Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Schedule

of

Investments

(unaudited)

July

31,

2022

1

Shares/

Principal

Amounts

Value

Asset-Backed

Securities

-

19.6%

ACM

Auto

Trust,

3.2300%,

4/20/29

(144A)

$

122,469

$

121,818

Affirm

Asset

Securitization

Trust,

3.4600%,

10/15/24

(144A)

172,503

171,960

Aligned

Data

Centers

Issuer

LLC,

1.9370%,

8/15/46

(144A)

500,000

449,101

Aqua

Finance

Trust,

1.5400%,

7/17/46

(144A)

257,382

239,838

Carvana

Auto

Receivables

Trust,

0.8200%,

4/10/25

42,418

41,679

FREED

ABS

Trust,

0.6200%,

11/20/28

(144A)

57,852

57,701

FREED

ABS

Trust,

1.0100%,

11/20/28

(144A)

250,000

245,545

FREED

ABS

Trust,

3.0300%,

5/18/29

(144A)

137,102

135,920

GoodLeap

Sustainable

Home

Solutions

Trust,

2.1000%,

5/20/48

(144A)

885,746

771,471

GoodLeap

Sustainable

Home

Solutions

Trust,

2.3100%,

10/20/48

(144A)

223,791

190,029

Jersey

Mike's

Funding,

4.4330%,

2/15/50

(144A)

124,375

119,171

JPMorgan

Chase

Bank

NA-CACLN,

0.8600%,

2/26/29

(144A)

315,563

303,469

Lendbuzz

Securitization

Trust,

4.2200%,

5/17/27

(144A)

91,122

89,947

Lendingpoint

Asset

Securitization

Trust,

1.1100%,

2/15/29

(144A)

45,973

45,015

Lendingpoint

Asset

Securitization

Trust,

1.6800%,

6/15/29

(144A)

163,920

160,571

LL

ABS

Trust,

3.7600%,

11/15/29

(144A)

169,363

165,997

Mosaic

Solar

Loan

Trust,

1.4400%,

6/20/52

(144A)

436,108

381,948

Mosaic

Solar

Loan

Trust,

1.9200%,

6/20/52

(144A)

436,108

370,640

Oasis

Securitization

Funding

LLC,

2.1430%,

10/15/33

(144A)

163,286

159,713

PACEWell

5

Trust,

2.6280%,

10/10/59

(144A)

247,854

222,061

Pagaya

AI

Debt

Trust,

2.0300%,

10/15/29

(144A)

90,866

86,650

PRET

LLC,

2.4871%,

10/25/51

(144A)

‡

326,806

306,314

Sunnova

Helios

II

Issuer

LLC,

2.0100%,

7/20/48

(144A)

916,626

797,622

Sunrun

Demeter

Issuer

LLC,

2.2700%,

1/30/57

(144A)

245,095

211,434

Tesla

Auto

Lease

Trust,

0.3600%,

9/22/25

(144A)

1,251,874

1,222,223

Tricolor

Auto

Securitization

Trust,

3.3000%,

2/18/25

(144A)

158,926

158,138

Upstart

Securitization

Trust,

0.8400%,

9/20/31

(144A)

250,647

241,011

Total

Asset-Backed

Securities

(cost

$8,080,184)

7,466,986

Corporate

Bonds

-

22.9%

Basic

Materials

-

0.7%

RPM

International,

Inc.,

2.9500%, 1/15/32

314,000

266,109

Communications

-

0.4%

FactSet

Research

Systems,

Inc.,

2.9000%, 3/1/27

60,000

57,709

FactSet

Research

Systems,

Inc.,

3.4500%, 3/1/32

89,000

80,687

138,396

Consumer,

Cyclical

-

2.0%

General

Motors

Financial

Co.,

Inc.,

2.7000%, 8/20/27

122,000

109,979

Hasbro,

Inc.,

5.1000%, 5/15/44

128,000

119,185

Home

Depot,

Inc.

(The),

2.8750%, 4/15/27

30,000

29,719

Home

Depot,

Inc.

