

932

133,024

Residential

REITs

-

5.6%

Equity

LifeStyle

Properties,

Inc.

1,480

93,669

Mid-America

Apartment

Communities,

Inc.

1,020

131,764

225,433

Retail

REITs

-

15.6%

Agree

Realty

Corp.

1,414

109,034

Federal

Realty

Investment

Trust

1,055

116,999

Macerich

Co.

(The)

4,405

95,721

NETSTREIT

Corp.

#

5,997

123,358

Simon

Property

Group,

Inc.

882

179,672

624,784

Specialized

REITs

-

26.5%

CubeSmart

2,315

93,711

Digital

Realty

Trust,

Inc.

1,429

287,143

Equinix,

Inc.

353

382,239

Lamar

Advertising

Co.

-

Class

A

840

115,786

Public

Storage

614

185,704

1,064,583

Total

Common

Stocks

(cost

$3,500,214)

3,974,785

Investment

Companies

-

0.9%

Money

Market

Funds

-

0.9%

Invesco

Government

&

Agency

Portfolio,

3.5850%

∞

(cost

$37,605)

37,605

37,605

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

2.7%

Investment

Companies

-

2.1%

Janus

Henderson

Cash

Collateral

Fund

LLC,

3.5866%

£,∞

85,291

85,291

Time

Deposits

-

0.6%

Royal

Bank

of

Canada,

3.6300%,

5/1/26

$

21,323

21,323

Total

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

(cost

$106,614)

106,614

Total

Investments

(total

cost

$

3,644,433

)

-

102.7%

4,119,004

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(2.7%)

(108,043)

Net

Assets

-

100.0%

$4,010,961

Janus

Henderson

U.S.

Real

Estate

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

4

April

30,

2026

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

$

4,119,004

100.0

%

Schedule

of

Affiliated

Investments

-

(%

of

Net

Assets)

Affiliated

Investments,

at

Value

at

10/31/25

Purchases

Sales

Proceeds

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciatio

n/

(Depreciation)

Affiliated

Investments,

at

Value

at

4/30/26

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

Shares

Held

at

4/30/26

Dividend

Income

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

2.7%

Investment

Companies

-

2.1%

Janus

Henderson

Cash

Collateral

Fund

LLC,

3.5866%

∞

$

255,753

$

654,884

$

(825,346)

$

–

$

–

$

85,291

85,291

$

1,382

Δ

Offsetting

of

Financial

Assets

and

Derivative

Assets

Counterparty

Gross

Amounts

of

Recognized

Assets

Offsetting

Asset

or

Liability

(a)

Collateral

Pledged

(b)

Net

Amount

JPMorgan

Chase

Bank

NA

$

104,386

$

—

$

(104,386

)

$

—

(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

U.S.

Real

Estate

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

April

30,

2026

Janus

Detroit

Street

Trust

5

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,

2026.

∞

Rate

shown

is

the

7-day

yield

as

of

April

30,

2026.

£

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,

2026

.

See

Notes

to

Financial

Statements

for

more

information.

Valuation

Inputs

Summary

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Total

Assets

Investments

in

Securities:

Common

Stocks

$

3,974,785

$

—

$

—

$

3,974,785

Investment

Companies

37,605

—

—

37,605

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

—

106,614

—

106,614

Total

Assets

$

4,012,390

$

106,614

$

—

$

4,119,004

Janus

Henderson

U.S.

Real

Estate

ETF

Statement

of

Assets

and

Liabilities

(unaudited)

April

30,

2026

6

April

30,

2026

See

Notes

to

Financial

Statements.

Assets:

Unaffiliated

investments,

at

value

(cost

$3,559,142)

(1)

$

4,033,713

Affiliated

investments,

at

value

(cost

$85,291)

85,291

Receivables:

Investments

sold

185

Dividends

462

Affiliated

securities

lending

income,

net

2

Total

Assets

4,119,653

Liabilities:

Collateral

on

securities

loaned

(Note

2)

106,614

Due

to

custodian

2

Payables:

Management

fees

2,076

Total

Liabilities

108,692

Commitments

and

contingent

liabilities

Net

Assets

$

4,010,961

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

3,530,214

Total

distributable

earnings

(loss)

480,747

Total

Net

Assets

$

4,010,961

Net

Assets

$

4,010,961

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

150,001

Net

Asset

Value

Per

Share

$

26

.74

(1)

Includes

$104,386

of

securities

on

loan.

See

Note

3

in

Notes

to

Financial

Statements.

Janus

Henderson

U.S.

Real

Estate

ETF

Statement

of

Operations

(unaudited)

For

the

period

ended

April

30,

2026

Janus

Detroit

Street

Trust

7

See

Notes

to

Financial

Statements.

Investment

Income:

Dividends

$

57,037

Affiliated

securities

lending

income,

net    

1,382

Unaffiliated

securities

lending

income,

net

423

Total

Investment

Income

58,842

Expenses:

Management

Fees

11,925

Total

Expenses

11,925

Net

Investment

Income/(Loss)

46,917

Net

Realized

Gain/(Loss)

on

Investments:

Investments

$

(

4,168

)

Total

Net

Realized

Gain/(Loss)

on

Investments

$

(

4,168

)

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

490,336

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

490,336

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

533,085

Janus

Henderson

U.S.

Real

Estate

ETF

Statements

of

Changes

in

Net

Assets

8

April

30,

2026

See

Notes

to

Financial

Statements.

Period

Ended

April

30,

2026

(unaudited)

Year

Ended

October

31,

2025

Operations:

Net

investment

income/(loss)

$

46,917

$

590,093

Net

realized

gain/(loss)

on

investments

(

4,168

)

2,267,071

Change

in

unrealized

net

appreciation/depreciation

490,336

(

2,733,507

)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

533,085

123,657

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(

164,178

)

(

653,401

)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(

164,178

)

(

653,401

)

Capital

Share

Transactions

—

(

22,197,234

)

Net

Increase/(Decrease)

in

Net

Assets

368,907

(

22,726,978

)

Net

Assets:

—

—

Beginning

of

Period  

3,642,054

26,369,032

End

of

Period

$

4,010,961

$

3,642,054

Janus

Henderson

U.S.

Real

Estate

ETF

Financial

Highlights

Janus

Detroit

Street

Trust

9

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

the

period

ended

April

30,

2026

(unaudited)

and

each

year

or

period

ended

October

31

2026

2025

2024

2023

2022

2021

(1)

Net

Asset

Value,

Beginning

of

Period

$24.28

$25.11

$19.52

$21.39

$26.90

$25.00

Income/(Loss)

from

Investment

Operations:

—

—

—

—

—

—

Net

investment

income/(loss)

(2)

0.31

0.56

0.53

0.56

0.38

0.17

Net

realized

and

unrealized

gain/(loss)

3.25

(0.77)

(3)

5.60

(1.84)

(5.41)

1.80

Total

from

Investment

Operations

3.56

(0.21)

(3)

6.13

(1.28)

(5.03)

1.97

Less

Dividends

and

Distributions:

—

—

—

—

—

—

Dividends

(from

net

investment

income)

(1.10)

(0.55)

(0.54)

(0.59)

(0.48)

(0.07)

Distributions

(from

capital

gains)

—

(0.07)

—

—

—

—

Total

Dividends

and

Distributions

(1.10)

(0.62)

(0.54)

(0.59)

(0.48)

(0.07)

Net

Asset

Value,

End

of

Period

$26.74

$24.28

$25.11

$19.52

$21.39

$26.90

Total

Return

*

15.35%

(0.76)%

31.69%

(6.19)%

(18.85)%

7.90%

Net

assets,

End

of

Period

(in

thousands)

$4,011

$3,642

$26,369

$4,393

$3,208

$11,435

Ratios

to

Average

Net

Assets

**

Ratio

of

Gross

Expenses

0.65%

0.65%

0.65%

0.65%

0.65%

0.65%

Ratio

of

Net

Investment

Income/(Loss)

2.55%

2.34%

2.23%

2.55%

1.46%

1.84%

Portfolio

Turnover

Rate

(4)

38%

65%

102%

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)

The

amount

shown

does

not

correlate

with

the

change

in

the

aggregate

gains

and

losses

in

the

Fund’s

securities

for

the

year

or

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

fluctuating

market

values

for

the

Fund’s

securities.

(4)

Portfolio

turnover

rate

excludes

securities

received

or

delivered

from

in-kind

processing

of

creation

or

redemptions.

Janus

Henderson

U.S.

Real

Estate

ETF

Notes

to

Financial

Statements

(unaudited)

10

April

30,

2026

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 nineteen

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.

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

Chief

Financial

Officer

of

the

Fund/Portfolio

is

designated

as

the

Chief

Operating

Decision

Maker

(“CODM”)

as

it

relates

to

ASC

Topic

280.

The

CODM

has

concluded

that

the

Fund/Portfolio

operated

as

a

single

segment

entity

for

the period ended

April

30,

2026.

The

key

indicator

of

performance

of

the

Fund

is

net

investment

income

as

reported

on

the

Statement

of

Operations.

The

following

accounting

policies

have

been

followed

by

the

Fund

and

are

in

conformity

with

United

States

of

America

generally

accepted

accounting

principles

(“US

GAAP”). 

Investment

Valuation 

Fund holdings

are

valued

in

accordance

with

policies

and

procedures

established

by

the

Adviser

pursuant

to

Rule

2a-5

under

the

1940

Act

and

approved

by

and

subject

to

the

oversight

of

the

Trustees

(the

“Valuation

Procedures”).

Equity

securities,

including

shares

of

exchange-traded

funds,

traded

on

a

domestic

securities

exchange

are

generally

valued

at

readily

available

market

quotations,

which

are

(i)

the

official

close

prices

or

(ii)

last

sale

prices

on

the

primary

market

or

exchange

in

which

the

securities

trade.

If

such

price

is

lacking

for

the

trading

period

immediately

preceding

the

time

of

determination,

such

securities

are

generally

valued

at

their

current

bid

price.

Equity

securities

that

are

traded

on

a

foreign

exchange

are

generally

valued

at

the

closing

prices

on

such

markets.

In

the

event

that

there

is

no

current

trading

volume

on

a

particular

security

in

such

foreign

exchange,

the

bid

price

from

the

primary

exchange

is

generally

used

to

value

the

security.

Foreign

securities

and

currencies

are

converted

to

U.S.

dollars

using

the

current

spot

USD

dollar

exchange

rate

in

effect

at

the

close

of

the

London

Stock

Exchange.

The Fund will

determine

the

market

value

of

individual

securities

held

by

it

by

using

prices

provided

by

one

or

more

approved

professional

pricing

services

or,

as

needed,

by

obtaining

market

quotations

from

independent

broker-dealers.

Most

debt

securities

are

valued

in

accordance

with

the

evaluated

bid

price

supplied

by

the

Adviser-approved

pricing

service

that

is

intended

to

reflect

market

value.

The

evaluated

bid

price

supplied

by

the

pricing

service

is

an

evaluation

that

may

consider

factors

such

as

security

prices,

Janus

Henderson

U.S.

Real

Estate

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

11

yields,

maturities

and

ratings.

Certain

short-term

securities

maturing

within

60

days

or

less

may

be

evaluated

and

valued

on

an

amortized

cost

basis

provided

that

the

amortized

cost

determined

approximates

market

value.

Securities

for

which

market

quotations

or

evaluated

prices

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

determined

in

good

faith

by

the

Adviser

pursuant

to

the

Valuation

Procedures. Circumstances

in

which

fair

valuation

may

be

utilized

include,

but

are

not

limited

to:

(i)

a

significant

event

that

may

affect

the

securities

of

a

single

issuer,

such

as

a

merger,

bankruptcy,

or

significant

issuer-specific

development;

(ii)

an

event

that

may

affect

an

entire

market,

such

as

a

natural

disaster

or

significant

governmental

action;

(iii)

a

nonsignificant

event

such

as

a

market

closing

early

or

not

opening,

or

a

security

trading

halt;

and

(iv)

pricing

of

a

non-valued

security

and

a

restricted

or

nonpublic

security.

Special

valuation

considerations

may

apply

with

respect

to

“odd-lot”

fixed-income

transactions

which,

due

to

their

small

size,

may

receive

evaluated

prices

by

pricing

services

which

reflect

a

large

block

trade

and

not

what

actually

could

be

obtained

for

the

odd-

lot

position.

The

value

of

the

securities

of

mutual

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

mutual

funds,

and

the

prospectuses

for

such

mutual

funds

explain

the

circumstances

under

which

they

use

fair

valuation

and

the

effects

of

using

fair

valuation.

The

value

of

the

securities

of

any

cash

management

pooled

investment

vehicles

that

operate

as

money

market

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

funds.

Valuation

Inputs

Summary 

FASB

ASC

820,

Fair

Value

Measurements

and

Disclosures

(“ASC

820”),

defines

fair

value,

establishes

a

framework

for

measuring

fair

value,

and

expands

disclosure

requirements

regarding

fair

value

measurements.

This

standard

emphasizes

that

fair

value

is

a

market-based

measurement

that

should

be

determined

based

on

the

assumptions

that

market

participants

would

use

in

pricing

an

asset

or

liability

and

establishes

a

hierarchy

that

prioritizes

inputs

to

valuation

techniques

used

to

measure

fair

value.

These

inputs

are

summarized

into

three

broad

levels: 

Level

1

–

Unadjusted

quoted

prices

in

active

markets

the

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities.

Level

2

–

Observable

inputs

other

than

unadjusted

quoted

prices

included

in

Level

1

that

are

observable

for

the

asset

or

liability

either

directly

or

indirectly.

These

inputs

may

include

quoted

prices

for

the

identical

instrument

on

an

inactive

market,

prices

for

similar

instruments,

interest

rates,

prepayment

speeds,

credit

risk,

yield

curves,

default

rates

and

similar

data.

Assets

or

liabilities

categorized

as

Level

2

in

the

hierarchy

generally

include:

debt

securities

fair

valued

in

accordance

with

the

evaluated

bid

or

ask

prices

supplied

by

a

pricing

service;

securities

traded

on

OTC

markets

and

listed

securities

for

which

no

sales

are

reported

that

are

fair

valued

at

the

latest

bid

price

(or

yield

equivalent

thereof)

obtained

from

one

or

more

dealers

transacting

in

a

market

for

such

securities

or

by

a

pricing

service

approved

by

the

Fund’s

Trustees;

and

certain

short-term

debt

securities

with

maturities

of

60

days

or

less

that

are

fair

valued

at

amortized

cost.

Other

securities

that

may

be

categorized

as

Level

2

in

the

hierarchy

include,

but

are

not

limited

to,

preferred

stocks,

bank

loans,

swaps,

investments

in

unregistered

investment

companies,

options,

and

forward

contracts.

Level

3

–

Unobservable

inputs

for

the

asset

or

liability

to

the

extent

that

relevant

observable

inputs

are

not

available,

representing

the

Fund’s

own

assumptions

about

the

assumptions

that

a

market

participant

would

use

in

valuing

the

asset

or

liability,

and

that

would

be

based

on

the

best

information

available.

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

period.

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,

2026 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

Janus

Henderson

U.S.

Real

Estate

ETF

Notes

to

Financial

Statements

(unaudited)

12

April

30,

2026

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. 

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)

Janus

Detroit

Street

Trust

13

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,

social

unrest,

tariffs,

financial

institution

failures,

and

economic

recessions 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.

Armed

Conflict.

Armed

conflicts

between

countries

or

in

a

geographic

region,

such

as

the

ongoing

armed

conflicts

in

Europe

and

the

Middle

East,

have

the

potential

to

adversely

impact

a

Fund.

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

nondiversified

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.

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

Janus

Henderson

U.S.

Real

Estate

ETF

Notes

to

Financial

Statements

(unaudited)

14

April

30,

2026

the

Adviser's analysis

of

a

counterparty's

creditworthiness

is

incorrect

or

may

change

due

to

market

conditions.

To

the

extent

that

the

Fund

focuses

its

transactions

with

a

limited

number

of

counterparties,

it

will

have

greater

exposure

to

the

risks

associated

with

one

or

more

counterparties. 

Securities

Lending 

Under

procedures

adopted

by

the

Trustees,

the

Fund

may

seek

to

earn

additional

income

by

lending

securities

to

certain

qualified

broker-dealers

and

institutions.

JP

Morgan

Chase

Bank,

National

Association acts

as

securities

lending

agent

and

a

limited

purpose

custodian

or

subcustodian

to

receive

and

disburse

cash

balances

and

cash

collateral,

hold

short-term

investments,

hold

collateral,

and

perform

other

custodial

functions

in

accordance

with

the

Securities

Lending

Agreement.

For

financial

reporting

purposes,

the

Fund

does

not

offset

financial

instruments'

payables

and

receivables

and

related

collateral

on

the

Statement

of

Assets

and

Liabilities. The

Fund

may

lend

fund

securities

in

an

amount

equal

to

up

to

1/3

of

its

total

assets

as

determined

at

the

time

of

the

loan

origination.

There

is

the

risk

of

delay

in

recovering

a

loaned

security

or

the

risk

of

loss

in

collateral

rights

if

the

borrower

fails

financially.

In

addition, the

Adviser makes

efforts

to

balance

the

benefits

and

risks

from

granting

such

loans.

All

loans

will

be

continuously

secured

by

collateral

which

may

consist

of

cash,

U.S.

Government

securities,

domestic

and

foreign

short-term

debt

instruments,

letters

of

credit,

time

deposits,

repurchase

agreements,

money

market

mutual

funds

or

other

money

market

accounts,

or

such

other

collateral

as

permitted

by

the

SEC.

If

the

Fund

is

unable

to

recover

a

security

on

loan,

the

Fund

may

use

the

collateral

to

purchase

replacement

securities

in

the

market.

There

is

a

risk

that

the

value

of

the

collateral

could

decrease

below

the

cost

of

the

replacement

security

by

the

time

the

replacement

investment

is

made,

resulting

in

a

loss

to

the

Fund.

In

certain

circumstances

individual

loan

transactions

could

yield

negative

returns. 

Upon

receipt

of

cash

collateral, the

Adviser may

invest

it

in

affiliated

or

non-affiliated

cash

management

vehicles,

whether

registered

or

unregistered

entities,

as

permitted

by

the

1940

Act

and

rules

promulgated

thereunder.

The

Adviser

currently

intends

to

invest

the

cash

collateral

in

a

cash

management

vehicle

for

which the

Adviser serves

as

investment

adviser,

Janus

Henderson

Cash

Collateral

Fund

LLC,

or

in

time

deposits.

An

investment

in

Janus

Henderson

Cash

Collateral

Fund

LLC

is

generally

subject

to

the

same

risks

that

shareholders

experience

when

investing

in

similarly

structured

vehicles,

such

as

the

potential

for

significant

fluctuations

in

assets

as

a

result

of

the

purchase

and

redemption

activity

of

the

securities

lending

program,

a

decline

in

the

value

of

the

collateral,

and

possible

liquidity

issues.

Such

risks

may

delay

the

return

of

the

cash

collateral

and

cause

the

Fund

to

violate

its

agreement

to

return

the

cash

collateral

to

a

borrower

in

a

timely

manner.

As

adviser

to

the

Fund

and

Janus

Henderson

Cash

Collateral

Fund

LLC, the

Adviser has

an

inherent

conflict

of

interest

as

a

result

of

its

fiduciary

duties

to

both

the

Fund

and

Janus

Henderson

Cash

Collateral

Fund

LLC.

Additionally, the

Adviser receives

an

investment

advisory

fee

of

0.05%

for

managing

Janus

Henderson

Cash

Collateral

Fund

LLC

and

therefore

may

have

an

incentive

to

allocate

collateral

to

the

Janus

Henderson

Cash

Collateral

Fund

LLC,

rather

than

to

other

collateral

management

options

for

which the

Adviser does

not

receive

compensation. 

The

value

of

the

collateral

must

be

at

least

102%

of

the

market

value

of

the

loaned

securities

that

are

denominated

in

U.S.

dollars

and

105%

of

the

market

value

of

the

loaned

securities

that

are

not

denominated

in

U.S.

dollars.

Loaned

securities

and

related

collateral

are

marked-to-market

each

business

day

based

upon

the

market

value

of

the

loaned

securities

at

the

close

of

business,

employing

the

most

recent

available

pricing

information.

Collateral

levels

are

then

adjusted

based

on

this

mark-to-market

evaluation. 

Additional

required

collateral,

or

excess

collateral

returned,

is

delivered

on

the

next

business

day. 

Therefore,

the

value

of

the

collateral

held

may

be

temporarily

less

than

102%

or

105%

value

of

the

securities

on

loan.

The

cash

collateral

invested

by

the

Adviser is

disclosed

in

the

Schedule

of

Investments

(if

applicable).

Income

earned

from

the

investment

of

the

cash

collateral,

net

of

rebates

paid

to,

or

fees

paid

by,

borrowers

and

less

the

fees

paid

to

the

lending

agent

are

included

as

“Affiliated

securities

lending

income,

net”

on

the

Statement

of

Operations.

As

of

April

30,

2026,

securities

lending

transactions

accounted

for

as

secured

borrowings

with

an

overnight

and

continuous

contractual

maturity

are

$104,386

for

equity

securities.

Gross

amounts

of

recognized

liabilities

for

securities

lending

(collateral

received)

as

of

April

30,

2026 is $106,614,

resulting

in

the

net

amount

due

to

the

counterparty

of

$2,228.

Janus

Henderson

U.S.

Real

Estate

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

15

Offsetting

Assets

and

Liabilities 

The

Fund

presents

gross

and

net

information

about

transactions

that

are

either

offset

in

the

financial

statements

or

subject

to

an

enforceable

master

netting

arrangement

or

similar

agreement

with

a

designated

counterparty,

regardless

of

whether

the

transactions

are

actually

offset

in

the

Statement

of

Assets

and

Liabilities.

The

Offsetting

Assets

and

Liabilities

tables

located

in

the

Schedule

of

Investments

present

gross

amounts

of

recognized

assets

and/or

liabilities

and

the

net

amounts

after

deducting

collateral

that

has

been

pledged

by

counterparties

or

has

been

pledged

to

counterparties

(if

applicable).  

3.

Investment

Advisory

Agreements

and

Other

Transactions

with

Affiliates 

Under

its

unitary

fee

structure,

the

Fund

pays

the

Adviser a

management

fee

in

return

for

providing

certain

investment

advisory,

supervisory,

and

administrative

services

to

the

Fund,

including

the

costs

of

transfer

agency,

custody,

fund

administration,

legal,

audit,

and

other

services. The

Adviser's fee

structure

is

designed

to

pay

substantially

all

of

the

Fund’s

expenses.

However,

the

Fund

bears

other

expenses

which

are

not

covered

under

the

management

fee

which

may

vary

and

affect

the

total

level

of

expenses

paid

by

shareholders,

such

as

distribution

fees

(if

any),

brokerage

expenses

or

commissions,

interest,

dividends,

taxes,

litigation

expenses,

acquired

fund

fees

and

expenses

(if

any),

and

extraordinary

expenses.

The

Fund’s

unitary

management

fee

provides

for

reductions

in

the

fee

rate

as

the

Fund’s

assets

grow.

As

of

the

date

of

this

report,

the

Fund’s

management

fee

was

calculated

daily

and

paid

monthly

according

to

the

following

schedule: 

For

the

period

ended April

30,

2026,

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. 

As

of

April

30,

2026, the

Adviser

owned 1

share

or 0%

of

the

Fund.

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)

16

April

30,

2026

Any

purchases

and

sales,

realized

gains/losses

and

recorded

dividends

from

affiliated

investments

during

the period

ended

April

30,

2026 can

be

found

in

a

table

located

in

the

Schedule

of

Investments.

4.

Federal

Income

Tax 

Income

and

capital

gains

distributions

are

determined

in

accordance

with

income

tax

regulations

that

may

differ

from

US

GAAP.

These

differences

are

due

to

differing

treatments

for

items

such

as

net

short-term

gains,

deferral

of

wash

sale

losses,

foreign

currency

transactions,

passive

foreign

investment

companies,

net

investment

losses,

in-kind

transactions

and

capital

loss

carryovers.

The

Fund

has

elected

to

treat

gains

and

losses

on

forward

foreign

currency

contracts

as

capital

gains

and

losses,

if

applicable.

Other

foreign

currency

gains

and

losses

on

debt

instruments

are

treated

as

ordinary

income

for

federal

income

tax

purposes

pursuant

to

Section

988

of

the

Internal

Revenue

Code.

The

aggregate

cost

of

investments

and

the

composition

of

unrealized

appreciation

and

depreciation

of

investment

securities

for

federal

income

tax

purposes

as

of April

30,

2026 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,

2026,

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.

Acquisition

Note

On

December

22,

2025,

Janus

Henderson

Group

plc,

the

parent

company

of

the

Fund's

investment

adviser,

announced

a

definitive

agreement

to

be

acquired

by

Trian

Fund

Management

and

General

Catalyst.

The

Transaction

is

expected

to

close

in

2026,

subject

to

customary

closing

conditions,

including

requisite

regulatory

approvals,

and

client

consents.

The

shareholders

of

Janus

Henderson

Group,

plc

approved

the

acquisition

on

April

16,

2026. 

8.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to April

30,

2026

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:

On

June

5,

2026,

the

Board

of

Trustees

approved

a

plan

to

liquidate

and

terminate

the

Fund,

effective

on

or

about

August

11,

2026.

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$3,644,433

$514,843

$(40,272)

$474,571

Period

Ended

April

30,

2026

Year

Ended

October

31,

2025

Shares

Amount

Shares

Amount

Shares

sold

—

$

—

50,000

$

1,181,299

Shares

repurchased

—

—

(950,000)

(23,378,533

)

Net

Increase/(Decrease)

—

$

—

(900,000)

$

(22,197,234

)

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

$1,396,688

$1,538,830

$—

$—

Janus

Henderson

U.S.

Real

Estate

ETF

Additional

Information

(unaudited)

Janus

Detroit

Street

Trust

17

Item

8.

Changes

in

and

Disagreements

with

Accountants

for

Open-End

Management

Investment

Companies.

Not

applicable.

Item

9.

Proxy

Disclosures

for

Open-End

Management

Investment

Companies.

Not

applicable.

Item

10.

Remuneration

Paid

to

Directors,

Officers,

and

Others

of

Open-End

Management

Investment

Companies.

Because

the

Adviser

has

agreed

in

the

Investment

Advisory

Agreement

to

cover

all

operating

expenses

of

the

Fund,

subject

to

certain

exclusions

as

provided

for

therein,

the

Adviser

pays

the

compensation

to

each

Independent

Trustee

for

services

to

the

Fund

from

Adviser’s

management

fees.

Item

11.

APPROVAL

OF

ADVISORY

AGREEMENTS

DURING

THE

PERIOD

Not

applicable.

125-24-93088

04-26

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

FINANCIAL

STATEMENTS

April

30,

2026

Janus

Henderson

Corporate

Bond

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

Corporate

Bond

ETF

Item

7.

Financial

Statements

and

Financial

Highlights

for

Open-End

Management

Investment

Companies

Schedule

of

Investments

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

3

Statement

of

Assets

and

Liabilities

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

12

Statement

of

Operations

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

13

Statements

of

Changes

in

Net

Assets

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

14

Financial

Highlights

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

15

Notes

to

Financial

Statements

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

16

Items

8-11

-

Additional

Information

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

28

Janus

Henderson

Corporate

Bond

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

Janus

Detroit

Street

Trust

3

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Asset-Backed

Securities

-

3.0%

American

Airlines

Pass-Through

Trust,

5.7500%,

5/10/35

$

384,000

$

384,026

United

Airlines

Pass-Through

Trust,

3.7500%,

9/3/26

363,339

362,622

Total

Asset-Backed

Securities

(cost

$743,798)

746,648

Corporate

Bonds

-

93.5%

Basic

Materials

-

3.1%

Barrick

Mining

Corp.,

5.8000%, 11/15/34

175,000

180,601

Dow

Chemical

Co.

(The),

5.6500%, 3/15/36

211,000

210,256

LYB

International

Finance

III

LLC,

5.5000%, 3/1/34

248,000

248,728

LYB

International

Finance

III

LLC,

5.8750%, 1/15/36

120,000

121,217

760,802

Communications

-

11.6%

APLD

ComputeCo

2

LLC,

6.7500%, 3/15/31

(144A)

159,000

157,419

AppLovin

Corp.,

5.5000%, 12/1/34

221,000

220,915

AppLovin

Corp.,

5.9500%, 12/1/54

126,000

115,581

AT&T,

Inc.,

5.2500%, 10/30/36

201,000

198,629

AT&T,

Inc.,

4.5000%, 3/9/48

155,000

124,051

Beignet

Investor

LLC,

6.5810%, 5/30/49

(144A)

118,000

121,864

Cipher

Compute

LLC,

7.1250%, 11/15/30

(144A)

116,000

120,235

Comcast

Corp.,

6.0500%, 5/15/55

85,000

83,528

Edged

Compute

LLC,

7.5000%, 4/30/31

(144A)

150,000

147,077

Meridian

Arc

Holdco

LLC,

6.2500%, 4/30/31

(144A)

187,000

186,957

Meta

Platforms,

Inc.,

5.2500%, 5/15/36

370,000

368,962

Meta

Platforms,

Inc.,

6.2000%, 5/15/46

247,000

247,299

Orange

SA,

4.7500%, 1/13/33

(144A)

252,000

248,814

Snap,

Inc.,

6.8750%, 3/1/33

(144A)

250,000

243,384

SV

RNO

Property

Owner

1

LLC,

5.8750%, 3/1/31

(144A)

38,000

37,284

T-Mobile

USA,

Inc.,

4.9500%, 11/15/35

247,000

241,293

2,863,292

Consumer,

Cyclical

-

7.8%

Carvana

Co.,

9.0000%, 6/1/31

(144A)

Ø

341,916

378,243

Flutter

Treasury

DAC,

5.8750%, 6/4/31

(144A)

243,000

242,091

Hasbro,

Inc.,

6.0500%, 5/14/34

154,000

161,131

Mattel,

Inc.,

5.0000%, 11/17/30

#

122,000

122,315

O'Reilly

Automotive,

Inc.,

5.1000%, 3/12/36

125,000

123,689

Penn

Entertainment,

Inc.,

6.7500%, 4/1/31

(144A)

253,000

250,912

Polaris,

Inc.,

5.6000%, 3/1/31

203,000

202,529

Royal

Caribbean

Cruises

Ltd.,

4.7500%, 5/15/33

56,000

54,319

Royal

Caribbean

Cruises

Ltd.,

5.2500%, 2/27/38

205,000

195,886

Southwest

Airlines

Co.,

5.2500%, 11/15/35

204,000

193,460

1,924,575

Consumer,

Non-cyclical

-

13.5%

180

Medical,

Inc.,

5.3000%, 10/8/35

(144A)

253,000

247,208

AbbVie,

Inc.,

4.7500%, 3/15/36

100,000

97,784

Aetna,

Inc.,

6.6250%, 6/15/36

233,000

252,232

CVS

Health

Corp.,

5.7000%, 6/1/34

125,000

129,020

CVS

Health

Corp.,

5.4500%, 9/15/35

120,000

121,132

CVS

Health

Corp.,

5.0500%, 3/25/48

131,000

113,021

CVS

Health

Corp.,

6.2000%, 9/15/55

62,000

61,703

EMD

Finance

LLC,

4.6250%, 10/15/32

(144A)

150,000

148,403

EMD

Finance

LLC,

5.0000%, 10/15/35

(144A)

162,000

160,187

Health

Care

Service

Corp.,

5.4500%, 6/15/34

(144A)

62,000

62,030

Humana,

Inc.,

5.3750%, 4/15/31

148,000

150,022

Humana,

Inc.,

5.9500%, 3/15/34

84,000

86,172

JBS

NV,

3.6250%, 1/15/32

336,000

310,720

Janus

Henderson

Corporate

Bond

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

4

April

30,

2026

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)

Maple

Parent

Holdings

Corp.,

5.7000%, 3/26/36

(144A)

$

125,000

$

125,156

Mars,

Inc.,

5.0000%, 3/1/32

(144A)

44,000

44,636

Mars,

Inc.,

5.2000%, 3/1/35

(144A)

367,000

370,275

Mars,

Inc.,

5.7000%, 5/1/55

(144A)

34,000

33,083

Rollins,

Inc.,

5.2500%, 2/24/35

208,000

207,737

Royalty

Pharma

plc,

5.4000%, 9/2/34

184,000

186,471

Solventum

Corp.,

5.6000%, 3/23/34

75,000

76,672

Teva

Pharmaceutical

Finance

Co.

LLC,

6.1500%, 2/1/36

242,000

253,538

Universal

Health

Services,

Inc.,

5.0500%, 10/15/34

116,000

111,666

3,348,868

Energy

-

9.3%

Antero

Midstream

Partners

LP,

5.7500%, 7/1/34

(144A)

199,000

198,487

Antero

Resources

Corp.,

5.4000%, 2/1/36

313,000

307,413

Columbia

Pipelines

Holding

Co.

LLC,

5.0970%, 10/1/31

(144A)

102,000

102,903

Columbia

Pipelines

Holding

Co.

LLC,

4.9990%, 11/17/32

(144A)

251,000

249,269

DT

Midstream,

Inc.,

4.1250%, 6/15/29

(144A)

384,000

375,974

Enbridge,

Inc.,

5.5500%, 6/20/35

308,000

314,733

Energy

Transfer

LP,

5.0000%, 5/15/50

29,000

24,225

Energy

Transfer

LP,

5.9500%, 5/15/54

108,000

101,965

Hess

Midstream

Operations

LP,

5.8750%, 3/1/28

(144A)

50,000

50,491

Hess

Midstream

Operations

LP,

5.1250%, 6/15/28

(144A)

111,000

110,488

Hess

Midstream

Operations

LP,

4.2500%, 2/15/30

(144A)

128,000

124,142

Occidental

Petroleum

Corp.,

5.3750%, 1/1/32

123,000

125,581

Occidental

Petroleum

Corp.,

7.9500%, 6/15/39

73,000

86,244

Occidental

Petroleum

Corp.,

4.1000%, 2/15/47

86,000

62,708

Western

Midstream

Operating

LP,

5.4500%, 4/1/44

59,000

53,010

2,287,633

Financial

-

30.3%

Ally

Financial,

Inc.,

SOFR

+

2.2900%,

6.1840%, 7/26/35

‡

243,000

246,542

Ares

Capital

Corp.,

5.1000%, 1/15/31

127,000

123,169

Atlas

Warehouse

Lending

Co.

LP,

4.9500%, 11/15/30

(144A)

250,000

245,830

Atlas

Warehouse

Lending

Co.

LP,

5.2500%, 1/15/33

(144A)

252,000

246,436

Bank

of

America

Corp.,

SOFR

+

1.0400%,

4.6950%, 4/23/32

‡

142,000

141,419

Bank

of

America

Corp.,

SOFR

+

1.3100%,

5.5110%, 1/24/36

‡

40,000

40,912

Bank

of

America

Corp.,

SOFR

+

1.1300%,

5.0450%, 2/6/37

‡

188,000

185,091

Blue

Owl

Capital

Corp.,

3.1250%, 4/13/27

95,000

92,913

Blue

Owl

Finance

LLC,

6.2500%, 4/18/34

179,000

176,198

Capital

One

Financial

Corp.,

SOFR

+

3.0700%,

7.6240%, 10/30/31

‡

110,000

121,442

Capital

One

Financial

Corp.,

SOFR

+

2.6000%,

5.8170%, 2/1/34

‡

61,000

62,745

Capital

One

Financial

Corp.,

SOFRINDX

+

3.3700%,

7.9640%, 11/2/34

‡

94,000

108,430

CBRE

Services,

Inc.,

4.9000%, 1/15/33

144,000

142,342

CBRE

Services,

Inc.,

5.5000%, 6/15/35

137,000

138,921

Charles

Schwab

Corp.

(The),

SOFR

+

1.2300%,

4.9140%, 11/14/36

‡

218,000

212,736

Citigroup,

Inc.,

SOFR

+

1.8300%,

6.0200%, 1/24/36

‡

87,000

89,315

Citigroup,

Inc.,

SOFR

+

1.4880%,

5.1740%, 9/11/36

‡

122,000

120,862

Citigroup,

Inc.,

CME

Term

SOFR

3

Month

+

1.4296%,

3.8780%, 1/24/39

‡

146,000

126,306

Cooperatieve

Rabobank

UA,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.0000%,

5.7100%, 1/21/33

(144A)

‡

305,000

316,965

Deutsche

Bank

AG,

SOFR

+

1.7180%,

3.0350%, 5/28/32

‡

231,000

210,063

Equinix

Europe

2

Financing

Corp.

LLC,

5.5000%, 6/15/34

208,000

212,194

GLP

Capital

LP,

5.6250%, 9/15/34

196,000

195,047

GLP

Capital

LP,

5.6250%, 3/1/36

58,000

57,001

Goldman

Sachs

Group,

Inc.

(The),

SOFR

+

1.4200%,

5.0160%, 10/23/35

‡

192,000

188,904

Janus

Henderson

Corporate

Bond

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

Janus

Detroit

Street

Trust

5

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Corporate

Bonds

-

(continued)

Financial

-

(continued)

Goldman

Sachs

Group,

Inc.

(The),

CME

Term

SOFR

3

Month

+

1.6346%,

4.0170%, 10/31/38

‡

$

208,000

$

181,971

JPMorgan

Chase

&

Co.,

SOFR

+

1.1900%,

4.8100%, 10/22/36

‡

314,000

305,023

JPMorgan

Chase

&

Co.,

SOFR

+

1.0700%,

4.8980%, 1/22/37

‡

150,000

146,223

JPMorgan

Chase

&

Co.,

SOFR

+

1.2600%,

5.1480%, 4/23/37

‡

106,000

105,367

LPL

Holdings,

Inc.,

5.6500%, 3/15/35

160,000

159,897

Marex

Group

plc,

6.4040%, 11/4/29

235,000

242,144

Marex

Group

plc,

5.6800%, 4/21/31

179,000

178,839

Morgan

Stanley,

SOFR

+

1.8700%,

5.2500%, 4/21/34

‡

46,000

46,461

Morgan

Stanley,

SOFR

+

1.3140%,

4.8920%, 10/22/36

‡

314,000

304,668

Morgan

Stanley,

SOFR

+

2.6200%,

5.2970%, 4/20/37

‡

130,000

130,155

National

Health

Investors,

Inc.,

5.3500%, 2/1/33

124,000

123,248

Nippon

Life

Insurance

Co.,

5.0460%, 4/2/33

(144A)

308,000

308,631

Regency

Centers

LP,

4.5000%, 3/15/33

445,000

433,780

Synchrony

Financial,

2.8750%, 10/28/31

140,000

123,021

Synchrony

Financial,

SOFR

+

2.0700%,

6.0000%, 7/29/36

‡

120,000

119,391

US

Bancorp,

SOFR

+

2.2600%,

5.8360%, 6/12/34

‡

135,000

140,997

US

Bancorp,

SOFR

+

1.8600%,

5.6780%, 1/23/35

‡

57,000

58,905

Ventas

Realty

LP,

5.0000%, 1/15/35

167,000

164,381

VICI

Properties

LP,

3.8750%, 2/15/29

(144A)

264,000

257,005

Wells

Fargo

&

Co.,

SOFR

+

1.7800%,

5.4990%, 1/23/35

‡

80,000

81,576

Willis

North

America,

Inc.,

3.8750%, 9/15/49

100,000

72,727

7,486,193

Industrial

-

3.3%

Amphenol

Corp.,

5.3000%, 11/15/55

124,000

116,148

Carlisle

Cos.,

Inc.,

5.2500%, 9/15/35

125,000

125,478

Carlisle

Cos.,

Inc.,

5.5500%, 9/15/40

67,000

66,370

Fedex

Freight

Holding

Co.,

Inc.,

4.9500%, 3/15/33

(144A)

113,000

110,990

Honeywell

Aerospace,

Inc.,

5.7320%, 3/16/56

(144A)

186,000

182,939

Regal

Rexnord

Corp.,

6.3000%, 2/15/30

85,000

88,944

Regal

Rexnord

Corp.,

6.4000%, 4/15/33

114,000

121,219

812,088

Technology

-

8.1%

Booz

Allen

Hamilton,

Inc.,

5.9500%, 4/15/35

366,000

368,819

CoreWeave,

Inc.,

9.7500%, 10/1/31

(144A)

364,000

366,108

Foundry

JV

Holdco

LLC,

6.2000%, 1/25/37

(144A)

488,000

513,948

Intel

Corp.,

5.0000%, 8/15/33

174,000

173,320

Intel

Corp.,

4.7500%, 3/25/50

63,000

51,765

MSCI,

Inc.,

5.2500%, 9/1/35

73,000

71,846

Oracle

Corp.,

4.8000%, 9/26/32

60,000

57,052

Oracle

Corp.,

5.7000%, 2/4/36

69,000

66,264

Oracle

Corp.,

5.9500%, 9/26/55

87,000

72,874

SK

hynix,

Inc.,

4.2500%, 9/11/28

(144A)

200,000

199,182

VMware

LLC,

4.7000%, 5/15/30

67,000

67,381

2,008,559

Utilities

-

6.5%

AEP

Texas,

Inc.,

5.2000%, 4/15/36

75,000

73,737

Ameren

Corp.,

5.3750%, 3/15/35

252,000

255,366

Duke

Energy

Corp.,

4.9500%, 9/15/35

127,000

124,255

NiSource,

Inc.,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.5270%,

6.3750%, 3/31/55

‡

119,000

122,374

PPL

Capital

Funding,

Inc.,

5.2500%, 9/1/34

254,000

256,453

Vistra

Operations

Co.

LLC,

5.5500%, 4/30/36

(144A)

372,000

368,421

Janus

Henderson

Corporate

Bond

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

6

April

30,

2026

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Corporate

Bonds

-

(continued)

Utilities

-

(continued)

Xcel

Energy,

Inc.,

5.4500%, 8/15/33

$

252,000

$

257,431

Xcel

Energy,

Inc.,

5.6000%, 4/15/35

156,000

158,875

1,616,912

Total

Corporate

Bonds

(cost

23,121,201)

23,108,922

Exchange

Traded

Funds

-

2.5%

Janus

Henderson

Emerging

Markets

Debt

Hard

Currency

ETF

£

7,024

375,073

Janus

Henderson

Mortgage-Backed

Securities

ETF

£

5,470

247,080

622,153

Total

Exchange

Traded

Funds

(cost

$610,371)

622,153

Investment

Companies

-

3.0%

Money

Market

Funds

-

3.0%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

3.6483%

£,∞

(cost

$734,585)

734,587

734,587

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

0.4%

Investment

Companies

-

0.3%

Janus

Henderson

Cash

Collateral

Fund

LLC,

3.5866%

£,∞

75,894

75,894

Time

Deposits

-

0.1%

Royal

Bank

of

Canada,

3.6300%,

5/1/26

18,974

18,974

Total

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

(cost

$94,868)

94,868

Total

Investments

(total

cost

$

25,304,823

)

-

102.4%

25,307,178

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(2.4%)

(583,356)

Net

Assets

-

100.0%

$24,723,822

Janus

Henderson

Corporate

Bond

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

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

$

22,764,458

89.8

%

Netherlands

627,685

2.5

Canada

495,334

2.0

United

Kingdom

420,983

1.7

Japan

308,631

1.2

France

248,814

1.0

Ireland

242,091

1.0

South

Korea

199,182

0.8

Total

$25,307,178

100.0%

Schedule

of

Affiliated

Investments

-

(%

of

Net

Assets)

Affiliated

Investments,

at

Value

at

10/31/25

Purchases

Sales

Proceeds

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciatio

n/

(Depreciation)

Affiliated

Investments,

at

Value

at

4/30/26

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

Shares

Held

at

4/30/26

Dividend

Income

Investment

Company

-

5.5%

Exchange

Traded

Fund

-

2.5%

Janus

Henderson

AAA

CLO

ETF

$

497,709

$

–

$

(495,890)

$

(906)

$

(913)

$

–

–

$

8,367

Janus

Henderson

Emerging

Markets

Debt

Hard

Currency

ETF

387,943

238,916

(238,985)

(7,704)

(5,097)

375,073

7,024

15,574

Janus

Henderson

Mortgage-Backed

Securities

ETF

382,685

305,025

(436,947)

3,910

(7,593)

247,080

5,470

8,614

Money

Market

Funds

-

3.0%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

3.6483%

∞

616,125

27,722,645

(27,603,959)

(122)

(102)

734,587

734,587

13,166

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

0.4%

Investment

Companies

-

0.3%

Janus

Henderson

Cash

Collateral

Fund

LLC,

3.5866%

∞

1,465,364

12,168,374

(13,557,843)

–

(–)

75,894

75,894

11,689

Δ

Total

Affiliated

Investments

-

5.8%

$3,349,826

$40,434,960

$(42,333,624)

$(4,822)

$(13,706)

$1,432,634

$57,410

Janus

Henderson

Corporate

Bond

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

8

April

30,

2026

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,

2026.

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,

2026.

Schedule

of

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

and

Unrealized

Appreciation

(Depreciation)

Futures

Long:

U.S.

Treasury

2

Year

Notes

28

6/30/26

$

5,799,500

$

(39,718)

U.S.

Treasury

5

Year

Notes

38

6/30/26

4,097,766

(23,931)

U.S.

Treasury

Ultra

Bonds

24

6/18/26

2,760,750

(100,795)

Total

-

Futures

Long

(164,444)

Futures

Short:

U.S.

Treasury

10

Year

Notes

29

6/18/26

(3,207,219)

41,932

U.S.

Treasury

10

Year

Ultra

Bonds

62

6/18/26

(6,997,281)

106,765

U.S.

Treasury

Long

Bonds

6

6/18/26

(677,063)

11,466

Total

-

Futures

Short

160,163

Total

$(4,281)

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

1

Day

SOFR

4.1100%

Fixed

Annually

8/29/45

USD

2,000,000

$

–

$

(27,061)

$

(27,061)

Fair

Value

of

Derivative

Instruments

(not

accounted

for

as

hedging

instruments)

as

of

April

30,

2026

Interest

Rate

Contracts

Total

Asset

Derivatives:

*

Futures

contracts

$

160,163

$

160,163

Total

Asset

Derivatives

$

160,163

$

160,163

Liability

Derivatives:

*

Futures

contracts

164,444

164,444

*

Swaps

-

centrally

cleared

27,061

27,061

Total

Liability

Derivatives

$

191,505

$

191,505

*

The

fair

value

presented

includes

net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts

and

.

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

Corporate

Bond

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

Janus

Detroit

Street

Trust

9

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,

2026

Amount

of

Realized

Gain/(Loss)

Recognized

on

Derivatives

Derivative

Credit

Contracts

Interest

Rate

Contracts

Total

Futures

contracts

$

—

$

3,412

$

3,412

Swap

contracts

1,183

—

1,183

Total

$

1,183

$

3,412

$

4,595

Amount

of

Change

in

Unrealized

Appreciation/(Depreciation)

Recognized

on

Derivatives

Derivative

Interest

Rate

Contracts

Total

Futures

contracts

$

(67,807)

$

(67,807)

Swap

contracts

(61,797)

(61,797)

Total

$

(129,604)

$

(129,604)

Average

Ending

Monthly

Value

of

Derivative

Instruments

During

the

Period

Ended

April

30,

2026

Futures

contracts:

Average

notional

amount

of

contracts

-

long

$9,197,055

Average

notional

amount

of

contracts

-

short

7,898,747

Credit

default

swaps:

Average

notional

amount

-

buy

protection

33,333

Interest

rate

swaps:

Average

notional

amount

-

pay

floating

rate/receive

fixed

rate

2,000,000

Offsetting

of

Financial

Assets

and

Derivative

Assets

Counterparty

Gross

Amounts

of

Recognized

Assets

Offsetting

Asset

or

Liability

(a)

Collateral

Pledged

(b)

Net

Amount

JPMorgan

Chase

Bank

NA

$

93,029

$

—

$

(93,029)

$

—

(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

Corporate

Bond

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

April

30,

2026

10

April

30,

2026

CME

Chicago

Mercantile

Exchange

DAC

Designated

Activity

Company

ETF

Exchange

Traded

Fund

LLC

Limited

Liability

Company

LP

Limited

Partnership

plc

Public

Limited

Company

SOFR

Secured

Overnight

Financing

Rate

SOFRINDX

Secured

Overnight

Financing

Rate

Compounded

Index

#

Loaned

security;

a

portion

of

the

security

is

on

loan

at

April

30,

2026.

∞

Rate

shown

is

the

7-day

yield

as

of

April

30,

2026.

£

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.

Ø

Payment-in-kind

security

which

may

pay

interest/dividends

in

additional

par/shares

and/or

in

cash.

Rates

shown

are

the

current

rate

and

possible

payment

rates.

‡

Variable

or

floating

rate

security.

Rate

shown

is

the

current

rate

as

of

April

30,

2026.

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.

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

1933

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,

2026

is

$7,653,467

which

represents

31.0%

of

net

assets.

Janus

Henderson

Corporate

Bond

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

April

30,

2026

Janus

Detroit

Street

Trust

11

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,

2026

.

See

Notes

to

Financial

Statements

for

more

information.

Valuation

Inputs

Summary

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Total

Assets

Investments

in

Securities:

Asset-Backed

Securities

$

—

$

746,648

$

—

$

746,648

Corporate

Bonds

—

23,108,922

—

23,108,922

Exchange

Traded

Funds

622,153

—

—

622,153

Investment

Companies

—

734,587

—

734,587

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

—

94,868

—

94,868

Total

Investments

in

Securities

$

622,153

$

24,685,025

$

—

$

25,307,178

Other

Financial

Instruments

(a)

:

Futures

Contracts

$

160,163

$

—

$

—

$

160,163

Total

Assets

$

782,316

$

24,685,025

$

—

$

25,467,341

Liabilities

Other

Financial

Instruments

(a)

:

Futures

Contracts

$

164,444

$

—

$

—

$

164,444

Centrally

Cleared

Swaps

—

27,061

—

27,061

Total

Liabilities

$

164,444

$

27,061

$

—

$

191,505

(a)

Other

financial

instruments

may

include

forward

foreign

currency

exchange

contracts,

futures,

written

options,

written

swaptions,

and

swap

contracts.

Forward

foreign

currency

exchange

contracts,

futures

contracts,

and

centrally

cleared

swap

contracts

are

reported

at

their

unrealized

appreciation/(depreciation)

at

measurement

date,

which

represents

the

change

in

the

contract's

value

from

trade

date.

Written

options,

written

swaptions,

and

OTC

swaps

are

reported

at

their

market

value

at

measurement

date.

Janus

Henderson

Corporate

Bond

ETF

Statement

of

Assets

and

Liabilities

(unaudited)

April

30,

2026

12

April

30,

2026

See

Notes

to

Financial

Statements.

Assets:

Unaffiliated

investments,

at

value

(cost

$23,883,973)

(1)

$

23,874,544

Affiliated

investments,

at

value

(cost

$1,420,850)

1,432,634

Cash

10,459

Due

from

broker

for

centrally

cleared

swaps

154,454

Due

from

broker

for

futures

210,000

Receivables:

Dividends

2,948

Interest

267,623

Affiliated

securities

lending

income,

net

94

Due

from

adviser

3,273

Total

Assets

25,956,029

Liabilities:

Payable

for

variation

margin

on

futures

contracts

10,120

Payable

for

variation

margin

on

swaps

9,502

Collateral

on

securities

loaned

(Note

3)

94,868

Payables:

Investments

purchased

999,929

Management

fees

7,154

Distributions

110,634

Total

Liabilities

1,232,207

Commitments

and

contingent

liabilities

Net

Assets

$

24,723,822

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

32,603,539

Total

distributable

earnings

(loss)

(

7,879,717

)

Total

Net

Assets

$

24,723,822

Net

Assets

$

24,723,822

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

600,001

Net

Asset

Value

Per

Share

$

41

.21

(1)

Includes

$93,029

of

securities

on

loan.

See

Note

3

in

Notes

to

Financial

Statements.

Janus

Henderson

Corporate

Bond

ETF

Statement

of

Operations

(unaudited)

For

the

period

ended

April

2026

Janus

Detroit

Street

Trust

13

See

Notes

to

Financial

Statements.

Investment

Income:

Interest

$

614,942

Dividends

from

affiliates

45,721

Affiliated

securities

lending

income,

net    

11,689

Unaffiliated

securities

lending

income,

net

3,003

Total

Investment

Income

675,355

Expenses:

Management

Fees

43,621

Total

Expenses

43,621

Less:

Excess

Expense

Reimbursement

and

Waivers

(

20,395

)

Net

Expenses

23,226

Net

Investment

Income/(Loss)

652,129

Net

Realized

Gain/(Loss)

on

Investments:

Investments

$

76,733

Investments

in

affiliates

(

4,822

)

Futures

contracts

3,412

Swap

contracts

1,183

Total

Net

Realized

Gain/(Loss)

on

Investments

$

76,506

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

(

473,371

)

Investments

in

affiliates

(

13,706

)

Futures

contracts

(

67,807

)

Swap

contracts

(

61,797

)

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

(

616,681

)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

111,954

Janus

Henderson

Corporate

Bond

ETF

Statements

of

Changes

in

Net

Assets

14

April

30,

2026

See

Notes

to

Financial

Statements.

Period

Ended

April

30,

2026

(unaudited)

Year

Ended

October

31,

2025

Operations:

Net

investment

income/(loss)

$

652,129

$

1,456,367

Net

realized

gain/(loss)

on

investments

76,506

(

466,486

)

Change

in

unrealized

net

appreciation/depreciation

(

616,681

)

739,024

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

111,954

1,728,905

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(

769,160

)

(

1,552,174

)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(

769,160

)

(

1,552,174

)

Capital

Share

Transactions

—

(

6,202,080

)

Net

Increase/(Decrease)

in

Net

Assets

(

657,206

)

(

6,025,349

)

Net

Assets:

—

—

Beginning

of

Period  

25,381,028

31,406,377

End

of

Period

$

24,723,822

$

25,381,028

Janus

Henderson

Corporate

Bond

ETF

Financial

Highlights

Janus

Detroit

Street

Trust

15

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

the

period

ended

April

30,

2026

(unaudited)

and

each

year

or

period

ended

October

31

2026

2025

2024

2023

2022

2021

(1)

Net

Asset

Value,

Beginning

of

Period

$42.30

$41.88

$38.10

$39.05

$49.56

$50.00

Income/(Loss)

from

Investment

Operations:

—

—

—

—

—

—

Net

investment

income/(loss)

(2)

1.09

2.16

2.05

1.57

1.02

0.13

Net

realized

and

unrealized

gain/(loss)

(0.90)

0.55

3.76

(0.99)

(10.33)

(0.57)

Total

from

Investment

Operations

0.19

2.71

5.81

0.58

(9.31)

(0.44)

Less

Dividends

and

Distributions:

—

—

—

—

—

—

Dividends

(from

net

investment

income)

(1.28)

(2.29)

(2.03)

(1.53)

(1.09)

—

Distributions

(from

capital

gains)

—

—

—

—

(0.11)

—

Total

Dividends

and

Distributions

(1.28)

(2.29)

(2.03)

(1.53)

(1.20)

—

Net

Asset

Value,

End

of

Period

$41.21

$42.30

$41.88

$38.10

$39.05

$49.56

Total

Return

*

0.45%

6.73%

15.45%

1.33%

(19.08)%

(0.88)%

Net

assets,

End

of

Period

(in

thousands)

$24,724

$25,381

$31,406

$28,579

$29,284

$49,561

Ratios

to

Average

Net

Assets

**

Ratio

of

Gross

Expenses

0.35%

0.35%

0.35%

0.35%

0.35%

0.35%

Ratio

of

Net

Expenses

(After

Waivers

and

Expense

Offsets)

0.19%

0.28%

0.35%

0.35%

0.35%

0.35%

Ratio

of

Net

Investment

Income/(Loss)

5.23%

5.21%

4.95%

3.88%

2.28%

1.81%

Portfolio

Turnover

Rate

(3)

117%

185%

200%

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

Corporate

Bond

ETF

Notes

to

Financial

Statements

(unaudited)

16

April

30,

2026

1.

Organization

and

Significant

Accounting

Policies

Janus

Henderson Corporate

Bond

ETF (the

“Fund”,

formerly

Janus

Henderson

Sustainable

Corporate

Bond

ETF)

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 nineteen

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. 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.

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

Chief

Financial

Officer

of

the

Fund/Portfolio

is

designated

as

the

Chief

Operating

Decision

Maker

(“CODM”)

as

it

relates

to

ASC

Topic

280.

The

CODM

has

concluded

that

the

Fund/Portfolio

operated

as

a

single

segment

entity

for

the period ended

April

30,

2026.

The

key

indicator

of

performance

of

the

Fund

is

net

investment

income

as

reported

on

the

Statement

of

Operations.

The

following

accounting

policies

have

been

followed

by

the

Fund

and

are

in

conformity

with

United

States

of

America

generally

accepted

accounting

principles

(“US

GAAP”). 

Investment

Valuation 

Fund holdings

are

valued

in

accordance

with

policies

and

procedures

established

by

the

Adviser

pursuant

to

Rule

2a-5

under

the

1940

Act

and

approved

by

and

subject

to

the

oversight

of

the

Trustees

(the

“Valuation

Procedures”).

Equity

securities,

including

shares

of

exchange-traded

funds,

traded

on

a

domestic

securities

exchange

are

generally

valued

at

readily

available

market

quotations,

which

are

(i)

the

official

close

prices

or

(ii)

last

sale

prices

on

the

primary

market

or

exchange

in

which

the

securities

trade.

If

such

price

is

lacking

for

the

trading

period

immediately

preceding

the

time

of

determination,

such

securities

are

generally

valued

at

their

current

bid

price.

Equity

securities

that

are

traded

on

a

foreign

exchange

are

generally

valued

at

the

closing

prices

on

such

markets.

In

the

event

that

there

is

no

current

trading

volume

on

a

particular

security

in

such

foreign

exchange,

the

bid

price

from

the

primary

exchange

is

generally

used

to

value

the

security.

Foreign

securities

and

currencies

are

converted

to

U.S.

dollars

using

the

current

spot

USD

dollar

exchange

rate

in

effect

at

the

close

of

the

London

Stock

Exchange.

The Fund will

determine

the

market

value

of

individual

securities

held

by

it

by

using

prices

provided

by

one

or

more

approved

professional

pricing

services

or,

as

needed,

by

obtaining

market

quotations

from

independent

broker-dealers.

Most

debt

securities

are

valued

in

accordance

with

the

evaluated

bid

price

supplied

by

the

Adviser-approved

pricing

service

that

is

intended

to

reflect

market

value.

The

evaluated

bid

price

supplied

by

the

pricing

service

is

an

evaluation

that

may

consider

factors

such

as

security

prices,

Janus

Henderson

Corporate

Bond

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

17

yields,

maturities

and

ratings.

Certain

short-term

securities

maturing

within

60

days

or

less

may

be

evaluated

and

valued

on

an

amortized

cost

basis

provided

that

the

amortized

cost

determined

approximates

market

value.

Securities

for

which

market

quotations

or

evaluated

prices

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

determined

in

good

faith

by

the

Adviser

pursuant

to

the

Valuation

Procedures. Circumstances

in

which

fair

valuation

may

be

utilized

include,

but

are

not

limited

to:

(i)

a

significant

event

that

may

affect

the

securities

of

a

single

issuer,

such

as

a

merger,

bankruptcy,

or

significant

issuer-specific

development;

(ii)

an

event

that

may

affect

an

entire

market,

such

as

a

natural

disaster

or

significant

governmental

action;

(iii)

a

nonsignificant

event

such

as

a

market

closing

early

or

not

opening,

or

a

security

trading

halt;

and

(iv)

pricing

of

a

non-valued

security

and

a

restricted

or

nonpublic

security.

Special

valuation

considerations

may

apply

with

respect

to

“odd-lot”

fixed-income

transactions

which,

due

to

their

small

size,

may

receive

evaluated

prices

by

pricing

services

which

reflect

a

large

block

trade

and

not

what

actually

could

be

obtained

for

the

odd-

lot

position.

The

value

of

the

securities

of

mutual

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

mutual

funds,

and

the

prospectuses

for

such

mutual

funds

explain

the

circumstances

under

which

they

use

fair

valuation

and

the

effects

of

using

fair

valuation.

The

value

of

the

securities

of

any

cash

management

pooled

investment

vehicles

that

operate

as

money

market

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

funds.

Valuation

Inputs

Summary 

FASB

ASC

820,

Fair

Value

Measurements

and

Disclosures

(“ASC

820”),

defines

fair

value,

establishes

a

framework

for

measuring

fair

value,

and

expands

disclosure

requirements

regarding

fair

value

measurements.

This

standard

emphasizes

that

fair

value

is

a

market-based

measurement

that

should

be

determined

based

on

the

assumptions

that

market

participants

would

use

in

pricing

an

asset

or

liability

and

establishes

a

hierarchy

that

prioritizes

inputs

to

valuation

techniques

used

to

measure

fair

value.

These

inputs

are

summarized

into

three

broad

levels: 

Level

1

–

Unadjusted

quoted

prices

in

active

markets

the

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities.

Level

2

–

Observable

inputs

other

than

unadjusted

quoted

prices

included

in

Level

1

that

are

observable

for

the

asset

or

liability

either

directly

or

indirectly.

These

inputs

may

include

quoted

prices

for

the

identical

instrument

on

an

inactive

market,

prices

for

similar

instruments,

interest

rates,

prepayment

speeds,

credit

risk,

yield

curves,

default

rates

and

similar

data.

Assets

or

liabilities

categorized

as

Level

2

in

the

hierarchy

generally

include:

debt

securities

fair

valued

in

accordance

with

the

evaluated

bid

or

ask

prices

supplied

by

a

pricing

service;

securities

traded

on

OTC

markets

and

listed

securities

for

which

no

sales

are

reported

that

are

fair

valued

at

the

latest

bid

price

(or

yield

equivalent

thereof)

obtained

from

one

or

more

dealers

transacting

in

a

market

for

such

securities

or

by

a

pricing

service

approved

by

the

Fund’s

Trustees;

and

certain

short-term

debt

securities

with

maturities

of

60

days

or

less

that

are

fair

valued

at

amortized

cost.

Other

securities

that

may

be

categorized

as

Level

2

in

the

hierarchy

include,

but

are

not

limited

to,

preferred

stocks,

bank

loans,

swaps,

investments

in

unregistered

investment

companies,

options,

and

forward

contracts.

Level

3

–

Unobservable

inputs

for

the

asset

or

liability

to

the

extent

that

relevant

observable

inputs

are

not

available,

representing

the

Fund’s

own

assumptions

about

the

assumptions

that

a

market

participant

would

use

in

valuing

the

asset

or

liability,

and

that

would

be

based

on

the

best

information

available.

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

period.

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,

2026 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

Janus

Henderson

Corporate

Bond

ETF

Notes

to

Financial

Statements

(unaudited)

18

April

30,

2026

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. 

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. 

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,

2026 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

Janus

Henderson

Corporate

Bond

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

19

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,

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.

Janus

Henderson

Corporate

Bond

ETF

Notes

to

Financial

Statements

(unaudited)

20

April

30,

2026

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.

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

Janus

Henderson

Corporate

Bond

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

21

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

addition

to

its

total

net

assets,

the

Fund

would

be

subject

to

investment

exposure

on

the

notional

value

of

the

swap.

The

maximum

potential

amount

of

future

payments

(undiscounted)

that

the

Fund

as

a

seller

could

be

required

to

make

in

a

credit

default

transaction

would

be

the

notional

amount

of

the

agreement.

As

a

buyer

of

credit

protection,

the

Fund

is

entitled

to

receive

the

par

(or

other

agreed-upon)

value

of

a

referenced

debt

obligation

from

the

counterparty

to

the

contract

in

the

event

of

a

default

or

other

credit

event

by

a

third

party,

such

as

a

U.S.

or

foreign

issuer,

on

the

debt

obligation.

In

return,

the

Fund

as

buyer

would

pay

to

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract

provided

that

no

credit

event

has

occurred.

If

no

credit

event

occurs,

the

Fund

would

have

spent

the

stream

of

payments

and

potentially

received

no

benefit

from

the

contract.

During

the

period,

the

Fund

purchased

protection

via

the

credit

default

swap

market

in

order

to

reduce

credit

risk

exposure

to

individual

corporates,

countries

and/or

credit

indices

where

gaining

this

exposure

via

the

cash

bond

market

was

less

attractive.

There

were

no

credit

default

swaps

held

as

of

April

30,

2026.

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

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. 

Janus

Henderson

Corporate

Bond

ETF

Notes

to

Financial

Statements

(unaudited)

22

April

30,

2026

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,

social

unrest,

tariffs,

financial

institution

failures,

and

economic

recessions 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.

Armed

Conflict.

Armed

conflicts

between

countries

or

in

a

geographic

region,

such

as

the

ongoing

armed

conflicts

in

Europe

and

the

Middle

East,

have

the

potential

to

adversely

impact

a

Fund.

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.

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. 

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

Janus

Henderson

Corporate

Bond

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

23

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.

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.

Counterparties 

Fund

transactions

involving

a

counterparty

are

subject

to

the

risk

that

the

counterparty

or

a

third

party

will

not

fulfill

its

obligation

to

the

Fund

("counterparty

risk").

Counterparty

risk

may

arise

because

of

the

counterparty's

financial

condition

(i.e.,

financial

difficulties,

bankruptcy,

or

insolvency),

market

activities

and

developments,

or

other

reasons,

whether

foreseen

or

not.

A

counterparty's

inability

to

fulfill

its

obligation

may

result

in

significant

financial

loss

to

the

Fund.

The

Fund

may

be

unable

to

recover

its

investment

from

the

counterparty

or

may

obtain

a

limited

recovery,

and/or

recovery

may

be

delayed.

The

extent

of

the

Fund's

exposure

to

counterparty

risk

with

respect

to

financial

assets

and

liabilities

approximates

its

carrying

value.

See

the

"Offsetting

Assets

and

Liabilities"

section

of

this

Note

for

further

details.

The

Fund

may

be

exposed

to

counterparty

risk

through

participation

in

various

programs,

including,

but

not

limited

to,

lending

its

securities

to

third

parties,

cash

sweep

arrangements

whereby

the

Fund's

cash

balance

is

invested

in

one

or

more

types

of

cash

management

vehicles,

as

well

as

investments

in,

but

not

limited

to,

repurchase

agreements,

and

Janus

Henderson

Corporate

Bond

ETF

Notes

to

Financial

Statements

(unaudited)

24

April

30,

2026

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.

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,

2026"

table

located

in

the

Fund’s

Schedule

of

Investments.

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

Corporate

Bond

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

25

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,

2026,

securities

lending

transactions

accounted

for

as

secured

borrowings

with

an

overnight

and

continuous

contractual

maturity

are

$93,029

for

equity

securities.

Gross

amounts

of

recognized

liabilities

for

securities

lending

(collateral

received)

as

of

April

30,

2026 is $94,868,

resulting

in

the

net

amount

due

to

the

counterparty

of

$1,839.

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,

2026,

the

Fund’s

actual

management

fee

rate

(expressed

as

an

annual

rate)

was

0.35% 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 0.20%

of

the

Fund’s

average

daily

net

assets. The

Adviser has

agreed

to

continue

the

waiver

for

at

least

through February

28,

2027.

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,

2028.

The

Adviser

may

not

recover

amounts

previously

waived

or

reimbursed

under

this

agreement.

During

the period

ended April

30,

2026,

the

Adviser

waived

$1,700 of

the

Fund’s

management

fee,

attributable

to

the

Fund’s

investment

in

the

Janus

Henderson

AAA

CLO

ETF,

Janus

Henderson

Emerging

Market

Debt

Hard

Currency ETF,

and

Janus

Henderson

Mortgage-Backed

Securities

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

Daily

Net

Assets

Fee

Rate

$0-$500

million

0.35%

Over

$500

million

0.30%

Janus

Henderson

Corporate

Bond

ETF

Notes

to

Financial

Statements

(unaudited)

26

April

30,

2026

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,

2026, the

Adviser

owned 551,661

shares

or 91.94%

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

at

least

80%

of

its

net

assets

(plus

any

borrowings

for

investment

purposes)

in

U.S.

Government

securities

and

repurchase

agreements

that

are collateralized

by

U.S.

Government 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). 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,

2026 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,

2025,

that

may

be

available

to

offset

future

realized

capital

gains

and

thereby

reduce

future

taxable

gains

distributions.

The

following

table

shows

these

capital

loss

carryovers.

Capital

Loss

Carryover

Schedule

For

the

year

ended

October

31,

2025

No

Expiration

Short-Term

Long-Term

Accumulated

Capital

Losses

$(3,177,988)

$(4,677,367)

$(7,855,355)

Janus

Henderson

Corporate

Bond

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

27

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,

2026 are

noted

below.

The

primary

differences

between

book

and

tax

appreciation

or

depreciation

of

investments are

wash

sale

loss

deferrals,

amortization

on

bonds,

and

investments in partnerships.

6.

Capital

Share

Transactions 

7.

Purchases

and

Sales

of

Investment

Securities

For

the

period

ended

April

30,

2026,

the

aggregate

cost

of

purchases

and

proceeds

from

sales

of

investment

securities

(excluding

any

short-term

securities,

short-term

options

contracts,

and

in-kind

transactions)

was

as

follows:

8.

Acquisition

Note

On

December

22,

2025,

Janus

Henderson

Group

plc,

the

parent

company

of

the

Fund's

investment

adviser,

announced

a

definitive

agreement

to

be

acquired

by

Trian

Fund

Management

and

General

Catalyst.

The

Transaction

is

expected

to

close

in

2026,

subject

to

customary

closing

conditions,

including

requisite

regulatory

approvals,

and

client

consents.

The

shareholders

of

Janus

Henderson

Group,

plc

approved

the

acquisition

on

April

16,

2026. 

9.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to April

30,

2026

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:

At

a

May

18,

2026  meeting

of

Fund

shareholders,

shareholders

approved

a

new

investment

advisory

agreement

between

the

Fund

and

the

Adviser,

to

take

effect

in

connection

with

the

closing

of

the

Transaction.

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$25,304,823

$201,308

$(198,953)

$2,355

Period

Ended

April

30,

2026

Year

Ended

October

31,

2025

Shares

Amount

Shares

Amount

Shares

sold

—

$

—

—

$

—

Shares

repurchased

—

—

(150,000)

(6,202,080)

Net

Increase/(Decrease)

—

$

—

(150,000)

$

(6,202,080)

Purchases

of

Securities

Proceeds

from

Sales

of

Securities

Purchases

of

Long-

Term

U.S.

Government

Obligations

Proceeds

from

Sales

of

Long-Term

U.S.

Government

Obligations

$28,120,661

$27,782,263

$798,813

$798,277

Janus

Henderson

Corporate

Bond

ETF

Additional

Information

(unaudited)

28

April

30,

2026

Item

8.

Changes

in

and

Disagreements

with

Accountants

for

Open-End

Management

Investment

Companies.

Not

applicable.

Item

9.

Proxy

Disclosures

for

Open-End

Management

Investment

Companies.

Not

applicable.

Item

10.

Remuneration

Paid

to

Directors,

Officers,

and

Others

of

Open-End

Management

Investment

Companies.

Because

the

Adviser

has

agreed

in

the

Investment

Advisory

Agreement

to

cover

all

operating

expenses

of

the

Fund,

subject

to

certain

exclusions

as

provided

for

therein,

the

Adviser

pays

the

compensation

to

each

Independent

Trustee

for

services

to

the

Fund

from

Adviser’s

management

fees.

Item

11.

APPROVAL

OF

ADVISORY

AGREEMENTS

DURING

THE

PERIOD

Not

applicable.

125-24-93092

04-26

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

FINANCIAL

STATEMENTS

April

30,

2026

Janus

Henderson

B-BBB

CLO

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

B-BBB

CLO

ETF

Item

7.

Financial

Statements

and

Financial

Highlights

for

Open-End

Management

Investment

Companies

Schedule

of

Investments

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

3

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

Items

8-11

-

Additional

Information

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

30

Janus

Henderson

B-BBB

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

Janus

Detroit

Street

Trust

3

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

89.9%

1988

CLO

1

Ltd.

2022-1A

D1R,

CME

Term

SOFR

3

Month

+

3.1000%,

6.7731%,

10/15/39

(144A)

‡

$

1,000,000

$

1,004,161

720

East

CLO

Ltd.

2022-1A

DR,

CME

Term

SOFR

3

Month

+

2.9000%,

6.5752%,

1/20/38

(144A)

‡

5,000,000

5,008,910

AB

BSL

CLO

1

Ltd.

2020-1A

D1R2,

CME

Term

SOFR

3

Month

+

2.8000%,

6.4731%,

10/15/38

(144A)

‡

9,325,000

9,383,484

AB

BSL

CLO

7

Ltd.

2025-7A

D1,

CME

Term

SOFR

3

Month

+

2.8500%,

6.5223%,

1/15/39

(144A)

‡

10,000,000

10,068,817

AGL

CLO

12

Ltd.

2021-12A

D1R,

CME

Term

SOFR

3

Month

+

2.9000%,

6.5752%,

10/20/38

(144A)

‡

6,000,000

6,012,276

AGL

CLO

21

Ltd.

2022-21A

D2R,

CME

Term

SOFR

3

Month

+

4.4000%,

8.0721%,

10/21/37

(144A)

‡

2,200,000

2,133,255

AGL

CLO

25

Ltd.

2023-25A

D1R,

CME

Term

SOFR

3

Month

+

2.9000%,

6.5721%,

7/21/38

(144A)

‡

5,500,000

5,487,933

AGL

CLO

32

Ltd.

2024-32A

D1,

CME

Term

SOFR

3

Month

+

2.9000%,

6.5721%,

7/21/37

(144A)

‡

1,500,000

1,500,990

AGL

CLO

35

Ltd.

2024-35A

D1,

CME

Term

SOFR

3

Month

+

2.8500%,

6.5221%,

1/21/38

(144A)

‡

4,880,000

4,883,464

AGL

CLO

37

Ltd.

2024-37A

D1,

CME

Term

SOFR

3

Month

+

2.6500%,

6.3136%,

4/22/38

(144A)

‡

8,000,000

8,001,129

AGL

CLO

39

Ltd.

2025-39A

D1,

CME

Term

SOFR

3

Month

+

2.5000%,

6.1752%,

4/20/38

(144A)

‡

15,700,000

15,648,476

AGL

CLO

40

Ltd.

2025-40A

D1,

CME

Term

SOFR

3

Month

+

2.9000%,

6.5636%,

7/22/38

(144A)

‡

3,000,000

3,012,912

AGL

CLO

44

Ltd.

2025-44A

D1,

CME

Term

SOFR

3

Month

+

2.5000%,

6.1636%,

10/22/37

(144A)

‡

6,500,000

6,356,059

AGL

CLO

7

Ltd.

2020-7A

D1R2,

CME

Term

SOFR

3

Month

+

2.8000%,

6.4731%,

10/15/38

(144A)

‡

4,700,000

4,616,695

AIMCO

CLO

10

Ltd.

2019-10A

D1RR,

CME

Term

SOFR

3

Month

+

3.0000%,

6.6636%,

7/22/37

(144A)

‡

2,500,000

2,512,413

Aimco

CLO

14

Ltd.

2021-14A

D1R,

CME

Term

SOFR

3

Month

+

2.6000%,

6.2752%,

10/20/38

(144A)

‡

2,100,000

2,094,599

AIMCO

CLO

16

Ltd.

2021-16A

D1R,

CME

Term

SOFR

3

Month

+

2.9000%,

6.5804%,

7/17/37

(144A)

‡

1,000,000

1,004,851

Allegro

CLO

XIX

Ltd.

2025-1A

D2,

CME

Term

SOFR

3

Month

+

4.0500%,

7.7304%,

4/17/38

(144A)

‡

5,700,000

5,647,275

AMMC

CLO

24

Ltd.

2021-24A

DR,

CME

Term

SOFR

3

Month

+

2.9500%,

6.6252%,

1/20/35

(144A)

‡

7,120,000

7,053,948

AMMC

CLO

27

Ltd.

2022-27A

DR,

CME

Term

SOFR

3

Month

+

2.7000%,

6.3752%,

1/20/37

(144A)

‡

11,040,000

11,024,915

Anchorage

Capital

CLO

15

Ltd.

2020-15A

DR2,

CME

Term

SOFR

3

Month

+

3.4200%,

7.0952%,

7/20/38

(144A)

‡

3,400,000

3,361,717

Anchorage

Capital

CLO

16

Ltd.

2020-16A

D1R2,

CME

Term

SOFR

3

Month

+

2.9000%,

6.5752%,

1/19/38

(144A)

‡

9,250,000

9,281,209

Anchorage

Capital

CLO

16

Ltd.

2020-16A

D2R2,

CME

Term

SOFR

3

Month

+

4.0000%,

7.6752%,

1/19/38

(144A)

‡

3,000,000

2,972,316

Anchorage

Capital

CLO

19

Ltd.

2021-19A

D1R,

CME

Term

SOFR

3

Month

+

3.0000%,

6.6731%,

10/15/38

(144A)

‡

5,000,000

5,024,490

Ares

LVI

CLO

Ltd.

2020-56A

D1R2,

CME

Term

SOFR

3

Month

+

2.8500%,

6.5166%,

1/25/38

(144A)

‡

3,985,000

3,986,144

Ares

LXIII

CLO

Ltd.

2022-63A

D1R,

CME

Term

SOFR

3

Month

+

3.0000%,

6.6731%,

10/15/38

(144A)

‡

7,000,000

6,971,258

Ares

LXIV

CLO

Ltd.

2022-64A

DR,

CME

Term

SOFR

3

Month

+

3.2500%,

6.9231%,

10/24/39

(144A)

‡

2,500,000

2,504,020

Janus

Henderson

B-BBB

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

4

April

30,

2026

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

Ares

LXVI

CLO

Ltd.

2022-66A

D1R2,

CME

Term

SOFR

3

Month

+

2.9000%,

6.5666%,

10/25/38

(144A)

‡

$

6,000,000

$

5,981,670

Ares

XLIII

CLO

Ltd.

2017-43A

D1R2,

CME

Term

SOFR

3

Month

+

3.0000%,

6.6731%,

1/15/38

(144A)

‡

3,500,000

3,493,837

Ares

XLIII

CLO

Ltd.

2017-43A

D2R2,

CME

Term

SOFR

3

Month

+

4.1000%,

7.7731%,

1/15/38

(144A)

‡

7,000,000

6,938,015

Arini

European

CLO

II

DAC

2A

DR,

EURIBOR

3

Month

+

3.1500%,

5.3540%,

10/15/38

(144A)

‡

EUR

3,300,000

3,905,838

Arini

European

CLO

VIII

DAC

8A

D,

EURIBOR

3

Month

+

3.1500%,

5.1517%,

1/15/39

(144A)

‡

EUR

3,730,000

4,383,352

Atlantic

Avenue

Ltd.

2023-1A

D1R,

CME

Term

SOFR

3

Month

+

3.3000%,

6.9731%,

1/15/39

(144A)

‡

$

1,370,000

1,377,283

Bain

Capital

Credit

CLO

Ltd.

2024-4A

D1,

CME

Term

SOFR

3

Month

+

3.1000%,

6.7661%,

10/23/37

(144A)

‡

8,375,000

8,333,887

Bain

Capital

Credit

CLO

Ltd.

2022-1A

D1R,

CME

Term

SOFR

3

Month

+

2.7500%,

6.4252%,

10/18/38

(144A)

‡

5,750,000

5,750,288

Bain

Capital

Credit

CLO

Ltd.

2025-5A

D1,

CME

Term

SOFR

3

Month

+

2.6000%,

6.2248%,

1/19/39

(144A)

‡

5,000,000

4,978,591

Ballyrock

CLO

17

Ltd.

2021-17A

C1R,

CME

Term

SOFR

3

Month

+

2.7000%,

6.3752%,

10/20/38

(144A)

‡

6,250,000

6,259,881

Ballyrock

CLO

25

Ltd.

2023-25A

C1R,

CME

Term

SOFR

3

Month

+

2.6000%,

6.2666%,

1/25/38

(144A)

‡

9,500,000

9,373,418

Ballyrock

CLO

27

Ltd.

2024-27A

C1,

CME

Term

SOFR

3

Month

+

2.9000%,

6.5666%,

10/25/37

(144A)

‡

3,000,000

3,011,493

Ballyrock

CLO

28

Ltd.

2024-28A

C1,

CME

Term

SOFR

3

Month

+

2.8000%,

6.4752%,

1/20/38

(144A)

‡

4,790,000

4,795,183

Barings

CLO

Ltd.

2023-3A

D1R,

CME

Term

SOFR

3

Month

+

2.7000%,

6.3731%,

10/15/38

(144A)

‡

5,000,000

5,002,340

Barings

CLO

Ltd.

2019-1A

D1R2,

CME

Term

SOFR

3

Month

+

2.8500%,

6.5231%,

10/15/38

(144A)

‡

8,000,000

8,004,912

Barings

CLO

Ltd.

2025-4A

D1,

CME

Term

SOFR

3

Month

+

2.8000%,

6.4731%,

10/15/40

(144A)

‡

9,000,000

9,019,782

Bbam

European

CLO

VIII

DAC

8A

D,

EURIBOR

3

Month

+

3.0500%,

5.1010%,

1/26/40

(144A)

‡

EUR

3,900,000

4,559,798

Benefit

Street

Partners

CLO

41

Ltd.

2025-41A

D1,

CME

Term

SOFR

3

Month

+

2.7500%,

6.4166%,

7/25/38

(144A)

‡

$

2,000,000

2,005,006

Benefit

Street

Partners

CLO

43

Ltd.

2025-43A

D1,

CME

Term

SOFR

3

Month

+

2.6500%,

6.3252%,

10/20/38

(144A)

‡

3,000,000

3,005,168

Benefit

Street

Partners

CLO

Ltd.

2015-6BR

D1R,

CME

Term

SOFR

3

Month

+

2.7000%,

6.3752%,

4/20/38

(144A)

‡

3,000,000

3,001,179

Benefit

Street

Partners

CLO

X

Ltd.

2016-10A

C1R3,

CME

Term

SOFR

3

Month

+

2.8500%,

6.5252%,

7/20/38

(144A)

‡

2,000,000

2,002,978

Benefit

Street

Partners

CLO

XX

Ltd.

2020-20A

D1RR,

CME

Term

SOFR

3

Month

+

2.7000%,

6.3731%,

10/15/38

(144A)

‡

1,500,000

1,502,298

Benefit

Street

Partners

CLO

XXV

Ltd.

2021-25A

DR,

CME

Term

SOFR

3

Month

+

2.3500%,

6.0231%,

1/15/35

(144A)

‡

14,860,000

14,660,846

Benefit

Street

Partners

CLO

XXXVII

Ltd.

2024-37A

D1,

CME

Term

SOFR

3

Month

+

2.8500%,

6.5166%,

1/25/38

(144A)

‡

7,000,000

7,004,305

Birch

Grove

CLO

11

Ltd.

2024-11A

D1,

CME

Term

SOFR

3

Month

+

3.1000%,

6.7636%,

1/22/38

(144A)

‡

8,000,000

8,031,624

Birch

Grove

CLO

3

Ltd.

2021-3A

D1R,

CME

Term

SOFR

3

Month

+

2.8500%,

6.5252%,

1/19/38

(144A)

‡

6,750,000

6,753,790

Birch

Grove

CLO

3

Ltd.

2021-3A

D2R,

CME

Term

SOFR

3

Month

+

3.8500%,

7.5252%,

1/19/38

(144A)

‡

5,000,000

4,947,745

Janus

Henderson

B-BBB

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

Janus

Detroit

Street

Trust

5

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

Birch

Grove

CLO

6

Ltd.

2023-6A

D1R,

CME

Term

SOFR

3

Month

+

3.1500%,

6.8252%,

7/20/38

(144A)

‡

$

13,000,000

$

13,063,414

Blackrock

European

CLO

XVI

DAC

16A

D,

EURIBOR

3

Month

+

3.0500%,

5.1100%,

1/15/39

(144A)

‡

EUR

2,800,000

3,292,534

BlueMountain

CLO

XXV

Ltd.

2019-25A

D1RR,

CME

Term

SOFR

3

Month

+

3.2500%,

6.9231%,

1/15/38

(144A)

‡

$

12,500,000

12,446,775

Canyon

Capital

CLO

Ltd.

2019-2A

DR2,

CME

Term

SOFR

3

Month

+

2.8500%,

6.5231%,

10/15/34

(144A)

‡

10,000,000

9,516,332

Canyon

Capital

CLO

Ltd.

2023-1A

D1R,

CME

Term

SOFR

3

Month

+

2.8500%,

6.5231%,

10/15/38

(144A)

‡

5,000,000

4,998,850

Canyon

CLO

Ltd.

2025-1A

D1,

CME

Term

SOFR

3

Month

+

2.7500%,

6.4231%,

4/15/38

(144A)

‡

3,000,000

3,013,852

Capital

Four

CLO

XI

DAC

11A

D,

EURIBOR

3

Month

+

3.1000%,

5.2240%,

1/25/39

(144A)

‡

EUR

3,400,000

3,981,993

Carlyle

US

CLO

2024-4A

D,

CME

Term

SOFR

3

Month

+

3.2000%,

6.8752%,

7/20/37

(144A)

‡

$

1,000,000

1,003,071

Carlyle

US

CLO

Ltd.

2024-8A

D1,

CME

Term

SOFR

3

Month

+

2.8000%,

6.4666%,

1/25/37

(144A)

‡

6,000,000

6,009,852

Carlyle

US

CLO

Ltd.

2017-2A

D2R2,

CME

Term

SOFR

3

Month

+

4.7500%,

8.4252%,

7/20/37

(144A)

‡

3,150,000

3,135,331

Carlyle

US

CLO

Ltd.

2025-1A

D1,

CME

Term

SOFR

3

Month

+

3.0500%,

6.7166%,

4/25/38

(144A)

‡

2,000,000

2,007,088

Carlyle

US

CLO

Ltd.

2023-2A

D1R,

CME

Term

SOFR

3

Month

+

2.9500%,

6.6252%,

7/20/38

(144A)

‡

2,500,000

2,505,162

Carlyle

US

CLO

Ltd.

2021-8A

D1R,

CME

Term

SOFR

3

Month

+

2.7500%,

6.4231%,

10/15/38

(144A)

‡

7,000,000

6,881,819

Cedar

Funding

VIII

CLO

Ltd.

2017-8A

DRR,

CME

Term

SOFR

3

Month

+

2.9500%,

6.6304%,

1/17/38

(144A)

‡

2,450,000

2,400,531

CIFC

Funding

2023-II

Ltd.

2023-2A

D1R,

CME

Term

SOFR

3

Month

+

2.4500%,

6.1221%,

1/21/37

(144A)

‡

1,700,000

1,691,499

CIFC

Funding

Ltd.

2014-5A

ER3,

CME

Term

SOFR

3

Month

+

7.5000%,

11.1804%,

7/17/37

(144A)

‡

2,000,000

1,952,689

CIFC

Funding

Ltd.

2024-4A

D1,

CME

Term

SOFR

3

Month

+

2.9500%,

6.6295%,

10/16/37

(144A)

‡

2,500,000

2,512,260

CIFC

Funding

Ltd.

2021-5A

D1R,

CME

Term

SOFR

3

Month

+

2.7500%,

6.4231%,

1/15/38

(144A)

‡

5,000,000

5,006,310

CIFC

Funding

Ltd.

2025-2A

D1,

CME

Term

SOFR

3

Month

+

2.5000%,

6.1731%,

4/15/38

(144A)

‡

2,000,000

1,996,462

CIFC

Funding

Ltd.

2021-3A

D1R,

CME

Term

SOFR

3

Month

+

2.6000%,

6.2731%,

10/15/38

(144A)

‡

10,000,000

9,977,801

CIFC

Funding

Ltd.

2019-5A

D1R2,

CME

Term

SOFR

3

Month

+

2.7000%,

6.3731%,

10/15/38

(144A)

‡

3,200,000

3,207,172

CIFC

Funding

Ltd.

2019-2A

D1RR,

CME

Term

SOFR

3

Month

+

2.6000%,

6.2804%,

10/17/38

(144A)

‡

5,000,000

4,988,170

CIFC

Funding

Ltd.

