Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

(unaudited)

July

31,

2022

1

Shares/

Principal

Amounts

Value

Asset-Backed

Security

-

0.0%

Pepper

SPARKZ

Trust,

30

Day

Australian

Bank

Bill

Rate

+

1.5500%,

3.1000%,

10/16/27

‡

(cost

$132,286)

AUD

179,492

$

124,887

Corporate

Bonds

-

78.1%

Basic

Materials

-

1.6%

Ecolab,

Inc.,

0.9000%, 12/15/23

$

6,500,000

6,316,421

Ecolab,

Inc.,

1.6500%, 2/1/27

7,900,000

7,409,958

Georgia-Pacific

LLC,

0.6250%, 5/15/24

(144A)

29,460,000

27,917,155

41,643,534

Communications

-

4.2%

Alphabet,

Inc.,

0.4500%, 8/15/25

17,960,000

16,746,240

Amazon.com,

Inc.,

2.7300%, 4/13/24

2,400,000

2,393,826

Amazon.com,

Inc.,

0.4500%, 5/12/24

17,050,000

16,333,040

Amazon.com,

Inc.,

0.8000%, 6/3/25

9,900,000

9,309,084

AT&T,

Inc.,

0.9000%, 3/25/24

26,430,000

25,386,330

eBay,

Inc.,

1.9000%, 3/11/25

9,700,000

9,272,104

Optus

Finance

Pty.

Ltd.,

3.2500%, 8/23/22

AUD

4,500,000

3,141,923

Optus

Finance

Pty.

Ltd.,

3.2500%, 9/6/23

750,000

520,482

Optus

Finance

Pty.

Ltd.,

1.6000%, 7/1/25

1,000,000

651,386

Spark

Finance

Ltd.,

2.6000%, 3/18/30

1,200,000

722,098

Verizon

Communications,

Inc.,

90

Day

Australian

Bank

Bill

Rate

+

1.2200%,

2.2353%, 2/17/23

‡

7,640,000

5,340,557

Verizon

Communications,

Inc.,

3.5000%, 2/17/23

2,170,000

1,512,974

Verizon

Communications,

Inc.,

0.7500%, 3/22/24

$

4,700,000

4,519,160

Verizon

Communications,

Inc.,

0.8500%, 11/20/25

6,770,000

6,232,503

Verizon

Communications,

Inc.,

1.4500%, 3/20/26

5,100,000

4,773,115

Walt

Disney

Co.

(The),

1.7500%, 8/30/24

3,470,000

3,375,337

110,230,159

Consumer,

Cyclical

-

6.7%

7-Eleven,

Inc.,

0.6250%, 2/10/23

(144A)

3,350,000

3,296,930

American

Honda

Finance

Corp.,

0.8750%, 7/7/23

1,665,000

1,628,290

American

Honda

Finance

Corp.,

0.5500%, 7/12/24

8,190,000

7,767,909

BMW

US

Capital

LLC,

0.7500%, 8/12/24

(144A)

4,500,000

4,269,473

BMW

US

Capital

LLC,

SOFRINDX

+

0.8400%,

2.3698%, 4/1/25

(144A)

‡

7,025,000

6,960,081

BMW

US

Capital

LLC,

1.2500%, 8/12/26

(144A)

300,000

272,585

General

Motors

Financial

Co.,

Inc.,

1.7000%, 8/18/23

1,000,000

976,357

General

Motors

Financial

Co.,

Inc.,

1.0500%, 3/8/24

10,575,000

10,081,106

General

Motors

Financial

Co.,

Inc.,

1.2000%, 10/15/24

8,650,000

8,091,195

Home

Depot,

Inc.

(The),

2.7000%, 4/15/25

4,850,000

4,790,120

Hyundai

Capital

America,

1.2500%, 9/18/23

(144A)

4,270,000

4,144,453

Hyundai

Capital

America,

0.8000%, 1/8/24

(144A)

9,700,000

9,235,373

Hyundai

Capital

America,

0.8750%, 6/14/24

(144A)

6,660,000

6,245,453

Hyundai

Capital

America,

1.0000%, 9/17/24

(144A)

8,400,000

7,839,103

Magallanes,

Inc.,

3.4280%, 3/15/24

(144A)

6,575,000

6,472,954

McDonald's

Corp.,

90

Day

Australian

Bank

Bill

Rate

+

1.1300%,

2.5934%, 3/8/24

‡

AUD

1,910,000

1,336,081

McDonald's

Corp.,

3.0000%, 3/8/24

6,750,000

4,654,487

McDonald's

Corp.,

3.1250%, 3/4/25

CAD

17,080,000

13,079,093

Mercedes-Benz

Australia,

0.7500%, 1/22/24

AUD

810,000

541,722

Mercedes-Benz

Finance

North

America

LLC,

0.7500%, 3/1/24

(144A)

$

13,060,000

12,493,157

Toyota

Motor

Corp.,

0.6810%, 3/25/24

2,700,000

2,591,386

Toyota

Motor

Credit

Corp.,

0.4500%, 1/11/24

12,250,000

11,776,501

Toyota

Motor

Credit

Corp.,

0.5000%, 6/18/24

11,500,000

10,923,685

Toyota

Motor

Credit

Corp.,

1.8000%, 2/13/25

300,000

288,776

Volkswagen

Financial

Services

Australia

Pty.

Ltd.,

3.1000%, 4/17/23

AUD

6,300,000

4,375,052

Volkswagen

Financial

Services

Australia

Pty.

Ltd.,

1.4000%, 8/25/25

13,370,000

8,519,466

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

(unaudited)

July

31,

2022

2

Shares/

Principal

Amounts

Value

Corporate

Bonds

-

(continued)

Consumer,

Cyclical

-

(continued)

Volkswagen

Group

of

America

Finance

LLC,

0.8750%, 11/22/23

(144A)

$

13,000,000

$

12,513,622

Walmart,

Inc.,

1.0500%, 9/17/26

13,200,000

12,295,292

177,459,702

Consumer,

Non-cyclical

-

9.7%

Avery

Dennison

Corp.,

0.8500%, 8/15/24

6,650,000

6,275,472

Cardinal

Health,

Inc.,

3.0790%, 6/15/24

21,500,000

21,233,241

Cargill,

Inc.,

3.5000%, 4/22/25

(144A)

4,675,000

4,670,080

Centene

Corp.,

4.2500%, 12/15/27

13,679,000

13,439,795

Conagra

Brands,

Inc.,

0.5000%, 8/11/23

4,500,000

4,364,300

ConnectEast

Finance

Pty.