(The),

3.2500%, 4/15/32

50,000

48,722

Lithia

Motors,

Inc.,

4.3750%, 1/15/31

(144A)

217,000

196,928

Lowe's

Cos.,

Inc.,

3.7500%, 4/1/32

37,000

35,909

Lowe's

Cos.,

Inc.,

4.2500%, 4/1/52

99,000

89,610

Marriott

International,

Inc.,

4.0000%, 4/15/28

50,000

48,544

Marriott

International,

Inc.,

3.5000%, 10/15/32

85,000

75,868

754,464

Consumer,

Non-cyclical

-

4.1%

AbbVie,

Inc.,

3.2000%, 11/21/29

59,000

56,298

Coca-Cola

Femsa

SAB

de

CV,

1.8500%, 9/1/32

150,000

123,354

CSL

Finance

plc,

3.8500%, 4/27/27

(144A)

35,000

35,216

CSL

Finance

plc,

4.2500%, 4/27/32

(144A)

89,000

90,757

GSK

Consumer

Healthcare

Capital

US

LLC,

3.3750%, 3/24/29

(144A)

250,000

241,685

HCA,

Inc.,

4.1250%, 6/15/29

80,000

76,989

HCA,

Inc.,

3.5000%, 9/1/30

264,000

240,897

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Schedule

of

Investments

(unaudited)

July

31,

2022

2

Shares/

Principal

Amounts

Value

Corporate

Bonds

-

(continued)

Consumer,

Non-cyclical

-

(continued)

HCA,

Inc.,

5.2500%, 6/15/49

$

89,000

$

83,549

Humana,

Inc.,

3.1250%, 8/15/29

51,000

47,633

Illumina,

Inc.,

2.5500%, 3/23/31

87,000

73,326

JBS

USA

LUX

SA,

3.0000%, 5/15/32

(144A)

113,000

92,139

JBS

USA

LUX

SA,

4.3750%, 2/2/52

(144A)

96,000

72,757

S&P

Global,

Inc.,

2.7000%, 3/1/29

(144A)

82,000

77,125

S&P

Global,

Inc.,

3.7000%, 3/1/52

(144A)

60,000

54,292

UnitedHealth

Group,

Inc.,

3.7000%, 5/15/27

88,000

89,869

UnitedHealth

Group,

Inc.,

4.2000%, 5/15/32

88,000

91,928

1,547,814

Financial

-

12.6%

AerCap

Ireland

Capital

DAC,

3.8750%, 1/23/28

178,000

164,269

Alexandria

Real

Estate

Equities,

Inc.,

2.0000%, 5/18/32

146,000

119,827

American

Express

Co.,

4.0500%, 5/3/29

225,000

227,185

Bank

of

America

Corp.,

5.2000%, 6/1/23

μ

340,000

325,795

Bank

of

America

Corp.,

SOFR

+

1.2200%,

2.2990%, 7/21/32

‡

164,000

137,701

Bank

of

America

Corp.,

SOFR

+

1.2100%,

2.5720%, 10/20/32

‡

80,000

68,576

Bank

of

America

Corp.,

SOFR

+

1.3300%,

2.9720%, 2/4/33

‡

250,000

221,468

BNP

Paribas

SA,

SOFR

+

1.5610%,

3.1320%, 1/20/33

(144A)

‡

250,000

213,961

Boston

Properties

LP,

4.5000%, 12/1/28

168,000

167,648

Boston

Properties

LP,

2.5500%, 4/1/32

163,000

134,807

Brown

&

Brown,

Inc.,

4.9500%, 3/17/52

75,000

68,533

Charles

Schwab

Corp.

(The),

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

3.0790%,

4.0000%, 12/1/30

‡,μ

112,000

94,780

Citigroup,

Inc.,

SOFR

+

1.3510%,

3.0570%, 1/25/33

‡

139,000

123,562

Commonwealth

Bank

of

Australia,

3.7840%, 3/14/32

(144A)

210,000

188,918

Corebridge

Financial,

Inc.,

3.8500%, 4/5/29

(144A)

37,000

35,150

Digital

Realty

Trust

LP,

4.4500%, 7/15/28

66,000

65,553

Equinix,

Inc.,

1.5500%, 3/15/28

122,000

106,198

Equinix,

Inc.,

2.5000%, 5/15/31

108,000

92,589

Goldman

Sachs

Group,

Inc.