2019-7A

D1R,

CME

Term

SOFR

3

Month

+

2.7000%,

6.3752%,

10/19/38

(144A)

‡

3,800,000

3,809,280

CIFC

Funding

Ltd.

2015-4A

D1R3,

CME

Term

SOFR

3

Month

+

2.6000%,

6.2804%,

1/17/39

(144A)

‡

4,000,000

3,991,028

CIFC

Funding

Ltd.

2020-4A

DR,

CME

Term

SOFR

3

Month

+

2.8000%,

6.4731%,

1/15/40

(144A)

‡

3,850,000

3,855,787

Contego

CLO

XV

DAC

15A

D,

EURIBOR

3

Month

+

2.9000%,

5.0920%,

4/15/40

(144A)

‡

EUR

5,000,000

5,837,683

Crown

City

CLO

VI

2024-6A

E,

CME

Term

SOFR

3

Month

+

6.5000%,

10.1731%,

7/15/37

(144A)

‡

$

3,250,000

3,259,082

Janus

Henderson

B-BBB

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

6

April

30,

2026

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

Crown

Point

CLO

11

Ltd.

2021-11A

D2R,

CME

Term

SOFR

3

Month

+

4.2500%,

7.9304%,

2/28/38

(144A)

‡

$

5,000,000

$

4,959,040

Diameter

Capital

CLO

12

Ltd.

2025-12A

D1,

CME

Term

SOFR

3

Month

+

2.6500%,

6.3252%,

10/20/38

(144A)

‡

5,000,000

5,027,722

Elevation

CLO

Ltd.

2018-3A

DR,

CME

Term

SOFR

3

Month

+

3.8716%,

7.5382%,

1/25/35

(144A)

‡

7,900,000

7,664,139

Elmwood

CLO

17

Ltd.

2022-4A

D1R,

CME

Term

SOFR

3

Month

+

3.0500%,

6.7304%,

7/17/37

(144A)

‡

11,500,000

11,510,131

Elmwood

CLO

18

Ltd.

2022-5A

D1RR,

CME

Term

SOFR

3

Month

+

2.9500%,

6.6304%,

7/17/37

(144A)

‡

14,000,000

14,014,406

Elmwood

CLO

30

Ltd.

2024-6A

D2,

CME

Term

SOFR

3

Month

+

4.2500%,

7.9304%,

7/17/37

(144A)

‡

5,500,000

5,506,743

Elmwood

CLO

31

Ltd.

2024-7A

D2,

CME

Term

SOFR

3

Month

+

4.2000%,

7.8804%,

7/17/37

(144A)

‡

2,500,000

2,504,044

Elmwood

CLO

37

Ltd.

2024-13A

D2,

CME

Term

SOFR

3

Month

+

3.7500%,

7.4304%,

1/17/38

(144A)

‡

2,000,000

1,984,274

Elmwood

CLO

38

Ltd.

2025-1A

D1,

CME

Term

SOFR

3

Month

+

2.5000%,

6.1636%,

4/22/38

(144A)

‡

5,000,000

5,020,856

Elmwood

CLO

39

Ltd.

2025-2A

D1,

CME

Term

SOFR

3

Month

+

2.5000%,

6.1804%,

4/17/38

(144A)

‡

10,250,000

10,293,770

Elmwood

CLO

II

Ltd.

2019-2A

D1RR,

CME

Term

SOFR

3

Month

+

3.0500%,

6.7252%,

10/20/37

(144A)

‡

4,870,000

4,875,790

Elmwood

CLO

IX

Ltd.

2021-2A

D1R,

CME

Term

SOFR

3

Month

+

2.6500%,

6.3252%,

4/20/38

(144A)

‡

1,500,000

1,502,574

Elmwood

CLO

VII

Ltd.

2020-4A

D2RR,

CME

Term

SOFR

3

Month

+

4.3500%,

8.0304%,

10/17/37

(144A)

‡

2,500,000

2,457,300

Empower

CLO

Ltd.

2022-1A

D1R,

CME

Term

SOFR

3

Month

+

3.0000%,

6.6752%,

10/20/37

(144A)

‡

4,000,000

3,954,756

Empower

CLO

Ltd.

2023-2A

D1R,

CME

Term

SOFR

3

Month

+

2.8000%,

6.4731%,

10/15/38

(144A)

‡

7,500,000

7,510,860

Flatiron

RR

CLO

27

Ltd.

2024-3A

D1,

CME

Term

SOFR

3

Month

+

2.9000%,

6.5752%,

10/18/37

(144A)

‡

1,000,000

1,004,226

Fortress

Credit

BSL

XXIV

Ltd.

2025-1A

D1,

CME

Term

SOFR

3

Month

+

3.4500%,

7.1252%,

4/20/38

(144A)

‡

5,000,000

5,032,081

Garnet

CLO

3

Ltd.

2025-3A

D1,

CME

Term

SOFR

3

Month

+

2.8000%,

6.4752%,

10/20/38

(144A)

‡

12,000,000

12,083,015

GoldenTree

Loan

Management

US

CLO

14

Ltd.

2022-14A

DR,

CME

Term

SOFR

3

Month

+

3.0000%,

6.6752%,

7/20/37

(144A)

‡

1,950,000

1,957,784

GoldenTree

Loan

Management

US

CLO

23

Ltd.

2024-23A

D,

CME

Term

SOFR

3

Month

+

2.6000%,

6.2752%,

1/20/39

(144A)

‡

2,000,000

1,993,824

GoldenTree

Loan

Management

US

CLO

28

Ltd.

2026-28A

D1,

CME

Term

SOFR

3

Month

+

2.7000%,

6.3669%,

10/20/39

(144A)

‡

5,000,000

5,025,177

Golub

Capital

Partners

CLO

19B

Ltd.

2017-19RA

D1R3,

CME

Term

SOFR

3

Month

+

2.7000%,

6.4810%,

10/20/36

(144A)

‡

10,000,000

9,992,213

Golub

Capital

Partners

CLO

43B

Ltd.

2019-43A

D1R,

CME

Term

SOFR

3

Month

+

3.0000%,

6.6752%,

10/20/37

(144A)

‡

8,557,000

8,573,558

Golub

Capital

Partners

CLO

77

B

Ltd.

2024-77A

D1,

CME

Term

SOFR

3

Month

+

2.7000%,

6.3666%,

1/25/38

(144A)

‡

3,890,000

3,864,715

Hayfin

US

XII

Ltd.

2020-12A

DR,

CME

Term

SOFR

3

Month

+

3.2500%,

6.9252%,

1/20/38

(144A)

‡

4,340,000

4,350,624

HPS

Loan

Management

Ltd.

2025-24A

D1,

CME

Term

SOFR

3

Month

+

2.5500%,

6.2166%,

4/25/38

(144A)

‡

5,000,000

4,981,725

HPS

Loan

Management

Ltd.

2026-27A

D1,

CME

Term

SOFR

3

Month

+

2.7000%,

6.4112%,

4/15/39

(144A)

‡

10,000,000

10,048,091

Janus

Henderson

B-BBB

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

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)

Kennedy

Lewis

CLO

10

Ltd.

2022-10A

D1R,

CME

Term

SOFR

3

Month

+

2.8500%,

6.5136%,

1/22/38

(144A)

‡

$

5,000,000

$

4,911,879

Kennedy

Lewis

CLO

16

Ltd.

2024-16A

D2,

CME

Term

SOFR

3

Month

+

4.5000%,

8.1752%,

7/20/37

(144A)

‡

3,500,000

3,441,733

Kennedy

Lewis

CLO

21

Ltd.

2025-21A

D1,

CME

Term

SOFR

3

Month

+

3.1000%,

6.7666%,

7/25/38

(144A)

‡

2,500,000

2,512,697

Kennedy

Lewis

CLO

9

Ltd.

9A

D1R,

CME

Term

SOFR

3

Month

+

3.1000%,

6.7752%,

1/20/38

(144A)

‡

7,000,000

6,970,586

KKR

CLO

27

Ltd.

27A

D2R2,

CME

Term

SOFR

3

Month

+

4.1000%,

7.7731%,

1/15/35

(144A)

‡

4,500,000

4,436,820

KKR

CLO

56

Ltd.

2024-56A

D1,

CME

Term

SOFR

3

Month

+

3.1500%,

6.8231%,

10/15/37

(144A)

‡

1,500,000

1,507,128

Lake

George

Park

CLO

Ltd.

2025-1A

D,

CME

Term

SOFR

3

Month

+

2.5000%,

6.1731%,

4/15/38

(144A)

‡

3,000,000

2,986,072

Madison

Park

Funding

LIX

Ltd.

2021-59A

D1AR,

CME

Term

SOFR

3

Month

+

3.3000%,

6.9752%,

4/18/37

(144A)

‡

2,500,000

2,462,553

Madison

Park

Funding

LV

Ltd.

2022-55A

D1R,

CME

Term

SOFR

3

Month

+

3.1500%,

6.8252%,

7/18/37

(144A)

‡

2,000,000

1,976,202

Madison

Park

Funding

LXXI

Ltd.

2025-71A

D1,

CME

Term

SOFR

3

Month

+

2.6000%,

6.2661%,

4/23/38

(144A)

‡

3,000,000

2,986,074

Magnetite

Xlii

Ltd.

2024-42A

D2,

CME

Term

SOFR

3

Month

+

3.9500%,

7.6166%,

1/25/38

(144A)

‡

2,500,000

2,482,922

Magnetite

XLIV

Ltd.

2024-44A

D1,

CME

Term

SOFR

3

Month

+

2.8500%,

6.5231%,

10/15/37

(144A)

‡

7,500,000

7,531,837

Magnetite

XLVII

Ltd.

2024-47A

D1,

CME

Term

SOFR

3

Month

+

2.8500%,

6.5166%,

1/25/38

(144A)

‡

1,000,000

1,004,561

Magnetite

XLVIII

Ltd.

2025-48A

D,

CME

Term

SOFR

3

Month

+

2.7000%,

6.3731%,

10/15/38

(144A)

‡

5,000,000

5,041,698

Magnetite

XXVI

Ltd.

2020-26A

D1R2,

CME

Term

SOFR

3

Month

+

2.5000%,

6.1666%,

1/25/38

(144A)

‡

3,250,000

3,234,118

Magnetite

XXXVI

Ltd.

2023-36A

DR,

CME

Term

SOFR

3

Month

+

2.8000%,

6.4666%,

7/25/38

(144A)

‡

12,750,000

12,767,901

MidOcean

Credit

CLO

XII

Ltd.

2023-12A

DRR,

CME

Term

SOFR

3

Month

+

3.1000%,

6.7752%,

7/18/38

(144A)

‡

5,450,000

5,459,521

Morgan

Stanley

Eaton

Vance

CLO

Ltd.

2022-17A

D1R,

CME

Term

SOFR

3

Month

+

3.1500%,

6.8252%,

10/20/37

(144A)

‡

1,325,000

1,324,373

Morgan

Stanley

Eaton

Vance

CLO

Ltd.

2023-19A

D1R,

CME

Term

SOFR

3

Month

+

3.0000%,

6.6731%,

7/15/38

(144A)

‡

1,000,000

1,002,177

Neuberger

Berman

CLO

XVII

Ltd.

2014-17A

D2R3,

CME

Term

SOFR

3

Month

+

4.5000%,

8.1636%,

7/22/38

(144A)

‡

4,000,000

3,938,472

Neuberger

Berman

Loan

Advisers

CLO

25

Ltd.

2017-25A

D2R2,

CME

Term

SOFR

3

Month

+

4.4500%,

8.1252%,

7/18/38

(144A)

‡

4,500,000

4,427,730

Neuberger

Berman

Loan

Advisers

CLO

26

Ltd.

2017-26A

D1R,

CME

Term

SOFR

3

Month

+

3.1000%,

6.7752%,

10/18/38

(144A)

‡

2,000,000

2,003,416

Neuberger

Berman

Loan

Advisers

CLO

30

Ltd.

2018-30A

D1R2,

CME

Term

SOFR

3

Month

+

2.8000%,

6.4752%,

1/20/39

(144A)

‡

5,250,000

5,253,717

Neuberger

Berman

Loan

Advisers

CLO

57

Ltd.

2024-57A

D1,

CME

Term

SOFR

3

Month

+

2.9000%,

6.5671%,

10/24/38

(144A)

‡

2,000,000

2,010,296

New

Mountain

CLO

3

Ltd.

CLO-3A

D1R,

CME

Term

SOFR

3

Month

+

2.9500%,

6.6252%,

10/20/38

(144A)

‡

1,000,000

1,002,039

North

Westerly

VI

ESG

CLO

DAC

VI-A

DR,

EURIBOR

3

Month

+

3.4000%,

5.4060%,

11/20/38

(144A)

‡

EUR

5,000,000

5,802,667

Northwoods

Capital

20

Ltd.

2019-20A

D1AR,

CME

Term

SOFR

3

Month

+

3.4000%,

7.0666%,

10/25/38

(144A)

‡

$

5,000,000

4,940,677

Janus

Henderson

B-BBB

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

8

April

30,

2026

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

Oak

Hill

Credit

Partners

X-R

Ltd.

2014-10RA

D1R2,

CME

Term

SOFR

3

Month

+

2.5000%,

6.1752%,

4/20/38

(144A)

‡

$

4,000,000

$

3,979,608

Oaktree

CLO

Ltd.

2019-4A

D1RR,

CME

Term

SOFR

3

Month

+

3.4000%,

7.0752%,

7/20/37

(144A)

‡

2,675,000

2,681,645

Oaktree

CLO

Ltd.

2021-1A

D2R,

CME

Term

SOFR

3

Month

+

4.1000%,

7.7731%,

1/15/38

(144A)

‡

6,000,000

5,766,673

Obra

CLO

1

Ltd.

2024-1A

D1,

CME

Term

SOFR

3

Month

+

3.4000%,

7.0752%,

1/20/38

(144A)

‡

9,070,000

9,096,863

Obra

CLO

3

Ltd.

2025-3A

D1,

CME

Term

SOFR

3

Month

+

3.2000%,

6.8752%,

1/20/39

(144A)

‡

5,500,000

5,535,635

OCP

Aegis

CLO

Ltd.

2023-29A

D1R,

CME

Term

SOFR

3

Month

+

2.5500%,

6.2252%,

1/20/36

(144A)

‡

4,650,000

4,582,386

OCP

Aegis

CLO

Ltd.

2025-47A

D1A,

CME

Term

SOFR

3

Month

+

2.6000%,

6.2721%,

1/21/38

(144A)

‡

7,000,000

6,982,178

OCP

CLO

Ltd.

2019-17A

D1R2,

CME

Term

SOFR

3

Month

+

3.1000%,

6.7752%,

7/20/37

(144A)

‡

3,000,000

3,006,399

OCP

CLO

Ltd.

2024-33A

D2,

CME

Term

SOFR

3

Month

+

4.4000%,

8.0752%,

7/20/37

(144A)

‡

2,300,000

2,303,482

OCP

CLO

Ltd.

2022-25A

D2R,

CME

Term

SOFR

3

Month

+

4.5000%,

8.1752%,

7/20/37

(144A)

‡

3,750,000

3,691,388

OCP

CLO

Ltd.

2024-34A

D1,

CME

Term

SOFR

3

Month

+

2.9000%,

6.5731%,

10/15/37

(144A)

‡

3,000,000

3,013,719

OCP

CLO

Ltd.

2018-15A

D1R,

CME

Term

SOFR

3

Month

+

2.7500%,

6.4252%,

1/20/38

(144A)

‡

2,850,000

2,851,029

OCP

CLO

Ltd.

2023-28A

D1R,

CME

Term

SOFR

3

Month

+

2.8500%,

6.5295%,

7/16/38

(144A)

‡

5,625,000

5,638,354

OCP

CLO

Ltd.

2021-23A

D1R2,

CME

Term

SOFR

3

Month

+

2.3500%,

6.0304%,

1/17/39

(144A)

‡

1,500,000

1,496,595

Octagon

75

Ltd.

2025-1A

D2,

CME

Term

SOFR

3

Month

+

3.6500%,

7.3136%,

1/22/38

(144A)

‡

8,300,000

8,332,202

OHA

Credit

Funding

12-R

Ltd.

2022-12RA

D,

CME

Term

SOFR

3

Month

+

2.7500%,

6.4252%,

7/20/37

(144A)

‡

2,500,000

2,503,723

OHA

Credit

Funding

5

Ltd.

2020-5A

D1R,

CME

Term

SOFR

3

Month

+

2.9000%,

6.5752%,

10/18/37

(144A)

‡

1,000,000

1,003,910

OHA

Credit

Funding

7

Ltd.

2020-7A

D1R2,

CME

Term

SOFR

3

Month

+

2.7000%,

6.3752%,

7/19/38

(144A)

‡

5,000,000

5,001,885

OHA

Credit

Funding

8

Ltd.

2021-8A

D1R,

CME

Term

SOFR

3

Month

+

2.6500%,

6.3252%,

1/20/38

(144A)

‡

3,000,000

3,001,008

OHA

Credit

Funding

9

Ltd.

2021-9A

D2R,

CME

Term

SOFR

3

Month

+

4.2000%,

7.8752%,

10/19/37

(144A)

‡

3,000,000

2,952,318

Palmer

Square

CLO

Ltd.

2021-1A

C1R,

CME

Term

SOFR

3

Month

+

2.7000%,

6.3752%,

4/20/38

(144A)

‡

6,750,000

6,632,713

Palmer

Square

CLO

Ltd.

2021-3A

D1R,

CME

Term

SOFR

3

Month

+

2.8000%,

6.4731%,

10/15/38

(144A)

‡

13,000,000

13,017,901

Palmer

Square

CLO

Ltd.

2022-1A

D1R,

CME

Term

SOFR

3

Month

+

2.7500%,

6.4252%,

10/20/38

(144A)

‡

4,000,000

4,000,371

Palmer

Square

European

CLO

DAC

2026-1A

D,

EURIBOR

3

Month

+

2.7000%,

4.8690%,

4/15/39

(144A)

‡

EUR

4,300,000

5,021,668

Park

Blue

CLO

Ltd.

2025-9A

D1,

CME

Term

SOFR

3

Month

+

3.0000%,

6.6752%,

10/20/38

(144A)

‡

$

8,500,000

8,537,196

Penta

CLO

DAC

2025-21X

D,

EURIBOR

3

Month

+

3.1500%,

5.2120%,

2/16/39

‡

EUR

3,900,000

4,606,199

Polus

Eu

CLO

XXI

DAC

21A

D,

EURIBOR

3

Month

+

3.7000%,

0.0000%,

4/25/39

(144A)

†,‡

EUR

3,500,000

4,154,122

Post

CLO

VI

Ltd.

2024-2A

D2,

CME

Term

SOFR

3

Month

+

4.4000%,

8.0752%,

1/20/38

(144A)

‡

$

2,000,000

1,981,024

Janus

Henderson

B-BBB

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

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)

PPM

CLO

7

Ltd.

2024-7A

D1A,

CME

Term

SOFR

3

Month

+

3.6000%,

7.2752%,

7/20/37

(144A)

‡

$

12,000,000

$

12,019,764

Rad

CLO

15

Ltd.

2021-15A

C2R,

CME

Term

SOFR

3

Month

+

4.1500%,

7.8252%,

7/20/40

(144A)

‡

3,000,000

2,970,232

RAD

CLO

26

Ltd.

2024-26A

D2,

CME

Term

SOFR

3

Month

+

4.2500%,

7.9252%,

10/20/37

(144A)

‡

2,250,000

2,161,593

RAD

CLO

27

Ltd.

2024-27A

D1,

CME

Term

SOFR

3

Month

+

2.8000%,

6.4731%,

1/15/38

(144A)

‡

7,100,000

6,977,737

REESE

PARK

CLO

Ltd.

2020-1A

D2RR,

CME

Term

SOFR

3

Month

+

4.0000%,

7.6731%,

1/15/38

(144A)

‡

7,500,000

7,306,194

Regatta

XVIII

Funding

Ltd.

2021-1A

D1R,

CME

Term

SOFR

3

Month

+

2.6000%,

6.2731%,

4/15/38

(144A)

‡

23,400,000

22,929,447

Regatta

XXI

Funding

Ltd.

2021-3A

D1R,

CME

Term

SOFR

3

Month

+

3.1000%,

6.7731%,

10/15/37

(144A)

‡

1,000,000

1,000,611

Rockford

Tower

CLO

Ltd.

2025-1A

D2,

CME

Term

SOFR

3

Month

+

3.9500%,

7.6231%,

3/31/38

(144A)

‡

4,000,000

3,841,392

RR

24

Ltd.

2022-24A

C1B2,

CME

Term

SOFR

3

Month

+

3.5500%,

7.2231%,

1/15/37

(144A)

‡

5,500,000

5,537,330

RR

36

Ltd.

2024-36RA

C1R,

CME

Term

SOFR

3

Month

+

2.7500%,

6.4231%,

1/15/40

(144A)

‡

1,060,000

1,064,581

RRE

18

Loan

Management

DAC

18A

CR,

EURIBOR

3

Month

+

2.6500%,

4.8540%,

4/15/38

(144A)

‡

EUR

2,150,000

2,505,970

Sagard-Halseypoint

CLO

9

Ltd.

2025-9A

D2,

CME

Term

SOFR

3

Month

+

4.5000%,

8.1752%,

4/20/38

(144A)

‡

$

3,000,000

2,967,003

Sandstone

Peak

III

Ltd.

2024-1A

D1,

CME

Term

SOFR

3

Month

+

3.8500%,

7.5166%,

4/25/37

(144A)

‡

6,750,000

6,750,000

Serenity-Peace

Park

CLO

Ltd.

2025-1A

D,

CME

Term

SOFR

3

Month

+

2.7000%,

6.3671%,

10/24/38

(144A)

‡

10,000,000

10,015,761

Signal

Peak

CLO

10

Ltd.

2021-10A

D1R,

CME

Term

SOFR

3

Month

+

2.9000%,

6.5671%,

1/24/38

(144A)

‡

1,600,000

1,593,173

Signal

Peak

CLO

11

Ltd.

2024-11A

D1,

CME

Term

SOFR

3

Month

+

3.1000%,

6.7752%,

7/18/37

(144A)

‡

9,000,000

9,040,419

Silver

Point

CLO

12

Ltd.

2025-12A

D1,

CME

Term

SOFR

3

Month

+

2.6500%,

6.3231%,

10/15/38

(144A)

‡

6,700,000

6,691,862

Silver

Point

CLO

14

Ltd.

2025-14A

D1,

CME

Term

SOFR

3

Month

+

2.6500%,

6.3288%,

1/15/39

(144A)

‡

5,000,000

4,999,615

Sixth

Street

CLO

XVI

Ltd.

2020-16A

D1R2,

CME

Term

SOFR

3

Month

+

2.4000%,

6.0721%,

1/21/39

(144A)

‡

7,500,000

7,470,347

Sound

Point

CLO

2025R-1

Ltd.

2025-1RA

D1,

CME

Term

SOFR

3

Month

+

3.2500%,

6.9056%,

2/20/38

(144A)

‡

17,100,000

16,762,349

Sound

Point

CLO

35

Ltd.

2022-35A

D1R,

CME

Term

SOFR

3

Month

+

3.0000%,

6.6666%,

4/26/38

(144A)

‡

1,500,000

1,494,732

Sycamore

Tree

CLO

Ltd.

2025-7A

D1,

CME

Term

SOFR

3

Month

+

3.0000%,

6.6752%,

8/28/38

(144A)

‡

10,000,000

10,040,270

Tikehau

US

CLO

VI

Ltd.

2024-1A

D1,

CME

Term

SOFR

3

Month

+

3.3000%,

6.9752%,

7/18/37

(144A)

‡

20,000,000

19,999,596

Tikehau

US

CLO

VII

Ltd.

2025-1A

D1,

CME

Term

SOFR

3

Month

+

3.1000%,

6.7666%,

2/25/38

(144A)

‡

25,000,000

25,075,600

TRESTLES

CLO

III

Ltd.

2020-3A

D1R,

CME

Term

SOFR

3

Month

+

3.1500%,

6.8252%,

10/20/37

(144A)

‡

3,900,000

3,923,868

Trinitas

CLO

XX

Ltd.

2022-20A

D1R,

CME

Term

SOFR

3

Month

+

3.0000%,

6.6752%,

7/20/35

(144A)

‡

4,000,000

4,006,168

Trinitas

CLO

XXXI

Ltd.

2024-31A

D1,

CME

Term

SOFR

3

Month

+

3.0000%,

6.6636%,

1/22/38

(144A)

‡

2,100,000

2,107,699

Janus

Henderson

B-BBB

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

10

April

30,

2026

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

Voya

CLO

Ltd.

2018-4A

D1RR,

CME

Term

SOFR

3

Month

+

3.2500%,

6.9231%,

10/15/37

(144A)

‡

$

1,000,000

$

1,010,500

Voya

CLO

Ltd.

2024-7A

D1,

CME

Term

SOFR

3

Month

+

2.8500%,

6.5252%,

1/20/38

(144A)

‡

8,300,000

8,311,379

Warwick

Capital

CLO

4

Ltd.

2024-4A

D1,

CME

Term

SOFR

3

Month

+

3.0000%,

6.6752%,

7/20/37

(144A)

‡

4,650,000

4,596,260

Total

Collateralized

Loan

Obligations

(cost

$1,032,988,919)

1,028,641,000

Exchange

Traded

Fund

-

4.4%

Janus

Henderson

AAA

CLO

ETF

£

(cost

$50,027,800)

991,042

50,067,442

Investment

Companies

-

6.4%

Money

Market

Funds

-

6.4%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

3.6483%

£,∞

(cost

$72,789,214)

72,787,842

72,787,842

Total

Investments

(total

cost

$

1,155,805,933

)

-

100.7%

1,151,496,284

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(0.7%)

(7,505,092)

Net

Assets

-

100.0%

$1,143,991,192

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

1,151,496,284

100.0

%

Schedule

of

Affiliated

Investments

-

(%

of

Net

Assets)

Affiliated

Investments,

at

Value

at

10/31/25

Purchases

Sales

Proceeds

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciatio

n/

(Depreciation)

Affiliated

Investments,

at

Value

at

4/30/26

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

Shares

Held

at

4/30/26

Dividend

Income

Investment

Company

-

10.8%

Exchange

Traded

Fund

-

4.4%

Janus

Henderson

AAA

CLO

ETF

$

–

$

75,039,021

$

(24,951,194)

$

(60,027)

$

39,642

$

50,067,442

991,042

$

489,184

Money

Market

Funds

-

6.4%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

3.6483%

∞

40,174,619

622,525,369

(589,892,466)

(12,548)

(7,132)

72,787,842

72,787,842

625,330

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

N/A

Investment

Companies

-

N/A

Janus

Henderson

Cash

Collateral

Fund

LLC,

3.5866%

∞

–

25,392,652

(25,392,652)

–

–

–

–

7,490

Δ

Total

Affiliated

Investments

-

10.8%

$40,174,619

$722,957,042

$(640,236,312)

$(72,575)

$32,510

$122,855,284

$1,122,004

Janus

Henderson

B-BBB

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

Janus

Detroit

Street

Trust

11

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

The

following

table,

grouped

by

derivative

type,

provides

information

about

the

fair

value

and

location

of

derivatives

within

the

Statement

of

Assets

and

Liabilities

as

of

April

30,

2026.

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,

2026.

Please

see

the

“Net

realized

and

change

in

unrealized

gain/(loss)

on

investments”

sections

of

the

Fund’s

Statement

of

Operations.

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)

BNP

Paribas

SA

Euro

5/22/26

28,154,166

$

(33,326,509)

$

271,599

Euro

5/22/26

(52,700)

60,918

955

Euro

5/22/26

(61,802)

73,121

(562)

Euro

5/22/26

5,000,000

(5,774,250)

(96,091)

Euro

5/22/26

4,300,000

(4,936,417)

(112,076)

63,825

Total

$63,825

Fair

Value

of

Derivative

Instruments

(not

accounted

for

as

hedging

instruments)

as

of

April

30,

2026

Currency

Contracts

Equity

Contracts

Total

Asset

Derivatives:

Forward

foreign

currency

exchange

contracts

$

272,554

$

–

$

272,554

Total

Asset

Derivatives

$

272,554

$

–

$

272,554

Liability

Derivatives:

Forward

foreign

currency

exchange

contracts

208,729

–

208,729

Total

Liability

Derivatives

$

208,729

$

–

$

208,729

The

Effect

of

Derivative

Instruments

(not

accounted

for

as

hedging

instruments)

on

the

Statement

of

Operations

for

the

Period

Ended

April

30,

2026

Amount

of

Realized

Gain/(Loss)

Recognized

on

Derivatives

Derivative

Currency

Contracts

Total

Forward

foreign

currency

exchange

contracts

$

(75,281)

$

(75,281)

Amount

of

Change

in

Unrealized

Appreciation/(Depreciation)

Recognized

on

Derivatives

Derivative

Currency

Contracts

Total

Forward

foreign

currency

exchange

contracts

$

63,825

$

63,825

Janus

Henderson

B-BBB

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

12

April

30,

2026

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Average

Ending

Monthly

Value

of

Derivative

Instruments

During

the

Period

Ended

April

30,

2026

Forward

foreign

currency

exchange

contracts:

Average

amounts

purchased

-

in

USD

$5,576,430

Average

amounts

sold

-

in

USD

34,556,849

Offsetting

of

Financial

Assets

and

Derivative

Assets

Counterparty

Gross

Amounts

of

Recognized

Assets

Offsetting

Asset

or

Liability

(a)

Collateral

Pledged

(b)

Net

Amount

BNP

Paribas

SA

$

272,554

$

(208,729)

$

—

$

63,825

Total

$

272,554

$

(208,729)

$

—

$

63,825

Offsetting

of

Financial

Liabilities

and

Derivative

Liabilities

Counterparty

Gross

Amounts

of

Recognized

Liabilities

Offsetting

Asset

or

Liability

(a)

Collateral

Pledged

(b)

Net

Amount

BNP

Paribas

SA

$

208,729

$

(208,729)

$

—

$

—

Total

$

208,729

$

(208,729)

$

—

$

—

(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

B-BBB

CLO

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

April

30,

2026

Janus

Detroit

Street

Trust

13

CME

Chicago

Mercantile

Exchange

DAC

Designated

Activity

Company

ETF

Exchange

Traded

Fund

EUR

Euro

EURIBOR

Euro

Interbank

Offered

Rate

LLC

Limited

Liability

Company

SOFR

Secured

Overnight

Financing

Rate

∞

Rate

shown

is

the

7-day

yield

as

of

April

30,

2026.

£

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

position

has

not

yet

settled

as

of

April

30,

2026.

The

coupon

rate

is

undetermined.

‡

Variable

or

floating

rate

security.

Rate

shown

is

the

current

rate

as

of

April

30,

2026.

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.

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

1933

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,

2026

is

$1,024,034,801

which

represents

89.5%

of

net

assets.

Janus

Henderson

B-BBB

CLO

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

April

30,

2026

14

April

30,

2026

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,

2026

.

See

Notes

to

Financial

Statements

for

more

information.

Valuation

Inputs

Summary

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Total

Assets

Investments

in

Securities:

Collateralized

Loan

Obligations

$

—

$

1,028,641,000

$

—

$

1,028,641,000

Exchange

Traded

Fund

50,067,442

—

—

50,067,442

Investment

Companies

—

72,787,842

—

72,787,842

Total

Investments

in

Securities

$

50,067,442

$

1,101,428,842

$

—

$

1,151,496,284

Other

Financial

Instruments

(a)

:

Forward

Foreign

Currency

Exchange

Contracts

$

—

$

272,554

$

—

$

272,554

Total

Assets

$

50,067,442

$

1,101,701,396

$

—

$

1,151,768,838

Liabilities

Other

Financial

Instruments

(a)

:

Forward

Foreign

Currency

Exchange

Contracts

$

—

$

208,729

$

—

$

208,729

Total

Liabilities

$

—

$

208,729

$

—

$

208,729

Janus

Henderson

B-BBB

CLO

ETF

Statement

of

Assets

and

Liabilities

(unaudited)

April

30,

2026

Janus

Detroit

Street

Trust

15

See

Notes

to

Financial

Statements.

Assets:

Unaffiliated

investments,

at

value

(cost

$1,032,988,919)

$

1,028,641,000

Affiliated

investments,

at

value

(cost

$122,817,014)

122,855,284

Cash

49,405

Forward

foreign

currency

exchange

contracts

272,554

Receivables:

Dividends

199,048

Interest

3,469,429

Due

from

adviser

8,252

Total

Assets

1,155,494,972

Liabilities:

Forward

foreign

currency

exchange

contracts

208,729

Payables:

Investments

purchased

5,109,775

Management

fees

429,757

Distributions

5,755,519

Total

Liabilities

11,503,780

Commitments

and

contingent

liabilities

Net

Assets

$

1,143,991,192

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

1,186,019,216

Total

distributable

earnings

(loss)

(

42,028,024

)

Total

Net

Assets

$

1,143,991,192

Net

Assets

$

1,143,991,192

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

24,250,000

Net

Asset

Value

Per

Share

$

47

.17

Janus

Henderson

B-BBB

CLO

ETF

Statement

of

Operations

(unaudited)

For

the

period

ended

April

2026

16

April

30,

2026

See

Notes

to

Financial

Statements.

Investment

Income:

Interest

$

35,855,639

Dividends

from

affiliates

1,114,514

Dividends

591,652

Affiliated

securities

lending

income,

net    

7,490

Unaffiliated

securities

lending

income,

net

2,229

Total

Investment

Income

37,571,524

Expenses:

Management

Fees

2,702,483

Total

Expenses

2,702,483

Less:

Excess

Expense

Reimbursement

and

Waivers

(

16,564

)

Net

Expenses

2,685,919

Net

Investment

Income/(Loss)

34,885,605

Net

Realized

Gain/(Loss)

on

Investments:

Investments

and

foreign

currency

transactions

$

(

12,834,435

)

Investments

in

affiliates

(

72,575

)

Forward

foreign

currency

exchange

contracts

(

75,281

)

Total

Net

Realized

Gain/(Loss)

on

Investments

$

(

12,982,291

)

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

and

foreign

currency

translations

$

(

3,856,998

)

Investments

in

affiliates

32,510

Forward

foreign

currency

exchange

contracts

63,825

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

(

3,760,663

)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

18,142,651

Janus

Henderson

B-BBB

CLO

ETF

Statements

of

Changes

in

Net

Assets

Janus

Detroit

Street

Trust

17

See

Notes

to

Financial

Statements.

Period

Ended

April

30,

2026

(unaudited)

Year

Ended

October

31,

2025

Operations:

Net

investment

income/(loss)

$

34,885,605

$

101,944,952

Net

realized

gain/(loss)

on

investments

(

12,982,291

)

(

33,250,343

)

Change

in

unrealized

net

appreciation/depreciation

(

3,760,663

)

(

6,476,722

)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

18,142,651

62,217,887

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(

44,522,858

)

(

109,692,989

)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(

44,522,858

)

(

109,692,989

)

Capital

Share

Transactions

(

112,889,026

)

205,117,581

Net

Increase/(Decrease)

in

Net

Assets

(

139,269,233

)

157,642,479

Net

Assets:

—

—

Beginning

of

Period  

1,283,260,425

1,125,617,946

End

of

Period

$

1,143,991,192

$

1,283,260,425

Janus

Henderson

B-BBB

CLO

ETF

Financial

Highlights

18

April

30,

2026

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

the

period

ended

April

30,

2026

(unaudited)

and

each

year

or

period

ended

October

31

2026

2025

2024

2023

2022

(1)

Net

Asset

Value,

Beginning

of

Period

$48.24

$49.26

$46.76

$43.67

$50.00

Income/(Loss)

from

Investment

Operations:

—

—

—

—

—

Net

investment

income/(loss)

(2)

1.43

3.34

3.99

3.88

1.80

Net

realized

and

unrealized

gain/(loss)

(0.70)

(0.70)

2.32

2.90

(6.71)

Total

from

Investment

Operations

0.73

2.64

6.31

6.78

(4.91)

Less

Dividends

and

Distributions:

—

—

—

—

—

Dividends

(from

net

investment

income)

(1.80)

(3.66)

(3.81)

(3.69)

(1.42)

Total

Dividends

and

Distributions

(1.80)

(3.66)

(3.81)

(3.69)

(1.42)

Net

Asset

Value,

End

of

Period

$47.17

$48.24

$49.26

$46.76

$43.67

Total

Return

*

1.54%

5.58%

13.99%

16.05%

(9.96)%

Net

assets,

End

of

Period

(in

thousands)

$1,143,991

$1,283,260

$1,125,618

$133,267

$78,610

Ratios

to

Average

Net

Assets

**

Ratio

of

Gross

Expenses

0.47%

0.46%

0.47%

0.49%

0.49%

Ratio

of

Net

Expenses

(After

Waivers

and

Expense

Offsets)

0.46%

0.46%

0.47%

0.48%

0.48%

Ratio

of

Net

Investment

Income/(Loss)

6.04%

6.89%

8.19%

8.44%

4.75%

Portfolio

Turnover

Rate

(3)

36%

97%

90%

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)

Portfolio

turnover

rate

excludes

securities

received

or

delivered

from

in-kind

processing

of

creation

or

redemptions.

Janus

Henderson

B-BBB

CLO

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

19

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

nineteen 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.

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

Chief

Financial

Officer

of

the

Fund/Portfolio

is

designated

as

the

Chief

Operating

Decision

Maker

(“CODM”)

as

it

relates

to

ASC

Topic

280.

The

CODM

has

concluded

that

the

Fund/Portfolio

operated

as

a

single

segment

entity

for

the period ended

April

30,

2026.

The

key

indicator

of

performance

of

the

Fund

is

net

investment

income

as

reported

on

the

Statement

of

Operations.

The

following

accounting

policies

have

been

followed

by

the

Fund

and

are

in

conformity

with

United

States

of

America

generally

accepted

accounting

principles

(“US

GAAP”). 

Investment

Valuation 

Fund holdings

are

valued

in

accordance

with

policies

and

procedures

established

by

the

Adviser

pursuant

to

Rule

2a-5

under

the

1940

Act

and

approved

by

and

subject

to

the

oversight

of

the

Trustees

(the

“Valuation

Procedures”).

Equity

securities,

including

shares

of

exchange-traded

funds,

traded

on

a

domestic

securities

exchange

are

generally

valued

at

readily

available

market

quotations,

which

are

(i)

the

official

close

prices

or

(ii)

last

sale

prices

on

the

primary

market

or

exchange

in

which

the

securities

trade.

If

such

price

is

lacking

for

the

trading

period

immediately

preceding

the

time

of

determination,

such

securities

are

generally

valued

at

their

current

bid

price.

Equity

securities

that

are

traded

on

a

foreign

exchange

are

generally

valued

at

the

closing

prices

on

such

markets.

In

the

event

that

there

is

no

current

trading

volume

on

a

particular

security

in

such

foreign

exchange,

the

bid

price

from

the

primary

exchange

is

generally

used

to

value

the

security.

Foreign

securities

and

currencies

are

converted

to

U.S.

dollars

using

the

current

spot

USD

dollar

exchange

rate

in

effect

at

the

close

of

the

London

Stock

Exchange.

The Fund will

determine

the

market

value

of

individual

securities

held

by

it

by

using

prices

provided

by

one

or

more

approved

professional

pricing

services

or,

as

needed,

by

obtaining

market

quotations

from

independent

broker-dealers.

Most

debt

securities

are

valued

in

accordance

with

the

evaluated

bid

price

supplied

by

the

Adviser-approved

pricing

service

that

is

intended

to

reflect

market

value.

The

evaluated

bid

price

supplied

by

the

pricing

service

is

an

evaluation

that

may

consider

factors

such

as

security

prices,

Janus

Henderson

B-BBB

CLO

ETF

Notes

to

Financial

Statements

(unaudited)

20

April

30,

2026

yields,

maturities

and

ratings.

Certain

short-term

securities

maturing

within

60

days

or

less

may

be

evaluated

and

valued

on

an

amortized

cost

basis

provided

that

the

amortized

cost

determined

approximates

market

value.

Securities

for

which

market

quotations

or

evaluated

prices

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

determined

in

good

faith

by

the

Adviser

pursuant

to

the

Valuation

Procedures. Circumstances

in

which

fair

valuation

may

be

utilized

include,

but

are

not

limited

to:

(i)

a

significant

event

that

may

affect

the

securities

of

a

single

issuer,

such

as

a

merger,

bankruptcy,

or

significant

issuer-specific

development;

(ii)

an

event

that

may

affect

an

entire

market,

such

as

a

natural

disaster

or

significant

governmental

action;

(iii)

a

nonsignificant

event

such

as

a

market

closing

early

or

not

opening,

or

a

security

trading

halt;

and

(iv)

pricing

of

a

non-valued

security

and

a

restricted

or

nonpublic

security.

Special

valuation

considerations

may

apply

with

respect

to

“odd-lot”

fixed-income

transactions

which,

due

to

their

small

size,

may

receive

evaluated

prices

by

pricing

services

which

reflect

a

large

block

trade

and

not

what

actually

could

be

obtained

for

the

odd-

lot

position.

The

value

of

the

securities

of

mutual

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

mutual

funds,

and

the

prospectuses

for

such

mutual

funds

explain

the

circumstances

under

which

they

use

fair

valuation

and

the

effects

of

using

fair

valuation.

The

value

of

the

securities

of

any

cash

management

pooled

investment

vehicles

that

operate

as

money

market

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

funds.

Valuation

Inputs

Summary 

FASB

ASC

820,

Fair

Value

Measurements

and

Disclosures

(“ASC

820”),

defines

fair

value,

establishes

a

framework

for

measuring

fair

value,

and

expands

disclosure

requirements

regarding

fair

value

measurements.

This

standard

emphasizes

that

fair

value

is

a

market-based

measurement

that

should

be

determined

based

on

the

assumptions

that

market

participants

would

use

in

pricing

an

asset

or

liability

and

establishes

a

hierarchy

that

prioritizes

inputs

to

valuation

techniques

used

to

measure

fair

value.

These

inputs

are

summarized

into

three

broad

levels: 

Level

1

–

Unadjusted

quoted

prices

in

active

markets

the

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities.

Level

2

–

Observable

inputs

other

than

unadjusted

quoted

prices

included

in

Level

1

that

are

observable

for

the

asset

or

liability

either

directly

or

indirectly.

These

inputs

may

include

quoted

prices

for

the

identical

instrument

on

an

inactive

market,

prices

for

similar

instruments,

interest

rates,

prepayment

speeds,

credit

risk,

yield

curves,

default

rates

and

similar

data.

Assets

or

liabilities

categorized

as

Level

2

in

the

hierarchy

generally

include:

debt

securities

fair

valued

in

accordance

with

the

evaluated

bid

or

ask

prices

supplied

by

a

pricing

service;

securities

traded

on

OTC

markets

and

listed

securities

for

which

no

sales

are

reported

that

are

fair

valued

at

the

latest

bid

price

(or

yield

equivalent

thereof)

obtained

from

one

or

more

dealers

transacting

in

a

market

for

such

securities

or

by

a

pricing

service

approved

by

the

Fund’s

Trustees;

and

certain

short-term

debt

securities

with

maturities

of

60

days

or

less

that

are

fair

valued

at

amortized

cost.

Other

securities

that

may

be

categorized

as

Level

2

in

the

hierarchy

include,

but

are

not

limited

to,

preferred

stocks,

bank

loans,

swaps,

investments

in

unregistered

investment

companies,

options,

and

forward

contracts.

Level

3

–

Unobservable

inputs

for

the

asset

or

liability

to

the

extent

that

relevant

observable

inputs

are

not

available,

representing

the

Fund’s

own

assumptions

about

the

assumptions

that

a

market

participant

would

use

in

valuing

the

asset

or

liability,

and

that

would

be

based

on

the

best

information

available.

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

period.

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,

2026 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

Janus

Henderson

B-BBB

CLO

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

21

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

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. 

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,

Janus

Henderson

B-BBB

CLO

ETF

Notes

to

Financial

Statements

(unaudited)

22

April

30,

2026

2026 

is

discussed

in

further

detail

below.

A

summary

of

derivative

activity

by

the

Fund

is

reflected

in

the

tables

at

the

end

of

the

Schedule

of

Investments.

The

Fund

may

use

derivative

instruments

for

various

investment

purposes,

such

as

to

manage

or

hedge

portfolio

risk,

including

interest

rate

risk,

enhance

return

or

to

manage

duration.

The

Fund’s

use

of

derivative

instruments

involves

risks

different

from,

or

possibly

greater

than,

the

risks

associated

with

investing

directly

in

securities

and

other

traditional

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

Janus

Henderson

B-BBB

CLO

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

23

derivatives,

centrally

cleared

derivatives,

forward

foreign

currency

exchange

contracts,

short

sales,

and/or

securities

with

extended

settlement

dates.

There

is

no

guarantee

that

counterparty

exposure

is

reduced

and

these

arrangements

are

dependent

on

the

Adviser’s

ability

to

establish

and

maintain

appropriate

systems

and

trading.

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.

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,

social

unrest,

tariffs,

financial

institution

failures,

and

economic

recessions 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)

24

April

30,

2026

Armed

Conflict.

Armed

conflicts

between

countries

or

in

a

geographic

region,

such

as

the

ongoing

armed

conflicts

in

Europe

and

the

Middle

East,

have

the

potential

to

adversely

impact

a

Fund.

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

significant

losses

experienced

by

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

tranches,

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. 

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

Janus

Henderson

B-BBB

CLO

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

25

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. 

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

Janus

Henderson

B-BBB

CLO

ETF

Notes

to

Financial

Statements

(unaudited)

26

April

30,

2026

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,

2026"

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

Janus

Henderson

B-BBB

CLO

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

27

and

related

collateral

are

marked-to-market

each

business

day

based

upon

the

market

value

of

the

loaned

securities

at

the

close

of

business,

employing

the

most

recent

available

pricing

information.

Collateral

levels

are

then

adjusted

based

on

this

mark-to-market

evaluation. 

Additional

required

collateral,

or

excess

collateral

returned,

is

delivered

on

the

next

business

day. 

Therefore,

the

value

of

the

collateral

held

may

be

temporarily

less

than

102%

or

105%

value

of

the

securities

on

loan.

The

cash

collateral

invested

by

the

Adviser is

disclosed

in

the

Schedule

of

Investments

(if

applicable).

Income

earned

from

the

investment

of

the

cash

collateral,

net

of

rebates

paid

to,

or

fees

paid

by,

borrowers

and

less

the

fees

paid

to

the

lending

agent

are

included

as

“Affiliated

securities

lending

income,

net”

on

the

Statement

of

Operations.

There

were

no

securities

on

loan

as

of

April

30,

2026.

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,

2026,

the

Fund’s

actual

management

fee

rate

(expressed

as

an

annual

rate)

was

0.47% 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,

2028.

The

Adviser

may

not

recover

amounts

previously

waived

or

reimbursed

under

this

agreement.

During

the period

ended April

30,

2026,

the

Adviser

waived

$16,564 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

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)

28

April

30,

2026

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,

2026, the

Adviser

owned 710,329

shares

or 2.93%

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

at

least

80%

of

its

net

assets

(plus

any

borrowings

for

investment

purposes)

in

U.S.

Government

securities

and

repurchase

agreements

that

are collateralized

by

U.S.

Government 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). 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,

2026 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,

2025,

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,

2026 are

noted

below.

The

primary

differences

between

book

and

tax

appreciation

or

depreciation

of

investments are

wash

sale

loss

deferrals,

amortization

on

bonds,

and

investments in partnerships.

Capital

Loss

Carryover

Schedule

For

the

year

ended

October

31,

2025

No

Expiration

Short-Term

Long-Term

Accumulated

Capital

Losses

$(16,769,390)

$(3,802,418)

$(20,571,808)

Janus

Henderson

B-BBB

CLO

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

29

6.

Capital

Share

Transactions 

7.

Purchases

and

Sales

of

Investment

Securities

For

the

period

ended

April

30,

2026,

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,

2026,

the

cost

of

in-kind

purchases

and

proceeds

from

in-kind

sales,

were

as

follows: 

During

the

period

ended

April

30,

2026,

the

Fund

had

net

realized

loss of $1,248,857 from

in-kind

redemptions.

Gains

on

in-kind

transactions

are

not

considered

taxable

for

federal

income

tax

purposes.

8.

Acquisition

Note

On

December

22,

2025,

Janus

Henderson

Group

plc,

the

parent

company

of

the

Fund's

investment

adviser,

announced

a

definitive

agreement

to

be

acquired

by

Trian

Fund

Management

and

General

Catalyst.

The

Transaction

is

expected

to

close

in

2026,

subject

to

customary

closing

conditions,

including

requisite

regulatory

approvals,

and

client

consents.

The

shareholders

of

Janus

Henderson

Group,

plc

approved

the

acquisition

on

April

16,

2026. 

9.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to April

30,

2026

and

through

the

date

of

the

issuance

of

the

Fund's

financial

statements

and

determined

that

there

were

no

material

events

or

transactions

that

would

require

recognition

or

disclosure

in

the

Fund's

financial

statements. 

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$1,155,805,933

$1,950,150

$(6,259,799)

$(4,309,649)

Period

Ended

April

30,

2026

Year

Ended

October

31,

2025

Shares

Amount

Shares

Amount

Shares

sold

3,250,000

$

154,179,238

36,550,000

$

1,786,290,162

Shares

repurchased

(5,600,000)

(267,068,264)

(32,800,000)

(1,581,172,581)

Net

Increase/(Decrease)

(2,350,000)

$

(112,889,026)

3,750,000

$

205,117,581

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

$418,932,257

$447,561,733

$—

$—

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

$18,272,757

$156,602,644

$—

$—

Janus

Henderson

B-BBB

CLO

ETF

Additional

Information

(unaudited)

30

April

30,

2026

Item

8.

Changes

in

and

Disagreements

with

Accountants

for

Open-End

Management

Investment

Companies.

Not

applicable.

Item

9.

Proxy

Disclosures

for

Open-End

Management

Investment

Companies.

Not

applicable.

Item

10.

Remuneration

Paid

to

Directors,

Officers,

and

Others

of

Open-End

Management

Investment

Companies.

Because

the

Adviser

has

agreed

in

the

Investment

Advisory

Agreement

to

cover

all

operating

expenses

of

the

Fund,

subject

to

certain

exclusions

as

provided

for

therein,

the

Adviser

pays

the

compensation

to

each

Independent

Trustee

for

services

to

the

Fund

from

Adviser’s

management

fees.

Item

11.

APPROVAL

OF

ADVISORY

AGREEMENTS

DURING

THE

PERIOD

Not

applicable.

125-24-93094

04-26

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

FINANCIAL

STATEMENTS

April

30,

2026

Janus

Henderson

Securitized

Income

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

Securitized

Income

ETF

Item

7.

Financial

Statements

and

Financial

Highlights

for

Open-End

Management

Investment

Companies

Schedule

of

Investments

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

3

Statement

of

Assets

and

Liabilities

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

22

Statement

of

Operations

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

23

Statements

of

Changes

in

Net

Assets

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

24

Financial

Highlights

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

25

Notes

to

Financial

Statements

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

26

Items

8-11

-

Additional

Information

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

39

Janus

Henderson

Securitized

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

Janus

Detroit

Street

Trust

3

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Asset-Backed

Securities

-

41

.9

%

Acacia

LLC,

5.2400%,

11/15/37

(144A)

$

1,635,780

$

1,637,633

Accelerated

LLC,

7.8500%,

8/22/44

(144A)

3,613,215

3,507,772

ACHM

Mortgage

Trust,

7.2600%,

5/25/39

(144A)

1,559,128

1,594,335

ACHV

ABS

TRUST,

8.4700%,

3/18/30

(144A)

314,635

316,786

ACHV

ABS

TRUST,

6.4200%,

4/25/31

(144A)

20,680

20,788

Affirm

Asset

Securitization

Trust,

4.9300%,

10/15/30

(144A)

283,000

282,992

Affirm

Asset

Securitization

Trust,

5.2300%,

10/15/30

(144A)

4,000,000

3,996,782

Affirm

Master

Trust,

5.6000%,

7/15/33

(144A)

7,500,000

7,534,424

Aligned

Data

Centers

Issuer

LLC,

1.9370%,

8/15/46

(144A)

1,602,000

1,590,038

Alloya

Auto

Receivables

Trust,

4.9900%,

3/25/30

(144A)

900,000

904,435

Ally

Bank

Auto

Credit-Linked

Notes,

7.9170%,

5/17/32

(144A)

309,133

313,005

Ally

Bank

Auto

Credit-Linked

Notes,

9.8920%,

5/17/32

(144A)

393,800

402,992

Ally

Bank

Auto

Credit-Linked

Notes,

12.7480%,

5/17/32

(144A)

238,600

246,537

Ally

Bank

Auto

Credit-Linked

Notes,

6.6780%,

9/15/32

(144A)

971,437

972,491

Ally

Bank

Auto

Credit-Linked

Notes,

8.0360%,

9/15/32

(144A)

1,331,053

1,344,702

Ally

Bank

Auto

Credit-Linked

Notes,

6.0660%,

6/15/33

(144A)

1,201,166

1,192,419

Ally

Bank

Auto

Credit-Linked

Notes,

6.9420%,

6/15/33

(144A)

529,926

529,735

Ally

Bank

Auto

Credit-Linked

Notes,

6.1640%,

9/15/33

(144A)

3,947,629

3,921,975

Alterna

Funding

III

LLC,

7.1360%,

5/16/39

(144A)

1,594,203

1,594,168

Amur

Equipment

Finance

Receivables

XIII

LLC,

9.6600%,

4/20/32

(144A)

375,000

381,432

Amur

Equipment

Finance

Receivables

XIV

LLC,

8.8800%,

10/20/32

(144A)

500,000

506,870

Amur

Equipment

Finance

Receivables

XV

LLC,

5.6800%,

8/20/32

(144A)

3,129,000

3,142,868

Arivo

Acceptance

Auto

Loan

Receivables

Trust,

6.8700%,

6/17/30

(144A)

1,500,000

1,516,678

Auxilior

Term

Funding

LLC,

10.9700%,

12/15/32

(144A)

200,000

213,209

Avis

Budget

Rental

Car

Funding

AESOP

LLC,

3.7100%,

8/20/27

(144A)

3,333,333

3,319,891

Avtech

Equipment

Receivables

Funding

LLC,

4.5500%,

2/15/33

(144A)

4,101,460

4,091,153

Bayview

Opportunity

Master

Fund

VII

LLC,

SOFR30A

+

2.0500%,

5.6952%,

12/26/31

(144A)

‡

652,347

655,468

Bayview

Opportunity

Master

Fund

VII

LLC,

SOFR30A

+

3.6000%,

7.2452%,

12/26/31

(144A)

‡

461,349

465,386

Bayview

Opportunity

Master

Fund

VII

LLC,

SOFR30A

+

1.8000%,

5.4452%,

6/25/47

(144A)

‡

741,971

745,494

Bayview

Opportunity

Master

Fund

VII

LLC,

SOFR30A

+

2.7500%,

6.3952%,

6/25/47

(144A)

‡

720,772

729,899

Bayview

Opportunity

Master

Fund

VII

LLC,

SOFR30A

+

1.8000%,

5.4452%,

7/27/48

(144A)

‡

2,953,133

2,956,446

Bayview

Opportunity

Master

Fund

VII

Trust,

6.3600%,

7/16/29

(144A)

500,000

509,693

BHG

Securitization

Trust,

5.8100%,

4/17/35

(144A)

134,187

136,170

BHG

Securitization

Trust,

6.4900%,

4/17/35

(144A)

277,778

283,909

Blue

Bridge

Funding

LLC,

9.4800%,

11/15/30

(144A)

200,000

203,503

Blue

Bridge

Funding

LLC,

9.5000%,

11/15/30

(144A)

546,000

542,261

Bridgecrest

Lending

Auto

Securitization

Trust,

6.0300%,

11/15/29

500,000

508,003

Business

Jet

Securities

LLC,

6.9240%,

5/15/39

(144A)

1,120,260

1,142,503

Carmax

Auto

Owner

Trust,

5.1100%,

5/17/32

1,750,000

1,740,454

CarMax

Auto

Owner

Trust,

6.0000%,

7/15/30

1,620,000

1,642,749

Carvana

Auto

Receivables

Trust,

3.1600%,

6/12/28

(144A)

2,899,684

2,837,221

Carvana

Auto

Receivables

Trust,

4.9900%,

1/12/32

1,000,000

982,378

CF

Hippolyta

Issuer

LLC,

1.6900%,

7/15/60

(144A)

1,562,354

1,301,005

Chase

Auto

Credit

Linked

Notes,

6.0240%,

2/25/33

(144A)

4,115,580

4,078,792

Chase

Auto

Credit

Linked

Notes,

6.9960%,

2/25/33

(144A)

1,817,836

1,831,464

Chase

Auto

Owner

Trust,

5.2400%,

11/26/32

(144A)

3,600,000

3,643,960

Commonbond

Student

Loan

Trust,

4.0000%,

5/25/40

(144A)

103,500

100,445

Commonbond

Student

Loan

Trust,

4.0000%,

10/25/40

(144A)

106,143

100,878

Commonbond

Student

Loan

Trust,

3.4700%,

5/25/41

(144A)

172,925

158,139

Janus

Henderson

Securitized

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

4

April

30,

2026

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Asset-Backed

Securities

-

(continued)

Commonbond

Student

Loan

Trust,

4.1200%,

9/25/45

(144A)

$

84,418

$

71,410

Commonbond

Student

Loan

Trust,

4.2500%,

2/25/46

(144A)

98,238

92,958

Commonbond

Student

Loan

Trust,

1.4000%,

3/25/52

(144A)

176,770

135,394

Compass

Datacenters

Issuer

II

LLC,

5.2500%,

2/25/49

(144A)

300,000

299,838

Compass

Datacenters

Issuer

II

LLC,

5.7500%,

2/25/49

(144A)

1,000,000

1,004,300

Compass

Datacenters

Issuer

II

LLC,

5.9990%,

8/25/49

(144A)

4,500,000

4,487,214

Compass

Datacenters

Issuer

II

LLC,

5.9990%,

8/25/49

(144A)

3,250,000

3,158,791

Compass

Datacenters

Issuer

II

LLC,

5.7560%,

5/25/50

(144A)

5,000,000

4,930,319

COOPR

Residential

Mortgage

Trust,

5.6540%,

5/25/60

(144A)

Ç

3,465,037

3,485,103

COOPR

Residential

Mortgage

Trust,

5.5020%,

6/25/60

(144A)

Ç

1,190,290

1,194,052

COOPR

Residential

Mortgage

Trust,

4.8400%,

9/25/60

(144A)

Ç

1,426,602

1,415,252

COOPR

Residential

Mortgage

Trust,

5.3580%,

2/25/61

(144A)

Ç

4,948,000

4,919,731

COOPR

Residential

Mortgage

Trust,

5.7070%,

2/25/61

(144A)

‡

1,700,000

1,679,444

Corporate

One

Auto

Receivables

Trust,

4.8400%,

4/15/31

(144A)

1,820,000

1,805,176

Corporate

One

Auto

Receivables

Trust,

5.4800%,

7/15/34

(144A)

2,000,000

1,995,153

CP

EF

Asset

Securitization

II

LLC,

7.4800%,

3/15/32

(144A)

22,233

22,313

CP

EF

Asset

Securitization

II

LLC,

7.5600%,

3/15/32

(144A)

250,000

251,094

CP

EF

Asset

Securitization

II

LLC,

7.7700%,

3/15/32

(144A)

250,000

252,662

CPC

Asset

Securitization

III

LLC,

13.4500%,

8/15/30

(144A)

1,000,000

1,012,900

Credibly

Asset

Securitization

II

LLC,

5.4000%,

3/15/32

(144A)

1,500,000

1,489,069

Crockett

Partners

Equipment

Co.

IIA

LLC,

6.7800%,

1/20/31

(144A)

678,164

681,463

Crockett

Partners

Equipment

Co.

IIA

LLC,

10.1600%,

1/20/31

(144A)

678,164

704,371

CyrusOne

Data

Centers

Issuer

I

LLC,

4.7600%,

3/22/49

(144A)

735,000

717,648

DB

Master

Finance

LLC,

2.0450%,

11/20/51

(144A)

1,532,000

1,511,210

DB

Master

Finance

LLC,

2.4930%,

11/20/51

(144A)

651,100

613,342

Dell

Equipment

Finance

Trust,

5.1900%,

11/22/32

(144A)

3,500,000

3,497,487

Dext

ABS

LLC,

8.3000%,

5/15/34

(144A)

300,000

314,434

Drive

Auto

Receivables

Trust,

5.4100%,

9/15/32

4,077,000

4,096,828

EFMT,

5.8770%,

1/25/60

(144A)

Ç

2,007,574

2,016,458

Ellington

Financial

Mortgage

Trust,

5.1160%,

12/25/60

(144A)

Ç

503,292

500,945

Ellington

Financial

Mortgage

Trust,

5.3160%,

12/25/60

(144A)

Ç

777,000

771,729

Ellington

Financial

Mortgage

Trust,

5.4660%,

12/25/60

(144A)

Ç

852,000

847,355

Ellington

Financial

Mortgage

Trust,

5.6160%,

12/25/60

(144A)

‡

234,000

231,756

Exeter

Automobile

Receivables

Trust,

5.8400%,

6/17/30

500,000

507,101

Exeter

Automobile

Receivables

Trust,

7.8900%,

8/15/31

(144A)

750,000

769,707

Exeter

Automobile

Receivables

Trust,

7.8400%,

10/15/31

(144A)

2,700,000

2,780,850

Exeter

Select

Automobile

Receivables

Trust,

5.3400%,

1/15/32

2,200,000

2,189,523

Exeter

Select

Automobile

Receivables

Trust,

5.5400%,

5/17/32

1,800,000

1,802,565

ExteNet

Issuer

LLC,

8.2720%,

7/25/54

(144A)

2,500,000

2,554,003

ExteNet

Issuer

LLC,

9.0500%,

7/25/54

(144A)

1,500,000

1,544,261

FHF

Issuer

Trust,

5.7500%,

5/15/30

(144A)

4,891,000

4,920,310

FHF

Issuer

Trust,

5.8900%,

6/15/30

(144A)

718,735

722,321

FHF

Issuer

Trust,

6.4300%,

7/15/30

(144A)

1,202,000

1,202,068

FHF

Issuer

Trust,

7.4200%,

5/15/31

(144A)

1,000,000

1,008,238

FHF

Issuer

Trust,

5.6900%,

8/15/31

(144A)

2,854,000

2,796,275

FHF

Issuer

Trust,

7.1500%,

9/15/31

(144A)

2,373,000

2,380,129

FHF

Trust,

6.5700%,

6/15/28

(144A)

170,412

170,892

FIGRE

Trust,

6.2290%,

7/25/54

(144A)

‡

2,324,989

2,349,478

FIGRE

Trust,

5.2520%,

9/25/54

(144A)

‡

184,608

184,401

FIGRE

Trust,

5.3010%,

9/25/54

(144A)

‡

661,512

660,109

FIGRE

Trust,

5.5600%,

5/25/55

(144A)

‡

9,511,571

9,545,086

FIGRE

Trust,

5.7100%,

5/25/55

(144A)

‡

1,582,756

1,589,332

FIGRE

Trust,

5.9100%,

5/25/55

(144A)

‡

1,582,756

1,591,563

FIGRE

Trust,

5.7580%,

6/25/55

(144A)

‡

876,284

882,203

Janus

Henderson

Securitized

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

Janus

Detroit

Street

Trust

5

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Asset-Backed

Securities

-

(continued)

FIGRE

Trust,

5.4080%,

7/25/55

(144A)

‡

$

996,582

$

997,581

FIGRE

Trust,

5.4670%,

7/25/55

(144A)

Ç

3,668,899

3,660,378

FIGRE

Trust,

5.6080%,

7/25/55

(144A)

‡

1,288,206

1,294,061

FIGRE

Trust,

5.7090%,

7/25/55

(144A)

‡

1,664,183

1,666,247

FIGRE

Trust,

5.4850%,

8/25/55

(144A)

‡

4,652,228

4,647,410

FIGRE

Trust,

5.1440%,

9/25/55

(144A)

‡

2,270,016

2,242,782

FIGRE

Trust,

5.2450%,

9/25/55

(144A)

‡

2,777,960

2,743,759

FIGRE

Trust,

5.1170%,

10/25/55

(144A)

‡

2,173,441

2,144,209

FIGRE

Trust,

5.2180%,

10/25/55

(144A)

‡

2,086,503

2,055,635

FIGRE

Trust,

5.1830%,

1/25/56

(144A)

‡

732,444

729,373

FIGRE

Trust,

5.4340%,

1/25/56

(144A)

‡

1,091,174

1,088,589

FIGRE

Trust,

5.3000%,

5/25/56

(144A)

‡

6,000,000

5,991,073

FIGRE

Trust,

6.2300%,

5/25/56

(144A)

‡

1,700,000

1,699,974

Finance

of

America

Structured

Securities

Trust,

3.5000%,

2/25/74

(144A)

Ç

833,166

822,806

Finance

of

America

Structured

Securities

Trust,

3.5000%,

4/25/74

(144A)

Ç

2,065,801

2,034,543

FinBe

USA

Trust,

6.6000%,

12/16/30

(144A)

2,250,000

2,206,116

Flagship

Credit

Auto

Trust,

1.2700%,

3/15/27

(144A)

332,869

332,332

Flagship

Credit

Auto

Trust,

3.0600%,

3/15/28

(144A)

257,579

257,098

Flagship

Credit

Auto

Trust,

4.8800%,

11/15/28

(144A)

125,029

125,180

FNA

9

LLC,

5.5090%,

4/16/46

(144A)

‡

935,000

934,612

Fora

Financial

Asset

Securitization

LLC,

6.3300%,

8/15/29

(144A)

4,333,000

4,341,229

Foundation

Finance

Trust,

9.1000%,

6/15/49

(144A)

876,251

923,321

Foundation

Finance

Trust,

8.1300%,

12/15/49

(144A)

1,090,426

1,138,842

Foundation

Finance

Trust,

5.0900%,

4/15/52

(144A)

4,797,821

4,786,230

Foundation

Finance

Trust,

5.7100%,

8/15/52

(144A)

1,275,000

1,262,687

GLS

Auto

Select

Receivables

Trust,

7.9300%,

7/15/30

(144A)

400,000

421,642

Gracie

Point

International

Funding

LLC,

SOFR30A

+

2.7500%,

6.4039%,

8/15/28

(144A)

‡

1,500,000

1,506,026

GS

Mortgage

Backed

Securities

Trust,

5.1800%,

9/25/55

(144A)

Ç

1,776,796

1,772,820

GS

Mortgage-Backed

Securities

Trust,

5.4220%,

5/25/56

(144A)

Ç

3,000,000

2,982,461

GS

Mortgage-Backed

Securities

Trust,

5.7710%,

5/25/56

(144A)

‡

3,200,000

3,179,881

Hilton

Grand

Vacations

Trust,

5.5200%,

5/27/42

(144A)

2,647,115

2,654,479

Hilton

Grand

Vacations

Trust,

7.2100%,

2/25/43

(144A)

1,200,000

1,198,779

Hilton

Grand

Vacations

Trust,

5.1200%,

5/25/44

(144A)

2,149,120

2,133,522

Hotwire

Funding

LLC,

4.4590%,

11/20/51

(144A)

4,500,000

4,463,446

HPEFS

Equipment

Trust,

4.7700%,

5/20/33

(144A)

6,000,000

5,935,196

Huntington

Bank

Auto

Credit-Linked

Notes,

SOFR30A

+

3.1500%,

6.7901%,

5/20/32

(144A)

‡

1,157,345

1,169,021

Huntington

Bank

Auto

Credit-Linked

Notes,

SOFR30A

+

5.2500%,

8.8901%,

5/20/32

(144A)

‡

400,619

404,910

Huntington

Bank

Auto

Credit-Linked

Notes,

SOFR30A

+

2.6000%,

6.2401%,

10/20/32

(144A)

‡

1,296,945

1,306,272

Huntington

Bank

Auto

Credit-Linked

Notes,

SOFR30A

+

4.0000%,

7.6401%,

10/20/32

(144A)

‡

824,912

820,951

Huntington

Bank

Auto

Credit-Linked

Notes,

SOFR30A

+

2.2500%,

5.8901%,

3/21/33

(144A)

‡

2,092,185

2,099,685

Huntington

Bank

Auto

Credit-Linked

Notes,

SOFR30A

+

3.5000%,

7.1401%,

3/21/33

(144A)

‡

1,216,024

1,221,743

Huntington

Bank

Auto

Credit-Linked

Notes,

SOFR30A

+

3.2500%,

6.8901%,

9/20/33

(144A)

‡

465,761

466,129

Huntington

Bank

Auto

Credit-Linked

Notes,

SOFR30A

+

4.5000%,

8.1401%,

2/20/34

(144A)

‡

2,386,723

2,386,698

J.P.

Morgan

Mortgage

Trust,

6.0190%,

6/25/54

(144A)

Ç

3,074,507

3,086,085

J.P.

Morgan

Mortgage

Trust,

5.1820%,

6/25/56

(144A)

Ç

3,000,000

2,960,902

J.P.

Morgan

Mortgage

Trust,

5.3320%,

6/25/56

(144A)

Ç

4,882,000

4,827,986

Janus

Henderson

Securitized

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

6

April

30,

2026

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Asset-Backed

Securities

-

(continued)

Jersey

Mike's

Funding,

5.6100%,

8/16/55

(144A)

$

4,577,000

$

4,568,224

Lendbuzz

Securitization

Trust,

6.5200%,

7/16/29

(144A)

2,650,000

2,682,511

Lendbuzz

Securitization

Trust,

6.5800%,

9/15/29

(144A)

500,000

505,788

Lendbuzz

Securitization

Trust,

4.6800%,

7/15/30

(144A)

1,626,000

1,626,997

Lendbuzz

Securitization

Trust,

7.5800%,

9/15/30

(144A)

2,500,000

2,544,160

Lendbuzz

Securitization

Trust,

5.1600%,

12/16/30

(144A)

271,000

269,371

Lendbuzz

Securitization

Trust,

5.2800%,

4/15/31

(144A)

2,921,000

2,824,997

Lendbuzz

Securitization

Trust,

5.7400%,

9/15/31

(144A)

348,299

347,342

Libra

Solutions

LLC,

5.8800%,

9/30/38

(144A)

2,000,000

1,993,934

Libra

Solutions

LLC,

6.3550%,

8/15/39

(144A)

10,200,000

10,191,417

Libra

Solutions

LLC,

8.0550%,

8/15/39

(144A)

3,100,000

3,091,278

Lightpath

Fiber

Issuer

LLC,

5.5970%,

3/25/56

(144A)

2,500,000

2,502,698

Lmdv

Issuer

Co.

LLC,

5.9000%,

12/15/55

(144A)

2,652,000

2,626,090

Lmdv

Issuer

Co.

LLC,

7.8800%,

12/15/55

(144A)

1,889,000

1,905,396

Luxury

Lease

Partners

Auto

Lease

Trust,

7.2920%,

7/15/30

(144A)

99,755

100,398

Luxury

Lease

Partners

Auto

Lease

Trust,

10.4910%,

7/15/30

(144A)

300,000

300,979

Luxury

Lease

Partners

Auto

Lease

Trust,

5.5100%,

3/15/32

(144A)

4,325,437

4,310,203

Marlette

Funding

Trust,

8.1500%,

4/15/33

(144A)

619,041

627,830

Marlette

Funding

Trust,

7.9200%,

6/15/33

(144A)

900,000

913,482

Marlette

Funding

Trust,

8.1500%,

12/15/33

(144A)

500,000

512,512

Marlette

Funding

Trust,

6.0200%,

7/16/35

(144A)

5,368,000

5,382,464

MetroNet

Infrastructure

Issuer

LLC,

5.4000%,

8/20/55

(144A)

6,700,000

6,739,963

MetroNet

Infrastructure

Issuer

LLC,

7.1000%,

4/20/56

(144A)

2,239,000

2,246,637

Mtp

ABS

Funding

LLC,

5.8820%,

4/25/56

(144A)

2,500,000

2,511,035

MVW

LLC,

5.7500%,

9/22/42

(144A)

1,135,201

1,144,779

New

Economy

Assets-Phase

1

Sponsor

LLC,

1.9100%,

10/20/61

(144A)

615,000

516,119

NMEF

Funding

LLC,

5.2200%,

2/15/34

(144A)

1,250,000

1,228,803

NMEF

Funding

LLC,

6.7300%,

2/15/34

(144A)

2,100,000

2,078,259

NRM

FNT1

Excess

LLC,

7.3980%,

11/25/31

(144A)

Ç

4,000,046

4,043,502

Oak

Street

Investment

Grade

Net

Lease

Fund,

2.2100%,

11/20/50

(144A)

382,789

329,597

Oaktree

ABF

Equipment

ST

LLC,

5.3100%,

10/17/33

(144A)

2,050,000

2,036,905

OBX

Trust,

SOFR30A

+

1.6500%,

5.2952%,

2/25/56

(144A)

‡

604,000

603,618

OBX

Trust,

SOFR30A

+

1.8000%,

5.4452%,

2/25/56

(144A)

‡

1,100,000

1,098,009

OBX

Trust,

5.6360%,

4/25/56

(144A)

Ç

2,000,000

2,003,357

OnDeck

Asset

Securitization

IV

LLC,

5.5200%,

4/19/32

(144A)

4,500,000

4,515,437

OnDeck

Asset

Securitization

IV

LLC,

6.6400%,

4/19/32

(144A)

2,500,000

2,517,561

OnDeck

Asset

Securitization

Trust

IV

LLC,

7.1500%,

6/17/31

(144A)

1,500,000

1,507,063

OnDeck

Asset

Securitization

Trust

IV

LLC,

8.9900%,

6/17/31

(144A)

1,000,000

1,010,062

Pear

LLC,

6.9500%,

2/15/36

(144A)

247,077

247,912

Post

Road

Equipment

Finance

LLC,

6.7700%,

10/15/30

(144A)

400,000

405,492

Post

Road

Equipment

Finance

LLC,

8.5000%,

12/15/31

(144A)

450,000

460,939

Post

Road

Equipment

Finance

LLC,

7.0800%,

5/17/32

(144A)

2,000,000

2,010,987

Post

Road

Equipment

Finance

LLC,

7.7000%,

1/17/34

(144A)

821,000

832,370

Prosper

Marketplace

Issuance

Trust,

6.9600%,

8/15/29

(144A)

498,093

498,825

QTS

Issuer

ABS

I

LLC,

5.4390%,

5/25/55

(144A)

2,000,000

1,990,969

QTS

Issuer

ABS

I

LLC,

5.9280%,

5/25/55

(144A)

1,442,000

1,401,256

QTS

Issuer

ABS

II

LLC,

6.7290%,

1/5/56

(144A)

5,091,000

5,009,019

RAM

LLC,

6.6690%,

2/15/39

(144A)

555,211

555,464

RAM

LLC,

7.7850%,

2/15/39

(144A)

364,478

364,670

RAM

LLC,

5.4630%,

6/15/46

(144A)

1,942,000

1,942,000

RCKT

Mortgage

Trust,

6.5150%,

6/25/43

(144A)

‡

201,247

200,869

RCKT

Mortgage

Trust,

6.3250%,

2/25/44

(144A)

‡

486,679

488,651

RCKT

Mortgage

Trust,

5.1580%,

10/25/44

(144A)

Ç

2,039,547

2,037,692

RCKT

Mortgage

Trust,

5.4896%,

11/25/44

(144A)

Ç

2,369,078

2,374,995

Janus

Henderson

Securitized

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

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)

RCKT

Mortgage

Trust,

5.6408%,

11/25/44

(144A)

Ç

$

1,318,352

$

1,320,579

RCKT

Mortgage

Trust,

5.6830%,

12/25/44

(144A)

Ç

2,758,105

2,764,315

RCKT

Mortgage

Trust,

7.6530%,

1/25/45

(144A)

‡

5,688,000

5,884,767

RCKT

Mortgage

Trust,

5.6030%,

2/25/55

(144A)

Ç

2,331,559

2,332,932

RCKT

Mortgage

Trust,

6.7320%,

3/25/55

(144A)

‡

5,660,000

5,663,665

RCKT

Mortgage

Trust,

5.8110%,

4/25/55

(144A)

Ç

4,158,730

4,188,565

RCKT

Mortgage

Trust,

5.6870%,

5/25/55

(144A)

Ç

3,415,884

3,436,244

RCKT

Mortgage

Trust,

5.4780%,

7/25/55

(144A)

Ç

1,152,206

1,150,895

RCKT

Mortgage

Trust,

6.9700%,

7/25/55

(144A)

‡

5,058,000

5,058,357

RCKT

Mortgage

Trust,

5.1477%,

8/25/55

(144A)

‡

1,298,420

1,296,992

RCKT

Mortgage

Trust,

5.2486%,

8/25/55

(144A)

‡

1,109,754

1,104,220

RCKT

Mortgage

Trust,

7.2820%,

8/25/55

(144A)

‡

2,253,000

2,201,847

RCKT

Mortgage

Trust,

4.7950%,

9/25/55

(144A)

Ç

977,375

970,288

RCKT

Mortgage

Trust,

4.9970%,

9/25/55

(144A)

Ç

3,373,013

3,341,211

RCKT

Mortgage

Trust,

4.8940%,

11/25/55

(144A)

Ç

943,280

936,761

RCKT

Mortgage

Trust,

4.9660%,

11/25/55

(144A)

Ç

3,374,692

3,358,045

RCKT

Mortgage

Trust,

5.1240%,

1/25/56

(144A)

Ç

4,229,000

4,180,264

RCKT

Mortgage

Trust,

5.2240%,

1/25/56

(144A)

Ç

3,400,000

3,362,971

RCKT

Mortgage

Trust,

5.0550%,

2/25/56

(144A)

Ç

3,140,000

3,096,260

RCKT

Mortgage

Trust,

5.2550%,

2/25/56

(144A)

Ç

4,519,000

4,459,003

RCKT

Mortgage

Trust,

5.3550%,

2/25/56

(144A)

‡

921,000

911,174

RCKT

Mortgage

Trust,

5.3940%,

4/25/56

(144A)

Ç

1,484,000

1,477,627

RCKT

Mortgage

Trust,

5.5930%,

4/25/56

(144A)

Ç

1,669,000

1,663,600

RCKT

Mortgage

Trust,

5.9420%,

4/25/56

(144A)

‡

2,383,000

2,374,070

RCKT

Trust,

5.4200%,

7/25/34

(144A)

1,750,000

1,734,613

RCKT

Trust,

7.1200%,

7/25/34

(144A)

7,900,000

7,859,758

RCKTL,

4.9500%,

11/27/34

(144A)

2,500,000

2,491,683

Reach

Abs

Trust,

5.1600%,

2/15/33

(144A)

2,389,000

2,327,085

Reach

ABS

Trust,

6.9000%,

2/18/31

(144A)

2,295,000

2,342,101

Reach

ABS

Trust,

5.8800%,

7/15/31

(144A)

38,955

39,053

Reach

ABS

Trust,

8.8300%,

7/15/31

(144A)

1,000,000

1,042,587

Reach

ABS

Trust,

5.9900%,

8/16/32

(144A)

2,000,000

2,012,325

Reach

ABS

Trust,

5.6900%,

8/18/32

(144A)

2,593,000

2,576,098

ReadyCap

Lending

Small

Business

Loan

Trust,

US

Prime

Rate

+

0.0700%,

6.8200%,

4/25/48

(144A)

‡

177,370

180,326

Regents

Capital

Equipment

Receivables

LLC,

5.1100%,

1/31/34

(144A)

3,000,000

2,997,967

Research-Driven

Pagaya

Motor

Asset

Trust,

5.6590%,

7/25/34

(144A)

2,944,491

2,949,077

Research-Driven

Pagaya

Motor

Asset

Trust,

6.2110%,

7/25/34

(144A)

1,700,000

1,699,278

Research-Driven

Pagaya

Motor

Asset

Trust,

5.6200%,

2/26/35

(144A)

2,538,000

2,526,526

RKTL,

5.2100%,

2/26/35

(144A)

2,232,000

2,197,374

Saluda

Grade

Alternative

Mortgage

Trust,

7.0670%,

8/25/53

(144A)

‡

2,889,971

2,971,195

Saluda

Grade

Alternative

Mortgage

Trust,

6.7180%,

11/25/53

(144A)

‡

3,521,204

3,626,763

Saluda

Grade

Alternative

Mortgage

Trust,

CME

Term

SOFR

1

Month

+

1.8000%,

5.4543%,

10/25/55

(144A)

‡

5,000,000

5,029,316

Saluda

Grade

Alternative

Mortgage

Trust,

CME

Term

SOFR

1

Month

+

1.5500%,

5.2043%,

4/25/56

(144A)

‡

3,325,918

3,322,803

Santander

Bank

Auto

Credit-Linked

Notes,

7.7620%,

6/15/32

(144A)

2,439,437

2,466,234

Santander

Bank

Auto

Credit-Linked

Notes,

10.1710%,

6/15/32

(144A)

2,140,326

2,221,562

Santander

Bank

Auto

Credit-Linked

Notes,

6.7990%,

1/18/33

(144A)

186,693

187,208

Santander

Bank

Auto

Credit-Linked

Notes,

8.8810%,

1/18/33

(144A)

672,095

689,580

Santander

Bank

Auto

Credit-Linked

Notes,

12.2310%,

1/18/33

(144A)

672,095

697,395

Santander

Bank

Auto

Credit-Linked

Notes,

6.6630%,

12/15/33

(144A)

198,743

201,460

Santander

Bank

Auto

Credit-Linked

Notes,

8.4080%,

12/15/33

(144A)

993,716

1,008,634

Santander

Bank

Auto

Credit-Linked

Notes,

12.2400%,

12/15/33

(144A)

298,115

309,458

Janus

Henderson

Securitized

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

8

April

30,

2026

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,

6.2740%,

1/16/34

(144A)

$

3,100,000

$

3,088,421

Santander

Bank

Auto

Credit-Linked

Notes,

7.3430%,

1/16/34

(144A)

1,172,000

1,185,739

SBNA

Auto

Receivables

Trust,

5.3400%,

9/15/31

(144A)

1,750,000

1,754,388

SBNA

Auto

Receivables

Trust,

8.0000%,

4/15/32

(144A)

1,000,000

1,020,566

SEB

Funding

LLC,

6.6650%,

1/30/56

(144A)

2,100,000

2,074,565

SF

Abs

Issuer

LLC,

5.3770%,

11/25/55

(144A)

3,250,000

3,138,616

Sierra

Timeshare

Receivables

Funding

LLC,

7.4800%,

6/20/41

(144A)

363,857

365,926

Sierra

Timeshare

Receivables

Funding

LLC,

6.9300%,

8/20/41

(144A)

411,350

407,392

Sierra

Timeshare

Receivables

Funding

LLC,

7.1000%,

12/22/42

(144A)

1,475,998

1,458,546

Sierra

Timeshare

Receivables

Funding

LLC,

6.7900%,

4/20/44

(144A)

2,881,045

2,865,543

Sierra

Timeshare

Receivables

Funding

LLC,

4.9800%,

8/22/44

(144A)

2,151,217

2,111,699

SoFi

Consumer

Loan

Program

Trust,

5.7200%,

2/27/34

(144A)

3,000,000

3,029,882

SoFi

Consumer

Loan

Program

Trust,

5.3500%,

8/15/34

(144A)

1,800,000

1,804,822

Sotheby's

Artfi

Master

Trust,

5.5400%,

6/20/33

(144A)

5,339,000

5,318,574

Stack

Infrastructure

Issuer

LLC,

5.0000%,

3/27/56

(144A)

3,625,000

3,498,444

Switch

ABS

Issuer

LLC,

5.3650%,

10/25/55

(144A)

3,000,000

2,967,784

Switch

ABS

Issuer

LLC,

5.6090%,

3/27/56

(144A)

6,014,000

6,033,462

Taco

Bell

Funding

LLC,

1.9460%,

8/25/51

(144A)

6,434,393

6,292,792

Taco

Bell

Funding

LLC,

2.2940%,

8/25/51

(144A)

1,072,890

994,372

Taco

Bell

Funding

LLC,

2.5420%,

8/25/51

(144A)

245,625

212,205

Theorem

Funding

Trust,

8.9500%,

4/15/29

(144A)

508,738

515,283

Towd

Point

Mortgage

Trust,

SOFR30A

+

1.6500%,

5.2952%,

7/25/65

(144A)

‡

4,300,000

4,321,828

Towd

Point

Mortgage

Trust,

4.9680%,

9/25/65

(144A)

Ç

4,390,343

4,362,611

Towd

Point

Mortgage

Trust,

5.2490%,

10/25/65

(144A)

Ç

2,100,491

2,095,743

Tricolor

Auto

Securitization

Trust,

6.9900%,

1/18/28

(144A)

¢,€

500,000

374,471

Tricolor

Auto

Securitization

Trust,

8.6100%,

4/17/28

(144A)

¢,€

1,500,000

890,526

Tricolor

Auto

Securitization

Trust,

5.7200%,

10/15/29

(144A)

¢,€

11,502,000

2,835,661

Tricolor

Auto

Securitization

Trust,

6.8400%,

4/15/31

(144A)

¢,€

3,240,000

668,167

Truist

Bank

Auto

Credit-Linked

Notes,

6.8070%,

9/26/33

(144A)

3,523,517

3,515,153

TSC

SPV

Funding

LLC,

6.2910%,

8/20/54

(144A)

1,481,250

1,492,132

United

Auto

Credit

Securitization

Trust,

7.0600%,

10/10/29

(144A)

54,939

54,939

United

Auto

Credit

Securitization

Trust,

8.3000%,

11/12/29

(144A)

1,000,000

1,007,251

United

Auto

Credit

Securitization

Trust,

5.0600%,

6/10/31

(144A)

2,305,000

2,277,220

United

Auto

Credit

Securitization

Trust,

5.6500%,

7/10/31

(144A)

4,067,000

4,036,628

UPG

HI

Issuer

Trust,

5.9800%,

9/25/47

(144A)

2,665,000

2,667,896

UPG

HI

Issuer

Trust,

6.3900%,

2/25/48

(144A)

1,494,000

1,493,711

Upgrade

Master

Pass-Thru

Trust,

5.6910%,

3/15/34

(144A)

1,500,000

1,485,286

Upstart

Securitization

Trust,

8.2500%,

10/20/33

(144A)

474,496

483,593

Upstart

Securitization

Trust,

5.4300%,

9/20/35

(144A)

2,473,000

2,439,127

US

Bank

NA,

6.7890%,

8/25/32

(144A)

1,052,852

1,060,302

US

Bank

NA,

9.7850%,

8/25/32

(144A)

34,633

35,050

USB

Auto

Owner

Trust,

4.9600%,

3/17/31

(144A)

1,500,000

1,508,708

USB

Auto

Owner

Trust,

5.4000%,

12/15/32

(144A)

2,500,000

2,507,007

VB-S1

Issuer

LLC,

5.1930%,

3/15/56

(144A)

1,375,000

1,361,277

VB-S1

Issuer

LLC,

6.8430%,

3/15/56

(144A)

1,203,000

1,206,533

VB-S1

Issuer

LLC-VBTEL,

4.2880%,

2/15/52

(144A)

500,000

494,580

VB-S1

Issuer

LLC-VBTEL,

6.6440%,

5/15/54

(144A)

1,500,000

1,523,119

VB-S1

Issuer

LLC-VBTEL,

8.8710%,

5/15/54

(144A)

1,150,000

1,180,172

VERTICAL

BRIDGE

CC

LLC,

7.4460%,

8/16/55

(144A)

3,144,000

3,188,153

VERTICAL

BRIDGE

CC

LLC,

9.3830%,

8/16/55

(144A)

3,100,000

3,172,108

Vista

Point

Securitization

Trust,

5.6010%,

8/25/55

(144A)

Ç

6,975,163

6,994,633

Vista

Point

Securitization

Trust,

5.2260%,

2/25/56

(144A)

Ç

1,400,000

1,387,902

Vista

Point

Securitization

Trust,

5.3760%,

2/25/56

(144A)

Ç

2,000,000

1,978,450

Western

Funding

Auto

Loan

Trust,

5.3400%,

11/15/35

(144A)

1,389,000

1,372,787

Janus

Henderson

Securitized

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

Janus

Detroit

Street

Trust

9

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Asset-Backed

Securities

-

(continued)

Western

Funding

Auto

Loan

Trust,

5.7900%,

1/15/36

(144A)

$

2,500,000

$

2,437,900

Westgate

Resorts

LLC,

10.1400%,

12/20/37

(144A)

108,115

110,058

Westgate

Resorts

LLC,

7.0600%,

1/20/38

(144A)

549,639

554,499

Westgate

Resorts

LLC,

9.2600%,

1/20/38

(144A)

549,639

560,353

Westgate

Resorts

LLC,

6.0800%,

10/20/39

(144A)

2,919,169

2,916,637

Westgate

Resorts

LLC,

7.9900%,

10/20/39

(144A)

1,038,186

1,041,614

Westlake

Automobile

Receivables

Trust,

5.0800%,

5/15/31

(144A)

5,200,000

5,206,396

Westlake

Automobile

Receivables

Trust,

4.7500%,

7/15/31

(144A)

1,708,000

1,689,879

Westlake

Automobile

Receivables

Trust,

5.5900%,

7/15/32

(144A)

2,379,000

2,396,868

Wingspire

Equipment

Finance

LLC,

6.3100%,

9/20/32

(144A)

2,500,000

2,529,963

Wingspire

Equipment

Finance

LLC,

5.4500%,

9/20/33

(144A)

3,194,000

3,182,642

Wireless

PropCo

Funding

LLC,

4.3000%,

6/25/55

(144A)

766,400

725,238

Zayo

Issuer

LLC,

7.7840%,

4/20/56

(144A)

3,269,000

3,291,003

Total

Asset-Backed

Securities

(cost

$647,114,127)

635,132,438

Collateralized

Loan

Obligations

-

2

.5

%

AB

BSL

CLO

1

Ltd.