Ltd.,

3.4000%, 3/25/26

AUD

1,750,000

1,173,963

CVS

Health

Corp.,

4.7500%, 12/1/22

$

5,300,000

5,317,588

CVS

Health

Corp.,

3.3750%, 8/12/24

7,885,000

7,880,468

CVS

Health

Corp.,

2.6250%, 8/15/24

3,915,000

3,868,932

GSK

Consumer

Healthcare

Capital

US

LLC,

SOFR

+

0.8900%,

2.4086%, 3/24/24

(144A)

‡

7,150,000

7,124,990

GSK

Consumer

Healthcare

Capital

US

LLC,

3.0240%, 3/24/24

(144A)

6,675,000

6,593,399

Hershey

Co.

(The),

0.9000%, 6/1/25

8,256,000

7,769,133

Hershey

Co.

(The),

2.3000%, 8/15/26

4,094,000

3,965,122

Hormel

Foods

Corp.,

0.6500%, 6/3/24

5,500,000

5,266,030

Humana,

Inc.,

0.6500%, 8/3/23

10,205,000

9,919,094

Humana,

Inc.,

1.3500%, 2/3/27

4,550,000

4,084,221

Johnson

&

Johnson,

0.5500%, 9/1/25

24,540,000

22,885,484

Lonsdale

Finance

Pty.

Ltd.,

2.4500%, 11/20/26

AUD

5,310,000

3,351,303

Lonsdale

Finance

Pty.

Ltd.,

2.1000%, 10/15/27

3,800,000

2,278,073

Mars,

Inc.,

2.7000%, 4/1/25

(144A)

$

4,295,000

4,222,007

Mondelez

International

Holdings

Netherlands

BV,

0.7500%, 9/24/24

(144A)

5,775,000

5,418,111

Mondelez

International,

Inc.,

2.1250%, 3/17/24

3,275,000

3,210,906

Mondelez

International,

Inc.,

3.2500%, 3/7/25

CAD

4,650,000

3,553,139

Nestle

Holdings,

Inc.,

0.3750%, 1/15/24

(144A)

$

12,370,000

11,882,993

PerkinElmer,

Inc.,

0.5500%, 9/15/23

4,825,000

4,650,779

PerkinElmer,

Inc.,

0.8500%, 9/15/24

23,550,000

22,077,715

Roche

Holdings,

Inc.,

1.8820%, 3/8/24

(144A)

17,700,000

17,332,492

Thermo

Fisher

Scientific,

Inc.,

0.7970%, 10/18/23

14,900,000

14,487,038

Thermo

Fisher

Scientific,

Inc.,

1.2150%, 10/18/24

14,250,000

13,608,086

Unilever

Capital

Corp.,

0.6260%, 8/12/24

6,775,000

6,432,127

WSO

Finance

Pty.

Ltd.,

3.5000%, 7/14/23

AUD

3,290,000

2,294,587

WSO

Finance

Pty.

Ltd.,

4.5000%, 3/31/27

910,000

635,870

WSO

Finance

Pty.

Ltd.,

4.5000%, 9/30/27

5,000,000

3,484,230

254,750,768

Energy

-

1.1%

Enbridge,

Inc.,

SOFRINDX

+

0.6300%,

1.8055%, 2/16/24

‡

$

6,800,000

6,709,594

Enbridge,

Inc.,

2.1500%, 2/16/24

6,550,000

6,394,868

Harvest

Operations

Corp.,

4.2000%, 6/1/23

200,000

201,288

Harvest

Operations

Corp.,

4.2000%, 6/1/23

(144A)

2,900,000

2,918,676

Harvest

Operations

Corp.,

1.0000%, 4/26/24

(144A)

6,150,000

5,872,573

SA

Global

Sukuk

Ltd.,

0.9460%, 6/17/24

(144A)

6,550,000

6,224,321

28,321,320

Financial

-

43.0%

AAI

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

3.2000%,

5.1147%, 10/6/42

‡

AUD

7,170,000

5,014,188

AerCap

Ireland

Capital

DAC,

1.6500%, 10/29/24

$

14,925,000

13,865,755

AerCap

Ireland

Capital

DAC,

1.7500%, 10/29/24

16,000,000

14,831,604

AerCap

Ireland

Capital

DAC,

3.6500%, 7/21/27

3,095,000

2,871,195

Air

Lease

Corp.,

0.8000%, 8/18/24

16,350,000

15,134,252

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

(unaudited)

July

31,

2022

3

Shares/

Principal

Amounts

Value

Corporate

Bonds

-

(continued)

Financial

-

(continued)

Air

Lease

Corp.,

1.8750%, 8/15/26

$

6,235,000

$

5,555,747

American

Express

Co.,

SOFRINDX

+

0.7200%,

1.8060%, 5/3/24

‡

6,875,000

6,826,593

American

Express

Co.,

SOFR

+

0.9300%,

2.2508%, 3/4/25

‡

12,900,000

12,797,559

ANZ

New

Zealand

Int'l

Ltd.,

3.4000%, 3/19/24

(144A)

1,000,000

996,025

ANZ

New

Zealand

Int'l

Ltd.,

1.2500%, 6/22/26

(144A)

13,900,000

12,615,362

Athene

Global

Funding,

2.5140%, 3/8/24

(144A)

2,500,000

2,424,281

Athene

Global

Funding,

0.9140%, 8/19/24

(144A)

13,850,000

12,872,038

Athene

Global

Funding,

1.7160%, 1/7/25

(144A)

15,460,000

14,487,147

Athene

Global

Funding,

1.6080%, 6/29/26

(144A)

23,135,000

20,463,090

Athene

Global

Funding,

4.7600%, 4/21/27

AUD

1,000,000

687,407

Australia

&

New

Zealand

Banking

Group

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.0000%,

4.2510%, 7/26/29

‡

1,590,000

1,114,893

Australia

&

New

Zealand

Banking

Group

Ltd.,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.2880%,

2.9500%, 7/22/30

(144A)

‡

$

24,681,000

23,318,801

Australia

&

New

Zealand

Banking

Group

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.8500%,

2.9352%, 2/26/31

‡

AUD

150,000

102,612

Australian

Central

Credit

Union

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.4000%,

4.1426%, 9/16/31

‡

1,000,000

664,984

Aviation

Capital

Group

LLC,

1.9500%, 1/30/26

(144A)

$

12,940,000

11,316,709

Aviation

Capital

Group

LLC,

1.9500%, 9/20/26

(144A)