(The),

SOFR

+

1.4100%,

3.1020%, 2/24/33

‡

760,000

679,108

JPMorgan

Chase

&

Co.,

SOFR

+

3.1250%,

4.6000%, 2/1/25

‡,μ

114,000

101,072

JPMorgan

Chase

&

Co.,

SOFR

+

2.5150%,

2.9560%, 5/13/31

‡

171,000

152,860

JPMorgan

Chase

&

Co.,

SOFR

+

1.2600%,

2.9630%, 1/25/33

‡

192,000

170,796

Lloyds

Banking

Group

plc,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.8500%,

1.6270%, 5/11/27

‡

201,000

180,896

Morgan

Stanley,

3.9500%, 4/23/27

145,000

143,117

Morgan

Stanley,

SOFR

+

1.2900%,

2.9430%, 1/21/33

‡

322,000

287,617

Morgan

Stanley,

SOFR

+

1.3600%,

2.4840%, 9/16/36

‡

155,000

125,402

NatWest

Group

plc,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.3500%,

3.0320%, 11/28/35

‡

239,000

194,571

Sun

Communities

Operating

LP,

2.7000%, 7/15/31

94,000

78,260

Toronto-Dominion

Bank

(The),

4.4560%, 6/8/32

143,000

145,787

4,816,006

Industrial

-

0.4%

Trimble,

Inc.,

4.9000%, 6/15/28

117,000

117,558

Xylem,

Inc.,

4.3750%, 11/1/46

50,000

46,315

163,873

Technology

-

1.3%

Advanced

Micro

Devices,

Inc.,

3.9240%, 6/1/32

89,000

90,536

Broadcom

Corp.,

3.8750%, 1/15/27

86,000

85,103

Micron

Technology,

Inc.,

5.3270%, 2/6/29

70,000

71,742

Oracle

Corp.,

2.8750%, 3/25/31

42,000

36,197

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Schedule

of

Investments

(unaudited)

July

31,

2022

3

Shares/

Principal

Amounts

Value

Corporate

Bonds

-

(continued)

Technology

-

(continued)

Oracle

Corp.,

3.9500%, 3/25/51

$

64,000

$

49,569

VMware,

Inc.,

4.7000%, 5/15/30

46,000

45,140

VMware,

Inc.,

2.2000%, 8/15/31

8,000

6,498

Workday,

Inc.,

3.5000%, 4/1/27

36,000

35,349

Workday,

Inc.,

3.7000%, 4/1/29

27,000

26,049

Workday,

Inc.,

3.8000%, 4/1/32

42,000

40,082

486,265

Utilities

-

1.4%

AES

Corp.

(The),

1.3750%, 1/15/26

120,000

108,368

AES

Corp.

(The),

2.4500%, 1/15/31

80,000

67,621

Dominion

Energy,

Inc.,

2.2500%, 8/15/31

127,000

109,309

NextEra

Energy

Capital

Holdings,

Inc.,

1.9000%, 6/15/28

96,000

86,038

NextEra

Energy

Capital

Holdings,

Inc.,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.5470%,

3.8000%, 3/15/82

‡

82,000

68,030

Xcel

Energy,

Inc.,

4.6000%, 6/1/32

74,000

76,690

516,056

Total

Corporate

Bonds

(cost

$9,831,958)

8,688,983

Mortgage-Backed

Securities

-

46.9%

Ajax

Mortgage

Loan

Trust

2.2500%, 6/25/60

(144A)

Ç

86,012

81,476

2.2500%, 9/27/60

(144A)

Ç

25,395

25,236

Angel

Oak

Mortgage

Trust

,

3.8600

%

,

1/26/65

(144A)

‡

27,112

26,415

Angel

Oak

Mortgage

Trust

I

LLC

,

3.6490

%

,

9/25/48

(144A)

‡

2,471

2,471

BX

Commercial

Mortgage

Trust

ICE

LIBOR

USD

1

Month

+

0.7000%,

2.6992%, 9/15/36

(144A)

‡

1,000,000

957,472

ICE

LIBOR

USD

1

Month

+

1.6500%,

3.6492%, 9/15/36

(144A)

‡

250,000

236,425

CALI

Mortgage

Trust

,

3.9570

%

,

3/10/39

(144A)

250,000

240,551

COLT

Mortgage

Loan

Trust

,

1.8530

%

,

3/25/65

(144A)

‡

5,212

5,124

Connecticut

Avenue

Securities

Trust

ICE

LIBOR

USD

1

Month

+

4.1500%,

6.4090%, 8/25/31

(144A)