2020-1A

A2R2,

CME

Term

SOFR

3

Month

+

1.5300%,

5.2031%,

10/15/38

(144A)

‡

11,000,000

11,008,108

Ares

LXXI

CLO

Ltd.

2024-71A

A2,

CME

Term

SOFR

3

Month

+

1.7000%,

5.3752%,

4/20/37

(144A)

‡

5,000,000

5,012,216

Bain

Capital

Credit

CLO

Ltd.

2025-5A

A2,

CME

Term

SOFR

3

Month

+

1.4500%,

5.0748%,

1/19/39

(144A)

‡

8,000,000

8,002,744

OHA

Credit

Funding

24

Ltd.

2025-24A

A2,

CME

Term

SOFR

3

Month

+

1.4200%,

5.0931%,

1/20/39

(144A)

‡

12,000,000

11,998,965

Zais

CLO

11

Ltd.

2018-11A

BR,

CME

Term

SOFR

3

Month

+

1.7900%,

5.4652%,

1/20/32

(144A)

‡

2,500,000

2,502,340

Total

Collateralized

Loan

Obligations

(cost

$38,506,003)

38,524,373

Corporate

Bonds

-

1

.9

%

Basic

Materials

-

0

.1

%

Mineral

Resources

Ltd.,

6.2500%, 5/1/34

(144A)

1,584,000

1,564,084

Communications

-

0

.9

%

Black

Pearl

Compute

LLC,

6.1250%, 2/15/31

(144A)

4,079,000

4,138,504

Meridian

Arc

Holdco

LLC,

6.2500%, 4/30/31

(144A)

4,828,000

4,826,901

SE

Cosmos

LLC,

8.8750%, 5/1/31

(144A)

3,785,000

3,766,075

12,731,480

Technology

-

0

.6

%

CoreWeave,

Inc.,

9.7500%, 10/1/31

(144A)

9,084,000

9,136,601

Utilities

-

0

.3

%

Talen

Energy

Supply

LLC,

6.3750%, 5/1/33

(144A)

5,141,000

5,147,691

Total

Corporate

Bonds

(cost

28,500,552)

28,579,856

Mortgage-Backed

Securities

-

89

.4

%

1301

Trust

,

6.4301

%

,

8/11/42

(144A)

‡

2,834,000

2,839,569

280

Park

Avenue

Mortgage

Trust

,

CME

Term

SOFR

1

Month

+

1.3800%

,

5.0347

%

,

9/15/34

(144A)

‡

2,500,000

2,485,045

A&D

Mortgage

Trust

5.7900%, 6/25/70

(144A)

‡

2,399,258

2,414,673

5.1200%, 12/25/70

(144A)

Ç

3,223,324

3,210,370

4.9120%, 2/25/71

(144A)

‡

2,439,376

2,419,676

5.1140%, 2/25/71

(144A)

Ç

2,845,611

2,818,052

ABL

,

7.4570

%

,

9/25/29

(144A)

Ç

5,160,000

5,177,217

ALA

Trust

CME

Term

SOFR

1

Month

+

1.7426%,

5.3976%, 6/15/40

(144A)

‡

12,053,651

12,100,067

CME

Term

SOFR

1

Month

+

3.0907%,

6.7457%, 6/15/40

(144A)

‡

2,333,000

2,336,457

Janus

Henderson

Securitized

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

10

April

30,

2026

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Mortgage-Backed

Securities

-

(continued)

Angel

Oak

Mortgage

Trust

,

5.7680

%

,

4/25/70

(144A)

Ç

$

1,585,928

$

1,592,513

BAMLL

Re-REMIC

Trust

0.0099%, 2/27/51

(144A)

‡

1,784,783

1,404,580

0.0000%, 11/27/51

(144A)

§

1,892,604

1,494,050

0.8884%, 9/27/52

(144A)

‡

2,405,067

2,290,424

BFLD

Commercial

Mortgage

Trust

,

5.6329

%

,

10/10/42

(144A)

‡

3,000,000

2,994,623

BLP

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

1.3422%,

4.9969%, 3/15/41

(144A)

‡

6,236,454

6,236,851

CME

Term

SOFR

1

Month

+

2.6500%,

6.3047%, 12/15/42

(144A)

‡

4,000,000

4,004,031

BMP

,

CME

Term

SOFR

1

Month

+

2.3905%

,

6.0452

%

,

6/15/41

(144A)

‡

3,750,000

3,754,004

BOCA

Commercial

Mortgage

Trust

,

CME

Term

SOFR

1

Month

+

2.5000%

,

6.1547

%

,

12/15/42

(144A)

‡

2,000,000

2,002,597

BPR

Trust

5.8500%, 11/5/41

(144A)

‡

3,407,000

3,156,322

5.8500%, 11/5/41

(144A)

‡

2,870,000

2,856,998

Brean

Asset-Backed

Securities

Trust

4.5000%, 5/25/64

(144A)

2,560,000

2,477,185

5.0000%, 9/25/64

(144A)

1,446,174

1,438,721

BX

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

2.6897%,

6.3444%, 3/15/34

(144A)

‡

1,580,000

1,578,412

CME

Term

SOFR

1

Month

+

1.4420%,

5.0967%, 2/15/39

(144A)

‡

9,140,257

9,146,302

CME

Term

SOFR

1

Month

+

1.9409%,

5.5956%, 2/15/39

(144A)

‡

309,909

310,566

CME

Term

SOFR

1

Month

+

2.6898%,

6.3445%, 2/15/39

(144A)

‡

4,825,727

4,837,158

CME

Term

SOFR

1

Month

+

2.6898%,

6.3445%, 3/15/41

(144A)

‡

3,570,000

3,571,060

7.9698%, 8/13/41

(144A)

‡

4,702,000

4,497,774

CME

Term

SOFR

1

Month

+

1.6912%,

5.3459%, 8/15/41

(144A)

‡

6,374,296

6,387,263

CME

Term

SOFR

1

Month

+

2.2412%,

5.8962%, 10/15/41

(144A)

‡

1,918,360

1,921,469

CME

Term

SOFR

1

Month

+

2.7905%,

6.4455%, 10/15/41

(144A)

‡

2,489,072

2,493,833

CME

Term

SOFR

1

Month

+

3.9266%,

7.5910%, 10/15/41

(144A)

‡

1,850,000

1,852,661

CME

Term

SOFR

1

Month

+

2.0000%,

5.6547%, 2/15/43

(144A)

‡

400,000

401,736

CME

Term

SOFR

1

Month

+

2.4500%,

6.1047%, 2/15/43

(144A)

‡

2,580,000

2,587,527

CME

Term

SOFR

1

Month

+

2.1000%,

5.7547%, 3/15/43

(144A)

‡

3,854,000

3,834,741

BX

Trust

CME

Term

SOFR

1

Month

+

3.4640%,

7.1190%, 10/15/26

(144A)

‡

1,808,470

1,804,616

CME

Term

SOFR

1

Month

+

2.9413%,

6.5960%, 3/15/30

(144A)

‡

2,715,276

2,712,942

CME

Term

SOFR

1

Month

+

3.0000%,

6.6547%, 2/15/35

(144A)

‡

5,000,000

4,956,280

CME

Term

SOFR

1

Month

+

2.4500%,

6.1047%, 6/15/35

(144A)

‡

6,000,000

6,001,946

CME

Term

SOFR

1

Month

+

1.9000%,

5.5547%, 2/15/36

(144A)

‡

2,810,000

2,808,221

CME

Term

SOFR

1

Month

+

2.5000%,

6.1547%, 6/15/40

(144A)

‡

3,113,040

3,116,131

CME

Term

SOFR

1

Month

+

1.9412%,

5.5959%, 4/15/41

(144A)

‡

1,069,443

1,069,498

CME

Term

SOFR

1

Month

+

2.6901%,

6.3448%, 4/15/41

(144A)

‡

5,703,693

5,703,991

CME

Term

SOFR

1

Month

+

2.4401%,

6.0948%, 6/15/41

(144A)

‡

1,055,450

1,046,159

CME

Term

SOFR

1

Month

+

2.8894%,

6.5441%, 6/15/41

(144A)

‡

3,979,047

3,919,328

CME

Term

SOFR

1

Month

+

1.4423%,

5.0970%, 11/15/41

(144A)

‡

7,819,728

7,823,091

5.7012%, 12/13/42

(144A)

‡

7,050,000

7,066,098

CME

Term

SOFR

1

Month

+

3.7500%,

7.4047%, 7/15/44

(144A)

‡

9,966,000

9,948,122

BXHPP

Trust

CME

Term

SOFR

1

Month

+

0.7645%,

4.4195%, 8/15/36

(144A)

‡

437,000

416,285

CME

Term

SOFR

1

Month

+

1.0145%,

4.6695%, 8/15/36

(144A)

‡

250,000

232,743

CME

Term

SOFR

1

Month

+

1.2145%,

4.8695%, 8/15/36

(144A)

‡

1,950,000

1,705,421

BXP

Trust

3.5390%, 6/13/39

(144A)

‡

2,310,000

2,257,866

3.5390%, 6/13/39

(144A)

‡

3,080,000

2,978,392

Janus

Henderson

Securitized

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

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)

CALI

Mortgage

Trust

,

4.1580

%

,

3/10/39

(144A)

$

1,700,000

$

1,619,635

Chase

Mortgage

Finance

Corp.

,

SOFR30A

+

1.5500%

,

5.1952

%

,

2/25/50

(144A)

‡

281,296

274,447

COMM

Mortgage

Trust

3.1400%, 10/10/36

(144A)

2,120,000

2,014,525

CME

Term

SOFR

1

Month

+

2.8890%,

6.5437%, 6/15/41

(144A)

‡

1,250,000

1,254,409

CME

Term

SOFR

1

Month

+

3.2890%,

6.9437%, 6/15/41

(144A)

‡

4,250,000

4,270,083

CONE

Trust

,

CME

Term

SOFR

1

Month

+

1.6417%

,

5.2964

%

,

8/15/41

(144A)

‡

2,165,000

2,155,622

Connecticut

Avenue

Securities

Trust

SOFR30A

+

1.5500%,

5.1952%, 10/25/41

(144A)

‡

405,041

405,732

SOFR30A

+

3.1000%,

6.7452%, 10/25/41

(144A)

‡

3,000,000

3,030,283

SOFR30A

+

6.0000%,

9.6452%, 10/25/41

(144A)

‡

3,511,000

3,583,149

SOFR30A

+

6.2000%,

9.8452%, 11/25/41

(144A)

‡

683,000

700,127

SOFR30A

+

1.6500%,

5.2952%, 12/25/41

(144A)

‡

5,213,730

5,232,841

SOFR30A

+

2.7500%,

6.3952%, 12/25/41

(144A)

‡

2,250,000

2,271,094

SOFR30A

+

6.0000%,

9.6452%, 12/25/41

(144A)

‡

3,108,409

3,194,832

SOFR30A

+

3.0000%,

6.6452%, 1/25/42

(144A)

‡

227,032

229,868

SOFR30A

+

7.6500%,

11.2952%, 1/25/42

(144A)

‡

3,000,000

3,128,352

SOFR30A

+

9.5000%,

13.1452%, 3/25/42

(144A)

‡

2,724,099

2,908,933

SOFR30A

+

3.8500%,

7.4952%, 5/25/42

(144A)

‡

9,350,000

9,614,176

SOFR30A

+

4.6500%,

8.2952%, 6/25/42

(144A)

‡

783,000

814,534

SOFR30A

+

12.0000%,

15.6452%, 6/25/42

(144A)

‡

432,557

482,671

SOFR30A

+

3.3500%,

6.9952%, 1/25/43

(144A)

‡

2,335,000

2,415,042

SOFR30A

+

4.7500%,

8.3952%, 6/25/43

(144A)

‡

310,000

329,223

SOFR30A

+

1.6000%,

5.2452%, 9/25/44

(144A)

‡

1,873,648

1,876,142

SOFR30A

+

1.1000%,

4.7452%, 1/25/45

(144A)

‡

3,965,908

3,965,907

SOFR30A

+

1.5000%,

5.1452%, 1/25/45

(144A)

‡

1,054,000

1,054,856

SOFR30A

+

1.2000%,

4.8452%, 5/25/45

(144A)

‡

534,825

535,331

SOFR30A

+

1.5000%,

5.1452%, 5/25/45

(144A)

‡

5,168,240

5,174,011

CSMC

Trust

CME

Term

SOFR

1

Month

+

2.1145%,

5.7695%, 11/15/38

(144A)

‡

3,446,000

3,410,610

CME

Term

SOFR

1

Month

+

3.6145%,

7.2695%, 11/15/38

(144A)

‡

300,000

296,566

DBGS

Mortgage

Trust

CME

Term

SOFR

1

Month

+

2.0112%,

5.6662%, 10/15/39

(144A)

‡

366,000

362,242

CME

Term

SOFR

1

Month

+

2.5640%,

6.2190%, 10/15/39

(144A)

‡

2,151,000

2,108,251

DC

Trust

,

7.2861

%

,

4/13/40

(144A)

‡

1,615,000

1,615,814

Easy

Street

Mortgage

Loan

Trust

,

5.6060

%

,

10/25/40

(144A)

Ç

1,900,000

1,896,581

EFMT

,

5.5650

%

,

11/25/40

(144A)

Ç

1,717,000

1,716,944

Extended

Stay

America

Trust

CME

Term

SOFR

1

Month

+

1.6000%,

5.2547%, 10/15/42

(144A)

‡

7,223,500

7,219,316

CME

Term

SOFR

1

Month

+

2.6000%,

6.2547%, 10/15/42

(144A)

‡

3,539,515

3,551,998

CME

Term

SOFR

1

Month

+

3.3500%,

7.0047%, 10/15/42

(144A)

‡

3,539,515

3,554,063

CME

Term

SOFR

1

Month

+

4.1000%,

7.7547%, 10/15/42

(144A)

‡

1,685,483

1,693,203

CME

Term

SOFR

1

Month

+

2.2500%,

5.9047%, 2/15/43

(144A)

‡

4,844,319

4,860,468

FHLMC

STACR

REMIC

Trust

SOFR30A

+

1.6500%,

5.2952%, 1/25/34

(144A)

‡

35,132

35,258

SOFR30A

+

3.3500%,

6.9952%, 9/25/41

(144A)

‡

2,000,000

2,014,278

SOFR30A

+

6.2500%,

9.8952%, 9/25/41

(144A)

‡

7,863,963

8,004,040

SOFR30A

+

7.5000%,

11.1452%, 10/25/41

(144A)

‡

14,455,553

14,857,054

SOFR30A

+

3.6500%,

7.2952%, 11/25/41

(144A)

‡

1,000,000

1,015,088

SOFR30A

+

7.8000%,

11.4452%, 11/25/41

(144A)

‡

6,000,000

6,203,803

SOFR30A

+

2.3500%,

5.9952%, 12/25/41

(144A)

‡

1,600,000

1,612,203

SOFR30A

+

7.0000%,

10.6452%, 12/25/41

(144A)

‡

7,258,276

7,493,204

SOFR30A

+

7.1000%,

10.7452%, 1/25/42

(144A)

‡

3,351,000

3,482,035

SOFR30A

+

3.7500%,

7.3952%, 2/25/42

(144A)

‡

9,345,955

9,540,459

Janus

Henderson

Securitized

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

12

April

30,

2026

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Mortgage-Backed

Securities

-

(continued)

FHLMC

STACR

REMIC

Trust

-

(continued)

SOFR30A

+

4.7500%,

8.3952%, 2/25/42

(144A)

‡

$

1,144,034

$

1,177,412

SOFR30A

+

8.5000%,

12.1452%, 2/25/42

(144A)

‡

11,563,969

12,203,013

SOFR30A

+

5.2500%,

8.8952%, 3/25/42

(144A)

‡

4,749,193

4,916,375

SOFR30A

+

4.3500%,

7.9952%, 4/25/42

(144A)

‡

888,100

915,872

SOFR30A

+

6.7500%,

10.3952%, 6/25/42

(144A)

‡

1,596,344

1,697,461

SOFR30A

+

1.4500%,

5.0952%, 10/25/44

(144A)

‡

336,926

336,977

SOFR30A

+

1.1500%,

4.7952%, 2/25/45

(144A)

‡

1,995,206

1,995,206

SOFR30A

+

1.6500%,

5.2952%, 2/25/45

(144A)

‡

16,814,815

16,813,127

SOFR30A

+

1.5000%,

5.1452%, 5/25/45

(144A)

‡

5,510,949

5,513,501

SOFR30A

+

1.1000%,

4.7452%, 9/25/45

(144A)

‡

3,311,863

3,311,298

SOFR30A

+

5.3645%,

9.0096%, 1/25/50

(144A)

‡

566,405

628,710

SOFR30A

+

4.9145%,

8.5596%, 2/25/50

(144A)

‡

161,209

176,725

SOFR30A

+

7.4000%,

11.0452%, 11/25/50

(144A)

‡

1,566,527

1,903,960

FHLMC

STACR

Trust

,

SOFR30A

+

7.8645%

,

11.5096

%

,

9/25/48

(144A)

‡

797,000

905,574

Finance

of

America

Structured

Securities

Trust

3.5000%, 4/25/74

(144A)

2,624,905

2,574,237

3.5000%, 2/25/75

(144A)

2,651,521

2,577,986

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

5.0000%,

TBA, 30

Year

Maturity

^

196,415,000

193,518,075

5.5000%,

TBA, 30

Year

Maturity

^

30,743,042

30,881,079

6.0000%,

TBA, 30

Year

Maturity

^

210,506,500

214,868,195

6.0000%,

TBA, 30

Year

Maturity

^

33,905,499

34,572,759

6.5000%,

TBA, 30

Year

Maturity

^

60,613,000

62,870,834

FREMF

Mortgage

Trust

,

5.8220

%

,

11/25/28

(144A)

‡

4,000,000

3,757,608

FS

Commercial

Mortgage

Trust

,

9.3827

%

,

11/10/39

(144A)

‡

5,750,000

5,843,449

Galaxy

Senior

Participation

Interest

Trust

1

,

2.3760

%

,

7/31/26

¢

,‡

3,032,098

3,048,308

GGP

Trust

,

1.0000

%

,

4/10/43

‡

4,217,000

4,197,502

GNMA

,

CME

Term

SOFR

1

Month

+

0.2645%

,

3.9255

%

,

8/20/35

‡

92,320

91,259

GNMA

II,

30

Year,

Single

Family

,

2.5000

%

,

TBA

,

30

Year

Maturity

^

136,700,000

117,046,368

Great

Wolf

Trust

CME

Term

SOFR

1

Month

+

2.3910%,

6.0457%, 3/15/39

(144A)

‡

1,260,000

1,264,774

CME

Term

SOFR

1

Month

+

2.8900%,

6.5447%, 3/15/39

(144A)

‡

5,103,000

5,123,841

CME

Term

SOFR

1

Month

+

5.4360%,

9.0907%, 3/15/39

(144A)

‡

2,750,000

2,770,443

GS

Mortgage-Backed

Securities

Trust

,

4.1000

%

,

7/25/65

(144A)

Ç

2,130,665

2,087,337

GWT

,

CME

Term

SOFR

1

Month

+

3.6384%

,

7.2931

%

,

5/15/41

(144A)

‡

4,322,000

4,328,668

Hilton

USA

Trust

,

CME

Term

SOFR

1

Month

+

1.7430%

,

5.3977

%

,

7/15/42

(144A)

‡

7,400,000

7,409,786

HOMES

Trust

,

5.0770

%

,

8/25/60

(144A)

Ç

1,320,856

1,315,962

Homeward

Opportunities

Fund

Trust

5.4760%, 3/25/40

(144A)

Ç

6,411,000

6,415,368

5.2370%, 9/25/40

(144A)

Ç

839,000

840,430

Hudsons

Bay

Simon

JV

Trust

4.1545%, 8/5/34

(144A)

2,210,000

2,121,291

4.9056%, 8/5/34

(144A)

2,500,000

2,408,842

5.6286%, 8/5/34

(144A)

‡

859,000

801,462

IRV

Trust

,

5.9214

%

,

3/14/47

(144A)

‡

5,238,786

5,229,271

J.P.

Morgan

Mortgage

Trust

ACES

,

6.5030

%

,

4/25/66

(144A)

‡

1,378,456

1,372,782

JPMorgan

Chase

Bank

NA

CME

Term

SOFR

1

Month

+

2.3645%,

6.0188%, 10/25/57

(144A)

‡

5,780,344

5,948,961

CME

Term

SOFR

1

Month

+

2.6145%,

6.2688%, 10/25/57

(144A)

‡

4,175,616

4,309,344

CME

Term

SOFR

1

Month

+

3.4645%,

7.1188%, 10/25/57

(144A)

‡

348,507

366,695

CME

Term

SOFR

1

Month

+

4.4645%,

8.1188%, 10/25/57

(144A)

‡

681,344

724,023

JW

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

2.4500%,

0.0000%, 6/15/39

(144A)

‡

2,750,000

2,745,323

Janus

Henderson

Securitized

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

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)

JW

Commercial

Mortgage

Trust

-

(continued)

CME

Term

SOFR

1

Month

+

1.9500%,

0.0000%, 6/15/39

(144A)

‡

$

2,250,000

$

2,245,721

CME

Term

SOFR

1

Month

+

1.7000%,

0.0000%, 6/15/39

(144A)

‡

3,750,000

3,742,488

CME

Term

SOFR

1

Month

+

2.3901%,

6.0448%, 6/15/39

(144A)

‡

1,500,000

1,500,000

KRE

Commercial

Mortgage

Trust

,

CME

Term

SOFR

1

Month

+

1.3000%

,

4.9547

%

,

3/15/42

(144A)

‡

6,449,056

6,437,700

LEX

Trust

,

CME

Term

SOFR

1

Month

+

2.3500%

,

6.0047

%

,

3/15/43

(144A)

‡

3,704,000

3,704,004

LHOME

Mortgage

Trust

7.1280%, 3/25/29

(144A)

Ç

321,901

322,291

8.8970%, 3/25/29

(144A)

Ç

1,175,000

1,177,245

6.9000%, 5/25/29

(144A)

Ç

3,040,000

3,051,051

8.3730%, 5/25/29

(144A)

Ç

1,400,000

1,407,542

6.0920%, 7/25/39

(144A)

Ç

3,130,000

3,135,874

5.7510%, 9/25/39

(144A)

Ç

3,766,000

3,769,001

Life

Mortgage

Trust

,

CME

Term

SOFR

1

Month

+

1.8645%

,

5.5195

%

,

3/15/38

(144A)

‡

1,050,000

1,018,665

MKT

Mortgage

Trust

3.0386%, 2/12/40

(144A)

‡

1,541,000

1,210,696

3.0386%, 2/12/40

(144A)

‡

2,500,000

2,045,761

Morgan

Stanley

Residential

Mortgage

Loan

Trust

4.2500%, 2/25/65

(144A)

‡

1,061,057

1,034,037

5.0320%, 12/25/70

(144A)

Ç

1,428,157

1,415,078

MTN

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

1.3969%,

5.0569%, 3/15/39

(144A)

‡

4,240,000

4,238,763

CME

Term

SOFR

1

Month

+

1.8956%,

5.5556%, 3/15/39

(144A)

‡

2,500,000

2,498,676

CME

Term

SOFR

1

Month

+

2.9428%,

6.6028%, 3/15/39

(144A)

‡

1,175,000

1,173,368

CME

Term

SOFR

1

Month

+

5.2852%,

8.9452%, 3/15/39

(144A)

‡

1,000,000

998,823

1.0000%, 5/15/43

(144A)

‡

2,400,000

2,393,301

New

Residential

Mortgage

Loan

Trust

,

7.1010

%

,

3/25/39

(144A)

Ç

2,677,000

2,701,002

NRM

FHT1

Excess

Owner

LLC

,

6.5450

%

,

3/25/32

(144A)

Ç

5,001,584

5,051,866

NRTH

Commercial

Mortgage

Trust

,

CME

Term

SOFR

1

Month

+

1.6429%

,

5.2976

%

,

10/15/40

(144A)

‡

4,500,000

4,487,936

NYC

Commercial

Mortgage

Trust

5.8329%, 6/10/42

(144A)

7,007,000

7,086,843

7.6033%, 6/10/42

(144A)

‡

5,000,000

5,067,790

Oceanview

Mortgage

Trust

,

SOFR30A

+

0.9000%

,

4.5452

%

,

12/25/55

(144A)

‡

986,119

986,117

Olympic

Tower

Mortgage

Trust

,

3.5660

%

,

5/10/39

(144A)

10,505,000

10,087,666

PNW

Trust

,

CME

Term

SOFR

1

Month

+

1.7113%

,

5.3660

%

,

4/15/41

(144A)

‡

6,500,000

6,488,092

PRET

LLC

,

6.3677

%

,

4/25/55

(144A)

Ç

4,519,817

4,522,922

PRET

Trust

4.0000%, 8/25/64

(144A)

Ç

934,986

919,652

4.1500%, 4/25/65

(144A)

Ç

5,675,885

5,534,906

4.0000%, 7/25/69

(144A)

Ç

5,929,464

5,729,141

4.1500%, 1/25/70

(144A)

Ç

2,389,390

2,304,797

PRM7

Trust

,

6.8391

%

,

11/10/42

(144A)

‡

2,385,000

2,395,340

PRPM

LLC

5.7740%, 8/25/28

(144A)

Ç

4,236,323

4,226,507

6.4690%, 5/25/30

(144A)

Ç

2,907,194

2,902,688

5.7290%, 7/25/30

(144A)

Ç

5,985,166

5,968,611

3.2500%, 4/25/55

(144A)

Ç

2,075,057

2,005,733

3.0000%, 5/25/55

(144A)

Ç

1,199,346

1,150,153

5.2500%, 7/25/55

(144A)

Ç

369,875

369,705

5.2500%, 7/25/55

(144A)

Ç

300,000

298,428

5.2500%, 7/25/55

(144A)

Ç

2,030,117

2,025,125

Janus

Henderson

Securitized

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

14

April

30,

2026

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Mortgage-Backed

Securities

-

(continued)

PRPM

LLC

-

(continued)

4.5000%, 8/25/55

(144A)

Ç

$

4,800,000

$

4,687,365

5.3100%, 10/25/55

(144A)

Ç

5,500,000

5,501,860

5.4600%, 10/25/55

(144A)

Ç

2,000,000

2,000,559

5.3070%, 12/25/55

(144A)

Ç

6,852,000

6,821,855

PRPM

Trust

5.2060%, 1/25/56

(144A)

Ç

2,000,000

1,993,721

5.3050%, 1/25/56

(144A)

Ç

2,000,000

1,993,667

Rain

City

Mortgage

Trust

,

8.0210

%

,

9/25/29

(144A)

Ç

560,000

562,003

Saluda

Grade

Alternative

Mortgage

Trust

7.5000%, 2/25/30

(144A)

Ç

–

–

7.5000%, 2/25/30

(144A)

Ç

7,185,500

7,168,988

7.7620%, 4/25/30

(144A)

Ç

1,410,509

1,411,701

7.4390%, 7/25/30

(144A)

Ç

2,941,750

2,956,308

8.6830%, 7/25/30

(144A)

Ç

2,516,000

2,537,512

5.7490%, 3/25/31

(144A)

Ç

3,772,000

3,736,700

6.7480%, 3/25/31

(144A)

Ç

2,101,000

2,080,678

Saluds

Grade

Alternative

Mortgage

Trust

,

5.3200

%

,

10/25/40

(144A)

Ç

1,500,000

1,495,568

SCG

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

2.9500%,

6.6047%, 3/15/35

(144A)

‡

4,904,000

4,868,834

CME

Term

SOFR

1

Month

+

2.7500%,

6.4047%, 8/15/42

(144A)

‡

2,867,000

2,836,634

SCG

Trust

CME

Term

SOFR

1

Month

+

2.6000%,

6.2547%, 9/15/42

(144A)

‡

3,500,000

3,513,801

CME

Term

SOFR

1

Month

+

3.4000%,

7.0547%, 9/15/42

(144A)

‡

5,000,000

5,008,439

SMRT

CME

Term

SOFR

1

Month

+

1.9500%,

5.6050%, 1/15/39

(144A)

‡

6,250,000

6,236,465

CME

Term

SOFR

1

Month

+

3.3500%,

7.0050%, 1/15/39

(144A)

‡

2,025,000

1,984,648

SREIT

Trust

,

CME

Term

SOFR

1

Month

+

2.7327%

,

6.3877

%

,

11/15/36

(144A)

‡

2,334,000

2,333,279

SWCH

Commercial

Mortgage

Trust

,

CME

Term

SOFR

1

Month

+

3.3402%

,

6.9949

%

,

2/15/42

(144A)

‡

5,340,000

5,264,329

TVC

Mortgage

Trust

6.6800%, 4/25/40

(144A)

Ç

1,200,000

1,217,038

5.3150%, 2/25/41

(144A)

Ç

1,000,000

994,509

6.3400%, 2/25/41

(144A)

‡

1,000,000

994,463

TYSN

Mortgage

Trust

,

6.7991

%

,

12/10/33

(144A)

‡

500,000

519,227

Vontive

Mortgage

Trust

,

6.5070

%

,

3/25/30

(144A)

Ç

3,672,000

3,708,372

WB

Commercial

Mortgage

Trust

6.1344%, 3/15/40

(144A)

‡

10,000,000

10,005,807

7.1334%, 3/15/40

(144A)

‡

2,500,000

2,493,241

8.2778%, 3/15/40

(144A)

‡

500,000

503,099

Wells

Fargo

Commercial

Mortgage

Trust

6.4338%, 7/15/35

(144A)

‡

2,500,000

2,512,435

6.3820%, 3/15/38

(144A)

‡

2,776,000

2,774,547

7.1375%, 3/15/38

(144A)

‡

4,309,000

4,321,208

Total

Mortgage-Backed

Securities

(cost

$1,351,847,977)

1,353,368,398

Exchange

Traded

Funds

-

6

.9

%

Janus

Henderson

AAA

CLO

ETF

£

1,383,590

69,898,967

Janus

Henderson

B-BBB

CLO

ETF

£

710,000

33,632,700

103,531,667

Total

Exchange

Traded

Funds

(cost

$103,780,304)

103,531,667

Janus

Henderson

Securitized

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

Janus

Detroit

Street

Trust

15

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Investment

Companies

-

2

.1

%

Money

Market

Funds

-

2

.1

%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

3.6483%

£,∞

(cost

$32,426,757)

32,426,757

$

32,426,757

Total

Investments

(total

cost

$

2,202,175,720

)

-

144

.7

%

2,191,563,489

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(44.7%)

(676,962,389)

Net

Assets

-

100.0%

$1,514,601,100

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

2,189,999,405

99

.9

%

Australia

1,564,084

0

.1

Total

$2,191,563,489

100

.0

%

Schedule

of

TBA

sales

commitments

-

(%

of

Net

Assets)

Principal

Amounts

Value

Securities

Sold

Short

-

(12.8)%

Mortgage-Backed

Securities

-

(12.8)%

FNMA/FHLMC

UMBS,

30

Year,

Single

Family,

2.5000%,

TBA,

30

Year

Maturity

^

$

(

189,990,000

)

$

(

159,088,316

)

FNMA/FHLMC

UMBS,

30

Year,

Single

Family,

5.5000%,

TBA,

30

Year

Maturity

^

(

5,042

)

(

5,068

)

FNMA/FHLMC

UMBS,

30

Year,

Single

Family,

6.0000%,

TBA,

30

Year

Maturity

^

(

33,905,499

)

(

34,608,021

)

Total

Securities

Sold

Short

(proceeds

$193,954,950)

$

(

193,701,405

)

Summary

of

Investments

by

Country

-

(Short

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

(

193,701,405

)

100.0%

Janus

Henderson

Securitized

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

16

April

30,

2026

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

10/31/25

Purchases

Sales

Proceeds

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciatio

n/

(Depreciation)

Affiliated

Investments,

at

Value

at

4/30/26

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

Shares

Held

at

4/30/26

Dividend

Income

Investment

Company

-

9.0%

Exchange

Traded

Fund

-

6.8%

Janus

Henderson

AAA

CLO

ETF

$

–

$

70,231,028

$

–

$

–

$

(

332,061

)

$

69,898,967

1,383,590

$

1,077,266

Janus

Henderson

B-BBB

CLO

ETF

–

33,549,275

–

–

83,425

33,632,700

710,000

168,512

Money

Market

Funds

-

2.1%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

3.6483%

∞

69,912,443

1,173,520,655

(

1,211,003,976

)

7,974

(

10,339

)

32,426,757

32,426,757

755,452

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

N/A

Investment

Companies

-

N/A

Janus

Henderson

Cash

Collateral

Fund

LLC,

3.5866%

∞

817,182

11,763,372

(

12,580,554

)

–

–

–

–

9,206

Δ

Total

Affiliated

Investments

-

9.0%

$70,729,625

$1,289,064,330

$(1,223,584,530)

$7,974

$(258,975)

$135,958,424

$2,010,436

Schedule

of

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

and

Unrealized

Appreciation

(Depreciation)

Futures

Long:

3

Month

SOFR

125

6/16/26

$

30,107,031

$

89,613

3

Month

SOFR

125

9/15/26

30,107,813

88,831

3

Month

SOFR

125

12/15/26

30,109,375

90,394

S&P

500

E-Mini

Index

64

6/18/26

23,180,000

795,445

U.S.

Treasury

2

Year

Notes

6,137

6/30/26

1,271,126,125

(

7,165,519

)

U.S.

Treasury

5

Year

Notes

1,501

6/30/26

161,861,743

(

2,569,476

)

Total

-

Futures

Long

(8,670,712)

Futures

Short:

U.S.

Treasury

10

Year

Notes

219

6/18/26

(24,220,031)

536,993

U.S.

Treasury

10

Year

Ultra

Bonds

286

6/18/26

(32,277,781)

768,517

U.S.

Treasury

Ultra

Bonds

109

6/18/26

(12,538,406)

611,068

Total

-

Futures

Short

1,916,578

Total

$(6,754,134)

Janus

Henderson

Securitized

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

Janus

Detroit

Street

Trust

17

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,

2026.

Schedule

of

OTC

Total

Return

Swaps

Counterparty/Return

Paid

by

the

Fund

Return

Received

by

Fund

Payment

Frequency

Termination

Date

Notional

Amount

Swap

Contracts,

at

Value

and

Unrealized

Appreciation/

(Depreciation)

JPMorgan

Chase

Bank

NA:1

day

SOFR

+

0.19%

Janus

Henderson

AAA

CLO

ETF

Quarterly

07/24/2026

USD

1,389,289

$

81,129

JPMorgan

Chase

Bank

NA:1

day

SOFR

+

0.19%

PGIM

AAA

CLO

ETF

Quarterly

05/08/2026

USD

1,169,022

42,784

Total

$123,913

Schedule

of

Exchange-Traded

Written

Call

Options

Reference

Asset

Number

of

Contracts

Exercise

Price

Expiration

Date

Notional

Amount

Premiums

Received

Unrealized

Appreciation/

(Depreciation)

Option

Written,

at

Value

S&P

500

Emini

Index

105

6,900.00

USD

06/18/2026

$

38,029,688

$

(

395,993

)

$

(

1,742,069

)

$

(

2,138,062

)

Schedule

of

Exchange-Traded

Written

Put

Options

Reference

Asset

Number

of

Contracts

Exercise

Price

Expiration

Date

Notional

Amount

Premiums

Received

Unrealized

Appreciation/

(Depreciation)

Option

Written,

at

Value

S&P

500

Emini

Index

105

5,725.00

USD

06/18/2026

$

38,029,688

$

(

372,074

)

$

331,649

$

(

40,425

)

Fair

Value

of

Derivative

Instruments

(not

accounted

for

as

hedging

instruments)

as

of

April

30,

2026

Interest

Rate

Contracts

Equity

Contracts

Total

Asset

Derivatives:

*

Futures

contracts

$

2,185,416

$

795,445

$

2,980,861

Swaps

-

OTC

—

123,913

123,913

Total

Asset

Derivatives

$

2,185,416

$

919,358

$

3,104,774

Liability

Derivatives:

*

Futures

contracts

9,734,995

–

9,734,995

Written

Options,

at

Value

—

2,178,487

2,178,487

Total

Liability

Derivatives

$

9,734,995

$

2,178,487

$

11,913,482

*

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,

2026

18

April

30,

2026

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,

2026.

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,

2026

Amount

of

Realized

Gain/(Loss)

Recognized

on

Derivatives

Derivative

Interest

Rate

Contracts

Equity

Contracts

Commodity

Contracts

Total

Futures

contracts

$

(

1,289,853

)

$

—

$

—

$

(

1,289,853

)

Swap

contracts

—

367,553

—

367,553

Written

Options

contracts

190,433

595,823

225,504

1,011,760

Total

$

(

1,099,420

)

$

963,376

$

225,504

$

89,460

Amount

of

Change

in

Unrealized

Appreciation/(Depreciation)

Recognized

on

Derivatives

Derivative

Interest

Rate

Contracts

Equity

Contracts

Total

Futures

contracts

$

(

6,567,759

)

$

795,445

$

(

5,772,314

)

Swap

contracts

—

85,840

85,840

Written

Options

contracts

—

(

1,470,589

)

(

1,470,589

)

Total

$

(

6,567,759

)

$

(

589,304

)

$

(

7,157,063

)

Average

Ending

Monthly

Value

of

Derivative

Instruments

During

the

Period

Ended

April

30,

2026

Futures

contracts:

Average

notional

amount

of

contracts

-

long

$983,192,077

Average

notional

amount

of

contracts

-

short

67,291,018

OTC

Swaps:

Average

notional

amount

351,209

Options:

Average

value

of

option

contracts

written

453,585

Janus

Henderson

Securitized

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

Janus

Detroit

Street

Trust

19

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Offsetting

of

Financial

Assets

and

Derivative

Assets

Counterparty

Gross

Amounts

of

Recognized

Assets

Offsetting

Asset

or

Liability

(a)

Collateral

Pledged

(b)

Net

Amount

JPMorgan

Chase

Bank

NA

$

123,913

$

—

$

—

$

123,913

Total

$

123,913

$

—

$

—

$

123,913

(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

Securitized

Income

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

April

30,

2026

20

April

30,

2026

CME

Chicago

Mercantile

Exchange

ETF

Exchange

Traded

Fund

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

LLC

Limited

Liability

Company

REMIC

Real

Estate

Mortgage

Investment

Conduit

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

¢

Security

is

valued

using

significant

unobservable

inputs.

The

total

value

of

Level

3

securities

as

of

the

period

ended

April

30,

2026

is

$7,817,133,

which

represents

0.5%

of

net

assets.

∞

Rate

shown

is

the

7-day

yield

as

of

April

30,

2026.

£

The

Fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

Investment

Company

Act

of

1940,

as

amended,

an

affiliated

company

is

one

in

which

the

Fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

which

is

under

common

ownership

or

control.

Δ

Net

of

income

paid

to

the

securities

lending

agent

and

rebates

paid

to

the

borrowing

counterparties.

Ç

Step

bond.

The

coupon

rate

will

increase

or

decrease

periodically

based

upon

a

predetermined

schedule.

The

rate

shown

reflects

the

current

rate.

€

Security

is

in

default,

thus

not

accruing

interest

income.

The

rate

and

maturity

date

shown

is

as

of

the

contractual

maturity

date.

†

The

position

has

not

yet

settled

as

of

April

30,

2026.

The

coupon

rate

is

undetermined.

‡

Variable

or

floating

rate

security.

Rate

shown

is

the

current

rate

as

of

April

30,

2026.

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.

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

1933

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,

2026

is

$1,381,041,085

which

represents

91.2%

of

net

assets.

§

PO

–

Principal

Only

^

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,

2026

Janus

Detroit

Street

Trust

21

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,

2026

.

See

Notes

to

Financial

Statements

for

more

information.

Valuation

Inputs

Summary

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Total

Assets

Investments

in

Securities:

Asset-Backed

Securities

$

—

$

630,363,613

$

4,768,825

$

635,132,438

Collateralized

Loan

Obligations

—

38,524,373

—

38,524,373

Corporate

Bonds

—

28,579,856

—

28,579,856

Mortgage-Backed

Securities

—

1,350,320,090

3,048,308

1,353,368,398

Exchange

Traded

Funds

103,531,667

—

—

103,531,667

Investment

Companies

—

32,426,757

—

32,426,757

Total

Investments

in

Securities

$

103,531,667

$

2,080,214,689

$

7,817,133

$

2,191,563,489

Other

Financial

Instruments

(a)

:

Futures

Contracts

$

2,980,861

$

—

$

—

$

2,980,861

OTC

Swaps

—

123,913

—

123,913

Total

Other

Financial

Instruments

$

2,980,861

$

123,913

$

—

$

3,104,774

Total

Assets

$

106,512,528

$

2,080,338,602

$

7,817,133

$

2,194,668,263

Liabilities

TBA

sales

commitments:

Mortgage-Backed

Securities

$

—

$

193,701,405

$

—

$

193,701,405

Other

Financial

Instruments

(a)

:

Futures

Contracts

$

9,734,995

$

—

$

—

$

9,734,995

Options

Written,

at

Value

2,178,487

—

—

2,178,487

Total

Liabilities

$

11,913,482

$

193,701,405

$

—

$

205,614,887

(a)

Other

financial

instruments

may

include

forward

foreign

currency

exchange

contracts,

futures,

written

options,

written

swaptions,

and

swap

contracts.

Forward

foreign

currency

exchange

contracts,

futures

contracts,

and

centrally

cleared

swap

contracts

are

reported

at

their

unrealized

appreciation/(depreciation)

at

measurement

date,

which

represents

the

change

in

the

contract's

value

from

trade

date.

Written

options,

written

swaptions,

and

OTC

swaps

are

reported

at

their

market

value

at

measurement

date.

Janus

Henderson

Securitized

Income

ETF

Statement

of

Assets

and

Liabilities

(unaudited)

April

30,

2026

22

April

30,

2026

See

Notes

to

Financial

Statements.

Assets:

Unaffiliated

investments,

at

value

(cost

$2,065,968,659)

$

2,055,605,065

Affiliated

investments,

at

value

(cost

$136,207,061)

135,958,424

Due

from

broker

for

centrally

cleared

swaps

164

Deposits

with

Brokers

for

OTC

Derivatives

820,000

Due

from

broker

for

futures

12,020,000

Receivable

for

variation

margin

on

futures

contracts

1,456,683

Receivables:

Investments

sold

20,499

TBA

investments

sold

209,474,192

Dividends

446,402

Interest

4,398,264

Due

from

counterparty

2,258,092

OTC

swap

contracts,

at

value

123,913

Collateral

for

To

be

Announced

Transactions

1,910,000

Due

from

adviser

14,880

Total

Assets

2,424,506,578

Liabilities:

TBA

sales

commitments,

at

value

(proceeds

$193,954,950)

193,701,405

Options

written,

at

value

(premiums

received

$768,067)

2,178,487

Due

to

custodian

2,089,318

Payables:

Investments

purchased

35,026,750

TBA

investments

purchased

669,545,289

Management

fees

594,372

Investment

Litigation

Fees

52,839

Distributions

6,717,018

Total

Liabilities

909,905,478

Commitments

and

contingent

liabilities

Net

Assets

$

1,514,601,100

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

1,530,503,071

Total

distributable

earnings

(loss)

(

15,901,971

)

Total

Net

Assets

$

1,514,601,100

Net

Assets

$

1,514,601,100

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

29,400,000

Net

Asset

Value

Per

Share

$

51

.52

Janus

Henderson

Securitized

Income

ETF

Statement

of

Operations

(unaudited)

For

the

period

ended

April

30,

2026

Janus

Detroit

Street

Trust

23

See

Notes

to

Financial

Statements.

Investment

Income:

Interest

$

39,012,830

Dividends

from

affiliates

2,001,230

Dividends

1,245,778

Affiliated

securities

lending

income,

net    

9,206

Unaffiliated

securities

lending

income,

net

2,144

Total

Investment

Income

42,271,188

Expenses:

Management

Fees

3,391,190

Investment

Litigation

Fees

224,465

Total

Expenses

3,615,655

Less:

Excess

Expense

Reimbursement

and

Waivers

(

40,152

)

Net

Expenses

3,575,503

Net

Investment

Income/(Loss)

38,695,685

Net

Realized

Gain/(Loss)

on

Investments:

Investments

and

foreign

currency

transactions

$

2,166,474

Investments

in

affiliates

7,974

TBA

sales

commitments

215,700

Futures

contracts

(

1,289,853

)

Swap

contracts

367,553

Written

options

contracts

1,011,760

Total

Net

Realized

Gain/(Loss)

on

Investments

$

2,479,608

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

and

foreign

currency

translations

$

(

3,848,684

)

Investments

in

affiliates

(

258,975

)

TBA

sales

commitments

965,035

Futures

contracts

(

5,772,314

)

Swap

contracts

85,840

Written

options

contracts

(

1,470,589

)

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

(

10,299,687

)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

30,875,606

Janus

Henderson

Securitized

Income

ETF

Statements

of

Changes

in

Net

Assets

24

April

30,

2026

See

Notes

to

Financial

Statements.

Period

Ended

April

30,

2026

(unaudited)

Year

Ended

October

31,

2025

Operations:

Net

investment

income/(loss)

$

38,695,685

$

46,356,268

Net

realized

gain/(loss)

on

investments

2,479,608

3,227,313

Change

in

unrealized

net

appreciation/depreciation

(

10,299,687

)

(

7,177,846

)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

30,875,606

42,405,735

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(

48,112,295

)

(

44,533,712

)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(

48,112,295

)

(

44,533,712

)

Capital

Share

Transactions

245,194,192

903,980,687

Net

Increase/(Decrease)

in

Net

Assets

227,957,503

901,852,710

Net

Assets:

—

—

Beginning

of

Period  

1,286,643,597

384,790,887

End

of

Period

$

1,514,601,100

$

1,286,643,597

Janus

Henderson

Securitized

Income

ETF

Financial

Highlights

Janus

Detroit

Street

Trust

25

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

the

period

ended

April

30,

2026

(unaudited)

and

each

year

or

period

ended

October

31

2026

2025

2024

(1)

Net

Asset

Value,

Beginning

of

Period

$52.09

$52.00

$50.00

Income/(Loss)

from

Investment

Operations:

—

—

—

Net

investment

income/(loss)

(2)

1.41

3.05

3.37

Net

realized

and

unrealized

gain/(loss)

(0.22)

0.23

(3)

1.36

Total

from

Investment

Operations

1.19

3.28

(3)

4.73

Less

Dividends

and

Distributions:

—

—

—

Dividends

(from

net

investment

income)

(1.65)

(3.08)

(2.73)

Distributions

(from

capital

gains)

(0.11)

(0.11)

—

Total

Dividends

and

Distributions

(1.76)

(3.19)

(2.73)

Net

Asset

Value,

End

of

Period

$51.52

$52.09

$52.00

Total

Return

*

2.32%

6.50%

9.65%

Net

assets,

End

of

Period

(in

thousands)

$1,514,601

$1,286,644

$384,791

Ratios

to

Average

Net

Assets

**

Ratio

of

Gross

Expenses

0.51%

0.49%

0.49%

Ratio

of

Net

Expenses

(After

Waivers

and

Expense

Offsets)

0.51%

0.48%

0.48%

Ratio

of

Net

Investment

Income/(Loss)

5.48%

5.86%

6.63%

Portfolio

Turnover

Rate

(4)(5)

34%

60%

94%

*

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

October

31,

2024.

(2)

Per

share

amounts

are

calculated

based

on

average

shares

outstanding

during

the

year

or

period.

(3)

The

amount

shown

does

not

correlate

with

the

change

in

the

aggregate

gains

and

losses

in

the

Fund’s

securities

for

the

year

or

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

fluctuating

market

values

for

the

Fund’s

securities.

(4)

Portfolio

turnover

rate

excludes

securities

received

or

delivered

from

in-kind

processing

of

creation

or

redemptions.

(5)

Portfolio

Turnover

Rate

excludes

TBA

(to

be

announced)

purchase

and

sales

commitments.

Janus

Henderson

Securitized

Income

ETF

Notes

to

Financial

Statements

(unaudited)

26

April

30,

2026

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 nineteen

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.

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

Chief

Financial

Officer

of

the

Fund/Portfolio

is

designated

as

the

Chief

Operating

Decision

Maker

(“CODM”)

as

it

relates

to

ASC

Topic

280.

The

CODM

has

concluded

that

the

Fund/Portfolio

operated

as

a

single

segment

entity

for

the period ended

April

30,

2026.

The

key

indicator

of

performance

of

the

Fund

is

net

investment

income

as

reported

on

the

Statement

of

Operations.

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

Securitized

Income

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

27

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 period.

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,

2026 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

period:

Financial

assets

of

$4,768,825

were

transferred

out

of

Level 2

into

Level 3

since

the

current

market

for

the

securities'

previously

quoted prices

are

now considered

inactive.

Janus

Henderson

Securitized

Income

ETF

Notes

to

Financial

Statements

(unaudited)

28

April

30,

2026

Investment

Transactions

and

Investment

Income

Investment

transactions

are

accounted

for

as

of

the

date

purchased

or

sold

(trade

date).

Dividend

income

is

recorded

on

the

ex-dividend

date.

Certain

dividends

from

foreign

securities

will

be

recorded

as

soon

as

the

Fund

is

informed

of

the

dividend,

if

such

information

is

obtained

subsequent

to

the

ex-dividend

date.

Dividends

from

foreign

securities

may

be

subject

to

withholding

taxes

in

foreign

jurisdictions.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value.

Interest

income

is

recorded

daily

on

an

accrual

basis

and

includes

amortization

of

premiums

and

accretion

of

discounts.

The

Fund

classifies

gains

and

losses

on

prepayments

received

as

an

adjustment

to

interest

income.

Debt

securities

may

be

placed

in

non-accrual

status

and

related

interest

income

may

be

reduced

by

stopping

current

accruals

and

writing

off

interest

receivables

when

collection

of

all

or

a

portion

of

interest

has

become

doubtful.

Gains

and

losses

are

determined

on

the

identified

cost

basis,

which

is

the

same

basis

used

for

federal

income

tax

purposes.  

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. 

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,

2026 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

Janus

Henderson

Securitized

Income

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

29

the

change

in

the

value

of

the

underlying

asset,

rate

or

index.

Also,

suitable

derivative

transactions

may

not

be

available

in

all

circumstances

and

there

can

be

no

assurance

that

the

Fund

will

engage

in

these

transactions

to

reduce

exposure

to

other

risks

when

that

would

be

beneficial.

While

use

of

derivatives

to

hedge

can

reduce

or

eliminate

losses,

it

can

also

reduce

or

eliminate

gains

or

cause

losses

if

the

market

moves

in

a

manner

different

from

that

anticipated

by the

Adviser or

if

the

cost

of

the

derivative

outweighs

the

benefit

of

the

hedge.

The

Fund’s

ability

to

use

derivatives

may

also

be

limited

by

certain

regulatory

and

tax

considerations. 

In

pursuit

of

its

investment

objective,

the

Fund

may

seek

to

use

derivatives

to

increase

or

decrease

exposure

to

the

following

market

risk

factors: 

Counterparty

Risk

 -

the

risk

that

the

counterparty

(the

party

on

the

other

side

of

the

transaction)

on

a

derivative

transaction

will

be

unable

to

honor

its

financial

obligation

to

the

Fund.

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.

Janus

Henderson

Securitized

Income

ETF

Notes

to

Financial

Statements

(unaudited)

30

April

30,

2026

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.

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

Contracts

An

options

contract

provides

the

purchaser

with

the

right,

but

not

the

obligation,

to

buy

(call

option)

or

sell

(put

option)

a

financial

instrument

at

an

agreed

upon

price

on

or

before

a

specified

date.

The

purchaser

pays

a

premium

to

the

seller

for

this

right.

The

seller

has

the

corresponding

obligation

to

sell

or

buy

a

financial

instrument

if

the

purchaser

(owner)

“exercises”

the

option.

When

an

option

is

exercised,

the

proceeds

on

sales

for

a

written

call

option,

the

purchase

cost

for

a

written

put

option,

or

the

cost

of

the

security

for

a

purchased

put

or

call

option

are

adjusted

by

the

amount

of

premium

received

or

paid.

Upon

expiration,

or

closing

of

the

option

transaction,

a

realized

gain

or

loss

is

reported

on

the

Statement

of

Operations

(if

applicable).

The

difference

between

the

premium

paid/received

and

the

market

value

of

the

option

is

recorded

as

unrealized

appreciation

or

depreciation.

The

net

change

in

unrealized

appreciation

or

depreciation

is

reported

on

the

Statement

of

Operations

(if

applicable).

Option

contracts

are

typically

valued

using

an

approved

vendor’s

option

valuation

model.

To

the

extent

reliable

market

quotations

are

available,

option

contracts

are

valued

using

market

quotations.

In

cases

when

an

approved

vendor

cannot

provide

coverage

for

an

option

and

there

is

no

reliable

market

quotation,

a

broker

quotation

or

an

internal

valuation

using

the

Black-Scholes

model,

the

Cox-Rubenstein

Binomial

Option

Pricing

Model,

or

other

appropriate

option

pricing

model

is

used.

Certain

options

contracts

are

marked-to-market

daily,

and

the

daily

variation

margin

is

recorded

as

a

receivable

or

payable

on

the

Statement

of

Assets

and

Liabilities

as

“Variation

margin

receivable”

or

“Variation

margin

payable”

(if

applicable).

The

Fund

may

use

options

contracts

to

hedge

against

changes

in

interest

rates,

the

values

of

securities,

or

foreign

currencies.

The

use

of

such

instruments

may

involve

certain

additional

risks

as

a

result

of

unanticipated

movements

in

the

market.

A

lack

of

correlation

between

the

value

of

an

instrument

underlying

an

option

and

the

asset

being

hedged,

or

unexpected

adverse

price

movements,

could

render

the

Fund’s

hedging

strategy

unsuccessful.

In

addition,

there

can

be

no

assurance

that

a

liquid

secondary

market

will

exist

for

any

option

purchased

or

sold.

The

Fund

may

be

subject

to

counterparty

risk,

interest

rate

risk,

liquidity

risk,

equity

risk,

commodity

risk,

and

currency

risk

in

the

normal

course

of

pursuing

its

investment

objective

through

its

investments

in

options

contracts.

Options

traded

on

an

exchange

are

regulated

and

the

terms

of

the

options

are

standardized.

Options

traded

OTC

expose

the

Fund

to

counterparty

risk

in

the

event

that

the

counterparty

does

not

perform.

This

risk

is

mitigated

by

having

a

netting

arrangement

between

the

Fund

and

the

counterparty

and

by

having

the

counterparty

post

collateral

to

cover

the

Fund’s

exposure

to

the

counterparty.

In

writing

an

option,

the

Fund

bears

the

risk

of

an

unfavorable

change

in

the

price

of

the

security

underlying

the

written

option.

When

an

option

is

written,

the

Fund

receives

a

premium

and

becomes

obligated

to

sell

or

purchase

the

underlying

security

at

a

fixed

price,

upon

exercise

of

the

option.

Options

written

are

reported

as

a

liability

on

the

Statement

of

Assets

and

Liabilities

as

“Options

written,

at

value”

(if

applicable).

The

risk

in

writing

call

options

is

that

the

Fund

gives

up

the

opportunity

for

profit

if

the

market

price

of

the

security

increases

and

the

options

are

exercised.

The 

risk

in

writing

put

Janus

Henderson

Securitized

Income

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

31

options

is

that

the

Fund

may

incur

a

loss

if

the

market

price

of

the

security

decreases

and

the

options

are

exercised.

The

risk

in

buying

options

is

that

the

Fund

pays

a

premium

whether

or

not

the

options

are

exercised.

Exercise

of

an

option

written

by

the

Fund

could

result

in

the

Fund

buying

or

selling

a

security

at

a

price

different

from

the

current

market

value.

During

the

period,

the

Fund

wrote

call

options

on

commodity

futures

for

the

purpose

of

decreasing

exposure

to

commodity

risk

and/or

generating

income.

During

the

period,

the

Fund

wrote

put

options

on

commodity

futures

for

the

purpose

of

increasing

exposure

to

commodity

risk

and/or

generating

income.

During

the

period,

the

Fund wrote call

options

on

bond

futures

in

order

to

reduce

interest

rate

risk

where

reducing

this

exposure

via

other

markets

such

as

the

cash

bond

market

was

less

attractive.

During

the

period,

the

Fund wrote put

options

on

bond

futures

in

order

to increase

interest

rate

risk

where increasing

this

exposure

via

other

markets

such

as

the

cash

bond

market

was

less

attractive.

During

the

period,

the

Fund

wrote

call

options

on

various

equity

index

futures

for

the

purpose

of

decreasing

exposure

to

broad

equity

risk

and/or

generating

carry.

During

the

period,

the

Fund

wrote

put

options

on

various

equity

index

futures

for

the

purpose

of

increasing

exposure

to

broad

equity

risk

and/or

generating

carry.

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).

Janus

Henderson

Securitized

Income

ETF

Notes

to

Financial

Statements

(unaudited)

32

April

30,

2026

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.

Total

return

swaps

involve

an

exchange

by

two

parties

in

which

one

party

makes

payments

based

on

a

set

rate,

either

fixed

or

variable,

while

the

other

party

makes

payments

based

on

the

return

of

an

underlying

asset,

which

includes

both

the

income

it

generates

and

any

capital

gains

over

the

payment

period.

A

fixed-income

total

return

swap

may

be

written

on

many

different

kinds

of

underlying

reference

assets,

and

may

include

different

indices

for

various

kinds

of

debt

securities

(e.g.,

U.S.

investment

grade

bonds,

high-yield

bonds,

or

emerging

market

bonds).

During

the

period,

the

Fund

entered

into

total

return

swaps

on

to

increase

exposure

to

equity

risk.

These

total

return

swaps

require

the

Fund

to

pay

a

floating

reference

interest

rate,

and

an

amount

equal

to

the

negative

price

movement

of

securities

or

an

index

multiplied

by

the

notional

amount

of

the

contract.

The

Fund

will

receive

payments

equal

to

the

positive

price

movement

of

the

same

securities

or

index

multiplied

by

the

notional

amount

of

the

contract

and,

in

some

cases,

dividends

paid

on

the

securities.

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,

social

unrest,

tariffs,

financial

institution

failures,

and

economic

recessions 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.

Armed

Conflict.

Armed

conflicts

between

countries

or

in

a

geographic

region,

such

as

the

ongoing

armed

conflicts

in

Europe

and

the

Middle

East,

have

the

potential

to

adversely

impact

a

Fund.

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

significant

losses

experienced

by

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)

Janus

Detroit

Street

Trust

33

Nondiversification

Risk 

The

Fund

is

classified

as

nondiversified

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.

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. 

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.

Janus

Henderson

Securitized

Income

ETF

Notes

to

Financial

Statements

(unaudited)

34

April

30,

2026

These

risks

may

reduce

the

Fund’s

returns.

In

addition,

investments

in

mortgage-and

asset-backed

securities,

including

those

comprised

of

subprime

mortgages,

may

be

subject

to

a

higher

degree

of

credit

risk,

valuation

risk,

extension

risk

(if

interest

rates

rise),

and

liquidity

risk

than

various

other

types

of

fixed-income

securities.

Additionally,

although

mortgage-

backed

securities

are

generally

supported

by

some

form

of

government

or

private

guarantee

and/or

insurance,

there

is

no

assurance

that

guarantors

or

insurers

will

meet

their

obligations.

TBA

Commitments 

The

Fund

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.

To

mitigate

the

counterparty

credit

risk

and

in

accordance

with

FINRA

4210

regulatory

requirements

on

TBA

commitments

and

other

types

of

forward-settling

transactions,

the

Fund

enters

into

a

Master

Securities

Forward

Transaction

Agreement

(“MSFTA”)

bilaterally

with

each

counterparty

with

which

it

undertakes

transactions.

An

MSFTA

gives

each

party

to

the

agreement

the

right

to

terminate

all

transactions

traded

under

such

agreement

if

there

is

a

specified

deterioration

in

the

credit

quality

of

the

other

party.

Upon

an

event

of

default

or

a

termination

of

an

MSFTA,

the

non-defaulting

party

has

the

right

to

close

out

all

transactions

traded

under

such

agreement

and

to

net

amounts

owed

under

each

transaction

to

one

net

amount

payable

by

the

defaulting

party.

This

right

to

close

out

and

net

payments

across

all

transactions

traded

under

an

MSFTA

may

result

in

a

reduction

of

the

Fund’s

credit

risk

to

such

counterparty

equal

to

any

amounts

payable

by

the

Fund

under

the

applicable

transactions,

if

any.

For

mortgage-backed

and

asset-backed

securities

traded

under

an

MSFTA,

the

collateral

and

margining

requirements

are

contract

specific.

Amounts

across

all

transactions

traded

under

an

MSFTA

are

netted

and

an

amount

is

posted

from

one

party

to

the

other

to

collateralize

such

obligations.

Cash

that

has

been

pledged

to

cover

the

Fund’s

collateral

or

margin

obligations

under

an

MSFTA,

if

any,

will

be

reported

separately

on

the

Statement

of

Assets

and

Liabilities

as

restricted

cash. 

When-Issued,

Delayed

Delivery

and

Forward

Commitment

Transactions 

The

Fund

may

purchase

or

sell

securities

on

a

when-issued,

delayed

delivery,

or

forward

commitment

basis.

When

purchasing

a

security

on

a

when-issued,

delayed

delivery,

or

forward

commitment

basis,

the

Fund

assumes

the

rights

and

risks

of

ownership

of

the

security,

including

the

risk

of

price

and

yield

fluctuations,

and

takes

such

fluctuations

into

account

when

determining

its

net

asset

value.

Typically,

no

income

accrues

on

securities

the

Fund

has

committed

to

purchase

prior

to

the

time

delivery

of

the

securities

is

made.

Because

the

Fund

is

not

required

to

pay

for

the

security

until

the

delivery

date,

these

risks

are

in

addition

to

the

risks

associated

with

the

Fund’s

other

investments.

If

the

other

party

to

a

transaction

fails

to

deliver

the

securities,

the

Fund

could

miss

a

favorable

price

or

yield

opportunity.

If

the

Fund

remains

substantially

fully

invested

at

a

time

when

when-issued,

delayed

delivery,

or

forward

commitment

purchases

(including

TBA

commitments)

are

outstanding,

the

purchases

may

result

in

a

form

of

leverage.

When

the

Fund

has

sold

a

security

on

a

when-issued,

delayed

delivery,

or

forward

commitment

basis,

the

Fund

does

not

participate

in

future

gains

or

losses

with

respect

to

the

security.

If

the

other

party

to

a

transaction

fails

to

pay

for

the

securities,

the

Fund

could

suffer

a

loss.

Additionally,

when

selling

a

security

on

a

when-issued,

delayed

delivery,

or

forward

commitment

basis

without

owning

the

security,

the

Fund

will

incur

a

loss

if

the

security’s

price

appreciates

in

value

such

that

the

security’s

price

is

above

the

agreed

upon

price

on

the

settlement

date.

The

Fund

may

dispose

of

or

renegotiate

a

transaction

after

it

is

entered

into,

and

may

purchase

or

sell

when-issued,

delayed

delivery

or

forward

commitment

securities

before

the

settlement

date,

which

may

result

in

a

gain

or

loss. 

Janus

Henderson

Securitized

Income

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

35

Counterparties 

Fund

transactions

involving

a

counterparty

are

subject

to

the

risk

that

the

counterparty

or

a

third

party

will

not

fulfill

its

obligation

to

the

Fund

("counterparty

risk").

Counterparty

risk

may

arise

because

of

the

counterparty's

financial

condition

(i.e.,

financial

difficulties,

bankruptcy,

or

insolvency),

market

activities

and

developments,

or

other

reasons,

whether

foreseen

or

not.

A

counterparty's

inability

to

fulfill

its

obligation

may

result

in

significant

financial

loss

to

the

Fund.

The

Fund

may

be

unable

to

recover

its

investment

from

the

counterparty

or

may

obtain

a

limited

recovery,

and/or

recovery

may

be

delayed.

The

extent

of

the

Fund's

exposure

to

counterparty

risk

with

respect

to

financial

assets

and

liabilities

approximates

its

carrying

value.

See

the

"Offsetting

Assets

and

Liabilities"

section

of

this

Note

for

further

details.

The

Fund

may

be

exposed

to

counterparty

risk

through

participation

in

various

programs,

including,

but

not

limited

to,

lending

its

securities

to

third

parties,

cash

sweep

arrangements

whereby

the

Fund's

cash

balance

is

invested

in

one

or

more

types

of

cash

management

vehicles,

as

well

as

investments

in,

but

not

limited

to,

repurchase

agreements,

and

derivatives,

including

various

types

of

swaps,

futures

and

options.

The

Fund

intends

to

enter

into

financial

transactions

with

counterparties

that

the

Adviser believes

to

be

creditworthy

at

the

time

of

the

transaction.

There

is

always

the

risk

that

the

Adviser's analysis

of

a

counterparty's

creditworthiness

is

incorrect

or

may

change

due

to

market

conditions.

To

the

extent

that

the

Fund

focuses

its

transactions

with

a

limited

number

of

counterparties,

it

will

have

greater

exposure

to

the

risks

associated

with

one

or

more

counterparties. 

Offsetting

Assets

and

Liabilities 

The

Fund

presents

gross

and

net

information

about

transactions

that

are

either

offset

in

the

financial

statements

or

subject

to

an

enforceable

master

netting

arrangement

or

similar

agreement

with

a

designated

counterparty,

regardless

of

whether

the

transactions

are

actually

offset

in

the

Statement

of

Assets

and

Liabilities.

In

order

to

better

define

its

contractual

rights

and

to

secure

rights

that

will

help

the

Fund

mitigate

its

counterparty

risk,

the

Fund

may

enter

into

an

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreement

(“ISDA

Master

Agreement”)

or

similar

agreement

with

its

derivative

contract

counterparties.

An

ISDA

Master

Agreement

is

a

bilateral

agreement

between

the

Fund

and

a

counterparty

that

governs

OTC

derivatives

and

forward

foreign

currency

exchange

contracts

and

typically

contains,

among

other

things,

collateral

posting

terms

and

netting

provisions

in

the

event

of

a

default

and/or

termination

event.

Under

an

ISDA

Master

Agreement,

in

the

event

of

a

default

and/or

termination

event,

the

Fund

may

offset

with

each

counterparty

certain

derivative

financial

instruments’

payables

and/or

receivables

with

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,

2026"

table

located

in

the

Fund’s

Schedule

of

Investments.

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

Janus

Henderson

Securitized

Income

ETF

Notes

to

Financial

Statements

(unaudited)

36

April

30,

2026

the

replacement

security

by

the

time

the

replacement

investment

is

made,

resulting

in

a

loss

to

the

Fund.

In

certain

circumstances

individual

loan

transactions

could

yield

negative

returns. 

Upon

receipt

of

cash

collateral, the

Adviser may

invest

it

in

affiliated

or

non-affiliated

cash

management

vehicles,

whether

registered

or

unregistered

entities,

as

permitted

by

the

1940

Act

and

rules

promulgated

thereunder.

The

Adviser

currently

intends

to

invest

the

cash

collateral

in

a

cash

management

vehicle

for

which the

Adviser serves

as

investment

adviser,

Janus

Henderson

Cash

Collateral

Fund

LLC,

or

in

time

deposits.

An

investment

in

Janus

Henderson

Cash

Collateral

Fund

LLC

is

generally

subject

to

the

same

risks

that

shareholders

experience

when

investing

in

similarly

structured

vehicles,

such

as

the

potential

for

significant

fluctuations

in

assets

as

a

result

of

the

purchase

and

redemption

activity

of

the

securities

lending

program,

a

decline

in

the

value

of

the

collateral,

and

possible

liquidity

issues.

Such

risks

may

delay

the

return

of

the

cash

collateral

and

cause

the

Fund

to

violate

its

agreement

to

return

the

cash

collateral

to

a

borrower

in

a

timely

manner.

As

adviser

to

the

Fund

and

Janus

Henderson

Cash

Collateral

Fund

LLC, the

Adviser has

an

inherent

conflict

of

interest

as

a

result

of

its

fiduciary

duties

to

both

the

Fund

and

Janus

Henderson

Cash

Collateral

Fund

LLC.

Additionally, the

Adviser receives

an

investment

advisory

fee

of

0.05%

for

managing

Janus

Henderson

Cash

Collateral

Fund

LLC

and

therefore

may

have

an

incentive

to

allocate

collateral

to

the

Janus

Henderson

Cash

Collateral

Fund

LLC,

rather

than

to

other

collateral

management

options

for

which the

Adviser does

not

receive

compensation. 

The

value

of

the

collateral

must

be

at

least

102%

of

the

market

value

of

the

loaned

securities

that

are

denominated

in

U.S.

dollars

and

105%

of

the

market

value

of

the

loaned

securities

that

are

not

denominated

in

U.S.

dollars.

Loaned

securities

and

related

collateral

are

marked-to-market

each

business

day

based

upon

the

market

value

of

the

loaned

securities

at

the

close

of

business,

employing

the

most

recent

available

pricing

information.

Collateral

levels

are

then

adjusted

based

on

this

mark-to-market

evaluation. 

Additional

required

collateral,

or

excess

collateral

returned,

is

delivered

on

the

next

business

day. 

Therefore,

the

value

of

the

collateral

held

may

be

temporarily

less

than

102%

or

105%

value

of

the

securities

on

loan.

The

cash

collateral

invested

by

the

Adviser is

disclosed

in

the

Schedule

of

Investments

(if

applicable).

Income

earned

from

the

investment

of

the

cash

collateral,

net

of

rebates

paid

to,

or

fees

paid

by,

borrowers

and

less

the

fees

paid

to

the

lending

agent

are

included

as

“Affiliated

securities

lending

income,

net”

on

the

Statement

of

Operations.

There

were

no

securities

on

loan

as

of

April

30,

2026.

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,

2026,

the

Fund’s

actual

management

fee

rate

(expressed

as

an

annual

rate)

was

0.48% 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,

2028.

The

Adviser

may

not

recover

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

37

amounts

previously

waived

or

reimbursed

under

this

agreement.

During

the

period

ended April

30,

2026,

the

Adviser

waived

$40,152 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. 

As

of

April

30,

2026, the

Adviser

owned 91,532

shares

or 0.31%

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

at

least

80%

of

its

net

assets

(plus

any

borrowings

for

investment

purposes)

in

U.S.

Government

securities

and

repurchase

agreements

that

are collateralized

by

U.S.

Government 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). 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,

2026 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

Securitized

Income

ETF

Notes

to

Financial

Statements

(unaudited)

38

April

30,

2026

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,

2026 are

noted

below.

The

primary

differences

between

book

and

tax

appreciation

or

depreciation

of

investments are

wash

sale

loss

deferrals,

amortization

on

bonds,

and

investments in partnerships.

6.

Capital

Share

Transactions 

7.

Purchases

and

Sales

of

Investment

Securities

For

the

period

ended 

April

30,

2026,

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.

Acquisition

Note

On

December

22,

2025,

Janus

Henderson

Group

plc,

the

parent

company

of

the

Fund's

investment

adviser,

announced

a

definitive

agreement

to

be

acquired

by

Trian

Fund

Management

and

General

Catalyst.

The

Transaction

is

expected

to

close

in

2026,

subject

to

customary

closing

conditions,

including

requisite

regulatory

approvals,

and

client

consents.

The

shareholders

of

Janus

Henderson

Group,

plc

approved

the

acquisition

on

April

16,

2026. 

9.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to April

30,

2026

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:

At

a

June

11,

2026

meeting

of

Fund

shareholders,

shareholders

approved

a

new

investment

advisory

agreement

between

the

Fund

and

the

Adviser,

to

take

effect

in

connection

with

the

closing

of

the

Transaction.

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$2,202,175,720

$7,346,242

$(17,958,473)

$(10,612,231)

Period

Ended

April

30,

2026

Year

Ended

October

31,

2025

Shares

Amount

Shares

Amount

Shares

sold

4,700,000

$

245,194,192

18,500,000

$

966,255,763

Shares

repurchased

—

—

(1,200,000)

(62,275,076

)

Net

Increase/(Decrease)

4,700,000

$

245,194,192

17,300,000

$

903,980,687

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

$757,246,410

$476,271,456

$—

$—

Janus

Henderson

Securitized

Income

ETF

Additional

Information

(unaudited)

Janus

Detroit

Street

Trust

39

Item

8.

Changes

in

and

Disagreements

with

Accountants

for

Open-End

Management

Investment

Companies.

Not

applicable.

Item

9.

Proxy

Disclosures

for

Open-End

Management

Investment

Companies.

Not

applicable.

Item

10.

Remuneration

Paid

to

Directors,

Officers,

and

Others

of

Open-End

Management

Investment

Companies.

Because

the

Adviser

has

agreed

in

the

Investment

Advisory

Agreement

to

cover

all

operating

expenses

of

the

Fund,

subject

to

certain

exclusions

as

provided

for

therein,

the

Adviser

pays

the

compensation

to

each

Independent

Trustee

for

services

to

the

Fund

from

Adviser’s

management

fees.

Item

11.

APPROVAL

OF

ADVISORY

AGREEMENTS

DURING

THE

PERIOD

Not

applicable.

125-24-93098

04-26

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

FINANCIAL

STATEMENTS

April

30,

2026

Janus

Henderson

Emerging

Markets

Debt

Hard

Currency

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

Emerging

Markets

Debt

Hard

Currency

ETF

Item

7.

Financial

Statements

and

Financial

Highlights

for

Open-End

Management

Investment

Companies

Schedule

of

Investments

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

3

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

Items

8-11

-

Additional

Information

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

37

Janus

Henderson

Emerging

Markets

Debt

Hard

Currency

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

Janus

Detroit

Street

Trust

3

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Corporate

Bonds

-

13.4%

Angola

-

0.4%

Sonangol

Finance

Ltd.,

10.0000%, 1/29/31

$

2,000,000

$

2,041,124

Cayman

Islands

-

2.0%

Banco

do

Brasil

SA,

6.0000%, 3/18/31

950,000

968,856

Banco

do

Brasil

SA,

5.6250%, 10/23/31

(144A)

1,525,000

1,515,850

Kingston

Airport

Revenue

Finance

Ltd.,

6.7500%, 12/15/36

(144A)

743,000

753,031

Kingston

Airport

Revenue

Finance

Ltd.,

6.7500%, 12/15/36

1,900,000

1,925,650

Montego

Bay

Airport

Revenue

Finance

Ltd.,

6.6000%, 6/15/35

1,200,000

1,191,000

Oryx

Funding

Ltd.,

5.8000%, 2/3/31

500,000

512,650

Otel

Sukuk

Ltd.,

5.3750%, 1/24/31

2,250,000

2,282,409

9,149,446

Egypt

-

0.1%

African

Export-Import

Bank

(The),

3.7980%, 5/17/31

750,000

677,138

Georgia

-

0.1%

Georgian

Railway

JSC,

4.0000%, 6/17/28

500,000

481,612

Kazakhstan

-

0.3%

QazaqGaz

NC

JSC,

5.6250%, 5/8/36

(144A)

1,260,000

1,234,747

Luxembourg

-

0.2%

MHP

Lux

SA,

10.5000%, 7/28/29

(144A)

910,000

931,930

Mongolia

-

0.4%

State

Bank

JSC,

8.9000%, 9/25/28

2,000,000

1,989,821

Netherlands

-

1.0%

DTEK

Energy

BV,

7.0000%

(3.50%

Cash,

4.00%

PIK), 12/31/27Ø

734,766

587,827

Petrobras

Global

Finance

BV,

5.1250%, 9/10/30

2,300,000

2,279,415

Petrobras

Global

Finance

BV,

6.2500%, 1/10/36

1,865,000

1,862,855

4,730,097

Nigeria

-

0.8%

Africa

Finance

Corp.,

5.5500%, 10/8/29

(144A)

3,579,000

3,620,696

3,620,696

Oman

-

0.8%

EDO

Sukuk

Ltd.,

5.6620%, 7/3/31

2,300,000

2,385,571

Mazoon

Assets

Co.

SAOC,

5.2500%, 10/9/31

(144A)

1,117,000

1,129,876

3,515,447

South

Africa

-

1.1%

Eskom

Holdings,

8.4500%, 8/10/28

4,900,000

5,157,595

Turkey

-

1.6%

TC

Ziraat

Bankasi

A/S,

8.0000%, 1/16/29

1,450,000

1,517,813

TC

Ziraat

Bankasi

A/S,

7.2500%, 2/4/30

1,000,000

1,019,642

Turk

Telekomunikasyon

A/S,

6.9500%, 10/7/32

(144A)

1,826,000

1,819,403

Turkiye

Vakiflar

Bankasi

TAO,

9.0000%, 10/12/28

200,000

214,726

Turkiye

Vakiflar

Bankasi

TAO,

6.8750%, 1/7/30

(144A)

900,000

905,714

Turkiye

Vakiflar

Bankasi

TAO,

7.2500%, 7/31/30

(144A)

2,293,000

2,321,426

7,798,724

United

Arab

Emirates

-

2.1%

Abu

Dhabi

Crude

Oil

Pipeline

LLC,

4.6000%, 11/2/47

700,000

620,469

Abu

Dhabi

Developmental

Holding

Co.

PJSC,

5.3750%, 5/8/29

1,000,000

1,018,315

Abu

Dhabi

Developmental

Holding

Co.

PJSC,

5.5000%, 5/8/34

3,300,000

3,380,289

Abu

Dhabi

National

Energy

Co.

PJSC,

4.3750%, 10/9/31

(144A)

100,000

97,483

Abu

Dhabi

National

Energy

Co.

PJSC,

4.7500%, 3/9/37

(144A)

1,133,000

1,079,428

Abu

Dhabi

National

Energy

Co.

PJSC,

3.4000%, 4/29/51

1,500,000

1,024,809

Adnoc

Murban

Rsc

Ltd.,

4.5000%, 9/11/34

1,000,000

963,066

Adnoc

Murban

Rsc

Ltd.,

5.1250%, 9/11/54

(144A)

993,000

882,990

MDGH

GMTN

RSC

Ltd.,

2.5000%, 5/21/26

300,000

299,365

MDGH

GMTN

RSC

Ltd.,

5.8750%, 5/1/34

1,000,000

1,051,046

Janus

Henderson

Emerging

Markets

Debt

Hard

Currency

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

4

April

30,

2026

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Corporate

Bonds

-

(continued)

United

Arab

Emirates

-

(continued)

Oztel

Holdings

SPC

Ltd.,

6.6250%, 4/24/28

$

300,000

$

309,263

10,726,523

United

Kingdom

-

0.5%

NAK

Naftogaz

Ukraine,

7.1250%, 7/19/26

EUR

544,133

524,998

NAK

Naftogaz

Ukraine,

7.6250%, 11/8/28Ø

$

1,576,206

1,219,293

Ukraine

Railways,

8.2500%, 7/9/26

850,000

662,999

Ukraine

Railways,

7.8750%, 7/15/28

646,901

481,524

2,888,814

Uzbekistan

-

2.0%

Ipoteka-Bank

ATIB,

6.4500%, 10/9/30

1,700,000

1,706,038

Jscb

Agrobank,

9.2500%, 10/2/29

(144A)

694,000

754,629

Jscb

Agrobank,

9.2500%, 10/2/29

1,600,000

1,739,779

Uzauto

Motors

AJ,

7.3750%, 11/19/30

(144A)

2,140,000

2,195,374

Uzbek

Industrial

and

Construction

Bank

ATB,

8.9500%, 7/24/29

1,600,000

1,727,427

Uzbek

Industrial

and

Construction

Bank

ATB,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.7920%,

9.4500%, 10/23/30

(144A)‡,μ

841,000

877,306

9,000,553

Total

Corporate

Bonds

(cost

63,573,126)

63,944,267

Foreign

Government

Bonds

-

82.2%

Albania

-

0.2%

Republic

of

Albania,

4.7500%, 2/14/35

(144A)

EUR

406,000

472,260

Republic

of

Albania,

4.7500%, 2/14/35

EUR

500,000

581,601

1,053,861

Angola

-

1.3%

Republic

of

Angola,

8.2500%, 5/9/28

$

400,000

409,911

Republic

of

Angola,

8.0000%, 11/26/29

500,000

510,528

Republic

of

Angola,

8.7500%, 4/14/32

2,300,000

2,397,785

Republic

of

Angola,

9.3750%, 3/31/33

(144A)

1,430,000

1,512,458

Republic

of

Angola,

9.3750%, 5/8/48

300,000

291,901

Republic

of

Angola,

9.1250%, 11/26/49

1,050,000

1,001,479

6,124,062

Argentina

-

4.6%

Argentine

Republic

(The),

0.7500%, 7/9/30

Ç

3,924,000

3,374,836

Argentine

Republic

(The),

4.1250%, 7/9/35

Ç

7,500,000

5,587,500

Argentine

Republic

(The),

5.0000%, 1/9/38

Ç

3,050,000

2,365,275

Argentine

Republic

(The),

3.0000%, 7/9/41

Ç

EUR

475,000

375,995

Argentine

Republic

(The),

3.5000%, 7/9/41

Ç

$

2,300,000

1,584,700

Ciudad

Autonoma

De

Buenos

Aires,

7.8000%, 11/26/33

(144A)

1,270,000

1,316,444

Province

of

Santa

Fe,

8.1000%, 12/11/34

(144A)

1,276,000

1,250,480

Provincia

de

Buenos

Aires,

6.6250%, 9/1/37

Ç

1,707,648

1,315,645

Provincia

del

Chubut

Argentina,

9.4500%, 4/29/36

(144A)

950,000

978,500

YPF

SA,

9.5000%, 1/17/31

2,820,000

3,011,055

YPF

SA,

8.7500%, 9/11/31

(144A)

800,000

847,960

22,008,390

Azerbaijan

-

0.0%

State

Oil

Co.

of

the

Azerbaijan

Republic,

6.9500%, 3/18/30

200,000

215,291

Bahamas

-

1.1%

Commonwealth

of

the

Bahamas,

8.9500%, 10/15/32

2,200,000

2,457,400

Commonwealth

of

the

Bahamas,

8.2500%, 6/24/36

(144A)

2,000,000

2,224,880

Commonwealth

of

the

Bahamas,

8.2500%, 6/24/36

300,000

333,732

5,016,012

Bahrain

-

1.3%

Bahrain

Government

Bond,

6.6250%, 10/6/37

1,000,000

948,405

Janus

Henderson

Emerging

Markets

Debt

Hard

Currency

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

Janus

Detroit

Street

Trust

5

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Foreign

Government

Bonds

-

(continued)

Bahrain

-

(continued)

Bahrain

Government

Bond,

7.1000%, 2/3/38

(144A)

$

2,175,000

$

2,123,192

CBB

International

Sukuk

Programme

Co.

SPC,

3.9500%, 9/16/27

1,250,000

1,214,133

CBB

International

Sukuk

Programme

Co.

WLL,

6.1240%, 9/3/34

(144A)

1,942,000

1,897,146

6,182,876

Barbados

-

0.1%

Barbados

Government

Bond,

8.0000%, 6/26/35

(144A)

522,000

559,114

Benin

-

0.1%

Benin

Government

International

Bond,

7.9600%, 2/13/38

(144A)

621,000

638,237

Bosnia

and

Herzegovina

-

1.2%

Republic

of

Srpska

International

Government

Bond,

6.2500%, 4/2/31

(144A)

EUR

2,325,000

2,755,408

Republic

of

Srpska

International

Government

Bond,

6.3750%, 5/8/33

(144A)

EUR

2,500,000

2,964,884

5,720,292

Brazil

-

2.3%

Caixa

Economica

Federal,

5.6250%, 5/13/30

(144A)

$

1,400,000

1,417,850

Federative

Republic

of

Brazil,

4.0000%, 4/23/30

EUR

1,036,000

1,208,590

Federative

Republic

of

Brazil,

4.8750%, 4/23/33

EUR

1,170,000

1,358,744

Federative

Republic

of

Brazil,

6.1250%, 3/15/34

$

1,600,000

1,619,200

Federative

Republic

of

Brazil,

6.6250%, 3/15/35

1,800,000

1,861,740

Federative

Republic

of

Brazil,

5.5000%, 4/23/36

EUR

1,036,000

1,213,676

Federative

Republic

of

Brazil,

5.0000%, 1/27/45

$

800,000

641,480

Federative

Republic

of

Brazil,

4.7500%, 1/14/50

1,000,000

740,500

Federative

Republic

of

Brazil,

7.1250%, 5/13/54

1,100,000

1,104,400

11,166,180

Bulgaria

-

1.4%

Bulgaria

Government

Bond,

4.2500%, 6/19/30

EUR

1,500,000

1,735,414

Republic

of

Bulgaria,

3.5000%, 5/7/34

EUR

2,500,000

2,893,963

Republic

of

Bulgaria,

5.0000%, 3/5/37

$

366,000

356,512

Republic

of

Bulgaria,

4.1250%, 5/7/38

EUR

900,000

1,043,980

Republic

of

Bulgaria,

4.2500%, 9/5/44

EUR

465,000

532,365

6,562,234

Cameroon

-

0.6%

Republic

of

Cameroon,

5.9500%, 7/7/32

EUR

2,200,000

2,290,882

Republic

of

Cameroon,

8.8750%, 1/30/33

$

500,000

488,565

2,779,447

Cayman

Islands

-

0.3%

Sharjah

Sukuk

Program

Ltd.,

3.2000%, 7/13/31

1,500,000

1,357,478

Chile

-

2.2%

Corp.

Nacional

del

Cobre

de

Chile,

3.0000%, 9/30/29

1,000,000

943,816

Corp.

Nacional

del

Cobre

de

Chile,

5.9500%, 1/8/34

700,000

725,353

Corp.

Nacional

del

Cobre

de

Chile,

3.7000%, 1/30/50

950,000

659,205

Corp.

Nacional

del

Cobre

de

Chile,

6.7800%, 1/13/55

(144A)

1,075,000

1,149,949

Corp.