15,250,000

13,037,682

Banco

Santander

SA,

3.4960%, 3/24/25

28,400,000

28,198,684

Bank

of

America

Corp.,

SOFR

+

1.4600%,

1.4860%, 5/19/24

‡

3,000,000

2,943,519

Bank

of

America

Corp.,

SOFR

+

0.6700%,

1.8430%, 2/4/25

‡

2,150,000

2,082,619

Bank

of

America

Corp.,

ICE

LIBOR

USD

3

Month

+

0.9700%,

3.4580%, 3/15/25

‡

2,950,000

2,916,267

Bank

of

America

Corp.,

SOFR

+

0.9100%,

0.9810%, 9/25/25

‡

18,335,000

17,104,689

Bank

of

America

Corp.,

0.6000%, 1/26/26

Ç

2,000,000

1,754,309

Bank

of

America

Corp.,

SOFR

+

1.3300%,

3.3840%, 4/2/26

‡

3,000,000

2,930,356

Bank

of

America

Corp.,

SOFR

+

0.9100%,

1.6580%, 3/11/27

‡

18,800,000

17,181,740

Bank

of

America

Corp.,

SOFR

+

0.9600%,

1.7340%, 7/22/27

‡

7,050,000

6,395,478

Bank

of

Queensland

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.8500%,

2.5500%, 5/1/28

‡

AUD

19,500,000

13,604,377

Bank

of

Queensland

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.6000%,

3.7208%, 7/29/31

‡

3,500,000

2,343,673

Bendigo

&

Adelaide

Bank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.4500%,

3.6204%, 11/30/28

‡

24,900,000

17,499,648

Bendigo

&

Adelaide

Bank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.4800%,

3.5204%, 10/14/31

‡

800,000

531,981

Charles

Schwab

Corp.

(The),

0.7500%, 3/18/24

$

14,200,000

13,673,068

Charter

Hall

Exchange

Finance

Pty.

Ltd.,

2.3170%, 9/25/30

AUD

3,800,000

2,102,627

Charter

Hall

LWR

Pty.

Ltd.,

2.0860%, 3/3/28

2,770,000

1,627,314

Citigroup,

Inc.,

SOFR

+

0.6690%,

0.9810%, 5/1/25

‡

$

12,070,000

11,427,708

Citigroup,

Inc.,

SOFR

+

1.3720%,

2.5916%, 5/24/25

‡

5,000,000

4,980,756

Citigroup,

Inc.,

SOFR

+

2.8420%,

3.1060%, 4/8/26

‡

100,000

97,201

Citigroup,

Inc.,

SOFR

+

0.7650%,

1.1220%, 1/28/27

‡

24,000,000

21,551,129

Citigroup,

Inc.,

SOFR

+

0.7700%,

1.4620%, 6/9/27

‡

16,950,000

15,259,906

Commonwealth

Bank

of

Australia,

90

Day

Australian

Bank

Bill

Rate

+

1.1300%,

3.1100%, 1/11/24

‡

AUD

200,000

140,609

Commonwealth

Bank

of

Australia,

3.3500%, 6/4/24

$

7,409,000

7,393,696

Commonwealth

Bank

of

Australia,

1.1250%, 6/15/26

(144A)

19,400,000

17,570,910

Commonwealth

Bank

of

Australia,

90

Day

Australian

Bank

Bill

Rate

+

1.8000%,

3.3062%, 9/10/30

‡

AUD

2,500,000

1,716,902

Commonwealth

Bank

of

Australia,

90

Day

Australian

Bank

Bill

Rate

+

1.3200%,

2.3647%, 8/20/31

‡

26,600,000

17,758,696

Computershare

US,

Inc.,

3.1470%, 11/30/27

1,070,000

688,135

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

(unaudited)

July

31,

2022

4

Shares/

Principal

Amounts

Value

Corporate

Bonds

-

(continued)

Financial

-

(continued)

Cooperatieve

Rabobank

UA,

0.3750%, 1/12/24

$

12,600,000

$

12,038,439

Cooperatieve

Rabobank

UA,

2.6250%, 7/22/24

(144A)

1,000,000

975,098

Cooperatieve

Rabobank

UA,

1.3750%, 1/10/25

3,880,000

3,680,276

Cooperatieve

Rabobank

UA,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.0000%,

1.3390%, 6/24/26

(144A)

‡

5,650,000

5,190,642

Cooperatieve

Rabobank

UA,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.7300%,

1.9800%, 12/15/27

(144A)

‡

3,500,000

3,160,162

Corebridge

Financial,

Inc.,

3.5000%, 4/4/25

(144A)

10,475,000

10,244,718

Credit

Suisse

AG,

SOFRINDX

+

1.2600%,

2.4735%, 2/21/25

‡

13,750,000

13,499,601

DBS

Group

Holdings

Ltd.,

1.1690%, 11/22/24

(144A)

15,000,000

14,274,150

DBS

Group

Holdings

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.5800%,

3.3226%, 3/16/28

‡

AUD

27,220,000

18,984,332

DBS

Group

Holdings

Ltd.,

USD

ICE

Swap

Rate

5

Year

+

1.5900%,

4.5200%, 12/11/28

‡

$

3,470,000

3,492,763

DBS

Group

Holdings

Ltd.,

USD

ICE

Swap

Rate

5

Year

+

1.5900%,

4.5200%, 12/11/28

(144A)

‡

3,600,000

3,623,616

Dexus

Wholesale

Property

Fund,

4.7500%, 6/16/25

AUD

2,590,000

1,839,802

GAIF

Bond

Issuer

Pty.

Ltd.,

3.4000%, 9/30/26

$

4,289,000

4,158,995

GAIF

Bond

Issuer

Pty.

Ltd.,

3.4000%, 9/30/26

(144A)

3,390,000

3,287,245

General

Property

Trust,

3.5910%, 11/7/23

AUD

1,500,000

1,044,557

General

Property

Trust,

3.6725%, 9/19/24

2,200,000

1,525,979

Goldman

Sachs

Group,

Inc.

(The),

SOFR

+

0.5050%,

0.6570%, 9/10/24

‡

$

19,575,000

18,808,640

Goldman

Sachs

Group,

Inc.

(The),

SOFR

+

0.7300%,

1.7570%, 1/24/25

‡

5,200,000

5,015,220

Goldman

Sachs

Group,

Inc.

(The),

3.5000%, 4/1/25

6,680,000

6,644,016

Goldman

Sachs

Group,

Inc.