‡

500,000

495,505

SOFR30A

+

1.0000%,

2.5142%, 12/25/41

(144A)

‡

494,733

481,763

SOFR30A

+

1.2000%,

2.7142%, 1/25/42

(144A)

‡

560,167

549,706

SOFR30A

+

2.0000%,

3.5142%, 3/25/42

(144A)

‡

137,896

136,444

SOFR30A

+

2.1000%,

3.6142%, 3/25/42

(144A)

‡

165,025

163,537

FHLMC

3.5000%, 7/1/42

60,380

60,970

3.0000%, 2/1/43

1,117

1,100

3.5000%, 2/1/44

311,193

314,410

3.5000%, 1/1/47

328,122

331,634

FHLMC

STACR

REMIC

Trust

SOFR30A

+

1.3000%,

2.8142%, 2/25/42

(144A)

‡

232,751

229,171

SOFR30A

+

2.1000%,

3.6142%, 3/25/42

(144A)

‡

189,885

188,343

ICE

LIBOR

USD

1

Month

+

2.9500%,

5.2090%, 11/25/49

(144A)

‡

250,000

240,449

FHLMC

UMBS

3.5000%, 3/1/43

226

228

3.5000%, 6/1/43

23,667

23,872

3.0000%, 2/1/52

9,569

9,255

3.0000%, 2/1/52

12,579

12,159

3.5000%, 2/1/52

40,173

39,820

3.0000%, 3/1/52

17,842

17,253

3.5000%, 4/1/52

4,072

4,055

3.5000%, 4/1/52

4,862

4,842

3.5000%, 5/1/52

107,919

106,915

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Schedule

of

Investments

(unaudited)

July

31,

2022

4

Shares/

Principal

Amounts

Value

Mortgage-Backed

Securities

-

(continued)

FHLMC

UMBS

-

(continued)

3.5000%, 6/1/52

$

18,037

$

18,023

4.0000%, 7/1/52

20,893

21,071

4.0000%, 8/1/52

23,851

24,095

FNMA

ICE

LIBOR

USD

1

Month

+

6.0000%,

8.2590%, 9/25/28

‡

171,277

177,949

3.0000%, 2/1/43

10,275

10,125

3.0000%, 2/1/43

539,513

531,697

3.0000%, 3/1/43

130,206

128,301

4.0000%, 6/1/43

52,346

53,907

4.5000%, 6/1/45

5,819

6,072

3.0000%, 7/1/45

576,972

568,530

3.0000%, 9/1/46

263,664

259,844

3.0000%, 1/1/47

13,563

13,322

3.5000%, 8/1/56

45,300

45,664

3.0000%, 6/1/57

107,632

104,396

3.0000%, 9/1/57

186,542

180,934

3.0000%, 5/1/58

602,887

584,762

FNMA

UMBS

3.0000%, 9/1/51

738,244

712,778

2.5000%, 3/1/52

607,872

569,556

2.5000%, 3/1/52

225,249

211,149

2.5000%, 3/1/52

132,806

124,352

3.0000%, 3/1/52

222,904

214,840

3.0000%, 3/1/52

47,162

45,578

3.5000%, 3/1/52

68,774

68,732

3.0000%, 4/1/52

39,861

38,540

3.0000%, 4/1/52

35,003

33,821

3.0000%, 4/1/52

124,860

120,319

3.5000%, 4/1/52

24,600

24,674

3.5000%, 4/1/52

7,217

7,187

3.5000%, 4/1/52

34,972

34,841

3.5000%, 4/1/52

19,438

19,357

3.5000%, 4/1/52

12,039

11,993

3.5000%, 4/1/52

5,611

5,588

3.5000%, 5/1/52

19,361

19,286

3.5000%, 6/1/52

137,124

135,737

3.5000%, 6/1/52

42,502

42,075

3.5000%, 6/1/52

58,917

59,202

4.0000%, 6/1/52

6,094

6,145

4.0000%, 6/1/52

21,733

21,919

3.5000%, 7/1/52

139,873

139,723

4.0000%, 7/1/52

9,287

9,366

4.5000%, 7/1/52

27,509

28,107

4.5000%, 8/1/52

110,131

112,439

FNMA/FHLMC

UMBS,

15

Year,

Single

Family

2.0000%,

TBA, 15

Year

Maturity

(b)