Nacional

del

Cobre

de

Chile,

6.7800%, 1/13/55

1,000,000

1,069,720

Republic

of

Chile,

2.5500%, 1/27/32

400,000

356,600

Republic

of

Chile,

2.5500%, 7/27/33

4,000,000

3,442,200

Republic

of

Chile,

3.5000%, 1/25/50

1,700,000

1,224,170

Republic

of

Chile,

3.5000%, 4/15/53

1,000,000

704,500

Republic

of

Chile,

5.3300%, 1/5/54

200,000

190,940

10,466,453

Colombia

-

2.8%

Ecopetrol

SA,

8.8750%, 1/13/33

2,600,000

2,792,488

Ecopetrol

SA,

8.3750%, 1/19/36

2,625,000

2,719,957

Ecopetrol

SA,

5.8750%, 11/2/51

700,000

517,949

Republic

of

Colombia,

5.3750%, 1/21/29

1,193,000

1,182,740

Janus

Henderson

Emerging

Markets

Debt

Hard

Currency

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

6

April

30,

2026

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Foreign

Government

Bonds

-

(continued)

Colombia

-

(continued)

Republic

of

Colombia,

7.3750%, 4/25/30

$

750,000

$

785,250

Republic

of

Colombia,

6.1250%, 1/21/31

259,000

258,404

Republic

of

Colombia,

5.0000%, 9/19/32

EUR

660,000

741,164

Republic

of

Colombia,

6.5000%, 1/21/33

$

871,000

867,951

Republic

of

Colombia,

5.6250%, 2/19/36

EUR

3,300,000

3,661,018

13,526,921

Costa

Rica

-

1.9%

Costa

Rica

Government

Bond,

5.9500%, 4/27/33

(144A)

EUR

677,000

798,920

Republic

of

Costa

Rica,

6.5500%, 4/3/34

$

3,000,000

3,222,000

Republic

of

Costa

Rica,

7.0000%, 4/4/44

1,000,000

1,091,600

Republic

of

Costa

Rica,

7.1580%, 3/12/45

1,350,000

1,483,920

Republic

of

Costa

Rica,

7.3000%, 11/13/54

2,250,000

2,531,250

9,127,690

Dominican

Republic

-

4.2%

Dominican

Republic

Government

Bond,

5.5000%, 2/22/29

1,000,000

999,550

Dominican

Republic

Government

Bond,

4.8750%, 9/23/32

3,400,000

3,204,330

Dominican

Republic

Government

Bond,

6.0000%, 2/22/33

600,000

598,350

Dominican

Republic

Government

Bond,

5.7500%, 3/17/34

(144A)

2,700,000

2,631,690

Dominican

Republic

Government

Bond,

5.8750%, 10/28/35

(144A)

1,476,000

1,442,716

Dominican

Republic

Government

Bond,

6.6000%, 6/1/36

7,550,000

7,751,962

Dominican

Republic

Government

Bond,

6.9500%, 3/15/37

(144A)

1,300,000

1,355,055

Dominican

Republic

Government

Bond,

6.1500%, 5/17/38

(144A)

2,100,000

2,041,305

20,024,958

Ecuador

-

2.1%

Republic

of

Ecuador,

6.9000%, 7/31/30

Ç

2,839,720

2,838,300

Republic

of

Ecuador,

6.9000%, 7/31/35

Ç

4,164,868

3,842,091

Republic

of

Ecuador,

9.2500%, 1/29/39

(144A)

311,000

321,885

Republic

of

Ecuador,

5.0000%, 7/31/40

Ç

3,600,000

3,006,000

10,008,276

Egypt

-

2.6%

Arab

Republic

of

Egypt,

5.6250%, 4/16/30

EUR

1,800,000

2,043,607

Arab

Republic

of

Egypt,

6.3750%, 4/11/31

EUR

1,500,000

1,728,369

Arab

Republic

of

Egypt,

7.0529%, 1/15/32

$

2,000,000

1,964,428

Arab

Republic

of

Egypt,

7.3000%, 9/30/33

300,000

290,021

Arab

Republic

of

Egypt,

7.9030%, 2/21/48

500,000

430,947

Arab

Republic

of

Egypt,

8.7002%, 3/1/49

800,000

741,562

Arab

Republic

of

Egypt,

8.8750%, 5/29/50

900,000

840,535

Arab

Republic

of

Egypt,

8.7500%, 9/30/51

1,300,000

1,199,355

Arab

Republic

of

Egypt,

8.1500%, 11/20/59

1,000,000

861,763

Arab

Republic

of

Egypt,

7.5000%, 2/16/61

650,000

517,037

Egyptian

Financial

Co.

for

Sovereign

Taskeek

(The),

6.3750%, 4/7/29

(144A)

957,000

951,080

Egyptian

Financial

Co.

for

Sovereign

Taskeek

(The),

7.9500%, 10/7/32

(144A)

406,000

417,018

11,985,722

El

Salvador

-

0.3%

Republic

of

El

Salvador,

8.2500%, 4/10/32

700,000

737,660

Republic

of

El

Salvador,

7.6250%, 2/1/41

650,000

647,595

1,385,255

Gabon

-

0.9%

Gabon

Government

Bond,

9.5000%, 2/18/29

2,500,000

2,355,693

Gabon

Government

Bond,

6.6250%, 2/6/31

2,000,000

1,684,726

4,040,419

Georgia

-

0.8%

Republic

of

Georgia,

5.1250%, 1/28/31

(144A)

4,016,000

3,897,504

Janus

Henderson

Emerging

Markets

Debt

Hard

Currency

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

Janus

Detroit

Street

Trust

7

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Foreign

Government

Bonds

-

(continued)

Ghana

-

2.3%

Republic

of

Ghana,

0.0000%, 7/3/26

(144A)

¤

$

20,800

$

20,585

Republic

of

Ghana,

5.0000%, 7/3/29

(144A)

Ç

550,550

538,376

Republic

of

Ghana,

5.0000%, 7/3/29

Ç

5,162,500

5,048,345

Republic

of

Ghana,

0.0000%, 1/3/30

(144A)

¤

72,041

63,451

Republic

of

Ghana,

5.0000%, 7/3/35

(144A)

Ç

604,800

554,314

Republic

of

Ghana,

5.0000%, 7/3/35

Ç

5,200,000

4,765,927

10,990,998

Guatemala

-

0.7%

Republic

of

Guatemala,

5.3750%, 4/24/32

700,000

707,560

Republic

of

Guatemala,

6.6000%, 6/13/36

700,000

750,400

Republic

of

Guatemala,

6.2500%, 8/15/36

(144A)

1,232,000

1,292,984

Republic

of

Guatemala,

4.6500%, 10/7/41

500,000

436,650

3,187,594

Hungary

-

2.7%

Hungary

Government

Bond,

5.3750%, 9/26/30

(144A)

995,000

1,016,959

Hungary

Government

Bond,

4.5000%, 6/16/34

EUR

800,000

959,826

Hungary

Government

Bond,

5.5000%, 6/16/34

$

600,000

607,530

Hungary

Government

Bond,

6.0000%, 9/26/35

(144A)

825,000

857,886

Hungary

Government

Bond,

6.0000%, 9/26/35

4,200,000

4,367,422

Hungary

Government

Bond,

5.5000%, 3/26/36

3,000,000

3,002,282

Hungary

Government

Bond,

6.7500%, 9/23/55

(144A)

1,333,000

1,422,319

MFB

Magyar

Fejlesztesi

Bank

Zrt.,

6.5000%, 6/29/28

1,000,000

1,033,204

13,267,428

Indonesia

-

1.9%

Perusahaan

Listrik

Negara

PT,

5.4500%, 5/21/28

5,000,000

5,059,745

Republic

of

Indonesia,

4.1000%, 3/4/34

EUR

875,000

1,005,468

Republic

of

Indonesia,

4.4600%, 3/4/38

EUR

2,000,000

2,279,035

Republic

of

Indonesia,

4.9700%, 3/4/46

EUR

480,000

547,972

8,892,220

Iraq

-

0.4%

Republic

of

Iraq,

5.8000%, 1/15/28

$

1,720,000

1,683,019

Ireland

-

1.0%

Republic

of

Angola,

10.7500%, 2/5/29

4,700,000

4,807,254

Ivory

Coast

-

1.5%

Republic

of

Cote

d'Ivoire,

4.8750%, 1/30/32

EUR

296,000

333,013

Republic

of

Cote

d'Ivoire,

6.1250%, 6/15/33

$

1,250,000

1,219,290

Republic

of

Cote

d'Ivoire,

8.0750%, 4/1/36

(144A)

1,701,000

1,803,490

Republic

of

Cote

d'Ivoire,

8.2500%, 1/30/37

1,000,000

1,071,004

Republic

of

Cote

d'Ivoire,

6.8750%, 10/17/40

EUR

900,000

1,034,603

Republic

of

Cote

d'Ivoire,

6.6250%, 3/22/48

EUR

1,400,000

1,493,671

6,955,071

Jamaica

-

0.3%

Jamaica

Government

Bond,

7.8750%, 7/28/45

$

1,100,000

1,323,300

Kazakhstan

-

0.4%

Development

Bank

of

Kazakhstan

JSC,

5.6250%, 4/7/30

(144A)

1,700,000

1,747,824

Lebanon

-

0.3%

Lebanon

Government

Bond,

8.2500%, 4/12/21

€

5,300,000

1,403,175

Luxembourg

-

0.4%

Eagle

Funding

Luxco

Sarl,

5.5000%, 8/17/30

(144A)

1,784,000

1,797,737

Mexico

-

5.0%

Comision

Federal

de

Electricidad,

6.5000%, 1/28/51

1,400,000

1,380,417

Petroleos

Mexicanos,

8.7500%, 6/2/29

500,000

535,277

Petroleos

Mexicanos,

6.8400%, 1/23/30

150,000

152,687

Janus

Henderson

Emerging

Markets

Debt

Hard

Currency

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

8

April

30,

2026

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Foreign

Government

Bonds

-

(continued)

Mexico

-

(continued)

Petroleos

Mexicanos,

5.9500%, 1/28/31

$

4,000,000

$

3,913,320

Petroleos

Mexicanos,

6.7000%, 2/16/32

8,150,000

8,176,569

Petroleos

Mexicanos,

6.7500%, 9/21/47

1,275,000

1,073,892

Petroleos

Mexicanos,

6.3500%, 2/12/48

2,000,000

1,607,487

Petroleos

Mexicanos,

7.6900%, 1/23/50

1,000,000

914,560

Petroleos

Mexicanos,

6.6250%, 12/28/74

1,000,000

761,050

United

Mexican

States,

4.8750%, 5/19/33

1,200,000

1,144,200

United

Mexican

States,

6.1250%, 2/9/38

1,942,000

1,915,492

United

Mexican

States,

4.4000%, 2/12/52

500,000

358,750

United

Mexican

States,

6.3380%, 5/4/53

600,000

564,900

United

Mexican

States,

6.7500%, 2/9/56

1,942,000

1,908,986

United

Mexican

States,

3.7710%, 5/24/61

200,000

120,700

24,528,287

Mongolia

-

1.5%

City

of

Ulaanbaatar

Mongolia,

7.7500%, 8/21/27

2,000,000

2,035,515

Development

Bank

of

Mongolia

LLC,

8.5000%, 7/3/28

4,250,000

4,380,085

State

of

Mongolia,

3.5000%, 7/7/27

500,000

488,363

State

of

Mongolia,

6.6250%, 2/25/30

(144A)

500,000

513,714

7,417,677

Montenegro

-

1.6%

Republic

of

Montenegro,

7.2500%, 3/12/31

4,600,000

4,841,728

Republic

of

Montenegro,

4.8750%, 4/1/32

(144A)

EUR

1,459,000

1,716,260

Republic

of

Montenegro,

4.8750%, 4/1/32

EUR

800,000

941,061

7,499,049

Nigeria

-

1.6%

Federal

Republic

of

Nigeria,

6.5000%, 11/28/27

$

800,000

807,494

Federal

Republic

of

Nigeria,

7.1430%, 2/23/30

1,000,000

1,032,591

Federal

Republic

of

Nigeria,

7.8750%, 2/16/32

900,000

948,713

Federal

Republic

of

Nigeria,

7.3750%, 9/28/33

1,200,000

1,227,013

Federal

Republic

of

Nigeria,

8.6308%, 1/13/36

(144A)

1,565,000

1,713,733

Federal

Republic

of

Nigeria,

7.6250%, 11/28/47

440,000

428,953

Federal

Republic

of

Nigeria,

8.2500%, 9/28/51

800,000

808,149

6,966,646

Oman

-

0.4%

Sultanate

of

Oman

Government

Bond,

4.7500%, 6/15/26

800,000

800,090

Sultanate

of

Oman

Government

Bond,

7.0000%, 1/25/51

1,050,000

1,185,523

1,985,613

Pakistan

-

0.5%

Islamic

Republic

of

Pakistan,

6.8750%, 12/5/27

825,000

828,033

Islamic

Republic

of

Pakistan,

8.8750%, 4/8/51

1,500,000

1,406,177

2,234,210

Panama

-

2.0%

Republic

of

Panama,

3.1600%, 1/23/30

1,150,000

1,089,050

Republic

of

Panama,

2.2520%, 9/29/32

2,300,000

1,943,500

Republic

of

Panama,

3.2980%, 1/19/33

1,500,000

1,339,275

Republic

of

Panama,

5.2270%, 2/23/34

2,121,000

2,108,698

Republic

of

Panama,

6.4000%, 2/14/35

800,000

854,000

Republic

of

Panama,

5.6620%, 2/23/38

1,422,000

1,429,821

Republic

of

Panama,

6.8530%, 3/28/54

1,000,000

1,076,500

9,840,844

Paraguay

-

1.6%

Paraguay

Government

Bond,

2.7390%, 1/29/33

2,700,000

2,398,950

Paraguay

Government

Bond,

3.8490%, 6/28/33

1,000,000

936,000

Janus

Henderson

Emerging

Markets

Debt

Hard

Currency

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

Janus

Detroit

Street

Trust

9

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Foreign

Government

Bonds

-

(continued)

Paraguay

-

(continued)

Paraguay

Government

Bond,

6.0000%, 2/9/36

$

1,000,000

$

1,047,750

Paraguay

Government

Bond,

5.4000%, 3/30/50

2,000,000

1,802,600

Paraguay

Government

Bond,

6.6500%, 3/4/55

1,000,000

1,054,750

Republic

of

Paraguay,

5.6000%, 3/13/48

500,000

466,250

7,706,300

Peru

-

1.1%

Corp.

Financiera

de

Desarrollo

SA,

5.5000%, 5/6/30

585,000

597,226

Corp.

Financiera

de

Desarrollo

SA,

5.5000%, 5/6/30

(144A)

585,000

597,226

Petroleos

del

Peru

SA,

4.7500%, 6/19/32

2,500,000

2,024,750

Petroleos

del

Peru

SA,

5.6250%, 6/19/47

2,100,000

1,480,395

Republic

of

Peru,

5.3750%, 2/8/35

300,000

302,400

Republic

of

Peru,

5.8750%, 8/8/54

400,000

388,800

5,390,797

Philippines

-

0.6%

Republic

of

Philippines,

1.9500%, 1/6/32

1,000,000

870,053

Republic

of

Philippines,

3.5560%, 9/29/32

1,000,000

938,179

Republic

of

Philippines,

5.2500%, 5/14/34

1,075,000

1,088,239

2,896,471

Qatar

-

1.3%

QatarEnergy,

2.2500%, 7/12/31

750,000

670,515

QatarEnergy,

3.1250%, 7/12/41

1,000,000

750,180

State

of

Qatar,

4.7500%, 5/29/34

2,900,000

2,956,783

State

of

Qatar,

4.4000%, 4/16/50

2,100,000

1,788,099

6,165,577

Republic

of

North

Macedonia

-

1.1%

Republic

of

North

Macedonia,

6.9600%, 3/13/27

EUR

100,000

119,661

Republic

of

North

Macedonia,

1.6250%, 3/10/28

EUR

3,650,000

4,069,818

Republic

of

North

Macedonia,

4.7500%, 1/21/34

EUR

1,000,000

1,141,371

5,330,850

Romania

-

1.4%

Romania

Government

Bond,

5.7500%, 9/16/30

(144A)

$

1,350,000

1,364,210

Romania

Government

Bond,

3.0000%, 2/14/31

450,000

402,520

Romania

Government

Bond,

7.1250%, 1/17/33

1,000,000

1,059,330

Romania

Government

Bond,

4.6250%, 3/4/33

(144A)

EUR

1,430,000

1,586,115

Romania

Government

Bond,

5.7500%, 7/4/36

(144A)

$

1,412,000

1,330,301

Romania

Government

Bond,

6.0000%, 9/24/44

(144A)

EUR

490,000

534,594

Romania

Government

Bond,

3.3750%, 1/28/50

EUR

600,000

431,506

6,708,576

Saudi

Arabia

-

3.5%

Kingdom

of

Saudi

Arabia,

3.2500%, 10/26/26

$

1,300,000

1,294,455

Kingdom

of

Saudi

Arabia,

5.1250%, 1/13/28

3,000,000

3,029,380

Kingdom

of

Saudi

Arabia,

4.7500%, 1/18/28

500,000

501,984

Kingdom

of

Saudi

Arabia,

3.3750%, 3/5/32

(144A)

EUR

642,000

738,616

Kingdom

of

Saudi

Arabia,

2.2500%, 2/2/33

$

1,500,000

1,272,174

Kingdom

of

Saudi

Arabia,

5.0000%, 1/16/34

2,300,000

2,302,785

Kingdom

of

Saudi

Arabia,

5.0000%, 4/17/49

1,500,000

1,308,827

Kingdom

of

Saudi

Arabia,

5.2500%, 1/16/50

1,000,000

910,753

Kingdom

of

Saudi

Arabia,

3.2500%, 11/17/51

1,000,000

640,551

Kingdom

of

Saudi

Arabia,

5.0000%, 1/18/53

600,000

517,117

Kingdom

of

Saudi

Arabia,

5.7500%, 1/16/54

1,500,000

1,440,210

Kingdom

of

Saudi

Arabia,

3.7500%, 1/21/55

1,500,000

1,033,758

KSA

Sukuk

Ltd.,

2.2500%, 5/17/31

600,000

531,900

Janus

Henderson

Emerging

Markets

Debt

Hard

Currency

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

10

April

30,

2026

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Foreign

Government

Bonds

-

(continued)

Saudi

Arabia

-

(continued)

KSA

Sukuk

Ltd.,

5.2500%, 6/4/34

$

1,100,000

$

1,116,995

16,639,505

Senegal

-

0.4%

Republic

of

Senegal,

4.7500%, 3/13/28

EUR

333,333

255,976

Republic

of

Senegal,

5.3750%, 6/8/37

EUR

1,050,000

656,328

Republic

of

Senegal,

6.7500%, 3/13/48

$

1,700,000

913,519

1,825,823

South

Africa

-

2.1%

Eskom

Holdings,

6.3500%, 8/10/28

3,000,000

3,050,705

Republic

of

South

Africa,

5.6500%, 9/27/47

450,000

362,999

Republic

of

South

Africa,

5.7500%, 9/30/49

800,000

646,011

Republic

of

South

Africa,

7.3000%, 4/20/52

2,700,000

2,589,416

Republic

of

South

Africa,

7.9500%, 11/19/54

(144A)

758,000

772,989

Republic

of

South

Africa,

7.9500%, 11/19/54

1,500,000

1,529,662

Republic

of

South

Africa,

7.2500%, 12/11/55

(144A)

733,000

690,797

Republic

of

South

Africa,

7.2500%, 12/11/55

1,000,000

942,425

10,585,004

Sri

Lanka

-

2.0%

Democratic

Socialist

Republic

of

Sri

Lanka,

4.0000%, 4/15/28

2,076,497

1,981,515

Democratic

Socialist

Republic

of

Sri

Lanka,

3.1000%, 1/15/30

Ç

2,430,770

2,310,668

Democratic

Socialist

Republic

of

Sri

Lanka,

3.3500%, 3/15/33

Ç

4,374,570

3,902,989

Democratic

Socialist

Republic

of

Sri

Lanka,

3.6000%, 6/15/35

Ç

1,711,600

1,317,660

9,512,832

Suriname

-

0.3%

Suriname

Government

International

Bond,

7.7000%, 11/6/30

1,000,000

1,039,500

Suriname

Government

International

Bond,

8.5000%, 11/6/35

(144A)

590,000

639,678

1,679,178

Tajikistan

-

0.5%

Republic

of

Tajikistan,

7.1250%, 9/14/27

2,250,000

2,259,630

Trinidad

and

Tobago

-

0.2%

Republic

of

Trinidad

and

Tobago,

4.5000%, 6/26/30

950,000

915,800

Tunisia

-

0.6%

Tunisian

Republic,

6.3750%, 7/15/26

EUR

2,600,000

3,032,385

Turkey

-

3.2%

Hazine

Mustesarligi

Varlik

Kiralama

A/S,

5.1250%, 6/22/26

$

1,350,000

1,350,352

Istanbul

Metropolitan

Municipality,

10.7500%, 4/12/27

1,000,000

1,044,607

Istanbul

Metropolitan

Municipality,

10.5000%, 12/6/28

1,900,000

2,054,019

Republic

of

Turkiye

(The),

6.3750%, 5/22/31

2,908,000

2,882,303

Republic

of

Turkiye

(The),

7.1250%, 7/17/32

1,200,000

1,219,868

Republic

of

Turkiye

(The),

4.8750%, 4/16/43

3,200,000

2,322,603

Republic

of

Turkiye

(The),

5.7500%, 5/11/47

1,900,000

1,473,435

Turkiye

Ihracat

Kredi

Bankasi

A/S,

7.5000%, 2/6/28

2,000,000

2,062,519

Turkiye

Ihracat

Kredi

Bankasi

A/S,

6.8750%, 7/3/28

(144A)

827,000

844,591

15,254,297

Ukraine

-

1.5%

NPC

Ukrenergo,

6.8750%, 11/9/28

€

700,000

677,637

Ukraine

Government

Bond,

4.5000%, 2/1/29

(144A)

Ç

200,000

155,296

Ukraine

Government

Bond,

4.0000%, 2/1/32

Ç

5,246,000

4,020,248

Ukraine

Government

Bond,

0.0000%, 2/1/35

(144A)

Ç

200,000

101,760

Ukraine

Government

Bond,

0.0000%, 2/1/35

Ç

986,686

502,026

Ukraine

Government

Bond,

4.5000%, 2/1/35

(144A)

Ç

700,000

422,650

Ukraine

Government

Bond,

4.5000%, 2/1/35

Ç

258,435

156,039

Ukraine

Government

Bond,

0.0000%, 2/1/36

(144A)

Ç

200,000

101,798

Janus

Henderson

Emerging

Markets

Debt

Hard

Currency

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

Janus

Detroit

Street

Trust

11

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Foreign

Government

Bonds

-

(continued)

Ukraine

-

(continued)

Ukraine

Government

Bond,

4.5000%, 2/1/36

(144A)

Ç

$

200,000

$

118,457

Ukraine

Government

Bond,

4.5000%, 2/1/36

Ç

1,229,591

728,267

6,984,178

United

Arab

Emirates

-

0.1%

Sharjah

Sukuk

Program

Ltd.,

3.6250%, 3/10/33

400,000

345,839

Uruguay

-

1.3%

Oriental

Republic

of

Uruguay,

5.7500%, 10/28/34

2,000,000

2,100,700

Oriental

Republic

of

Uruguay,

4.9750%, 4/20/55

2,400,000

2,153,520

Oriental

Republic

of

Uruguay,

5.2500%, 9/10/60

2,550,000

2,348,040

6,602,260

Uzbekistan

-

0.9%

Navoi

Mining

&

Metallurgical

Combinat,

6.7000%, 10/17/28

1,000,000

1,027,758

Navoiyuran

State

Enterprise,

6.7000%, 7/2/30

(144A)

2,196,000

2,242,573

Uzbekneftegaz

JSC,

8.7500%, 5/7/30

(144A)

1,059,000

1,137,926

4,408,257

Venezuela,

Bolivarian

Republic

of

-

0.4%

Petroleos

de

Venezuela

SA,

9.7500%, 5/17/35

€

2,000,000

942,500

Venezuela

Government

Bond,

9.0000%, 12/31/49

€

2,000,000

1,000,000

1,942,500

Zambia

-

1.3%

Republic

of

Zambia,

5.7500%, 6/30/33

Ç

5,090,832

5,009,052

Republic

of

Zambia,

0.5000%, 12/31/53

1,915,000

1,304,630

6,313,682

Total

Foreign

Government

Bonds

(cost

378,490,870)

392,874,359

Investment

Companies

-

3.5%

Money

Market

Funds

-

3.5%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

3.6483%

£,∞

(cost

$16,588,512)

16,588,266

16,588,266

Total

Investments

(total

cost

$

458,652,508

)

-

99.1%

473,406,892

Cash,

Receivables

and

Other

Assets,

net

of

Liabilities

-

0.9%

4,130,634

Net

Assets

-

100.0%

$477,537,526

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

Mexico

$

24,528,287

5.2

%

Turkey

23,053,021

4.9

Argentina

22,008,390

4.6

Dominican

Republic

20,024,958

4.2

Saudi

Arabia

16,639,505

3.5

United

States

16,588,266

3.5

South

Africa

15,742,599

3.3

Colombia

13,526,921

2.9

Uzbekistan

13,408,810

2.8

Hungary

13,267,428

2.8

Egypt

12,662,860

2.7

Brazil

11,166,180

2.4

United

Arab

Emirates

11,072,362

2.3

Janus

Henderson

Emerging

Markets

Debt

Hard

Currency

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

12

April

30,

2026

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

(continued)

Country

Value

%

of

Investment

Securities

Ghana

$

10,990,998

2.3

%

Nigeria

10,587,342

2.2

Cayman

Islands

10,506,924

2.2

Chile

10,466,453

2.2

Ecuador

10,008,276

2.1

Panama

9,840,844

2.2

Sri

Lanka

9,512,832

2.0

Mongolia

9,407,498

2.0

Costa

Rica

9,127,690

1.9

Indonesia

8,892,220

1.9

Angola

8,165,186

1.7

Paraguay

7,706,300

1.6

Montenegro

7,499,049

1.6

Ukraine

6,984,178

1.5

Ivory

Coast

6,955,071

1.5

Romania

6,708,576

1.4

Uruguay

6,602,260

1.4

Bulgaria

6,562,234

1.4

Zambia

6,313,682

1.3

Bahrain

6,182,876

1.3

Qatar

6,165,577

1.3

Bosnia

and

Herzegovina

5,720,292

1.2

Oman

5,501,060

1.2

Peru

5,390,797

1.1

Republic

of

North

Macedonia

5,330,850

1.1

Bahamas

5,016,012

1.1

Ireland

4,807,254

1.0

Netherlands

4,730,097

1.0

Georgia

4,379,116

0.9

Gabon

4,040,419

0.9

Guatemala

3,187,594

0.7

Tunisia

3,032,385

0.6

Kazakhstan

2,982,571

0.6

Philippines

2,896,471

0.6

United

Kingdom

2,888,814

0.6

Cameroon

2,779,447

0.6

Luxembourg

2,729,667

0.6

Tajikistan

2,259,630

0.5

Pakistan

2,234,210

0.5

Venezuela,

Bolivarian

Republic

of

1,942,500

0.4

Senegal

1,825,823

0.4

Iraq

1,683,019

0.4

Suriname

1,679,178

0.4

Janus

Henderson

Emerging

Markets

Debt

Hard

Currency

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

Janus

Detroit

Street

Trust

13

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

(continued)

Country

Value

%

of

Investment

Securities

Lebanon

$

1,403,175

0.3

%

El

Salvador

1,385,255

0.3

Jamaica

1,323,300

0.3

Albania

1,053,861

0.2

Trinidad

and

Tobago

915,800

0.2

Benin

638,237

0.1

Barbados

559,114

0.1

Azerbaijan

215,291

0.0

Total

$473,406,892

100.0

%

Janus

Henderson

Emerging

Markets

Debt

Hard

Currency

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

14

April

30,

2026

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

10/31/25

Purchases

Sales

Proceeds

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciatio

n/

(Depreciation)

Affiliated

Investments,

at

Value

at

4/30/26

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

Shares

Held

at

4/30/26

Dividend

Income

Investment

Company

-

3.5%

Money

Market

Funds

-

3.5%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

3.6483%

∞

$

19,486,458

$

279,835,047

$

(282,725,322)

$

(4,158)

$

(3,759)

$

16,588,266

16,588,266

$

382,504

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

N/A

Investment

Companies

-

N/A

Janus

Henderson

Cash

Collateral

Fund

LLC,

3.5866%

∞

–

239,640

(239,640)

–

–

–

–

93

Δ

Total

Affiliated

Investments

-

3.5%

$19,486,458

$280,074,687

$(282,964,962)

$(4,158)

$(3,759)

$16,588,266

$382,597

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)

BNP

Paribas

SA

Euro

5/22/26

34,554,854

$

(40,903,100)

$

333,345

Euro

5/22/26

4,286,367

(5,076,571)

44,085

Euro

5/22/26

3,212,622

(3,787,184)

15,346

Euro

5/22/26

(166,667)

192,442

3,236

Euro

5/22/26

(1,011,250)

1,184,179

3,098

Euro

5/22/26

(546,014)

638,419

2,639

Euro

5/22/26

503,852

(593,942)

2,385

Euro

5/22/26

(92,750)

107,117

1,778

Euro

5/22/26

(85,751)

99,255

1,423

Euro

5/22/26

(21,646)

25,152

262

Euro

5/22/26

(19,290)

22,421

227

Euro

5/22/26

(6,960)

8,019

153

Euro

5/22/26

150,066

(176,170)

(18)

Euro

5/22/26

10,899

(12,678)

(119)

Euro

5/22/26

(95,625)

113,118

(847)

Euro

5/22/26

(101,250)

119,795

(920)

Euro

5/22/26

591,674

(693,170)

(1,495)

Euro

5/22/26

541,053

(633,395)

(1,838)

Euro

5/22/26

358,420

(414,295)

(6,514)

Euro

5/22/26

963,901

(1,117,723)

(13,962)

Euro

5/22/26

922,723

(1,065,606)

(17,733)

Euro

5/22/26

1,360,996

(1,562,429)

(35,473)

Euro

5/22/26

(4,720,212)

5,584,747

(42,896)

Euro

5/22/26

2,300,843

(

2,657,294)

(44,052)

242,110

Total

$242,110

Janus

Henderson

Emerging

Markets

Debt

Hard

Currency

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

Janus

Detroit

Street

Trust

15

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,

2026.

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

79

6/18/26

$

8,736,906

$

(106,204)

U.S.

Treasury

10

Year

Ultra

Bonds

189

6/18/26

21,330,422

(328,101)

U.S.

Treasury

2

Year

Notes

44

6/30/26

9,113,500

(84,961)

U.S.

Treasury

Long

Bonds

279

6/18/26

31,483,406

(

1,198,862)

U.S.

Treasury

Ultra

Bonds

175

6/18/26

20,130,469

(790,797)

Total

-

Futures

Long

(2,508,925)

Futures

Short:

Euro-Bobl

74

6/8/26

(10,021,718)

123,300

Euro-Bund

135

6/8/26

(19,852,229)

293,097

Euro-buxl

18

6/8/26

(2,301,102)

57,203

Euro-Schatz

69

6/8/26

(8,559,453)

61,456

U.S.

Treasury

5

Year

Notes

1

6/30/26

(107,836)

163

Total

-

Futures

Short

535,219

Total

$(1,973,706)

Fair

Value

of

Derivative

Instruments

(not

accounted

for

as

hedging

instruments)

as

of

April

30,

2026

Interest

Rate

Contracts

Currency

Contracts

Total

Asset

Derivatives:

Forward

foreign

currency

exchange

contracts

$

—

$

407,977

$

407,977

*

Futures

contracts

535,219

—

535,219

Total

Asset

Derivatives

$

535,219

$

407,977

$

943,196

Liability

Derivatives:

Forward

foreign

currency

exchange

contracts

—

165,867

165,867

*

Futures

contracts

2,508,925

—

2,508,925

Total

Liability

Derivatives

$

2,508,925

$

165,867

$

2,674,792

*

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

Emerging

Markets

Debt

Hard

Currency

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

16

April

30,

2026

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,

2026.

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,

2026

Amount

of

Realized

Gain/(Loss)

Recognized

on

Derivatives

Derivative

Credit

Contracts

Interest

Rate

Contracts

Currency

Contracts

Total

Forward

foreign

currency

exchange

contracts

$

—

$

—

$

97,260

$

97,260

Futures

contracts

—

1,135,173

—

1,135,173

Swap

contracts

(136,228)

—

—

(136,228)

Total

$

(136,228)

$

1,135,173

$

97,260

$

1,096,205

Amount

of

Change

in

Unrealized

Appreciation/(Depreciation)

Recognized

on

Derivatives

Derivative

Interest

Rate

Contracts

Currency

Contracts

Total

Forward

foreign

currency

exchange

contracts

$

—

$

(575,324)

$

(575,324)

Futures

contracts

(2,717,384)

—

(2,717,384)

Total

$

(2,717,384)

$

(575,324)

$

(3,292,708)

Average

Ending

Monthly

Value

of

Derivative

Instruments

During

the

Period

Ended

April

30,

2026

Futures

contracts:

Average

notional

amount

of

contracts

-

long

$87,522,365

Average

notional

amount

of

contracts

-

short

41,258,793

Forward

foreign

currency

exchange

contracts:

Average

amounts

purchased

-

in

USD

12,177,658

Average

amounts

sold

-

in

USD

58,150,459

Credit

default

swaps:

Average

notional

amount

-

buy

protection

1,666,667

Janus

Henderson

Emerging

Markets

Debt

Hard

Currency

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

Janus

Detroit

Street

Trust

17

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

BNP

Paribas

SA

$

407,977

$

(165,867)

$

—

$

242,110

Total

$

407,977

$

(165,867)

$

—

$

242,110

Offsetting

of

Financial

Liabilities

and

Derivative

Liabilities

Counterparty

Gross

Amounts

of

Recognized

Liabilities

Offsetting

Asset

or

Liability

(a)

Collateral

Pledged

(b)

Net

Amount

BNP

Paribas

SA

$

165,867

$

(165,867)

$

—

$

—

Total

$

165,867

$

(165,867)

$

—

$

—

(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

Emerging

Markets

Debt

Hard

Currency

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

April

30,

2026

18

April

30,

2026

EUR

Euro

JSC

Joint

Stock

Company

LLC

Limited

Liability

Company

PIK

Pay-in-kind

(PIK)

bonds

give

the

issuer

an

option

to

make

the

interest

payment

in

case

of

additional

securities.

PJSC

Public

Joint

Stock

Company

SAOC

Societe

Anonyme

Omanaise

Close

SPC

Special

Purpose

Company

∞

Rate

shown

is

the

7-day

yield

as

of

April

30,

2026.

£

The

Fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

Investment

Company

Act

of

1940,

as

amended,

an

affiliated

company

is

one

in

which

the

Fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

which

is

under

common

ownership

or

control.

Δ

Net

of

income

paid

to

the

securities

lending

agent

and

rebates

paid

to

the

borrowing

counterparties.

Ç

Step

bond.

The

coupon

rate

will

increase

or

decrease

periodically

based

upon

a

predetermined

schedule.

The

rate

shown

reflects

the

current

rate.

Ø

Payment-in-kind

security

which

may

pay

interest/dividends

in

additional

par/shares

and/or

in

cash.

Rates

shown

are

the

current

rate

and

possible

payment

rates.

€

Security

is

in

default,

thus

not

accruing

interest

income.

The

rate

and

maturity

date

shown

is

as

of

the

contractual

maturity

date.

‡

Variable

or

floating

rate

security.

Rate

shown

is

the

current

rate

as

of

April

30,

2026.

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.

¤

Zero

coupon

bond.

μ

Perpetual

security.

Perpetual

securities

have

no

stated

maturity

date,

but

they

may

be

called/redeemed

by

the

issuer.

The

date

indicated,

if

any,

represents

the

next

call

date.

144A

Securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended,

are

subject

to

legal

and/or

contractual

restrictions

on

resale

and

may

not

be

publicly

sold

without

registration

under

the

1933

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,

2026

is

$84,525,027

which

represents

17.7%

of

net

assets.

Janus

Henderson

Emerging

Markets

Debt

Hard

Currency

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

April

30,

2026

Janus

Detroit

Street

Trust

19

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,

2026

.

See

Notes

to

Financial

Statements

for

more

information.

Valuation

Inputs

Summary

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Total

Assets

Investments

in

Securities:

Corporate

Bonds

$

—

$

63,944,267

$

—

$

63,944,267

Foreign

Government

Bonds

—

392,874,359

—

392,874,359

Investment

Companies

—

16,588,266

—

16,588,266

Total

Investments

in

Securities

$

—

$

473,406,892

$

—

$

473,406,892

Other

Financial

Instruments

(a)

:

Forward

Foreign

Currency

Exchange

Contracts

$

—

$

407,977

$

—

$

407,977

Futures

Contracts

535,219

—

—

535,219

Total

Other

Financial

Instruments

$

535,219

$

407,977

$

—

$

943,196

Total

Assets

$

535,219

$

473,814,869

$

—

$

474,350,088

Liabilities

Other

Financial

Instruments

(a)

:

Forward

Foreign

Currency

Exchange

Contracts

$

—

$

165,867

$

—

$

165,867

Futures

Contracts

2,508,925

—

—

2,508,925

Total

Liabilities

$

2,508,925

$

165,867

$

—

$

2,674,792

(a)

Other

financial

instruments

may

include

forward

foreign

currency

exchange

contracts,

futures,

written

options,

written

swaptions,

and

swap

contracts.

Forward

foreign

currency

exchange

contracts,

futures

contracts,

and

centrally

cleared

swap

contracts

are

reported

at

their

unrealized

appreciation/(depreciation)

at

measurement

date,

which

represents

the

change

in

the

contract's

value

from

trade

date.

Written

options,

written

swaptions,

and

OTC

swaps

are

reported

at

their

market

value

at

measurement

date.

Janus

Henderson

Emerging

Markets

Debt

Hard

Currency

ETF

Statement

of

Assets

and

Liabilities

(unaudited)

April

30,

2026

20

April

30,

2026

See

Notes

to

Financial

Statements.

Assets:

Unaffiliated

investments,

at

value

(cost

$442,063,996)

$

456,818,626

Affiliated

investments,

at

value

(cost

$16,588,512)

16,588,266

Cash

60,530

Forward

foreign

currency

exchange

contracts

407,977

Due

from

broker

for

futures

3,330,000

Receivable

for

variation

margin

on

swaps

341,416

Receivables:

Investments

sold

9

Interest

7,052,369

Due

from

counterparty

2,360,711

Total

Assets

486,959,904

Liabilities:

Foreign

cash

due

to

custodian

(cost

$93,267)

93,267

Payable

for

variation

margin

on

futures

contracts

43,894

Forward

foreign

currency

exchange

contracts

165,867

Payables:

Investments

purchased

6,469,980

Management

fees

202,819

Distributions

2,446,551

Total

Liabilities

9,422,378

Commitments

and

contingent

liabilities

Net

Assets

$

477,537,526

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

462,983,434

Total

distributable

earnings

(loss)

14,554,092

Total

Net

Assets

$

477,537,526

Net

Assets

$

477,537,526

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

9,000,000

Net

Asset

Value

Per

Share

$

53

.06

Janus

Henderson

Emerging

Markets

Debt

Hard

Currency

ETF

Statement

of

Operations

(unaudited)

For

the

period

ended

April

2026

Janus

Detroit

Street

Trust

21

See

Notes

to

Financial

Statements.

Investment

Income:

Interest

$

14,463,077

Dividends

from

affiliates

382,504

Affiliated

securities

lending

income,

net    

93

Total

Investment

Income

14,845,674

Expenses:

Management

Fees

1,141,070

Total

Expenses

1,141,070

Net

Investment

Income/(Loss)

13,704,604

Net

Realized

Gain/(Loss)

on

Investments:

Investments

and

foreign

currency

transactions

$

3,899,146

Investments

in

affiliates

(

4,158

)

Forward

foreign

currency

exchange

contracts

97,260

Futures

contracts

1,135,173

Swap

contracts

(

136,228

)

Total

Net

Realized

Gain/(Loss)

on

Investments

$

4,991,193

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

and

foreign

currency

translations

$

(

4,553,098

)

Investments

in

affiliates

(

3,759

)

Forward

foreign

currency

exchange

contracts

(

575,324

)

Futures

contracts

(

2,717,384

)

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

(

7,849,565

)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

10,846,232

Janus

Henderson

Emerging

Markets

Debt

Hard

Currency

ETF

Statements

of

Changes

in

Net

Assets

22

April

30,

2026

See

Notes

to

Financial

Statements.

Period

Ended

April

30,

2026

(unaudited)

Year

Ended

October

31,

2025

Operations:

Net

investment

income/(loss)

$

13,704,604

$

18,306,041

Net

realized

gain/(loss)

on

investments

4,991,193

(

2,465,352

)

Change

in

unrealized

net

appreciation/depreciation

(

7,849,565

)

24,056,812

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

10,846,232

39,897,501

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(

16,672,275

)

(

18,011,112

)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(

16,672,275

)

(

18,011,112

)

Capital

Share

Transactions

58,590,543

178,994,700

Net

Increase/(Decrease)

in

Net

Assets

52,764,500

200,881,089

Net

Assets:

—

—

Beginning

of

Period  

424,773,026

223,891,937

End

of

Period

$

477,537,526

$

424,773,026

Janus

Henderson

Emerging

Markets

Debt

Hard

Currency

ETF

Financial

Highlights

Janus

Detroit

Street

Trust

23

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

the

period

ended

April

30,

2026

(unaudited)

and

each

year

or

period

ended

October

31

2026

2025

2024

(1)

Net

Asset

Value,

Beginning

of

Period

$53.77

$50.88

$50.00

Income/(Loss)

from

Investment

Operations:

—

—

—

Net

investment

income/(loss)

(2)

1.65

3.26

0.73

Net

realized

and

unrealized

gain/(loss)

(0.35)

3.00

0.45

(3)

Total

from

Investment

Operations

1.30

6.26

1.18

(3)

Less

Dividends

and

Distributions:

—

—

—

Dividends

(from

net

investment

income)

(2.01)

(3.37)

(0.30)

Total

Dividends

and

Distributions

(2.01)

(3.37)

(0.30)

Net

Asset

Value,

End

of

Period

$53.06

$53.77

$50.88

Total

Return

*

2.47%

12.90%

2.36%

Net

assets,

End

of

Period

(in

thousands)

$477,538

$424,773

$223,892

Ratios

to

Average

Net

Assets

**

Ratio

of

Gross

Expenses

0.52%

0.52%

0.52%

Ratio

of

Net

Investment

Income/(Loss)

6.24%

6.35%

6.59%

Portfolio

Turnover

Rate

(4)

21%

53%

11%

*

Total

return

not

annualized

for

periods

of

less

than

one

full

year.

**

Annualized

for

periods

of

less

than

one

full

year.

(1)

Period

from

August

13,

2024

(commencement

of

operations)

through

October

31,

2024.

(2)

Per

share

amounts

are

calculated

based

on

average

shares

outstanding

during

the

year

or

period.

(3)

The

amount

shown

does

not

correlate

with

the

change

in

the

aggregate

gains

and

losses

in

the

Fund’s

securities

for

the

year

or

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

fluctuating

market

values

for

the

Fund’s

securities.

(4)

Portfolio

turnover

rate

excludes

securities

received

or

delivered

from

in-kind

processing

of

creation

or

redemptions.

Janus

Henderson

Emerging

Markets

Debt

Hard

Currency

ETF

Notes

to

Financial

Statements

(unaudited)

24

April

30,

2026

1.

Organization

and

Significant

Accounting

Policies

Janus

Henderson Emerging

Markets

Debt

Hard

Currency 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 nineteen

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

return,

from

a

combination

of

income

and

capital

growth

over

the

long

term.

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.

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

Chief

Financial

Officer

of

the

Fund/Portfolio

is

designated

as

the

Chief

Operating

Decision

Maker

(“CODM”)

as

it

relates

to

ASC

Topic

280.

The

CODM

has

concluded

that

the

Fund/Portfolio

operated

as

a

single

segment

entity

for

the period ended

April

30,

2026.

The

key

indicator

of

performance

of

the

Fund

is

net

investment

income

as

reported

on

the

Statement

of

Operations.

The

following

accounting

policies

have

been

followed

by

the

Fund

and

are

in

conformity

with

United

States

of

America

generally

accepted

accounting

principles

(“US

GAAP”). 

Investment

Valuation 

Fund holdings

are

valued

in

accordance

with

policies

and

procedures

established

by

the

Adviser

pursuant

to

Rule

2a-5

under

the

1940

Act

and

approved

by

and

subject

to

the

oversight

of

the

Trustees

(the

“Valuation

Procedures”).

Equity

securities,

including

shares

of

exchange-traded

funds,

traded

on

a

domestic

securities

exchange

are

generally

valued

at

readily

available

market

quotations,

which

are

(i)

the

official

close

prices

or

(ii)

last

sale

prices

on

the

primary

market

or

exchange

in

which

the

securities

trade.

If

such

price

is

lacking

for

the

trading

period

immediately

preceding

the

time

of

determination,

such

securities

are

generally

valued

at

their

current

bid

price.

Equity

securities

that

are

traded

on

a

foreign

exchange

are

generally

valued

at

the

closing

prices

on

such

markets.

In

the

event

that

there

is

no

current

trading

volume

on

a

particular

security

in

such

foreign

exchange,

the

bid

price

from

the

primary

exchange

is

generally

used

to

value

the

security.

Foreign

securities

and

currencies

are

converted

to

U.S.

dollars

using

the

current

spot

USD

dollar

exchange

rate

in

effect

at

the

close

of

the

London

Stock

Exchange.

The Fund will

determine

the

market

value

of

individual

securities

held

by

it

by

using

prices

provided

by

one

or

more

approved

professional

pricing

services

or,

as

needed,

by

obtaining

market

quotations

from

independent

broker-dealers.

Most

debt

securities

are

valued

in

accordance

with

the

evaluated

bid

price

supplied

by

the

Adviser-approved

pricing

service

that

is

intended

to

reflect

market

value.

The

evaluated

bid

price

supplied

by

the

pricing

service

is

an

evaluation

that

may

consider

factors

such

as

security

prices,

Janus

Henderson

Emerging

Markets

Debt

Hard

Currency

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

25

yields,

maturities

and

ratings.

Certain

short-term

securities

maturing

within

60

days

or

less

may

be

evaluated

and

valued

on

an

amortized

cost

basis

provided

that

the

amortized

cost

determined

approximates

market

value.

Securities

for

which

market

quotations

or

evaluated

prices

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

determined

in

good

faith

by

the

Adviser

pursuant

to

the

Valuation

Procedures. Circumstances

in

which

fair

valuation

may

be

utilized

include,

but

are

not

limited

to:

(i)

a

significant

event

that

may

affect

the

securities

of

a

single

issuer,

such

as

a

merger,

bankruptcy,

or

significant

issuer-specific

development;

(ii)

an

event

that

may

affect

an

entire

market,

such

as

a

natural

disaster

or

significant

governmental

action;

(iii)

a

nonsignificant

event

such

as

a

market

closing

early

or

not

opening,

or

a

security

trading

halt;

and

(iv)

pricing

of

a

non-valued

security

and

a

restricted

or

nonpublic

security.

Special

valuation

considerations

may

apply

with

respect

to

“odd-lot”

fixed-income

transactions

which,

due

to

their

small

size,

may

receive

evaluated

prices

by

pricing

services

which

reflect

a

large

block

trade

and

not

what

actually

could

be

obtained

for

the

odd-

lot

position.

The

value

of

the

securities

of

mutual

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

mutual

funds,

and

the

prospectuses

for

such

mutual

funds

explain

the

circumstances

under

which

they

use

fair

valuation

and

the

effects

of

using

fair

valuation.

The

value

of

the

securities

of

any

cash

management

pooled

investment

vehicles

that

operate

as

money

market

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

funds.

Valuation

Inputs

Summary 

FASB

ASC

820,

Fair

Value

Measurements

and

Disclosures

(“ASC

820”),

defines

fair

value,

establishes

a

framework

for

measuring

fair

value,

and

expands

disclosure

requirements

regarding

fair

value

measurements.

This

standard

emphasizes

that

fair

value

is

a

market-based

measurement

that

should

be

determined

based

on

the

assumptions

that

market

participants

would

use

in

pricing

an

asset

or

liability

and

establishes

a

hierarchy

that

prioritizes

inputs

to

valuation

techniques

used

to

measure

fair

value.

These

inputs

are

summarized

into

three

broad

levels: 

Level

1

–

Unadjusted

quoted

prices

in

active

markets

the

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities.

Level

2

–

Observable

inputs

other

than

unadjusted

quoted

prices

included

in

Level

1

that

are

observable

for

the

asset

or

liability

either

directly

or

indirectly.

These

inputs

may

include

quoted

prices

for

the

identical

instrument

on

an

inactive

market,

prices

for

similar

instruments,

interest

rates,

prepayment

speeds,

credit

risk,

yield

curves,

default

rates

and

similar

data.

Assets

or

liabilities

categorized

as

Level

2

in

the

hierarchy

generally

include:

debt

securities

fair

valued

in

accordance

with

the

evaluated

bid

or

ask

prices

supplied

by

a

pricing

service;

securities

traded

on

OTC

markets

and

listed

securities

for

which

no

sales

are

reported

that

are

fair

valued

at

the

latest

bid

price

(or

yield

equivalent

thereof)

obtained

from

one

or

more

dealers

transacting

in

a

market

for

such

securities

or

by

a

pricing

service

approved

by

the

Fund’s

Trustees;

and

certain

short-term

debt

securities

with

maturities

of

60

days

or

less

that

are

fair

valued

at

amortized

cost.

Other

securities

that

may

be

categorized

as

Level

2

in

the

hierarchy

include,

but

are

not

limited

to,

preferred

stocks,

bank

loans,

swaps,

investments

in

unregistered

investment

companies,

options,

and

forward

contracts.

Level

3

–

Unobservable

inputs

for

the

asset

or

liability

to

the

extent

that

relevant

observable

inputs

are

not

available,

representing

the

Fund’s

own

assumptions

about

the

assumptions

that

a

market

participant

would

use

in

valuing

the

asset

or

liability,

and

that

would

be

based

on

the

best

information

available.

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 period.

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,

2026 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

Janus

Henderson

Emerging

Markets

Debt

Hard

Currency

ETF

Notes

to

Financial

Statements

(unaudited)

26

April

30,

2026

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

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. 

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,

Janus

Henderson

Emerging

Markets

Debt

Hard

Currency

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

27

2026 

is

discussed

in

further

detail

below.

A

summary

of

derivative

activity

by

the

Fund

is

reflected

in

the

tables

at

the

end

of

the

Schedule

of

Investments.

The

Fund

may

use

derivative

instruments

for

various

investment

purposes,

such

as

to

manage

or

hedge

portfolio

risk,

including

interest

rate

risk,

enhance

return

or

to

manage

duration.

The

Fund’s

use

of

derivative

instruments

involves

risks

different

from,

or

possibly

greater

than,

the

risks

associated

with

investing

directly

in

securities

and

other

traditional

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

Janus

Henderson

Emerging

Markets

Debt

Hard

Currency

ETF

Notes

to

Financial

Statements

(unaudited)

28

April

30,

2026

derivatives,

centrally

cleared

derivatives,

forward

foreign

currency

exchange

contracts,

short

sales,

and/or

securities

with

extended

settlement

dates.

There

is

no

guarantee

that

counterparty

exposure

is

reduced

and

these

arrangements

are

dependent

on

the

Adviser's ability

to

establish

and

maintain

appropriate

systems

and

trading. 

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

Emerging

Markets

Debt

Hard

Currency

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

29

Securities

held

by

the

Fund

that

are

designated

as

collateral

for

market

value

on

futures

contracts

are

noted

on

the

Schedule

of

Investments

(if

applicable).

Such

collateral

is

in

the

possession

of

the

Fund's

futures

option

merchant. 

With

futures,

there

is

minimal

counterparty

credit

risk

to

the

Fund

since

futures

are

exchange-traded

and

the

exchange's

clearinghouse,

as

counterparty

to

all

exchange-traded

futures,

guarantees

the

futures

against

default. 

During

the

period,

the

Fund

purchased

interest

rate

futures

to

increase

exposure

to

interest

rate

risk.

During

the

period,

the

Fund

sold

interest

rate

futures

to

decrease

exposure

to

interest

rate

risk.

Swaps 

Swap

agreements

are

two-party

contracts

entered

into

primarily

by

institutional

investors

for

periods

ranging

from

a

day

to

more

than

one

year

to

exchange

one

set

of

cash

flows

for

another.

The

most

significant

factor

in

the

performance

of

swap

agreements

is

the

change

in

value

of

the

specific

index,

security,

or

currency,

or

other

factors

that

determine

the

amounts

of

payments

due

to

and

from

the

Fund.

The

use

of

swaps

is

a

highly

specialized

activity

which

involves

investment

techniques

and

risks

different

from

those

associated

with

ordinary

portfolio

securities

transactions.

Swap

agreements

entail

the

risk

that

a

party

will

default

on

its

payment

obligations

to

the

Fund.

If

the

other

party

to

a

swap

defaults,

the

Fund

would

risk

the

loss

of

the

net

amount

of

the

payments

that

it

contractually

is

entitled

to

receive.

If

the

Fund

utilizes

a

swap

at

the

wrong

time

or

judges

market

conditions

incorrectly,

the

swap

may

result

in

a

loss

to

the

Fund

and

reduce

the

Fund’s

total

return.

Swap

agreements

also

bear

the

risk

that

the

Fund

will

not

be

able

to

meet

its

obligation

to

the

counterparty.

Swap

agreements

are

typically

privately

negotiated

and

entered

into

in

the

OTC

market.

However,

certain

swap

agreements

are

required

to

be

cleared

through

a

clearinghouse

and

traded

on

an

exchange

or

swap

execution

facility.

Swaps

that

are

required

to

be

cleared

are

required

to

post

initial

and

variation

margins

in

accordance

with

the

exchange

requirements.

Regulations

enacted

require

the

Fund

to

centrally

clear

certain

interest

rate

and

credit

default

index

swaps

through

a

clearinghouse

or

central

counterparty

(“CCP”).

To

clear

a

swap

with

a

CCP,

the

Fund

will

submit

the

swap

to,

and

post

collateral

with,

a

futures

clearing

merchant

(“FCM”)

that

is

a

clearinghouse

member.

Alternatively,

the

Fund

may

enter

into

a

swap

with

a

financial

institution

other

than

the

FCM

(the

“Executing

Dealer”)

and

arrange

for

the

swap

to

be

transferred

to

the

FCM

for

clearing.

The

Fund

may

also

enter

into

a

swap

with

the

FCM

itself.

The

CCP,

the

FCM,

and

the

Executing

Dealer

are

all

subject

to

regulatory

oversight

by

the

U.S.

Commodity

Futures

Trading

Commission

(“CFTC”).

A

default

or

failure

by

a

CCP

or

an

FCM,

or

the

failure

of

a

swap

to

be

transferred

from

an

Executing

Dealer

to

the

FCM

for

clearing,

may

expose

the

Fund

to

losses,

increase

its

costs,

or

prevent

the

Fund

from

entering

or

exiting

swap

positions,

accessing

collateral,

or

fully

implementing

its

investment

strategies.

The

regulatory

requirement

to

clear

certain

swaps

could,

either

temporarily

or

permanently,

reduce

the

liquidity

of

cleared

swaps

or

increase

the

costs

of

entering

into

those

swaps.

Index

swaps,

interest

rate

swaps,

inflation

swaps and

credit

default

swaps

are

valued

using

an

approved

vendor

supplied

price.

Basket

swaps

are

valued

using

a

broker

supplied

price.

Equity

swaps

that

consist

of

a

single

underlying

equity

are

valued

either

at

the

closing

price,

the

latest

bid

price,

or

the

last

sale

price

on

the

primary

market

or

exchange

it

trades.

The

market

value

of

swap

contracts

are

aggregated

by

positive

and

negative

values

and

are

disclosed

separately

as

an

asset

or

liability

on

the

Fund’s

Statement

of

Assets

and

Liabilities

(if

applicable).

Realized

gains

and

losses

are

reported

on

the

Statement

of

Operations

(if

applicable).

The

change

in

unrealized

net

appreciation

or

depreciation

during

the

period

is

included

in

the

Statement

of

Operations

(if

applicable).

The

Fund’s

maximum

risk

of

loss

from

counterparty

risk

or

credit

risk

is

the

discounted

value

of

the

payments

to

be

received

from/paid

to

the

counterparty

over

the

contract’s

remaining

life,

to

the

extent

that

the

amount

is

positive.

The

risk

is

mitigated

by

having

a

netting

arrangement

between

the

Fund

and

the

counterparty

and

by

the

posting

of

collateral

by

the

counterparty

to

cover

the

Fund’s

exposure

to

the

counterparty.

The

Fund

may

enter

into

various

types

of

credit

default

swap

agreements,

including

OTC

credit

default

swap

agreements

and

index

credit

default

swaps

(“CDX”),

for

investment

purposes

and

to

add

leverage

to

its

portfolio,

or

to

hedge

its

credit

exposure.

Credit

default

swaps

are

a

specific

kind

of

counterparty

agreement

that

allow

the

transfer

of

third-

party

credit

risk

from

one

party

to

the

other.

One

party

in

the

swap

is

a

lender

and

faces

credit

risk

from

a

third

party,

and

the

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

Janus

Henderson

Emerging

Markets

Debt

Hard

Currency

ETF

Notes

to

Financial

Statements

(unaudited)

30

April

30,

2026

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.

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.

There

were

no

credit

default

swaps

held

as

of

April

30,

2026.

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

Janus

Henderson

Emerging

Markets

Debt

Hard

Currency

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

31

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,

social

unrest,

tariffs,

financial

institution

failures,

and

economic

recessions 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.

Armed

Conflict.

Armed

conflicts

between

countries

or

in

a

geographic

region,

such

as

the

ongoing

armed

conflicts

in

Europe

and

the

Middle

East,

have

the

potential

to

adversely

impact

a

Fund.

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.

Emerging

Markets

Risk

Emerging

market

securities

involve

a

number

of

risks,

which

may

result

from

less

government

supervision

and

regulation

of

business

and

industry

practices

(including

the

potential

lack

of

strict

finance

and

accounting

controls

and

standards),

stock

exchanges,

brokers,

and

listed

companies.

Information

about

emerging

market

companies,

including

financial

information,

may

be

less

available

or

reliable

and

the

Adviser’s

ability

to

conduct

due

diligence

with

respect

to

such

companies

may

be

limited.

Accordingly,

these

investments

may

be

potentially

more

volatile

in

price

and

less

liquid

than

investments

in

developed

securities

markets,

resulting

in

greater

risk

to

investors.

There

is

a

risk

in

developing

countries

that

a

current

or

future

economic

or

political

crisis

could

lead

to

price

controls,

forced

mergers

of

companies,

expropriation

or

confiscatory

taxation,

imposition

or

enforcement

of

foreign

ownership

limits,

seizure,

nationalization,

sanctions

or

imposition

of

restrictions

by

various

governmental

entities

on

investment

and

trading,

or

creation

of

government

monopolies,

any

of

which

may

have

a

detrimental

effect

on

the

Fund’s

investments.

In

addition,

the

taxation

systems

at

the

federal,

regional,

and

local

levels

in

developing

or

emerging

market

countries

may

be

less

transparent,

inconsistently

enforced,

and

subject

to

change.

Emerging

markets

may

be

subject

to

a

higher

degree

of

corruption

and

fraud

than

developed

markets,

and

financial

institutions

and

transaction

counterparties

may

have

less

financial

sophistication,

creditworthiness,

and/or

resources

than

participants

in

developed

markets.

In

addition,

the

Fund’s

investments

may

be

denominated

in

foreign

currencies

and

therefore,

changes

in

the

value

of

a

foreign

currency

compared

to

the

U.S.

dollar

may

affect

the

value

of

the

Fund’s

investments.

To

the

extent

that

the

Fund

invests

a

significant

portion

of

its

assets

in

the

securities

of

emerging

markets

issuers

in

or

companies

of

a

single

country

or

region,

it

is

more

likely

to

be

impacted

by

events

or

conditions

affecting

that

country

or

region,

which

could

have

a

negative

impact

on

the

Fund’s

performance.

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.

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

Janus

Henderson

Emerging

Markets

Debt

Hard

Currency

ETF

Notes

to

Financial

Statements

(unaudited)

32

April

30,

2026

foreign

exchange

when

a

payment

is

due,

the

relative

size

of

its

debt

position

in

relation

to

its

economy

as

a

whole,

the

sovereign

debtor’s

policy

toward

international

lenders,

and

local

political

constraints

to

which

the

governmental

entity

may

be

subject.

Sovereign

debtors

may

also

be

dependent

on

expected

disbursements

from

foreign

governments,

multilateral

agencies,

and

other

entities.

The

failure

of

a

sovereign

debtor

to

implement

economic

reforms,

achieve

specified

levels

of

economic

performance,

or

repay

principal

or

interest

when

due

may

result

in

the

cancellation

of

third

party

commitments

to

lend

funds

to

the

sovereign

debtor,

which

may

further

impair

such

debtor’s

ability

or

willingness

to

timely

service

its

debts.

The

Fund

may

be

requested

to

participate

in

the

rescheduling

of

such

sovereign

debt

and

to

extend

further

loans

to

governmental

entities,

which

may

adversely

affect

the

Fund’s

holdings.

In

the

event

of

default,

there

may

be

limited

or

no

legal

remedies

for

collecting

sovereign

debt

and

there

may

be

no

bankruptcy

proceedings

through

which

the

Fund

may

collect

all

or

part

of

the

sovereign

debt

that

a

governmental

entity

has

not

repaid.

In

addition,

to

the

extent

the

Fund

invests

in

non-U.S.

sovereign

debt,

it

may

be

subject

to

currency

risk. 

Counterparties 

Fund

transactions

involving

a

counterparty

are

subject

to

the

risk

that

the

counterparty

or

a

third

party

will

not

fulfill

its

obligation

to

the

Fund

("counterparty

risk").

Counterparty

risk

may

arise

because

of

the

counterparty's

financial

condition

(i.e.,

financial

difficulties,

bankruptcy,

or

insolvency),

market

activities

and

developments,

or

other

reasons,

whether

foreseen

or

not.

A

counterparty's

inability

to

fulfill

its

obligation

may

result

in

significant

financial

loss

to

the

Fund.

The

Fund

may

be

unable

to

recover

its

investment

from

the

counterparty

or

may

obtain

a

limited

recovery,

and/or

recovery

may

be

delayed.

The

extent

of

the

Fund's

exposure

to

counterparty

risk

with

respect

to

financial

assets

and

liabilities

approximates

its

carrying

value.

See

the

"Offsetting

Assets

and

Liabilities"

section

of

this

Note

for

further

details.

The

Fund

may

be

exposed

to

counterparty

risk

through

participation

in

various

programs,

including,

but

not

limited

to,

lending

its

securities

to

third

parties,

cash

sweep

arrangements

whereby

the

Fund's

cash

balance

is

invested

in

one

or

more

types

of

cash

management

vehicles,

as

well

as

investments

in,

but

not

limited

to,

repurchase

agreements,

and

derivatives,

including

various

types

of

swaps,

futures

and

options.

The

Fund

intends

to

enter

into

financial

transactions

with

counterparties

that

the

Adviser believes

to

be

creditworthy

at

the

time

of

the

transaction.

There

is

always

the

risk

that

the

Adviser's analysis

of

a

counterparty's

creditworthiness

is

incorrect

or

may

change

due

to

market

conditions.

To

the

extent

that

the

Fund

focuses

its

transactions

with

a

limited

number

of

counterparties,

it

will

have

greater

exposure

to

the

risks

associated

with

one

or

more

counterparties. 

Offsetting

Assets

and

Liabilities 

The

Fund

presents

gross

and

net

information

about

transactions

that

are

either

offset

in

the

financial

statements

or

subject

to

an

enforceable

master

netting

arrangement

or

similar

agreement

with

a

designated

counterparty,

regardless

of

whether

the

transactions

are

actually

offset

in

the

Statement

of

Assets

and

Liabilities.

In

order

to

better

define

its

contractual

rights

and

to

secure

rights

that

will

help

the

Fund

mitigate

its

counterparty

risk,

the

Fund

may

enter

into

an

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreement

(“ISDA

Master

Agreement”)

or

similar

agreement

with

its

derivative

contract

counterparties.

An

ISDA

Master

Agreement

is

a

bilateral

agreement

between

the

Fund

and

a

counterparty

that

governs

OTC

derivatives

and

forward

foreign

currency

exchange

contracts

and

typically

contains,

among

other

things,

collateral

posting

terms

and

netting

provisions

in

the

event

of

a

default

and/or

termination

event.

Under

an

ISDA

Master

Agreement,

in

the

event

of

a

default

and/or

termination

event,

the

Fund

may

offset

with

each

counterparty

certain

derivative

financial

instruments’

payables

and/or

receivables

with

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,

2026"

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

Janus

Henderson

Emerging

Markets

Debt

Hard

Currency

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

33

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

next

business

day. 

Therefore,

the

value

of

the

collateral

held

may

be

temporarily

less

than

102%

or

105%

value

of

the

securities

on

loan.

The

cash

collateral

invested

by

the

Adviser is

disclosed

in

the

Schedule

of

Investments

(if

applicable).

Income

earned

from

the

investment

of

the

cash

collateral,

net

of

rebates

paid

to,

or

fees

paid

by,

borrowers

and

less

the

fees

paid

to

the

lending

agent

are

included

as

“Affiliated

securities

lending

income,

net”

on

the

Statement

of

Operations.

There

were

no

securities

on

loan

as

of

April

30,

2026.

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

Janus

Henderson

Emerging

Markets

Debt

Hard

Currency

ETF

Notes

to

Financial

Statements

(unaudited)

34

April

30,

2026

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,

2026,

the

Fund’s

actual

management

fee

rate

(expressed

as

an

annual

rate)

was

0.52% 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,

2026, the

Adviser

owned 6,330,855

shares

or 70.34%

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

at

least

80%

of

its

net

assets

(plus

any

borrowings

for

investment

purposes)

in

U.S.

Government

securities

and

repurchase

agreements

that

are collateralized

by

U.S.

Government 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). 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. 

Daily

Net

Assets

Fee

Rate

$0-$500

million

0.52%

Over

$500

million

0.48%

Janus

Henderson

Emerging

Markets

Debt

Hard

Currency

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

35

Any

purchases

and

sales,

realized

gains/losses

and

recorded

dividends

from

affiliated

investments

during

the period

ended

April

30,

2026 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.

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,

2026 are

noted

below.

The

primary

differences

between

book

and

tax

appreciation

or

depreciation

of

investments are

wash

sale

loss

deferrals,

amortization

on

bonds,

and

investments in partnerships.

6.

Capital

Share

Transactions 

7.

Purchases

and

Sales

of

Investment

Securities

For

the

period

ended

April

30,

2026,

the

aggregate

cost

of

purchases

and

proceeds

from

sales

of

investment

securities

(excluding

any

short-term

securities,

short-term

options

contracts,

and

in-kind

transactions)

was

as

follows:

8.

Acquisition

Note

On

December

22,

2025,

Janus

Henderson

Group

plc,

the

parent

company

of

the

Fund's

investment

adviser,

announced

a

definitive

agreement

to

be

acquired

by

Trian

Fund

Management

and

General

Catalyst.

The

Transaction

is

expected

to

close

in

2026,

subject

to

customary

closing

conditions,

including

requisite

regulatory

approvals,

and

client

consents.

The

shareholders

of

Janus

Henderson

Group,

plc

approved

the

acquisition

on

April

16,

2026. 

9.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to April

30,

2026

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:

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$458,652,508

$17,986,277

$(3,231,893)

$14,754,384

Period

Ended

April

30,

2026

Year

Ended

October

31,

2025

Shares

Amount

Shares

Amount

Shares

sold

1,150,000

$

61,264,588

4,600,000

$

233,596,099

Shares

repurchased

(50,000)

(2,674,045

)

(1,100,000)

(54,601,399

)

Net

Increase/(Decrease)

1,100,000

$

58,590,543

3,500,000

$

178,994,700

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

$145,774,357

$86,339,123

$—

$—

Janus

Henderson

Emerging

Markets

Debt

Hard

Currency

ETF

Notes

to

Financial

Statements

(unaudited)

36

April

30,

2026

At

a

May

18,

2026  meeting

of

Fund

shareholders,

shareholders

approved

a

new

investment

advisory

agreement

between

the

Fund

and

the

Adviser,

to

take

effect

in

connection

with

the

closing

of

the

Transaction.

Janus

Henderson

Emerging

Markets

Debt

Hard

Currency

ETF

Additional

Information

(unaudited)

Janus

Detroit

Street

Trust

37

Item

8.

Changes

in

and

Disagreements

with

Accountants

for

Open-End

Management

Investment

Companies.

Not

applicable.

Item

9.

Proxy

Disclosures

for

Open-End

Management

Investment

Companies.

Not

applicable.

Item

10.

Remuneration

Paid

to

Directors,

Officers,

and

Others

of

Open-End

Management

Investment

Companies.

Because

the

Adviser

has

agreed

in

the

Investment

Advisory

Agreement

to

cover

all

operating

expenses

of

the

Fund,

subject

to

certain

exclusions

as

provided

for

therein,

the

Adviser

pays

the

compensation

to

each

Independent

Trustee

for

services

to

the

Fund

from

Adviser’s

management

fees.

Item

11.

APPROVAL

OF

ADVISORY

AGREEMENTS

DURING

THE

PERIOD

Not

applicable.

125-24-93099

04-26

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

FINANCIAL

STATEMENTS

April

30,

2026

Janus

Henderson

Mid

Cap

Growth

Alpha

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

Mid

Cap

Growth

Alpha

ETF

Item

7.

Financial

Statements

and

Financial

Highlights

for

Open-End

Management

Investment

Companies

Schedule

of

Investments

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

3

Statement

of

Assets

and

Liabilities

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

8

Statement

of

Operations

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

9

Statements

of

Changes

in

Net

Assets

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

10

Financial

Highlights

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

11

Notes

to

Financial

Statements

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

12

Items

8-11

-

Additional

Information

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

20

Janus

Henderson

Mid

Cap

Growth

Alpha

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

Janus

Detroit

Street

Trust

3

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Common

Stocks

-

100

.0

%

Aerospace

&

Defense

-

7

.2

%

FTAI

Aviation

Ltd.

1,215

$

303,349

Howmet

Aerospace,

Inc.

3,291

799,845

Rocket

Lab

Corp.*

763

62,955

StandardAero,

Inc.*

6,255

155,499

1,321,648

Beverages

-

0

.2

%

Celsius

Holdings,

Inc.*

1,100

36,927

Biotechnology

-

4

.8

%

Alnylam

Pharmaceuticals,

Inc.*

824

255,020

Exelixis,

Inc.*

5,563

247,331

Halozyme

Therapeutics,

Inc.*

3,618

230,322

Incyte

Corp.*

1,595

151,955

884,628

Building

Products

-

1

.7

%

Carlisle

Cos.,

Inc.

717

254,721

Simpson

Manufacturing

Co.,

Inc.

283

53,977

308,698

Capital

Markets

-

4

.7

%

Ameriprise

Financial,

Inc.

1,083

514,198

Lazard,

Inc.

-

Class

A

5,071

245,943

XP,

Inc.

-

Class

A

4,979

95,398

855,539

Communications

Equipment

-

2

.1

%

Lumentum

Holdings,

Inc.*

250

225,580

Ubiquiti,

Inc.

160

161,922

387,502

Construction

&

Engineering

-

6

.7

%

Comfort

Systems

USA,

Inc.

400

736,100

EMCOR

Group,

Inc.

355

316,543

Quanta

Services,

Inc.

222

161,565

1,214,208

Consumer

Staples

Distribution

&

Retail

-

2

.1

%

Casey's

General

Stores,

Inc.

79

64,950

Sysco

Corp.

4,326

323,195

388,145

Diversified

Consumer

Services

-

0

.7

%

Grand

Canyon

Education,

Inc.*

741

125,281

Diversified

Telecommunication

Services

-

2

.1

%

AST

SpaceMobile,

Inc.

-

Class

A

#

,*

689

50,917

Iridium

Communications,

Inc.

8,294

324,047

374,964

Electric

Utilities

-

0

.5

%

NRG

Energy,

Inc.

579

90,081

Electrical

Equipment

-

6

.1

%

Vertiv

Holdings

Co.

-

Class

A

3,366

1,105,697

Electronic

Equipment,

Instruments

&

Components

-

2

.7

%

Jabil,

Inc.

1,456

491,385

Financial

Services

-

3

.2

%

Block,

Inc.

-

Class

A*

1,119

78,901

Corpay,

Inc.*

1,229

376,651

WEX,

Inc.*

796

119,663

575,215

Janus

Henderson

Mid

Cap

Growth

Alpha

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

4

April

30,

2026

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Common

Stocks

-

(continued)

Food

Products

-

0

.8

%

Hershey

Co.

(The)

803

$

149,149

Ground

Transportation

-

1

.7

%

Old

Dominion

Freight

Line,

Inc.

1,021

216,891

XPO,

Inc.*

454

99,939

316,830

Health

Care

Equipment

&

Supplies

-

4

.0

%

Dexcom,

Inc.*

5,848

348,248

IDEXX

Laboratories,

Inc.*

696

390,317

738,565

Health

Care

Providers

&

Services

-

3

.9

%

Cardinal

Health,

Inc.

423

81,588

Cencora,

Inc.

1,841

567,047

DaVita,

Inc.*

352

54,609

703,244

Hotels,

Restaurants

&

Leisure

-

11

.7

%

Carnival

Corp.

7,484

198,401

Choice

Hotels

International,

Inc.

#

2,650

262,562

Expedia

Group,

Inc.

1,378

342,254

Hilton

Worldwide

Holdings,

Inc.

500

162,035

Las

Vegas

Sands

Corp.

6,670

364,249

Restaurant

Brands

International,

Inc.

4,149

334,741

Royal

Caribbean

Cruises

Ltd.

642

169,334

Wyndham

Hotels

&

Resorts,

Inc.

3,767

306,558

2,140,134

Household

Durables

-

1

.5

%

SharkNinja,

Inc.*

2,332

269,416

Independent

Power

and

Renewable

Electricity

Producers

-

0

.4

%

Vistra

Corp.

483

76,237

Insurance

-

1

.3

%

Markel

Group,

Inc.*

130

230,421

Interactive

Media

&

Services

-

1

.4

%

Pinterest,

Inc.

-

Class

A*

9,835

193,356

Reddit,

Inc.

-

Class

A*

442

65,076

258,432

IT

Services

-

2

.4

%

Cloudflare,

Inc.

-

Class

A*

412

84,448

Gartner,

Inc.*

2,147

318,808

MongoDB,

Inc.

-

Class

A*

167

41,888

445,144

Life

Sciences

Tools

&

Services

-

0

.7

%

Medpace

Holdings,

Inc.*

317

132,715

Media

-

0

.8

%

Trade

Desk,

Inc.

(The)

-

Class

A*

6,486

153,005

Metals

&

Mining

-

1

.0

%

Anglogold

Ashanti

plc

1,907

178,743

Oil,

Gas

&

Consumable

Fuels

-

2

.0

%

Cheniere

Energy,

Inc.

413

113,554

Phillips

66

338

60,553

Targa

Resources

Corp.

701

182,316

356,423

Pharmaceuticals

-

0

.4

%

Corcept

Therapeutics,

Inc.*

1,506

70,059

Janus

Henderson

Mid

Cap

Growth

Alpha

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

Janus

Detroit

Street

Trust

5

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Common

Stocks

-

(continued)

Professional

Services

-

1

.8

%

Booz

Allen

Hamilton

Holding

Corp.

-

Class

A

4,208

$

327,256

Real

Estate

Management

&

Development

-

0

.5

%

Jones

Lang

LaSalle,

Inc.*

310

98,620

Semiconductors

&

Semiconductor

Equipment

-

3

.3

%

Astera

Labs,

Inc.*

680

132,423

Monolithic

Power

Systems,

Inc.

184

297,052

Onto

Innovation,

Inc.*

587

173,200

602,675

Software

-

3

.6

%

Datadog,

Inc.

-

Class

A*

834

110,247

Docusign,

Inc.

-

Class

A*

1,173

53,946

HubSpot,

Inc.*

218

48,344

RingCentral,

Inc.

-

Class

A

5,083

204,438

Teradata

Corp.*

9,034

238,046

655,021

Specialized

REITs

-

1

.9

%

Lamar

Advertising

Co.

-

Class

A

2,471

340,603

Specialty

Retail

-

2

.6

%

Murphy

USA,

Inc.

134

78,792

Ross

Stores,

Inc.

1,726

393,165

471,957

Technology

Hardware,

Storage

&

Peripherals

-

0

.8

%

NetApp,

Inc.

1,245

137,909

Textiles,

Apparel

&

Luxury

Goods

-

4

.4

%

Deckers

Outdoor

Corp.*

3,248

331,946

Lululemon

Athletica,

Inc.*

383

52,739

Tapestry,

Inc.

2,885

418,440

803,125

Trading

Companies

&

Distributors

-

2

.3

%

Core

&

Main,

Inc.

-

Class

A*

5,623

283,231

SiteOne

Landscape

Supply,

Inc.*

1,064

134,117

417,348

Total

Common

Stocks

(cost

$17,199,291)

18,232,949

Investment

Companies

-

0

.1

%

Money

Market

Funds

-

0

.1

%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

3.6483%

£,∞

(cost

$11,076)

11,075

11,076

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

1

.4

%

Investment

Companies

-

1

.1

%

Janus

Henderson

Cash

Collateral

Fund

LLC,

3.5866%

£,∞

212,471

212,470

Time

Deposits

-

0

.3

%

Royal

Bank

of

Canada,

3.6300%,

5/1/26

$

53,118

53,118

Total

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

(cost

$265,588)

265,588

Total

Investments

(total

cost

$

17,475,955

)

-

101

.5

%

18,509,613

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(1.5%)

(268,923)

Net

Assets

-

100.0%

$18,240,690

Janus

Henderson

Mid

Cap

Growth

Alpha

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

6

April

30,

2026

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

$

18,361,476

99

.2

%

Brazil

95,398

0

.5

Canada

52,739

0

.3

Total

$18,509,613

100

.0

%

Schedule

of

Affiliated

Investments

-

(%

of

Net

Assets)

Affiliated

Investments,

at

Value

at

10/31/25

Purchases

Sales

Proceeds

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciatio

n/

(Depreciation)

Affiliated

Investments,

at

Value

at

4/30/26

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

Shares

Held

at

4/30/26

Dividend

Income

Investment

Company

-

0.1%

Money

Market

Funds

-

0.1%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

3.6483%

∞

$

7,836

$

403,213

$

(

399,970

)

$

(

3

)

$

–

$

11,076

11,075

$

220

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

1.4%

Investment

Companies

-

1.1%

Janus

Henderson

Cash

Collateral

Fund

LLC,

3.5866%

∞

–

3,401,651

(

3,189,181

)

–

–

212,470

212,471

3,188

Δ

Total

Affiliated

Investments

-

1.2%

$7,836

$3,804,864

$(3,589,151)

$(3)

$–

$223,546

$3,408

Offsetting

of

Financial

Assets

and

Derivative

Assets

Counterparty

Gross

Amounts

of

Recognized

Assets

Offsetting

Asset

or

Liability

(a)

Collateral

Pledged

(b)

Net

Amount

JPMorgan

Chase

Bank

NA

$

260,296

$

—

$

(

260,296

)

$

—

(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

Mid

Cap

Growth

Alpha

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

April

30,

2026

Janus

Detroit

Street

Trust

7

LLC

Limited

Liability

Company

plc

Public

Limited

Company

REIT

Real

Estate

Investment

Trust

*

Non-income

producing

security.

#

Loaned

security;

a

portion

of

the

security

is

on

loan

at

April

30,

2026.

∞

Rate

shown

is

the

7-day

yield

as

of

April

30,

2026.

£

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,

2026

.

See

Notes

to

Financial

Statements

for

more

information.

Valuation

Inputs

Summary

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Total

Assets

Investments

in

Securities:

Common

Stocks

$

18,232,949

$

—

$

—

$

18,232,949

Investment

Companies

—

11,076

—

11,076

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

—

265,588

—

265,588

Total

Assets

$

18,232,949

$

276,664

$

—

$

18,509,613

Janus

Henderson

Mid

Cap

Growth

Alpha

ETF

Statement

of

Assets

and

Liabilities

(unaudited)

April

30,

2026

8

April

30,

2026

See

Notes

to

Financial

Statements.

Assets:

Unaffiliated

investments,

at

value

(cost

$17,252,409)

(1)

$

18,286,067

Affiliated

investments,

at

value

(cost

$223,546)

223,546

Cash

1

Receivables:

Dividends

912

Affiliated

securities

lending

income,

net

86

Total

Assets

18,510,612

Liabilities:

Collateral

on

securities

loaned

(Note

2)

265,588

Payables:

Management

fees

4,334

Total

Liabilities

269,922

Commitments

and

contingent

liabilities

Net

Assets

$

18,240,690

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

17,044,336

Total

distributable

earnings

(loss)

1,196,354

Total

Net

Assets

$

18,240,690

Net

Assets

$

18,240,690

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

600,000

Net

Asset

Value

Per

Share

$

30

.40

(1)

Includes

$260,296

of

securities

on

loan.

See

Note

3

in

Notes

to

Financial

Statements.

Janus

Henderson

Mid

Cap

Growth

Alpha

ETF

Statement

of

Operations

(unaudited)

For

the

period

ended

April

2026

Janus

Detroit

Street

Trust

9

See

Notes

to

Financial

Statements.

Investment

Income:

Dividends

$

87,898

Affiliated

securities

lending

income,

net    

3,188

Unaffiliated

securities

lending

income,

net

907

Dividends

from

affiliates

220

Foreign

tax

withheld

(

1,142

)

Total

Investment

Income

91,071

Expenses:

Management

Fees

28,262

Total

Expenses

28,262

Net

Investment

Income/(Loss)

62,809

Net

Realized

Gain/(Loss)

on

Investments:

Investments

$

566,595

Investments

in

affiliates

(

3

)

Total

Net

Realized

Gain/(Loss)

on

Investments

$

566,592

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

(

214,288

)

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

(

214,288

)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

415,113

Janus

Henderson

Mid

Cap

Growth

Alpha

ETF

Statements

of

Changes

in

Net

Assets

10

April

30,

2026

See

Notes

to

Financial

Statements.

Period

Ended

April

30,

2026

(unaudited)

Year

Ended

October

31,

2025

Operations:

Net

investment

income/(loss)

$

62,809

$

138,151

Net

realized

gain/(loss)

on

investments

566,592

31,967

Change

in

unrealized

net

appreciation/depreciation

(

214,288

)

1,027,313

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

415,113

1,197,431

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(

71,585

)

(

120,766

)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(

71,585

)

(

120,766

)

Capital

Share

Transactions

(

6,605,154

)

17,580,084

Net

Increase/(Decrease)

in

Net

Assets

(

6,261,626

)

18,656,749

Net

Assets:

—

—

Beginning

of

Period  

24,502,316

5,845,567

End

of

Period

$

18,240,690

$

24,502,316

Janus

Henderson

Mid

Cap

Growth

Alpha

ETF

Financial

Highlights

Janus

Detroit

Street

Trust

11

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

the

period

ended

April

30,

2026

(unaudited)

and

each

year

or

period

ended

October

31

2026

2025

2024

(1)

Net

Asset

Value,

Beginning

of

Period

$29.70

$25.98

$25.00

Income/(Loss)

from

Investment

Operations:

—

—

—

Net

investment

income/(loss)

(2)

0.10

0.20

0.01

Net

realized

and

unrealized

gain/(loss)

0.71

3.69

0.97

Total

from

Investment

Operations

0.81

3.89

0.98

Less

Dividends

and

Distributions:

—

—

—

Dividends

(from

net

investment

income)

(0.11)

(0.17)

—

Total

Dividends

and

Distributions

(0.11)

(0.17)

—

Net

Asset

Value,

End

of

Period

$30.40

$29.70

$25.98

Total

Return

*

2.74%

15.01%

3.92%

Net

assets,

End

of

Period

(in

thousands)

$18,241

$24,502

$5,846

Ratios

to

Average

Net

Assets

**

Ratio

of

Gross

Expenses

0.30%

0.30%

0.30%

Ratio

of

Net

Investment

Income/(Loss)

0.67%

0.69%

0.17%

Portfolio

Turnover

Rate

(3)

112%

213%

0%

(4)

*

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

17,

2024

(commencement

of

operations)

through

October

31,

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)

Amount

is

less

than

0.5%

Janus

Henderson

Mid

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

(unaudited)

12

April

30,

2026

1.

Organization

and

Significant

Accounting

Policies

Janus

Henderson 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 nineteen

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

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 The

Nasdaq

Stock

Market

LLC

(“Nasdaq”)

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.

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

Chief

Financial

Officer

of

the

Fund/Portfolio

is

designated

as

the

Chief

Operating

Decision

Maker

(“CODM”)

as

it

relates

to

ASC

Topic

280.

The

CODM

has

concluded

that

the

Fund/Portfolio

operated

as

a

single

segment

entity

for

the period ended

April

30,

2026.

The

key

indicator

of

performance

of

the

Fund

is

net

investment

income

as

reported

on

the

Statement

of

Operations.

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

Mid

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

13

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 period.

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,

2026 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

Mid

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

(unaudited)

14

April

30,

2026

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. 

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

Janus

Henderson

Mid

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

15

and

pandemics),

terrorism,

conflicts,

including

related

sanctions,

social

unrest,

tariffs,

financial

institution

failures,

and

economic

recessions 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.

Armed

Conflict.

Armed

conflicts

between

countries

or

in

a

geographic

region,

such

as

the

ongoing

armed

conflicts

in

Europe

and

the

Middle

East,

have

the

potential

to

adversely

impact

a

Fund.

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.

Mid-Sized

Companies

Risk 

Investments

in

securities

issued

by

mid-sized

companies

may

involve

greater

risks

than

are

customarily

associated

with

larger,

more

established

companies. 

Securities

issued

by

mid-sized

companies

tend

to

be

more

volatile

than

securities

issued

by

larger

or

more

established

companies

and

may

underperform

as

compared

to

the

securities

of

larger

or

more

established

companies. 

These

holdings

are

also

subject

to

wider

price

fluctuations

and

tend

to

be

less

liquid

than

stocks

of

larger

or

more

established

companies,

which

could

have

significant

adverse

effect

on

the

Fund's

returns,

especially

as

market

conditions

change.

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

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. 

Janus

Henderson

Mid

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

(unaudited)

16

April

30,

2026

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,

2026,

securities

lending

transactions

accounted

for

as

secured

borrowings

with

an

overnight

and

continuous

contractual

maturity

are

$260,296

for

equity

securities.

Gross

amounts

of

recognized

liabilities

for

securities

lending

(collateral

received)

as

of

April

30,

2026 is $265,588,

resulting

in

the

net

amount

due

to

the

counterparty

of

$5,292.

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: 

Daily

Net

Assets

Fee

Rate

$0-$500

million

0.30%

Next

$500

million

0.25%

Over

$1

billion

0.20%

Janus

Henderson

Mid

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

17

For

the

period

ended April

30,

2026,

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

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

at

least

80%

of

its

net

assets

(plus

any

borrowings

for

investment

purposes)

in

U.S.

Government

securities

and

repurchase

agreements

that

are collateralized

by

U.S.

Government 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). 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,

2026 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.

Janus

Henderson

Mid

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

(unaudited)

18

April

30,

2026

Accumulated

capital

losses

noted

below

represent

net

capital

loss

carryovers,

as

of

October

31,

2025,

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,

2026 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,

2026,

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,

2026,

the

cost

of

in-kind

purchases

and

proceeds

from

in-kind

sales,

were

as

follows: 

During

the

period

ended

April

30,

2026,

the

Fund

had

net

realized

gain of $1,028,357 from

in-kind

redemptions.

Gains

on

in-kind

transactions

are

not

considered

taxable

for

federal

income

tax

purposes.

7.

Acquisition

Note

On

December

22,

2025,

Janus

Henderson

Group

plc,

the

parent

company

of

the

Fund's

investment

adviser,

announced

a

definitive

agreement

to

be

acquired

by

Trian

Fund

Management

and

General

Catalyst.