(The),

ICE

LIBOR

USD

3

Month

+

1.2010%,

3.2720%, 9/29/25

‡

2,575,000

2,524,770

Goldman

Sachs

Group,

Inc.

(The),

SOFR

+

0.8180%,

1.5420%, 9/10/27

‡

18,775,000

16,804,983

GPT

Wholesale

Shopping

Centre

Fund,

3.9930%, 9/11/24

AUD

5,780,000

3,997,420

HSBC

Holdings

plc,

SOFR

+

0.5340%,

0.7320%, 8/17/24

‡

$

7,035,000

6,763,501

HSBC

Holdings

plc,

SOFR

+

0.5800%,

1.1620%, 11/22/24

‡

11,300,000

10,830,424

HSBC

Holdings

plc,

SOFR

+

0.7075%,

0.9760%, 5/24/25

‡

10,000,000

9,358,008

HSBC

USA,

Inc.,

3.7500%, 5/24/24

300,000

300,198

Insurance

Australia

Group

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.4500%,

4.1553%, 12/15/36

‡

AUD

8,550,000

5,834,765

Insurance

Australia

Group

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.1000%,

3.8053%, 6/15/44

‡

17,350,000

11,985,466

Insurance

Australia

Group

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.3500%,

4.0553%, 6/15/45

‡

6,730,000

4,631,765

Intercontinental

Exchange,

Inc.,

3.6500%, 5/23/25

$

17,425,000

17,541,578

JPMorgan

Chase

&

Co.,

SOFR

+

0.5400%,

0.8240%, 6/1/25

‡

7,560,000

7,108,813

JPMorgan

Chase

&

Co.,

CME

Term

SOFR

3

Month

+

0.5800%,

0.9690%, 6/23/25

‡

12,600,000

11,851,352

JPMorgan

Chase

&

Co.,

SOFR

+

1.1600%,

2.3010%, 10/15/25

‡

690,000

661,954

JPMorgan

Chase

&

Co.,

SOFR

+

0.9150%,

2.5950%, 2/24/26

‡

3,200,000

3,072,794

JPMorgan

Chase

&

Co.,

SOFR

+

0.8000%,

1.0450%, 11/19/26

‡

21,170,000

19,091,959

JPMorgan

Chase

&

Co.,

CME

Term

SOFR

3

Month

+

0.6950%,

1.0400%, 2/4/27

‡

10,000,000

8,989,109

Liberty

Financial

Pty.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.6000%,

3.8417%, 3/6/23

‡

AUD

2,600,000

1,813,144

Liberty

Financial

Pty.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.3500%,

3.4352%, 2/26/24

‡

9,440,000

6,491,454

Liberty

Financial

Pty.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.4500%,

4.2489%, 3/17/25

‡

3,280,000

2,231,038

Liberty

Financial

Pty.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.5500%,

3.6133%, 5/25/26

‡

11,620,000

7,829,181

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

(unaudited)

July

31,

2022

5

Shares/

Principal

Amounts

Value

Corporate

Bonds

-

(continued)

Financial

-

(continued)

Lloyds

Banking

Group

plc,

90

Day

Australian

Bank

Bill

Rate

+

1.3000%,

3.1362%, 3/20/23

‡

AUD

3,710,000

$

2,592,896

Lloyds

Banking

Group

plc,

3.6500%, 3/20/23

1,500,000

1,045,546

Lloyds

Banking

Group

plc,

ICE

LIBOR

USD

3

Month

+

0.8100%,

2.9070%, 11/7/23

‡

$

3,400,000

3,386,716

Lloyds

Banking

Group

plc,

3.9000%, 11/23/23

AUD

3,850,000

2,676,885

Lloyds

Banking

Group

plc,

3.9000%, 3/12/24

$

4,880,000

4,888,229

Lloyds

Banking

Group

plc,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.5500%,

0.6950%, 5/11/24

‡

6,200,000

6,021,702

Lloyds

Banking

Group

plc,

90

Day

Australian

Bank

Bill

Rate

+

2.0000%,

5.3906%, 6/10/27

‡

AUD

320,000

227,244

Macquarie

Bank

Ltd.,

2.3000%, 1/22/25

(144A)

$

12,840,000

12,408,415

Macquarie

Bank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.9000%,

4.0704%, 5/28/30

‡

AUD

19,800,000

13,915,918

Macquarie

Bank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.5500%,

3.3489%, 6/17/31

‡

11,580,000

7,717,833

Macquarie

Group

Ltd.,

SOFR

+

0.6940%,

1.2010%, 10/14/25

(144A)

‡

$

9,700,000

9,043,330

Macquarie

Group

Ltd.,

SOFR

+

0.9100%,

1.6290%, 9/23/27

(144A)

‡

2,100,000

1,848,674

Morgan

Stanley,

SOFR

+

0.5250%,

0.7900%, 5/30/25

‡

17,600,000

16,528,200

Morgan

Stanley,

SOFR

+

0.5600%,

1.1640%, 10/21/25

‡

11,700,000

10,925,900

Morgan

Stanley,

SOFR

+

0.8790%,

1.5930%, 5/4/27

‡

2,040,000

1,857,910

Morgan

Stanley,

SOFR

+

0.8580%,

1.5120%, 7/20/27

‡

27,715,000

25,027,548

National

Australia

Bank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.1500%,

3.1653%, 5/17/29

‡

AUD

12,920,000

9,046,139

National

Australia

Bank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.7000%,

2.7800%, 11/18/30

‡

24,275,000

16,615,027

National

Australia

Bank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.0200%,

3.1000%, 11/18/31

‡

9,240,000

6,324,138

Nordea

Bank

Abp,

1.0000%, 6/9/23

(144A)

$

6,700,000

6,568,337

Nordea

Bank

Abp,

SOFR

+

0.9600%,

2.3221%, 6/6/25

(144A)

‡

6,925,000

6,889,948

Nordea

Bank

Abp,

0.7500%, 8/28/25

(144A)

9,550,000

8,732,493

Oversea-Chinese

Banking

Corp.

Ltd.,

4.2500%, 6/19/24

(144A)

616,000

619,750

Oversea-Chinese

Banking

Corp.

Ltd.,

4.2500%, 6/19/24

2,930,000

2,947,835

QIC

Finance

Shopping

Center

Fund

Pty.