356,690

339,422

2.5000%,

TBA, 15

Year

Maturity

(b)

420,646

409,601

3.0000%,

TBA, 15

Year

Maturity

(b)

547,502

543,645

3.5000%,

TBA, 15

Year

Maturity

(b)

455,414

458,784

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

3.5000%,

TBA, 30

Year

Maturity

(b)

757,020

747,024

4.0000%,

TBA, 30

Year

Maturity

(b)

1,632,852

1,640,951

4.5000%,

TBA, 30

Year

Maturity

(b)

864,123

878,891

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Schedule

of

Investments

(unaudited)

July

31,

2022

5

Shares/

Principal

Amounts

Value

Mortgage-Backed

Securities

-

(continued)

GNMA

3.0000%, 7/20/51

$

86,416

$

84,524

3.0000%, 8/20/51

366,536

358,409

2.5000%,

TBA, 30

Year

Maturity

(b)

183,400

173,523

3.0000%,

TBA, 30

Year

Maturity

(b)

32,516

31,659

3.5000%,

TBA, 30

Year

Maturity

(b)

230,577

229,510

4.0000%,

TBA, 30

Year

Maturity

(b)

193,300

195,305

GS

Mortgage-Backed

Securities

Trust

,

2.3520

%

,

9/27/60

(144A)

‡

38,130

36,521

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust

,

ICE

LIBOR

USD

1

Month

+

0.7600%

,

2.7590

%

,

6/15/38

(144A)

‡

500,000

479,153

JPMorgan

Mortgage

Trust

,

SOFR30A

+

0.9000%

,

1.8257

%

,

3/25/51

(144A)

‡

223,913

217,810

MKT

Mortgage

Trust

,

2.6940

%

,

2/12/40

(144A)

100,000

87,059

New

Residential

Mortgage

Loan

Trust

,

ICE

LIBOR

USD

1

Month

+

0.9000%

,

3.1590

%

,

1/25/48

(144A)

‡

134,759

132,441

SREIT

Trust

,

ICE

LIBOR

USD

1

Month

+

0.7308%

,

2.7299

%

,

11/15/38

(144A)

‡

179,000

171,985

TPI

RE-REMIC

Trust

0.0000%, 7/25/46

(144A)

¤

66,000

62,359

0.0000%, 8/25/46

(144A)

¤

41,000

38,554

Total

Mortgage-Backed

Securities

(cost

$18,335,741)

17,849,727

U.S.

Treasury

Notes/Bonds

-

10.4%

0.3750%,

9/15/24

2,129,000

2,019,057

2.7500%,

4/30/27

800

801

3.2500%,

6/30/27

317,000

324,925

2.7500%,

7/31/27

633,000

634,582

2.8750%,

5/15/32

808,400

822,926

2.0000%,

11/15/41

25,000

20,410

2.3750%,

2/15/42

135,000

117,577

2.2500%,

2/15/52

34,000

28,672

Total

U.S.

Treasury

Notes/Bonds

(cost

$4,051,626)

3,968,950

Preferred

Stock

-

0.1%

Mortgage

Real

Estate

Investment

Trusts

(REITs)

-

0.1%

New

Residential

Investment

Corp.,

7.0000%, 11/15/26

(cost

$75,000)

3,000

66,570

Investment

Companies

-

15.2%

Money

Market

Funds

-

15.2%

Federated

Hermes

Government

Obligations

Tax-Managed

Fund,

1.4300%

∞

(cost

$5,769,606)

5,769,606

5,769,606

Total

Investments

(total

cost

$46,144,115

)

-

115.1%

43,810,822

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(15.1%)

(5,754,080)

Net

Assets

-

100.0%

$38,056,742

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

42,473,093

97.0

%

United

Kingdom

501,440

1.1

France

213,961

0.5

Australia

188,918

0.4

Ireland

164,269

0.4

Canada

145,787

0.3

Mexico

123,354

0.3

Total

$

43,810,822

100.0

%

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Schedule

of

Investments

(unaudited)

July

31,

2022

6

Schedule

of

TBA

sales

commitments

-

(%

of

Net

Assets)

Principal

Amounts

Value

Securities

Sold

Short

-

(7.5)%

Mortgage-Backed

Securities

-

(7.5)%

FNMA/FHLMC

UMBS,

30

Year,

Single

Family,

3.0000%,

TBA,

30

Year

Maturity

(b)

$

(2,943,260)

$

(2,834,309)

Total

Securities

Sold

Short

(proceeds

$2,748,729)

$

(2,834,309)

Summary

of

Investments

by

Country

-

(Short

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

(2,834,309)

100.0%

$–

–

%

Schedule

of

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

and

Unrealized

Appreciation

(Depreciation)

Futures

Long:

U.S.