The

Transaction

is

expected

to

close

in

2026,

subject

to

customary

closing

conditions,

including

requisite

regulatory

approvals,

and

client

consents.

The

shareholders

of

Janus

Henderson

Group,

plc

approved

the

acquisition

on

April

16,

2026. 

Capital

Loss

Carryover

Schedule

For

the

year

ended

October

31,

2025

No

Expiration

Short-Term

Long-Term

Accumulated

Capital

Losses

$(409,180)

$—

$(409,180)

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$17,475,955

$2,392,761

$(1,359,103)

$1,033,658

Period

Ended

April

30,

2026

Year

Ended

October

31,

2025

Shares

Amount

Shares

Amount

Shares

sold

100,000

$

2,967,428

775,000

$

22,465,016

Shares

repurchased

(325,000)

(9,572,582

)

(175,000)

(4,884,932

)

Net

Increase/(Decrease)

(225,000)

$

(6,605,154

)

600,000

$

17,580,084

Purchases

of

Securities

Proceeds

from

Sales

of

Securities

Purchases

of

Long-

Term

U.S.

Government

Obligations

Proceeds

from

Sales

of

Long-Term

U.S.

Government

Obligations

$22,008,424

$22,007,232

$—

$—

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

$2,963,872

$9,581,311

$—

$—

Janus

Henderson

Mid

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

19

8.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to April

30,

2026

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:

At

a

May

18,

2026  meeting

of

Fund

shareholders,

shareholders

approved

a

new

investment

advisory

agreement

between

the

Fund

and

the

Adviser,

to

take

effect

in

connection

with

the

closing

of

the

Transaction.

Janus

Henderson

Mid

Cap

Growth

Alpha

ETF

Additional

Information

(unaudited)

20

April

30,

2026

Item

8.

Changes

in

and

Disagreements

with

Accountants

for

Open-End

Management

Investment

Companies.

Not

applicable.

Item

9.

Proxy

Disclosures

for

Open-End

Management

Investment

Companies.

Not

applicable.

Item

10.

Remuneration

Paid

to

Directors,

Officers,

and

Others

of

Open-End

Management

Investment

Companies.

Because

the

Adviser

has

agreed

in

the

Investment

Advisory

Agreement

to

cover

all

operating

expenses

of

the

Fund,

subject

to

certain

exclusions

as

provided

for

therein,

the

Adviser

pays

the

compensation

to

each

Independent

Trustee

for

services

to

the

Fund

from

Adviser’s

management

fees.

Item

11.

APPROVAL

OF

ADVISORY

AGREEMENTS

DURING

THE

PERIOD

Not

applicable.

125-24-93100

04-26

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

FINANCIAL

STATEMENTS

April

30,

2026

Janus

Henderson

Income

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

Income

ETF

Item

7.

Financial

Statements

and

Financial

Highlights

for

Open-End

Management

Investment

Companies

Schedule

of

Investments

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

3

Statement

of

Assets

and

Liabilities

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

24

Statement

of

Operations

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

25

Statements

of

Changes

in

Net

Assets

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

26

Financial

Highlights

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

27

Notes

to

Financial

Statements

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

28

Items

8-11

-

Additional

Information

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

44

Janus

Henderson

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

Janus

Detroit

Street

Trust

3

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Asset-Backed

Securities

-

14

.8

%

ACHM

Mortgage

Trust,

7.2600%,

5/25/39

(144A)

$

494,723

$

505,895

ACHV

ABS

TRUST,

8.4700%,

3/18/30

(144A)

67,294

67,754

Aligned

Data

Centers

Issuer

LLC,

1.9370%,

8/15/46

(144A)

164,000

162,775

Ally

Bank

Auto

Credit-Linked

Notes,

8.0360%,

9/15/32

(144A)

242,859

245,350

Ally

Bank

Auto

Credit-Linked

Notes,

6.0660%,

6/15/33

(144A)

176,642

175,356

Ally

Bank

Auto

Credit-Linked

Notes,

6.1640%,

9/15/33

(144A)

573,043

569,319

Amur

Equipment

Finance

Receivables

XV

LLC,

5.6800%,

8/20/32

(144A)

275,000

276,219

Bayview

Opportunity

Master

Fund

VII

LLC,

SOFR30A

+

3.6000%,

7.2452%,

12/26/31

(144A)

‡

307,566

310,257

Bayview

Opportunity

Master

Fund

VII

LLC,

SOFR30A

+

2.7500%,

6.3952%,

6/25/47

(144A)

‡

74,197

75,137

Bayview

Opportunity

Master

Fund

VII

LLC,

SOFR30A

+

1.8000%,

5.4452%,

7/27/48

(144A)

‡

200,893

201,119

Business

Jet

Securities

LLC,

9.1320%,

5/15/39

(144A)

141,663

144,237

Carvana

Auto

Receivables

Trust,

3.1600%,

6/12/28

(144A)

246,432

241,124

Compass

Datacenters

Issuer

II

LLC,

5.7560%,

5/25/50

(144A)

443,000

436,826

COOPR

Residential

Mortgage

Trust,

5.6540%,

5/25/60

(144A)

Ç

690,313

694,311

Exeter

Automobile

Receivables

Trust,

7.8400%,

10/15/31

(144A)

95,000

97,845

Exeter

Select

Automobile

Receivables

Trust,

5.3400%,

1/15/32

150,000

149,286

FHF

Issuer

Trust,

5.7500%,

5/15/30

(144A)

543,000

546,254

FHF

Issuer

Trust,

5.6900%,

8/15/31

(144A)

305,000

298,831

FHF

Issuer

Trust,

5.9500%,

6/15/32

(144A)

193,000

187,611

FIGRE

Trust,

5.9740%,

12/25/54

(144A)

‡

361,644

362,638

FNA

9

LLC,

5.5090%,

4/16/46

(144A)

‡

100,000

99,958

Fora

Financial

Asset

Securitization

LLC,

6.3300%,

8/15/29

(144A)

330,000

330,627

Foundation

Finance

Trust,

9.1000%,

6/15/49

(144A)

187,768

197,854

Hilton

Grand

Vacations

Trust,

5.5200%,

5/27/42

(144A)

227,652

228,285

Hilton

Grand

Vacations

Trust,

5.1200%,

5/25/44

(144A)

295,452

293,308

Huntington

Bank

Auto

Credit-Linked

Notes,

SOFR30A

+

5.2500%,

8.8901%,

5/20/32

(144A)

‡

124,637

125,972

Huntington

Bank

Auto

Credit-Linked

Notes,

SOFR30A

+

3.2500%,

6.8901%,

9/20/33

(144A)

‡

388,134

388,441

Huntington

Bank

Auto

Credit-Linked

Notes,

SOFR30A

+

4.5000%,

8.1401%,

2/20/34

(144A)

‡

608,380

608,374

Jersey

Mike's

Funding,

5.6100%,

8/16/55

(144A)

348,250

347,582

Lendbuzz

Securitization

Trust,

4.6800%,

7/15/30

(144A)

174,604

174,711

Lendbuzz

Securitization

Trust,

5.1600%,

12/16/30

(144A)

29,101

28,926

Lendbuzz

Securitization

Trust,

5.7400%,

9/15/31

(144A)

37,285

37,183

Libra

Solutions

LLC,

8.0550%,

8/15/39

(144A)

1,000,000

997,186

Lightpath

Fiber

Issuer

LLC,

5.5970%,

3/25/56

(144A)

733,000

733,791

Lmdv

Issuer

Co.

LLC,

5.9000%,

12/15/55

(144A)

301,000

298,059

Lmdv

Issuer

Co.

LLC,

7.8800%,

12/15/55

(144A)

214,000

215,858

Luxury

Lease

Partners

Auto

Lease

Trust,

5.5100%,

3/15/32

(144A)

490,708

488,979

Marlette

Funding

Trust,

6.0200%,

7/16/35

(144A)

348,000

348,938

MetroNet

Infrastructure

Issuer

LLC,

7.1000%,

4/20/56

(144A)

229,000

229,781

MVW

LLC,

5.7500%,

9/22/42

(144A)

225,717

227,621

QTS

Issuer

ABS

I

LLC,

5.9280%,

5/25/55

(144A)

248,000

240,993

QTS

Issuer

ABS

II

LLC,

6.7290%,

1/5/56

(144A)

392,305

385,988

RCKT

Mortgage

Trust,

5.6830%,

12/25/44

(144A)

Ç

248,229

248,788

RCKT

Mortgage

Trust,

5.6870%,

5/25/55

(144A)

Ç

192,862

194,012

RCKT

Mortgage

Trust,

5.3550%,

2/25/56

(144A)

‡

150,000

148,400

RCKT

Mortgage

Trust,

5.9420%,

4/25/56

(144A)

‡

260,000

259,026

Reach

Abs

Trust,

5.1600%,

2/15/33

(144A)

250,000

243,521

Reach

ABS

Trust,

6.9000%,

2/18/31

(144A)

198,000

202,064

Janus

Henderson

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

4

April

30,

2026

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,

5.6900%,

8/18/32

(144A)

$

150,000

$

149,022

Research-Driven

Pagaya

Motor

Asset

Trust,

5.6590%,

7/25/34

(144A)

305,847

306,323

Research-Driven

Pagaya

Motor

Asset

Trust,

6.2110%,

7/25/34

(144A)

176,000

175,925

Research-Driven

Pagaya

Motor

Asset

Trust,

5.6200%,

2/26/35

(144A)

282,000

280,725

RKTL,

5.2100%,

2/26/35

(144A)

234,000

230,370

Santander

Bank

Auto

Credit-Linked

Notes,

7.7620%,

6/15/32

(144A)

334,426

338,100

Santander

Bank

Auto

Credit-Linked

Notes,

8.8810%,

1/18/33

(144A)

672,095

689,580

Santander

Bank

Auto

Credit-Linked

Notes,

6.6630%,

12/15/33

(144A)

158,995

161,168

Santander

Bank

Auto

Credit-Linked

Notes,

6.2740%,

1/16/34

(144A)

500,000

498,132

SEB

Funding

LLC,

6.6650%,

1/30/56

(144A)

221,000

218,323

SF

Abs

Issuer

LLC,

5.3770%,

11/25/55

(144A)

647,000

624,826

Sierra

Timeshare

Receivables

Funding

LLC,

6.8600%,

1/21/42

(144A)

254,526

251,140

Sierra

Timeshare

Receivables

Funding

LLC,

7.1000%,

12/22/42

(144A)

466,203

460,690

SoFi

Consumer

Loan

Program

Trust,

5.3500%,

8/15/34

(144A)

713,000

714,910

Sotheby's

Artfi

Master

Trust,

5.5400%,

6/20/33

(144A)

570,000

567,819

Stack

Infrastructure

Issuer

LLC,

5.0000%,

3/27/56

(144A)

378,000

364,803

Switch

ABS

Issuer

LLC,

5.6090%,

3/27/56

(144A)

642,000

644,078

Tricolor

Auto

Securitization

Trust,

5.7200%,

10/15/29

(144A)

¢,€

802,000

197,722

Truist

Bank

Auto

Credit-Linked

Notes,

6.8070%,

9/26/33

(144A)

422,822

421,818

UPG

HI

Issuer

Trust,

6.3900%,

2/25/48

(144A)

450,000

449,913

Upstart

Securitization

Trust,

5.4300%,

9/20/35

(144A)

160,000

157,809

US

Bank

NA,

6.7890%,

8/25/32

(144A)

34,633

34,878

VB-S1

Issuer

LLC,

5.1930%,

3/15/56

(144A)

146,000

144,543

VB-S1

Issuer

LLC,

6.8430%,

3/15/56

(144A)

128,000

128,376

VERTICAL

BRIDGE

CC

LLC,

5.6020%,

8/16/55

(144A)

475,000

470,984

VERTICAL

BRIDGE

CC

LLC,

7.4460%,

8/16/55

(144A)

426,000

431,983

Western

Funding

Auto

Loan

Trust,

5.3400%,

11/15/35

(144A)

208,000

205,572

Westgate

Resorts

LLC,

6.0800%,

10/20/39

(144A)

243,021

242,810

Westlake

Automobile

Receivables

Trust,

5.0800%,

5/15/31

(144A)

118,000

118,145

Westlake

Automobile

Receivables

Trust,

4.7500%,

7/15/31

(144A)

179,000

177,101

Westlake

Automobile

Receivables

Trust,

5.5900%,

7/15/32

(144A)

275,000

277,065

Wingspire

Equipment

Finance

LLC,

5.4500%,

9/20/33

(144A)

374,000

372,670

Total

Asset-Backed

Securities

(cost

$25,231,382)

24,579,693

Bank

Loans

-

13

.3

%

Communication

Services

-

0

.7

%

DIRECTV

Financing

LLC,

First

Lien

Term

Loan

B,

CME

Term

SOFR

3

Month

+

5.2500%,

9.1750%, 8/2/29

‡,ƒ

92,233

92,391

Windstream

Services

LLC,

First

Lien

Term

Loan,

CME

Term

SOFR

1

Month

+

4.0000%,

7.6522%, 10/6/32

‡,ƒ

437,903

437,902

Ziggo

BV,

First

Lien

Term

Loan

H,

EURIBOR

1

Month

+

3.0000%,

5.0030%, 1/31/29

‡,ƒ

EUR

500,000

578,144

1,108,437

Consumer

Discretionary

-

3

.1

%

Areas

Worldwide

SA,

First

Lien

Term

Loan

B5,

EURIBOR

6

Month

+

3.5000%,

5.6350%, 12/31/29

‡,ƒ

EUR

500,000

578,003

Atlas

Luxco

4

SARL,

First

Lien

Term

Loan

B,

EURIBOR

1

Month

+

3.7500%,

5.6420%, 8/20/32

‡,ƒ

EUR

498,747

588,630

Gategroup

Finance

LUX

SA,

First

Lien

Term

Loan

B2,

EURIBOR

3

Month

+

3.5000%,

5.6220%, 6/10/32

‡,ƒ

EUR

500,000

582,126

Gloves

Buyer,

Inc.,

First

Lien

Term

Loan,

CME

Term

SOFR

1

Month

+

4.0000%,

7.6522%, 5/21/32

‡,ƒ

$

276,864

276,460

Inspired

Finco

Holdings

Ltd.,

First

Lien

Term

Loan

B7,

CME

Term

SOFR

3

Month

+

2.7500%,

6.4134%, 2/28/31

‡,ƒ

382,692

381,498

Men's

Wearhouse,

Inc.,

First

Lien

Term

Loan,

CME

Term

SOFR

3

Month

+

5.7500%,

9.4210%, 1/28/31

‡,ƒ

171,286

172,517

Janus

Henderson

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

Janus

Detroit

Street

Trust

5

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Bank

Loans

-

(continued)

Consumer

Discretionary

-

(continued)

Park

River

Holdings,

Inc.,

First

Lien

Term

Loan,

CME

Term

SOFR

3

Month

+

4.5000%,

8.1918%, 3/17/31

‡,ƒ

$

219,725

$

219,239

Peer

Holding

III

BV,

First

Lien

Term

Loan

B9,

EURIBOR

3

Month

+

2.7500%,

4.8770%, 9/27/32

‡,ƒ

EUR

500,000

588,156

River

Rock

Entertainment

Authority,

First

Lien

Term

Loan,

CME

Term

SOFR

1

Month

+

9.0000%,

12.6650%, 6/25/31

‡,ƒ

$

280,000

275,100

Verde

Purchaser

LLC,

First

Lien

Term

Loan,

CME

Term

SOFR

3

Month

+

4.0000%,

7.6996%, 11/30/30

‡,ƒ

250,451

241,958

Victra

Holdings

LLC,

First

Lien

Term

Loan,

CME

Term

SOFR

3

Month

+

3.7500%,

7.4496%, 3/30/29

‡,ƒ

111,169

110,335

White

Cap

Supply

Holdings

LLC,

First

Lien

Term

Loan

D,

CME

Term

SOFR

1

Month

+

3.5000%,

7.1680%, 2/10/33

‡,ƒ

660,653

654,780

Winterfell

Financing

SARL,

First

Lien

Term

Loan

B3,

EURIBOR

6

Month

+

5.0000%,

7.1270%, 5/4/28

‡,ƒ

EUR

500,000

451,835

5,120,637

Consumer

Staples

-

0

.8

%

Bellis

Acquisition

Co.

plc,

First

Lien

Term

Loan

B,

EURIBOR

6

Month

+

4.0000%,

6.4880%, 5/12/31

‡,ƒ

EUR

500,000

534,694

Froneri

International

Ltd.,

First

Lien

Term

Loan

B5,

EURIBOR

6

Month

+

2.7500%,

4.8990%, 9/30/32

‡,ƒ

EUR

500,000

585,399

Lavender

Dutch

BorrowerCo

BV,

First

Lien

Term

Loan

B,

CME

Term

SOFR

3

Month

+

3.2500%,

6.9496%, 12/30/32

‡,ƒ

$

248,596

246,654

1,366,747

Financials

-

1

.8

%

Aretec

Group,

Inc.,

First

Lien

Term

Loan

B4,

CME

Term

SOFR

1

Month

+

3.0000%,

6.6522%, 8/9/30

‡,ƒ

315,705

316,280

Asurion

LLC,

First

Lien

Term

Loan

B13,

CME

Term

SOFR

3

Month

+

4.2500%,

7.9134%, 9/19/30

‡,ƒ

603,578

603,578

Chrysaor

Bidco

SARL,

First

Lien

Term

Loan

B,

EURIBOR

3

Month

+

3.5000%,

5.6500%, 10/30/31

‡,ƒ

EUR

500,000

589,059

Diotsiaci

BidCo

SAS,

First

Lien

Term

Loan

B,

EURIBOR

3

Month

+

3.2500%,

5.3770%, 7/26/32

‡,ƒ

EUR

500,000

587,440

Hudson

River

Trading

LLC,

First

Lien

Term

Loan

B,

CME

Term

SOFR

1

Month

+

2.5000%,

6.1610%, 3/18/30

‡,ƒ

$

327,014

327,851

Jones

DesLauriers

Insurance

Management,

Inc.,

First

Lien

Term

Loan,

CME

Term

SOFR

3

Month

+

3.0000%,

6.6634%, 2/2/33

‡,ƒ

362,000

356,570

Osaic

Holdings,

Inc.,

First

Lien

Term

Loan

B1,

CME

Term

SOFR

3

Month

+

2.5000%,

6.1996%, 7/30/32

‡,ƒ

123,000

122,910

2,903,688

Health

Care

-

2

.1

%

Althea

Acquisition

Bidco

SARL,

First

Lien

Term

Loan

B,

EURIBOR

3

Month

+

3.2500%,

5.3280%, 1/20/33

‡,ƒ

EUR

500,000

587,258

Dermatology

Intermediate

Holdings

III,

Inc.,

First

Lien

Term

Loan,

CME

Term

SOFR

3

Month

+

4.2500%,

7.9134%, 3/26/29

‡,ƒ

$

275,703

261,918

Donte

Group

SL,

First

Lien

Term

Loan

B,

EURIBOR

6

Month

+

4.0000%,

6.1200%, 11/22/32

‡,ƒ

EUR

500,000

591,657

Grifols

International

Services

DAC,

First

Lien

Term

Loan

B,

EURIBOR

3

Month

+

3.0000%,

5.1980%, 4/14/33

‡,ƒ

EUR

500,000

588,906

Hologic,

Inc.,

First

Lien

Term

Loan

B,

EURIBOR

3

Month

+

2.7500%,

4.8250%, 4/7/33

‡,ƒ

EUR

500,000

585,393

Loire

Finco

Luxembourg

SARL,

First

Lien

Term

Loan

B4,

EURIBOR

3

Month

+

3.7500%,

5.7610%, 1/21/30

‡,ƒ

EUR

500,000

587,469

PAREXEL

International

Corp.,

First

Lien

Term

Loan

B,

CME

Term

SOFR

1

Month

+

2.7500%,

6.4022%, 12/12/31

‡,ƒ

$

144,638

144,638

Janus

Henderson

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

6

April

30,

2026

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Bank

Loans

-

(continued)

Health

Care

-

(continued)

Star

Parent,

Inc.,

First

Lien

Term

Loan,

CME

Term

SOFR

3

Month

+

4.0000%,

7.6996%, 9/27/30

‡,ƒ

$

206,161

$

206,176

3,553,415

Industrials

-

2

.0

%

Aggreko

Holdings,

Inc.,

First

Lien

Term

Loan,

CME

Term

SOFR

3

Month

+

3.0000%,

6.6640%, 5/21/31

‡,ƒ

127,714

128,098

Azuria

Water

Solutions,

Inc.,

First

Lien

Term

Loan

B,

CME

Term

SOFR

12

Month

+

2.7500%,

6.1910%, 4/25/33

‡,ƒ

414,811

413,774

Beacon

Mobility

Corp.,

First

Lien

Term

Loan,

CME

Term

SOFR

12

Month

+

3.7500%,

7.8156%, 8/6/30

‡,ƒ

42,697

42,803

Chariot

Buyer

LLC,

First

Lien

Term

Loan,

CME

Term

SOFR

1

Month

+

2.7500%,

6.4022%, 9/8/32

‡,ƒ

71,633

71,491

CP

Atlas

Buyer,

Inc.,

First

Lien

Term

Loan

B,

CME

Term

SOFR

1

Month

+

5.2500%,

8.9022%, 7/8/30

‡,ƒ

590,035

526,240

Cube

Safety

BidCo

AB,

First

Lien

Term

Loan

B,

EUR0012M

+

3.2500%,

5.4970%, 2/14/33

‡,ƒ

EUR

500,000

585,974

Ensemble

RCM

LLC,

First

Lien

Term

Loan,

CME

Term

SOFR

3

Month

+

3.0000%,

6.6600%, 2/9/33

‡,ƒ

$

465,309

461,675

Inizio

Group

Ltd.,

First

Lien

Term

Loan,

CME

Term

SOFR

3

Month

+

4.2500%,

8.0496%, 8/21/28

‡,ƒ

367,000

332,135

Salas

Obrien,

Inc.,

Delayed

Draw

First

Lien

Term

Loan,

CME

Term

SOFR

1

Month

+

2.7500%,

6.4243%, 1/31/33

‡,ƒ

6,239

6,254

Salas

Obrien,

Inc.,

First

Lien

Term

Loan,

CME

Term

SOFR

1

Month

+

2.7500%,

6.4022%, 1/31/33

‡,ƒ

187,157

187,625

Syntegon

TopCo

GmbH,

First

Lien

Term

Loan

B,

EUR0012M

+

3.5000%,

5.7280%, 12/29/32

‡,ƒ

EUR

430,000

505,673

3,261,742

Information

Technology

-

1

.3

%

Darktrace

Finco

US

LLC,

First

Lien

Term

Loan,

CME

Term

SOFR

3

Month

+

3.2500%,

6.9271%, 10/9/31

‡,ƒ

$

801,346

751,767

Modena

Buyer

LLC,

First

Lien

Term

Loan,

CME

Term

SOFR

3

Month

+

4.2500%,

7.9134%, 7/1/31

‡,ƒ

573,560

517,959

Project

Alpha

Intermediate

Holding,

Inc.,

First

Lien

Term

Loan,

CME

Term

SOFR

3

Month

+

3.2500%,

6.9496%, 10/28/30

‡,ƒ

250,321

196,502

Project

Alpha

Intermediate

Holding,

Inc.,

First

Lien

Term

Loan

B,

CME

Term

SOFR

3

Month

+

5.0000%,

8.6996%, 5/9/33

‡,ƒ

227,000

134,924

Proofpoint,

Inc.,

First

Lien

Term

Loan,

CME

Term

SOFR

3

Month

+

3.0000%,

6.6996%, 8/31/28

‡,ƒ

421,151

408,340

Rocket

Software,

Inc.,

First

Lien

Term

Loan,

CME

Term

SOFR

1

Month

+

3.7500%,

7.4022%, 11/28/28

‡,ƒ

239,397

228,007

2,237,499

Materials

-

1

.2

%

Ahlstrom

Holding

3

Oy,

First

Lien

Term

Loan

B1,

CME

Term

SOFR

3

Month

+

4.2500%,

8.2112%, 5/23/30

‡,ƒ

288,942

284,659

Ahlstrom

Holding

3

Oy,

First

Lien

Term

Loan

B4,

EURIBOR

3

Month

+

3.7500%,

5.8770%, 5/27/30

‡,ƒ

EUR

500,000

587,076

INEOS

US

Petrochem

LLC,

First

Lien

Term

Loan

B1,

CME

Term

SOFR

1

Month

+

4.2500%,

8.0022%, 4/2/29

‡,ƒ

$

290,040

265,570

ProAmpac

PG

Borrower

LLC,

First

Lien

Term

Loan,

CME

Term

SOFR

1

Month

+

4.0000%,

7.7008%, 3/7/33

‡,ƒ

493,605

481,882

Spa

Holdings

3

Oy,

First

Lien

Term

Loan

B,

CME

Term

SOFR

3

Month

+

4.0000%,

7.9612%, 2/4/28

‡,ƒ

208,368

206,806

Janus

Henderson

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

Janus

Detroit

Street

Trust

7

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Bank

Loans

-

(continued)

Materials

-

(continued)

Sword

Purchaser

LLC,

First

Lien

Term

Loan,

CME

Term

SOFR

1

Month

+

4.0000%,

7.6522%, 4/11/33

‡,ƒ

$

231,618

$

224,572

2,050,565

Utilities

-

0

.3

%

Long

Ridge

Energy

LLC,

First

Lien

Term

Loan

B,

CME

Term

SOFR

3

Month

+

4.5000%,

8.1996%, 2/19/32

‡,ƒ

486,470

487,282

Total

Bank

Loans

(cost

$22,355,516)

22,090,012

Collateralized

Loan

Obligations

-

4

.1

%

Arini

European

CLO

II

DAC

2A

DR,

EURIBOR

3

Month

+

3.1500%,

5.3540%,

10/15/38

(144A)

‡

EUR

400,000

473,435

Bbam

European

CLO

VIII

DAC

8A

D,

EURIBOR

3

Month

+

3.0500%,

5.1010%,

1/26/40

(144A)

‡

EUR

650,000

759,966

CIFC

Funding

Ltd.

2019-7A

A1R,

CME

Term

SOFR

3

Month

+

1.2800%,

4.9552%,

10/19/38

(144A)

‡

$

1,227,000

1,229,103

Fidelity

Grand

Harbour

CLO

DAC

2019-1X

DR,

EURIBOR

3

Month

+

3.2500%,

5.4540%,

1/15/38

‡

EUR

700,000

824,420

North

Westerly

V

Leveraged

Loan

Strategies

CLO

DAC

V-A

DRR,

EURIBOR

3

Month

+

3.5500%,

0.0000%,

7/20/39

(144A)

†,‡

EUR

350,000

410,567

North

Westerly

V

Leveraged

Loan

Strategies

CLO

DAC

V-A

CRR,

EURIBOR

3

Month

+

2.5000%,

0.0000%,

7/20/39

(144A)

†,‡

EUR

250,000

293,263

Octagon

75

Ltd.

2025-1A

D2,

CME

Term

SOFR

3

Month

+

3.6500%,

7.3136%,

1/22/38

(144A)

‡

$

700,000

702,716

Palmer

Square

European

CLO

DAC

2021-2A

DR,

EURIBOR

3

Month

+

3.1500%,

5.3540%,

3/15/38

(144A)

‡

EUR

280,000

328,326

Polus

Eu

CLO

XXI

DAC

21A

C,

EURIBOR

3

Month

+

2.5000%,

0.0000%,

4/25/39

(144A)

†,‡

EUR

350,000

413,934

Polus

Eu

CLO

XXI

DAC

21A

B,

EURIBOR

3

Month

+

2.0000%,

0.0000%,

4/25/39

(144A)

†,‡

EUR

280,000

329,275

Rad

CLO

10

Ltd.

2021-10A

A,

CME

Term

SOFR

3

Month

+

1.4316%,

5.0977%,

4/23/34

(144A)

‡

$

1,050,000

1,050,426

Total

Collateralized

Loan

Obligations

(cost

$6,758,383)

6,815,431

Convertible

Bonds

-

0

.7

%

Consumer,

Non-cyclical

-

0

.7

%

Bridgebio

Pharma,

Inc.,

0.7500%, 2/1/33

(144A)

461,000

457,496

Cogent

Biosciences,

Inc.,

1.6250%, 11/15/31

117,000

138,470

Revolution

Medicines,

Inc.,

0.5000%, 5/1/33

310,000

344,482

Zoetis,

Inc.,

0.2500%, 6/15/29

(144A)

202,000

199,677

1,140,125

Total

Convertible

Bonds

(cost

1,165,374)

1,140,125

Corporate

Bonds

-

35

.8

%

Basic

Materials

-

1

.3

%

First

Quantum

Minerals

Ltd.,

7.2500%, 2/15/34

(144A)

429,000

441,062

First

Quantum

Minerals

Ltd.,

6.3750%, 2/15/36

(144A)

284,000

279,191

FIS

Fabbrica

Italiana

Sintetici

SpA,

EURIBOR

3

Month

+

3.2500%,

5.2790%, 2/5/31

(144A)

‡

EUR

280,000

327,892

Mineral

Resources

Ltd.,

6.2500%, 5/1/34

(144A)

$

176,000

173,787

Olympus

Water

US

Holding

Corp.,

7.2500%, 2/15/33

(144A)

200,000

195,489

SCIH

Salt

Holdings,

Inc.,

6.6250%, 5/1/29

(144A)

586,000

581,670

Taseko

Mines

Ltd.,

8.2500%, 5/1/30

(144A)

218,000

228,212

2,227,303

Communications

-

3

.5

%

APLD

ComputeCo

2

LLC,

6.7500%, 3/15/31

(144A)

639,000

632,645

APLD

ComputeCo

LLC,

9.2500%, 12/15/30

(144A)

299,000

321,391

Janus

Henderson

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

8

April

30,

2026

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Corporate

Bonds

-

(continued)

Communications

-

(continued)

AppLovin

Corp.,

5.5000%, 12/1/34

$

512,000

$

511,804

Black

Pearl

Compute

LLC,

6.1250%, 2/15/31

(144A)

617,000

626,001

Level

3

Financing,

Inc.,

3.7500%, 7/15/29

(144A)

406,000

380,982

Level

3

Financing,

Inc.,

6.8750%, 6/30/33

(144A)

115,135

118,823

Level

3

Financing,

Inc.,

8.5000%, 1/15/36

(144A)

388,000

415,552

Midcontinent

Communications,

8.0000%, 8/15/32

(144A)

321,000

302,102

PR

RNO

Property

Owner

1

LLC,

6.5000%, 5/1/31

(144A)

381,000

377,652

Qwest

Capital

Funding,

Inc.,

6.8750%, 7/15/28

268,000

262,305

Qwest

Capital

Funding,

Inc.,

7.7500%, 2/15/31

151,000

144,442

SE

Cosmos

LLC,

8.8750%, 5/1/31

(144A)

239,000

237,805

SoftBank

Group

Corp.,

6.8750%, 1/10/31

425,000

411,543

Univision

Communications,

Inc.,

8.5000%, 7/31/31

(144A)

85,000

86,266

Univision

Communications,

Inc.,

9.3750%, 8/1/32

(144A)

319,000

330,117

Univision

Communications,

Inc.,

8.8750%, 4/15/33

(144A)

241,000

242,314

Vmed

O2

UK

Financing

I

plc,

6.7500%, 1/15/33

(144A)

393,000

359,236

5,760,980

Consumer,

Cyclical

-

8

.2

%

Allwyn

Entertainment

Financing

UK

plc,

4.6250%, 8/15/31

(144A)

EUR

240,000

276,864

American

Airlines,

Inc.,

5.7500%, 4/20/29

(144A)

$

302,000

302,205

Bath

&

Body

Works,

Inc.,

6.9500%, 3/1/33

589,000

572,394

Caesars

Entertainment,

Inc.,

6.0000%, 10/15/32

(144A)

#

575,000

515,334

Carnival

Corp.,

5.7500%, 8/1/32

(144A)

343,000

344,725

Carvana

Co.,

4.8750%, 9/1/29

(144A)

939,000

863,880

Carvana

Co.,

9.0000%, 6/1/30

(144A)

Ø

558,227

580,698

CD&R

Firefly

Bidco

plc,

8.6250%, 4/30/29

GBP

320,000

447,771

Century

Communities,

Inc.,

6.6250%, 9/15/33

(144A)

$

291,000

289,539

Cyprium

Corp.,

6.3750%, 4/15/34

(144A)

446,000

445,434

Flutter

Treasury

DAC,

6.1250%, 6/4/31

GBP

170,000

227,491

General

Motors

Financial

Co.,

Inc.,

ICE

LIBOR

USD

3

Month

+

3.5980%,

5.7500%, 9/30/27

‡,μ

$

504,000

499,663

Hilton

Grand

Vacations

Borrower

LLC,

4.8750%, 7/1/31

(144A)

527,000

487,695

Kohl's

Corp.,

10.0000%, 6/1/30

(144A)

476,000

515,025

Latam

Airlines

Group

SA,

7.6250%, 1/7/31

(144A)

473,000

480,095

LGI

Homes,

Inc.,

4.0000%, 7/15/29

(144A)

652,000

591,430

LGI

Homes,

Inc.,

7.0000%, 11/15/32

(144A)

112,000

107,337

Michaels

Cos.,

Inc.

(The),

8.5000%, 3/15/33

(144A)

263,000

259,726

Mohegan

Tribal

Gaming

Authority,

8.2500%, 4/15/30

(144A)

347,000

361,225

Mohegan

Tribal

Gaming

Authority,

11.8750%, 4/15/31

(144A)

420,000

450,745

NCL

Corp.

Ltd.,

5.8750%, 1/15/31

(144A)

612,000

595,672

Park

River

Holdings,

Inc.,

8.7500%, 12/31/30

(144A)

#

233,688

220,041

Penn

Entertainment,

Inc.,

6.7500%, 4/1/31

(144A)

849,000

841,992

Risewell

Homes,

Inc.,

9.2500%, 10/1/29

(144A)

73,000

75,745

Risewell

Homes,

Inc.,

8.5000%, 11/1/30

(144A)

557,000

569,100

Rivers

Enterprise

Borrower

LLC,

6.2500%, 10/15/30

(144A)

353,000

359,097

Royal

Caribbean

Cruises

Ltd.,

5.3750%, 1/15/36

285,000

280,016

Six

Flags

Entertainment

Corp.,

7.2500%, 5/15/31

(144A)

454,000

447,645

Six

Flags

Entertainment

Corp.,

8.6250%, 1/15/32

(144A)

160,000

162,664

Stellantis

Finance

US,

Inc.,

6.4500%, 3/18/35

(144A)

350,000

349,504

Victra

Holdings

LLC,

8.7500%, 9/15/29

(144A)

501,000

524,587

Voyager

Parent

LLC,

9.2500%, 7/1/32

(144A)

506,000

538,102

13,583,441

Consumer,

Non-cyclical

-

3

.9

%

Albion

Financing

1

SARL,

7.0000%, 5/21/30

(144A)

202,000

208,666

Janus

Henderson

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

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)

Consumer,

Non-cyclical

-

(continued)

BioMarin

Pharmaceutical,

Inc.,

5.5000%, 2/15/34

(144A)

$

200,000

$

198,594

CVS

Health

Corp.,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.5160%,

6.7500%, 12/10/54

‡

267,000

276,619

CVS

Health

Corp.,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.8860%,

7.0000%, 3/10/55

‡

169,000

175,340

Garda

World

Security

Corp.,

6.5000%, 1/15/31

(144A)

207,000

211,466

HLF

Financing

Sarl

LLC,

4.8750%, 6/1/29

(144A)

323,000

303,720

HLF

Financing

Sarl

LLC,

7.7500%, 5/1/33

(144A)

541,000

552,575

House

of

HR

Group

BV,

9.0000%, 11/3/29

EUR

200,000

203,394

Humana,

Inc.,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.8910%,

6.6250%, 9/15/56

‡

$

724,000

713,395

LifePoint

Health,

Inc.,

10.0000%, 6/1/32

(144A)

788,000

806,518

Nidda

Healthcare

Holding

GmbH,

EURIBOR

3

Month

+

3.2500%,

5.2340%, 10/15/32

(144A)

‡

EUR

170,000

199,717

Pilgrim's

Pride

Corp.,

6.2500%, 7/1/33

$

131,000

137,361

Raven

Acquisition

Holdings

LLC,

6.8750%, 11/15/31

(144A)

318,000

314,789

Surgery

Center

Holdings,

Inc.,

7.2500%, 4/15/32

(144A)

242,000

241,354

Synergy

Infrastructure

Holdings

LLC,

7.8750%, 12/1/30

(144A)

644,000

676,138

Teva

Pharmaceutical

Finance

Co.

LLC,

6.1500%, 2/1/36

604,000

632,798

UnitedHealth

Group,

Inc.,

5.3000%, 6/15/35

137,000

139,741

Veritiv

Operating

Co.,

10.5000%, 11/30/30

(144A)

566,000

596,437

6,588,622

Energy

-

4

.6

%

Antero

Resources

Corp.,

5.4000%, 2/1/36

377,000

370,270

Caturus

Energy

LLC,

7.1250%, 5/15/31

(144A)

315,000

315,869

DT

Midstream,

Inc.,

5.8000%, 12/15/34

(144A)

205,000

211,106

Granite

Ridge

Resources,

Inc.,

8.8750%, 11/4/29

762,000

742,895

Hess

Midstream

Operations

LP,

4.2500%, 2/15/30

(144A)

612,000

593,552

Howard

Midstream

Energy

Partners

LLC,

6.6250%, 1/15/34

(144A)

346,000

351,984

Infinity

Natural

Resources

LLC,

7.6250%, 4/1/31

(144A)

193,000

196,263

ITT

Holdings

LLC,

6.5000%, 8/1/29

(144A)

834,000

822,148

Kodiak

Gas

Services

LLC,

5.8750%, 4/1/31

(144A)

296,000

298,151

Matador

Resources

Co.,

6.0000%, 4/15/34

(144A)

117,000

117,444

OEG

Finance

plc,

7.2500%, 9/27/29

EUR

320,000

391,035

SM

Energy

Co.,

7.0000%, 8/1/32

(144A)

$

331,000

339,778

SM

Energy

Co.,

9.6250%, 6/15/33

(144A)

335,000

373,284

SM

Energy

Co.,

6.6250%, 4/15/34

(144A)

65,000

65,899

Sunoco

LP,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.2300%,

7.8750%, 9/18/30

(144A)

‡,μ

912,000

944,427

Tallgrass

Energy

Partners

LP,

6.7500%, 3/15/34

(144A)

718,000

733,642

USA

Compression

Partners

LP,

6.2500%, 10/1/33

(144A)

496,000

500,519

Viper

Energy

Partners

LLC,

5.7000%, 8/1/35

279,000

283,235

7,651,501

Financial

-

7

.2

%

Apollo

Debt

Solutions

BDC,

5.2000%, 12/8/28

(144A)

81,000

80,138

Aretec

Group,

Inc.,

10.0000%, 8/15/30

(144A)

229,000

242,535

Asurion

LLC,

8.3750%, 2/1/34

(144A)

206,000

203,241

Atlas

Warehouse

Lending

Co.

LP,

4.9500%, 11/15/30

(144A)

250,000

245,830

Atlas

Warehouse

Lending

Co.

LP,

5.2500%, 1/15/33

(144A)

250,000

244,480

Bread

Financial

Holdings,

Inc.,

6.7500%, 5/15/31

(144A)

447,000

456,675

Burford

Capital

Global

Finance

LLC,

7.5000%, 7/15/33

(144A)

#

642,000

527,631

Burford

Capital

Global

Finance

LLC,

8.5000%, 1/15/34

(144A)

200,000

169,000

Janus

Henderson

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

10

April

30,

2026

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Corporate

Bonds

-

(continued)

Financial

-

(continued)

Capital

One

Financial

Corp.,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.1570%,

3.9500%, 9/1/26

‡,μ

$

380,000

$

377,027

Capital

One

Financial

Corp.,

SOFR

+

2.0360%,

6.1830%, 1/30/36

‡

273,000

278,030

Citigroup,

Inc.,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.7450%,

6.5000%, 5/15/31

‡,μ

506,000

508,820

Citigroup,

Inc.,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.2800%,

5.5920%, 11/19/34

‡

205,000

208,334

EF

Holdco,

7.3750%, 9/30/30

(144A)

395,000

392,469

GLP

Capital

LP,

5.6250%, 3/1/36

223,000

219,157

Jane

Street

Group,

6.7500%, 5/1/33

(144A)

666,000

684,189

JPMorgan

Chase

&

Co.,

5-year

CMT

T-Note

+

2.8500%,

3.6500%, 6/1/26

‡,μ

441,000

440,198

JPMorgan

Chase

&

Co.,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.0800%,

6.1000%, 7/1/31

‡,μ

497,000

497,000

JPMorgan

Chase

&

Co.,

SOFR

+

1.2600%,

5.1480%, 4/23/37

‡

526,000

522,857

M&T

Bank

Corp.,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.6790%,

3.5000%, 9/1/26

‡,μ

384,000

378,432

Marex

Group

plc,

6.4040%, 11/4/29

70,000

72,128

Marex

Group

plc,

5.6800%, 4/21/31

517,000

516,535

Millrose

Properties,

Inc.,

6.3750%, 8/1/30

(144A)

303,000

306,868

Millrose

Properties,

Inc.,

6.2500%, 9/15/32

(144A)

269,000

270,179

Morgan

Stanley,

SOFR

+

1.5100%,

5.1920%, 4/17/31

‡

543,000

551,511

Morgan

Stanley,

SOFRINDX

+

1.1800%,

4.8090%, 4/16/32

‡

435,000

433,935

Navient

Corp.,

5.0000%, 3/15/27

244,000

242,430

Navient

Corp.,

5.5000%, 3/15/29

256,000

246,048

OneMain

Finance

Corp.,

6.5000%, 3/15/33

336,000

329,087

OneMain

Finance

Corp.,

6.7500%, 9/15/33

29,000

28,524

Osaic

Holdings,

Inc.,

6.7500%, 8/1/32

(144A)

493,000

500,737

PennyMac

Financial

Services,

Inc.,

6.7500%, 2/15/34

(144A)

458,000

443,268

Rithm

Capital

Corp.,

8.0000%, 4/1/29

(144A)

280,000

281,288

Rithm

Capital

Corp.,

8.0000%, 7/15/30

(144A)

375,000

375,273

StoneX

Group,

Inc.,

7.8750%, 3/1/31

(144A)

136,000

143,199

Toronto-Dominion

Bank

(The),

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.7210%,

6.3500%, 10/31/85

‡

269,000

270,809

US

Bancorp,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.5410%,

3.7000%, 1/15/27

‡,μ

383,000

376,954

12,064,816

Industrial

-

2

.1

%

Ardagh

Metal

Packaging

Finance

USA

LLC,

3.0000%, 9/1/29

EUR

540,000

594,670

Esab

Corp.,

5.6250%, 4/1/31

(144A)

$

327,000

330,011

JH

North

America

Holdings,

Inc.,

5.8750%, 1/31/31

(144A)

358,000

357,835

Maxam

Prill

Sarl,

7.7500%, 7/15/30

(144A)

661,000

683,145

Rand

Parent

LLC,

8.5000%, 2/15/30

(144A)

474,000

492,367

Reno

de

Medici

SpA,

EURIBOR

3

Month

+

5.0000%,

7.1500%, 4/15/29

‡

EUR

320,000

97,598

Sword

Purchaser

LLC,

10.5000%, 4/15/34

(144A)

$

225,000

228,943

Watco

Cos.

LLC,

7.1250%, 8/1/32

(144A)

254,000

263,792

Wilsonart

LLC,

11.0000%, 8/15/32

(144A)

534,000

412,609

3,460,970

Technology

-

2

.0

%

Booz

Allen

Hamilton,

Inc.,

5.9500%, 4/15/35

199,000

200,532

Cloud

Software

Group,

Inc.,

9.0000%, 9/30/29

(144A)

612,000

600,914

CoreWeave,

Inc.,

9.7500%, 10/1/31

(144A)

440,000

442,548

Kioxia

Holdings

Corp.,

6.6250%, 7/24/33

(144A)

353,000

369,013

ROBLOX

Corp.,

3.8750%, 5/1/30

(144A)

521,000

493,486

Janus

Henderson

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

Janus

Detroit

Street

Trust

11

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Corporate

Bonds

-

(continued)

Technology

-

(continued)

Seagate

Data

Storage

Technology

Pte.

Ltd.,

3.1250%, 7/15/29

(144A)

$

775,000

$

706,645

TeamSystem

SpA,

EURIBOR

3

Month

+

3.5000%,

5.7040%, 7/31/31

‡

EUR

420,000

479,383

3,292,521

Utilities

-

3

.0

%

Algonquin

Power

&

Utilities

Corp.,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.2490%,

4.7500%, 1/18/82

#,‡

$

202,000

199,440

Alpha

Generation

LLC,

6.2500%, 1/15/34

(144A)

736,000

730,969

American

Electric

Power

Co.,

Inc.,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.6750%,

3.8750%, 2/15/62

‡

298,000

292,747

CenterPoint

Energy,

Inc.,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.2230%,

5.9500%, 4/1/56

‡

406,000

404,332

CMS

Energy

Corp.,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.9610%,

6.5000%, 6/1/55

‡

411,000

421,101

Long

Ridge

Energy

LLC,

8.7500%, 2/15/32

(144A)

248,000

265,065

NRG

Energy,

Inc.,

6.0000%, 1/15/36

(144A)

380,000

377,400

NRG

Energy,

Inc.,

6.1250%, 5/15/36

(144A)

523,000

521,024

Talen

Energy

Supply

LLC,

6.3750%, 5/1/33

(144A)

587,000

587,764

Talen

Energy

Supply

LLC,

6.2500%, 2/1/34

(144A)

321,000

318,604

Talen

Energy

Supply

LLC,

6.5000%, 2/1/36

(144A)

394,000

395,492

Vistra

Operations

Co.

LLC,

6.0000%, 4/15/34

(144A)

198,000

204,308

Xcel

Energy,

Inc.,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.1680%,

5.7500%, 12/3/56

‡

254,000

251,210

4,969,456

Total

Corporate

Bonds

(cost

59,560,947)

59,599,610

Mortgage-Backed

Securities

-

44

.0

%

1301

Trust

,

6.4301

%

,

8/11/42

(144A)

‡

302,000

302,593

ALA

Trust

,

CME

Term

SOFR

1

Month

+

3.0907%

,

6.7457

%

,

6/15/40

(144A)

‡

176,000

176,261

BAMLL

Re-REMIC

Trust

0.0099%, 2/27/51

(144A)

‡

243,129

191,337

0.0000%, 11/27/51

(144A)

§

257,817

203,525

0.8884%, 9/27/52

(144A)

‡

327,626

312,009

BLP

Commercial

Mortgage

Trust

,

CME

Term

SOFR

1

Month

+

3.7500%

,

7.4047

%

,

12/15/42

(144A)

‡

870,000

870,759

BPR

Trust

,

5.8500

%

,

11/5/41

(144A)

‡

360,000

333,512

BX

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

1.9409%,

5.5956%, 2/15/39

(144A)

‡

148,756

149,072

CME

Term

SOFR

1

Month

+

1.6423%,

5.2970%, 12/15/39

(144A)

‡

63,514

63,605

CME

Term

SOFR

1

Month

+

1.8920%,

5.5467%, 12/15/39

(144A)

‡

1,089,150

1,090,850

7.9698%, 8/13/41

(144A)

‡

888,000

849,431

CME

Term

SOFR

1

Month

+

2.7905%,

6.4455%, 10/15/41

(144A)

‡

403,815

404,587

CME

Term

SOFR

1

Month

+

2.0000%,

5.6547%, 2/15/43

(144A)

‡

100,000

100,434

CME

Term

SOFR

1

Month

+

2.4500%,

6.1047%, 2/15/43

(144A)

‡

100,000

100,292

CME

Term

SOFR

1

Month

+

2.1000%,

5.7547%, 3/15/43

(144A)

‡

290,000

288,551

CME

Term

SOFR

1

Month

+

3.0000%,

6.6547%, 3/15/43

(144A)

‡

103,000

102,521

BX

Trust

CME

Term

SOFR

1

Month

+

2.9413%,

6.5960%, 3/15/30

(144A)

‡

293,781

293,528

CME

Term

SOFR

1

Month

+

1.9000%,

5.5547%, 2/15/36

(144A)

‡

290,000

289,816

CME

Term

SOFR

1

Month

+

2.6901%,

6.3448%, 4/15/41

(144A)

‡

734,351

734,389

CME

Term

SOFR

1

Month

+

2.8894%,

6.5441%, 6/15/41

(144A)

‡

355,015

349,687

CME

Term

SOFR

1

Month

+

3.7500%,

7.4047%, 7/15/44

(144A)

‡

808,000

806,551

BXHPP

Trust

CME

Term

SOFR

1

Month

+

0.7645%,

4.4195%, 8/15/36

(144A)

‡

117,000

111,454

CME

Term

SOFR

1

Month

+

1.0145%,

4.6695%, 8/15/36

(144A)

‡

375,000

349,115

Janus

Henderson

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

12

April

30,

2026

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

SOFR30A

+

6.0000%,

9.6452%, 10/25/41

(144A)

‡

$

95,000

$

96,952

SOFR30A

+

6.2000%,

9.8452%, 11/25/41

(144A)

‡

70,000

71,755

SOFR30A

+

6.0000%,

9.6452%, 12/25/41

(144A)

‡

389,503

400,332

SOFR30A

+

3.8500%,

7.4952%, 5/25/42

(144A)

‡

243,000

249,866

SOFR30A

+

12.0000%,

15.6452%, 6/25/42

(144A)

‡

260,263

290,416

SOFR30A

+

5.9000%,

9.5452%, 7/25/43

(144A)

‡

1,000,000

1,080,313

SOFR30A

+

2.8000%,

6.4452%, 3/25/44

(144A)

‡

1,425,000

1,467,121

SOFR30A

+

1.6000%,

5.2452%, 9/25/44

(144A)

‡

43,618

43,676

SOFR30A

+

1.7000%,

5.3452%, 1/25/45

(144A)

‡

212,536

211,527

SOFR30A

+

1.9500%,

5.5952%, 2/25/45

(144A)

‡

830,000

838,438

Extended

Stay

America

Trust

CME

Term

SOFR

1

Month

+

2.6000%,

6.2547%, 10/15/42

(144A)

‡

921,719

924,969

CME

Term

SOFR

1

Month

+

3.3500%,

7.0047%, 10/15/42

(144A)

‡

210,926

211,793

CME

Term

SOFR

1

Month

+

4.1000%,

7.7547%, 10/15/42

(144A)

‡

112,687

113,203

CME

Term

SOFR

1

Month

+

2.9000%,

6.5547%, 2/15/43

(144A)

‡

281,144

282,197

CME

Term

SOFR

1

Month

+

3.7500%,

7.4047%, 2/15/43

(144A)

‡

141,042

141,638

FHLMC

STACR

REMIC

Trust

SOFR30A

+

6.2500%,

9.8952%, 10/25/33

(144A)

‡

20,164

25,433

SOFR30A

+

2.1000%,

5.7452%, 9/25/41

(144A)

‡

277,867

279,032

SOFR30A

+

6.2500%,

9.8952%, 9/25/41

(144A)

‡

1,029,341

1,047,676

SOFR30A

+

7.5000%,

11.1452%, 10/25/41

(144A)

‡

476,492

489,726

SOFR30A

+

7.8000%,

11.4452%, 11/25/41

(144A)

‡

1,162,500

1,201,987

SOFR30A

+

7.0000%,

10.6452%, 12/25/41

(144A)

‡

1,650,945

1,704,381

SOFR30A

+

8.5000%,

12.1452%, 2/25/42

(144A)

‡

507,575

535,624

SOFR30A

+

1.4500%,

5.0952%, 10/25/44

(144A)

‡

110,607

110,624

SOFR30A

+

1.6500%,

5.2952%, 2/25/45

(144A)

‡

350,000

349,965

SOFR30A

+

7.4000%,

11.0452%, 11/25/50

(144A)

‡

205,047

249,215

FHLMC

STACR

Trust

,

SOFR30A

+

7.8645%

,

11.5096

%

,

9/25/48

(144A)

‡

84,000

95,443

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

2.5000%,

TBA, 30

Year

Maturity

^

685,000

573,585

3.0000%,

TBA, 30

Year

Maturity

^

4,748,000

4,156,613

3.5000%,

TBA, 30

Year

Maturity

^

5,263,000

4,792,014

4.0000%,

TBA, 30

Year

Maturity

^

2,414,000

2,264,187

4.5000%,

TBA, 30

Year

Maturity

^

4,893,812

4,707,715

5.0000%,

TBA, 30

Year

Maturity

^

5,359,624

5,280,575

5.5000%,

TBA, 30

Year

Maturity

^

7,929,300

7,964,903

6.0000%,

TBA, 30

Year

Maturity

^

3,467,000

3,538,836

6.0000%,

TBA, 30

Year

Maturity

^

558,417

569,407

6.5000%,

TBA, 30

Year

Maturity

^

153,000

158,699

FREMF

Mortgage

Trust

,

5.8220

%

,

11/25/28

(144A)

‡

162,000

152,183

Galaxy

Senior

Participation

Interest

Trust

1

,

2.3760

%

,

7/31/26

¢

,‡

404,252

406,413

GGP

Trust

,

1.0000

%

,

4/10/43

‡

468,000

465,836

GNMA

II,

30

Year,

Single

Family

3.5000%,

TBA, 30

Year

Maturity

^

2,092,000

1,889,107

4.0000%,

TBA, 30

Year

Maturity

^

204,000

190,122

5.0000%,

TBA, 30

Year

Maturity

^

96,000

95,180

5.5000%,

TBA, 30

Year

Maturity

^

68,000

68,471

Great

Wolf

Trust

CME

Term

SOFR

1

Month

+

2.8900%,

6.5447%, 3/15/39

(144A)

‡

154,000

154,629

CME

Term

SOFR

1

Month

+

5.4360%,

9.0907%, 3/15/39

(144A)

‡

117,000

117,870

Janus

Henderson

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

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)

GS

Mortgage

Securities

Corp.

Trust

,

CME

Term

SOFR

1

Month

+

2.6500%

,

6.3110

%

,

11/25/41

(144A)

‡

$

330,000

$

330,006

GWT

CME

Term

SOFR

1

Month

+

2.9395%,

6.5942%, 5/15/41

(144A)

‡

1,330,000

1,334,932

CME

Term

SOFR

1

Month

+

3.6384%,

7.2931%, 5/15/41

(144A)

‡

171,000

171,264

Hudsons

Bay

Simon

JV

Trust

,

4.1545

%

,

8/5/34

(144A)

238,000

228,447

JPMorgan

Chase

Bank

NA

CME

Term

SOFR

1

Month

+

2.3645%,

6.0188%, 10/25/57

(144A)

‡

829,251

853,440

CME

Term

SOFR

1

Month

+

2.6145%,

6.2688%, 10/25/57

(144A)

‡

630,243

650,427

LEX

Trust

,

CME

Term

SOFR

1

Month

+

2.3500%

,

6.0047

%

,

3/15/43

(144A)

‡

389,000

389,000

LHOME

Mortgage

Trust

,

7.1280

%

,

3/25/29

(144A)

Ç

325,000

325,394

MHP

CME

Term

SOFR

1

Month

+

3.9575%,

7.6122%, 1/15/27

(144A)

‡

800,000

801,289

CME

Term

SOFR

1

Month

+

2.3145%,

5.9695%, 7/15/38

(144A)

‡

325,000

324,805

MKT

Mortgage

Trust

,

2.6940

%

,

2/12/40

(144A)

482,000

435,534

MTN

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

5.2852%,

8.9452%, 3/15/39

(144A)

‡

650,000

649,235

1.0000%, 5/15/43

(144A)

‡

159,000

158,562

New

Residential

Mortgage

Loan

Trust

,

7.1010

%

,

3/25/39

(144A)

Ç

323,000

325,896

NRM

FHT1

Excess

Owner

LLC

,

6.5450

%

,

3/25/32

(144A)

Ç

545,050

550,529

PNW

Trust

,

CME

Term

SOFR

1

Month

+

3.5088%

,

7.1635

%

,

4/15/41

(144A)

‡

155,000

154,619

PRET

LLC

,

6.3677

%

,

4/25/55

(144A)

Ç

898,969

899,587

Prima

Capital

CRE

Securitization

Ltd.

,

5.5000

%

,

10/1/33

(144A)

175,000

146,298

PRM7

Trust

,

6.8391

%

,

11/10/42

(144A)

‡

278,000

279,205

PRPM

LLC

,

6.4690

%

,

5/25/30

(144A)

Ç

579,913

579,014

Saluda

Grade

Alternative

Mortgage

Trust

,

6.7480

%

,

3/25/31

(144A)

Ç

217,000

214,901

Saluds

Grade

Alternative

Mortgage

Trust

,

5.6570

%

,

10/25/40

(144A)

Ç

100,000

99,953

SCG

Commercial

Mortgage

Trust

,

CME

Term

SOFR

1

Month

+

2.7500%

,

6.4047

%

,

8/15/42

(144A)

‡

200,000

197,882

SCG

Trust

,

CME

Term

SOFR

1

Month

+

3.4000%

,

7.0547

%

,

9/15/42

(144A)

‡

290,000

290,489

SMRT

,

CME

Term

SOFR

1

Month

+

2.7000%

,

6.3550

%

,

1/15/39

(144A)

‡

800,000

798,022

SREIT

Trust

,

CME

Term

SOFR

1

Month

+

2.7327%

,

6.3877

%

,

11/15/36

(144A)

‡

165,000

164,949

SWCH

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

3.3402%,

6.9949%, 2/15/42

(144A)

‡

170,000

167,591

CME

Term

SOFR

1

Month

+

4.2389%,

7.8936%, 2/15/42

(144A)

‡

530,000

528,670

Taurus

UK

Designated

Activity

Co.

SONIO/N

+

2.0000%,

5.7350%, 7/20/35

(144A)

‡

GBP

120,000

161,870

SONIO/N

+

2.8000%,

6.5350%, 7/20/35

(144A)

‡

GBP

170,000

228,088

TEXAS

Commercial

Mortgage

Trust

,

CME

Term

SOFR

1

Month

+

3.0906%

,

6.7453

%

,

4/15/42

(144A)

‡

$

271,000

264,485

TVC

Mortgage

Trust

5.3150%, 2/25/41

(144A)

Ç

100,000

99,451

6.3400%, 2/25/41

(144A)

‡

100,000

99,446

Vontive

Mortgage

Trust

,

6.5070

%

,

3/25/30

(144A)

Ç

496,000

500,913

Wells

Fargo

Commercial

Mortgage

Trust

6.3820%, 3/15/38

(144A)

‡

302,000

301,842

7.1375%, 3/15/38

(144A)

‡

461,000

462,306

5.7613%, 9/15/40

(144A)

‡

561,000

557,332

Total

Mortgage-Backed

Securities

(cost

$73,254,203)

73,259,199

Common

Stocks

-

0

.8

%

Biotechnology

-

0

.2

%

BioMarin

Pharmaceutical,

Inc.*

6,823

367,828

Diversified

Telecommunication

Services

-

0

.2

%

GCI

Liberty,

Inc.*

,¢

250

250,000

Janus

Henderson

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

14

April

30,

2026

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Common

Stocks

-

(continued)

Financial

Services

-

0

.1

%

PennyMac

Financial

Services,

Inc.

2,515

$

227,079

Hotels,

Restaurants

&

Leisure

-

0

.1

%

Caesars

Entertainment,

Inc.*

5,248

145,894

Oil,

Gas

&

Consumable

Fuels

-

0

.2

%

Sunococorp

LLC

5,229

348,670

Total

Common

Stocks

(cost

$1,327,680)

1,339,471

Exchange

Traded

Fund

-

4

.2

%

Janus

Henderson

Emerging

Markets

Debt

Hard

Currency

ETF

£

(cost

$6,705,411)

132,061

7,051,886

Investment

Companies

-

6

.7

%

Money

Market

Funds

-

6

.7

%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

3.6483%

£,∞

(cost

$11,260,816)

11,260,815

11,260,815

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

0

.6

%

Investment

Companies

-

0

.5

%

Janus

Henderson

Cash

Collateral

Fund

LLC,

3.5866%

£,∞

735,572

735,572

Time

Deposits

-

0

.1

%

Royal

Bank

of

Canada,

3.6300%,

5/1/26

$

183,893

183,893

Total

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

(cost

$919,465)

919,465

OTC

Purchased

Call

Credit

Default

Swaptions

-

Buy

Protection

-

0

.1

%

Counterparty/Reference

Asset

BNP

Paribas

SA

CDX.NA.HY.45-V2,

Credit

Default

Swap,

Maturing

12/20/2030,

Fixed

Rate

5.00%,  Payment

frequency:

Quarterly,

Notional

amount

$15,000,000,

Premiums

paid

$285,714,

Unrealized

depreciation

$(193,994),

Exercise

price

$106.50,

Expires

6/17/26*

15,000,000

91,720

Total

OTC

Purchased

Call

Credit

Default

Swaptions

-

Buy

Protection

-

(premiums

paid

$

285,714

,

unrealized

depreciation

$

(

193,994

)

)

91,720

Total

Investments

(total

cost

$

208,824,891

)

-

125

.1

%

208,147,427

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(25.1%)

(41,804,082)

Net

Assets

-

100.0%

$166,343,345

Janus

Henderson

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

Janus

Detroit

Street

Trust

15

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

$

188,886,166

90

.7

%

United

Kingdom

4,025,393

1

.9

Luxembourg

3,696,062

1

.8

Canada

1,986,750

1

.0

Netherlands

1,616,348

0

.8

France

1,165,443

0

.6

Finland

1,078,541

0

.5

Italy

904,873

0

.4

Japan

780,556

0

.4

Singapore

706,645

0

.3

Germany

705,390

0

.3

Ireland

617,449

0

.3

Spain

591,657

0

.3

Sweden

585,974

0

.3

Chile

480,095

0

.2

Australia

173,787

0

.1

Cayman

Islands

146,298

0

.1

Total

$208,147,427

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,

5.5000%,

TBA,

30

Year

Maturity

^

$

(

1,300

)

$

(

1,307

)

FNMA/FHLMC

UMBS,

30

Year,

Single

Family,

6.0000%,

TBA,

30

Year

Maturity

^

(

558,417

)

(

569,987

)

Total

Securities

Sold

Short

(proceeds

$572,382)

$

(

571,294

)

Summary

of

Investments

by

Country

-

(Short

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

(

571,294

)

100.0%

Janus

Henderson

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

16

April

30,

2026

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

10/31/25

Purchases

Sales

Proceeds

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciatio

n/

(Depreciation)

Affiliated

Investments,

at

Value

at

4/30/26

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

Shares

Held

at

4/30/26

Dividend

Income

Investment

Company

-

11.0%

Exchange

Traded

Fund

-

4.2%

Janus

Henderson

Emerging

Markets

Debt

Hard

Currency

ETF

$

6,728,350

$

1,184,271

$

(

782,840

)

$

38,443

$

(

116,338

)

$

7,051,886

132,061

$

238,805

Money

Market

Funds

-

6.8%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

3.6483%

∞

3,265,055

121,816,170

(

113,817,819

)

(

1,937

)

(

654

)

11,260,815

11,260,815

113,004

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

0.6%

Investment

Companies

-

0.4%

Janus

Henderson

Cash

Collateral

Fund

LLC,

3.5866%

∞

2,069,198

14,067,108

(

15,400,734

)

–

–

735,572

735,572

27,216

Δ

Total

Affiliated

Investments

-

11.5%

$12,062,603

$137,067,549

$(130,001,393)

$36,506

$(116,992)

$19,048,273

$379,025

Schedule

of

Unfunded

Loan

Commitments

Borrower

Unfunded

Loan

Commitments

Value

Unrealized

Appreciation/

(Depreciation)

Azuria

Water

Solutions,

Inc.,

Delayed

Draw

First

Lien

Term

Loan

$55,170

$55,170

$–

Salas

Obrien,

Inc.,

Delayed

Draw

First

Lien

Term

Loan

$24,892

$25,017

$125

Total

$80,062

$80,187

$125

Janus

Henderson

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

Janus

Detroit

Street

Trust

17

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

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)

BNP

Paribas

SA

Euro

5/22/26

10,294,436

$

(

12,185,679

)

$

99,308

Euro

5/22/26

(293,648)

339,133

5,630

Euro

5/22/26

500,000

(

590,683

)

3,648

Euro

5/22/26

(188,309)

217,491

3,597

Euro

5/22/26

(95,831)

110,681

1,830

Euro

5/22/26

(417,859)

488,796

1,799

Euro

5/22/26

(94,900)

109,876

1,543

Euro

5/22/26

(112,680)

130,913

1,381

Euro

5/22/26

487,038

(

572,572

)

756

Euro

5/22/26

97,578

(

115,030

)

466

Euro

5/22/26

(87,450)

102,371

302

Euro

5/22/26

(11,600)

13,332

287

Euro

5/22/26

(15,510)

17,929

281

Euro

5/22/26

(8,629)

9,988

143

Euro

5/22/26

(14,735)

17,164

136

Euro

5/22/26

(27,783)

32,576

43

Euro

5/22/26

(2,315)

2,693

25

Euro

5/22/26

(6,452)

7,566

10

Euro

5/22/26

(23,949)

28,234

(

116

)

Euro

5/22/26

(16,440)

19,451

(

149

)

Euro

5/22/26

500,000

(

585,946

)

(

1,089

)

Euro

5/22/26

(325,663)

385,715

(

3,365

)

Euro

5/22/26

500,000

(

580,472

)

(

6,562

)

Euro

5/22/26

500,000

(

578,493

)

(

8,541

)

Euro

5/22/26

500,000

(

577,366

)

(

9,668

)

Euro

5/22/26

498,750

(

573,214

)

(

12,353

)

Euro

5/22/26

(1,998,750)

2,364,381

(

17,713

)

Euro

5/22/26

985,067

(

1,136,140

)

(

20,396

)

Great

British

Pound

5/22/26

(5,206)

7,039

36

Great

British

Pound

5/22/26

777,030

(

1,050,456

)

(

5,392

)

35,877

Total

$35,877

Janus

Henderson

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

18

April

30,

2026

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Schedule

of

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

and

Unrealized

Appreciation

(Depreciation)

Futures

Long:

S&P

500

E-Mini

Index

7

6/18/26

$

2,535,313

$

87,804

U.S.

Treasury

10

Year

Notes

11

6/18/26

1,216,531

(

24,936

)

U.S.

Treasury

2

Year

Notes

231

6/30/26

47,845,875

(

156,890

)

U.S.

Treasury

5

Year

Notes

444

6/30/26

47,879,156

(

547,582

)

Total

-

Futures

Long

(641,604)

Futures

Short:

U.S.

Treasury

10

Year

Ultra

Bonds

47

6/18/26

(5,304,391)

128,694

U.S.

Treasury

Long

Bonds

9

6/18/26

(1,015,594)

38,825

U.S.

Treasury

Ultra

Bonds

14

6/18/26

(1,610,438)

78,486

Total

-

Futures

Short

246,005

Total

$(395,599)

Schedule

of

OTC

Total

Return

Swaps

Counterparty/Return

Paid

by

the

Fund

Return

Received

by

Fund

Payment

Frequency

Termination

Date

Notional

Amount

Swap

Contracts,

at

Value

and

Unrealized

Appreciation/

(Depreciation)

JPMorgan

Chase

Bank

NA:1

day

SOFR

+

0.19%

Janus

Henderson

AAA

CLO

ETF

Quarterly

07/24/2026

USD

149,180

$

8,712

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:

BNP

Paribas

SA

CDX.NA.HY.45-V2

Credit

Default

Swap,

S&P

Credit

Rating:

NR,

Maturing

12/20/2030,

Fixed

Rate

5.00%,

Payment

frequency:

Quarterly

100.00

USD

06/17/26

$

15,000,000

$(84,645)

$71,701

$(12,944)

Schedule

of

Exchange-Traded

Written

Call

Options

Reference

Asset

Number

of

Contracts

Exercise

Price

Expiration

Date

Notional

Amount

Premiums

Received

Unrealized

Appreciation/

(Depreciation)

Option

Written,

at

Value

S&P

500

Emini

Index

11

6,900.00

USD

06/18/2026

$

3,984,063

$

(

41,485

)

$

(

182,503

)

$

(

223,988

)

Schedule

of

Exchange-Traded

Written

Put

Options

Reference

Asset

Number

of

Contracts

Exercise

Price

Expiration

Date

Notional

Amount

Premiums

Received

Unrealized

Appreciation/

(Depreciation)

Option

Written,

at

Value

S&P

500

Emini

Index

11

5,725.00

USD

06/18/2026

$

3,984,063

$

(

38,979

)

$

34,744

$

(

4,235

)

Janus

Henderson

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

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,

2026.

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,

2026.

Fair

Value

of

Derivative

Instruments

(not

accounted

for

as

hedging

instruments)

as

of

April

30,

2026

Credit

Contracts

Interest

Rate

Contracts

Currency

Contracts

Equity

Contracts

Total

Asset

Derivatives:

Forward

foreign

currency

exchange

contracts

$

—

$

—

$

121,221

$

–

$

121,221

*

Futures

contracts

—

246,005

—

87,804

333,809

Swaps

-

OTC

—

—

—

8,712

8,712

Purchased

Swaption

contracts,

at

Value

91,720

—

—

–

91,720

Total

Asset

Derivatives

$

91,720

$

246,005

$

121,221

$

96,516

$

555,462

Liability

Derivatives:

Forward

foreign

currency

exchange

contracts

—

—

85,344

–

85,344

*

Futures

contracts

—

729,408

—

–

729,408

Written

Options,

at

Value

—

—

—

228,223

228,223

Swaptions

Written,

at

Value

12,944

—

—

–

12,944

Total

Liability

Derivatives

$

12,944

$

729,408

$

85,344

$

228,223

$

1,055,919

*

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).

The

Effect

of

Derivative

Instruments

(not

accounted

for

as

hedging

instruments)

on

the

Statement

of

Operations

for

the

Period

Ended

April

30,

2026

Amount

of

Realized

Gain/(Loss)

Recognized

on

Derivatives

Derivative

Credit

Contracts

Interest

Rate

Contracts

Currency

Contracts

Equity

Contracts

Commodity

Contracts

Total

Forward

foreign

currency

exchange

contracts

$

—

$

—

$

30,474

$

—

$

—

$

30,474

Futures

contracts

—

(87,226

)

—

—

—

(87,226)

Swap

contracts

(11,126)

—

—

21,460

—

10,334

Written

Options

contracts

—

19,471

—

62,050

24,739

106,260

Total

$

(11,126)

$

(67,755

)

$

30,474

$

83,510

$

24,739

$

59,842

Amount

of

Change

in

Unrealized

Appreciation/(Depreciation)

Recognized

on

Derivatives

Derivative

Credit

Contracts

Interest

Rate

Contracts

Currency

Contracts

Equity

Contracts

Total

Forward

foreign

currency

exchange

contracts

$

—

$

—

$

(199,435

)

$

–

$

(199,435

)

Futures

contracts

—

(283,675

)

—

87,804

(195,871

)

Swap

contracts

—

—

—

3,846

3,846

Written

Options

contracts

—

—

—

(154,520

)

(154,520

)

Purchased

Swaption

contracts

(193,994

)

–

(193,994

)

Written

Swaption

contracts

71,701

—

—

–

71,701

Total

$

(122,293

)

$

(283,675

)

$

(199,435

)

$

(62,870

)

$

(668,273

)

Janus

Henderson

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

20

April

30,

2026

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Please

see

the

“Net

realized

and

change

in

unrealized

gain/(loss)

on

investments”

sections

of

the

Fund’s

Statement

of

Operations.

Average

Ending

Monthly

Value

of

Derivative

Instruments

During

the

Period

Ended

April

30,

2026

Futures

contracts:

Average

notional

amount

of

contracts

-

long

$58,756,419

Average

notional

amount

of

contracts

-

short

7,961,039

Forward

foreign

currency

exchange

contracts:

Average

amounts

purchased

-

in

USD

6,020,593

Average

amounts

sold

-

in

USD

20,387,294

Credit

default

swaps:

Average

notional

amount

-

buy

protection

3,650,000

OTC

Swaps:

Average

notional

amount

44,919

Options:

Average

value

of

option

contracts

written

47,087

Swaptions:

Average

value

of

swaption

contracts

purchased

78,046

Average

value

of

swaption

contracts

written

17,771

Offsetting

of

Financial

Assets

and

Derivative

Assets

Counterparty

Gross

Amounts

of

Recognized

Assets

Offsetting

Asset

or

Liability

(a)

Collateral

Pledged

(b)

Net

Amount

BNP

Paribas

SA

$

212,941

$

(98,288

)

$

—

$

114,653

JPMorgan

Chase

Bank

NA

8,712

—

—

8,712

Total

$

221,653

$

(98,288

)

$

—

$

123,365

Offsetting

of

Financial

Liabilities

and

Derivative

Liabilities

Counterparty

Gross

Amounts

of

Recognized

Liabilities

Offsetting

Asset

or

Liability

(a)

Collateral

Pledged

(b)

Net

Amount

BNP

Paribas

SA

$

98,288

$

(98,288

)

$

—

$

—

Total

$

98,288

$

(98,288

)

$

—

$

—

Offsetting

of

Financial

Assets

and

Derivative

Assets

Counterparty

Gross

Amounts

of

Recognized

Assets

Offsetting

Asset

or

Liability

(a)

Collateral

Pledged

(b)

Net

Amount

JPMorgan

Chase

Bank

NA

$

900,008

$

—

$

(

900,008

)

$

—

(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

Income

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

April

30,

2026

Janus

Detroit

Street

Trust

21

CME

Chicago

Mercantile

Exchange

DAC

Designated

Activity

Company

ETF

Exchange

Traded

Fund

EUR

Euro

EUR0012M

12-Month

EURIBOR

EURIBOR

Euro

Interbank

Offered

Rate

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

GBP

British

Pound

GNMA

Government

National

Mortgage

Association

ICE

Intercontinental

Exchange

LIBOR

LIBOR

(London

Interbank

Offered

Rate)

is

a

short-term

interest

rate

that

banks

offer

one

another

and

generally

represents

current

cash

rates.

LLC

Limited

Liability

Company

LP

Limited

Partnership

plc

Public

Limited

Company

REMIC

Real

Estate

Mortgage

Investment

Conduit

SOFR

Secured

Overnight

Financing

Rate

SOFR30A

Secured

Overnight

Financing

Rate

30

Day

Average

SOFRINDX

Secured

Overnight

Financing

Rate

Compounded

Index

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

*

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,

2026

is

$854,135,

which

represents

0.5%

of

net

assets.

#

Loaned

security;

a

portion

of

the

security

is

on

loan

at

April

30,

2026.

∞

Rate

shown

is

the

7-day

yield

as

of

April

30,

2026.

£

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.

Janus

Henderson

Income

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

April

30,

2026

22

April

30,

2026

Δ

Net

of

income

paid

to

the

securities

lending

agent

and

rebates

paid

to

the

borrowing

counterparties.

Ç

Step

bond.

The

coupon

rate

will

increase

or

decrease

periodically

based

upon

a

predetermined

schedule.

The

rate

shown

reflects

the

current

rate.

Ø

Payment-in-kind

security

which

may

pay

interest/dividends

in

additional

par/shares

and/or

in

cash.

Rates

shown

are

the

current

rate

and

possible

payment

rates.

€

Security

is

in

default,

thus

not

accruing

interest

income.

The

rate

and

maturity

date

shown

is

as

of

the

contractual

maturity

date.

†

The

position

has

not

yet

settled

as

of

April

30,

2026.

The

coupon

rate

is

undetermined.

‡

Variable

or

floating

rate

security.

Rate

shown

is

the

current

rate

as

of

April

30,

2026.

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.

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.

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

1933

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,

2026

is

$109,953,396

which

represents

66.1%

of

net

assets.

§

PO

–

Principal

Only

^

Settlement

is

on

a

delayed

delivery

or

when-issued

basis

with

final

maturity

TBA

in

the

future.

Janus

Henderson

Income

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

April

30,

2026

Janus

Detroit

Street

Trust

23

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,

2026

.

See

Notes

to

Financial

Statements

for

more

information.

Valuation

Inputs

Summary

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Total

Assets

Investments

in

Securities:

Asset-Backed

Securities

$

—

$

24,381,971

$

197,722

$

24,579,693

Bank

Loans

—

22,090,012

—

22,090,012

Collateralized

Loan

Obligations

—

6,815,431

—

6,815,431

Convertible

Bonds

—

1,140,125

—

1,140,125

Corporate

Bonds

—

59,599,610

—

59,599,610

Mortgage-Backed

Securities

—

72,852,786

406,413

73,259,199

Common

Stocks

Diversified

Telecommunication

Services

—

—

250,000

250,000

All

Other

1,089,471

—

—

1,089,471

Exchange

Traded

Fund

7,051,886

—

—

7,051,886

Investment

Companies

—

11,260,815

—

11,260,815

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

—

919,465

—

919,465

OTC

Purchased

Call

Credit

Default

Swaptions

-

Buy

Protection

—

91,720

—

91,720

Total

Investments

in

Securities

$

8,141,357

$

199,151,935

$

854,135

$

208,147,427

Other

Financial

Instruments

(a)

:

Forward

Foreign

Currency

Exchange

Contracts

$

—

$

121,221

$

—

$

121,221

Futures

Contracts

333,809

—

—

333,809

OTC

Swaps

—

8,712

—

8,712

Total

Other

Financial

Instruments

$

333,809

$

129,933

$

—

$

463,742

Unfunded

Loan

Commitments

$

—

$

125

$

—

$

125

Total

Assets

$

8,475,166

$

199,281,993

$

854,135

$

208,611,294

Liabilities

TBA

sales

commitments:

Mortgage-Backed

Securities

$

—

$

571,294

$

—

$

571,294

Other

Financial

Instruments

(a)

:

Forward

Foreign

Currency

Exchange

Contracts

$

—

$

85,344

$

—

$

85,344

Futures

Contracts

729,408

—

—

729,408

Options

Written,

at

Value

228,223

—

—

228,223

Swaptions

Written,

at

Value

—

12,944

—

12,944

Total

Other

Financial

Instruments

$

957,631

$

98,288

$

—

$

1,055,919

Total

Liabilities

$

957,631

$

669,582

$

—

$

1,627,213

(a)

Other

financial

instruments

may

include

forward

foreign

currency

exchange

contracts,

futures,

written

options,

written

swaptions,

and

swap

contracts.

Forward

foreign

currency

exchange

contracts,

futures

contracts,

and

centrally

cleared

swap

contracts

are

reported

at

their

unrealized

appreciation/(depreciation)

at

measurement

date,

which

represents

the

change

in

the

contract's

value

from

trade

date.

Written

options,

written

swaptions,

and

OTC

swaps

are

reported

at

their

market

value

at

measurement

date.

Janus

Henderson

Income

ETF

Statement

of

Assets

and

Liabilities

(unaudited)

April

30,

2026

24

April

30,

2026

See

Notes

to

Financial

Statements.

Assets:

Unaffiliated

investments,

at

value

(cost

$189,837,378)

(1)

$

189,007,434

Affiliated

investments,

at

value

(cost

$18,701,799)

19,048,273

Purchased

swaptions,

at

value

(premiums

paid

$285,714)

91,720

Cash

denominated

in

foreign

currency

(cost

$11,661)

11,690

Forward

foreign

currency

exchange

contracts

121,221

Due

from

broker

for

futures

1,170,000

Receivable

for

variation

margin

on

futures

contracts

142,738

Net

Unrealized

Appreciation

on

Unfunded

Commitments

125

Receivables:

Investments

sold

741,742

TBA

investments

sold

4,575,133

Dividends

35,886

Interest

1,232,759

Affiliated

securities

lending

income,

net

1,026

OTC

swap

contracts,

at

value

8,712

Due

from

adviser

3,020

Total

Assets

216,191,479

Liabilities:

TBA

sales

commitments,

at

value

(proceeds

$572,382)

571,294

Collateral

on

securities

loaned

(Note

3)

919,465

Forward

foreign

currency

exchange

contracts

85,344

Swaptions

written,

at

value

(premiums

received

$84,645)

12,944

Options

written,

at

value

(premiums

received

$80,464)

228,223

Due

to

custodian

131,158

Payables:

Investments

purchased

6,697,265

TBA

investments

purchased

40,300,771

Management

fees

70,185

Investment

Litigation

Fees

2,531

Distributions

828,954

Total

Liabilities

49,848,134

Commitments

and

contingent

liabilities

Net

Assets

$

166,343,345

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

167,394,420

Total

distributable

earnings

(loss)

(

1,051,075

)

Total

Net

Assets

$

166,343,345

Net

Assets

$

166,343,345

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

3,350,000

Net

Asset

Value

Per

Share

$

49

.65

(1)

Includes

$900,008

of

securities

on

loan.

See

Note

3

in

Notes

to

Financial

Statements.

Janus

Henderson

Income

ETF

Statement

of

Operations

(unaudited)

For

the

period

ended

April

2026

Janus

Detroit

Street

Trust

25

See

Notes

to

Financial

Statements.

Investment

Income:

Interest

$

4,420,386

Dividends

from

affiliates

351,809

Dividends

252,189

Affiliated

securities

lending

income,

net    

27,216

Unaffiliated

securities

lending

income,

net

7,487

Total

Investment

Income

5,059,087

Expenses:

Management

Fees

393,626

Investment

Litigation

Fees

9,897

Total

Expenses

403,523

Less:

Excess

Expense

Reimbursement

and

Waivers

(16,063

)

Net

Expenses

387,460

Net

Investment

Income/(Loss)

4,671,627

Net

Realized

Gain/(Loss)

on

Investments:

Investments

and

foreign

currency

transactions

$

366,448

Investments

in

affiliates

36,506

TBA

sales

commitments

(133,631

)

Forward

foreign

currency

exchange

contracts

30,474

Futures

contracts

(87,226

)

Swap

contracts

10,334

Written

options

contracts

106,260

Total

Net

Realized

Gain/(Loss)

on

Investments

$

329,165

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

and

foreign

currency

translations

$

(1,322,902

)

Investments

in

affiliates

(116,992

)

Unfunded

Commitments

(75

)

TBA

sales

commitments

1,088

Forward

foreign

currency

exchange

contracts

(199,435

)

Futures

contracts

(195,871

)

Swap

contracts

3,846

Written

options

contracts

(154,520

)

Purchased

swaption

contracts

(193,994

)

Written

swaption

contracts

71,701

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

(2,107,154

)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

2,893,638

(1)

Period

from

November

12,

2024

(commencement

of

operations)

through

October

31,

2025.

Janus

Henderson

Income

ETF

Statements

of

Changes

in

Net

Assets

26

April

30,

2026

See

Notes

to

Financial

Statements.

Period

Ended

April

30,

2026

(unaudited)

Period

Ended

October

31,

2025

(1)

Operations:

Net

investment

income/(loss)

$

4,671,627

$

6,370,756

Net

realized

gain/(loss)

on

investments

329,165

1,544,206

Change

in

unrealized

net

appreciation/depreciation

(2,107,154

)

999,356

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

2,893,638

8,914,318

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(7,027,584

)

(5,831,447

)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(7,027,584

)

(5,831,447

)

Capital

Share

Transactions

25,129,119

142,265,301

Net

Increase/(Decrease)

in

Net

Assets

20,995,173

145,348,172

Net

Assets:

—

—

Beginning

of

Period  

145,348,172

—

End

of

Period

$

166,343,345

$

145,348,172

(1)

Period

from

November

12,

2024

(commencement

of

operations)

through

October

31,

2025.

Janus

Henderson

Income

ETF

Financial

Highlights

Janus

Detroit

Street

Trust

27

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

the

period

ended

April

30,

2026

(unaudited)

and

each

year

or

period

ended

October

31

2026

2025

(1)

Net

Asset

Value,

Beginning

of

Period

$51.00

$50.00

Income/(Loss)

from

Investment

Operations:

—

—

Net

investment

income/(loss)

(2)

1.54

3.04

Net

realized

and

unrealized

gain/(loss)

(0.57)

0.59

Total

from

Investment

Operations

0.97

3.63

Less

Dividends

and

Distributions:

—

—

Dividends

(from

net

investment

income)

(1.95)

(2.63)

Distributions

(from

capital

gains)

(0.37)

—

Total

Dividends

and

Distributions

(2.32)

(2.63)

Net

Asset

Value,

End

of

Period

$49.65

$51.00

Total

Return

*

1.95%

7.46%

Net

assets,

End

of

Period

(in

thousands)

$166,343

$145,348

Ratios

to

Average

Net

Assets

**

Ratio

of

Gross

Expenses

0.53%

0.52%

Ratio

of

Net

Expenses

(After

Waivers

and

Expense

Offsets)

0.51%

0.50%

Ratio

of

Net

Investment

Income/(Loss)

6.17%

6.20%

Portfolio

Turnover

Rate

(3)(4)

50%

126%

*

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

12,

2024

(commencement

of

operations)

through

October

31,

2025.

(2)

Per

share

amounts

are

calculated

based

on

average

shares

outstanding

during

the

year

or

period.

(3)

Portfolio

turnover

rate

excludes

securities

received

or

delivered

from

in-kind

processing

of

creation

or

redemptions.

(4)

Portfolio

Turnover

Rate

excludes

TBA

(to

be

announced)

purchase

and

sales

commitments.

Janus

Henderson

Income

ETF

Notes

to

Financial

Statements

(unaudited)

28

April

30,

2026

1.

Organization

and

Significant

Accounting

Policies

Janus

Henderson

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 nineteen

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

high

current

income

with

a

secondary

focus

on

capital

appreciation.

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.

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

Chief

Financial

Officer

of

the

Fund/Portfolio

is

designated

as

the

Chief

Operating

Decision

Maker

(“CODM”)

as

it

relates

to

ASC

Topic

280.

The

CODM

has

concluded

that

the

Fund/Portfolio

operated

as

a

single

segment

entity

for

the period ended

April

30,

2026.

The

key

indicator

of

performance

of

the

Fund

is

net

investment

income

as

reported

on

the

Statement

of

Operations.

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

Income

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

29

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 period.

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,

2026 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

period:

Financial

assets

of

$197,722

were

transferred

out

of

Level 2

into

Level 3

since

the

current

market

for

the

securities'

previously

quoted prices

are

now considered

inactive.

Janus

Henderson

Income

ETF

Notes

to

Financial

Statements

(unaudited)

30

April

30,

2026

Investment

Transactions

and

Investment

Income

Investment

transactions

are

accounted

for

as

of

the

date

purchased

or

sold

(trade

date).

Dividend

income

is

recorded

on

the

ex-dividend

date.

Certain

dividends

from

foreign

securities

will

be

recorded

as

soon

as

the

Fund

is

informed

of

the

dividend,

if

such

information

is

obtained

subsequent

to

the

ex-dividend

date.

Dividends

from

foreign

securities

may

be

subject

to

withholding

taxes

in

foreign

jurisdictions.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value.

Interest

income

is

recorded

daily

on

an

accrual

basis

and

includes

amortization

of

premiums

and

accretion

of

discounts.

The

Fund

classifies

gains

and

losses

on

prepayments

received

as

an

adjustment

to

interest

income.

Debt

securities

may

be

placed

in

non-accrual

status

and

related

interest

income

may

be

reduced

by

stopping

current

accruals

and

writing

off

interest

receivables

when

collection

of

all

or

a

portion

of

interest

has

become

doubtful.

Gains

and

losses

are

determined

on

the

identified

cost

basis,

which

is

the

same

basis

used

for

federal

income

tax

purposes.  

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. 

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

Income

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

31

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,

2026 

is

discussed

in

further

detail

below.

A

summary

of

derivative

activity

by

the

Fund

is

reflected

in

the

tables

at

the

end

of

the

Schedule

of

Investments.

The

Fund

may

use

derivatives

only

to

manage

or

hedge

portfolio

risk,

including

interest

rate

risk,

or

to

manage

duration.

The

Fund’s

exposure

to

derivatives

will

vary.

The

Fund

may

also

enter

into

short

positions

for

hedging

purposes.