Ltd.,

3.7500%, 12/6/23

AUD

1,000,000

697,014

QIC

Finance

Shopping

Center

Fund

Pty.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.2700%,

2.2700%, 8/15/25

‡

3,290,000

2,302,556

Royal

Bank

of

Canada,

2.3520%, 7/2/24

CAD

20,200,000

15,270,560

Royal

Bank

of

Canada,

2.5500%, 7/16/24

$

190,000

186,220

Royal

Bank

of

Canada,

1.1500%, 6/10/25

220,000

205,354

Royal

Bank

of

Canada,

1.2000%, 4/27/26

13,630,000

12,425,798

Shopping

Centres

Australasia

Property

Retail

Trust,

3.9000%, 6/7/24

AUD

4,600,000

3,199,284

Suncorp

Group

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.1500%,

3.3917%, 12/5/28

‡

16,590,000

11,607,534

Suncorp

Group

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.2500%,

3.4404%, 12/1/35

‡

5,000,000

3,432,953

Suncorp-Metway

Ltd.,

3.3000%, 4/15/24

(144A)

$

9,990,000

9,874,783

SVB

Financial

Group,

2.1000%, 5/15/28

13,720,000

11,937,677

Swedbank

AB,

SOFRINDX

+

0.9100%,

2.4405%, 4/4/25

(144A)

‡

12,250,000

12,133,380

Toronto-Dominion

Bank

(The),

0.5500%, 3/4/24

2,780,000

2,657,247

Toronto-Dominion

Bank

(The),

2.8500%, 3/8/24

CAD

16,840,000

12,903,066

Toronto-Dominion

Bank

(The),

0.7000%, 9/10/24

$

4,750,000

4,481,849

Toronto-Dominion

Bank

(The),

1.1500%, 6/12/25

7,200,000

6,713,118

UBS

AG,

0.3750%, 6/1/23

(144A)

9,950,000

9,696,549

UBS

AG,

0.7000%, 8/9/24

(144A)

4,750,000

4,474,346

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

(unaudited)

July

31,

2022

6

Shares/

Principal

Amounts

Value

Corporate

Bonds

-

(continued)

Financial

-

(continued)

United

Overseas

Bank

Ltd.,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.5000%,

3.7500%, 4/15/29

(144A)

‡

$

4,230,000

$

4,201,381

VER

Finco

Pty.

Ltd.,

2.4000%, 9/21/28

AUD

1,930,000

1,112,865

Vicinity

Centres

Trust,

3.5000%, 4/26/24

5,700,000

3,944,487

Vicinity

Centres

Trust,

90

Day

Australian

Bank

Bill

Rate

+

1.4200%,

3.1868%, 6/27/25

‡

610,000

428,683

Vicinity

Centres

Trust,

4.0000%, 4/26/27

150,000

101,690

Wells

Fargo

&

Co.,

1.6540%, 6/2/24

$

20,740,000

20,352,291

Wells

Fargo

&

Co.,

SOFR

+

0.5100%,

0.8050%, 5/19/25

‡

6,880,000

6,494,310

Wells

Fargo

&

Co.,

ICE

LIBOR

USD

3

Month

+

0.7500%,

2.1640%, 2/11/26

‡

9,590,000

9,142,198

Wells

Fargo

&

Co.,

SOFR

+

1.3200%,

2.8459%, 4/25/26

‡

3,500,000

3,456,390

Wells

Fargo

&

Co.,

3.7000%, 7/27/26

AUD

18,000,000

12,077,344

Westpac

Banking

Corp.,

90

Day

Australian

Bank

Bill

Rate

+

0.9500%,

1.9500%, 11/16/23

‡

14,600,000

10,238,260

Westpac

Banking

Corp.,

1.0190%, 11/18/24

$

6,000,000

5,691,897

Westpac

Banking

Corp.,

2.3500%, 2/19/25

1,800,000

1,755,690

Westpac

Banking

Corp.,

90

Day

Australian

Bank

Bill

Rate

+

1.4000%,

2.4000%, 2/16/28

‡

AUD

6,100,000

4,251,212

Westpac

Banking

Corp.,

5-year

AUD

Swap

Offer

Rate

+

2.6500%,

4.8000%, 6/14/28

‡

300,000

210,173

Westpac

Banking

Corp.,

90

Day

Australian

Bank

Bill

Rate

+

1.8000%,

3.5783%, 6/22/28

‡

15,800,000

11,033,502

Westpac

Banking

Corp.,

5-year

AUD

Swap

Offer

Rate

+

1.8300%,

4.3340%, 8/16/29

‡

14,022,000

9,752,458

Westpac

Banking

Corp.,

90

Day

Australian

Bank

Bill

Rate

+

1.9800%,

3.1085%, 8/27/29

‡

6,700,000

4,673,063

Westpac

Banking

Corp.,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.3500%,

2.8940%, 2/4/30

‡

$

5,910,000

5,619,183

Westpac

Banking

Corp.,

90

Day

Australian

Bank

Bill

Rate

+

1.5500%,

3.6708%, 1/29/31

‡

AUD

1,800,000

1,221,158

1,131,489,984

Industrial

-

3.8%

Canadian

Pacific

Railway

Co.,

1.3500%, 12/2/24

$

10,175,000

9,659,350

Caterpillar

Financial

Services

Corp.,

0.4500%, 5/17/24

8,820,000

8,420,504

Caterpillar

Financial

Services

Corp.,

0.6000%, 9/13/24

2,650,000

2,509,786

Caterpillar

Financial

Services

Corp.,

2.1500%, 11/8/24

2,200,000

2,158,673

Caterpillar

Financial

Services

Corp.,

1.4500%, 5/15/25

4,600,000

4,380,289

Caterpillar

Financial

Services

Corp.,

0.8000%, 11/13/25

13,590,000

12,547,320

CNH

Industrial

Capital

Australia

Pty.

Ltd.,

2.1000%, 12/12/22

AUD

230,000

160,663

DAE

Funding

LLC,

1.5500%, 8/1/24

(144A)

$

3,450,000

3,229,753

John

Deere

Capital

Corp.,

0.4500%, 1/17/24

3,590,000

3,460,830

John

Deere

Capital

Corp.,

0.4500%, 6/7/24

12,750,000

12,159,469

John

Deere

Capital

Corp.,

0.6250%, 9/10/24

6,300,000

5,973,861

John

Deere

Capital

Corp.,

0.7000%, 1/15/26

6,080,000

5,594,308

Martin

Marietta

Materials,

Inc.,

0.6500%, 7/15/23

6,525,000

6,328,710

New

Terminal

Financing

Co.