Treasury

10

Year

Note

1

9/21/22

$

121,141

$

1,147

U.S.

Treasury

5

Year

Note

20

9/30/22

2,274,531

41,685

U.S.

Treasury

Long

Bond

11

9/21/22

1,584,000

33,503

U.S.

Treasury

Ultra

Bond

24

9/21/22

3,799,500

44,538

Total

-

Futures

Long

120,873

Futures

Short:

U.S.

Treasury

10

Year

Ultra

Bond

7

9/21/22

(918,750)

(25,064)

U.S.

Treasury

2

Year

Note

17

9/30/22

(3,577,836)

(8,206)

Total

-

Futures

Short

(33,270)

Total

$87,603

Schedule

of

Centrally

Cleared

Credit

Default

Swaps

-

Buy

Protection

Referenced

Asset

Maturity

Date

Notional

Amount

Value

Premiums

Paid/

(Received)

Unrealized

Appreciation

(Depreciation)

CDX.NA.HY.38-V2,

Fixed

Rate

of

5.00%

Paid

Quarterly

6/20/27

$

350,000

$

(6,127)

$

19,111

$

12,984

CDX.NA.IG.38-V1,

Fixed

Rate

of

1.00%

Paid

Quarterly

6/20/27

7,300,000

(73,665)

111,520

37,855

CDX.NA.HY.38-V2,

Fixed

Rate

of

5.00%

Paid

Quarterly

6/20/27

350,000

(6,127)

18,099

11,972

CDX.NA.HY.38-V2,

Fixed

Rate

of

5.00%

Paid

Quarterly

6/20/27

700,000

(12,254)

2,692

(9,562)

CDX.NA.HY.38-V2,

Fixed

Rate

of

5.00%

Paid

Quarterly

6/20/27

600,000

(10,504)

1,847

(8,657)

Total

(108,677)

153,269

$44,592

Average

ending

Monthly

Value

of

Derivative

Instruments

During

the

Period

Ended

July

31,

2022

Futures

contracts:

Average

notional

amount

of

contracts

-

long

$10,420,712

Average

notional

amount

of

contracts

-

short

4,298,758

Credit

default

swaps:

Average

notional

amount

-

buy

protection

6,861,111

Average

notional

amount

-

sell

protection

105,556

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

July

31,

2022

7

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

ICE

Intercontinental

Exchange

LIBOR

LIBOR

(London

Interbank

Offered

Rate)

is

a

short-term

interest

rate

that

banks

offer

one

another

and

generally

represents

current

cash

rates.

LLC

Limited

Liability

Company

LP

Limited

Partnership

plc

Public

Limited

Company

SOFR

Secured

Overnight

Financing

Rate

SOFR30A

Secured

Overnight

Financing

Rate

30

Day

Average

TBA

(To

Be

Announced)

Securities

are

purchased/sold

on

a

forward

commitment

basis

with

an

approximate

principal

amount

and

no

defined

maturity

date.

The

actual

principal

and

maturity

date

will

be

determined

upon

settlement

when

specific

mortgage

pools

are

assigned.

UMBS

Uniform

Mortgage-Backed

Securities

∞

Rate

shown

is

the

7-day

yield

as

of

July

31,

2022.

Ç

Step

bond.

The

coupon

rate

will

increase

or

decrease

periodically

based

upon

a

predetermined

schedule.

The

rate

shown

reflects

the

current

rate.

‡

The

interest

rate

on

floating

rate

notes

is

based

on

an

index

or

market

interest

rates

and

is

subject

to

change.

Rate

in

the

security

description

is

as

of

July

31,

2022

¤

Zero

coupon

bond.

μ

Perpetual

security.

Perpetual

securities

have

no

stated

maturity

date,

but

they

may

be

called/redeemed

by

the

issuer.