The

Fund’s

use

of

derivative

instruments

involves

risks

different

from,

or

possibly

greater

than,

the

risks

associated

with

investing

directly

in

securities

and

other

traditional

investments.

Derivatives

are

subject

to

a

number

of

risks

including

liquidity

risk,

market

risk,

credit

risk,

default

risk,

counterparty

risk

and

management

risk.

They

also

involve

the

risk

of

mispricing

or

improper

valuation

and

the

risk

that

changes

in

the

value

of

the

derivative

may

not

correlate

exactly

with

the

change

in

the

value

of

the

underlying

asset,

rate

or

index.

Also,

suitable

derivative

transactions

may

not

be

available

in

all

circumstances

and

there

can

be

no

assurance

that

the

Fund

will

engage

in

these

transactions

to

reduce

exposure

to

other

risks

when

that

would

be

beneficial.

While

use

of

derivatives

to

hedge

can

reduce

or

eliminate

losses,

it

can

also

reduce

or

eliminate

gains

or

cause

losses

if

the

market

moves

in

a

manner

different

from

that

anticipated

by the

Adviser or

if

the

cost

of

the

derivative

outweighs

the

benefit

of

the

hedge.

The

Fund’s

ability

to

use

derivatives

may

also

be

limited

by

certain

regulatory

and

tax

considerations. 

In

pursuit

of

its

investment

objective,

the

Fund

may

seek

to

use

derivatives

to

increase

or

decrease

exposure

to

the

following

market

risk

factors: 

Counterparty

Risk

 -

the

risk

that

the

counterparty

(the

party

on

the

other

side

of

the

transaction)

on

a

derivative

transaction

will

be

unable

to

honor

its

financial

obligation

to

the

Fund.

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

Janus

Henderson

Income

ETF

Notes

to

Financial

Statements

(unaudited)

32

April

30,

2026

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.

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

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

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

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

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

Income

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

33

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

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

Janus

Henderson

Income

ETF

Notes

to

Financial

Statements

(unaudited)

34

April

30,

2026

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

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.

During

the

period,

the

Fund

sold

protection

via

the

credit

default

swap

market

in

order

to

gain

credit

risk

exposure

to

individual

corporates,

countries

and/or

credit

indices

where

gaining

this

exposure

via

the

cash

bond

market

was

less

attractive.

There

were

no

credit

default

swaps

held

as

of

April

30,

2026.

Total

return

swaps

involve

an

exchange

by

two

parties

in

which

one

party

makes

payments

based

on

a

set

rate,

either

fixed

or

variable,

while

the

other

party

makes

payments

based

on

the

return

of

an

underlying

asset,

which

includes

both

the

income

it

generates

and

any

capital

gains

over

the

payment

period.

A

fixed-income

total

return

swap

may

be

written

on

many

different

kinds

of

underlying

reference

assets,

and

may

include

different

indices

for

various

kinds

of

debt

securities

(e.g.,

U.S.

investment

grade

bonds,

high-yield

bonds,

or

emerging

market

bonds).

During

the

period,

the

Fund

entered

into

total

return

swaps

on

to

increase

exposure

to

equity

risk.

These

total

return

swaps

require

the

Fund

to

pay

a

floating

reference

interest

rate,

and

an

amount

equal

to

the

negative

price

movement

of

securities

or

an

index

multiplied

by

the

notional

amount

of

the

contract.

The

Fund

will

receive

payments

equal

to

the

positive

price

movement

of

the

same

securities

or

index

multiplied

by

the

notional

amount

of

the

contract

and,

in

some

cases,

dividends

paid

on

the

securities.

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.

Janus

Henderson

Income

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

35

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.

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.

Options

Contracts

An

options

contract

provides

the

purchaser

with

the

right,

but

not

the

obligation,

to

buy

(call

option)

or

sell

(put

option)

a

financial

instrument

at

an

agreed

upon

price

on

or

before

a

specified

date.

The

purchaser

pays

a

premium

to

the

seller

for

this

right.

The

seller

has

the

corresponding

obligation

to

sell

or

buy

a

financial

instrument

if

the

purchaser

(owner)

“exercises”

the

option.

When

an

option

is

exercised,

the

proceeds

on

sales

for

a

written

call

option,

the

purchase

cost

for

a

written

put

option,

or

the

cost

of

the

security

for

a

purchased

put

or

call

option

are

adjusted

by

the

amount

of

premium

received

or

paid.

Upon

expiration,

or

closing

of

the

option

transaction,

a

realized

gain

or

loss

is

reported

on

the

Statement

of

Operations

(if

applicable).

The

difference

between

the

premium

paid/received

and

the

market

value

of

the

option

is

recorded

as

unrealized

appreciation

or

depreciation.

The

net

change

in

unrealized

appreciation

or

depreciation

is

reported

on

the

Statement

of

Operations

(if

applicable).

Option

contracts

are

typically

valued

using

an

approved

vendor’s

option

valuation

model.

To

the

extent

reliable

market

quotations

are

available,

option

contracts

are

valued

using

market

quotations.

In

cases

when

an

approved

vendor

cannot

provide

coverage

for

an

option

and

there

is

no

reliable

market

quotation,

a

broker

quotation

or

an

internal

valuation

using

the

Black-Scholes

model,

the

Cox-Rubenstein

Binomial

Option

Pricing

Model,

or

other

appropriate

option

pricing

model

is

used.

Certain

options

contracts

are

marked-to-market

daily,

and

the

daily

variation

margin

is

recorded

as

a

receivable

or

payable

on

the

Statement

of

Assets

and

Liabilities

as

“Variation

margin

receivable”

or

“Variation

margin

payable”

(if

applicable).

The

Fund

may

use

options

contracts

to

hedge

against

changes

in

interest

rates,

the

values

of

securities,

or

foreign

currencies.

The

use

of

such

instruments

may

involve

certain

additional

risks

as

a

result

of

unanticipated

movements

in

the

market.

A

lack

of

correlation

between

the

value

of

an

instrument

underlying

an

option

and

the

asset

being

hedged,

Janus

Henderson

Income

ETF

Notes

to

Financial

Statements

(unaudited)

36

April

30,

2026

or

unexpected

adverse

price

movements,

could

render

the

Fund’s

hedging

strategy

unsuccessful.

In

addition,

there

can

be

no

assurance

that

a

liquid

secondary

market

will

exist

for

any

option

purchased

or

sold.

The

Fund

may

be

subject

to

counterparty

risk,

interest

rate

risk,

liquidity

risk,

equity

risk,

commodity

risk,

and

currency

risk

in

the

normal

course

of

pursuing

its

investment

objective

through

its

investments

in

options

contracts.

Options

traded

on

an

exchange

are

regulated

and

the

terms

of

the

options

are

standardized.

Options

traded

OTC

expose

the

Fund

to

counterparty

risk

in

the

event

that

the

counterparty

does

not

perform.

This

risk

is

mitigated

by

having

a

netting

arrangement

between

the

Fund

and

the

counterparty

and

by

having

the

counterparty

post

collateral

to

cover

the

Fund’s

exposure

to

the

counterparty.

In

writing

an

option,

the

Fund

bears

the

risk

of

an

unfavorable

change

in

the

price

of

the

security

underlying

the

written

option.

When

an

option

is

written,

the

Fund

receives

a

premium

and

becomes

obligated

to

sell

or

purchase

the

underlying

security

at

a

fixed

price,

upon

exercise

of

the

option.

Options

written

are

reported

as

a

liability

on

the

Statement

of

Assets

and

Liabilities

as

“Options

written,

at

value”

(if

applicable).

The

risk

in

writing

call

options

is

that

the

Fund

gives

up

the

opportunity

for

profit

if

the

market

price

of

the

security

increases

and

the

options

are

exercised.

The 

risk

in

writing

put

options

is

that

the

Fund

may

incur

a

loss

if

the

market

price

of

the

security

decreases

and

the

options

are

exercised.

The

risk

in

buying

options

is

that

the

Fund

pays

a

premium

whether

or

not

the

options

are

exercised.

Exercise

of

an

option

written

by

the

Fund

could

result

in

the

Fund

buying

or

selling

a

security

at

a

price

different

from

the

current

market

value.

During

the

period,

the

Fund

wrote

call

options

on

commodity

futures

for

the

purpose

of

decreasing

exposure

to

commodity

risk

and/or

generating

income.

During

the

period,

the

Fund

wrote

put

options

on

commodity

futures

for

the

purpose

of

increasing

exposure

to

commodity

risk

and/or

generating

income.

During

the

period,

the

Fund wrote call

options

on

bond

futures

in

order

to

reduce

interest

rate

risk

where

reducing

this

exposure

via

other

markets

such

as

the

cash

bond

market

was

less

attractive.

During

the

period,

the

Fund wrote put

options

on

bond

futures

in

order

to increase

interest

rate

risk

where increasing

this

exposure

via

other

markets

such

as

the

cash

bond

market

was

less

attractive.

During

the

period,

the

Fund

wrote

call

options

on

various

equity

index

futures

for

the

purpose

of

decreasing

exposure

to

broad

equity

risk

and/or

generating

carry.

During

the

period,

the

Fund

wrote

put

options

on

various

equity

index

futures

for

the

purpose

of

increasing

exposure

to

broad

equity

risk

and/or

generating

carry.

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,

social

unrest,

tariffs,

financial

institution

failures,

and

economic

recessions 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

Income

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

37

Armed

Conflict.

Armed

conflicts

between

countries

or

in

a

geographic

region,

such

as

the

ongoing

armed

conflicts

in

Europe

and

the

Middle

East,

have

the

potential

to

adversely

impact

a

Fund.

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.

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. 

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

significant

losses

experienced

by

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. 

Nondiversification

Risk 

The

Fund

is

classified

as

nondiversified

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

Janus

Henderson

Income

ETF

Notes

to

Financial

Statements

(unaudited)

38

April

30,

2026

timely

payment

of

principal

and

interest

by

the

full

faith

and

credit

of

the

U.S.

Government.

Fannie

Mae

and

Freddie

Mac

securities

are

not

backed

by

the

full

faith

and

credit

of

the

U.S.

Government.

In

September

2008,

the

Federal

Housing

Finance

Agency

(“FHFA”),

an

agency

of

the

U.S.

Government,

placed

Fannie

Mae

and

Freddie

Mac

under

conservatorship.

Since

that

time,

Fannie

Mae

and

Freddie

Mac

have

received

capital

support

through

U.S.

Treasury

preferred

stock

purchases

and

Treasury

and

Federal

Reserve

purchases

of

their

mortgage-backed

securities.

The

FHFA

and

the

U.S.

Treasury

have

imposed

strict

limits

on

the

size

of

these

entities’

mortgage

portfolios.

The

FHFA

has

the

power

to

cancel

any

contract

entered

into

by

Fannie

Mae

and

Freddie

Mac

prior

to

FHFA’s

appointment

as

conservator

or

receiver,

including

the

guarantee

obligations

of

Fannie

Mae

and

Freddie

Mac.

The

Fund

may

also

purchase

other

mortgage-and

asset-backed

securities

through

single-and

multi-seller

conduits,

collateralized

debt

obligations,

structured

investment

vehicles,

and

other

similar

securities.

Asset-backed

securities

may

be

backed

by

various

consumer

obligations,

including

automobile

loans,

equipment

leases,

credit

card

receivables,

or

other

collateral.

In

the

event

the

underlying

loans

are

not

paid,

the

securities’

issuer

could

be

forced

to

sell

the

assets

and

recognize

losses

on

such

assets,

which

could

impact

the

Fund's

return.

Unlike

traditional

debt

instruments,

payments

on

these

securities

include

both

interest

and

a

partial

payment

of

principal.

Mortgage-and

asset-backed

securities

are

subject

to

both

extension

risk,

where

borrowers

pay

off

their

debt

obligations

more

slowly

in

times

of

rising

interest

rates,

and

prepayment

risk,

where

borrowers

pay

off

their

debt

obligations

sooner

than

expected

in

times

of

declining

interest

rates.

These

risks

may

reduce

the

Fund’s

returns.

In

addition,

investments

in

mortgage-and

asset-backed

securities,

including

those

comprised

of

subprime

mortgages,

may

be

subject

to

a

higher

degree

of

credit

risk,

valuation

risk,

extension

risk

(if

interest

rates

rise),

and

liquidity

risk

than

various

other

types

of

fixed-income

securities.

Additionally,

although

mortgage-

backed

securities

are

generally

supported

by

some

form

of

government

or

private

guarantee

and/or

insurance,

there

is

no

assurance

that

guarantors

or

insurers

will

meet

their

obligations.

TBA

Commitments 

The

Fund

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.

To

mitigate

the

counterparty

credit

risk

and

in

accordance

with

FINRA

4210

regulatory

requirements

on

TBA

commitments

and

other

types

of

forward-settling

transactions,

the

Fund

enters

into

a

Master

Securities

Forward

Transaction

Agreement

(“MSFTA”)

bilaterally

with

each

counterparty

with

which

it

undertakes

transactions.

An

MSFTA

gives

each

party

to

the

agreement

the

right

to

terminate

all

transactions

traded

under

such

agreement

if

there

is

a

specified

deterioration

in

the

credit

quality

of

the

other

party.

Upon

an

event

of

default

or

a

termination

of

an

MSFTA,

the

non-defaulting

party

has

the

right

to

close

out

all

transactions

traded

under

such

agreement

and

to

net

amounts

owed

under

each

transaction

to

one

net

amount

payable

by

the

defaulting

party.

This

right

to

close

out

and

net

payments

across

all

transactions

traded

under

an

MSFTA

may

result

in

a

reduction

of

the

Fund’s

credit

risk

to

such

counterparty

equal

to

any

amounts

payable

by

the

Fund

under

the

applicable

transactions,

if

any.

For

mortgage-backed

and

asset-backed

securities

traded

under

an

MSFTA,

the

collateral

and

margining

requirements

are

contract

specific.

Amounts

across

all

transactions

traded

under

an

MSFTA

are

netted

and

an

amount

is

posted

from

one

party

to

the

other

to

collateralize

such

obligations.

Cash

that

has

been

pledged

to

cover

the

Fund’s

collateral

or

margin

obligations

under

an

MSFTA,

if

any,

will

be

reported

separately

on

the

Statement

of

Assets

and

Liabilities

as

restricted

cash. 

Janus

Henderson

Income

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

39

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,

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

Janus

Henderson

Income

ETF

Notes

to

Financial

Statements

(unaudited)

40

April

30,

2026

“Fair

Value

of

Derivative

Instruments

(not

accounted

for

as

hedging

instruments) as

of

April

30,

2026"

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. 

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,

2026. 

 •

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. 

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

Janus

Henderson

Income

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

41

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,

2026,

securities

lending

transactions

accounted

for

as

secured

borrowings

with

an

overnight

and

continuous

contractual

maturity

are

$900,008

for

equity

securities.

Gross

amounts

of

recognized

liabilities

for

securities

lending

(collateral

received)

as

of

April

30,

2026 is $919,465,

resulting

in

the

net

amount

due

to

the

counterparty

of

$19,457.

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,

2026,

the

Fund’s

actual

management

fee

rate

(expressed

as

an

annual

rate)

was

0.52% of

the

Fund’s

average

daily

net

assets.

Daily

Net

Assets

Fee

Rate

$0-$1

billion

0.52%

Next

$2

billion

0.50%

Over

$3

billion

0.48%

Janus

Henderson

Income

ETF

Notes

to

Financial

Statements

(unaudited)

42

April

30,

2026

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,

2028.

The

Adviser

may

not

recover

amounts

previously

waived

or

reimbursed

under

this

agreement.

During

the period

ended April

30,

2026,

the

Adviser

waived

$16,063 of

the

Fund’s

management

fee,

attributable

to

the

Fund’s

investment

in

the

Janus

Henderson

Emerging

Markets

Debt

Hard

Currency

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. 

As

of

April

30,

2026, the

Adviser

owned 15

shares

or 0.00%

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

at

least

80%

of

its

net

assets

(plus

any

borrowings

for

investment

purposes)

in

U.S.

Government

securities

and

repurchase

agreements

that

are collateralized

by

U.S.

Government 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). 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,

2026 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

Janus

Henderson

Income

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

43

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,

2026 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,

2026,

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.

Acquisition

Note

On

December

22,

2025,

Janus

Henderson

Group

plc,

the

parent

company

of

the

Fund's

investment

adviser,

announced

a

definitive

agreement

to

be

acquired

by

Trian

Fund

Management

and

General

Catalyst.

The

Transaction

is

expected

to

close

in

2026,

subject

to

customary

closing

conditions,

including

requisite

regulatory

approvals,

and

client

consents.

The

shareholders

of

Janus

Henderson

Group,

plc

approved

the

acquisition

on

April

16,

2026. 

9.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to April

30,

2026

and

through

the

date

of

the

issuance

of

the

Fund's

financial

statements

and

determined

that

there

were

no

material

events

or

transactions

that

would

require

recognition

or

disclosure

in

the

Fund's

financial

statements. 

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$208,824,891

$1,795,531

$(2,472,995)

$(677,464)

Period

Ended

April

30,

2026

Period

Ended

October

31,

2025

(1)

Shares

Amount

Shares

Amount

Shares

sold

500,000

$

25,129,119

2,850,001

$

142,265,351

Shares

repurchased

—

—

(1)

(50

)

Net

Increase/(Decrease)

500,000

$

25,129,119

2,850,000

$

142,265,301

(1)

Period

from

November

12,

2024

(commencement

of

operations)

through

October

31,

2025.

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

$88,761,408

$75,824,636

$—

$—

Purchases

of

Securities

Proceeds

from

Sales

of

Securities

Purchases

of

Long-

Term

U.S.

Government

Obligations

Proceeds

from

Sales

of

Long-Term

U.S.

Government

Obligations

$4,167,457

$4,167,457

$—

$—

Janus

Henderson

Income

ETF

Additional

Information

(unaudited)

44

April

30,

2026

Item

8.

Changes

in

and

Disagreements

with

Accountants

for

Open-End

Management

Investment

Companies.

Not

applicable.

Item

9.

Proxy

Disclosures

for

Open-End

Management

Investment

Companies.

Not

applicable.

Item

10.

Remuneration

Paid

to

Directors,

Officers,

and

Others

of

Open-End

Management

Investment

Companies.

Because

the

Adviser

has

agreed

in

the

Investment

Advisory

Agreement

to

cover

all

operating

expenses

of

the

Fund,

subject

to

certain

exclusions

as

provided

for

therein,

the

Adviser

pays

the

compensation

to

each

Independent

Trustee

for

services

to

the

Fund

from

Adviser’s

management

fees.

Item

11.

APPROVAL

OF

ADVISORY

AGREEMENTS

DURING

THE

PERIOD

Not

applicable.

125-24-93101

04-26

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

FINANCIAL

STATEMENTS

April

30,

2026

Janus

Henderson

Transformational

Growth

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

Transformational

Growth

ETF

Item

7.

Financial

Statements

and

Financial

Highlights

for

Open-End

Management

Investment

Companies

Schedule

of

Investments

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

3

Statement

of

Assets

and

Liabilities

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

7

Statement

of

Operations

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

8

Statements

of

Changes

in

Net

Assets

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

9

Financial

Highlights

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

10

Notes

to

Financial

Statements

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

11

Items

8-11

-

Additional

Information

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

19

Janus

Henderson

Transformational

Growth

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

Janus

Detroit

Street

Trust

3

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Common

Stocks

-

99.0%

Aerospace

&

Defense

-

9.5%

Boeing

Co.

(The)*

6,802

$

1,557,862

Howmet

Aerospace,

Inc.

7,811

1,898,385

3,456,247

Biotechnology

-

8.1%

Madrigal

Pharmaceuticals,

Inc.*

2,950

1,526,301

Revolution

Medicines,

Inc.*

6,070

874,808

Vaxcyte,

Inc.*

9,470

542,063

2,943,172

Broadline

Retail

-

14.9%

Amazon.com,

Inc.*

16,105

4,268,791

MercadoLibre,

Inc.*

626

1,122,187

5,390,978

Capital

Markets

-

6.0%

Intercontinental

Exchange,

Inc.

9,575

1,513,712

Robinhood

Markets,

Inc.

-

Class

A*

8,870

646,534

2,160,246

Construction

&

Engineering

-

3.9%

Legence

Corp.

-

Class

A*

16,067

1,397,186

Electrical

Equipment

-

3.8%

Forgent

Power

Solutions,

Inc.

-

Class

A*

36,657

1,379,036

Health

Care

Providers

&

Services

-

3.3%

UnitedHealth

Group,

Inc.

3,270

1,211,470

Hotels,

Restaurants

&

Leisure

-

7.7%

Chipotle

Mexican

Grill,

Inc.

-

Class

A*

22,602

768,242

DoorDash,

Inc.

-

Class

A*

5,119

863,320

DraftKings,

Inc.

-

Class

A*

49,485

1,153,990

2,785,552

Life

Sciences

Tools

&

Services

-

1.9%

Danaher

Corp.

3,881

694,505

Pharmaceuticals

-

3.0%

Eli

Lilly

&

Co.

1,160

1,084,136

Semiconductors

&

Semiconductor

Equipment

-

23.6%

Advanced

Micro

Devices,

Inc.*

2,931

1,039,010

Broadcom,

Inc.

7,820

3,264,303

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

(ADR)

10,674

4,227,544

8,530,857

Software

-

13.3%

Datadog,

Inc.

-

Class

A*

10,043

1,327,584

Nebius

Group

NV

-

Class

A

#

,*

6,740

931,670

Oracle

Corp.

15,756

2,542,861

4,802,115

Total

Common

Stocks

(cost

$29,519,277)

35,835,500

Investment

Companies

-

1.1%

Money

Market

Funds

-

1.1%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

3.6483%

£,∞

(cost

$405,743)

405,743

405,743

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

2.0%

Investment

Companies

-

1.6%

Janus

Henderson

Cash

Collateral

Fund

LLC,

3.5866%

£,∞

583,347

583,347

Janus

Henderson

Transformational

Growth

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

4

April

30,

2026

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

(continued)

Time

Deposits

-

0.4%

Royal

Bank

of

Canada,

3.6300%,

5/1/26

$

145,837

$

145,837

Total

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

(cost

$729,184)

729,184

Total

Investments

(total

cost

$

30,654,204

)

-

102.1%

36,970,427

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(2.1%)

(744,426)

Net

Assets

-

100.0%

$36,226,001

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

30,689,026

83.1

%

Taiwan

4,227,544

11.4

Uruguay

1,122,187

3.0

Netherlands

931,670

2.5

Total

$36,970,427

100.0%

Schedule

of

Affiliated

Investments

-

(%

of

Net

Assets)

Affiliated

Investments,

at

Value

at

10/31/25

Purchases

Sales

Proceeds

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciatio

n/

(Depreciation)

Affiliated

Investments,

at

Value

at

4/30/26

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

Shares

Held

at

4/30/26

Dividend

Income

Investment

Company

-

1.1%

Money

Market

Funds

-

1.1%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

3.6483%

∞

$

86,956

$

3,911,008

$

(3,592,114)

$

(90)

$

(17)

$

405,743

405,743

$

4,020

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

2.0%

Investment

Companies

-

1.6%

Janus

Henderson

Cash

Collateral

Fund

LLC,

3.5866%

∞

–

7,852,317

(7,268,970)

–

–

583,347

583,347

4,618

Δ

Total

Affiliated

Investments

-

2.7%

$86,956

$11,763,325

$(10,861,084)

$(90)

$(17)

$989,090

$8,638

Janus

Henderson

Transformational

Growth

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

Janus

Detroit

Street

Trust

5

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Offsetting

of

Financial

Assets

and

Derivative

Assets

Counterparty

Gross

Amounts

of

Recognized

Assets

Offsetting

Asset

or

Liability

(a)

Collateral

Pledged

(b)

Net

Amount

JPMorgan

Chase

Bank

NA

$

713,715

$

—

$

(713,715)

$

—

(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

Transformational

Growth

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

April

30,

2026

6

April

30,

2026

ADR

American

Depositary

Receipt

LLC

Limited

Liability

Company

*

Non-income

producing

security.

#

Loaned

security;

a

portion

of

the

security

is

on

loan

at

April

30,

2026.

∞

Rate

shown

is

the

7-day

yield

as

of

April

30,

2026.

£

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,

2026

.

See

Notes

to

Financial

Statements

for

more

information.

Valuation

Inputs

Summary

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Total

Assets

Investments

in

Securities:

Common

Stocks

$

35,835,500

$

—

$

—

$

35,835,500

Investment

Companies

—

405,743

—

405,743

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

—

729,184

—

729,184

Total

Assets

$

35,835,500

$

1,134,927

$

—

$

36,970,427

Janus

Henderson

Transformational

Growth

ETF

Statement

of

Assets

and

Liabilities

(unaudited)

April

30,

2026

Janus

Detroit

Street

Trust

7

See

Notes

to

Financial

Statements.

Assets:

Unaffiliated

investments,

at

value

(cost

$29,665,114)

(1)

$

35,981,337

Affiliated

investments,

at

value

(cost

$989,090)

989,090

Receivables:

Dividends

642

Affiliated

securities

lending

income,

net

81

Total

Assets

36,971,150

Liabilities:

Collateral

on

securities

loaned

(Note

2)

729,184

Payables:

Management

fees

15,965

Total

Liabilities

745,149

Commitments

and

contingent

liabilities

Net

Assets

$

36,226,001

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

30,017,651

Total

distributable

earnings

(loss)

6,208,350

Total

Net

Assets

$

36,226,001

Net

Assets

$

36,226,001

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

1,250,000

Net

Asset

Value

Per

Share

$

28

.98

(1)

Includes

$713,715

of

securities

on

loan.

See

Note

3

in

Notes

to

Financial

Statements.

Janus

Henderson

Transformational

Growth

ETF

Statement

of

Operations

(unaudited)

For

the

period

ended

April

30,

2026

8

April

30,

2026

See

Notes

to

Financial

Statements.

Investment

Income:

Dividends

$

78,474

Affiliated

securities

lending

income,

net    

4,618

Dividends

from

affiliates

4,020

Unaffiliated

securities

lending

income,

net

1,379

Foreign

tax

withheld

(

4,011

)

Total

Investment

Income

84,480

Expenses:

Management

Fees

96,668

Total

Expenses

96,668

Net

Investment

Income/(Loss)

(

12,188

)

Net

Realized

Gain/(Loss)

on

Investments:

Investments

$

87,265

Investments

in

affiliates

(

90

)

Total

Net

Realized

Gain/(Loss)

on

Investments

$

87,175

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

671,560

Investments

in

affiliates

(

17

)

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

671,543

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

746,530

Janus

Henderson

Transformational

Growth

ETF

Statements

of

Changes

in

Net

Assets

Janus

Detroit

Street

Trust

9

See

Notes

to

Financial

Statements.

Period

Ended

April

30,

2026

(unaudited)

Period

Ended

October

31,

2025

(1)

Operations:

Net

investment

income/(loss)

$

(

12,188

)

$

(

10,093

)

Net

realized

gain/(loss)

on

investments

87,175

(

182,860

)

Change

in

unrealized

net

appreciation/depreciation

671,543

5,644,680

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

746,530

5,451,727

Dividends

and

Distributions

to

Shareholders:

—

—

Return

of

Capital

—

(

6,568

)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

—

(

6,568

)

Capital

Share

Transactions

1,392,911

28,641,401

Net

Increase/(Decrease)

in

Net

Assets

2,139,441

34,086,560

Net

Assets:

—

—

Beginning

of

Period  

34,086,560

—

End

of

Period

$

36,226,001

$

34,086,560

(1)

Period

from

February

4,

2025

(commencement

of

operations)

through

October

31,

2025.

Janus

Henderson

Transformational

Growth

ETF

Financial

Highlights

10

April

30,

2026

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

the

period

ended

April

30,

2026

(unaudited)

and

each

year

or

period

ended

October

31

2026

2025

(1)

Net

Asset

Value,

Beginning

of

Period

$28.41

$25.00

Income/(Loss)

from

Investment

Operations:

—

—

Net

investment

income/(loss)

(2)

(0.01)

(0.01)

Net

realized

and

unrealized

gain/(loss)

0.58

3.43

Total

from

Investment

Operations

0.57

3.42

Less

Dividends

and

Distributions:

—

—

Dividends

(from

net

investment

income)

—

—

Return

of

Capital

—

(0.01)

Total

Dividends

and

Distributions

—

(0.01)

Net

Asset

Value,

End

of

Period

$28.98

$28.41

Total

Return

*

2.01%

13.70%

Net

assets,

End

of

Period

(in

thousands)

$36,226

$34,087

Ratios

to

Average

Net

Assets

**

Ratio

of

Gross

Expenses

0.57%

0.57%

Ratio

of

Net

Investment

Income/(Loss)

(0.07)%

(0.06)%

Portfolio

Turnover

Rate

(3)

20%

31%

*

Total

return

not

annualized

for

periods

of

less

than

one

full

year.

**

Annualized

for

periods

of

less

than

one

full

year.

(1)

Period

from

February

4,

2025

(commencement

of

operations)

through

October

31,

2025.

(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

Transformational

Growth

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

11

1.

Organization

and

Significant

Accounting

Policies

Janus

Henderson Transformational

Growth 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 nineteen

Funds

each

of

which

represent

shares

of

beneficial

interest

in

a

separate

portfolio

of

securities

and

other

assets

with

its

own

objective

and

policies.

The

Fund

seeks

long-term

growth

of

capital.

The

Fund

is

classified

as nondiversified,

as

defined

in

the

1940

Act.

Janus

Henderson

Investors

US

LLC

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.

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

Chief

Financial

Officer

of

the

Fund/Portfolio

is

designated

as

the

Chief

Operating

Decision

Maker

(“CODM”)

as

it

relates

to

ASC

Topic

280.

The

CODM

has

concluded

that

the

Fund/Portfolio

operated

as

a

single

segment

entity

for

the period ended

April

30,

2026.

The

key

indicator

of

performance

of

the

Fund

is

net

investment

income

as

reported

on

the

Statement

of

Operations.

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

Transformational

Growth

ETF

Notes

to

Financial

Statements

(unaudited)

12

April

30,

2026

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 period.

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,

2026 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

Transformational

Growth

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

13

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. 

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,

social

unrest,

tariffs,

financial

institution

failures,

and

economic

recessions 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

Transformational

Growth

ETF

Notes

to

Financial

Statements

(unaudited)

14

April

30,

2026

Armed

Conflict.

Armed

conflicts

between

countries

or

in

a

geographic

region,

such

as

the

ongoing

armed

conflicts

in

Europe

and

the

Middle

East,

have

the

potential

to

adversely

impact

a

Fund.

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.

Nondiversification

Risk 

The

Fund

is

classified

as

nondiversified

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.

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

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. 

Janus

Henderson

Transformational

Growth

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

15

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,

2026,

securities

lending

transactions

accounted

for

as

secured

borrowings

with

an

overnight

and

continuous

contractual

maturity

are

$713,715

for

equity

securities.

Gross

amounts

of

recognized

liabilities

for

securities

lending

(collateral

received)

as

of

April

30,

2026 is $729,184,

resulting

in

the

net

amount

due

to

the

counterparty

of

$15,469.

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: 

Daily

Net

Assets

Fee

Rate

$0-$500

million

0.57%

Next

$500

million

0.55%

Over

$1

billion

0.52%

Janus

Henderson

Transformational

Growth

ETF

Notes

to

Financial

Statements

(unaudited)

16

April

30,

2026

For

the

period

ended April

30,

2026,

the

Fund’s

actual

management

fee

rate

(expressed

as

an

annual

rate)

was

0.57% 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,

2026, the

Adviser

owned 850,000

shares

or 68.00%

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

at

least

80%

of

its

net

assets

(plus

any

borrowings

for

investment

purposes)

in

U.S.

Government

securities

and

repurchase

agreements

that

are collateralized

by

U.S.

Government 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). 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,

2026 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.

Janus

Henderson

Transformational

Growth

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

17

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,

2025,

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,

2026 are

noted

below.

5.

Capital

Share

Transactions 

6.

Purchases

and

Sales

of

Investment

Securities

For

the

period

ended

April

30,

2026,

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,

2026,

the

cost

of

in-kind

purchases

and

proceeds

from

in-kind

sales,

were

as

follows: 

During

the

period

ended

April

30,

2026,

the

Fund

had

net

realized

gain of $309,008 from

in-kind

redemptions.

Gains

on

in-kind

transactions

are

not

considered

taxable

for

federal

income

tax

purposes.

Capital

Loss

Carryover

Schedule

For

the

period

ended

October

31,

2025

No

Expiration

Short-Term

Long-Term

Accumulated

Capital

Losses

$(182,860)

$—

$(182,860)

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$30,654,204

$8,128,136

$(1,811,913)

$6,316,223

Period

Ended

April

30,

2026

Period

Ended

October

31,

2025

(1)

Shares

Amount

Shares

Amount

Shares

sold

100,000

$

2,732,251

1,200,001

$

28,641,426

Shares

repurchased

(50,000)

(1,339,340

)

(1)

(25

)

Net

Increase/(Decrease)

50,000

$

1,392,911

1,200,000

$

28,641,401

Purchases

of

Securities

Proceeds

from

Sales

of

Securities

Purchases

of

Long-

Term

U.S.

Government

Obligations

Proceeds

from

Sales

of

Long-Term

U.S.

Government

Obligations

$6,809,884

$7,151,799

$—

$—

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

$2,736,376

$1,333,296

$—

$—

Janus

Henderson

Transformational

Growth

ETF

Notes

to

Financial

Statements

(unaudited)

18

April

30,

2026

7.

Acquisition

Note

On

December

22,

2025,

Janus

Henderson

Group

plc,

the

parent

company

of

the

Fund's

investment

adviser,

announced

a

definitive

agreement

to

be

acquired

by

Trian

Fund

Management

and

General

Catalyst.

The

Transaction

is

expected

to

close

in

2026,

subject

to

customary

closing

conditions,

including

requisite

regulatory

approvals,

and

client

consents.

The

shareholders

of

Janus

Henderson

Group,

plc

approved

the

acquisition

on

April

16,

2026. 

8.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to April

30,

2026

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:

At

a

May

18,

2026  meeting

of

Fund

shareholders,

shareholders

approved

a

new

investment

advisory

agreement

between

the

Fund

and

the

Adviser,

to

take

effect

in

connection

with

the

closing

of

the

Transaction.

Janus

Henderson

Transformational

Growth

ETF

Additional

Information

(unaudited)

Janus

Detroit

Street

Trust

19

Item

8.

Changes

in

and

Disagreements

with

Accountants

for

Open-End

Management

Investment

Companies.

Not

applicable.

Item

9.

Proxy

Disclosures

for

Open-End

Management

Investment

Companies.

Not

applicable.

Item

10.

Remuneration

Paid

to

Directors,

Officers,

and

Others

of

Open-End

Management

Investment

Companies.

Because

the

Adviser

has

agreed

in

the

Investment

Advisory

Agreement

to

cover

all

operating

expenses

of

the

Fund,

subject

to

certain

exclusions

as

provided

for

therein,

the

Adviser

pays

the

compensation

to

each

Independent

Trustee

for

services

to

the

Fund

from

Adviser’s

management

fees.

Item

11.

APPROVAL

OF

ADVISORY

AGREEMENTS

DURING

THE

PERIOD

Not

applicable.

125-24-93102

04-26

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

FINANCIAL

STATEMENTS

April

30,

2026

Janus

Henderson

Asset-Backed

Securities

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

Asset-Backed

Securities

ETF

Item

7.

Financial

Statements

and

Financial

Highlights

for

Open-End

Management

Investment

Companies

Schedule

of

Investments

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

3

Statement

of

Assets

and

Liabilities

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

10

Statement

of

Operations

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

11

Statements

of

Changes

in

Net

Assets

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

12

Financial

Highlights

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

13

Notes

to

Financial

Statements

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

14

Items

8-11

-

Additional

Information

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

23

Janus

Henderson

Asset-Backed

Securities

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

Janus

Detroit

Street

Trust

3

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Asset-Backed

Securities

-

86.6%

Acacia

LLC,

5.2400%,

11/15/37

(144A)

$

726,690

$

727,514

Affirm

Asset

Securitization

Trust,

4.9300%,

10/15/30

(144A)

600,000

599,982

Affirm

Master

Trust,

5.1300%,

2/15/33

(144A)

1,641,000

1,649,708

Affirm

Master

Trust,

4.8900%,

10/16/34

(144A)

1,000,000

991,058

Alloya

Auto

Receivables

Trust,

4.9900%,

3/25/30

(144A)

1,500,000

1,507,391

Ally

Bank

Auto

Credit-Linked

Notes,

5.8270%,

5/17/32

(144A)

98,450

99,583

Ally

Bank

Auto

Credit-Linked

Notes,

4.8440%,

6/15/33

(144A)

1,706,362

1,707,470

Aqua

Finance

Issuer

Trust,

4.7900%,

5/17/51

(144A)

1,136,902

1,126,136

Aqua

Finance

Issuer

Trust,

5.2400%,

5/17/51

(144A)

1,438,500

1,429,365

Aqua

Finance

Trust,

1.5400%,

7/17/46

(144A)

217,073

198,234

Arivo

Acceptance

Auto

Loan

Receivables

Trust,

5.4200%,

12/15/31

(144A)

1,000,000

991,788

AutoNation

Finance

Trust,

4.5600%,

10/14/31

(144A)

1,000,000

992,237

Avis

Budget

Rental

Car

Funding

AESOP

LLC,

5.8500%,

6/20/30

(144A)

1,350,000

1,379,789

Avtech

Equipment

Receivables

Funding

LLC,

4.5500%,

2/15/33

(144A)

820,292

818,231

Bayview

Opportunity

Master

Fund

VII

LLC,

SOFR30A

+

1.7000%,

5.3452%,

7/27/48

(144A)

‡

723,216

722,403

Carmax

Auto

Owner

Trust,

5.1100%,

5/17/32

1,000,000

994,545

Carmax

Select

Receivables

Trust,

4.8300%,

6/16/31

1,000,000

995,588

Carvana

Auto

Receivables

Trust,

5.4200%,

4/10/28

(144A)

31,785

31,822

Carvana

Auto

Receivables

Trust,

6.0900%,

11/13/29

(144A)

427,000

438,538

Carvana

Auto

Receivables

Trust,

4.9900%,

1/12/32

1,000,000

982,378

Castlelake

Aircraft

Structured

Trust,

5.0730%,

3/15/51

(144A)

993,073

974,144

Compass

Datacenters

Issuer

II

LLC,

5.3160%,

5/25/50

(144A)

2,000,000

1,999,956

Compass

Datacenters

Issuer

II

LLC,

5.7560%,

5/25/50

(144A)

1,000,000

986,064

Consolidated

Communications

LLC,

5.5220%,

12/20/55

(144A)

1,000,000

1,005,771

Corporate

One

Auto

Receivables

Trust,

4.8400%,

4/15/31

(144A)

1,000,000

991,855

CPS

Auto

Receivables

Trust,

4.9100%,

6/15/28

(144A)

1,612

1,612

Credibly

Asset

Securitization

II

LLC,

5.4000%,

3/15/32

(144A)

1,000,000

992,713

Dell

Equipment

Finance

Trust,

4.8300%,

3/22/32

(144A)

1,000,000

994,590

Dell

Equipment

Finance

Trust,

5.1900%,

11/22/32

(144A)

1,000,000

999,282

DLLMT

LLC,

5.3400%,

3/22/27

(144A)

61,421

61,544

DLLST

LLC,

5.0500%,

8/20/27

(144A)

8,386

8,410

Exeter

Automobile

Receivables

Trust,

4.4000%,

5/17/32

1,000,000

987,211

Exeter

Select

Automobile

Receivables

Trust,

4.9100%,

12/15/31

2,000,000

1,992,105

FHF

Issuer

Trust,

5.8900%,

6/15/30

(144A)

179,684

180,580

FHF

Issuer

Trust,

6.4300%,

7/15/30

(144A)

200,000

200,011

FHF

Issuer

Trust,

5.6900%,

8/15/31

(144A)

1,500,000

1,469,661

FIGRE

Trust,

5.5600%,

5/25/55

(144A)

‡

2,279,960

2,287,993

FIGRE

Trust,

5.4670%,

7/25/55

(144A)

Ç

2,051,428

2,046,663

Flagship

Credit

Auto

Trust,

1.2700%,

3/15/27

(144A)

44,426

44,355

Flagship

Credit

Auto

Trust,

5.0500%,

1/18/28

(144A)

82,100

82,114

FNA

9

LLC,

5.5090%,

4/16/46

(144A)

‡

1,000,000

999,585

Foundation

Finance

Trust,

5.0700%,

8/15/52

(144A)

1,250,000

1,245,872

GM

Financial

Automobile

Leasing

Trust,

4.6000%,

1/21/30

1,500,000

1,495,074

GoodLeap

Home

Improvement

Solutions

Trust,

5.3100%,

12/20/49

(144A)

1,000,000

998,674

Gracie

Point

International

Funding

LLC,

SOFR30A

+

2.0000%,

5.6539%,

8/15/28

(144A)

‡

650,000

652,125

Hertz

Vehicle

Financing

III

LLC,

6.5300%,

2/25/28

(144A)

750,000

757,292

Hilton

Grand

Vacations

Trust,

5.2700%,

8/27/40

(144A)

525,004

526,559

Hilton

Grand

Vacations

Trust,

4.7300%,

5/25/44

(144A)

2,075,776

2,055,366

Hotwire

Funding

LLC,

2.3110%,

11/20/51

(144A)

200,000

197,428

HPEFS

Equipment

Trust,

4.7700%,

5/20/33

(144A)

2,000,000

1,978,399

Huntington

Bank

Auto

Credit-Linked

Notes,

6.1530%,

5/20/32

(144A)

94,368

95,480

Huntington

Bank

Auto

Credit-Linked

Notes,

4.9570%,

3/21/33

(144A)

187,081

187,528

Janus

Henderson

Asset-Backed

Securities

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

4

April

30,

2026

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Asset-Backed

Securities

-

(continued)

Huntington

Bank

Auto

Credit-Linked

Notes,

4.8350%,

9/20/33

(144A)

$

2,506,127

$

2,503,881

Lendbuzz

Securitization

Trust,

6.9200%,

8/15/28

(144A)

80,826

81,433

Lendbuzz

Securitization

Trust,

9.1700%,

4/16/29

(144A)

651,000

675,384

Lendbuzz

Securitization

Trust,

5.2800%,

4/15/31

(144A)

2,862,000

2,767,936

Libra

Solutions

LLC,

6.3550%,

8/15/39

(144A)

2,610,000

2,607,804

Lightpath

Fiber

Issuer

LLC,

5.5970%,

3/25/56

(144A)

1,000,000

1,001,079

Lmdv

Issuer

Co.

LLC,

5.3100%,

12/15/55

(144A)

1,000,000

993,096

Lmrk

Issuer

Co.

2

LLC,

5.5200%,

9/15/55

(144A)

1,000,000

985,516

Luxury

Lease

Partners

Auto

Lease

Trust,

5.5100%,

3/15/32

(144A)

819,211

816,326

Lyra

Music

Assets

Delaware

LP,

5.6040%,

9/20/65

(144A)

1,750,449

1,760,817

Marlette

Funding

Trust,

4.9500%,

7/16/35

(144A)

110,000

110,171

Merchants

Fleet

Funding

LLC,

5.2100%,

1/20/39

(144A)

1,000,000

994,920

MetroNet

Infrastructure

Issuer

LLC,

5.4000%,

8/20/55

(144A)

1,500,000

1,508,947

MVW

LLC,

5.4200%,

10/20/40

(144A)

119,880

120,501

NMEF

Funding

LLC,

4.7100%,

2/15/34

(144A)

1,000,000

970,352

Oaktree

ABF

Equipment

ST

LLC,

5.3100%,

10/17/33

(144A)

750,000

745,209

OCCU

Auto

Receivables

Trust,

5.2000%,

10/15/31

(144A)

1,480,000

1,483,826

OCCU

Auto

Receivables

Trust,

5.6000%,

11/15/34

(144A)

2,000,000

2,000,916

OnDeck

Asset

Securitization

Trust

IV

LLC,

7.1500%,

6/17/31

(144A)

1,000,000

1,004,709

OneMain

Financial

Issuance

Trust,

2.2100%,

9/14/35

(144A)

381,000

369,386

QTS

Issuer

ABS

I

LLC,

5.4390%,

5/25/55

(144A)

1,000,000

995,484

QTS

Issuer

ABS

II

LLC,

5.0440%,

10/5/55

(144A)

1,000,000

979,421

RAM

LLC,

5.4630%,

6/15/46

(144A)

648,000

648,000

RCKT

Trust,

5.1600%,

7/25/34

(144A)

2,000,000

1,997,102

RCKTL,

4.9500%,

11/27/34

(144A)

1,000,000

996,673

Reach

Abs

Trust,

4.8000%,

2/15/33

(144A)

1,000,000

990,696

Regents

Capital

Equipment

Receivables

LLC,

5.1100%,

1/31/34

(144A)

1,000,000

999,322

Research-Driven

Pagaya

Motor

Asset

Trust,

5.6590%,

7/25/34

(144A)

854,852

856,184

Research-Driven

Pagaya

Motor

Asset

Trust,

6.2110%,

7/25/34

(144A)

350,000

349,851

Sabey

Data

Center

Issuer

LLC,

5.4820%,

1/20/51

(144A)

1,000,000

988,217

Santander

Bank

Auto

Credit-Linked

Notes,

5.6400%,

12/15/33

(144A)

397,486

400,802

Santander

Drive

Auto

Receivables

Trust,

3.7600%,

7/16/29

8,161

8,158

SCCU

Auto

Receivables

Trust,

5.7000%,

10/16/28

(144A)

140,886

141,421

SCCU

Auto

Receivables

Trust,

5.0800%,

2/17/32

(144A)

2,000,000

1,996,183

SF

Abs

Issuer

LLC,

5.3770%,

11/25/55

(144A)

1,000,000

965,728

Sierra

Timeshare

Receivables

Funding

LLC,

4.6400%,

8/22/44

(144A)

896,340

888,490

SoFi

Consumer

Loan

Program

Trust,

5.0400%,

8/15/34

(144A)

2,000,000

1,991,151

SoFi

Consumer

Loan

Program

Trust,

4.9100%,

8/25/35

(144A)

1,000,000

991,818

Sotheby's

Artfi

Master

Trust,

5.0000%,

6/20/33

(144A)

1,000,000

994,809

Stack

Infrastructure

Issuer

LLC,

5.0000%,

3/27/56

(144A)

1,000,000

965,088

Switch

ABS

Issuer

LLC,

5.3650%,

10/25/55

(144A)

1,000,000

989,261

Switch

ABS

Issuer

LLC,

5.6090%,

3/27/56

(144A)

1,000,000

1,003,236

Tesla

Lease

Electric

Vehicle

Securitization

LLC,

4.7900%,

6/20/29

(144A)

1,000,000

999,853

Towd

Point

Mortgage

Trust,

SOFR30A

+

1.6500%,

5.2952%,

7/25/65

(144A)

‡

2,000,000

2,010,153

Trackside

Rail

LLC,

4.8900%,

3/20/56

(144A)

999,619

980,906

Tricolor

Auto

Securitization

Trust,

8.6100%,

4/17/28

(144A)

¢,€

520,000

308,716

Truist

Bank

Auto

Credit-Linked

Notes,

4.7280%,

9/26/33

(144A)

1,409,407

1,408,255

United

Auto

Credit

Securitization

Trust,

5.1500%,

6/10/30

(144A)

1,250,000

1,249,664

United

Auto

Credit

Securitization

Trust,

5.0600%,

6/10/31

(144A)

1,000,000

987,948

UPG

HI

Issuer

Trust,

5.0000%,

9/25/47

(144A)

831,417

827,625

Upgrade

Auto

Receivables

Trust,

5.5500%,

4/15/32

(144A)

500,000

494,001

Upgrade

Master

Pass-Thru

Trust,

5.1300%,

3/15/34

(144A)

1,000,000

998,706

Upstart

Securitization

Trust,

5.0200%,

9/20/35

(144A)

1,000,000

995,248

UPX

HIL

Issuer

Trust,

5.1600%,

1/25/47

(144A)

943,081

940,010

Janus

Henderson

Asset-Backed

Securities

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

Janus

Detroit

Street

Trust

5

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Asset-Backed

Securities

-

(continued)

VB-S1

Issuer

LLC-VBTEL,

3.1560%,

2/15/52

(144A)

$

400,000

$

390,846

VB-S1

Issuer

LLC-VBTEL,

5.5900%,

5/15/54

(144A)

600,000

604,432

VERTICAL

BRIDGE

CC

LLC,

5.6020%,

8/16/55

(144A)

3,000,000

2,974,633

Western

Funding

Auto

Loan

Trust,

5.3400%,

11/15/35

(144A)

1,500,000

1,482,492

Westgate

Resorts

LLC,

5.4700%,

10/20/39

(144A)

972,084

973,253

Westlake

Automobile

Receivables

Trust,

6.2900%,

3/15/28

(144A)

52,169

52,212

Wingspire

Equipment

Finance

LLC,

4.7600%,

9/20/33

(144A)

1,000,000

985,969

Zayo

Issuer

LLC,

5.5460%,

4/20/56

(144A)

1,000,000

999,212

Total

Asset-Backed

Securities

(cost

$114,000,651)

113,183,214

Collateralized

Loan

Obligations

-

3.2%

Sound

Point

CLO

XXXIII

Ltd.

2022-1A

C,

CME

Term

SOFR

3

Month

+

2.2500%,

5.9166%,

4/25/35

(144A)

‡

2,700,000

2,711,330

Voya

CLO

Ltd.

2024-7A

C,

CME

Term

SOFR

3

Month

+

1.8500%,

5.5252%,

1/20/38

(144A)

‡

1,500,000

1,502,882

Total

Collateralized

Loan

Obligations

(cost

$4,204,168)

4,214,212

Mortgage-Backed

Securities

-

6.3%

BX

Commercial

Mortgage

Trust

,

CME

Term

SOFR

1

Month

+

2.0000%

,

5.6547

%

,

2/15/43

(144A)

‡

700,000

703,038

BX

Trust

,

5.7012

%

,

12/13/42

(144A)

‡

1,000,000

1,002,283

Connecticut

Avenue

Securities

Trust

,

SOFR30A

+

1.2000%

,

4.8452

%

,

5/25/45

(144A)

‡

177,051

177,219

Extended

Stay

America

Trust

,

CME

Term

SOFR

1

Month

+

1.8500%

,

5.5047

%

,

10/15/42

(144A)

‡

963,133

964,784

FHLMC

STACR

REMIC

Trust

,

SOFR30A

+

1.2000%

,

4.8452

%

,

5/25/45

(144A)

‡

161,058

161,058

GWT

,

CME

Term

SOFR

1

Month

+

1.6912%

,

5.3459

%

,

5/15/41

(144A)

‡

750,000

751,106

Olympic

Tower

Mortgage

Trust

,

3.5660

%

,

5/10/39

(144A)

975,000

936,266

PRM7

Trust

,

5.1058

%

,

11/10/42

(144A)

‡

1,000,000

975,834

PRPM

LLC

,

4.5000

%

,

8/25/55

(144A)

Ç

1,646,000

1,602,539

SCG

Trust

,

CME

Term

SOFR

1

Month

+

1.9000%

,

5.5547

%

,

9/15/42

(144A)

‡

1,000,000

1,001,070

Total

Mortgage-Backed

Securities

(cost

$8,246,053)

8,275,197

Exchange

Traded

Fund

-

2.4%

Janus

Henderson

AAA

CLO

ETF

£

(cost

$3,189,785)

62,990

3,182,255

Investment

Companies

-

2.0%

Money

Market

Funds

-

2.0%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

3.6483%

£,∞

(cost

$2,569,687)

2,569,687

2,569,687

Total

Investments

(total

cost

$

132,210,344

)

-

100.5%

131,424,565

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(0.5%)

(657,741)

Net

Assets

-

100.0%

$130,766,824

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

131,424,565

100.0

%

Janus

Henderson

Asset-Backed

Securities

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

6

April

30,

2026

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

10/31/25

Purchases

Sales

Proceeds

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciatio

n/

(Depreciation)

Affiliated

Investments,

at

Value

at

4/30/26

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

Shares

Held

at

4/30/26

Dividend

Income

Investment

Company

-

4.4%

Exchange

Traded

Fund

-

2.4%

Janus

Henderson

AAA

CLO

ETF

$

4,931,218

$

6,597,852

$

(8,319,926)

$

(20,282)

$

(6,607)

$

3,182,255

62,990

$

105,386

Money

Market

Funds

-

2.0%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

3.6483%

∞

728,177

77,020,953

(75,179,356)

(51)

(36)

2,569,687

2,569,687

35,475

Total

Affiliated

Investments

-

4.4%

$5,659,395

$83,618,805

$(83,499,282)

$(20,333)

$(6,643)

$5,751,942

$140,861

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

46

6/18/26

$

5,087,313

$

(107,158)

Total

-

Futures

Long

(107,158)

Futures

Short:

U.S.

Treasury

10

Year

Ultra

Bonds

19

6/18/26

(2,144,328)

51,055

U.S.

Treasury

2

Year

Notes

5

6/30/26

(1,035,625)

9,252

Total

-

Futures

Short

60,307

Total

$(46,851)

Janus

Henderson

Asset-Backed

Securities

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

Janus

Detroit

Street

Trust

7

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,

2026.

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,

2026.

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,

2026

Interest

Rate

Contracts

Total

Asset

Derivatives:

*

Futures

contracts

$

60,307

$

60,307

Total

Asset

Derivatives

$

60,307

$

60,307

Liability

Derivatives:

*

Futures

contracts

107,158

107,158

Total

Liability

Derivatives

$

107,158

$

107,158

*

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).

The

Effect

of

Derivative

Instruments

(not

accounted

for

as

hedging

instruments)

on

the

Statement

of

Operations

for

the

Period

Ended

April

30,

2026

Amount

of

Realized

Gain/(Loss)

Recognized

on

Derivatives

Derivative

Interest

Rate

Contracts

Total

Futures

contracts

$

92,760

$

92,760

Amount

of

Change

in

Unrealized

Appreciation/(Depreciation)

Recognized

on

Derivatives

Derivative

Interest

Rate

Contracts

Total

Futures

contracts

$

(51,431)

$

(51,431)

Average

Ending

Monthly

Value

of

Derivative

Instruments

During

the

Period

Ended

April

30,

2026

Futures

contracts:

Average

notional

amount

of

contracts

-

long

$3,857,458

Average

notional

amount

of

contracts

-

short

8,619,266

Janus

Henderson

Asset-Backed

Securities

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

April

30,

2026

8

April

30,

2026

CME

Chicago

Mercantile

Exchange

ETF

Exchange

Traded

Fund

FHLMC

Federal

Home

Loan

Mortgage

Corp.

LLC

Limited

Liability

Company

LP

Limited

Partnership

REMIC

Real

Estate

Mortgage

Investment

Conduit

SOFR

Secured

Overnight

Financing

Rate

SOFR30A

Secured

Overnight

Financing

Rate

30

Day

Average

¢

Security

is

valued

using

significant

unobservable

inputs.

The

total

value

of

Level

3

securities

as

of

the

period

ended

April

30,

2026

is

$308,716,

which

represents

0.2%

of

net

assets.

∞

Rate

shown

is

the

7-day

yield

as

of

April

30,

2026.

£

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.

€

Security

is

in

default,

thus

not

accruing

interest

income.

The

rate

and

maturity

date

shown

is

as

of

the

contractual

maturity

date.

‡

Variable

or

floating

rate

security.

Rate

shown

is

the

current

rate

as

of

April

30,

2026.

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.

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

1933

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,

2026

is

$118,217,564

which

represents

90.4%

of

net

assets.

Janus

Henderson

Asset-Backed

Securities

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

April

30,

2026

Janus

Detroit

Street

Trust

9

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,

2026

.

See

Notes

to

Financial

Statements

for

more

information.

Valuation

Inputs

Summary

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Total

Assets

Investments

in

Securities:

Asset-Backed

Securities

$

—

$

112,874,498

$

308,716

$

113,183,214

Collateralized

Loan

Obligations

—

4,214,212

—

4,214,212

Mortgage-Backed

Securities

—

8,275,197

—

8,275,197

Exchange

Traded

Fund

3,182,255

—

—

3,182,255

Investment

Companies

—

2,569,687

—

2,569,687

Other

Financial

Instruments

(a)

:

Futures

Contracts

$

60,307

$

—

$

—

$

60,307

Total

Assets

$

3,242,562

$

127,933,594

$

308,716

$

131,484,872

Liabilities

Other

Financial

Instruments

(a)

:

Futures

Contracts

$

107,158

$

—

$

—

$

107,158

Total

Liabilities

$

107,158

$

—

$

—

$

107,158

(a)

Other

financial

instruments

may

include

forward

foreign

currency

exchange

contracts,

futures,

written

options,

written

swaptions,

and

swap

contracts.

Forward

foreign

currency

exchange

contracts,

futures

contracts,

and

centrally

cleared

swap

contracts

are

reported

at

their

unrealized

appreciation/(depreciation)

at

measurement

date,

which

represents

the

change

in

the

contract's

value

from

trade

date.

Written

options,

written

swaptions,

and

OTC

swaps

are

reported

at

their

market

value

at

measurement

date.

Janus

Henderson

Asset-Backed

Securities

ETF

Statement

of

Assets

and

Liabilities

(unaudited)

April

30,

2026

10

April

30,

2026

See

Notes

to

Financial

Statements.

Assets:

Unaffiliated

investments,

at

value

(cost

$126,450,872)

$

125,672,623

Affiliated

investments,

at

value

(cost

$5,759,472)

5,751,942

Due

from

broker

for

futures

260,000

Receivable

for

variation

margin

on

futures

contracts

5,474

Receivables:

Dividends

12,652

Interest

278,250

Due

from

adviser

524

Total

Assets

131,981,465

Liabilities:

Due

to

custodian

2

Payables:

Investments

purchased

648,000

Management

fees

35,543

Investment

Litigation

Fees

1,641

Distributions

529,455

Total

Liabilities

1,214,641

Commitments

and

contingent

liabilities

Net

Assets

$

130,766,824

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

131,380,052

Total

distributable

earnings

(loss)

(

613,228

)

Total

Net

Assets

$

130,766,824

Net

Assets

$

130,766,824

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

2,625,000

Net

Asset

Value

Per

Share

$

49

.82

Janus

Henderson

Asset-Backed

Securities

ETF

Statement

of

Operations

(unaudited)

For

the

period

ended

April

2026

Janus

Detroit

Street

Trust

11

See

Notes

to

Financial

Statements.

Investment

Income:

Interest

$

3,222,758

Dividends

from

affiliates

140,861

Total

Investment

Income

3,363,619

Expenses:

Management

Fees

215,431

Investment

Litigation

Fees

6,416

Total

Expenses

221,847

Less:

Excess

Expense

Reimbursement

and

Waivers

(

3,299

)

Net

Expenses

218,549

Net

Investment

Income/(Loss)

3,145,071

Net

Realized

Gain/(Loss)

on

Investments:

Investments

$

221,105

Investments

in

affiliates

(

20,333

)

Futures

contracts

92,760

Total

Net

Realized

Gain/(Loss)

on

Investments

$

293,532

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

(

537,280

)

Investments

in

affiliates

(

6,643

)

Futures

contracts

(

51,431

)

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

(

595,354

)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

2,843,249

(1)

Period

from

July

22,

2025

(commencement

of

operations)

through

October

31,

2025.

Janus

Henderson

Asset-Backed

Securities

ETF

Statements

of

Changes

in

Net

Assets

12

April

30,

2026

See

Notes

to

Financial

Statements.

Period

Ended

April

30,

2026

(unaudited)

Period

Ended

October

31,

2025

(1)

Operations:

Net

investment

income/(loss)

$

3,145,071

$

1,630,571

Net

realized

gain/(loss)

on

investments

293,532

123,166

Change

in

unrealized

net

appreciation/depreciation

(

595,354

)

(

237,276

)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

2,843,249

1,516,461

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(

3,829,072

)

(

1,143,866

)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(

3,829,072

)

(

1,143,866

)

Capital

Share

Transactions

6,952

131,373,100

Net

Increase/(Decrease)

in

Net

Assets

(

978,871

)

131,745,695

Net

Assets:

—

—

Beginning

of

Period  

131,745,695

—

End

of

Period

$

130,766,824

$

131,745,695

(1)

Period

from

July

22,

2025

(commencement

of

operations)

through

October

31,

2025.

Janus

Henderson

Asset-Backed

Securities

ETF

Financial

Highlights

Janus

Detroit

Street

Trust

13

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

the

period

ended

April

30,

2026

(unaudited)

and

each

year

or

period

ended

October

31

2026

2025

(1)

Net

Asset

Value,

Beginning

of

Period

$50.19

$50.00

Income/(Loss)

from

Investment

Operations:

—

—

Net

investment

income/(loss)

(2)

1.20

0.66

Net

realized

and

unrealized

gain/(loss)

(0.11)

(0.03)

Total

from

Investment

Operations

1.09

0.63

Less

Dividends

and

Distributions:

—

—

Dividends

(from

net

investment

income)

(1.42)

(0.44)

Distributions

(from

capital

gains)

(0.04)

—

Total

Dividends

and

Distributions

(1.46)

(0.44)

Net

Asset

Value,

End

of

Period

$49.82

$50.19

Total

Return

*

2.19%

1.26%

Net

assets,

End

of

Period

(in

thousands)

$130,767

$131,746

Ratios

to

Average

Net

Assets

**

Ratio

of

Gross

Expenses

0.34%

0.33%

Ratio

of

Net

Expenses

(After

Waivers

and

Expense

Offsets)

0.33%

0.32%

Ratio

of

Net

Investment

Income/(Loss)

4.82%

4.74%

Portfolio

Turnover

Rate

(3)

40%

24%

*

Total

return

not

annualized

for

periods

of

less

than

one

full

year.

**

Annualized

for

periods

of

less

than

one

full

year.

(1)

Period

from

July

22,

2025

(commencement

of

operations)

through

October

31,

2025.

(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

Asset-Backed

Securities

ETF

Notes

to

Financial

Statements

(unaudited)

14

April

30,

2026

1.

Organization

and

Significant

Accounting

Policies

Janus

Henderson Asset-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 nineteen

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.

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

Chief

Financial

Officer

of

the

Fund/Portfolio

is

designated

as

the

Chief

Operating

Decision

Maker

(“CODM”)

as

it

relates

to

ASC

Topic

280.

The

CODM

has

concluded

that

the

Fund/Portfolio

operated

as

a

single

segment

entity

for

the period ended

April

30,

2026.

The

key

indicator

of

performance

of

the

Fund

is

net

investment

income

as

reported

on

the

Statement

of

Operations.

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

Asset-Backed

Securities

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

15

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

period.

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,

2026 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

period:

Financial

assets

of

$308,716

were

transferred

out

of

Level 2

into

Level 3

since

the

current

market

for

the

securities'

previously

quoted prices

are

now considered

inactive.

Janus

Henderson

Asset-Backed

Securities

ETF

Notes

to

Financial

Statements

(unaudited)

16

April

30,

2026

Investment

Transactions

and

Investment

Income

Investment

transactions

are

accounted

for

as

of

the

date

purchased

or

sold

(trade

date).

Dividend

income

is

recorded

on

the

ex-dividend

date.

Certain

dividends

from

foreign

securities

will

be

recorded

as

soon

as

the

Fund

is

informed

of

the

dividend,

if

such

information

is

obtained

subsequent

to

the

ex-dividend

date.

Dividends

from

foreign

securities

may

be

subject

to

withholding

taxes

in

foreign

jurisdictions.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value.

Interest

income

is

recorded

daily

on

an

accrual

basis

and

includes

amortization

of

premiums

and

accretion

of

discounts.

The

Fund

classifies

gains

and

losses

on

prepayments

received

as

an

adjustment

to

interest

income.

Debt

securities

may

be

placed

in

non-accrual

status

and

related

interest

income

may

be

reduced

by

stopping

current

accruals

and

writing

off

interest

receivables

when

collection

of

all

or

a

portion

of

interest

has

become

doubtful.

Gains

and

losses

are

determined

on

the

identified

cost

basis,

which

is

the

same

basis

used

for

federal

income

tax

purposes.  

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. 

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,

2026 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

Janus

Henderson

Asset-Backed

Securities

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

17

the

change

in

the

value

of

the

underlying

asset,

rate

or

index.

Also,

suitable

derivative

transactions

may

not

be

available

in

all

circumstances

and

there

can

be

no

assurance

that

the

Fund

will

engage

in

these

transactions

to

reduce

exposure

to

other

risks

when

that

would

be

beneficial.

While

use

of

derivatives

to

hedge

can

reduce

or

eliminate

losses,

it

can

also

reduce

or

eliminate

gains

or

cause

losses

if

the

market

moves

in

a

manner

different

from

that

anticipated

by the

Adviser or

if

the

cost

of

the

derivative

outweighs

the

benefit

of

the

hedge.

The

Fund’s

ability

to

use

derivatives

may

also

be

limited

by

certain

regulatory

and

tax

considerations. 

In

pursuit

of

its

investment

objective,

the

Fund

may

seek

to

use

derivatives

to

increase

or

decrease

exposure

to

the

following

market

risk

factors: 

Counterparty

Risk

 -

the

risk

that

the

counterparty

(the

party

on

the

other

side

of

the

transaction)

on

a

derivative

transaction

will

be

unable

to

honor

its

financial

obligation

to

the

Fund.

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.

Janus

Henderson

Asset-Backed

Securities

ETF

Notes

to

Financial

Statements

(unaudited)

18

April

30,

2026

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.

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.

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,

social

unrest,

tariffs,

financial

institution

failures,

and

economic

recessions 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.

Armed

Conflict.

Armed

conflicts

between

countries

or

in

a

geographic

region,

such

as

the

ongoing

armed

conflicts

in

Europe

and

the

Middle

East,

have

the

potential

to

adversely

impact

a

Fund.

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

significant

losses

experienced

by

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

Asset-Backed

Securities

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

19

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. 

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.

Nondiversification

Risk 

The

Fund

is

classified

as

nondiversified

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.

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

Janus

Henderson

Asset-Backed

Securities

ETF

Notes

to

Financial

Statements

(unaudited)

20

April

30,

2026

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,

2026,

the

Fund’s

actual

management

fee

rate

(expressed

as

an

annual

rate)

was

0.33% 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,

2028.

The

Adviser

may

not

recover

amounts

previously

waived

or

reimbursed

under

this

agreement.

During

the period

ended April

30,

2026,

the

Adviser

waived

$3,299 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. 

As

of

April

30,

2026, the

Adviser

owned 150,000

shares

or 5.71%

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

at

least

80%

of

its

net

assets

(plus

any

Daily

Net

Assets

Fee

Rate

$0-$2

billion

0.33%

Next

$3

billion

0.30%

Over

$5

billion

0.27%

Janus

Henderson

Asset-Backed

Securities

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

21

borrowings

for

investment

purposes)

in

U.S.

Government

securities

and

repurchase

agreements

that

are collateralized

by

U.S.

Government 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). 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,

2026 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.

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,

2026 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,

2026,

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.

Acquisition

Note

On

December

22,

2025,

Janus

Henderson

Group

plc,

the

parent

company

of

the

Fund's

investment

adviser,

announced

a

definitive

agreement

to

be

acquired

by

Trian

Fund

Management

and

General

Catalyst.

The

Transaction

is

expected

to

close

in

2026,

subject

to

customary

closing

conditions,

including

requisite

regulatory

approvals,

and

client

consents.

The

shareholders

of

Janus

Henderson

Group,

plc

approved

the

acquisition

on

April

16,

2026. 

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$132,210,344

$133,258

$(919,037)

$(785,779)

Period

Ended

April

30,

2026

Period

Ended

October

31,

2025

(1)

Shares

Amount

Shares

Amount

Shares

sold

50,000

$

2,516,835

2,625,001

$

131,373,150

Shares

repurchased

(50,000)

(2,509,883)

(1)

(50)

Net

Increase/(Decrease)

—

$

6,952

2,625,000

$

131,373,100

(1)

Period

from

July

22,

2025

(commencement

of

operations)

through

October

31,

2025.

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

$52,871,669

$54,123,914

$—

$—

Janus

Henderson

Asset-Backed

Securities

ETF

Notes

to

Financial

Statements

(unaudited)

22

April

30,

2026

9.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to April

30,

2026

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:

At

a

May

18,

2026  meeting

of

Fund

shareholders,

shareholders

approved

a

new

investment

advisory

agreement

between

the

Fund

and

the

Adviser,

to

take

effect

in

connection

with

the

closing

of

the

Transaction.

Janus

Henderson

Asset-Backed

Securities

ETF

Additional

Information

(unaudited)

Janus

Detroit

Street

Trust

23

Item

8.

Changes

in

and

Disagreements

with

Accountants

for

Open-End

Management

Investment

Companies.

Not

applicable.

Item

9.

Proxy

Disclosures

for

Open-End

Management

Investment

Companies.

Not

applicable.

Item

10.

Remuneration

Paid

to

Directors,

Officers,

and

Others

of

Open-End

Management

Investment

Companies.

Because

the

Adviser

has

agreed

in

the

Investment

Advisory

Agreement

to

cover

all

operating

expenses

of

the

Fund,

subject

to

certain

exclusions

as

provided

for

therein,

the

Adviser

pays

the

compensation

to

each

Independent

Trustee

for

services

to

the

Fund

from

Adviser’s

management

fees.

Item

11.

APPROVAL

OF

ADVISORY

AGREEMENTS

DURING

THE

PERIOD

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

in

person

on

July

17,

2025

to

consider

the

proposed

investment

management

agreement

(the

“Investment

Management

Agreement”)

for

Janus

Henderson

Asset-Backed

Securities

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

prepared

by

an

independent

third

party

data

provider

that

compared

the

proposed

advisory

fee

and

expenses

of

the

New

Fund

to

those

of

other,

third-party

exchange-traded

funds

(“ETFs”)

considered

to

be

comparable.

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

Investment

Management

Agreement.

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

may

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

Janus

Henderson

Asset-Backed

Securities

ETF

Additional

Information

(unaudited)

24

April

30,

2026

may

potentially

benefit

from

their

relationship

with

each

other

in

other

ways.

The

Trustees

considered

that

the

success

of

the

New

Fund

could

attract

other

business

to

the

Adviser

or

other

Janus

Henderson

funds,

and

that

the

success

of

the

Adviser

could

enhance

the

Adviser’s

ability

to

serve

the

New

Fund.

The

Board,

including

the

Independent

Trustees,

considered

the

following

in

respect

of

the

New

Fund:

(a)

The

nature,

extent,

and

quality

of

services

to

be

provided

by

the

Adviser;

personnel

and

operations

of

the

Adviser.

The

Board

reviewed

the

services

that

the

Adviser

proposed

to

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

and

reinvestment

of

the

New

Fund’s

securities

portfolio;

providing

oversight

of

the

investment

performance

and

processes

and

compliance

with

the

New

Fund’s

investment

objectives,

policies

and

limitations;

the

implementation

of

the

investment

management

program

of

the

New

Fund;

the

management

of

the

day-to-day

investment

and

reinvestment

of

the

assets

of

the

New

Fund;

determining

daily

baskets

of

securities

and

cash

components,

and

negotiating

custom

baskets

in

connection

with

creation

and

redemption

transactions

in

the

New

Fund’s

shares;

executing

portfolio

security

trades

for

purchases

and

redemptions

of

New

Fund

shares

conducted

on

a

cash

basis;

the

review

of

brokerage

matters;

the

oversight

of

general

portfolio

compliance

with

relevant

law;

and

the

implementation

of

Board

directives

as

they

relate

to

the

New

Fund.

The

Board

reviewed

the

Adviser’s

experience,

resources,

and

strengths

in

managing

other

pooled

investment

vehicles,

such

as

the

other

funds

in

the

Trust,

including

the

Adviser’s

personnel.

Based

on

its

consideration

and

review

of

the

foregoing

information,

the

Board

determined

that

the

New

Fund

was

likely

to

benefit

from

the

nature,

quality,

and

extent

of

these

services,

as

well

as

the

Adviser’s

ability

to

render

such

services

based

on

the

Adviser’s

experience,

personnel,

operations,

and

resources.

(b)

Comparison

of

services

to

be

rendered

and

fees

to

be

paid

under

other

investment

advisory

contracts,

and

the

cost

of

the

services

to

be

provided

and

profits

to

be

realized

by

the

Adviser

from

the

relationship

with

the

New

Fund;

“fall-out”

benefits.

The

Board

then

compared

both

the

services

to

be

rendered

and

the

proposed

fees

to

be

paid

under

the

Investment

Management

Agreement,

with

fees

paid

under

contracts

of

other

investment

advisers

for

comparable

ETFs.

In

particular,

the

Board

compared

the

New

Fund’s

proposed

management

fee

and

projected

expense

ratio

to

other

investment

companies

anticipated

to

be

in

the

New

Fund’s

peer

group.

The

Board

noted

that

the

Adviser

was

recommending

a

unitary

fee

that

was

lower

than

the

median

and

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

lower

the

median

and

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.

Janus

Henderson

Asset-Backed

Securities

ETF

Additional

Information

(unaudited)

Janus

Detroit

Street

Trust

25

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

up

to

$2

billion,

then

for

the

next

$3

billion,

and

again

for

over

$5

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.

(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.

125-24-93103

04-26

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

FINANCIAL

STATEMENTS

April

30,

2026

Janus

Henderson

Global

Artificial

Intelligence

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

Global

Artificial

Intelligence

ETF

Item

7.

Financial

Statements

and

Financial

Highlights

for

Open-End

Management

Investment

Companies

Schedule

of

Investments

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

3

Statement

of

Assets

and

Liabilities

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

7

Statement

of

Operations

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

8

Statements

of

Changes

in

Net

Assets

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

9

Financial

Highlights

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

10

Notes

to

Financial

Statements

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

11

Items

8-11

-

Additional

Information

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

19

Janus

Henderson

Global

Artificial

Intelligence

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

Janus

Detroit

Street

Trust

3

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Common

Stocks

-

99.9%

United

States

of

America

-

73.3%

Alphabet,

Inc.

-

Class

C

2,492

$

951,794

Amazon.com,

Inc.*

4,292

1,137,637

Amphenol

Corp.

-

Class

A

2,377

350,061

AppLovin

Corp.

-

Class

A*

231

103,107

Arista

Networks,

Inc.*

1,097

189,463

Broadcom,

Inc.

3,124

1,304,051

Cadence

Design

Systems,

Inc.*

629

207,312

Cloudflare,

Inc.

-

Class

A*

396

81,168

Coinbase

Global,

Inc.

-

Class

A*

293

55,017

Constellation

Energy

Corp.

680

212,840

CoreWeave

,

Inc.

-

Class

A*

344

38,391

Datadog,

Inc.

-

Class

A*

1,480

195,641

Deere

&

Co.

699

412,319

DoorDash,

Inc.

-

Class

A*

584

98,492

Eli

Lilly

&

Co.

222

207,481

Forgent

Power

Solutions,

Inc.

-

Class

A*

3,487

131,181

GE

Vernova

,

Inc.

338

366,210

Howmet

Aerospace,

Inc.

672

163,323

Intel

Corp.*

4,148

391,903

Intuit,

Inc.

577

224,164

Intuitive

Surgical,

Inc.*

508

232,466

KLA

Corp.

346

605,621

Lam

Research

Corp.

3,160

814,838

Lumentum

Holdings,

Inc.*

579

522,443

Micron

Technology,

Inc.

1,441

745,227

Microsoft

Corp.

1,688

688,333

Netskope,

Inc.

-

Class

A*

29

289

NVIDIA

Corp.

14,266

2,847,066

Oracle

Corp.

423

68,268

Palantir

Technologies,

Inc.

-

Class

A*

2,062

286,845

Progressive

Corp.

(The)

1,943

391,087

Seagate

Technology

Holdings

plc

302

203,439

ServiceTitan

,

Inc.

-

Class

A*

568

33,773

Snowflake,

Inc.

-

Class

A*

1,790

244,281

Vertiv

Holdings

Co.

-

Class

A

1,270

417,182

Vistra

Corp.

914

144,266

15,066,979

Ireland

-

1.1%

Eaton

Corp.

plc

510

220,835

Sweden

-

0.5%

Spotify

Technology

SA*

249

111,191

Canada

-

0.6%

Shopify,

Inc.

-

Class

A*

1,075

130,215

Taiwan

-

16.0%

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

(ADR)

8,317

3,294,031

Switzerland

-

1.0%

STMicroelectronics

NV

(ADR)

3,826

210,966

Netherlands

-

4.9%

ASML

Holding

NV

(Registered)

(ADR)

352

506,524

Nebius

Group

NV

-

Class

A

#

,*

3,527

487,537

994,061

United

Kingdom

-

1.1%

ARM

Holdings

plc

(ADR)*

1,028

216,209

Janus

Henderson

Global

Artificial

Intelligence

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

4

April

30,

2026

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Common

Stocks

-

(continued)

Japan

-

1.4%

SoftBank

Group

Corp.

(ADR)

16,370

$

278,290

Total

Common

Stocks

(cost

16,711,405)

20,522,777

Investment

Companies

-

2.1%

Money

Market

Funds

-

2.1%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

3.6483%

£,∞

(cost

$429,265)

429,265

429,265

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

1.6%

Investment

Companies

-

1.3%

Janus

Henderson

Cash

Collateral

Fund

LLC,

3.5866%

£,∞

258,034

258,034

Time

Deposits

-

0.3%

Royal

Bank

of

Canada,

3.6300%,

5/1/26

$

64,509

64,509

Total

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

(cost

$322,543)

322,543

Total

Investments

(total

cost

$

17,463,213

)

-

103.6%

21,274,585

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(3.6%)

(734,878)

Net

Assets

-

100.0%

$20,539,707

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

15,818,787

74.4

%

Taiwan

3,294,031

15.5

Netherlands

994,061

4.7

Japan

278,290

1.3

Ireland

220,835

1.0

United

Kingdom

216,209

1.0

Switzerland

210,966

1.0

Canada

130,215

0.6

Sweden

111,191

0.5

Total

$21,274,585

100.0

%

Janus

Henderson

Global

Artificial

Intelligence

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

Janus

Detroit

Street

Trust

5

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

10/31/25

Purchases

Sales

Proceeds

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciatio

n/

(Depreciation)

Affiliated

Investments,

at

Value

at

4/30/26

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

Shares

Held

at

4/30/26

Dividend

Income

Investment

Company

-

2.1%

Money

Market

Funds

-

2.1%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

3.6483%

∞

$

80,058

$

2,400,642

$

(2,051,431)

$

2

$

(6)

$

429,265

429,265

$

834

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

1.6%

Investment

Companies

-

1.3%

Janus

Henderson

Cash

Collateral

Fund

LLC,

3.5866%

∞

–

2,762,093

(2,504,059)

–

–

258,034

258,034

1,344

Δ

Total

Affiliated

Investments

-

3.4%

$80,058

$5,162,735

$(4,555,490)

$2

$(6)

$687,299

$2,178

Offsetting

of

Financial

Assets

and

Derivative

Assets

Counterparty

Gross

Amounts

of

Recognized

Assets

Offsetting

Asset

or

Liability

(a)

Collateral

Pledged

(b)

Net

Amount

JPMorgan

Chase

Bank

NA

$

315,701

$

—

$

(

315,701)

$

—

(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

Global

Artificial

Intelligence

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

April

30,

2026

6

April

30,

2026

ADR

American

Depositary

Receipt

LLC

Limited

Liability

Company

plc

Public

Limited

Company

*

Non-income

producing

security.

#

Loaned

security;

a

portion

of

the

security

is

on

loan

at

April

30,

2026.

∞

Rate

shown

is

the

7-day

yield

as

of

April

30,

2026.

£

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,

2026

.

See

Notes

to

Financial

Statements

for

more

information.

Valuation

Inputs

Summary

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Total

Assets

Investments

in

Securities:

Common

Stocks

$

20,522,777

$

—

$

—

$

20,522,777

Investment

Companies

—

429,265

—

429,265

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

—

322,543

—

322,543

Total

Assets

$

20,522,777

$

751,808

$

—

$

21,274,585

Janus

Henderson

Global

Artificial

Intelligence

ETF

Statement

of

Assets

and

Liabilities

(unaudited)

April

30,

2026

Janus

Detroit

Street

Trust

7

See

Notes

to

Financial

Statements.

Assets:

Unaffiliated

investments,

at

value

(cost

$16,775,914)

(1)

$

20,587,286

Affiliated

investments,

at

value

(cost

$687,299)

687,299

Receivables:

Investments

sold

56,234

Dividends

2,242

Affiliated

securities

lending

income,

net

31

Total

Assets

21,333,092

Liabilities:

Collateral

on

securities

loaned

(Note

2)

322,543

Payables:

Investments

purchased

461,765

Management

fees

9,077

Total

Liabilities

793,385

Commitments

and

contingent

liabilities

Net

Assets

$

20,539,707

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

17,692,647

Total

distributable

earnings

(loss)

2,847,060

Total

Net

Assets

$

20,539,707

Net

Assets

$

20,539,707

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

675,000

Net

Asset

Value

Per

Share

$

30

.43

(1)

Includes

$315,701

of

securities

on

loan.

See

Note

3

in

Notes

to

Financial

Statements.

Janus

Henderson

Global

Artificial

Intelligence

ETF

Statement

of

Operations

(unaudited)

For

the

period

ended

April

2026

8

April

30,

2026

See

Notes

to

Financial

Statements.

Investment

Income:

Dividends

$

56,233

Affiliated

securities

lending

income,

net    

1,344

Dividends

from

affiliates

834

Unaffiliated

securities

lending

income,

net

372

Foreign

tax

withheld

(

3,027

)

Total

Investment

Income

55,756

Expenses:

Management

Fees

47,619

Total

Expenses

47,619

Net

Investment

Income/(Loss)

8,137

Net

Realized

Gain/(Loss)

on

Investments:

Investments

$

(

827,473

)

Investments

in

affiliates

2

Total

Net

Realized

Gain/(Loss)

on

Investments

$

(

827,471

)

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

2,246,634

Investments

in

affiliates

(

6

)

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

2,246,628

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

1,427,294

Janus

Henderson

Global

Artificial

Intelligence

ETF

Statements

of

Changes

in

Net

Assets

Janus

Detroit

Street

Trust

9

See

Notes

to

Financial

Statements.

Period

Ended

April

30,

2026

(unaudited)

Period

Ended

October

31,

2025

(1)

Operations:

Net

investment

income/(loss)

$

8,137

$

(

3,315

)

Net

realized

gain/(loss)

on

investments

(

827,471

)

(

78,033

)

Change

in

unrealized

net

appreciation/depreciation

2,246,628

1,564,744

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

1,427,294

1,483,396

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(

61,576

)

(

2,054

)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(

61,576

)

(

2,054

)

Capital

Share

Transactions

4,170,443

13,522,204

Net

Increase/(Decrease)

in

Net

Assets

5,536,161

15,003,546

Net

Assets:

—

—

Beginning

of

Period  

15,003,546

—

End

of

Period

$

20,539,707

$

15,003,546

(1)

Period

from

August

19,

2025

(commencement

of

operations)

through

October

31,

2025.

Janus

Henderson

Global

Artificial

Intelligence

ETF

Financial

Highlights

10

April

30,

2026

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

the

period

ended

April

30,

2026

(unaudited)

and

each

year

or

period

ended

October

31

2026

2025

(1)

Net

Asset

Value,

Beginning

of

Period

$28.58

$25.00

Income/(Loss)

from

Investment

Operations:

—

—

Net

investment

income/(loss)

(2)

0.01

(0.01)

Net

realized

and

unrealized

gain/(loss)

1.95

3.59

Total

from

Investment

Operations

1.96

3.58

Less

Dividends

and

Distributions:

—

—

Dividends

(from

net

investment

income)

(0.11)

—

Total

Dividends

and

Distributions

(0.11)

—

Net

Asset

Value,

End

of

Period

$30.43

$28.58

Total

Return

*

6.90%

14.34%

Net

assets,

End

of

Period

(in

thousands)

$20,540

$15,004

Ratios

to

Average

Net

Assets

**

Ratio

of

Gross

Expenses

0.59%

0.59%

Ratio

of

Net

Investment

Income/(Loss)

0.10%

(0.15)%

Portfolio

Turnover

Rate

(3)

28%

14%

*

Total

return

not

annualized

for

periods

of

less

than

one

full

year.

**

Annualized

for

periods

of

less

than

one

full

year.

(1)

Period

from

August

19,

2025

(commencement

of

operations)

through

October

31,

2025.

(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

Global

Artificial

Intelligence

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

11

1.

Organization

and

Significant

Accounting

Policies

Janus

Henderson Global

Artificial

Intelligence

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 nineteen

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

long-term

growth

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 The

Nasdaq

Stock

Market

LLC

(“Nasdaq”)

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.

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

Chief

Financial

Officer

of

the

Fund/Portfolio

is

designated

as

the

Chief

Operating

Decision

Maker

(“CODM”)

as

it

relates

to

ASC

Topic

280.

The

CODM

has

concluded

that

the

Fund/Portfolio

operated

as

a

single

segment

entity

for

the period ended

April

30,

2026.

The

key

indicator

of

performance

of

the

Fund

is

net

investment

income

as

reported

on

the

Statement

of

Operations.

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

Global

Artificial

Intelligence

ETF

Notes

to

Financial

Statements

(unaudited)

12

April

30,

2026

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 period.

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,

2026 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

Global

Artificial

Intelligence

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

13

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. 

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,

social

unrest,

tariffs,

financial

institution

failures,

and

economic

recessions 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

Global

Artificial

Intelligence

ETF

Notes

to

Financial

Statements

(unaudited)

14

April

30,

2026

Armed

Conflict.

Armed

conflicts

between

countries

or

in

a

geographic

region,

such

as

the

ongoing

armed

conflicts

in

Europe

and

the

Middle

East,

have

the

potential

to

adversely

impact

a

Fund.

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.

Artificial

Intelligence

Investing

Risk 

Artificial

intelligence

companies

that

contribute

to

or

benefit

from

artificial

intelligence

technologies

(“Artificial

Intelligence

Companies”)

face

intense

competition

and

potentially

rapid

product

obsolescence,

and

many

depend

significantly

on

retaining

and

growing

the

consumer

base

of

their

respective

products

and

services.

Artificial

Intelligence

Companies

may

be

substantially

exposed

to

market

risk

generally,

and

risks

of

other

industries

or

sectors

specifically,

and

the

Fund

may

be

adversely

affected

by

negative

developments

impacting

Artificial

Intelligence

Companies,

and

related

industries

or

sectors.

Artificial

Intelligence

Companies

are

heavily

dependent

on

intellectual

property

rights

and

may

be

adversely

affected

by

loss

or

impairment

of

those

rights.

Artificial

Intelligence

Companies

may

utilize

artificial

intelligence

in

their

own

business

operations;

such

companies’

use

of

artificial

intelligence

could

result

in

reputational

harm,

competitive

harm,

and

legal

liability,

and/or

have

an

adverse

effect

on

such

companies’

business

operations

and

Artificial

Intelligence

Companies

as

a

whole.

Artificial

intelligence

technologies

and

the

use

of

such

technology

could

face

increasing

regulatory

scrutiny

in

the

future,

which

may

limit

the

development

of

this

technology

and

impede

the

growth

of

Artificial

Intelligence

Companies.

Artificial

Intelligence

Companies

typically

engage

in

significant

amounts

of

spending

on

research

and

development,

and

there

is

no

guarantee

that

the

products

or

services

produced

by

these

companies

will

be

successful.

Securities

of

Artificial

Intelligence

Companies,

especially

smaller

companies,

tend

to

be

more

volatile

than

those

of

companies

that

have

a

more

developed

set

of

product

and/or

service

offerings.

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.

Nondiversification

Risk 

The

Fund

is

classified

as

nondiversified

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.

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

Janus

Henderson

Global

Artificial

Intelligence

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

15

extent

that

the

Fund

focuses

its

transactions

with

a

limited

number

of

counterparties,

it

will

have

greater

exposure

to

the

risks

associated

with

one

or

more

counterparties. 

Securities

Lending 

Under

procedures

adopted

by

the

Trustees,

the

Fund

may

seek

to

earn

additional

income

by

lending

securities

to

certain

qualified

broker-dealers

and

institutions.