Pty.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.4500%,

3.4365%, 7/12/24

‡

AUD

8,980,000

6,206,405

Stanley

Black

&

Decker,

Inc.,

2.3000%, 2/24/25

$

16,675,000

16,242,129

Sydney

Airport

Finance

Co.

Pty.

Ltd.,

3.9000%, 3/22/23

(144A)

1,000,000

1,001,225

Sydney

Airport

Finance

Co.

Pty.

Ltd.,

3.9000%, 3/22/23

1,230,000

1,231,507

101,264,782

Technology

-

3.8%

Apple,

Inc.,

2.4000%, 1/13/23

5,100,000

5,093,010

Apple,

Inc.,

0.7500%, 5/11/23

3,600,000

3,535,453

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

(unaudited)

July

31,

2022

7

Shares/

Principal

Amounts

Value

Corporate

Bonds

-

(continued)

Technology

-

(continued)

Apple,

Inc.,

1.8000%, 9/11/24

$

8,200,000

$

8,024,423

Apple,

Inc.,

0.5500%, 8/20/25

3,690,000

3,424,983

Apple,

Inc.,

0.7000%, 2/8/26

10,065,000

9,299,332

Fidelity

National

Information

Services,

Inc.,

4.5000%, 7/15/25

6,860,000

6,964,852

Fiserv,

Inc.,

3.8000%, 10/1/23

22,245,000

22,299,004

Intuit,

Inc.,

0.6500%, 7/15/23

14,710,000

14,335,613

NVIDIA

Corp.,

0.5840%, 6/14/24

16,725,000

15,946,400

VMware,

Inc.,

1.0000%, 8/15/24

6,975,000

6,562,003

VMware,

Inc.,

1.4000%, 8/15/26

6,550,000

5,898,722

101,383,795

Utilities

-

4.2%

Ausgrid

Finance

Pty.

Ltd.,

3.8500%, 5/1/23

(144A)

7,940,000

7,916,943

Ausgrid

Finance

Pty.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.1000%,

1.9964%, 2/5/24

‡

AUD

1,570,000

1,094,225

Ausgrid

Finance

Pty.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.2200%,

3.3408%, 10/30/24

‡

22,900,000

15,974,441

Ausgrid

Finance

Pty.

Ltd.,

3.7500%, 10/30/24

17,320,000

11,967,610

AusNet

Services

Holdings

Pty.

Ltd.,

5.3750%, 7/2/24

4,400,000

3,156,412

AusNet

Services

Holdings

Pty.

Ltd.,

2.6000%, 7/31/29

240,000

139,611

Australian

Gas

Networks

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

0.4200%,

2.2332%, 7/1/26

‡

3,000,000

2,039,283

ElectraNet

Pty.

Ltd.,

2.4737%, 12/15/28

1,430,000

841,907

ETSA

Utilities

Finance

Pty.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.0400%,

2.6623%, 12/13/23

‡

1,630,000

1,140,576

ETSA

Utilities

Finance

Pty.

Ltd.,

3.5000%, 8/29/24

5,480,000

3,788,844

Korea

East-West

Power

Co.

Ltd.,

3.8750%, 7/19/23

$

200,000

200,269

Korea

East-West

Power

Co.

Ltd.,

3.8750%, 7/19/23

(144A)

4,000,000

4,005,380

Korea

East-West

Power

Co.

Ltd.,

1.7500%, 5/6/25

6,454,000

6,090,838

Korea

Southern

Power

Co.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

0.9700%,

3.0908%, 10/30/24

‡

AUD

2,090,000

1,459,784

Network

Finance

Co.

Pty.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.2300%,

3.0616%, 12/6/24

‡

14,620,000

10,232,115

Network

Finance

Co.

Pty.

Ltd.,

3.5000%, 12/6/24

1,300,000

898,029

Network

Finance

Co.

Pty.

Ltd.,

2.2500%, 11/11/26

570,000

362,025

NextEra

Energy

Capital

Holdings,

Inc.,

SOFRINDX

+

1.0200%,

2.5291%, 3/21/24

‡

$

10,300,000

10,203,661

NextEra

Energy

Capital

Holdings,

Inc.,

2.9400%, 3/21/24

13,800,000

13,674,161

SGSP

Australia

Assets

Pty.

Ltd.,

3.3000%, 4/9/23

Ç

14,770,000

14,733,310

SGSP

Australia

Assets

Pty.

Ltd.,

3.7500%, 6/28/23

AUD

300,000

209,560

SGSP

Australia

Assets

Pty.

Ltd.,

3.2500%, 7/29/26

$

200,000

193,080

110,322,064

Total

Corporate

Bonds

(cost

$2,172,861,070)

2,056,866,108

Foreign

Government

Bonds

-

6.0%

Kiwibank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

0.7000%,

2.4400%, 9/23/25

‡

AUD

17,230,000

11,951,532

Korea

Hydro

&

Nuclear

Power

Co.

Ltd.,

3.7500%, 7/25/23

(144A)

$

8,050,000

8,075,599

Korea

National

Oil

Corp.,

0.8750%, 10/5/25

(144A)

7,100,000

6,445,045

New

South

Wales

Treasury

Corp.,

1.0000%, 2/8/24

AUD

23,800,000

16,190,308

New

Zealand

Government

Bond,

0.5000%, 5/15/24

NZD

122,420,000

73,088,026

Queensland

Treasury

Corp.,

5.7500%, 7/22/24

AUD

30,600,000

22,548,922

South

Australian

Government

Financing

Authority,

2.2500%, 8/15/24

13,700,000

9,428,218

Treasury

Corp.

of

Victoria,

5.5000%, 12/17/24

6,825,000

5,049,907

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

(unaudited)

July

31,

2022

8

Shares/

Principal

Amounts

Value

Foreign

Government

Bonds

-

(continued)

Western

Australian

Treasury

Corp.,

2.5000%, 7/23/24

AUD

8,275,000

$

5,738,857

Total

Foreign

Government

Bonds

(cost

$168,782,495)