The

date

indicated,

if

any,

represents

the

next

call

date.

144A

Securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended,

are

subject

to

legal

and/or

contractual

restrictions

on

resale

and

may

not

be

publicly

sold

without

registration

under

the

1993

Act.

Unless

otherwise

noted,

these

securities

have

been

determined

to

be

liquid

in

accordance

with

the

requirements

of

Rule

22e-4,

under

the

1940

Act.

The

total

value

of

144A

securities

as

of

the

period

ended

July

31,

2022

is

$14,010,205

which

represents

36.8%

of

net

assets.

(b)

Settlement

is

on

a

delayed

delivery

or

when-issued

basis

with

final

maturity

TBA

in

the

future.

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

July

31,

2022

8

The

following

is

a

summary

of

the

inputs

that

were

used

to

value

the

Fund's

investments

in

securities

and

other

financial

instruments

as

of

July

31,

2022

.

See

Notes

to

Financial

Statements

for

more

information.

Valuation

Inputs

Summary

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Assets

Investments

in

Securities:

Asset-Backed

Securities

$

—

$

7,466,986

$

—

Corporate

Bonds

—

8,688,983

—

Mortgage-Backed

Securities

—

17,849,727

—

U.S.

Treasury

Notes/Bonds

—

3,968,950

—

Preferred

Stock

66,570

—

—

Investment

Companies

5,769,606

—

—

Total

Investments

in

Securities

$

5,836,176

$

37,974,646

$

—

Other

Financial

Instruments

(a)

:

Centrally

Cleared

Swaps

$

—

$

62,811

$

—

Futures

Contracts

120,873

—

—

Total

Other

Financial

Instruments

$

120,873

$

62,811

$

—

Total

Assets

$

5,957,049

$

38,037,457

$

—

Liabilities

TBA

sales

commitments:

Mortgage-Backed

Securities

$

—

$

2,834,309

$

—

Other

Financial

Instruments

(a)

:

Centrally

Cleared

Swaps

$

—

$

18,219

$

—

Futures

Contracts

33,270

—

—

Total

Liabilities

$

33,270

$

2,852,528

$

—

(a)

Other

financial

instruments

include

futures

and

swap

contracts.

Futures

contracts

and

swap

contracts

are

reported

at

their

unrealized

appreciation/

(depreciation)

at

measurement

date,

which

represents

the

change

in

the

contract’s

value

from

trade

date.

9

Investment

Valuation 

Securities

held

by

the

Fund

are

valued

in

accordance

with

policies

and

procedures

established

by

and

under

the

supervision

of

the

Trustees

(the

“Valuation

Procedures”).

Equity

securities,

including

shares

of

exchange-traded

funds,

traded

on

a

domestic

securities

exchange

are

generally

valued

at

the

closing

prices

on

the

primary

market

or

exchange

on

which

they

trade.

If

such

price

is

lacking

for

the

trading

period

immediately

preceding

the

time

of

determination,

such

securities

are

generally

valued

at

their

current

bid

price.

Equity

securities

that

are

traded

on

a

foreign

exchange

are

generally

valued

at

the

closing

prices

on

such

markets.

In

the

event

that

there

is

no

current

trading

volume

on

a

particular

security

in

such

foreign

exchange,

the

bid

price

from

the

primary

exchange

is

generally

used

to

value

the

security.

Securities

that

are

traded

on

the

over-the-counter

(“OTC”)

markets

are

generally

valued

at

their

closing

or

latest

bid

prices

as

available.

Foreign

securities

and

currencies

are

converted

to

U.S.

dollars

using

the

applicable

exchange

rate

in

effect

at

the

close

of

the

London

Stock

Exchange.

The

Fund

will

determine

the

market

value

of

individual

securities

held

by

it

by

using

prices

provided

by

one

or

more

approved

professional

pricing

services

or,

as

needed,

by

obtaining

market

quotations

from

independent

broker-dealers.

Most

debt

securities

are

valued

in

accordance

with

the

evaluated

bid

price

supplied

by

the

pricing

service

that

is

intended

to

reflect

market

value.

The

evaluated

bid

price

supplied

by

the

pricing

service

is

an

evaluation

that

may

consider

factors

such

as

security

prices,

yields,

maturities

and

ratings.