JP

Morgan

Chase

Bank,

National

Association acts

as

securities

lending

agent

and

a

limited

purpose

custodian

or

subcustodian

to

receive

and

disburse

cash

balances

and

cash

collateral,

hold

short-term

investments,

hold

collateral,

and

perform

other

custodial

functions

in

accordance

with

the

Securities

Lending

Agreement.

For

financial

reporting

purposes,

the

Fund

does

not

offset

financial

instruments'

payables

and

receivables

and

related

collateral

on

the

Statement

of

Assets

and

Liabilities. The

Fund

may

lend

fund

securities

in

an

amount

equal

to

up

to

1/3

of

its

total

assets

as

determined

at

the

time

of

the

loan

origination.

There

is

the

risk

of

delay

in

recovering

a

loaned

security

or

the

risk

of

loss

in

collateral

rights

if

the

borrower

fails

financially.

In

addition, the

Adviser makes

efforts

to

balance

the

benefits

and

risks

from

granting

such

loans.

All

loans

will

be

continuously

secured

by

collateral

which

may

consist

of

cash,

U.S.

Government

securities,

domestic

and

foreign

short-term

debt

instruments,

letters

of

credit,

time

deposits,

repurchase

agreements,

money

market

mutual

funds

or

other

money

market

accounts,

or

such

other

collateral

as

permitted

by

the

SEC.

If

the

Fund

is

unable

to

recover

a

security

on

loan,

the

Fund

may

use

the

collateral

to

purchase

replacement

securities

in

the

market.

There

is

a

risk

that

the

value

of

the

collateral

could

decrease

below

the

cost

of

the

replacement

security

by

the

time

the

replacement

investment

is

made,

resulting

in

a

loss

to

the

Fund.

In

certain

circumstances

individual

loan

transactions

could

yield

negative

returns. 

Upon

receipt

of

cash

collateral, the

Adviser may

invest

it

in

affiliated

or

non-affiliated

cash

management

vehicles,

whether

registered

or

unregistered

entities,

as

permitted

by

the

1940

Act

and

rules

promulgated

thereunder.

The

Adviser

currently

intends

to

invest

the

cash

collateral

in

a

cash

management

vehicle

for

which the

Adviser serves

as

investment

adviser,

Janus

Henderson

Cash

Collateral

Fund

LLC,

or

in

time

deposits.

An

investment

in

Janus

Henderson

Cash

Collateral

Fund

LLC

is

generally

subject

to

the

same

risks

that

shareholders

experience

when

investing

in

similarly

structured

vehicles,

such

as

the

potential

for

significant

fluctuations

in

assets

as

a

result

of

the

purchase

and

redemption

activity

of

the

securities

lending

program,

a

decline

in

the

value

of

the

collateral,

and

possible

liquidity

issues.

Such

risks

may

delay

the

return

of

the

cash

collateral

and

cause

the

Fund

to

violate

its

agreement

to

return

the

cash

collateral

to

a

borrower

in

a

timely

manner.

As

adviser

to

the

Fund

and

Janus

Henderson

Cash

Collateral

Fund

LLC, the

Adviser has

an

inherent

conflict

of

interest

as

a

result

of

its

fiduciary

duties

to

both

the

Fund

and

Janus

Henderson

Cash

Collateral

Fund

LLC.

Additionally, the

Adviser receives

an

investment

advisory

fee

of

0.05%

for

managing

Janus

Henderson

Cash

Collateral

Fund

LLC

and

therefore

may

have

an

incentive

to

allocate

collateral

to

the

Janus

Henderson

Cash

Collateral

Fund

LLC,

rather

than

to

other

collateral

management

options

for

which the

Adviser does

not

receive

compensation. 

The

value

of

the

collateral

must

be

at

least

102%

of

the

market

value

of

the

loaned

securities

that

are

denominated

in

U.S.

dollars

and

105%

of

the

market

value

of

the

loaned

securities

that

are

not

denominated

in

U.S.

dollars.

Loaned

securities

and

related

collateral

are

marked-to-market

each

business

day

based

upon

the

market

value

of

the

loaned

securities

at

the

close

of

business,

employing

the

most

recent

available

pricing

information.

Collateral

levels

are

then

adjusted

based

on

this

mark-to-market

evaluation. 

Additional

required

collateral,

or

excess

collateral

returned,

is

delivered

on

the

next

business

day. 

Therefore,

the

value

of

the

collateral

held

may

be

temporarily

less

than

102%

or

105%

value

of

the

securities

on

loan.

The

cash

collateral

invested

by

the

Adviser is

disclosed

in

the

Schedule

of

Investments

(if

applicable).

Income

earned

from

the

investment

of

the

cash

collateral,

net

of

rebates

paid

to,

or

fees

paid

by,

borrowers

and

less

the

fees

paid

to

the

lending

agent

are

included

as

“Affiliated

securities

lending

income,

net”

on

the

Statement

of

Operations.

As

of

April

30,

2026,

securities

lending

transactions

accounted

for

as

secured

borrowings

with

an

overnight

and

continuous

contractual

maturity

are

$315,701

for

equity

securities.

Gross

amounts

of

recognized

liabilities

for

securities

lending

(collateral

received)

as

of

April

30,

2026 is $322,543,

resulting

in

the

net

amount

due

to

the

counterparty

of

$6,842.

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.

Janus

Henderson

Global

Artificial

Intelligence

ETF

Notes

to

Financial

Statements

(unaudited)

16

April

30,

2026

The

Offsetting

Assets

and

Liabilities

tables

located

in

the

Schedule

of

Investments

present

gross

amounts

of

recognized

assets

and/or

liabilities

and

the

net

amounts

after

deducting

collateral

that

has

been

pledged

by

counterparties

or

has

been

pledged

to

counterparties

(if

applicable).  

3.

Investment

Advisory

Agreements

and

Other

Transactions

with

Affiliates 

Under

its

unitary

fee

structure,

the

Fund

pays

the

Adviser a

management

fee

in

return

for

providing

certain

investment

advisory,

supervisory,

and

administrative

services

to

the

Fund,

including

the

costs

of

transfer

agency,

custody,

fund

administration,

legal,

audit,

and

other

services. The

Adviser's fee

structure

is

designed

to

pay

substantially

all

of

the

Fund’s

expenses.

However,

the

Fund

bears

other

expenses

which

are

not

covered

under

the

management

fee

which

may

vary

and

affect

the

total

level

of

expenses

paid

by

shareholders,

such

as

distribution

fees

(if

any),

brokerage

expenses

or

commissions,

interest,

dividends,

taxes,

litigation

expenses,

acquired

fund

fees

and

expenses

(if

any),

and

extraordinary

expenses.

The

Fund’s

unitary

management

fee

provides

for

reductions

in

the

fee

rate

as

the

Fund’s

assets

grow.

As

of

the

date

of

this

report,

the

Fund’s

management

fee

was

calculated

daily

and

paid

monthly

according

to

the

following

schedule: 

For

the

period

ended April

30,

2026,

the

Fund’s

actual

management

fee

rate

(expressed

as

an

annual

rate)

was

0.59% 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,

2026, the

Adviser

owned 200,000

shares

or 29.63%

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

Daily

Net

Assets

Fee

Rate

$0-$500

million

0.59%

Next

$500

million

0.57%

Over

$1

billion

0.54%

Janus

Henderson

Global

Artificial

Intelligence

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

17

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

at

least

80%

of

its

net

assets

(plus

any

borrowings

for

investment

purposes)

in

U.S.

Government

securities

and

repurchase

agreements

that

are collateralized

by

U.S.

Government 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). 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,

2026 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,

2025,

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,

2026

are

noted

below.

The

primary

differences

between

book

and

tax

appreciation

or

depreciation

of

investments are

investments

in passive

foreign

investment

companies

and

investments

in partnerships.

5.

Capital

Share

Transactions 

Capital

Loss

Carryover

Schedule

For

the

period

ended

October

31,

2025

No

Expiration

Short-Term

Long-Term

Accumulated

Capital

Losses

$(78,033)

$—

$(78,033)

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$17,463,213

$4,495,617

$(684,245)

$3,811,372

Period

Ended

April

30,

2026

Period

Ended

October

31,

2025

(1)

Shares

Amount

Shares

Amount

Shares

sold

150,000

$

4,170,443

525,001

$

13,522,229

Shares

repurchased

—

—

(1)

(25

)

Net

Increase/(Decrease)

150,000

$

4,170,443

525,000

$

13,522,204

Janus

Henderson

Global

Artificial

Intelligence

ETF

Notes

to

Financial

Statements

(unaudited)

18

April

30,

2026

6.

Purchases

and

Sales

of

Investment

Securities

For

the

period

ended

April

30,

2026,

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,

2026,

the

cost

of

in-kind

purchases

and

proceeds

from

in-kind

sales,

were

as

follows: 

7.

Acquisition

Note

On

December

22,

2025,

Janus

Henderson

Group

plc,

the

parent

company

of

the

Fund's

investment

adviser,

announced

a

definitive

agreement

to

be

acquired

by

Trian

Fund

Management

and

General

Catalyst.

The

Transaction

is

expected

to

close

in

2026,

subject

to

customary

closing

conditions,

including

requisite

regulatory

approvals,

and

client

consents.

The

shareholders

of

Janus

Henderson

Group,

plc

approved

the

acquisition

on

April

16,

2026. 

8.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to April

30,

2026

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:

At

a

May

18,

2026  meeting

of

Fund

shareholders,

shareholders

approved

a

new

investment

advisory

agreement

between

the

Fund

and

the

Adviser,

to

take

effect

in

connection

with

the

closing

of

the

Transaction.

(1)

Period

from

August

19,

2025

(commencement

of

operations)

through

October

31,

2025.

Purchases

of

Securities

Proceeds

from

Sales

of

Securities

Purchases

of

Long-

Term

U.S.

Government

Obligations

Proceeds

from

Sales

of

Long-Term

U.S.

Government

Obligations

$4,700,644

$4,774,135

$—

$—

Purchases

of

Securities

Proceeds

from

Sales

of

Securities

Purchases

of

Long-

Term

U.S.

Government

Obligations

Proceeds

from

Sales

of

Long-Term

U.S.

Government

Obligations

$4,166,807

$—

$—

$—

Janus

Henderson

Global

Artificial

Intelligence

ETF

Additional

Information

(unaudited)

Janus

Detroit

Street

Trust

19

Item

8.

Changes

in

and

Disagreements

with

Accountants

for

Open-End

Management

Investment

Companies.

Not

applicable.

Item

9.

Proxy

Disclosures

for

Open-End

Management

Investment

Companies.

Not

applicable.

Item

10.

Remuneration

Paid

to

Directors,

Officers,

and

Others

of

Open-End

Management

Investment

Companies.

Because

the

Adviser

has

agreed

in

the

Investment

Advisory

Agreement

to

cover

all

operating

expenses

of

the

Fund,

subject

to

certain

exclusions

as

provided

for

therein,

the

Adviser

pays

the

compensation

to

each

Independent

Trustee

for

services

to

the

Fund

from

Adviser’s

management

fees.

Item

11.

APPROVAL

OF

ADVISORY

AGREEMENTS

DURING

THE

PERIOD

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

in

person

on

July

17,

2025

to

consider

the

proposed

investment

management

agreement

(the

“Investment

Management

Agreement”)

for

Janus

Henderson

Global

Artificial

Intelligence

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

prepared

by

an

independent

third

party

data

provider

that

compared

the

proposed

advisory

fee

and

expenses

of

the

New

Fund

to

those

of

other,

third-party

exchange-traded

funds

(“ETFs”)

considered

to

be

comparable.

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

Investment

Management

Agreement.

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

may

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

Janus

Henderson

Global

Artificial

Intelligence

ETF

Additional

Information

(unaudited)

20

April

30,

2026

may

potentially

benefit

from

their

relationship

with

each

other

in

other

ways.

The

Trustees

considered

that

the

success

of

the

New

Fund

could

attract

other

business

to

the

Adviser

or

other

Janus

Henderson

funds,

and

that

the

success

of

the

Adviser

could

enhance

the

Adviser’s

ability

to

serve

the

New

Fund.

The

Board,

including

the

Independent

Trustees,

considered

the

following

in

respect

of

the

New

Fund:

(a)

The

nature,

extent,

and

quality

of

services

to

be

provided

by

the

Adviser;

personnel

and

operations

of

the

Adviser.

The

Board

reviewed

the

services

that

the

Adviser

would

provide

to

the

New

Fund.

In

connection

with

the

investment

advisory

services

to

be

provided

by

the

Adviser,

the

Board

noted

the

responsibilities

that

the

Adviser

would

have

as

the

New

Fund’s

investment

adviser,

including:

the

overall

supervisory

responsibility

for

the

general

management

and

investment

and

reinvestment

of

the

New

Fund’s

securities

portfolio;

providing

oversight

of

the

investment

performance

and

processes

and

compliance

with

the

New

Fund’s

investment

objectives,

policies

and

limitations;

the

implementation

of

the

investment

management

program

of

the

New

Fund;

the

management

of

the

day-to-day

investment

and

reinvestment

of

the

assets

of

the

New

Fund;

determining

daily

baskets

of

securities

and

cash

components,

and

negotiating

custom

baskets

in

connection

with

creation

and

redemption

transactions

in

the

New

Fund’s

shares;

executing

portfolio

security

trades

for

purchases

and

redemptions

of

New

Fund

shares

conducted

on

a

cash

basis;

the

review

of

brokerage

matters;

the

oversight

of

general

portfolio

compliance

with

relevant

law;

and

the

implementation

of

Board

directives

as

they

relate

to

the

New

Fund.

The

Board

reviewed

the

Adviser’s

experience,

resources,

and

strengths

in

managing

other

pooled

investment

vehicles,

such

as

the

other

funds

in

the

Trust,

including

the

Adviser’s

personnel.

Based

on

its

consideration

and

review

of

the

foregoing

information,

the

Board

determined

that

the

New

Fund

was

likely

to

benefit

from

the

nature,

quality,

and

extent

of

these

services,

as

well

as

the

Adviser’s

ability

to

render

such

services

based

on

the

Adviser’s

experience,

personnel,

operations,

and

resources.

(b)

Comparison

of

services

to

be

rendered

and

fees

to

be

paid

under

other

investment

advisory

contracts,

and

the

cost

of

the

services

to

be

provided

and

profits

to

be

realized

by

the

Adviser

from

the

relationship

with

the

New

Fund;

“fall-out”

benefits.

The

Board

then

compared

both

the

services

to

be

rendered

and

the

proposed

fees

to

be

paid

under

the

Investment

Management

Agreement,

with

fees

paid

under

contracts

of

other

investment

advisers

for

comparable

ETFs.

In

particular,

the

Board

compared

the

New

Fund’s

proposed

management

fee

and

projected

expense

ratio

to

other

investment

companies

anticipated

to

be

in

the

New

Fund’s

peer

group.

The

Board

noted

that

the

Adviser

was

recommending

a

unitary

fee

that

was

lower

than

the

median

and

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

lower

than

the

median

and

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.

Janus

Henderson

Global

Artificial

Intelligence

ETF

Additional

Information

(unaudited)

Janus

Detroit

Street

Trust

21

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

up

to

$500

million,

then

for

the

next

$500

million,

and

again

for

over

$1

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.

(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.

125-24-93104

04-26

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

FINANCIAL

STATEMENTS

April

30,

2026

Janus

Henderson

AA-A

CLO

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

AA-A

CLO

ETF

Item

7.

Financial

Statements

and

Financial

Highlights

for

Open-End

Management

Investment

Companies

Schedule

of

Investments

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

3

Statement

of

Assets

and

Liabilities

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

7

Statement

of

Operations

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

8

Statement

of

Changes

in

Net

Assets

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

9

Financial

Highlights

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

10

Notes

to

Financial

Statements

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

11

Items

8-11

-

Additional

Information

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

18

Janus

Henderson

AA-A

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

Janus

Detroit

Street

Trust

3

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

89

.1

%

AGL

CLO

29

Ltd.

2024-29A

BR,

CME

Term

SOFR

3

Month

+

1.6000%,

5.2800%,

4/21/39

(144A)

‡

$

3,000,000

$

3,013,195

AGL

CLO

40

Ltd.

2025-40A

B,

CME

Term

SOFR

3

Month

+

1.7500%,

5.4136%,

7/22/38

(144A)

‡

1,000,000

1,004,997

Apex

Credit

CLO

Ltd.

2024-1A

BR,

CME

Term

SOFR

3

Month

+

1.8500%,

5.5252%,

4/20/36

(144A)

‡

4,300,000

4,312,759

Atlantic

Avenue

Ltd.

2024-3A

C,

CME

Term

SOFR

3

Month

+

2.2000%,

5.8752%,

1/20/35

(144A)

‡

4,000,000

4,004,676

Bear

Mountain

Park

CLO

Ltd.

2022-1A

BR,

CME

Term

SOFR

3

Month

+

1.7500%,

5.4231%,

7/15/37

(144A)

‡

4,375,000

4,393,670

Bryant

Park

Funding

Ltd.

2023-19A

BR,

CME

Term

SOFR

3

Month

+

1.6000%,

5.2731%,

4/15/38

(144A)

‡

4,000,000

4,011,511

Carlyle

US

CLO

Ltd.

2021-11A

BR,

CME

Term

SOFR

3

Month

+

1.7000%,

5.3666%,

7/25/37

(144A)

‡

1,460,000

1,466,142

Flatiron

CLO

21

Ltd.

2021-1A

CR,

CME

Term

SOFR

3

Month

+

2.0000%,

5.6752%,

10/19/37

(144A)

‡

2,500,000

2,507,573

Green

Lakes

Park

CLO

LLC

2025-1A

CRR,

CME

Term

SOFR

3

Month

+

1.7000%,

5.3666%,

1/25/38

(144A)

‡

2,000,000

1,999,663

Kennedy

Lewis

CLO

13

Ltd.

2023-13A

C1R,

CME

Term

SOFR

3

Month

+

1.8500%,

5.5252%,

1/20/38

(144A)

‡

3,557,000

3,563,123

Madison

Park

Funding

LXI

Ltd.

2023-61A

CR,

CME

Term

SOFR

3

Month

+

1.8500%,

5.5252%,

1/20/39

(144A)

‡

2,400,000

2,404,962

Madison

Park

Funding

LXXIII

Ltd.

2025-73A

B,

CME

Term

SOFR

3

Month

+

1.7000%,

5.3804%,

10/17/38

(144A)

‡

1,200,000

1,205,721

Magnetite

LII

Ltd.

2025-52A

B1,

CME

Term

SOFR

3

Month

+

1.5200%,

5.1743%,

1/25/39

(144A)

‡

4,000,000

4,015,160

Magnetite

XVII

Ltd.

2016-17A

CR2,

CME

Term

SOFR

3

Month

+

2.4500%,

6.1252%,

4/20/37

(144A)

‡

1,470,000

1,471,863

Magnetite

XXIII

Ltd.

2019-23A

BR2,

CME

Term

SOFR

3

Month

+

1.3500%,

5.0166%,

1/25/35

(144A)

‡

5,000,000

5,006,688

Magnetite

XXIII

Ltd.

2019-23A

CR2,

CME

Term

SOFR

3

Month

+

1.6000%,

5.2666%,

1/25/35

(144A)

‡

2,250,000

2,243,675

Neuberger

Berman

CLO

XVII

Ltd.

2014-17A

CR3,

CME

Term

SOFR

3

Month

+

2.1500%,

5.8136%,

7/22/38

(144A)

‡

1,650,000

1,652,226

Neuberger

Berman

CLO

XX

Ltd.

2015-20A

BR3,

CME

Term

SOFR

3

Month

+

1.5000%,

5.1731%,

4/15/39

(144A)

‡

2,300,000

2,307,148

OCP

CLO

Ltd.

2024-34A

C,

CME

Term

SOFR

3

Month

+

1.8800%,

5.5531%,

10/15/37

(144A)

‡

3,000,000

3,009,094

OCP

CLO

Ltd.

2025-46A

B,

CME

Term

SOFR

3

Month

+

1.4800%,

5.3273%,

10/15/38

(144A)

‡

2,000,000

2,004,846

Octagon

Investment

Partners

50

Ltd.

2020-4A

BR2,

CME

Term

SOFR

3

Month

+

1.5500%,

5.2231%,

1/15/35

(144A)

‡

2,250,000

2,256,159

OHA

Credit

Funding

15-R

Ltd.

2023-15RA

B1,

CME

Term

SOFR

3

Month

+

1.6500%,

5.3252%,

7/20/38

(144A)

‡

3,000,000

3,013,011

Palmer

Square

CLO

Ltd.

2022-2A

CR,

CME

Term

SOFR

3

Month

+

1.9500%,

5.6252%,

7/20/37

(144A)

‡

4,000,000

3,999,986

Palmer

Square

CLO

Ltd.

2023-4A

CR,

CME

Term

SOFR

3

Month

+

1.8500%,

5.5252%,

10/20/37

(144A)

‡

1,400,000

1,402,612

Rad

CLO

22

Ltd.

2023-22A

BR,

CME

Term

SOFR

3

Month

+

1.9500%,

5.6252%,

10/20/40

(144A)

‡

4,325,000

4,339,047

RR

30

Ltd.

2024-30A

B,

CME

Term

SOFR

3

Month

+

1.9000%,

5.5731%,

7/15/36

(144A)

‡

2,250,000

2,252,869

Signal

Peak

CLO

11

Ltd.

2024-11A

B,

CME

Term

SOFR

3

Month

+

1.8500%,

5.5252%,

7/18/37

(144A)

‡

2,000,000

2,008,594

Janus

Henderson

AA-A

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

4

April

30,

2026

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

Sixth

Street

CLO

XVI

Ltd.

2020-16A

CR2,

CME

Term

SOFR

3

Month

+

1.7000%,

5.3721%,

1/21/39

(144A)

‡

$

5,000,000

$

4,999,034

Symphony

CLO

37

Ltd.

2022-37A

CR2,

CME

Term

SOFR

3

Month

+

1.7500%,

5.4252%,

1/20/37

(144A)

‡

4,000,000

4,001,094

Symphony

CLO

XXVIII

Ltd.

2021-28A

CR,

CME

Term

SOFR

3

Month

+

1.8000%,

5.4661%,

1/23/36

(144A)

‡

4,900,000

4,909,791

Tallman

Park

CLO

Ltd.

2021-1A

CR,

CME

Term

SOFR

3

Month

+

1.9500%,

5.6252%,

7/20/38

(144A)

‡

1,299,766

1,299,842

Tikehau

US

CLO

VII

Ltd.

2025-1A

C,

CME

Term

SOFR

3

Month

+

2.0000%,

5.6666%,

2/25/38

(144A)

‡

4,900,000

4,907,362

Voya

CLO

Ltd.

2020-2A

CRR,

CME

Term

SOFR

3

Month

+

1.9000%,

5.5752%,

1/20/38

(144A)

‡

3,000,000

3,007,715

Total

Collateralized

Loan

Obligations

(cost

$98,058,774)

97,995,808

Exchange

Traded

Fund

-

0.0

%

Janus

Henderson

AAA

CLO

ETF

£

(cost

$44,819)

883

44,609

Investment

Companies

-

11

.0

%

Money

Market

Funds

-

11

.0

%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

3.6483%

£,∞

(cost

$12,099,634)

12,097,459

12,097,459

Total

Investments

(total

cost

$

110,203,227

)

-

100

.1

%

110,137,876

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(0.1%)

(155,968)

Net

Assets

-

100.0%

$109,981,908

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

110,137,876

100

.0

%

Janus

Henderson

AA-A

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

Janus

Detroit

Street

Trust

5

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

2/18/26

Purchases

Sales

Proceeds

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciatio

n/

(Depreciation)

Affiliated

Investments,

at

Value

at

4/30/26

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

Shares

Held

at

4/30/26

Dividend

Income

Investment

Company

-

11.0%

Exchange

Traded

Fund

-

0.0%

Janus

Henderson

AAA

CLO

ETF

$

–

$

44,818

$

–

$

–

$

(

209

)

$

44,609

883

$

527

Money

Market

Funds

-

11.0%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

3.6483%

∞

–

28,678,177

(

16,575,059

)

(

3,483

)

(

2,176

)

12,097,459

12,097,459

125,318

Total

Affiliated

Investments

-

11.0%

$–

$28,722,995

$(16,575,059)

$(3,483)

$(2,385)

$12,142,068

$125,845

Janus

Henderson

AA-A

CLO

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

April

30,

2026

6

April

30,

2026

CME

Chicago

Mercantile

Exchange

ETF

Exchange

Traded

Fund

LLC

Limited

Liability

Company

SOFR

Secured

Overnight

Financing

Rate

∞

Rate

shown

is

the

7-day

yield

as

of

April

30,

2026.

£

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.

‡

Variable

or

floating

rate

security.

Rate

shown

is

the

current

rate

as

of

April

30,

2026.

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.

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

1933

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,

2026

is

$97,995,808

which

represents

89.1%

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,

2026

.

See

Notes

to

Financial

Statements

for

more

information.

Valuation

Inputs

Summary

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Total

Assets

Investments

in

Securities:

Collateralized

Loan

Obligations

$

—

$

97,995,808

$

—

$

97,995,808

Exchange

Traded

Fund

44,609

—

—

44,609

Investment

Companies

—

12,097,459

—

12,097,459

Total

Assets

$

44,609

$

110,093,267

$

—

$

110,137,876

Janus

Henderson

AA-A

CLO

ETF

Statement

of

Assets

and

Liabilities

(unaudited)

April

30,

2026

Janus

Detroit

Street

Trust

7

See

Notes

to

Financial

Statements.

Assets:

Unaffiliated

investments,

at

value

(cost

$98,058,774)

$

97,995,808

Affiliated

investments,

at

value

(cost

$12,144,453)

12,142,068

Receivables:

Dividends

177

Interest

321,802

Due

from

adviser

7

Total

Assets

110,459,862

Liabilities:

Payables:

Management

fees

25,834

Distributions

452,120

Total

Liabilities

477,954

Commitments

and

contingent

liabilities

Net

Assets

$

109,981,908

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

110,114,395

Total

distributable

earnings

(loss)

(

132,487

)

Total

Net

Assets

$

109,981,908

Net

Assets

$

109,981,908

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

2,200,000

Net

Asset

Value

Per

Share

$

49

.99

Janus

Henderson

AA-A

CLO

ETF

Statement

of

Operations

(unaudited)

For

the

period

ended

April

2026

(1)

8

April

30,

2026

See

Notes

to

Financial

Statements.

Investment

Income:

Interest

$

870,032

Dividends

from

affiliates

125,845

Total

Investment

Income

995,877

Expenses:

Management

Fees

59,174

Total

Expenses

59,174

Less:

Excess

Expense

Reimbursement

and

Waivers

(

16

)

Net

Expenses

59,158

Net

Investment

Income/(Loss)

936,719

Net

Realized

Gain/(Loss)

on

Investments:

Investments

$

1

Investments

in

affiliates

(

3,483

)

Total

Net

Realized

Gain/(Loss)

on

Investments

$

(

3,482

)

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

(

62,966

)

Investments

in

affiliates

(

2,385

)

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

(

65,351

)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

867,886

(1)

Period

from

February

18,

2026

(commencement

of

operations)

through

April

30,

2026.

Janus

Henderson

AA-A

CLO

ETF

Statement

of

Changes

in

Net

Assets

Janus

Detroit

Street

Trust

9

See

Notes

to

Financial

Statements.

Period

Ended

April

30,

2026

(1)

(Unaudited)

Operations:

Net

investment

income/(loss)

$

936,719

Net

realized

gain/(loss)

on

investments

(

3,482

)

Change

in

unrealized

net

appreciation/depreciation

(

65,351

)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

867,886

Dividends

and

Distributions

to

Shareholders:

—

Dividends

and

Distributions

(

1,000,373

)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(

1,000,373

)

Capital

Share

Transactions

110,114,395

Net

Increase/(Decrease)

in

Net

Assets

109,981,908

Net

Assets:

—

Beginning

of

Period  

—

End

of

Period

$

109,981,908

(1)

Period

from

February

18,

2026

(commencement

of

operations)

through

April

30,

2026.

Janus

Henderson

AA-A

CLO

ETF

Financial

Highlights

10

April

30,

2026

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

the

period

ended

April

30,

2026

(unaudited)

2026

(1)

Net

Asset

Value,

Beginning

of

Period

$50.00

Income/(Loss)

from

Investment

Operations:

—

Net

investment

income/(loss)

(2)

0.45

Net

realized

and

unrealized

gain/(loss)

0.01

(3)

Total

from

Investment

Operations

0.46

(3)

Less

Dividends

and

Distributions:

—

Dividends

(from

net

investment

income)

(0.47)

Total

Dividends

and

Distributions

(0.47)

Net

Asset

Value,

End

of

Period

$49.99

Total

Return

*

0.92%

Net

assets,

End

of

Period

(in

thousands)

$109,982

Ratios

to

Average

Net

Assets

**

Ratio

of

Gross

Expenses

0.29%

Ratio

of

Net

Expenses

(After

Waivers

and

Expense

Offsets)

0.29%

Ratio

of

Net

Investment

Income/(Loss)

4.58%

Portfolio

Turnover

Rate

(4)

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

February

18,

2026

(commencement

of

operations)

through

April

30,

2026.

(2)

Per

share

amounts

are

calculated

based

on

average

shares

outstanding

during

the

year

or

period.

(3)

The

amount

shown

does

not

correlate

with

the

change

in

the

aggregate

gains

and

losses

in

the

Fund’s

securities

for

the

year

or

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

fluctuating

market

values

for

the

Fund’s

securities.

(4)

Portfolio

turnover

rate

excludes

securities

received

or

delivered

from

in-kind

processing

of

creation

or

redemptions.

(5)

Amount

is

less

than

0.5%

Janus

Henderson

AA-A

CLO

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

11

1.

Organization

and

Significant

Accounting

Policies

Janus

Henderson AA-A

CLO ETF (the

“Fund”)

is

a

series

fund.

The

Fund

is

part

of

Janus

Detroit

Street

Trust

(the

“Trust”),

which

is

organized

as

a

Delaware

statutory

trust

and

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company,

and

therefore

has

applied

the

specialized

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

(“ASC”)

Topic

946.

The

financial

statements

include

information

for

the

period

from February

18,

2026

through

April

30,

2026.

As

of

the

date

of

this

report,

the

Trust

offers nineteen

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.

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.

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

Chief

Financial

Officer

of

the

Fund/Portfolio

is

designated

as

the

Chief

Operating

Decision

Maker

(“CODM”)

as

it

relates

to

ASC

Topic

280.

The

CODM

has

concluded

that

the

Fund/Portfolio

operated

as

a

single

segment

entity

for

the period ended

April

30,

2026.

The

key

indicator

of

performance

of

the

Fund

is

net

investment

income

as

reported

on

the

Statement

of

Operations.

The

following

accounting

policies

have

been

followed

by

the

Fund

and

are

in

conformity

with

United

States

of

America

generally

accepted

accounting

principles

(“US

GAAP”). 

Investment

Valuation 

Fund holdings

are

valued

in

accordance

with

policies

and

procedures

established

by

the

Adviser

pursuant

to

Rule

2a-5

under

the

1940

Act

and

approved

by

and

subject

to

the

oversight

of

the

Trustees

(the

“Valuation

Procedures”).

Equity

securities,

including

shares

of

exchange-traded

funds,

traded

on

a

domestic

securities

exchange

are

generally

valued

at

readily

available

market

quotations,

which

are

(i)

the

official

close

prices

or

(ii)

last

sale

prices

on

the

primary

market

or

exchange

in

which

the

securities

trade.

If

such

price

is

lacking

for

the

trading

period

immediately

preceding

the

time

of

determination,

such

securities

are

generally

valued

at

their

current

bid

price.

Equity

securities

that

are

traded

on

a

foreign

exchange

are

generally

valued

at

the

closing

prices

on

such

markets.

In

the

event

that

there

is

no

current

trading

volume

on

a

particular

security

in

such

foreign

exchange,

the

bid

price

from

the

primary

exchange

is

generally

used

to

value

the

security.

Foreign

securities

and

currencies

are

converted

to

U.S.

dollars

using

the

current

spot

USD

dollar

exchange

rate

in

effect

at

the

close

of

the

London

Stock

Exchange.

The Fund will

determine

the

market

value

of

individual

securities

held

by

it

by

using

prices

provided

by

one

or

more

approved

professional

pricing

services

or,

as

needed,

by

obtaining

market

quotations

from

independent

broker-dealers.

Most

debt

securities

are

valued

in

accordance

with

the

evaluated

bid

price

supplied

by

the

Adviser-approved

pricing

service

that

is

intended

to

reflect

market

value.

The

evaluated

bid

price

supplied

by

the

pricing

service

is

an

evaluation

that

may

consider

factors

such

as

security

prices,

Janus

Henderson

AA-A

CLO

ETF

Notes

to

Financial

Statements

(unaudited)

12

April

30,

2026

yields,

maturities

and

ratings.

Certain

short-term

securities

maturing

within

60

days

or

less

may

be

evaluated

and

valued

on

an

amortized

cost

basis

provided

that

the

amortized

cost

determined

approximates

market

value.

Securities

for

which

market

quotations

or

evaluated

prices

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

determined

in

good

faith

by

the

Adviser

pursuant

to

the

Valuation

Procedures. Circumstances

in

which

fair

valuation

may

be

utilized

include,

but

are

not

limited

to:

(i)

a

significant

event

that

may

affect

the

securities

of

a

single

issuer,

such

as

a

merger,

bankruptcy,

or

significant

issuer-specific

development;

(ii)

an

event

that

may

affect

an

entire

market,

such

as

a

natural

disaster

or

significant

governmental

action;

(iii)

a

nonsignificant

event

such

as

a

market

closing

early

or

not

opening,

or

a

security

trading

halt;

and

(iv)

pricing

of

a

non-valued

security

and

a

restricted

or

nonpublic

security.

Special

valuation

considerations

may

apply

with

respect

to

“odd-lot”

fixed-income

transactions

which,

due

to

their

small

size,

may

receive

evaluated

prices

by

pricing

services

which

reflect

a

large

block

trade

and

not

what

actually

could

be

obtained

for

the

odd-

lot

position.

The

value

of

the

securities

of

mutual

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

mutual

funds,

and

the

prospectuses

for

such

mutual

funds

explain

the

circumstances

under

which

they

use

fair

valuation

and

the

effects

of

using

fair

valuation.

The

value

of

the

securities

of

any

cash

management

pooled

investment

vehicles

that

operate

as

money

market

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

funds.

Valuation

Inputs

Summary 

FASB

ASC

820,

Fair

Value

Measurements

and

Disclosures

(“ASC

820”),

defines

fair

value,

establishes

a

framework

for

measuring

fair

value,

and

expands

disclosure

requirements

regarding

fair

value

measurements.

This

standard

emphasizes

that

fair

value

is

a

market-based

measurement

that

should

be

determined

based

on

the

assumptions

that

market

participants

would

use

in

pricing

an

asset

or

liability

and

establishes

a

hierarchy

that

prioritizes

inputs

to

valuation

techniques

used

to

measure

fair

value.

These

inputs

are

summarized

into

three

broad

levels: 

Level

1

–

Unadjusted

quoted

prices

in

active

markets

the

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities.

Level

2

–

Observable

inputs

other

than

unadjusted

quoted

prices

included

in

Level

1

that

are

observable

for

the

asset

or

liability

either

directly

or

indirectly.

These

inputs

may

include

quoted

prices

for

the

identical

instrument

on

an

inactive

market,

prices

for

similar

instruments,

interest

rates,

prepayment

speeds,

credit

risk,

yield

curves,

default

rates

and

similar

data.

Assets

or

liabilities

categorized

as

Level

2

in

the

hierarchy

generally

include:

debt

securities

fair

valued

in

accordance

with

the

evaluated

bid

or

ask

prices

supplied

by

a

pricing

service;

securities

traded

on

OTC

markets

and

listed

securities

for

which

no

sales

are

reported

that

are

fair

valued

at

the

latest

bid

price

(or

yield

equivalent

thereof)

obtained

from

one

or

more

dealers

transacting

in

a

market

for

such

securities

or

by

a

pricing

service

approved

by

the

Fund’s

Trustees;

and

certain

short-term

debt

securities

with

maturities

of

60

days

or

less

that

are

fair

valued

at

amortized

cost.

Other

securities

that

may

be

categorized

as

Level

2

in

the

hierarchy

include,

but

are

not

limited

to,

preferred

stocks,

bank

loans,

swaps,

investments

in

unregistered

investment

companies,

options,

and

forward

contracts.

Level

3

–

Unobservable

inputs

for

the

asset

or

liability

to

the

extent

that

relevant

observable

inputs

are

not

available,

representing

the

Fund’s

own

assumptions

about

the

assumptions

that

a

market

participant

would

use

in

valuing

the

asset

or

liability,

and

that

would

be

based

on

the

best

information

available.

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

period.

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,

2026 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

Janus

Henderson

AA-A

CLO

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

13

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. 

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. 

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,

social

unrest,

tariffs,

financial

institution

failures,

and

economic

recessions 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

AA-A

CLO

ETF

Notes

to

Financial

Statements

(unaudited)

14

April

30,

2026

Armed

Conflict.

Armed

conflicts

between

countries

or

in

a

geographic

region,

such

as

the

ongoing

armed

conflicts

in

Europe

and

the

Middle

East,

have

the

potential

to

adversely

impact

a

Fund.

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

AA-A-

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

significant

losses

experienced

by

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

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. 

Janus

Henderson

AA-A

CLO

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

15

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. 

Nondiversification

Risk 

The

Fund

is

classified

as

nondiversified

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.

Exchange-Traded

Funds

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.

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,

2026,

the

Fund’s

actual

management

fee

rate

(expressed

as

an

annual

rate)

was

0.29% 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,

2028.

The

Adviser

may

not

recover

amounts

previously

waived

or

reimbursed

under

this

agreement.

During

the period

ended April

30,

2026,

the

Adviser

waived

$16 of

the

Fund’s

management

fee,

attributable

to

the

Fund’s

investment

in

the

Janus

Henderson

AAA

CLO

ETF.

Daily

Net

Assets

Fee

Rate

$0-$2

Billion

0.29%

Next

$3

Billion

0.27%

Over

$5

Billion

0.25%

Janus

Henderson

AA-A

CLO

ETF

Notes

to

Financial

Statements

(unaudited)

16

April

30,

2026

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

at

least

80%

of

its

net

assets

(plus

any

borrowings

for

investment

purposes)

in

U.S.

Government

securities

and

repurchase

agreements

that

are collateralized

by

U.S.

Government 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). 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,

2026 can

be

found

in

a

table

located

in

the

Schedule

of

Investments.

4.

Federal

Income

Tax

Income

and

capital

gains

distributions

are

determined

in

accordance

with

income

tax

regulations

that

may

differ

from

US

GAAP.

These

differences

are

due

to

differing

treatments

for

items

such

as

net

short-term

gains,

deferral

of

wash

sale

losses,

foreign

currency

transactions,

passive

foreign

investment

companies,

net

investment

losses,

in-kind

transactions

and

capital

loss

carryovers.

The

Fund

has

elected

to

treat

gains

and

losses

on

forward

foreign

currency

contracts

as

capital

gains

and

losses,

if

applicable.

Other

foreign

currency

gains

and

losses

on

debt

instruments

are

treated

as

ordinary

income

for

federal

income

tax

purposes

pursuant

to

Section

988

of

the

Internal

Revenue

Code.

The

aggregate

cost

of

investments

and

the

composition

of

unrealized

appreciation

and

depreciation

of

investment

securities

for

federal

income

tax

purposes

as

of April

30,

2026 are

noted

below.

The

primary

differences

between

Janus

Henderson

AA-A

CLO

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

17

book

and

tax

appreciation

or

depreciation

of

investments are

wash

sale

loss

deferrals,

amortization

on

bonds,

and

investments in partnerships.

5.

Capital

Share

Transactions 

6.

Purchases

and

Sales

of

Investment

Securities

For

the

period

ended

April

30,

2026,

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.

Acquisition

Note

On

December

22,

2025,

Janus

Henderson

Group

plc,

the

parent

company

of

the

Fund's

investment

adviser,

announced

a

definitive

agreement

to

be

acquired

by

Trian

Fund

Management

and

General

Catalyst.

The

Transaction

is

expected

to

close

in

2026,

subject

to

customary

closing

conditions,

including

requisite

regulatory

approvals,

and

client

consents.

The

shareholders

of

Janus

Henderson

Group,

plc

approved

the

acquisition

on

April

16,

2026. 

8.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to April

30,

2026

and

through

the

date

of

the

issuance

of

the

Fund's

financial

statements

and

determined

that

there

were

no

material

events

or

transactions

that

would

require

recognition

or

disclosure

in

the

Fund's

financial

statements. 

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$110,203,227

$69,637

$(134,988)

$(65,351)

Period

Ended

April

30,

2026

(1)

Shares

Amount

Shares

sold

2,200,001

$

110,114,445

Shares

repurchased

(1)

(50

)

Net

Increase/(Decrease)

2,200,000

$

110,114,395

(1)

Period

from

February

18,

2026

(commencement

of

operations)

through

April

30,

2026.

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

$98,173,401

$—

$—

$—

Janus

Henderson

AA-A

CLO

ETF

Additional

Information

(unaudited)

18

April

30,

2026

Item

8.

Changes

in

and

Disagreements

with

Accountants

for

Open-End

Management

Investment

Companies.

Not

applicable.

Item

9.

Proxy

Disclosures

for

Open-End

Management

Investment

Companies.

Not

applicable.

Item

10.

Remuneration

Paid

to

Directors,

Officers,

and

Others

of

Open-End

Management

Investment

Companies.

Because

the

Adviser

has

agreed

in

the

Investment

Advisory

Agreement

to

cover

all

operating

expenses

of

the

Fund,

subject

to

certain

exclusions

as

provided

for

therein,

the

Adviser

pays

the

compensation

to

each

Independent

Trustees

for

services

to

the

Fund

from

the

Adviser's

management

fees.

Item

11.

APPROVAL

OF

ADVISORY

AGREEMENTS

DURING

THE

PERIOD

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

in

person

on

October

16,

2025

to

consider

the

proposed

investment

management

agreement

(the

“Investment

Management

Agreement”)

for

Janus

Henderson

AA-A

CLO

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.

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

Investment

Management

Agreement.

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

therefore,

the

New

Fund

and

the

Adviser

may

Janus

Henderson

AA-A

CLO

ETF

Additional

Information

(unaudited)

Janus

Detroit

Street

Trust

19

potentially

benefit

from

their

relationship

with

each

other

in

other

ways.

The

Trustees

considered

that

the

success

of

the

New

Fund

could

attract

other

business

to

the

Adviser

or

other

Janus

Henderson

funds,

and

that

the

success

of

the

Adviser

could

enhance

the

Adviser’s

ability

to

serve

the

New

Fund.

The

Board,

including

the

Independent

Trustees,

considered

the

following

in

respect

of

the

New

Fund:

(a)

The

nature,

extent,

and

quality

of

services

to

be

provided

by

the

Adviser;

personnel

and

operations

of

the

Adviser

The

Board

reviewed

the

services

that

the

Adviser

would

provide

to

the

New

Fund.

In

connection

with

the

investment

advisory

services

to

be

provided

by

the

Adviser,

the

Board

noted

the

responsibilities

that

the

Adviser

would

have

as

the

New

Fund’s

investment

adviser,

including:

the

overall

supervisory

responsibility

for

the

general

management

and

investment

of

the

New

Fund’s

securities

portfolio;

providing

oversight

of

the

investment

performance

and

processes

and

compliance

with

the

New

Fund’s

investment

objectives,

policies

and

limitations;

the

implementation

of

the

investment

management

program

of

the

New

Fund;

the

management

of

the

day-to-day

investment

and

reinvestment

of

the

assets

of

the

New

Fund;

determining

daily

baskets

of

securities

and

cash

components,

and

negotiating

custom

baskets

in

connection

with

creation

and

redemption

transactions

in

the

New

Fund’s

shares;

executing

portfolio

security

trades

for

purchases

and

redemptions

of

New

Fund

shares

conducted

on

a

cash

basis;

the

review

of

brokerage

matters;

the

oversight

of

general

portfolio

compliance

with

relevant

law;

and

the

implementation

of

Board

directives

as

they

relate

to

the

New

Fund.

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

less

than

the

peer

group

average

and

median

for

contractual

management

fees

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

less

than

the

average

and

equal

to

the

median

total

net

expense

ratio

of

the

anticipated

peer

group.

The

Board

further

noted

the

contractual

expense

limitation

agreement

with

respect

to

investments

by

the

New

Fund

in

affiliated

ETFs.

The

Board

also

discussed

the

anticipated

costs

and

projected

profitability

of

the

Adviser

in

connection

with

its

serving

as

investment

adviser

to

the

New

Fund,

including

operational

costs.

After

comparing

the

New

Fund’s

proposed

fees

with

those

of

the

ETFs

in

the

New

Fund’s

anticipated

peer

group,

and

in

light

of

the

nature,

extent

and

quality

of

services

proposed

to

be

provided

by

the

Adviser

and

the

costs

expected

to

be

Janus

Henderson

AA-A

CLO

ETF

Additional

Information

(unaudited)

20

April

30,

2026

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

the

first

$2

billion,

the

next

$3

billion,

and

again

above

$5

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.

(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.

125-24-93105

04-26

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

FINANCIAL

STATEMENTS

April

30,

2026

Janus

Henderson

U.S.

Equity

Enhanced

Income

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

U.S.

Equity

Enhanced

Income

ETF

Item

7.

Financial

Statements

and

Financial

Highlights

for

Open-End

Management

Investment

Companies

Schedule

of

Investments

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

3

Statement

of

Assets

and

Liabilities

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

10

Statement

of

Operations

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

11

Statement

of

Changes

in

Net

Assets

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

12

Financial

Highlights

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

13

Notes

to

Financial

Statements

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

14

Items

8-11

-

Additional

Information

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

22

Janus

Henderson

U.S.

Equity

Enhanced

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

Janus

Detroit

Street

Trust

3

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares

Value

Common

Stocks

-

100

.7

%

Aerospace

&

Defense

-

2

.1

%

General

Electric

Co.*

361

$

104,665

Howmet

Aerospace,

Inc.

139

33,782

138,447

Banks

-

3

.1

%

JPMorgan

Chase

&

Co.

500

156,615

PNC

Financial

Services

Group,

Inc.

(The)

250

55,750

212,365

Beverages

-

2

.0

%

Coca-Cola

Co.

(The)

1,056

83,170

Monster

Beverage

Corp.*

667

51,406

134,576

Biotechnology

-

2

.1

%

AbbVie,

Inc.

444

93,826

Vertex

Pharmaceuticals,

Inc.*

111

47,439

141,265

Broadline

Retail

-

5

.2

%

Amazon.com,

Inc.*

1,333

353,325

Building

Products

-

0

.8

%

Trane

Technologies

plc

111

54,672

Capital

Markets

-

3

.4

%

Goldman

Sachs

Group,

Inc.

(The)

111

102,538

Intercontinental

Exchange,

Inc.

333

52,644

Morgan

Stanley

389

74,140

229,322

Chemicals

-

0

.7

%

Ecolab,

Inc.

194

50,556

Communications

Equipment

-

3

.2

%

Arista

Networks,

Inc.*

389

67,184

Cisco

Systems,

Inc.

944

86,376

Motorola

Solutions,

Inc.

139

61,025

214,585

Consumer

Finance

-

1

.3

%

American

Express

Co.

278

89,808

Consumer

Staples

Distribution

&

Retail

-

0

.9

%

Target

Corp.

444

57,609

Diversified

Telecommunication

Services

-

1

.1

%

Verizon

Communications,

Inc.

1,500

72,045

Electric

Utilities

-

2

.1

%

American

Electric

Power

Co.,

Inc.

278

38,117

Duke

Energy

Corp.

444

57,520

Southern

Co.

(The)

444

42,935

138,572

Electrical

Equipment

-

2

.2

%

Eaton

Corp.

plc

194

84,004

Emerson

Electric

Co.

444

62,355

146,359

Electronic

Equipment,

Instruments

&

Components

-

1

.0

%

Amphenol

Corp.

-

Class

A

472

69,511

Entertainment

-

2

.2

%

Netflix,

Inc.*

833

77,977

Walt

Disney

Co.

(The)

667

69,201

147,178

Financial

Services

-

3

.3

%

Mastercard,

Inc.

-

Class

A

222

111,648

Janus

Henderson

U.S.

Equity

Enhanced

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

4

April

30,

2026

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares

Value

Common

Stocks

-

(continued)

Financial

Services

-

(continued)

Visa,

Inc.

-

Class

A

333

$

109,837

221,485

Ground

Transportation

-

1

.7

%

Uber

Technologies,

Inc.*

556

41,483

Union

Pacific

Corp.

278

74,916

116,399

Health

Care

Equipment

&

Supplies

-

2

.8

%

Abbott

Laboratories

889

80,712

Boston

Scientific

Corp.*

611

35,200

Stryker

Corp.

222

69,959

185,871

Health

Care

Providers

&

Services

-

0

.8

%

CVS

Health

Corp.

667

55,554

Hotels,

Restaurants

&

Leisure

-

2

.8

%

Marriott

International,

Inc.

-

Class

A

111

40,148

McDonald's

Corp.

306

89,838

Royal

Caribbean

Cruises

Ltd.

222

58,555

188,541

Household

Durables

-

0

.2

%

Garmin

Ltd.

56

14,064

Insurance

-

0

.8

%

Progressive

Corp.

(The)

278

55,956

Interactive

Media

&

Services

-

9

.3

%

Alphabet,

Inc.

-

Class

C

1,333

509,126

Meta

Platforms,

Inc.

-

Class

A

194

118,711

627,837

Life

Sciences

Tools

&

Services

-

1

.0

%

Danaher

Corp.

389

69,612

Machinery

-

1

.1

%

Cummins,

Inc.

111

74,482

Metals

&

Mining

-

0

.5

%

Freeport-McMoRan,

Inc.

611

35,304

Oil,

Gas

&

Consumable

Fuels

-

2

.6

%

Chevron

Corp.

528

102,068

EOG

Resources,

Inc.

528

74,221

176,289

Passenger

Airlines

-

0

.5

%

Delta

Air

Lines,

Inc.

500

33,995

Pharmaceuticals

-

4

.4

%

Eli

Lilly

&

Co.

167

156,078

Johnson

&

Johnson

417

95,847

Zoetis,

Inc.

-

Class

A

417

47,943

299,868

Semiconductors

&

Semiconductor

Equipment

-

17

.9

%

Applied

Materials,

Inc.*

222

87,577

Broadcom,

Inc.

639

266,738

Lam

Research

Corp.

306

78,905

Micron

Technology,

Inc.

250

129,290

NVIDIA

Corp.

2,833

565,382

Texas

Instruments,

Inc.

278

78,140

1,206,032

Software

-

7

.9

%

Intuit,

Inc.

111

43,123

Microsoft

Corp.

1,000

407,780

Janus

Henderson

U.S.

Equity

Enhanced

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

Janus

Detroit

Street

Trust

5

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares

Value

Common

Stocks

-

(continued)

Software

-

(continued)

Oracle

Corp.

500

$

80,695

531,598

Specialty

Retail

-

2

.3

%

Home

Depot,

Inc.

(The)

278

91,406

TJX

Cos.,

Inc.

(The)

389

60,976

152,382

Technology

Hardware,

Storage

&

Peripherals

-

4

.9

%

Apple,

Inc.

1,222

331,590

Textiles,

Apparel

&

Luxury

Goods

-

0

.4

%

NIKE,

Inc.

-

Class

B

667

29,588

Tobacco

-

1

.2

%

Philip

Morris

International,

Inc.

500

82,535

Trading

Companies

&

Distributors

-

0

.9

%

Ferguson

Enterprises,

Inc.

222

59,432

Total

Common

Stocks

(cost

$6,406,501)

6,798,609

Investment

Companies

-

0

.2

%

Money

Market

Funds

-

0

.2

%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

3.6483%

£,∞

(cost

$16,542)

16,542

16,542

Total

Investments

(total

cost

$

6,423,043

)

-

100

.9

%

6,815,151

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(0.9%)

(63,940)

Net

Assets

-

100.0%

$6,751,211

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

6,662,411

97

.8

%

Ireland

138,676

2

.0

Switzerland

14,064

0

.2

Total

$6,815,151

100

.0

%

Schedule

of

Affiliated

Investments

-

(%

of

Net

Assets)

Affiliated

Investments,

at

Value

at

3/24/26

Purchases

Sales

Proceeds

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciatio

n/

(Depreciation)

Affiliated

Investments,

at

Value

at

4/30/26

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

Shares

Held

at

4/30/26

Dividend

Income

Investment

Company

-

0.3%

Money

Market

Funds

-

0.3%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

3.6483%

∞

$

–

$

2,010,701

$

(

1,994,221

)

$

62

$

–

$

16,542

16,542

$

219

Janus

Henderson

U.S.

Equity

Enhanced

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

6

April

30,

2026

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Schedule

of

Exchange-Traded

Written

Call

Options

Reference

Asset

Number

of

Contracts

Exercise

Price

Expiration

Date

Notional

Amount

Premiums

Received

Unrealized

Appreciation/

(Depreciation)

Option

Written,

at

Value

Abbott

Laboratories

23,000

115.00

USD

05/15/2026

$

2,088,170

$

(

220

)

$

220

$

–

AbbVie,

Inc.

22,000

220.00

USD

05/15/2026

4,649,040

(

320

)

137

(

183

)

Alphabet,

Inc.

144,000

360.00

USD

05/15/2026

54,999,360

(

1,884

)

(

7,866

)

(

9,750

)

Amazon.com,

Inc.

108,000

270.00

USD

05/15/2026

28,626,480

(

1,332

)

(

490

)

(

1,822

)

American

Electric

Power

14,000

140.00

USD

05/15/2026

1,919,540

(

120

)

31

(

89

)

American

Express

Co.

36,000

360.00

USD

05/15/2026

11,629,800

(

211

)

187

(

24

)

Amphenol

Corp.

17,000

170.00

USD

05/15/2026

2,503,590

(

310

)

266

(

44

)

Amphenol

Corp.

17,000

170.00

USD

05/15/2026

2,503,590

(

330

)

286

(

44

)

Apple,

Inc.

57,000

285.00

USD

05/15/2026

15,466,950

(

740

)

258

(

482

)

Apple,

Inc.

57,000

285.00

USD

05/15/2026

15,466,950

(

586

)

104

(

482

)

Applied

Materials,

Inc.

44,000

440.00

USD

05/15/2026

17,357,560

(

875

)

244

(

631

)

Arista

Networks,

Inc.

18,000

180.00

USD

05/15/2026

3,108,780

(

540

)

(

178

)

(

718

)

Arista

Networks,

Inc.

18,000

180.00

USD

05/15/2026

3,108,780

(

540

)

(

178

)

(

718

)

Boston

Scientific

Corp.

14,000

70.00

USD

05/15/2026

806,540

(

225

)

221

(

4

)

Broadcom,

Inc.

86,000

430.00

USD

05/15/2026

35,898,980

(

1,720

)

(

70

)

(

1,790

)

Chevron

Corp.

38,000

190.00

USD

05/15/2026

7,345,780

(

660

)

(

824

)

(

1,484

)

Cisco

Systems,

Inc.

8,750

87.50

USD

05/15/2026

800,625

(

134

)

(

451

)

(

585

)

Cisco

Systems,

Inc.

18,500

92.50

USD

05/15/2026

1,692,750

(

276

)

(

307

)

(

583

)

Cummins,

Inc.

70,000

700.00

USD

05/15/2026

46,970,700

(

575

)

(

851

)

(

1,426

)

CVS

Health

Corp.

16,500

82.50

USD

05/15/2026

1,374,285

(

180

)

(

383

)

(

563

)

Danaher

Corp.

21,000

210.00

USD

05/15/2026

3,757,950

(

320

)

317

(

3

)

Danaher

Corp.

21,000

210.00

USD

05/15/2026

3,757,950

(

345

)

342

(

3

)

Delta

Air

Lines,

Inc.

7,750

77.50

USD

05/15/2026

526,923

(

121

)

96

(

25

)

Delta

Air

Lines,

Inc.

7,750

77.50

USD

05/15/2026

526,923

(

120

)

95

(

25

)

Eaton

Corp.

plc

41,000

410.00

USD

05/15/2026

17,753,410

(

800

)

(

2,217

)

(

3,017

)

Eli

Lilly

&

Co.

103,000

1,030.00

USD

05/15/2026

96,263,800

(

815

)

426

(

389

)

Emerson

Electric

Co.

29,000

145.00

USD

05/15/2026

4,072,760

(

430

)

(

153

)

(

583

)

EOG

Resources,

Inc.

27,000

135.00

USD

05/15/2026

3,795,390

(

450

)

(

1,109

)

(

1,559

)

Ferguson

Enterprises,

Inc.

28,000

280.00

USD

05/15/2026

7,495,880

(

500

)

(

92

)

(

592

)

Freeport-McMoRan,

Inc.

22,500

75.00

USD

05/15/2026

1,300,050

(

540

)

531

(

9

)

General

Electric

Co.

33,000

330.00

USD

05/15/2026

9,567,690

(

375

)

332

(

43

)

Goldman

Sachs

Group,

Inc.

(The)

100,000

1,000.00

USD

05/15/2026

92,377,000

(

760

)

545

(

215

)

Home

Depot,

Inc.

(The)

36,000

360.00

USD

05/15/2026

11,836,800

(

375

)

309

(

66

)

Howmet

Aerospace,

Inc.

27,000

270.00

USD

05/15/2026

6,562,080

(

625

)

367

(

258

)

Intercontinental

Exchange,

Inc.

17,000

170.00

USD

05/15/2026

2,687,530

(

160

)

132

(

28

)

Intuit,

Inc.

47,000

470.00

USD

05/15/2026

18,259,500

(

515

)

378

(

137

)

Johnson

&

Johnson

50,000

250.00

USD

05/15/2026

11,492,500

(

500

)

479

(

21

)

JPMorgan

Chase

&

Co.

32,000

320.00

USD

05/15/2026

10,023,360

(

491

)

172

(

319

)

Lam

Research

Corp.

30,000

300.00

USD

05/15/2026

7,735,800

(

780

)

595

(

185

)

Marriott

International,

Inc.

40,000

400.00

USD

05/15/2026

14,467,600

(

560

)

412

(

148

)

Meta

Platforms,

Inc.

72,000

720.00

USD

05/15/2026

44,057,520

(

1,335

)

1,250

(

85

)

Micron

Technology,

Inc.

52,000

520.00

USD

05/15/2026

26,892,320

(

860

)

(

2,013

)

(

2,873

)

Microsoft

Corp.

138,000

460.00

USD

05/15/2026

56,273,640

(

1,515

)

1,341

(

174

)

Monster

Beverage

Corp.

16,000

80.00

USD

05/15/2026

1,233,120

(

260

)

(

26

)

(

286

)

Morgan

Stanley

20,000

200.00

USD

05/15/2026

3,811,800

(

171

)

73

(

98

)

Motorola

Solutions,

Inc.

47,000

470.00

USD

05/15/2026

20,634,410

(

520

)

213

(

307

)

Netflix,

Inc.

20,800

104.00

USD

05/15/2026

1,947,088

(

426

)

388

(

38

)

NIKE,

Inc.

15,000

50.00

USD

05/15/2026

665,400

(

141

)

112

(

29

)

Nvidia

Corp.

180,000

225.00

USD

05/15/2026

35,922,600

(

1,696

)

1,199

(

497

)

Oracle

Corp.

34,000

170.00

USD

05/15/2026

5,487,260

(

524

)

(

234

)

(

758

)

Janus

Henderson

U.S.

Equity

Enhanced

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

Janus

Detroit

Street

Trust

7

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,

2026.

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,

2026.

Schedule

of

Exchange-Traded

Written

Call

Options

Reference

Asset

Number

of

Contracts

Exercise

Price

Expiration

Date

Notional

Amount

Premiums

Received

Unrealized

Appreciation/

(Depreciation)

Option

Written,

at

Value

Philip

Morris

International,

Inc.

34,000

170.00

USD

05/15/2026

$

5,612,380

$

(

405

)

$

18

$

(

387

)

PNC

Financial

Services

Group,

Inc.

(The)

24,000

240.00

USD

05/15/2026

5,352,000

(

140

)

100

(

40

)

Progressive

Corp.

(The)

21,000

210.00

USD

05/15/2026

4,226,880

(

220

)

102

(

118

)

Royal

Caribbean

Cruises

Ltd.

32,000

320.00

USD

05/15/2026

8,440,320

(

550

)

512

(

38

)

Stryker

Corp.

36,000

360.00

USD

05/15/2026

11,344,680

(

350

)

287

(

63

)

Texas

Instruments,

Inc.

25,000

250.00

USD

05/15/2026

7,027,000

(

395

)

(

2,769

)

(

3,164

)

TJX

Cos.,

Inc.

(The)

16,500

165.00

USD

05/15/2026

2,586,375

(

168

)

124

(

44

)

Trane

Technologies

plc

51,000

510.00

USD

05/15/2026

25,119,540

(

600

)

94

(

506

)

Uber

Technologies,

Inc.

16,000

80.00

USD

05/15/2026

1,193,760

(

258

)

(

27

)

(

285

)

Union

Pacific

Corp.

26,000

260.00

USD

05/15/2026

7,006,480

(

380

)

(

810

)

(

1,190

)

Union

Pacific

Corp.

28,000

280.00

USD

05/15/2026

7,545,440

(

240

)

99

(

141

)

Verizon

Communications,

Inc.

20,000

50.00

USD

05/15/2026

960,600

(

164

)

74

(

90

)

Vertex

Pharmaceuticals,

Inc.

46,000

460.00

USD

05/15/2026

19,659,480

(

730

)

265

(

465

)

Walt

Disney

Co.

(The)

22,000

110.00

USD

05/15/2026

2,282,500

(

364

)

38

(

326

)

Zoetis,

Inc.

13,000

130.00

USD

05/15/2026

1,494,610

(

150

)

74

(

76

)

Zoetis,

Inc.

13,000

130.00

USD

05/15/2026

1,494,610

(

275

)

199

(

76

)

Total

$(34,197)

$(7,004)

$(41,201)

Fair

Value

of

Derivative

Instruments

(not

accounted

for

as

hedging

instruments)

as

of

April

30,

2026

Equity

Contracts

Total

Liability

Derivatives:

Written

Options,

at

Value

$

41,201

$

41,201

Total

Liability

Derivatives

$

41,201

$

41,201

*

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).

The

Effect

of

Derivative

Instruments

(not

accounted

for

as

hedging

instruments)

on

the

Statement

of

Operations

for

the

Period

Ended

April

30,

2026

Amount

of

Realized

Gain/(Loss)

Recognized

on

Derivatives

Derivative

Equity

Contracts

Total

Written

Options

contracts

$

20,424

$

20,424

Janus

Henderson

U.S.

Equity

Enhanced

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

8

April

30,

2026

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Please

see

the

“Net

realized

and

change

in

unrealized

gain/(loss)

on

investments”

sections

of

the

Fund’s

Statement

of

Operations.

Amount

of

Change

in

Unrealized

Appreciation/(Depreciation)

Recognized

on

Derivatives

Derivative

Equity

Contracts

Total

Written

Options

contracts

$

(

7,004

)

$

(

7,004

)

Average

Ending

Monthly

Value

of

Derivative

Instruments

During

the

Period

Ended

April

30,

2026

Options:

Average

value

of

option

contracts

written

$9,163

Janus

Henderson

U.S.

Equity

Enhanced

Income

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

April

30,

2026

Janus

Detroit

Street

Trust

9

LLC

Limited

Liability

Company

plc

Public

Limited

Company

*

Non-income

producing

security.

∞

Rate

shown

is

the

7-day

yield

as

of

April

30,

2026.

£

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

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,

2026

.

See

Notes

to

Financial

Statements

for

more

information.

Valuation

Inputs

Summary

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Total

Assets

Investments

in

Securities:

Common

Stocks

$

6,798,609

$

—

$

—

$

6,798,609

Investment

Companies

—

16,542

—

16,542

Total

Investments

in

Securities

$

6,798,609

$

16,542

$

—

$

6,815,151

Total

Assets

$

6,798,609

$

16,542

$

—

$

6,815,151

Liabilities

Other

Financial

Instruments

(a)

:

Options

Written,

at

Value

$

—

$

41,201

$

—

$

41,201

Total

Liabilities

$

—

$

41,201

$

—

$

41,201

Janus

Henderson

U.S.

Equity

Enhanced

Income

ETF

Statement

of

Assets

and

Liabilities

(unaudited)

April

30,

2026

10

April

30,

2026

See

Notes

to

Financial

Statements.

Assets:

Unaffiliated

investments,

at

value

(cost

$6,406,501)

$

6,798,609

Affiliated

investments,

at

value

(cost

$16,542)

16,542

Receivables:

Dividends

4,025

Total

Assets

6,819,176

Liabilities:

Options

written,

at

value

(premiums

received

$34,197)

41,201

Payables:

Management

fees

2,663

Distributions

24,101

Total

Liabilities

67,965

Commitments

and

contingent

liabilities

Net

Assets

$

6,751,211

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

6,293,926

Total

distributable

earnings

(loss)

457,285

Total

Net

Assets

$

6,751,211

Net

Assets

$

6,751,211

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

250,000

Net

Asset

Value

Per

Share

$

27

.00

Janus

Henderson

U.S.

Equity

Enhanced

Income

ETF

Statement

of

Operations

(unaudited)

For

the

period

ended

April

30,

2026

(1)

Janus

Detroit

Street

Trust

11

See

Notes

to

Financial

Statements.

Investment

Income:

Dividends

$

6,189

Dividends

from

affiliates

219

Total

Investment

Income

6,408

Expenses:

Management

Fees

3,183

Total

Expenses

3,183

Net

Investment

Income/(Loss)

3,225

Net

Realized

Gain/(Loss)

on

Investments:

Investments

$

72,571

Investments

in

affiliates

62

Written

options

contracts

20,424

Total

Net

Realized

Gain/(Loss)

on

Investments

$

93,057

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

392,108

Written

options

contracts

(

7,004

)

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

385,104

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

481,386

(1)

Period

from

March

24,

2026

(commencement

of

operations)

through

April

30,

2026.

Janus

Henderson

U.S.

Equity

Enhanced

Income

ETF

Statement

of

Changes

in

Net

Assets

12

April

30,

2026

See

Notes

to

Financial

Statements.

Period

Ended

April

30,

2026

(1)

(Unaudited)

Operations:

Net

investment

income/(loss)

$

3,225

Net

realized

gain/(loss)

on

investments

93,057

Change

in

unrealized

net

appreciation/depreciation

385,104

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

481,386

Dividends

and

Distributions

to

Shareholders:

—

Dividends

and

Distributions

(

24,101

)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(

24,101

)

Capital

Share

Transactions

6,293,926

Net

Increase/(Decrease)

in

Net

Assets

6,751,211

Net

Assets:

—

Beginning

of

Period  

—

End

of

Period

$

6,751,211

(1)

Period

from

March

24,

2026

(commencement

of

operations)

through

April

30,

2026.

Janus

Henderson

U.S.

Equity

Enhanced

Income

ETF

Financial

Highlights

Janus

Detroit

Street

Trust

13

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

the

period

ended

April

30,

2026

(unaudited)

2026

(1)

Net

Asset

Value,

Beginning

of

Period

$25.00

Income/(Loss)

from

Investment

Operations:

—

Net

investment

income/(loss)

(2)

0.01

Net

realized

and

unrealized

gain/(loss)

2.09

Total

from

Investment

Operations

2.10

Less

Dividends

and

Distributions:

—

Dividends

(from

net

investment

income)

(0.10)

Total

Dividends

and

Distributions

(0.10)

Net

Asset

Value,

End

of

Period

$27.00

Total

Return

*

8.39%

Net

assets,

End

of

Period

(in

thousands)

$6,751

Ratios

to

Average

Net

Assets

**

Ratio

of

Gross

Expenses

0.55%

Ratio

of

Net

Investment

Income/(Loss)

0.55%

Portfolio

Turnover

Rate

(3)

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

March

24,

2026

(commencement

of

operations)

through

April

30,

2026.

(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.

Equity

Enhanced

Income

ETF

Notes

to

Financial

Statements

(unaudited)

14

April

30,

2026

1.

Organization

and

Significant

Accounting

Policies

Janus

Henderson

US

Equity

Enhanced

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.

The

financial

statements

include

information

for

the

period

from March

24,

2026

through

April

30,

2026.

As

of

the

date

of

this

report,

the

Trust

offers nineteen

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

and

long-term

capital

growth.

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

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.

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

Chief

Financial

Officer

of

the

Fund/Portfolio

is

designated

as

the

Chief

Operating

Decision

Maker

(“CODM”)

as

it

relates

to

ASC

Topic

280.

The

CODM

has

concluded

that

the

Fund/Portfolio

operated

as

a

single

segment

entity

for

the period ended

April

30,

2026.

The

key

indicator

of

performance

of

the

Fund

is

net

investment

income

as

reported

on

the

Statement

of

Operations.

The

following

accounting

policies

have

been

followed

by

the

Fund

and

are

in

conformity

with

United

States

of

America

generally

accepted

accounting

principles

(“US

GAAP”). 

Investment

Valuation 

Fund holdings

are

valued

in

accordance

with

policies

and

procedures

established

by

the

Adviser

pursuant

to

Rule

2a-5

under

the

1940

Act

and

approved

by

and

subject

to

the

oversight

of

the

Trustees

(the

“Valuation

Procedures”).

Equity

securities,

including

shares

of

exchange-traded

funds,

traded

on

a

domestic

securities

exchange

are

generally

valued

at

readily

available

market

quotations,

which

are

(i)

the

official

close

prices

or

(ii)

last

sale

prices

on

the

primary

market

or

exchange

in

which

the

securities

trade.

If

such

price

is

lacking

for

the

trading

period

immediately

preceding

the

time

of

determination,

such

securities

are

generally

valued

at

their

current

bid

price.

Equity

securities

that

are

traded

on

a

foreign

exchange

are

generally

valued

at

the

closing

prices

on

such

markets.

In

the

event

that

there

is

no

current

trading

volume

on

a

particular

security

in

such

foreign

exchange,

the

bid

price

from

the

primary

exchange

is

generally

used

to

value

the

security.

Foreign

securities

and

currencies

are

converted

to

U.S.

dollars

using

the

current

spot

USD

dollar

exchange

rate

in

effect

at

the

close

of

the

London

Stock

Exchange.

The Fund will

determine

the

market

value

of

individual

securities

held

by

it

by

using

prices

provided

by

one

or

more

approved

professional

pricing

services

or,

as

needed,

by

obtaining

market

quotations

from

independent

broker-dealers.

Most

debt

securities

are

valued

in

accordance

with

the

evaluated

bid

price

supplied

by

the

Adviser-approved

pricing

service

that

is

intended

to

reflect

market

value.

The

evaluated

bid

price

supplied

by

the

pricing

service

is

an

evaluation

that

may

consider

factors

such

as

security

prices,

Janus

Henderson

U.S.

Equity

Enhanced

Income

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

15

yields,

maturities

and

ratings.

Certain

short-term

securities

maturing

within

60

days

or

less

may

be

evaluated

and

valued

on

an

amortized

cost

basis

provided

that

the

amortized

cost

determined

approximates

market

value.

Securities

for

which

market

quotations

or

evaluated

prices

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

determined

in

good

faith

by

the

Adviser

pursuant

to

the

Valuation

Procedures. Circumstances

in

which

fair

valuation

may

be

utilized

include,

but

are

not

limited

to:

(i)

a

significant

event

that

may

affect

the

securities

of

a

single

issuer,

such

as

a

merger,

bankruptcy,

or

significant

issuer-specific

development;

(ii)

an

event

that

may

affect

an

entire

market,

such

as

a

natural

disaster

or

significant

governmental

action;

(iii)

a

nonsignificant

event

such

as

a

market

closing

early

or

not

opening,

or

a

security

trading

halt;

and

(iv)

pricing

of

a

non-valued

security

and

a

restricted

or

nonpublic

security.

Special

valuation

considerations

may

apply

with

respect

to

“odd-lot”

fixed-income

transactions

which,

due

to

their

small

size,

may

receive

evaluated

prices

by

pricing

services

which

reflect

a

large

block

trade

and

not

what

actually

could

be

obtained

for

the

odd-

lot

position.

The

value

of

the

securities

of

mutual

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

mutual

funds,

and

the

prospectuses

for

such

mutual

funds

explain

the

circumstances

under

which

they

use

fair

valuation

and

the

effects

of

using

fair

valuation.

The

value

of

the

securities

of

any

cash

management

pooled

investment

vehicles

that

operate

as

money

market

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

funds.

Valuation

Inputs

Summary 

FASB

ASC

820,

Fair

Value

Measurements

and

Disclosures

(“ASC

820”),

defines

fair

value,

establishes

a

framework

for

measuring

fair

value,

and

expands

disclosure

requirements

regarding

fair

value

measurements.

This

standard

emphasizes

that

fair

value

is

a

market-based

measurement

that

should

be

determined

based

on

the

assumptions

that

market

participants

would

use

in

pricing

an

asset

or

liability

and

establishes

a

hierarchy

that

prioritizes

inputs

to

valuation

techniques

used

to

measure

fair

value.

These

inputs

are

summarized

into

three

broad

levels: 

Level

1

–

Unadjusted

quoted

prices

in

active

markets

the

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities.

Level

2

–

Observable

inputs

other

than

unadjusted

quoted

prices

included

in

Level

1

that

are

observable

for

the

asset

or

liability

either

directly

or

indirectly.

These

inputs

may

include

quoted

prices

for

the

identical

instrument

on

an

inactive

market,

prices

for

similar

instruments,

interest

rates,

prepayment

speeds,

credit

risk,

yield

curves,

default

rates

and

similar

data.

Assets

or

liabilities

categorized

as

Level

2

in

the

hierarchy

generally

include:

debt

securities

fair

valued

in

accordance

with

the

evaluated

bid

or

ask

prices

supplied

by

a

pricing

service;

securities

traded

on

OTC

markets

and

listed

securities

for

which

no

sales

are

reported

that

are

fair

valued

at

the

latest

bid

price

(or

yield

equivalent

thereof)

obtained

from

one

or

more

dealers

transacting

in

a

market

for

such

securities

or

by

a

pricing

service

approved

by

the

Fund’s

Trustees;

and

certain

short-term

debt

securities

with

maturities

of

60

days

or

less

that

are

fair

valued

at

amortized

cost.

Other

securities

that

may

be

categorized

as

Level

2

in

the

hierarchy

include,

but

are

not

limited

to,

preferred

stocks,

bank

loans,

swaps,

investments

in

unregistered

investment

companies,

options,

and

forward

contracts.

Level

3

–

Unobservable

inputs

for

the

asset

or

liability

to

the

extent

that

relevant

observable

inputs

are

not

available,

representing

the

Fund’s

own

assumptions

about

the

assumptions

that

a

market

participant

would

use

in

valuing

the

asset

or

liability,

and

that

would

be

based

on

the

best

information

available.

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 period.

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,

2026 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

Janus

Henderson

U.S.

Equity

Enhanced

Income

ETF

Notes

to

Financial

Statements

(unaudited)

16

April

30,

2026

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. 

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. 

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,

2026 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

Janus

Henderson

U.S.

Equity

Enhanced

Income

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

17

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,

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.

Options

Contracts

An

options

contract

provides

the

purchaser

with

the

right,

but

not

the

obligation,

to

buy

(call

option)

or

sell

(put

option)

a

financial

instrument

at

an

agreed

upon

price

on

or

before

a

specified

date.

The

purchaser

pays

a

premium

to

the

seller

for

this

right.

The

seller

has

the

corresponding

obligation

to

sell

or

buy

a

financial

instrument

if

the

purchaser

(owner)

“exercises”

the

option.

When

an

option

is

exercised,

the

proceeds

on

sales

for

a

written

call

option,

the

purchase

cost

for

a

written

put

option,

or

the

cost

of

the

security

for

a

purchased

put

or

call

option

are

adjusted

by

the

amount

of

premium

received

or

paid.

Upon

expiration,

or

closing

of

the

option

transaction,

a

realized

gain

or

loss

is

reported

on

the

Statement

of

Operations

(if

applicable).

The

difference

between

the

premium

paid/received

and

the

market

value

of

the

option

is

recorded

as

unrealized

appreciation

or

depreciation.

The

net

change

in

unrealized

appreciation

or

depreciation

is

reported

on

the

Statement

of

Operations

(if

applicable).

Option

contracts

are

typically

valued

using

an

approved

Janus

Henderson

U.S.

Equity

Enhanced

Income

ETF

Notes

to

Financial

Statements

(unaudited)

18

April

30,

2026

vendor’s

option

valuation

model.

To

the

extent

reliable

market

quotations

are

available,

option

contracts

are

valued

using

market

quotations.

In

cases

when

an

approved

vendor

cannot

provide

coverage

for

an

option

and

there

is

no

reliable

market

quotation,

a

broker

quotation

or

an

internal

valuation

using

the

Black-Scholes

model,

the

Cox-Rubenstein

Binomial

Option

Pricing

Model,

or

other

appropriate

option

pricing

model

is

used.

Certain

options

contracts

are

marked-to-market

daily,

and

the

daily

variation

margin

is

recorded

as

a

receivable

or

payable

on

the

Statement

of

Assets

and

Liabilities

as

“Variation

margin

receivable”

or

“Variation

margin

payable”

(if

applicable).

The

Fund

may

use

options

contracts

to

hedge

against

changes

in

interest

rates,

the

values

of

securities,

or

foreign

currencies.

The

use

of

such

instruments

may

involve

certain

additional

risks

as

a

result

of

unanticipated

movements

in

the

market.

A

lack

of

correlation

between

the

value

of

an

instrument

underlying

an

option

and

the

asset

being

hedged,

or

unexpected

adverse

price

movements,

could

render

the

Fund’s

hedging

strategy

unsuccessful.

In

addition,

there

can

be

no

assurance

that

a

liquid

secondary

market

will

exist

for

any

option

purchased

or

sold.

The

Fund

may

be

subject

to

counterparty

risk,

interest

rate

risk,

liquidity

risk,

equity

risk,

commodity

risk,

and

currency

risk

in

the

normal

course

of

pursuing

its

investment

objective

through

its

investments

in

options

contracts.

Options

traded

on

an

exchange

are

regulated

and

the

terms

of

the

options

are

standardized.

Options

traded

OTC

expose

the

Fund

to

counterparty

risk

in

the

event

that

the

counterparty

does

not

perform.

This

risk

is

mitigated

by

having

a

netting

arrangement

between

the

Fund

and

the

counterparty

and

by

having

the

counterparty

post

collateral

to

cover

the

Fund’s

exposure

to

the

counterparty.

In

writing

an

option,

the

Fund

bears

the

risk

of

an

unfavorable

change

in

the

price

of

the

security

underlying

the

written

option.

When

an

option

is

written,

the

Fund

receives

a

premium

and

becomes

obligated

to

sell

or

purchase

the

underlying

security

at

a

fixed

price,

upon

exercise

of

the

option.

Options

written

are

reported

as

a

liability

on

the

Statement

of

Assets

and

Liabilities

as

“Options

written,

at

value”

(if

applicable).

The

risk

in

writing

call

options

is

that

the

Fund

gives

up

the

opportunity

for

profit

if

the

market

price

of

the

security

increases

and

the

options

are

exercised.

The 

risk

in

writing

put

options

is

that

the

Fund

may

incur

a

loss

if

the

market

price

of

the

security

decreases

and

the

options

are

exercised.

The

risk

in

buying

options

is

that

the

Fund

pays

a

premium

whether

or

not

the

options

are

exercised.

Exercise

of

an

option

written

by

the

Fund

could

result

in

the

Fund

buying

or

selling

a

security

at

a

price

different

from

the

current

market

value.

During

the

period,

the

Fund wrote

call options

on

various

equity

indices

for

the

purpose

of

decreasing

exposure

to

broad

equity

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,

social

unrest,

tariffs,

financial

institution

failures,

and

economic

recessions 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.

Armed

Conflict.

Armed

conflicts

between

countries

or

in

a

geographic

region,

such

as

the

ongoing

armed

conflicts

in

Europe

and

the

Middle

East,

have

the

potential

to

adversely

impact

a

Fund.

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.

Janus

Henderson

U.S.

Equity

Enhanced

Income

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

19

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.

Covered

Call

Strategy Risk

By

writing

covered

call

options

in

return

for

the

receipt

of

premiums,

the

Fund

will

give

up

the

opportunity

to

benefit

from

potential

increases

in

the

value

of

an

underlying

security

above

the

exercise

price

of

the

option,

but

will

continue

to

bear

the

risk

of

declines

in

the

value

of

the

underlying

security.

The

premiums

received

from

“writing”

options

may

not

be

sufficient

to

offset

any

losses

sustained

from

the

volatility

of

the

underlying

securities

over

time.

In

addition,

while

the

options

are

in

effect,

the

Fund’s

ability

to

sell

the

underlying

securities

will

be

limited.

The

Fund

will

have

no

control

over

the

exercise

of

an

option

by

the

option

holder

and

may

lose

the

benefit

from

any

capital

appreciation

on

the

underlying

security.

Nondiversification

Risk 

The

Fund

is

classified

as

nondiversified

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.

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,

2026,

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. 

Daily

Net

Assets

Fee

Rate

$0-$500

Million

0.55%

Next

$500

Million

0.52%

Over

$1

Billion

0.49%

Janus

Henderson

U.S.

Equity

Enhanced

Income

ETF

Notes

to

Financial

Statements

(unaudited)

20

April

30,

2026

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,

2026, the

Adviser

owned 200,000

shares

or 80.00%

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

at

least

80%

of

its

net

assets

(plus

any

borrowings

for

investment

purposes)

in

U.S.

Government

securities

and

repurchase

agreements

that

are collateralized

by

U.S.

Government 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). 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,

2026 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.

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,

2026 are

noted

below.

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$6,423,043

$451,214

$(59,106)

$392,108

Janus

Henderson

U.S.

Equity

Enhanced

Income

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

21

6.

Capital

Share

Transactions 

7.

Purchases

and

Sales

of

Investment

Securities

For

the

period

ended

April

30,

2026,

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,

2026,

the

cost

of

in-kind

purchases

and

proceeds

from

in-kind

sales,

were

as

follows: 

8.

Acquisition

Note

On

December

22,

2025,

Janus

Henderson

Group

plc,

the

parent

company

of

the

Fund's

investment

adviser,

announced

a

definitive

agreement

to

be

acquired

by

Trian

Fund

Management

and

General

Catalyst.

The

Transaction

is

expected

to

close

in

2026,

subject

to

customary

closing

conditions,

including

requisite

regulatory

approvals,

and

client

consents.

The

shareholders

of

Janus

Henderson

Group,

plc

approved

the

acquisition

on

April

16,

2026. 

9.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to April

30,

2026

and

through

the

date

of

the

issuance

of

the

Fund's

financial

statements

and

determined

that

there

were

no

material

events

or

transactions

that

would

require

recognition

or

disclosure

in

the

Fund's

financial

statements. 

Period

Ended

April

30,

2026

(1)

Shares

Amount

Shares

sold

250,001

$

6,293,951

Shares

repurchased

(1)

(25

)

Net

Increase/(Decrease)

250,000

$

6,293,926

(1)

Period

from

March

24,

2026

(commencement

of

operations)

through

April

30,

2026.

Purchases

of

Securities

Proceeds

from

Sales

of

Securities

Purchases

of

Long-

Term

U.S.

Government

Obligations

Proceeds

from

Sales

of

Long-Term

U.S.

Government

Obligations

$7,076,545

$1,415,801

$—

$—

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

$673,187

$—

$—

$—

Janus

Henderson

U.S.

Equity

Enhanced

Income

ETF

Additional

Information

(unaudited)

22

April

30,

2026

Item

8.

Changes

in

and

Disagreements

with

Accountants

for

Open-End

Management

Investment

Companies.

Not

applicable.

Item

9.

Proxy

Disclosures

for

Open-End

Management

Investment

Companies.

Not

applicable.

Item

10.

Remuneration

Paid

to

Directors,

Officers,

and

Others

of

Open-End

Management

Investment

Companies.

Because

the

Adviser

has

agreed

in

the

Investment

Advisory

Agreement

to

cover

all

operating

expenses

of

the

Fund,

subject

to

certain

exclusions

as

provided

for

therein,

the

Adviser

pays

the

compensation

to

each

Independent

Trustees

for

services

to

the

Fund

from

the

Adviser's

management

fees.

Item

11.

APPROVAL

OF

ADVISORY

AGREEMENTS

DURING

THE

PERIOD

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

in

person

on

October

24,

2024

to

consider

the

proposed

investment

management

agreement

(the

“Investment

Management

Agreement”)

for

Janus

Henderson

U.S.

Equity

Enhanced

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.

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

Investment

Management

Agreement.

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

therefore,

the

New

Fund

and

the

Adviser

may

Janus

Henderson

U.S.

Equity

Enhanced

Income

ETF

Additional

Information

(unaudited)

Janus

Detroit

Street

Trust

23

potentially

benefit

from

their

relationship

with

each

other

in

other

ways.

The

Trustees

considered

that

the

success

of

the

New

Fund

could

attract

other

business

to

the

Adviser

or

other

Janus

Henderson

funds,

and

that

the

success

of

the

Adviser

could

enhance

the

Adviser’s

ability

to

serve

the

New

Fund.

The

Board,

including

the

Independent

Trustees,

considered

the

following

in

respect

of

the

New

Fund:

(a)

The

nature,

extent,

and

quality

of

services

to

be

provided

by

the

Adviser;

personnel

and

operations

of

the

Adviser

The

Board

reviewed

the

services

that

the

Adviser

would

provide

to

the

New

Fund.

In

connection

with

the

investment

advisory

services

to

be

provided

by

the

Adviser,

the

Board

noted

the

responsibilities

that

the

Adviser

would

have

as

the

New

Fund’s

investment

adviser,

including:

the

overall

supervisory

responsibility

for

the

general

management

and

investment

of

the

New

Fund’s

securities

portfolio;

providing

oversight

of

the

investment

performance

and

processes

and

compliance

with

the

New

Fund’s

investment

objectives,

policies

and

limitations;

the

implementation

of

the

investment

management

program

of

the

New

Fund;

the

management

of

the

day-to-day

investment

and

reinvestment

of

the

assets

of

the

New

Fund;

determining

daily

baskets

of

securities

and

cash

components,

and

negotiating

custom

baskets

in

connection

with

creation

and

redemption

transactions

in

the

New

Fund’s

shares;

executing

portfolio

security

trades

for

purchases

and

redemptions

of

New

Fund

shares

conducted

on

a

cash

basis;

the

review

of

brokerage

matters;

the

oversight

of

general

portfolio

compliance

with

relevant

law;

and

the

implementation

of

Board

directives

as

they

relate

to

the

New

Fund.

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

above

the

peer

group

average

for

contractual

management

fees

and

equal

to

the

median

for

contractual

management

fees

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

above

the

average

and

equal

to

the

median

total

net

expense

ratio

of

the

anticipated

peer

group.

The

Board

further

noted

the

contractual

expense

limitation

agreement

with

respect

to

investments

by

the

New

Fund

in

affiliated

ETFs.

The

Board

also

discussed

the

anticipated

costs

and

projected

profitability

of

the

Adviser

in

connection

with

its

serving

as

investment

adviser

to

the

New

Fund,

including

operational

costs.

After

comparing

the

New

Fund’s

proposed

fees

with

those

of

the

ETFs

in

the

New

Fund’s

anticipated

peer

group,

and

in

light

of

the

nature,

extent

and

quality

of

services

proposed

to

be

provided

by

the

Adviser

and

the

costs

expected

to

be

Janus

Henderson

U.S.

Equity

Enhanced

Income

ETF

Additional

Information

(unaudited)

24

April

30,

2026

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

the

first

$500

million,

and

again

above

$1

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.

(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.

125-24-93106

04-26

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

FINANCIAL

STATEMENTS

April

30,

2026

Janus

Henderson

Equity

Linked

High

Income

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

Equity

Linked

High

Income

ETF

Item

7.