158,516,414

Mortgage-Backed

Securities

-

0.5%

Firstmac

Mortgage

Funding

Trust

,

30

Day

Australian

Bank

Bill

Rate

+

1.3000%

,

2.6817

%

,

3/8/49

‡

3,500,000

2,451,384

La

Trobe

Financial

Capital

Markets

Trust

30

Day

Australian

Bank

Bill

Rate

+

2.0000%,

3.4100%, 3/12/50

‡

935,790

653,188

30

Day

Australian

Bank

Bill

Rate

+

2.3500%,

3.7600%, 3/12/50

‡

1,555,884

1,086,017

30

Day

Australian

Bank

Bill

Rate

+

1.3500%,

2.7500%, 2/11/51

‡

332,604

231,300

30

Day

Australian

Bank

Bill

Rate

+

1.8500%,

3.2500%, 2/11/51

‡

1,400,000

982,024

Liberty

30

Day

Australian

Bank

Bill

Rate

+

1.9000%,

3.5450%, 10/25/50

‡

951,255

663,346

30

Day

Australian

Bank

Bill

Rate

+

2.1000%,

3.7450%, 10/25/50

‡

328,409

228,372

Pepper

Residential

Securities

Trust

ICE

LIBOR

USD

1

Month

+

1.0000%,

3.1264%, 6/20/60

(144A)

‡

$

485,998

485,565

30

Day

Australian

Bank

Bill

Rate

+

2.2500%,

3.8000%, 8/18/60

‡

AUD

984,364

692,831

ICE

LIBOR

USD

1

Month

+

0.9000%,

3.0560%, 11/18/60

(144A)

‡

$

230,400

229,962

RedZed

Trust

,

30

Day

Australian

Bank

Bill

Rate

+

2.4000%

,

3.8000

%

,

3/9/50

‡

AUD

5,913,157

4,126,376

RESIMAC

Premier

,

ICE

LIBOR

USD

1

Month

+

0.8000%

,

2.6721

%

,

11/10/49

(144A)

‡

$

182,261

182,183

TORRENS

Trust

,

30

Day

Australian

Bank

Bill

Rate

+

1.6000%

,

3.0100

%

,

1/12/46

‡

AUD

889,661

617,405

Total

Mortgage-Backed

Securities

(cost

$13,163,323)

12,629,953

Exchange

Traded

Fund

-

1.0%

Janus

Henderson

AAA

CLO

ETF

£

(cost

$27,667,778)

550,000

27,104,000

Investment

Companies

-

0.2%

Money

Market

Funds

-

0.2%

Federated

Hermes

Government

Obligations

Tax-Managed

Fund,

1.4300%

∞

(cost

$5,467,591)

5,467,591

5,467,591

Commercial

Paper

-

13.7%

Arrow

Electronics,

Inc.,

2.7006%, 8/1/22

(Section

4(2))

$

36,250,000

36,241,412

Centennial

Energy

Holdings,

Inc.,

2.5505%, 8/1/22

(Section

4(2))

45,250,000

45,240,494

Conagra

Brands,

Inc.,

2.5505%, 8/1/22

(Section

4(2))

50,000,000

49,988,862

Energy

Transfer

LP,

2.9507%, 8/1/22

(Section

4(2))

20,000,000

19,995,395

Jabil,

Inc.,

3.0508%, 8/1/22

(Section

4(2))

92,250,000

92,227,530

National

Fuel

Gas

Co.,

2.8006%, 8/1/22

(Section

4(2))

8,500,000

8,498,214

Smithfield

Foods,

Inc.,

2.9007%, 8/1/22

(Section

4(2))

88,000,000

87,980,523

Southern

California

Edison

Co.,

2.6506%, 8/1/22

(Section

4(2))

20,000,000

19,995,667

Total

Commercial

Paper

(cost

$360,250,000)

360,168,097

Total

Investments

(total

cost

$2,748,324,543

)

-

99.5%

2,620,877,050

Cash,

Receivables

and

Other

Assets,

net

of

Liabilities

-

0.5%

13,311,683

Net

Assets

-

100.0%

$2,634,188,733

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

1,654,429,268

63.1

%

Australia

523,211,521

20.0

Canada

86,599,561

3.3

New

Zealand

85,761,656

3.3

United

Kingdom

75,573,433

2.9

Singapore

48,143,827

1.8

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

(unaudited)

July

31,

2022

9

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

(continued)

Country

Value

%

of

Investment

Securities

Ireland

$

31,568,554

1.2

%

Spain

28,198,684

1.1

South

Korea

26,276,915

1.0

Finland

22,190,778

0.8

Netherlands

14,744,013

0.6

Sweden

12,133,380

0.5

Cayman

Islands

6,224,321

0.2

United

Arab

Emirates

3,229,753

0.1

Japan

2,591,386

0.1

Total

$

2,620,877,050

100.0

%

Schedule

of

Affiliated

Investments

-

(%

of

Net

Assets)

Dividend

Income

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciatio

n/

(Depreciation)

Value

at

7/31/22

Exchange

Traded

Funds

-

1.0%

Janus

Henderson

AAA

CLO

ETF

$

158,734

$

–

$

(563,778)

$

27,104,000

Market

Value

at

10/31/21

Purchases

Sales

Market

Value

at

7/31/22

Exchange

Traded

Funds

-

1.0%

Janus

Henderson

AAA

CLO

ETF

$

–

$

27,667,778

$

–

$

27,104,000

Schedule

of

Forward

Foreign

Currency

Exchange

Contracts

,

Open

Counterparty/

Foreign

Currency

Settlement

Date

Foreign

Currency

Amount

Sold/

(Purchased)

USD

Currency

Amount

Sold/

(Purchased)

Market

Value

and

Unrealized

Appreciation

(Depreciation)

Bank

of

America

N.A.

Australian

Dollar

8/2/22

(5,300,000)

$

3,685,722

$

12,618

Australian

Dollar

8/2/22

27,000,000

(18,781,200)

(59,400)

Australian

Dollar

10/28/22

671,500,000

(468,330,960)

(827,960)

Australian

Dollar

8/2/22

656,500,000

(456,855,068)

(1,250,632)

Canadian

Dollar

10/28/22

58,500,000

(45,495,587)

(148,668)

Canadian

Dollar

8/2/22

57,800,000

(44,306,058)

(802,616)

New

Zealand

Dollar

8/1/22

74,000,000

(46,483,248)

81,548

(2,995,110)

Citibank

N.A.

Australian

Dollar

8/2/22

4,900,000

(3,541,017)

121,797

Australian

Dollar

8/2/22

(3,500,000)

2,433,428

8,873

Australian

Dollar

8/2/22

4,000,000

(2,693,859)

(97,341)

33,329

J.P.

Morgan

Chase

Bank

Australian

Dollar

8/2/22

(4,000,000)

2,760,166

31,034

Australian

Dollar

8/2/22

(3,000,000)

2,082,258

11,142

Australian

Dollar

8/2/22

(4,200,000)

2,972,274

(41,514)

Canadian

Dollar

8/2/22

540,000

(419,782)

(1,649)

(987)

Morgan

Stanley

&

Co.