Certain

short-

term

securities

maturing

within

60

days

or

less

may

be

evaluated

and

valued

on

an

amortized

cost

basis

provided

that

the

amortized

cost

determined

approximates

market

value.

Securities

for

which

market

quotations

or

evaluated

prices

are

not

readily

available,

or

are

deemed

unreliable,

are

valued

at

fair

value

determined

in

good

faith

under

the

Valuation

Procedures.

Circumstances

in

which

fair

value

pricing

may

be

utilized

include,

but

are

not

limited

to:

(i)

a

significant

event

that

may

affect

the

securities

of

a

single

issuer,

such

as

a

merger,

bankruptcy,

or

significant

issuer-

specific

development;

(ii)

an

event

that

may

affect

an

entire

market,

such

as

a

natural

disaster

or

significant

governmental

action;

(iii)

a

nonsignificant

event

such

as

a

market

closing

early

or

not

opening,

or

a

security

trading

halt;

and

(iv)

pricing

of

a

nonvalued

security

and

a

restricted

or

nonpublic

security.

Special

valuation

considerations

may

apply

with

respect

to

“odd-

lot”

fixed-income

transactions

which,

due

to

their

small

size,

may

receive

evaluated

prices

by

pricing

services

which

reflect

a

large

block

trade

and

not

what

actually

could

be

obtained

for

the

odd-lot

position. 

Valuation

Inputs

Summary 

FASB

ASC

820,

Fair

Value

Measurements

and

Disclosures

(“ASC

820”),

defines

fair

value,

establishes

a

framework

for

measuring

fair

value,

and

expands

disclosure

requirements

regarding

fair

value

measurements.

This

standard

emphasizes

that

fair

value

is

a

market-based

measurement

that

should

be

determined

based

on

the

assumptions

that

market

participants

would

use

in

pricing

an

asset

or

liability

and

establishes

a

hierarchy

that

prioritizes

inputs

to

valuation

techniques

used

to

measure

fair

value.

These

inputs

are

summarized

into

three

broad

levels: 

Level

1

–

Unadjusted

quoted

prices

in

active

markets

the

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities.

Level

2

–

Observable

inputs

other

than

unadjusted

quoted

prices

included

in

Level

1

that

are

observable

for

the

asset

or

liability

either

directly

or

indirectly.

These

inputs

may

include

quoted

prices

for

the

identical

instrument

on

an

inactive

market,

prices

for

similar

instruments,

interest

rates,

prepayment

speeds,

credit

risk,

yield

curves,

default

rates

and

similar

data.

Assets

or

liabilities

categorized

as

Level

2

in

the

hierarchy

generally

include:

debt

securities

fair

valued

in

accordance

with

the

evaluated

bid

or

ask

prices

supplied

by

a

pricing

service;

securities

traded

on

OTC

markets

and

listed

securities

for

which

no

sales

are

reported

that

are

fair

valued

at

the

latest

bid

price

(or

yield

equivalent

thereof)

obtained

from

one

or

more

dealers

transacting

in

a

market

for

such

securities

or

by

a

pricing

service

approved

by

the

Fund’s

Trustees;

and

certain

short-term

debt

securities

with

maturities

of

60

days

or

less

that

are

fair

valued

at

amortized

cost.

Other

securities

that

may

be

categorized

as

Level

2

in

the

hierarchy

include,

but

are

not

limited

to,

preferred

stocks,

bank

loans,

swaps,

investments

in

unregistered

investment

companies,

options,

and

forward

contracts.

Level

3

–

Unobservable

inputs

for

the

asset

or

liability

to

the

extent

that

relevant

observable

inputs

are

not

available,

representing

the

Fund’s

own

assumptions

about

the

assumptions

that

a

market

participant

would

use

in

valuing

the

asset

or

liability,

and

that

would

be

based

on

the

best

information

available.

10

The

inputs

or

methodology

used

for

fair

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

The

summary

of

inputs

used

as

of

July

31,

2022 to

fair

value

the

Fund’s

investments

in

securities

and

other

financial

instruments

is

included

in

the

“Valuation

Inputs

Summary”

in

the

Notes

to

Schedule

of

Investments

and

Other

Information.

For

additional

information

on

the

Fund,

please

refer

to

the

Fund's

most

recent

semiannual

or

annual

shareholder

report.

125-35-70441

09-22