Financial

Statements

and

Financial

Highlights

for

Open-End

Management

Investment

Companies

Schedule

of

Investments

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

3

Statement

of

Assets

and

Liabilities

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

8

Statement

of

Operations

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

9

Statement

of

Changes

in

Net

Assets

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

10

Financial

Highlights

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

11

Notes

to

Financial

Statements

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

12

Items

8-11

-

Additional

Information

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

22

Janus

Henderson

Equity

Linked

High

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

Janus

Detroit

Street

Trust

3

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares

Value

Investment

Companies

-

99.8%

Money

Market

Funds

-

99.8%

Invesco

Government

&

Agency

Portfolio,

3.5850%

∞

(cost

$10,508,820)

10,508,820

$

10,508,820

Total

Investments

(total

cost

$

10,508,820

)

-

99.8%

10,508,820

Cash,

Receivables

and

Other

Assets,

net

of

Liabilities

-

0.2%

18,844

Net

Assets

-

100.0%

$10,527,664

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

10,508,820

100.0

%

Janus

Henderson

Equity

Linked

High

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

4

April

30,

2026

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Schedule

of

Autocallable

Total

Return

swap

(single

name)

Reference

Entity

Counterparty

Maturity

Date

Initial

Price

Notional

Amount

Floating

Rate

Type

Floating

Rate

Index^

Next

Observation

Date†

Coupon

Rate

^

Coupon

Barrier

Level*

Upfront

Premium

Paid

(Received)

Value

and

Unrealized

Appreciation

(Depreciation)

Adobe,

Inc.

Bank

of

America

NA

9/8/2027

247.18

USD

377,467

Pay

SOFR+0.0bps

9/9/2026

5.92%

50.00%

$

–

$

444

Alphabet,

Inc.

BNP

Paribas

SA

7/14/2027

332.29

USD

416,666

Pay

SOFR+0.0bps

7/8/2026

4.69%

68.16%

–

12,141

Altria

Group,

Inc.

Morgan

Stanley

and

Co.

International

plc

3/14/2029

67.15

USD

479,829

Pay

SOFR+0.0bps

9/9/2026

5.25%

71.45%

–

326

Broadcom,

Inc.

J.P.

Morgan

Securities

plc

12/13/2028

422.65

USD

385,931

Pay

SOFR+0.0bps

6/10/2026

5.55%

50.00%

–

115

Coca-Cola

Co.

(The)

Bank

of

America

NA

6/9/2027

74.70

USD

416,666

Pay

SOFR+0.0bps

6/10/2026

3.98%

91.14%

–

9,113

Colgate-Palmolive

Co

Morgan

Stanley

and

Co.

International

plc

7/12/2028

82.35

USD

416,666

Pay

SOFR+0.0bps

7/8/2026

4.74%

84.40%

–

893

CVS

Health

Corp.

Bank

of

America

NA

3/8/2028

77.36

USD

416,666

Pay

SOFR+0.0bps

9/9/2026

5.75%

61.54%

–

3,997

Eli

Lilly

&

Co.

Goldman

Sachs

International

6/14/2028

921.48

USD

416,666

Pay

SOFR+0.0bps

6/10/2026

4.88%

60.61%

–

697

Micron

Technology,

Inc.

Goldman

Sachs

International

12/8/2027

449.38

USD

217,681

Pay

SOFR+0.0bps

6/10/2026

8.82%

50.00%

–

7,286

Procter

&

Gamble

Co.

(The)

Morgan

Stanley

and

Co.

International

plc

10/13/2027

142.32

USD

416,666

Pay

SOFR+0.0bps

10/14/2026

5.96%

78.54%

–

3,162

Southern

Co.

Morgan

Stanley

and

Co.

International

plc

1/12/2028

91.92

USD

416,666

Pay

SOFR+0.0bps

7/8/2026

4.93%

88.39%

–

5,845

UnitedHealth

Group,

Inc.

Goldman

Sachs

International

8/11/2027

346.01

USD

416,666

Pay

SOFR+0.0bps

8/12/2026

4.38%

60.17%

–

3,330

Total

–

$47,349

AT&T,

Inc.

Bank

of

America

NA

1/10/2029

25.98

USD

416,666

Pay

SOFR+0.0bps

7/8/2026

5.47%

83.49%

–

(1,374)

Bristol-Myers

Squibb

Co.

BNP

Paribas

SA

2/9/2028

59.39

USD

416,666

Pay

SOFR+0.0bps

8/12/2026

5.02%

66.52%

–

(1,113)

Chevron

Corp.

BNP

Paribas

SA

4/12/2028

186.32

USD

416,666

Pay

SOFR+0.0bps

10/14/2026

5.50%

68.03%

–

(1,770)

ConocoPhillips

Morgan

Stanley

and

Co.

International

plc

11/10/2027

120.26

USD

416,666

Pay

SOFR+0.0bps

11/12/2026

5.83%

61.55%

–

(1,844)

Duke

Energy

Corp.

Bank

of

America

NA

4/11/2029

128.04

USD

679,829

Pay

SOFR+0.0bps

10/14/2026

5.45%

82.45%

(1,645)

(3,593)

Exxon

Mobil

Corp.

J.P.

Morgan

Securities

plc

9/13/2028

149.50

USD

416,666

Pay

SOFR+0.0bps

9/9/2026

5.48%

69.20%

–

(419)

GE

Vernova,

Inc.

BNP

Paribas

SA

10/11/2028

1,127.56

USD

257,635

Pay

SOFR+0.0bps

10/14/2026

8.58%

50.00%

–

(6,520)

Johnson

&

Johnson

Bank

of

America

NA

5/9/2029

230.65

USD

679,829

Pay

SOFR+0.0bps

11/12/2026

5.80%

74.83%

(1,857)

(3,149)

NVIDIA

Corp.

BNP

Paribas

SA

2/14/2029

399.28

USD

459,691

Pay

SOFR+0.0bps

8/12/2026

5.48%

50.00%

–

(5,101)

Palantir

Technologies,

Inc.

J.P.

Morgan

Securities

plc

8/9/2028

152.60

USD

261,868

Pay

SOFR+0.0bps

8/12/2026

8.43%

50.00%

–

(3,038)

Salesforce,

Inc.

J.P.

Morgan

Securities

plc

5/10/2028

189.80

USD

345,025

Pay

SOFR+0.0bps

11/12/2026

7.97%

50.00%

–

(3,356)

ServiceNow,

Inc.

J.P.

Morgan

Securities

plc

11/8/2028

103.07

USD

218,122

Pay

SOFR+0.0bps

11/12/2026

11.47%

50.00%

–

(4,888)

Total

(3,502)

(36,165)

^

Payment

frequency

is

semiannual.

†

Next

Observation

Date

is

the

next

instance

on

which

the

Coupon

Rate

and

Autocallable

Maturity

are

assessed.

*

Coupon

Rate

payment

is

only

applicable

if

the

value

of

the

reference

entity

falls

between

100%

of

the

initial

price

(autocallable

maturity

level)

and

Coupon

Barrier

Level

on

the

Next

Observation

Date.  If

the

value

of

the

reference

entity

falls

below

the

Coupon

Barrier

Level,

the

coupon

payment

is

not

made/received

by

the

counterparty.

Janus

Henderson

Equity

Linked

High

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

Janus

Detroit

Street

Trust

5

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,

2026.

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,

2026.

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,

2026

Equity

Contracts

Total

Asset

Derivatives:

Autocallable

swaps

$

47,349

$

47,349

Total

Asset

Derivatives

$

47,349

$

47,349

Liability

Derivatives:

Autocallable

swaps

36,165

36,165

Total

Liability

Derivatives

$

36,165

$

36,165

*

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).

The

Effect

of

Derivative

Instruments

(not

accounted

for

as

hedging

instruments)

on

the

Statement

of

Operations

for

the

Period

Ended

April

30,

2026

Amount

of

Realized

Gain/(Loss)

Recognized

on

Derivatives

Derivative

Equity

Contracts

Total

Swap

contracts

$

13

$

13

Amount

of

Change

in

Unrealized

Appreciation/(Depreciation)

Recognized

on

Derivatives

Derivative

Equity

Contracts

Total

Swap

contracts

$

11,184

$

11,184

Average

Ending

Monthly

Value

of

Derivative

Instruments

During

the

Period

Ended

April

30,

2026

Autocallable

swaps:

Average

notional

amount

$1,629,928

Janus

Henderson

Equity

Linked

High

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

6

April

30,

2026

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

Bank

of

America

NA

$

13,554

$

(8,116)

$

—

$

5,438

BNP

Paribas

SA

12,141

(12,141)

—

—

Goldman

Sachs

International

11,313

—

—

11,313

J.P.

Morgan

Securities

plc

115

(115)

—

—

Morgan

Stanley

and

Co.

International

plc

10,226

(1,844)

—

8,382

Total

$

47,349

$

(22,216)

$

—

$

25,133

Offsetting

of

Financial

Liabilities

and

Derivative

Liabilities

Counterparty

Gross

Amounts

of

Recognized

Liabilities

Offsetting

Asset

or

Liability

(a)

Collateral

Pledged

(b)

Net

Amount

Bank

of

America

NA

$

8,116

$

(8,116)

$

—

$

—

BNP

Paribas

SA

14,504

(12,141)

—

2,363

J.P.

Morgan

Securities

plc

11,701

(115)

—

11,586

Morgan

Stanley

and

Co.

International

plc

1,844

(1,844)

—

—

Total

$

36,165

$

(22,216)

$

—

$

13,949

(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

Equity

Linked

High

Income

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

April

30,

2026

Janus

Detroit

Street

Trust

7

∞

Rate

shown

is

the

7-day

yield

as

of

April

30,

2026.

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,

2026

.

See

Notes

to

Financial

Statements

for

more

information.

Valuation

Inputs

Summary

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Total

Assets

Investments

in

Securities:

Investment

Companies

$

10,508,820

$

—

$

—

$

10,508,820

Total

Investments

in

Securities

$

10,508,820

$

—

$

—

$

10,508,820

Other

Financial

Instruments

(a)

:

Autocallable

Swaps

$

—

$

47,349

$

—

$

47,349

Total

Assets

$

10,508,820

$

47,349

$

—

$

10,556,169

Liabilities

Other

Financial

Instruments

(a)

:

Autocallable

Swaps

$

—

$

36,165

$

—

$

36,165

Total

Liabilities

$

—

$

36,165

$

—

$

36,165

Janus

Henderson

Equity

Linked

High

Income

ETF

Statement

of

Assets

and

Liabilities

(unaudited)

April

30,

2026

8

April

30,

2026

See

Notes

to

Financial

Statements.

Assets:

Investments,

at

value

(cost

$10,508,820)

$

10,508,820

Cash

3,515

Receivables:

Dividends

9,138

OTC

swap

contracts,

at

value

47,349

Total

Assets

10,568,822

Liabilities:

OTC

swap

contracts,

at

value

36,165

Payables:

Investments

purchased

3,502

Management

fees

1,491

Total

Liabilities

41,158

Commitments

and

contingent

liabilities

Net

Assets

$

10,527,664

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

10,508,820

Total

distributable

earnings

(loss)

18,844

Total

Net

Assets

$

10,527,664

Net

Assets

$

10,527,664

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

420,000

Net

Asset

Value

Per

Share

$

25

.07

Janus

Henderson

Equity

Linked

High

Income

ETF

Statement

of

Operations

(unaudited)

For

the

period

ended

April

30,

2026

(1)

Janus

Detroit

Street

Trust

9

See

Notes

to

Financial

Statements.

Investment

Income:

Dividends

$

9,138

Total

Investment

Income

9,138

Expenses:

Management

Fees

1,491

Total

Expenses

1,491

Net

Investment

Income/(Loss)

7,647

Net

Realized

Gain/(Loss)

on

Investments:

Swap

contracts

13

Total

Net

Realized

Gain/(Loss)

on

Investments

$

13

Change

in

Unrealized

Net

Appreciation/Depreciation:

Swap

contracts

11,184

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

11,184

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

18,844

(1)

Period

from

April

21,

2026

(commencement

of

operations)

through

April

30,

2026.

Janus

Henderson

Equity

Linked

High

Income

ETF

Statement

of

Changes

in

Net

Assets

10

April

30,

2026

See

Notes

to

Financial

Statements.

Period

Ended

April

30,

2026

(1)

(Unaudited)

Operations:

Net

investment

income/(loss)

$

7,647

Net

realized

gain/(loss)

on

investments

13

Change

in

unrealized

net

appreciation/depreciation

11,184

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

18,844

Capital

Share

Transactions

10,508,820

Net

Increase/(Decrease)

in

Net

Assets

10,527,664

Net

Assets:

—

Beginning

of

Period  

—

End

of

Period

$

10,527,664

(1)

Period

from

April

21,

2026

(commencement

of

operations)

through

April

30,

2026.

Janus

Henderson

Equity

Linked

High

Income

ETF

Financial

Highlights

Janus

Detroit

Street

Trust

11

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

the

period

ended

April

30,

2026

(unaudited)

2026

(1)

Net

Asset

Value,

Beginning

of

Period

$25.00

Income/(Loss)

from

Investment

Operations:

—

Net

investment

income/(loss)

(2)

0.02

Net

realized

and

unrealized

gain/(loss)

0.05

Total

from

Investment

Operations

0.07

Less

Dividends

and

Distributions:

—

Total

Dividends

and

Distributions

—

Net

Asset

Value,

End

of

Period

$25.07

Total

Return

*

0.28%

Net

assets,

End

of

Period

(in

thousands)

$10,528

Ratios

to

Average

Net

Assets

**

Ratio

of

Gross

Expenses

0.59%

Ratio

of

Net

Investment

Income/(Loss)

3.02%

Portfolio

Turnover

Rate

(3)

0%

*

Total

return

not

annualized

for

periods

of

less

than

one

full

year.

**

Annualized

for

periods

of

less

than

one

full

year.

(1)

Period

from

April

21,

2026

(commencement

of

operations)

through

April

30,

2026.

(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

Equity

Linked

High

Income

ETF

Notes

to

Financial

Statements

(unaudited)

12

April

30,

2026

1.

Organization

and

Significant

Accounting

Policies

Janus

Henderson

Equity

Linked

High

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.

The

financial

statements

include

information

for

the

period

from April

21,

2026

through

April

30,

2026.

As

of

the

date

of

this

report,

the

Trust

offers nineteen

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

high 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

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.

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

Chief

Financial

Officer

of

the

Fund/Portfolio

is

designated

as

the

Chief

Operating

Decision

Maker

(“CODM”)

as

it

relates

to

ASC

Topic

280.

The

CODM

has

concluded

that

the

Fund/Portfolio

operated

as

a

single

segment

entity

for

the period ended

April

30,

2026.

The

key

indicator

of

performance

of

the

Fund

is

net

investment

income

as

reported

on

the

Statement

of

Operations.

The

following

accounting

policies

have

been

followed

by

the

Fund

and

are

in

conformity

with

United

States

of

America

generally

accepted

accounting

principles

(“US

GAAP”). 

Investment

Valuation 

Fund holdings

are

valued

in

accordance

with

policies

and

procedures

established

by

the

Adviser

pursuant

to

Rule

2a-5

under

the

1940

Act

and

approved

by

and

subject

to

the

oversight

of

the

Trustees

(the

“Valuation

Procedures”).

Equity

securities,

including

shares

of

exchange-traded

funds,

traded

on

a

domestic

securities

exchange

are

generally

valued

at

readily

available

market

quotations,

which

are

(i)

the

official

close

prices

or

(ii)

last

sale

prices

on

the

primary

market

or

exchange

in

which

the

securities

trade.

If

such

price

is

lacking

for

the

trading

period

immediately

preceding

the

time

of

determination,

such

securities

are

generally

valued

at

their

current

bid

price.

Equity

securities

that

are

traded

on

a

foreign

exchange

are

generally

valued

at

the

closing

prices

on

such

markets.

In

the

event

that

there

is

no

current

trading

volume

on

a

particular

security

in

such

foreign

exchange,

the

bid

price

from

the

primary

exchange

is

generally

used

to

value

the

security.

Foreign

securities

and

currencies

are

converted

to

U.S.

dollars

using

the

current

spot

USD

dollar

exchange

rate

in

effect

at

the

close

of

the

London

Stock

Exchange.

The Fund will

determine

the

market

value

of

individual

securities

held

by

it

by

using

prices

provided

by

one

or

more

approved

professional

pricing

services

or,

as

needed,

by

obtaining

market

quotations

from

independent

broker-dealers.

Most

debt

securities

are

valued

in

accordance

with

the

evaluated

bid

price

supplied

by

the

Adviser-approved

pricing

service

that

is

intended

to

reflect

market

value.

The

evaluated

bid

price

supplied

by

the

pricing

service

is

an

evaluation

that

may

consider

factors

such

as

security

prices,

Janus

Henderson

Equity

Linked

High

Income

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

13

yields,

maturities

and

ratings.

Certain

short-term

securities

maturing

within

60

days

or

less

may

be

evaluated

and

valued

on

an

amortized

cost

basis

provided

that

the

amortized

cost

determined

approximates

market

value.

Securities

for

which

market

quotations

or

evaluated

prices

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

determined

in

good

faith

by

the

Adviser

pursuant

to

the

Valuation

Procedures. Circumstances

in

which

fair

valuation

may

be

utilized

include,

but

are

not

limited

to:

(i)

a

significant

event

that

may

affect

the

securities

of

a

single

issuer,

such

as

a

merger,

bankruptcy,

or

significant

issuer-specific

development;

(ii)

an

event

that

may

affect

an

entire

market,

such

as

a

natural

disaster

or

significant

governmental

action;

(iii)

a

nonsignificant

event

such

as

a

market

closing

early

or

not

opening,

or

a

security

trading

halt;

and

(iv)

pricing

of

a

non-valued

security

and

a

restricted

or

nonpublic

security.

Special

valuation

considerations

may

apply

with

respect

to

“odd-lot”

fixed-income

transactions

which,

due

to

their

small

size,

may

receive

evaluated

prices

by

pricing

services

which

reflect

a

large

block

trade

and

not

what

actually

could

be

obtained

for

the

odd-

lot

position.

The

value

of

the

securities

of

mutual

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

mutual

funds,

and

the

prospectuses

for

such

mutual

funds

explain

the

circumstances

under

which

they

use

fair

valuation

and

the

effects

of

using

fair

valuation.

The

value

of

the

securities

of

any

cash

management

pooled

investment

vehicles

that

operate

as

money

market

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

funds.

Valuation

Inputs

Summary 

FASB

ASC

820,

Fair

Value

Measurements

and

Disclosures

(“ASC

820”),

defines

fair

value,

establishes

a

framework

for

measuring

fair

value,

and

expands

disclosure

requirements

regarding

fair

value

measurements.

This

standard

emphasizes

that

fair

value

is

a

market-based

measurement

that

should

be

determined

based

on

the

assumptions

that

market

participants

would

use

in

pricing

an

asset

or

liability

and

establishes

a

hierarchy

that

prioritizes

inputs

to

valuation

techniques

used

to

measure

fair

value.

These

inputs

are

summarized

into

three

broad

levels: 

Level

1

–

Unadjusted

quoted

prices

in

active

markets

the

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities.

Level

2

–

Observable

inputs

other

than

unadjusted

quoted

prices

included

in

Level

1

that

are

observable

for

the

asset

or

liability

either

directly

or

indirectly.

These

inputs

may

include

quoted

prices

for

the

identical

instrument

on

an

inactive

market,

prices

for

similar

instruments,

interest

rates,

prepayment

speeds,

credit

risk,

yield

curves,

default

rates

and

similar

data.

Assets

or

liabilities

categorized

as

Level

2

in

the

hierarchy

generally

include:

debt

securities

fair

valued

in

accordance

with

the

evaluated

bid

or

ask

prices

supplied

by

a

pricing

service;

securities

traded

on

OTC

markets

and

listed

securities

for

which

no

sales

are

reported

that

are

fair

valued

at

the

latest

bid

price

(or

yield

equivalent

thereof)

obtained

from

one

or

more

dealers

transacting

in

a

market

for

such

securities

or

by

a

pricing

service

approved

by

the

Fund’s

Trustees;

and

certain

short-term

debt

securities

with

maturities

of

60

days

or

less

that

are

fair

valued

at

amortized

cost.

Other

securities

that

may

be

categorized

as

Level

2

in

the

hierarchy

include,

but

are

not

limited

to,

preferred

stocks,

bank

loans,

swaps,

investments

in

unregistered

investment

companies,

options,

and

forward

contracts.

Level

3

–

Unobservable

inputs

for

the

asset

or

liability

to

the

extent

that

relevant

observable

inputs

are

not

available,

representing

the

Fund’s

own

assumptions

about

the

assumptions

that

a

market

participant

would

use

in

valuing

the

asset

or

liability,

and

that

would

be

based

on

the

best

information

available.

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 period.

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,

2026 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

Janus

Henderson

Equity

Linked

High

Income

ETF

Notes

to

Financial

Statements

(unaudited)

14

April

30,

2026

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. 

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. 

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,

2026 

is

discussed

in

further

detail

below.

A

summary

of

derivative

activity

by

the

Fund

is

reflected

in

the

tables

at

the

end

of

the

Schedule

of

Investments.

The

Fund

may

use

derivative

instruments

for

various

investment

purposes,

such

as

to

manage

or

hedge

portfolio

risk,

including

interest

rate

risk,

enhance

return,

obtain

short

investment

exposure, 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

Janus

Henderson

Equity

Linked

High

Income

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

15

eliminate

losses,

it

can

also

reduce

or

eliminate

gains

or

cause

losses

if

the

market

moves

in

a

manner

different

from

that

anticipated

by the

Adviser or

if

the

cost

of

the

derivative

outweighs

the

benefit

of

the

hedge.

The

Fund’s

ability

to

use

derivatives

may

also

be

limited

by

certain

regulatory

and

tax

considerations.

In

pursuit

of

its

investment

objective,

the

Fund

may

seek

to

use

derivatives

to

increase

or

decrease

exposure

to

the

following

market

risk

factors: 

Counterparty

Risk

 -

the

risk

that

the

counterparty

(the

party

on

the

other

side

of

the

transaction)

on

a

derivative

transaction

will

be

unable

to

honor

its

financial

obligation

to

the

Fund.

Credit

Risk

-

the

risk

an

issuer

will

be

unable

to

make

principal

and

interest

payments

when

due

or

will

default

on

its

obligations. 

Currency

Risk

-

the

risk

that

changes

in

the

exchange

rate

between

currencies

will

adversely

affect

the

value

(in

U.S.

dollar

terms)

of

an

investment. 

Index

Risk

-

if

the

derivative

is

linked

to

the

performance

of

an

index,

it

will

be

subject

to

the

risks

associated

with

changes

in

that

index.

If

the

index

changes,

the

Fund

could

receive

lower

interest

payments

or

experience

a

reduction

in

the

value

of

the

derivative

to

below

what

the

Fund

paid.

Certain

indexed

securities,

including

inverse

securities

(which

move

in

an

opposite

direction

to

the

index),

may

create

leverage,

to

the

extent

that

they

increase

or

decrease

in

value

at

a

rate

that

is

a

multiple

of

the

changes

in

the

applicable

index. 

Interest

Rate

Risk

-

the

risk

that

the

value

of

fixed-income

securities

will

generally

decline

as

prevailing

interest

rates

rise,

which

may

cause

the

Fund's

NAV

to

likewise

decrease. 

Leverage

Risk

-

the

risk

associated

with

certain

types

of

leveraged

investments

or

trading

strategies

pursuant

to

which

relatively

small

market

movements

may

result

in

large

changes

in

the

value

of

an

investment.

The

Fund

creates

leverage

by

investing

in

instruments,

including

derivatives,

where

the

investment

loss

can

exceed

the

original

amount

invested.

Certain

investments

or

trading

strategies,

such

as

short

sales,

that

involve

leverage

can

result

in

losses

that

greatly

exceed

the

amount

originally

invested. 

Liquidity

Risk

-

the

risk

that

certain

securities

may

be

difficult

or

impossible

to

sell

at

the

time

that

the

seller

would

like

or

at

the

price

that

the

seller

believes

the

security

is

currently

worth. 

Derivatives

may

generally

be

traded

OTC

or

on

an

exchange.

Derivatives

traded

OTC

are

agreements

that

are

individually

negotiated

between

parties

and

can

be

tailored

to

meet

a

purchaser’s

needs.

OTC

derivatives

are

not

guaranteed

by

a

clearing

agency

and

may

be

subject

to

increased

credit

risk.

In

an

effort

to

mitigate

credit

risk

associated

with

derivatives

traded

OTC, the

Fund may

enter

into

collateral

agreements

with

certain

counterparties

whereby,

subject

to

certain

minimum

exposure

requirements,

the

Fund

may

require

the

counterparty

to

post

collateral

if

the

Fund

has

a

net

aggregate

unrealized

gain

on

all

OTC

derivative

contracts

with

a

particular

counterparty.

Additionally,

the

Fund

may

deposit

cash

and/or

treasuries

as

collateral

with

the

counterparty

and/or

custodian

daily

(based

on

the

daily

valuation

of

the

financial

asset)

if

the

Fund

has

a

net

aggregate

unrealized

loss

on

OTC

derivative

contracts

with

a

particular

counterparty.

All

liquid

securities

and

restricted

cash

are

considered

to

cover

in

an

amount

at

all

times

equal

to

or

greater

than

the

Fund’s

commitment

with

respect

to

certain

exchange-traded

derivatives,

centrally

cleared

derivatives,

forward

foreign

currency

exchange

contracts,

short

sales,

and/or

securities

with

extended

settlement

dates.

There

is

no

guarantee

that

counterparty

exposure

is

reduced

and

these

arrangements

are

dependent

on

the

Adviser’s

ability

to

establish

and

maintain

appropriate

systems

and

trading.

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

Equity

Linked

High

Income

ETF

Notes

to

Financial

Statements

(unaudited)

16

April

30,

2026

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.

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,

social

unrest,

tariffs,

financial

institution

failures,

and

economic

recessions 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.

Armed

Conflict.

Armed

conflicts

between

countries

or

in

a

geographic

region,

such

as

the

ongoing

armed

conflicts

in

Europe

and

the

Middle

East,

have

the

potential

to

adversely

impact

a

Fund.

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.

Janus

Henderson

Equity

Linked

High

Income

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

17

Equity

Linked

Notes Risk

Equity-linked

notes

("ELNs") are

structured

notes

issued

by

counterparties

which

may

be

financial

institutions

like

large

commercial

banks,

broker-dealers

or

their

affiliates.

The

Fund

pays

the

principal

value

of

the

ELN

to

the

issuer.

Investing

in

ELNs

may

be

more

costly

to

the

Fund

than

if

the

Fund

had

invested

in

their

underlying

reference

assets

directly.

Because

of

their

complexity,

ELNs

expose

the

Fund

to

the

risk

of

improper

valuation

and

mispricing.

Because

of

the

structure

and

terms

of

ELNs,

the

Fund

may

not

benefit

fully

from

an

increase

in

the

value

of

the

underlying

reference

assets

and

the

price

of

an

ELN

and

the

underlying

reference

assets

may

be

imperfectly

correlated.

ELNs

may

be

subject

to

liquidity

risk

and

valuation

risk

because

the

secondary

market

for

ELNs

may

be

limited,

which

may

cause

the

value

of

the

ELNs

to

decline

and

can

make

the

ELNs

difficult

to

price

or

sell.

ELNs

are

subject

to

credit

risk.

Autocallable Instruments

The

Fund

will

have

continuous

investment

exposure

to

autocallable

instruments.  Equity

and

equity-linked instruments

include

equity-linked

notes

(“ELNs”)

and

options

or

swaps

that

replicate

the

payout

structure

of

ELNs

(together

with

ELNs,

“Equity

Linked

Instruments”).

Autocallable

Instruments

are

market-linked

instruments

(i.e.,

linked

to

underlying

reference

assets)

that

pay

regular

coupons

and

return

principal

at

maturity

(or

sooner,

if

called

early),

as

long

as

the

reference

asset

underlying

the

instrument

does

not

fall

below

specific

levels.

Such

notes

are

designed

to

be

called

away

(redeemed)

before

their

original

maturity

dates,

usually

on

pre-determined

specific

dates

(autocall

dates)

if

the

underlying

asset

reaches

a

predetermined

level.

The

Fund

may

invest

in

Autocallable

Instruments

with

differing

“coupon

rates,”

“maturity

dates,”

“coupon

barrier

levels,”

“maturity

barrier

levels,”

“observation

dates”

and

reference

assets.

Such

investing

in

Autocallable

Instruments

seeks

to

help

offset

the

timing

risks

inherent

in

having

the

same

observation

dates,

maturity

date

or

barrier

levels

as

described

below.

Generally,

the

Fund

expects

to

invest

approximately

50-100%

of

its

assets

in

Autocallable

Instruments,

although

such

allocation

may

vary

from

time

to

time.

Barrier Risk

The

coupon

and

maturity

barrier

levels

of

an

Autocallable

Instrument

set

forth

the

threshold

amount

of

loss

the

underlying

reference

asset(s)

(e.g.,

the

applicable

equity

index,

equity

security,

or

worst

performing

equity

index)

could

experience

before

the

Fund

would

forfeit,

respectively,

coupon

payments

and/or

a

portion

or

all

of

the

initial

notional

amount

invested

in

such

Autocallable

Instrument.

If

the

coupon

barrier

level

is

exceeded

on

an

observation

date,

the

Fund

will

forfeit

the

coupon

payment

for

such

period.

Accordingly,

it

is

possible

that

the

Fund

may

not

receive

any

coupon

payments

by

an

Autocallable

Instrument.

If

the

maturity

barrier

level

is

exceeded

on

the

Maturity

Date,

the

Fund

will

forfeit

the

percentage

of

the

initial

notional

amount

it

invested

in

the

Autocallable

Instrument

that

is

equal

to

the

entire

amount

of

loss

that

the

underlying

reference

asset

experienced

since

the

start

of

the

term

of

the

Autocallable

Instrument

(as

set

by

its

initial

value),

and

not

just

the

percentage

amount

below

the

barrier

level.

It

is

possible

that

the

Fund

could

forfeit

the

entire

initial

notional

amount

of

its

investment,

in

addition

to

some

or

all

of

the

coupon

payments.

Accordingly,

it

is

also

possible

that

the

Fund

may

lose

its

entire

investment

in

Equity

Linked

Instruments

notwithstanding

the

downside

protection

intended

to

be

provided

by

the

Equity

Linked

Instrument

and

the

risk

mitigation

intended

to

be

provided

by

a

laddered

portfolio.

Stability Instruments

The

Fund

will

have

continuous

investment

exposure

to

stability

instruments

(“Stability

Instruments").

Stability

Instruments,

which

are

sometimes

referred

to

as

“market

default

obligations,”

cause

the

holders

of

the

Stability

Instruments

to

assume

the

risk

of

market

declines

in

excess

of

a

predetermined

percentage

of

the

prior

day’s

close.

Thus,

the

reference

to

“stability”

refers

not

to

the

providing

of

a

stable

return

to

holders,

but

rather

the

fact

that

returns

occur

only

in

instances

in

which

the

markets

are

relatively

stable.

“Stability”

refers

to

the

underlying

reference

assets

trading

within

a

predetermined

range;

Stability

Instruments

do

not

seek

to,

and

will

not,

maintain

a

stable

value.

The

Fund

will

have

investment

exposure

to

Stability

Instruments

by

investing

in

Stability

Instruments

with

differing

“coupon

rates,”

“maturity

dates,”

“stability

levels”

 and underlying reference

assets.

Such

investing

in

Stability

Instruments

seeks

to

mitigate

the

risks

associated

with

investing

in

any

one

such

instrument.

Generally,

the

Fund

expects

to

invest

approximately

0-50%

of

its

assets

in

Stability

Instruments,

although

such

allocation

may

vary

from

time

to

time.

Janus

Henderson

Equity

Linked

High

Income

ETF

Notes

to

Financial

Statements

(unaudited)

18

April

30,

2026

Liquidity Risk

An

Equity

Linked

Instrument

may

be

difficult

or

impossible

to

sell

at

the

time

that

portfolio

management

would

like

or

at

the

price

that

portfolio

management

believes

the

Equity

Linked

Instrument

is

currently

worth.

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.

In

usual

market

conditions,

even

normally

liquid

securities

may

be

affected

by

a

degree

of

liquidity

risk

(i.e.,

if

the

number

and

capacity

of

traditional

market

participants

is

reduced).

Valuation Risk

The

Fund

may

hold

securities

or

other

assets

that

may

be

valued

on

the

basis

of

factors

other

than

market

quotations.

This

may

occur

because

the

asset

or

security

does

not

trade

on

a

centralized

exchange,

or

in

times

of

market

turmoil

or

reduced

liquidity.

There

are

multiple

methods

that

can

be

used

to

value

a

portfolio

holding

when

market

quotations

are

not

readily

available.

The

value

established

for

any

portfolio

holding

at

a

point

in

time

might

differ

from

what

would

be

produced

using

a

different

methodology

or

if

it

had

been

priced

using

market

quotations.

Portfolio

holdings

that

are

valued

using

techniques

other

than

market

quotations,

including

“fair

valued”

assets

or

securities,

may

be

subject

to

greater

fluctuation

in

their

valuations

from

one

day

to

the

next

than

if

market

quotations

were

used.

In

addition,

there

is

no

assurance

that

the

Fund

could

sell

or

close

out

a

portfolio

position

for

the

value

established

for

it

at

any

time,

and

it

is

possible

that

the

Fund

would

incur

a

loss

because

a

portfolio

position

is

sold

or

closed

out

at

a

discount

to

the

valuation

established

by

the

Fund

at

that

time.

The

Fund’s

ability

to

value

investments

may

be

impacted

by

technological

issues

or

errors

by

pricing

services

or

other

third-party

service

providers.

Counterparty Risk

Fund

transactions

involving

a

counterparty

are

subject

to

counterparty

risk,

which

is

the

risk

that

the

counterparty

or

a

third

party

will

not

fulfill

its

obligation

to

the

Fund.

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

Fund

may

be

exposed

to

counterparty

risk

through

its

investments

in

certain

securities,

including,

but

not

limited

to,

repurchase

agreements,

debt

securities,

and

derivatives

(including

various

types

of

forwards,

swaps,

futures,

and

options),

autocallable

instruments,

and

stability

instruments.

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.

Swap

Agreement Risk

The

Fund

may

use

swap

agreements

to

implement

its

investment

strategy.

Swap

agreements

are

generally

traded

in

over-the-counter

(“OTC”)

markets.

Unlike

in

futures

contracts,

the

counterparty

to

uncleared

OTC

swap

agreements

is

generally

a

single

bank

or

other

financial

institution,

rather

than

a

clearing

organization

backed

by

a

group

of

financial

institutions.

As

a

result,

the

Fund

is

subject

to

increased

counterparty

risk

with

respect

to

the

amount

it

expects

to

receive

from

counterparties

to

uncleared

swaps.

If

a

counterparty

becomes

bankrupt

or

otherwise

fails

to

perform

its

obligations,

the

Fund

could

suffer

significant

losses

on

these

contracts,

the

value

of

an

investor’s

investment

in

the

Fund

may

decline,

and

the

Fund

may

be

temporarily

limited

or

disrupted

in

its

ability

to

implement

its

investment

strategy.

The

Fund’s

counterparty

risk

may

be

substantial

and

will

increase

as

the

Fund’s

use

of

OTC

swap

agreements

increases

as

a

percentage

of

the

Fund’s

portfolio.

OTC

swap

agreements

of

the

type

that

may

be

used

by

the

Fund

are

less

liquid

than

futures

contracts

because

they

are

not

traded

on

an

exchange,

do

not

have

uniform

terms

and

conditions,

and

are

generally

entered

into

based

upon

the

creditworthiness

of

the

parties

and

the

availability

of

credit

support,

such

as

collateral,

and

in

general,

are

not

transferable

without

the

consent

of

the

counterparty.

Swap

agreements

are

also

subject

to

the

risk

of

imperfect

correlation

between

the

value

of

the

underlying

reference

asset

and

the

swap

agreement.

Leverage

inherent

in

swap

agreements

will

tend

to

magnify

the

Fund’s

gains

and

losses.

Janus

Henderson

Equity

Linked

High

Income

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

19

Options Risk

An

option

is

an

agreement

that,

for

a

premium

payment

or

fee,

gives

the

option

holder

(the

buyer)

the

right

but

not

the

obligation

to

buy

(a

"call

option")

or

sell

(a

"put

option"

the

underlying

security

or

settle

for

cash

in

an

amount

based

on

an

underlying

reference

asset

(e.g.,

an

instrument,

interest

rate,

or

index)

at

a

specified

price

(the

"exercise

price")

during

a

period

of

time

or

on

a

specified

date.

There

may

at

times

be

an

imperfect

correlation

between

the

movement

in

values

of

options

and

their

underlying

reference

asset,

causing

a

given

transaction

to

not

achieve

its

intended

objective.

If

a

put

or

call

option

purchased

by

the

Fund

were

permitted

to

expire,

its

premium

payment

will

represent

a

loss

to

the

Fund.

There

is

no

assurance

that

a

liquid

market

will

exist

for

any

particular

option

contract

at

any

particular

time.

The

Fund

may

also

be

at

risk

that

counterparties

entering

into

an

option

transaction

will

not

fulfill

their

obligations,

particularly

when

the

Fund

utilizes

over-the-counter

options.

To

the

extent

the

Fund

utilizes

options

on

indices,

these

options

may,

depending

on

circumstances,

involve

greater

risks.

Nondiversification

Risk 

The

Fund

is

classified

as

nondiversified

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.

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,

2026"

table

located

in

the

Fund’s

Schedule

of

Investments.

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-$1

Billion

0.59%

Over

$1

Billion

0.55%

Janus

Henderson

Equity

Linked

High

Income

ETF

Notes

to

Financial

Statements

(unaudited)

20

April

30,

2026

For

the

period

ended April

30,

2026,

the

Fund’s

actual

management

fee

rate

(expressed

as

an

annual

rate)

was

0.59% 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,

2026, the

Adviser

owned 400,000

shares

or 95.24%

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,

2026 are

noted

below.

6.

Capital

Share

Transactions 

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$10,508,820

$—

$—

$—

Period

Ended

April

30,

2026

(1)

Shares

Amount

Shares

sold

420,001

$

10,508,845

Shares

repurchased

(1)

(25

)

Net

Increase/(Decrease)

420,000

$

10,508,820

Janus

Henderson

Equity

Linked

High

Income

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

21

7.

Purchases

and

Sales

of

Investment

Securities

There

were

no

purchases or

sales

of

long-term

securities

or

long-term

U.S.

government

obligations

for

the

period

ended

April

30,

2026.

8.

Acquisition

Note

On

December

22,

2025,

Janus

Henderson

Group

plc,

the

parent

company

of

the

Fund's

investment

adviser,

announced

a

definitive

agreement

to

be

acquired

by

Trian

Fund

Management

and

General

Catalyst.

The

Transaction

is

expected

to

close

in

2026,

subject

to

customary

closing

conditions,

including

requisite

regulatory

approvals,

and

client

consents.

The

shareholders

of

Janus

Henderson

Group,

plc

approved

the

acquisition

on

April

16,

2026. 

9.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to April

30,

2026

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. 

(1)

Period

from

April

21,

2026

(commencement

of

operations)

through

April

30,

2026.

Janus

Henderson

Equity

Linked

High

Income

ETF

Additional

Information

(unaudited)

22

April

30,

2026

Item

8.

Changes

in

and

Disagreements

with

Accountants

for

Open-End

Management

Investment

Companies.

Not

applicable.

Item

9.

Proxy

Disclosures

for

Open-End

Management

Investment

Companies.

Not

applicable.

Item

10.

Remuneration

Paid

to

Directors,

Officers,

and

Others

of

Open-End

Management

Investment

Companies.

Because

the

Adviser

has

agreed

in

the

Investment

Advisory

Agreement

to

cover

all

operating

expenses

of

the

Fund,

subject

to

certain

exclusions

as

provided

for

therein,

the

Adviser

pays

the

compensation

to

each

Independent

Trustees

for

services

to

the

Fund

from

the

Adviser's

management

fees.

Item

11.

APPROVAL

OF

ADVISORY

AGREEMENTS

DURING

THE

PERIOD

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

in

person

on

October

24,

2024

to

consider

the

proposed

investment

management

agreement

(the

“Investment

Management

Agreement”)

for

Janus

Henderson

Equity

Linked

High

Income

ETF

(

formerly

known

as

Janus

Henderson

Aggressive

Equity

Linked

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.

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

Investment

Management

Agreement.

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

Janus

Henderson

Equity

Linked

High

Income

ETF

Additional

Information

(unaudited)

Janus

Detroit

Street

Trust

23

agreements

with

the

New

Fund

and

the

fees

to

be

paid

by

the

New

Fund

therefor,

the

New

Fund

and

the

Adviser

may

potentially

benefit

from

their

relationship

with

each

other

in

other

ways.

The

Trustees

considered

that

the

success

of

the

New

Fund

could

attract

other

business

to

the

Adviser

or

other

Janus

Henderson

funds,

and

that

the

success

of

the

Adviser

could

enhance

the

Adviser’s

ability

to

serve

the

New

Fund.

The

Board,

including

the

Independent

Trustees,

considered

the

following

in

respect

of

the

New

Fund:

(a)

The

nature,

extent,

and

quality

of

services

to

be

provided

by

the

Adviser;

personnel

and

operations

of

the

Adviser

The

Board

reviewed

the

services

that

the

Adviser

would

provide

to

the

New

Fund.

In

connection

with

the

investment

advisory

services

to

be

provided

by

the

Adviser,

the

Board

noted

the

responsibilities

that

the

Adviser

would

have

as

the

New

Fund’s

investment

adviser,

including:

the

overall

supervisory

responsibility

for

the

general

management

and

investment

of

the

New

Fund’s

securities

portfolio;

providing

oversight

of

the

investment

performance

and

processes

and

compliance

with

the

New

Fund’s

investment

objectives,

policies

and

limitations;

the

implementation

of

the

investment

management

program

of

the

New

Fund;

the

management

of

the

day-to-day

investment

and

reinvestment

of

the

assets

of

the

New

Fund;

determining

daily

baskets

of

securities

and

cash

components,

and

negotiating

custom

baskets

in

connection

with

creation

and

redemption

transactions

in

the

New

Fund’s

shares;

executing

portfolio

security

trades

for

purchases

and

redemptions

of

New

Fund

shares

conducted

on

a

cash

basis;

the

review

of

brokerage

matters;

the

oversight

of

general

portfolio

compliance

with

relevant

law;

and

the

implementation

of

Board

directives

as

they

relate

to

the

New

Fund.

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

above

the

peer

group

average

and

median

for

contractual

management

fees

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

above

the

median

total

net

expense

ratio

and

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

Janus

Henderson

Equity

Linked

High

Income

ETF

Additional

Information

(unaudited)

24

April

30,

2026

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

the

first

$1

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.

(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.

125-24-93107

04-26

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

FINANCIAL

STATEMENTS

April

30,

2026

Janus

Henderson

Equity

Linked

Moderate

Income

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

Equity

Linked

Moderate

Income

ETF

Item

7.

Financial

Statements

and

Financial

Highlights

for

Open-End

Management

Investment

Companies

Schedule

of

Investments

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

3

Statement

of

Assets

and

Liabilities

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

8

Statement

of

Operations

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

9

Statement

of

Changes

in

Net

Assets

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

10

Financial

Highlights

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

11

Notes

to

Financial

Statements

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

12

Items

8-11

-

Additional

Information

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

22

Janus

Henderson

Equity

Linked

Moderate

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

Janus

Detroit

Street

Trust

3

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares

Value

Investment

Companies

-

95

.4

%

Money

Market

Funds

-

95

.4

%

Invesco

Government

&

Agency

Portfolio,

3.5850%

∞

(cost

$10,509,223)

10,509,223

$

10,509,223

Total

Investments

(total

cost

$

10,509,223

)

-

95

.4

%

10,509,223

Cash,

Receivables

and

Other

Assets,

net

of

Liabilities

-

4.6%

502,698

Net

Assets

-

100.0%

$11,011,921

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

10,509,223

100

.0

%

Janus

Henderson

Equity

Linked

Moderate

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

4

April

30,

2026

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Schedule

of

Autocallable

Total

Return

swap

(single

name)

Reference

Entity

Counterparty

Maturity

Date

Initial

Price

Notional

Amount

Floating

Rate

Type

Floating

Rate

Index^

Next

Observation

Date†

Coupon

Rate

^

Coupon

Barrier

Level*

Upfront

Premium

Paid

(Received)

Value

and

Unrealized

Appreciation

(Depreciation)

Adobe,

Inc.

Bank

of

America

NA

9/8/2027

247.18

USD

258,301

Pay

SOFR+0.0bps

9/9/2026

5.92%

50.00%

$

–

$

304

Alphabet,

Inc.

BNP

Paribas

SA

7/14/2027

332.29

USD

611,771

Pay

SOFR+0.0bps

7/8/2026

3.13%

53.09%

3,707

10,814

AT&T,

Inc.

J.P.

Morgan

Securities

plc

1/10/2029

25.98

USD

416,666

Pay

SOFR+0.0bps

7/8/2026

3.71%

63.37%

–

655

Broadcom,

Inc.

J.P.

Morgan

Securities

plc

12/13/2028

422.65

USD

264,093

Pay

SOFR+0.0bps

6/10/2026

5.56%

50.00%

–

966

Coca-Cola

Co.

(The)

Bank

of

America

NA

6/9/2027

74.70

USD

416,666

Pay

SOFR+0.0bps

6/10/2026

2.88%

79.73%

–

5,622

Colgate-Palmolive

Co

J.P.

Morgan

Securities

plc

7/12/2028

82.35

USD

416,666

Pay

SOFR+0.0bps

7/8/2026

3.33%

67.22%

–

2,206

ConocoPhillips

J.P.

Morgan

Securities

plc

10/11/2027

120.26

USD

220,530

Pay

SOFR+0.0bps

11/12/2026

4.07%

50.00%

(

2,761

)

2,761

CVS

Health

Corp.

Bank

of

America

NA

3/8/2028

77.36

USD

364,779

Pay

SOFR+0.0bps

9/9/2026

4.66%

50.00%

–

2,363

Eli

Lilly

&

Co.

J.P.

Morgan

Securities

plc

6/14/2028

921.48

USD

349,971

Pay

SOFR+0.0bps

6/10/2026

3.86%

50.00%

–

2,444

Micron

Technology,

Inc.

Goldman

Sachs

International

12/8/2027

449.38

USD

148,960

Pay

SOFR+0.0bps

6/10/2026

8.82%

50.00%

–

4,986

Procter

&

Gamble

Co.

(The)

Bank

of

America

NA

10/13/2027

142.32

USD

416,666

Pay

SOFR+0.0bps

10/14/2026

3.74%

62.79%

–

665

Southern

Co.

Morgan

Stanley

and

Co.

International

plc

1/12/2028

91.92

USD

416,666

Pay

SOFR+0.0bps

7/8/2026

3.41%

72.56%

–

2,141

Total

946

$35,927

Adobe,

Inc.

J.P.

Morgan

Securities

plc

8/9/2027

247.18

USD

159,529

Pay

SOFR+0.0bps

9/9/2026

5.90%

50.00%

838

(838)

Altria

Group,

Inc.

Morgan

Stanley

and

Co.

International

plc

3/14/2029

67.15

USD

485,055

Pay

SOFR+0.0bps

9/9/2026

3.39%

57.77%

–

(6,778)

Bristol-Myers

Squibb

Co.

BNP

Paribas

SA

2/9/2028

59.39

USD

416,666

Pay

SOFR+0.0bps

8/12/2026

3.55%

53.25%

–

(2,115)

Chevron

Corp.

J.P.

Morgan

Securities

plc

4/12/2028

186.32

USD

416,666

Pay

SOFR+0.0bps

10/14/2026

3.99%

52.43%

–

(878)

ConocoPhillips

Morgan

Stanley

and

Co.

International

plc

11/10/2027

120.26

USD

399,546

Pay

SOFR+0.0bps

11/12/2026

4.07%

50.00%

–

(3,508)

Duke

Energy

Corp.

Bank

of

America

NA

4/11/2029

128.04

USD

685,055

Pay

SOFR+0.0bps

10/14/2026

3.70%

64.01%

(

1,672

)

(5,916)

Exxon

Mobil

Corp.

J.P.

Morgan

Securities

plc

9/13/2028

149.50

USD

416,666

Pay

SOFR+0.0bps

9/9/2026

4.01%

52.06%

–

(1,751)

GE

Vernova,

Inc.

BNP

Paribas

SA

10/11/2028

1,127.56

USD

177,170

Pay

SOFR+0.0bps

10/14/2026

8.58%

50.00%

–

(4,485)

Johnson

&

Johnson

Bank

of

America

NA

5/9/2029

230.65

USD

685,055

Pay

SOFR+0.0bps

11/12/2026

4.00%

57.64%

(

1,382

)

(2,194)

NVIDIA

Corp.

BNP

Paribas

SA

2/14/2029

399.28

USD

317,989

Pay

SOFR+0.0bps

8/12/2026

5.48%

50.00%

–

(3,528)

Palantir

Technologies,

Inc.

J.P.

Morgan

Securities

plc

8/9/2028

152.60

USD

179,193

Pay

SOFR+0.0bps

8/12/2026

8.42%

50.00%

–

(2,075)

Salesforce,

Inc.

J.P.

Morgan

Securities

plc

5/10/2028

189.80

USD

236,100

Pay

SOFR+0.0bps

11/12/2026

7.94%

50.00%

–

(2,255)

ServiceNow,

Inc.

J.P.

Morgan

Securities

plc

11/8/2028

103.07

USD

149,258

Pay

SOFR+0.0bps

11/12/2026

11.45%

50.00%

–

(3,399)

UnitedHealth

Group,

Inc.

Goldman

Sachs

International

8/11/2027

346.01

USD

884,367

Pay

SOFR+0.0bps

8/12/2026

3.21%

50.00%

2,605

(2,315)

Total

389

(42,035)

Janus

Henderson

Equity

Linked

Moderate

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

Janus

Detroit

Street

Trust

5

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,

2026.

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,

2026.

Please

see

the

“Net

realized

and

change

in

unrealized

gain/(loss)

on

investments”

sections

of

the

Fund’s

Statement

of

Operations.

^

Payment

frequency

is

semiannual.

†

Next

Observation

Date

is

the

next

instance

on

which

the

Coupon

Rate

and

Autocallable

Maturity

are

assessed.

*

Coupon

Rate

payment

is

only

applicable

if

the

value

of

the

reference

entity

falls

between

100%

of

the

initial

price

(autocallable

maturity

level)

and

Coupon

Barrier

Level

on

the

Next

Observation

Date.  If

the

value

of

the

reference

entity

falls

below

the

Coupon

Barrier

Level,

the

coupon

payment

is

not

made/received

by

the

counterparty.

Fair

Value

of

Derivative

Instruments

(not

accounted

for

as

hedging

instruments)

as

of

April

30,

2026

Equity

Contracts

Total

Asset

Derivatives:

Autocallable

swaps

$

35,927

$

35,927

Total

Asset

Derivatives

$

35,927

$

35,927

Liability

Derivatives:

Autocallable

swaps

42,035

42,035

Total

Liability

Derivatives

$

42,035

$

42,035

*

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).

The

Effect

of

Derivative

Instruments

(not

accounted

for

as

hedging

instruments)

on

the

Statement

of

Operations

for

the

Period

Ended

April

30,

2026

Amount

of

Realized

Gain/(Loss)

Recognized

on

Derivatives

Derivative

Equity

Contracts

Total

Swap

contracts

$

11

$

11

Amount

of

Change

in

Unrealized

Appreciation/(Depreciation)

Recognized

on

Derivatives

Derivative

Equity

Contracts

Total

Swap

contracts

$

(

6,108

)

$

(

6,108

)

Average

Ending

Monthly

Value

of

Derivative

Instruments

During

the

Period

Ended

April

30,

2026

Autocallable

swaps:

Average

notional

amount

$1,715,018

Janus

Henderson

Equity

Linked

Moderate

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2026

6

April

30,

2026

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

Bank

of

America

NA

8,954

(

8,110

)

—

844

BNP

Paribas

SA

10,814

(

10,128

)

—

686

Goldman

Sachs

International

4,986

(

2,315

)

—

2,671

J.P.

Morgan

Securities

plc

9,032

(

9,032

)

—

—

Morgan

Stanley

and

Co.

International

plc

2,141

(

2,141

)

—

—

Total

$

35,927

$

(

31,726

)

$

—

$

4,201

Offsetting

of

Financial

Liabilities

and

Derivative

Liabilities

Counterparty

Gross

Amounts

of

Recognized

Liabilities

Offsetting

Asset

or

Liability

(a)

Collateral

Pledged

(b)

Net

Amount

Bank

of

America

NA

8,110

(

8,110

)

—

—

BNP

Paribas

SA

10,128

(

10,128

)

—

—

Goldman

Sachs

International

2,315

(

2,315

)

—

—

J.P.

Morgan

Securities

plc

11,196

(

9,032

)

—

2,164

Morgan

Stanley

and

Co.

International

plc

10,286

(

2,141

)

—

8,145

Total

$

42,035

$

(

31,726

)

$

—

$

10,309

(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

Equity

Linked

Moderate

Income

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

April

30,

2026

Janus

Detroit

Street

Trust

7

∞

Rate

shown

is

the

7-day

yield

as

of

April

30,

2026.

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,

2026

.

See

Notes

to

Financial

Statements

for

more

information.

Valuation

Inputs

Summary

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Total

Assets

Investments

in

Securities:

Investment

Companies

$

10,509,223

$

—

$

—

$

10,509,223

Total

Investments

in

Securities

$

10,509,223

$

—

$

—

$

10,509,223

Other

Financial

Instruments

(a)

:

Autocallable

Swaps

$

—

$

35,927

$

—

$

35,927

Total

Assets

$

10,509,223

$

35,927

$

—

$

10,545,150

Liabilities

Other

Financial

Instruments

(a)

:

Autocallable

Swaps

$

—

$

42,035

$

—

$

42,035

Total

Liabilities

$

—

$

42,035

$

—

$

42,035

Janus

Henderson

Equity

Linked

Moderate

Income

ETF

Statement

of

Assets

and

Liabilities

(unaudited)

April

30,

2026

8

April

30,

2026

See

Notes

to

Financial

Statements.

Assets:

Investments,

at

value

(cost

$10,509,223)

$

10,509,223

Cash

3,065

Receivables:

Investments

sold

2,761

Fund

units

sold

501,169

Dividends

9,114

OTC

swap

contracts,

at

value

35,927

Total

Assets

11,061,259

Liabilities:

OTC

swap

contracts,

at

value

42,035

Payables:

Investments

purchased

5,815

Management

fees

1,488

Total

Liabilities

49,338

Commitments

and

contingent

liabilities

Net

Assets

$

11,011,921

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

11,010,392

Total

distributable

earnings

(loss)

1,529

Total

Net

Assets

$

11,011,921

Net

Assets

$

11,011,921

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

440,000

Net

Asset

Value

Per

Share

$

25

.03

Janus

Henderson

Equity

Linked

Moderate

Income

ETF

Statement

of

Operations

(unaudited)

For

the

period

ended

April

30,

2026

(1)

Janus

Detroit

Street

Trust

9

See

Notes

to

Financial

Statements.

Investment

Income:

Dividends

$

9,114

Total

Investment

Income

9,114

Expenses:

Management

Fees

1,488

Total

Expenses

1,488

Net

Investment

Income/(Loss)

7,626

Net

Realized

Gain/(Loss)

on

Investments:

Swap

contracts

11

Total

Net

Realized

Gain/(Loss)

on

Investments

$

11

Change

in

Unrealized

Net

Appreciation/Depreciation:

Swap

contracts

(

6,108

)

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

(

6,108

)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

1,529

(1)

Period

from

April

21,

2026

(commencement

of

operations)

through

April

30,

2026.

Janus

Henderson

Equity

Linked

Moderate

Income

ETF

Statement

of

Changes

in

Net

Assets

10

April

30,

2026

See

Notes

to

Financial

Statements.

Period

Ended

April

30,

2026

(1)

(Unaudited)

Operations:

Net

investment

income/(loss)

$

7,626

Net

realized

gain/(loss)

on

investments

11

Change

in

unrealized

net

appreciation/depreciation

(

6,108

)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

1,529

Capital

Share

Transactions

11,010,392

Net

Increase/(Decrease)

in

Net

Assets

11,011,921

Net

Assets:

—

Beginning

of

Period  

—

End

of

Period

$

11,011,921

(1)

Period

from

April

21,

2026

(commencement

of

operations)

through

April

30,

2026.

Janus

Henderson

Equity

Linked

Moderate

Income

ETF

Financial

Highlights

Janus

Detroit

Street

Trust

11

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

the

period

ended

April

30,

2026

(unaudited)

2026

(1)

Net

Asset

Value,

Beginning

of

Period

$25.00

Income/(Loss)

from

Investment

Operations:

—

Net

investment

income/(loss)

(2)

0.02

Net

realized

and

unrealized

gain/(loss)

0.01

(3)

Total

from

Investment

Operations

0.03

(3)

Less

Dividends

and

Distributions:

—

Total

Dividends

and

Distributions

—

Net

Asset

Value,

End

of

Period

$25.03

Total

Return

*

0.12%

Net

assets,

End

of

Period

(in

thousands)

$11,012

Ratios

to

Average

Net

Assets

**

Ratio

of

Gross

Expenses

0.59%

Ratio

of

Net

Investment

Income/(Loss)

3.00%

Portfolio

Turnover

Rate

(4)

0%

*

Total

return

not

annualized

for

periods

of

less

than

one

full

year.

**

Annualized

for

periods

of

less

than

one

full

year.

(1)

Period

from

April

21,

2026

(commencement

of

operations)

through

April

30,

2026.

(2)

Per

share

amounts

are

calculated

based

on

average

shares

outstanding

during

the

year

or

period.

(3)

The

amount

shown

does

not

correlate

with

the

change

in

the

aggregate

gains

and

losses

in

the

Fund’s

securities

for

the

year

or

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

fluctuating

market

values

for

the

Fund’s

securities.

(4)

Portfolio

turnover

rate

excludes

securities

received

or

delivered

from

in-kind

processing

of

creation

or

redemptions.

Janus

Henderson

Equity

Linked

Moderate

Income

ETF

Notes

to

Financial

Statements

(unaudited)

12

April

30,

2026

1.

Organization

and

Significant

Accounting

Policies

Janus

Henderson

Equity

Linked Moderate

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.

The

financial

statements

include

information

for

the

period

from April

21,

2026

through

April

30,

2026.

As

of

the

date

of

this

report,

the

Trust

offers nineteen

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

high 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

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.

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

Chief

Financial

Officer

of

the

Fund/Portfolio

is

designated

as

the

Chief

Operating

Decision

Maker

(“CODM”)

as

it

relates

to

ASC

Topic

280.

The

CODM

has

concluded

that

the

Fund/Portfolio

operated

as

a

single

segment

entity

for

the period ended

April

30,

2026.

The

key

indicator

of

performance

of

the

Fund

is

net

investment

income

as

reported

on

the

Statement

of

Operations.

The

following

accounting

policies

have

been

followed

by

the

Fund

and

are

in

conformity

with

United

States

of

America

generally

accepted

accounting

principles

(“US

GAAP”). 

Investment

Valuation 

Fund holdings

are

valued

in

accordance

with

policies

and

procedures

established

by

the

Adviser

pursuant

to

Rule

2a-5

under

the

1940

Act

and

approved

by

and

subject

to

the

oversight

of

the

Trustees

(the

“Valuation

Procedures”).

Equity

securities,

including

shares

of

exchange-traded

funds,

traded

on

a

domestic

securities

exchange

are

generally

valued

at

readily

available

market

quotations,

which

are

(i)

the

official

close

prices

or

(ii)

last

sale

prices

on

the

primary

market

or

exchange

in

which

the

securities

trade.

If

such

price

is

lacking

for

the

trading

period

immediately

preceding

the

time

of

determination,

such

securities

are

generally

valued

at

their

current

bid

price.

Equity

securities

that

are

traded

on

a

foreign

exchange

are

generally

valued

at

the

closing

prices

on

such

markets.

In

the

event

that

there

is

no

current

trading

volume

on

a

particular

security

in

such

foreign

exchange,

the

bid

price

from

the

primary

exchange

is

generally

used

to

value

the

security.

Foreign

securities

and

currencies

are

converted

to

U.S.

dollars

using

the

current

spot

USD

dollar

exchange

rate

in

effect

at

the

close

of

the

London

Stock

Exchange.

The Fund will

determine

the

market

value

of

individual

securities

held

by

it

by

using

prices

provided

by

one

or

more

approved

professional

pricing

services

or,

as

needed,

by

obtaining

market

quotations

from

independent

broker-dealers.

Most

debt

securities

are

valued

in

accordance

with

the

evaluated

bid

price

supplied

by

the

Adviser-approved

pricing

service

that

is

intended

to

reflect

market

value.

The

evaluated

bid

price

supplied

by

the

pricing

service

is

an

evaluation

that

may

consider

factors

such

as

security

prices,

Janus

Henderson

Equity

Linked

Moderate

Income

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

13

yields,

maturities

and

ratings.

Certain

short-term

securities

maturing

within

60

days

or

less

may

be

evaluated

and

valued

on

an

amortized

cost

basis

provided

that

the

amortized

cost

determined

approximates

market

value.

Securities

for

which

market

quotations

or

evaluated

prices

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

determined

in

good

faith

by

the

Adviser

pursuant

to

the

Valuation

Procedures. Circumstances

in

which

fair

valuation

may

be

utilized

include,

but

are

not

limited

to:

(i)

a

significant

event

that

may

affect

the

securities

of

a

single

issuer,

such

as

a

merger,

bankruptcy,

or

significant

issuer-specific

development;

(ii)

an

event

that

may

affect

an

entire

market,

such

as

a

natural

disaster

or

significant

governmental

action;

(iii)

a

nonsignificant

event

such

as

a

market

closing

early

or

not

opening,

or

a

security

trading

halt;

and

(iv)

pricing

of

a

non-valued

security

and

a

restricted

or

nonpublic

security.

Special

valuation

considerations

may

apply

with

respect

to

“odd-lot”

fixed-income

transactions

which,

due

to

their

small

size,

may

receive

evaluated

prices

by

pricing

services

which

reflect

a

large

block

trade

and

not

what

actually

could

be

obtained

for

the

odd-

lot

position.

The

value

of

the

securities

of

mutual

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

mutual

funds,

and

the

prospectuses

for

such

mutual

funds

explain

the

circumstances

under

which

they

use

fair

valuation

and

the

effects

of

using

fair

valuation.

The

value

of

the

securities

of

any

cash

management

pooled

investment

vehicles

that

operate

as

money

market

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

funds.

Valuation

Inputs

Summary 

FASB

ASC

820,

Fair

Value

Measurements

and

Disclosures

(“ASC

820”),

defines

fair

value,

establishes

a

framework

for

measuring

fair

value,

and

expands

disclosure

requirements

regarding

fair

value

measurements.

This

standard

emphasizes

that

fair

value

is

a

market-based

measurement

that

should

be

determined

based

on

the

assumptions

that

market

participants

would

use

in

pricing

an

asset

or

liability

and

establishes

a

hierarchy

that

prioritizes

inputs

to

valuation

techniques

used

to

measure

fair

value.

These

inputs

are

summarized

into

three

broad

levels: 

Level

1

–

Unadjusted

quoted

prices

in

active

markets

the

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities.

Level

2

–

Observable

inputs

other

than

unadjusted

quoted

prices

included

in

Level

1

that

are

observable

for

the

asset

or

liability

either

directly

or

indirectly.

These

inputs

may

include

quoted

prices

for

the

identical

instrument

on

an

inactive

market,

prices

for

similar

instruments,

interest

rates,

prepayment

speeds,

credit

risk,

yield

curves,

default

rates

and

similar

data.

Assets

or

liabilities

categorized

as

Level

2

in

the

hierarchy

generally

include:

debt

securities

fair

valued

in

accordance

with

the

evaluated

bid

or

ask

prices

supplied

by

a

pricing

service;

securities

traded

on

OTC

markets

and

listed

securities

for

which

no

sales

are

reported

that

are

fair

valued

at

the

latest

bid

price

(or

yield

equivalent

thereof)

obtained

from

one

or

more

dealers

transacting

in

a

market

for

such

securities

or

by

a

pricing

service

approved

by

the

Fund’s

Trustees;

and

certain

short-term

debt

securities

with

maturities

of

60

days

or

less

that

are

fair

valued

at

amortized

cost.

Other

securities

that

may

be

categorized

as

Level

2

in

the

hierarchy

include,

but

are

not

limited

to,

preferred

stocks,

bank

loans,

swaps,

investments

in

unregistered

investment

companies,

options,

and

forward

contracts.

Level

3

–

Unobservable

inputs

for

the

asset

or

liability

to

the

extent

that

relevant

observable

inputs

are

not

available,

representing

the

Fund’s

own

assumptions

about

the

assumptions

that

a

market

participant

would

use

in

valuing

the

asset

or

liability,

and

that

would

be

based

on

the

best

information

available.

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 period.

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,

2026 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

Janus

Henderson

Equity

Linked

Moderate

Income

ETF

Notes

to

Financial

Statements

(unaudited)

14

April

30,

2026

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. 

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. 

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,

2026 

is

discussed

in

further

detail

below.

A

summary

of

derivative

activity

by

the

Fund

is

reflected

in

the

tables

at

the

end

of

the

Schedule

of

Investments.

The

Fund

may

use

derivative

instruments

for

various

investment

purposes,

such

as

to

manage

or

hedge

portfolio

risk,

including

interest

rate

risk,

enhance

return,

obtain

short

investment

exposure, 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

Janus

Henderson

Equity

Linked

Moderate

Income

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

15

eliminate

losses,

it

can

also

reduce

or

eliminate

gains

or

cause

losses

if

the

market

moves

in

a

manner

different

from

that

anticipated

by the

Adviser or

if

the

cost

of

the

derivative

outweighs

the

benefit

of

the

hedge.

The

Fund’s

ability

to

use

derivatives

may

also

be

limited

by

certain

regulatory

and

tax

considerations.

In

pursuit

of

its

investment

objective,

the

Fund

may

seek

to

use

derivatives

to

increase

or

decrease

exposure

to

the

following

market

risk

factors: 

Counterparty

Risk

 -

the

risk

that

the

counterparty

(the

party

on

the

other

side

of

the

transaction)

on

a

derivative

transaction

will

be

unable

to

honor

its

financial

obligation

to

the

Fund.

Credit

Risk

-

the

risk

an

issuer

will

be

unable

to

make

principal

and

interest

payments

when

due

or

will

default

on

its

obligations. 

Currency

Risk

-

the

risk

that

changes

in

the

exchange

rate

between

currencies

will

adversely

affect

the

value

(in

U.S.

dollar

terms)

of

an

investment. 

Index

Risk

-

if

the

derivative

is

linked

to

the

performance

of

an

index,

it

will

be

subject

to

the

risks

associated

with

changes

in

that

index.

If

the

index

changes,

the

Fund

could

receive

lower

interest

payments

or

experience

a

reduction

in

the

value

of

the

derivative

to

below

what

the

Fund

paid.

Certain

indexed

securities,

including

inverse

securities

(which

move

in

an

opposite

direction

to

the

index),

may

create

leverage,

to

the

extent

that

they

increase

or

decrease

in

value

at

a

rate

that

is

a

multiple

of

the

changes

in

the

applicable

index. 

Interest

Rate

Risk

-

the

risk

that

the

value

of

fixed-income

securities

will

generally

decline

as

prevailing

interest

rates

rise,

which

may

cause

the

Fund's

NAV

to

likewise

decrease. 

Leverage

Risk

-

the

risk

associated

with

certain

types

of

leveraged

investments

or

trading

strategies

pursuant

to

which

relatively

small

market

movements

may

result

in

large

changes

in

the

value

of

an

investment.

The

Fund

creates

leverage

by

investing

in

instruments,

including

derivatives,

where

the

investment

loss

can

exceed

the

original

amount

invested.

Certain

investments

or

trading

strategies,

such

as

short

sales,

that

involve

leverage

can

result

in

losses

that

greatly

exceed

the

amount

originally

invested. 

Liquidity

Risk

-

the

risk

that

certain

securities

may

be

difficult

or

impossible

to

sell

at

the

time

that

the

seller

would

like

or

at

the

price

that

the

seller

believes

the

security

is

currently

worth. 

Derivatives

may

generally

be

traded

OTC

or

on

an

exchange.

Derivatives

traded

OTC

are

agreements

that

are

individually

negotiated

between

parties

and

can

be

tailored

to

meet

a

purchaser’s

needs.

OTC

derivatives

are

not

guaranteed

by

a

clearing

agency

and

may

be

subject

to

increased

credit

risk.

In

an

effort

to

mitigate

credit

risk

associated

with

derivatives

traded

OTC, the

Fund may

enter

into

collateral

agreements

with

certain

counterparties

whereby,

subject

to

certain

minimum

exposure

requirements,

the

Fund

may

require

the

counterparty

to

post

collateral

if

the

Fund

has

a

net

aggregate

unrealized

gain

on

all

OTC

derivative

contracts

with

a

particular

counterparty.

Additionally,

the

Fund

may

deposit

cash

and/or

treasuries

as

collateral

with

the

counterparty

and/or

custodian

daily

(based

on

the

daily

valuation

of

the

financial

asset)

if

the

Fund

has

a

net

aggregate

unrealized

loss

on

OTC

derivative

contracts

with

a

particular

counterparty.

All

liquid

securities

and

restricted

cash

are

considered

to

cover

in

an

amount

at

all

times

equal

to

or

greater

than

the

Fund’s

commitment

with

respect

to

certain

exchange-traded

derivatives,

centrally

cleared

derivatives,

forward

foreign

currency

exchange

contracts,

short

sales,

and/or

securities

with

extended

settlement

dates.

There

is

no

guarantee

that

counterparty

exposure

is

reduced

and

these

arrangements

are

dependent

on

the

Adviser’s

ability

to

establish

and

maintain

appropriate

systems

and

trading.

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

Equity

Linked

Moderate

Income

ETF

Notes

to

Financial

Statements

(unaudited)

16

April

30,

2026

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.

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,

social

unrest,

tariffs,

financial

institution

failures,

and

economic

recessions 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.

Armed

Conflict.

Armed

conflicts

between

countries

or

in

a

geographic

region,

such

as

the

ongoing

armed

conflicts

in

Europe

and

the

Middle

East,

have

the

potential

to

adversely

impact

a

Fund.

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.

Janus

Henderson

Equity

Linked

Moderate

Income

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

17

Equity

Linked

Notes Risk

Equity-linked

notes

("ELNs") are

structured

notes

issued

by

counterparties

which

may

be

financial

institutions

like

large

commercial

banks,

broker-dealers

or

their

affiliates.

The

Fund

pays

the

principal

value

of

the

ELN

to

the

issuer.

Investing

in

ELNs

may

be

more

costly

to

the

Fund

than

if

the

Fund

had

invested

in

their

underlying

reference

assets

directly.

Because

of

their

complexity,

ELNs

expose

the

Fund

to

the

risk

of

improper

valuation

and

mispricing.

Because

of

the

structure

and

terms

of

ELNs,

the

Fund

may

not

benefit

fully

from

an

increase

in

the

value

of

the

underlying

reference

assets

and

the

price

of

an

ELN

and

the

underlying

reference

assets

may

be

imperfectly

correlated.

ELNs

may

be

subject

to

liquidity

risk

and

valuation

risk

because

the

secondary

market

for

ELNs

may

be

limited,

which

may

cause

the

value

of

the

ELNs

to

decline

and

can

make

the

ELNs

difficult

to

price

or

sell.

ELNs

are

subject

to

credit

risk.

Autocallable Instruments

The

Fund

will

have

continuous

investment

exposure

to

autocallable

instruments.  Equity

and

equity-linked instruments

include

equity-linked

notes

(“ELNs”)

and

options

or

swaps

that

replicate

the

payout

structure

of

ELNs

(together

with

ELNs,

“Equity

Linked

Instruments”).

Autocallable

Instruments

are

market-linked

instruments

(i.e.,

linked

to

underlying

reference

assets)

that

pay

regular

coupons

and

return

principal

at

maturity

(or

sooner,

if

called

early),

as

long

as

the

reference

asset

underlying

the

instrument

does

not

fall

below

specific

levels.

Such

notes

are

designed

to

be

called

away

(redeemed)

before

their

original

maturity

dates,

usually

on

pre-determined

specific

dates

(autocall

dates)

if

the

underlying

asset

reaches

a

predetermined

level.

The

Fund

may

invest

in

Autocallable

Instruments

with

differing

“coupon

rates,”

“maturity

dates,”

“coupon

barrier

levels,”

“maturity

barrier

levels,”

“observation

dates”

and

reference

assets.

Such

investing

in

Autocallable

Instruments

seeks

to

help

offset

the

timing

risks

inherent

in

having

the

same

observation

dates,

maturity

date

or

barrier

levels

as

described

below.

Generally,

the

Fund

expects

to

invest

approximately

50-100%

of

its

assets

in

Autocallable

Instruments,

although

such

allocation

may

vary

from

time

to

time.

Barrier Risk

The

coupon

and

maturity

barrier

levels

of

an

Autocallable

Instrument

set

forth

the

threshold

amount

of

loss

the

underlying

reference

asset(s)

(e.g.,

the

applicable

equity

index,

equity

security,

or

worst

performing

equity

index)

could

experience

before

the

Fund

would

forfeit,

respectively,

coupon

payments

and/or

a

portion

or

all

of

the

initial

notional

amount

invested

in

such

Autocallable

Instrument.

If

the

coupon

barrier

level

is

exceeded

on

an

observation

date,

the

Fund

will

forfeit

the

coupon

payment

for

such

period.

Accordingly,

it

is

possible

that

the

Fund

may

not

receive

any

coupon

payments

by

an

Autocallable

Instrument.

If

the

maturity

barrier

level

is

exceeded

on

the

Maturity

Date,

the

Fund

will

forfeit

the

percentage

of

the

initial

notional

amount

it

invested

in

the

Autocallable

Instrument

that

is

equal

to

the

entire

amount

of

loss

that

the

underlying

reference

asset

experienced

since

the

start

of

the

term

of

the

Autocallable

Instrument

(as

set

by

its

initial

value),

and

not

just

the

percentage

amount

below

the

barrier

level.

It

is

possible

that

the

Fund

could

forfeit

the

entire

initial

notional

amount

of

its

investment,

in

addition

to

some

or

all

of

the

coupon

payments.

Accordingly,

it

is

also

possible

that

the

Fund

may

lose

its

entire

investment

in

Equity

Linked

Instruments

notwithstanding

the

downside

protection

intended

to

be

provided

by

the

Equity

Linked

Instrument

and

the

risk

mitigation

intended

to

be

provided

by

a

laddered

portfolio.

Stability Instruments

The

Fund

will

have

continuous

investment

exposure

to

stability

instruments

(“Stability

Instruments").

Stability

Instruments,

which

are

sometimes

referred

to

as

“market

default

obligations,”

cause

the

holders

of

the

Stability

Instruments

to

assume

the

risk

of

market

declines

in

excess

of

a

predetermined

percentage

of

the

prior

day’s

close.

Thus,

the

reference

to

“stability”

refers

not

to

the

providing

of

a

stable

return

to

holders,

but

rather

the

fact

that

returns

occur

only

in

instances

in

which

the

markets

are

relatively

stable.

“Stability”

refers

to

the

underlying

reference

assets

trading

within

a

predetermined

range;

Stability

Instruments

do

not

seek

to,

and

will

not,

maintain

a

stable

value.

The

Fund

will

have

investment

exposure

to

Stability

Instruments

by

investing

in

Stability

Instruments

with

differing

“coupon

rates,”

“maturity

dates,”

“stability

levels”

 and underlying reference

assets.

Such

investing

in

Stability

Instruments

seeks

to

mitigate

the

risks

associated

with

investing

in

any

one

such

instrument.

Generally,

the

Fund

expects

to

invest

approximately

0-50%

of

its

assets

in

Stability

Instruments,

although

such

allocation

may

vary

from

time

to

time.

Janus

Henderson

Equity

Linked

Moderate

Income

ETF

Notes

to

Financial

Statements

(unaudited)

18

April

30,

2026

Liquidity Risk

An

Equity

Linked

Instrument

may

be

difficult

or

impossible

to

sell

at

the

time

that

portfolio

management

would

like

or

at

the

price

that

portfolio

management

believes

the

Equity

Linked

Instrument

is

currently

worth.

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.

In

usual

market

conditions,

even

normally

liquid

securities

may

be

affected

by

a

degree

of

liquidity

risk

(i.e.,

if

the

number

and

capacity

of

traditional

market

participants

is

reduced).

Valuation Risk

The

Fund

may

hold

securities

or

other

assets

that

may

be

valued

on

the

basis

of

factors

other

than

market

quotations.

This

may

occur

because

the

asset

or

security

does

not

trade

on

a

centralized

exchange,

or

in

times

of

market

turmoil

or

reduced

liquidity.

There

are

multiple

methods

that

can

be

used

to

value

a

portfolio

holding

when

market

quotations

are

not

readily

available.

The

value

established

for

any

portfolio

holding

at

a

point

in

time

might

differ

from

what

would

be

produced

using

a

different

methodology

or

if

it

had

been

priced

using

market

quotations.

Portfolio

holdings

that

are

valued

using

techniques

other

than

market

quotations,

including

“fair

valued”

assets

or

securities,

may

be

subject

to

greater

fluctuation

in

their

valuations

from

one

day

to

the

next

than

if

market

quotations

were

used.

In

addition,

there

is

no

assurance

that

the

Fund

could

sell

or

close

out

a

portfolio

position

for

the

value

established

for

it

at

any

time,

and

it

is

possible

that

the

Fund

would

incur

a

loss

because

a

portfolio

position

is

sold

or

closed

out

at

a

discount

to

the

valuation

established

by

the

Fund

at

that

time.

The

Fund’s

ability

to

value

investments

may

be

impacted

by

technological

issues

or

errors

by

pricing

services

or

other

third-party

service

providers.

Counterparty Risk

Fund

transactions

involving

a

counterparty

are

subject

to

counterparty

risk,

which

is

the

risk

that

the

counterparty

or

a

third

party

will

not

fulfill

its

obligation

to

the

Fund.

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

Fund

may

be

exposed

to

counterparty

risk

through

its

investments

in

certain

securities,

including,

but

not

limited

to,

repurchase

agreements,

debt

securities,

and

derivatives

(including

various

types

of

forwards,

swaps,

futures,

and

options),

autocallable

instruments,

and

stability

instruments.

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.

Swap

Agreement Risk

The

Fund

may

use

swap

agreements

to

implement

its

investment

strategy.

Swap

agreements

are

generally

traded

in

over-the-counter

(“OTC”)

markets.

Unlike

in

futures

contracts,

the

counterparty

to

uncleared

OTC

swap

agreements

is

generally

a

single

bank

or

other

financial

institution,

rather

than

a

clearing

organization

backed

by

a

group

of

financial

institutions.

As

a

result,

the

Fund

is

subject

to

increased

counterparty

risk

with

respect

to

the

amount

it

expects

to

receive

from

counterparties

to

uncleared

swaps.

If

a

counterparty

becomes

bankrupt

or

otherwise

fails

to

perform

its

obligations,

the

Fund

could

suffer

significant

losses

on

these

contracts,

the

value

of

an

investor’s

investment

in

the

Fund

may

decline,

and

the

Fund

may

be

temporarily

limited

or

disrupted

in

its

ability

to

implement

its

investment

strategy.

The

Fund’s

counterparty

risk

may

be

substantial

and

will

increase

as

the

Fund’s

use

of

OTC

swap

agreements

increases

as

a

percentage

of

the

Fund’s

portfolio.

OTC

swap

agreements

of

the

type

that

may

be

used

by

the

Fund

are

less

liquid

than

futures

contracts

because

they

are

not

traded

on

an

exchange,

do

not

have

uniform

terms

and

conditions,

and

are

generally

entered

into

based

upon

the

creditworthiness

of

the

parties

and

the

availability

of

credit

support,

such

as

collateral,

and

in

general,

are

not

transferable

without

the

consent

of

the

counterparty.

Swap

agreements

are

also

subject

to

the

risk

of

imperfect

correlation

between

the

value

of

the

underlying

reference

asset

and

the

swap

agreement.

Leverage

inherent

in

swap

agreements

will

tend

to

magnify

the

Fund’s

gains

and

losses.

Janus

Henderson

Equity

Linked

Moderate

Income

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

19

Options Risk

An

option

is

an

agreement

that,

for

a

premium

payment

or

fee,

gives

the

option

holder

(the

buyer)

the

right

but

not

the

obligation

to

buy

(a

"call

option")

or

sell

(a

"put

option"

the

underlying

security

or

settle

for

cash

in

an

amount

based

on

an

underlying

reference

asset

(e.g.,

an

instrument,

interest

rate,

or

index)

at

a

specified

price

(the

"exercise

price")

during

a

period

of

time

or

on

a

specified

date.

There

may

at

times

be

an

imperfect

correlation

between

the

movement

in

values

of

options

and

their

underlying

reference

asset,

causing

a

given

transaction

to

not

achieve

its

intended

objective.

If

a

put

or

call

option

purchased

by

the

Fund

were

permitted

to

expire,

its

premium

payment

will

represent

a

loss

to

the

Fund.

There

is

no

assurance

that

a

liquid

market

will

exist

for

any

particular

option

contract

at

any

particular

time.

The

Fund

may

also

be

at

risk

that

counterparties

entering

into

an

option

transaction

will

not

fulfill

their

obligations,

particularly

when

the

Fund

utilizes

over-the-counter

options.

To

the

extent

the

Fund

utilizes

options

on

indices,

these

options

may,

depending

on

circumstances,

involve

greater

risks.

Nondiversification

Risk 

The

Fund

is

classified

as

nondiversified

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.

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,

2026"

table

located

in

the

Fund’s

Schedule

of

Investments.

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-$1

Billion

0.59%

Over

$1

Billion

0.55%

Janus

Henderson

Equity

Linked

Moderate

Income

ETF

Notes

to

Financial

Statements

(unaudited)

20

April

30,

2026

For

the

period

ended April

30,

2026,

the

Fund’s

actual

management

fee

rate

(expressed

as

an

annual

rate)

was

0.59% 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,

2026, the

Adviser

owned 400,000

shares

or 95.24%

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,

2026 are

noted

below.

6.

Capital

Share

Transactions 

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$10,509,223

$—

$—

$—

Period

Ended

April

30,

2026

(1)

Shares

Amount

Shares

sold

440,001

$

11,010,417

Shares

repurchased

(1)

(25

)

Net

Increase/(Decrease)

440,000

$

11,010,392

Janus

Henderson

Equity

Linked

Moderate

Income

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

21

7.

Purchases

and

Sales

of

Investment

Securities

There

were

no

purchases or

sales

of

long-term

securities

or

long-term

U.S.

government

obligations

for

the

period

ended

April

30,

2026.

8.

Acquisition

Note

On

December

22,

2025,

Janus

Henderson

Group

plc,

the

parent

company

of

the

Fund's

investment

adviser,

announced

a

definitive

agreement

to

be

acquired

by

Trian

Fund

Management

and

General

Catalyst.

The

Transaction

is

expected

to

close

in

2026,

subject

to

customary

closing

conditions,

including

requisite

regulatory

approvals,

and

client

consents.

The

shareholders

of

Janus

Henderson

Group,

plc

approved

the

acquisition

on

April

16,

2026. 

9.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to April

30,

2026

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. 

(1)

Period

from

April

21,

2026

(commencement

of

operations)

through

April

30,

2026.

Janus

Henderson

Equity

Linked

Moderate

Income

ETF

Additional

Information

(unaudited)

22

April

30,

2026

Item

8.

Changes

in

and

Disagreements

with

Accountants

for

Open-End

Management

Investment

Companies.

Not

applicable.

Item

9.

Proxy

Disclosures

for

Open-End

Management

Investment

Companies.

Not

applicable.

Item

10.

Remuneration

Paid

to

Directors,

Officers,

and

Others

of

Open-End

Management

Investment

Companies.

Because

the

Adviser

has

agreed

in

the

Investment

Advisory

Agreement

to

cover

all

operating

expenses

of

the

Fund,

subject

to

certain

exclusions

as

provided

for

therein,

the

Adviser

pays

the

compensation

to

each

Independent

Trustees

for

services

to

the

Fund

from

the

Adviser's

management

fees.

Item

11.

APPROVAL

OF

ADVISORY

AGREEMENTS

DURING

THE

PERIOD

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

in

person

on

October

24,

2024

to

consider

the

proposed

investment

management

agreement

(the

“Investment

Management

Agreement”)

for

Janus

Henderson

Equity

Linked

Moderate

Income

ETF

(formerly

know

as

Janus

Henderson

Moderate

Equity

Linked

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.

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

Investment

Management

Agreement.

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

Janus

Henderson

Equity

Linked

Moderate

Income

ETF

Additional

Information

(unaudited)

Janus

Detroit

Street

Trust

23

agreements

with

the

New

Fund

and

the

fees

to

be

paid

by

the

New

Fund

therefore,

the

New

Fund

and

the

Adviser

may

potentially

benefit

from

their

relationship

with

each

other

in

other

ways.

The

Trustees

considered

that

the

success

of

the

New

Fund

could

attract

other

business

to

the

Adviser

or

other

Janus

Henderson

funds,

and

that

the

success

of

the

Adviser

could

enhance

the

Adviser’s

ability

to

serve

the

New

Fund.

The

Board,

including

the

Independent

Trustees,

considered

the

following

in

respect

of

the

New

Fund:

(a)

The

nature,

extent,

and

quality

of

services

to

be

provided

by

the

Adviser;

personnel

and

operations

of

the

Adviser

The

Board

reviewed

the

services

that

the

Adviser

would

provide

to

the

New

Fund.

In

connection

with

the

investment

advisory

services

to

be

provided

by

the

Adviser,

the

Board

noted

the

responsibilities

that

the

Adviser

would

have

as

the

New

Fund’s

investment

adviser,

including:

the

overall

supervisory

responsibility

for

the

general

management

and

investment

of

the

New

Fund’s

securities

portfolio;

providing

oversight

of

the

investment

performance

and

processes

and

compliance

with

the

New

Fund’s

investment

objectives,

policies

and

limitations;

the

implementation

of

the

investment

management

program

of

the

New

Fund;

the

management

of

the

day-to-day

investment

and

reinvestment

of

the

assets

of

the

New

Fund;

determining

daily

baskets

of

securities

and

cash

components,

and

negotiating

custom

baskets

in

connection

with

creation

and

redemption

transactions

in

the

New

Fund’s

shares;

executing

portfolio

security

trades

for

purchases

and

redemptions

of

New

Fund

shares

conducted

on

a

cash

basis;

the

review

of

brokerage

matters;

the

oversight

of

general

portfolio

compliance

with

relevant

law;

and

the

implementation

of

Board

directives

as

they

relate

to

the

New

Fund.

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

above

the

peer

group

average

and

median

for

contractual

management

fees

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

above

the

median

total

net

expense

ratio

and

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

Janus

Henderson

Equity

Linked

Moderate

Income

ETF

Additional

Information

(unaudited)

24

April

30,

2026

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

the

first

$1

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.

(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.

125-24-93108

04-26

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. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. 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 16. 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 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

(a) Not applicable.

(b) Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

(a) Not applicable.

(b) Not applicable.

Item 19. 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) Not applicable.
	(3)  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. (4) Not applicable. (5) Not applicable.
(b)  A certification for the Registrant’s Principal Executive Officer and Principal Financial Officer, as required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended, is attached as Ex99.906CERT.

SIGNATURES

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

JANUS DETROIT STREET TRUST
By:
	Nick Cherney
	President and Chief Executive Officer (Principal Executive Officer)
Date: June 26, 2026

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:
	Nick Cherney
	President and Chief Executive Officer (Principal Executive Officer)
Date: June 26, 2026

By:
	Jesper Nergaard
	Vice President, Chief Financial Officer, Treasurer and Principal Accounting Officer (Principal Financial Officer and Principal Accounting Officer)
Date: June 26, 2026