New

Zealand

Dollar

10/28/22

16,300,000

(10,217,166)

2,323

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

(unaudited)

July

31,

2022

10

Schedule

of

Forward

Foreign

Currency

Exchange

Contracts

,

Open

(continued)

Counterparty/

Foreign

Currency

Settlement

Date

Foreign

Currency

Amount

Sold/

(Purchased)

USD

Currency

Amount

Sold/

(Purchased)

Market

Value

and

Unrealized

Appreciation

(Depreciation)

New

Zealand

Dollar

10/28/22

100,000,000

$

(61,910,500)

$

(757,250)

(754,927)

Total

$(3,717,695)

Schedule

of

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

and

Unrealized

Appreciation

(Depreciation)

Futures

Short:

Australia

10

Year

Bond

175

9/15/22

$

(15,260,426)

$

(1,030,368)

U.S.

Treasury

2

Year

Note

2,587

9/30/22

(544,462,447)

673,164

U.S.

Treasury

5

Year

Note

2,816

9/30/22

(320,254,001)

(1,563,322)

Total

$(1,920,526)

Schedule

of

Centrally

Cleared

Credit

Default

Swaps

-

Buy

Protection

Referenced

Asset

Maturity

Date

Notional

Amount

Value

Premiums

Paid/

(Received)

Unrealized

Appreciation

(Depreciation)

CDX.NA.IG.38-V1,

Fixed

Rate

of

1.00%

Paid

Quarterly

6/20/27

$

51,500,000

$

(519,693)

$

478,015

$

(41,678)

CDX.NA.IG.38-V1,

Fixed

Rate

of

1.00%

Paid

Quarterly

6/20/27

130,000,000

(1,311,846)

1,577,100

265,254

CDX.NA.IG.38-V1,

Fixed

Rate

of

1.00%

Paid

Quarterly

6/20/27

58,250,000

(587,807)

279,850

(307,957)

Total

(2,419,346)

2,334,965

$(84,381)

Average

ending

Monthly

Value

of

Derivative

Instruments

During

the

Period

Ended

July

31,

2022

Futures

contracts:

Average

notional

amount

of

contracts

-

long

$157,173,023

Average

notional

amount

of

contracts

-

short

1,462,633,556

Forward

foreign

currency

exchange

contracts:

Average

amounts

purchased

-

in

USD

10,433,617

Average

amounts

sold

-

in

USD

648,207,418

Credit

default

swaps:

Average

notional

amount

-

buy

protection

87,138,889

Interest

rate

swaps:

Average

notional

amount

-

pay

fixed

rate/receive

floating

rate

19,265,000

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

July

31,

2022

11

ETF

Exchange

Traded

Fund

ICE

Intercontinental

Exchange

LIBOR

LIBOR

(London

Interbank

Offered

Rate)

is

a

short-term

interest

rate

that

banks

offer

one

another

and

generally

represents

current

cash

rates.

LLC

Limited

Liability

Company

LP

Limited

Partnership

plc

Public

Limited

Company

SOFR

Secured

Overnight

Financing

Rate

SOFRINDX

Secured

Overnight

Financing

Rate

Compounded

Index

∞

Rate

shown

is

the

7-day

yield

as

of

July

31,

2022.

£

The

Fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

Investment

Company

Act

of

1940,

as

amended,

an

affiliated

company

is

one

in

which

the

Fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

which

is

under

common

ownership

or

control.

Ç

Step

bond.

The

coupon

rate

will

increase

or

decrease

periodically

based

upon

a

predetermined

schedule.

The

rate

shown

reflects

the

current

rate.

Section

4(2)

Securities

subject

to

legal

and/or

contractual

restrictions

on

resale

and

may

not

be

publicly

sold

without

registration

under

the

Securities

Act

of

1933,

as

amended.

The

total

value

of

Section

4(2)

securities

as

of

the

period

ended

July

31,

2022

is

$360,168,097,

which

represents

13.7%

of

net

assets.

144A

Securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended,

are

subject

to

legal

and/or

contractual

restrictions

on

resale

and

may

not

be

publicly

sold

without

registration

under

the

1993

Act.

Unless

otherwise

noted,

these

securities

have

been

determined

to

be

liquid

in

accordance

with

the

requirements

of

Rule

22e-4,

under

the

1940

Act.

The

total

value

of

144A

securities

as

of

the

period

ended

July

31,

2022

is

$461,840,698

which

represents

17.5%

of

net

assets.

‡

Variable

or

floating

rate

security.

Rate

shown

is

the

current

rate

as

of

July

31,

2022.

Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread;

they

are

determined

by

the

issuer

or

agent

and

current

market

conditions.

Reference

rate

is

as

of

reset

date

and

may

vary

by

security,

which

may

not

indicate

a

reference

rate

and/or

spread

in

their

description.

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

July

31,

2022

12

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

Security

$

—

$

124,887

$

—

Corporate

Bonds

—

2,056,866,108

—

Foreign

Government

Bonds

—

158,516,414

—

Mortgage-Backed

Securities

—

12,629,953

—

Exchange

Traded

Fund

27,104,000

—

—

Investment

Companies

5,467,591

—

—

Commercial

Paper

—

360,168,097

—

Total

Investments

in

Securities

$

32,571,591

$

2,588,305,459

$

—

Other

Financial

Instruments

(a)

:

Centrally

Cleared

Swaps

$

—

$

265,254

$

—

Forward

Foreign

Currency

Exchange

Contracts

—

269,335

—

Futures

Contracts

673,164

—

—

Total

Other

Financial

Instruments

$

673,164

$

534,589

$

—

Total

Assets

$

33,244,755

$

2,588,840,048

$

—

Liabilities

Other

Financial

Instruments

(a)

:

Centrally

Cleared

Swaps

$

—

$

349,635

$

—

Forward

Foreign

Currency

Exchange

Contracts

—

3,987,030

—

Futures

Contracts

2,593,690

—

—

Total

Liabilities

$

2,593,690

$

4,336,665

$

—

(a)

Other

financial

instruments

include

forward

foreign

currency

exchange,

futures

and

swap

contracts.

Forward

foreign

currency

exchange

contracts,

futures

contracts

and

swap

contracts

are

reported

at

their

unrealized

appreciation/(depreciation)

at

measurement

date,

which

represents

the

change

in

the

contract’s

value

from

trade

date.

13

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.

14

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.

125-35-70333

09-22