Janus

Henderson

B-BBB

CLO

ETF

Schedule

of

Investments

(unaudited)

January

31,

2023

1

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

99.8%

AGL

CLO

10

Ltd.

2021-10A

D,

ICE

LIBOR

USD

3

Month

+

2.9000%,

7.6924%,

4/15/34

(144A)

‡

$

2,000,000

$

1,863,586

AGL

CLO

7

Ltd.

2020-7A

DR,

ICE

LIBOR

USD

3

Month

+

3.1000%,

7.8924%,

7/15/34

(144A)

‡

250,000

235,270

Apidos

CLO

XXIII

2015-23A

DR,

ICE

LIBOR

USD

3

Month

+

2.9500%,

7.7424%,

4/15/33

(144A)

‡

950,000

891,706

Ares

XLI

CLO

Ltd.

2016-41A

DR,

ICE

LIBOR

USD

3

Month

+

3.0000%,

7.7924%,

4/15/34

(144A)

‡

1,250,000

1,164,239

BlueMountain

CLO

XXVI

Ltd.

2019-26A

D2R,

ICE

LIBOR

USD

3

Month

+

4.3700%,

9.1777%,

10/20/34

(144A)

‡

1,250,000

1,162,274

BlueMountain

CLO

XXX

Ltd.

2020-30A

DR,

CME

Term

SOFR

3

Month

+

3.3000%,

7.9576%,

4/15/35

(144A)

‡

1,500,000

1,349,011

BlueMountain

CLO

XXXI

Ltd.

2021-31A

D,

ICE

LIBOR

USD

3

Month

+

3.0000%,

7.7976%,

4/19/34

(144A)

‡

1,250,000

1,125,900

Boyce

Park

CLO

Ltd.

2022-1A

D,

CME

Term

SOFR

3

Month

+

3.1000%,

7.7535%,

4/21/35

(144A)

‡

1,500,000

1,394,964

Carlyle

Global

Market

Strategies

CLO

Ltd.

2014-5A

DRR,

ICE

LIBOR

USD

3

Month

+

3.1500%,

7.9424%,

7/15/31

(144A)

‡

1,000,000

910,064

CBAM

Ltd.

2021-14A

D,

ICE

LIBOR

USD

3

Month

+

3.1000%,

7.9077%,

4/20/34

(144A)

‡

1,400,000

1,211,315

Cedar

Funding

VI

CLO

Ltd.

2016-6A

DRR,

ICE

LIBOR

USD

3

Month

+

3.3100%,

8.1177%,

4/20/34

(144A)

‡

1,000,000

915,847

Cedar

Funding

X

CLO

Ltd.

2019-10A

DR,

ICE

LIBOR

USD

3

Month

+

3.2000%,

8.0077%,

10/20/32

(144A)

‡

2,000,000

1,866,196

CIFC

Funding

Ltd.

2015-3A

DR,

ICE

LIBOR

USD

3

Month

+

2.5000%,

7.2976%,

4/19/29

(144A)

‡

1,500,000

1,392,868

CIFC

Funding

Ltd.

2017-4A

CR,

ICE

LIBOR

USD

3

Month

+

3.1500%,

7.9656%,

10/24/30

(144A)

‡

1,500,000

1,427,880

CIFC

Funding

Ltd.

2017-5A

C,

ICE

LIBOR

USD

3

Month

+

2.8500%,

7.6424%,

11/16/30

(144A)

‡

2,000,000

1,887,440

CIFC

Funding

Ltd.

2014-5A

DR2,

ICE

LIBOR

USD

3

Month

+

3.4000%,

8.1924%,

10/17/31

(144A)

‡

2,000,000

1,896,540

CIFC

Funding

Ltd.

2019-1A

DR,

ICE

LIBOR

USD

3

Month

+

3.1000%,

7.9077%,

4/20/32

(144A)

‡

1,000,000

951,893

Dryden

37

Senior

Loan

Fund

2015-37A

DR,

ICE

LIBOR

USD

3

Month

+

2.5000%,

7.2924%,

1/15/31

(144A)

‡

1,500,000

1,349,802

Dryden

54

Senior

Loan

Fund

2017-54A

C,

ICE

LIBOR

USD

3

Month

+

2.1500%,

6.9476%,

10/19/29

(144A)

‡

1,000,000

964,024

Dryden

60

CLO

Ltd.

2018-60A

D,

ICE

LIBOR

USD

3

Month

+

3.0000%,

7.7924%,

7/15/31

(144A)

‡

3,250,000

3,022,614

Dryden

80

CLO

Ltd.

2019-80A

DR,

CME

Term

SOFR

3

Month

+

3.1000%,

7.7576%,

1/17/33

(144A)

‡

1,000,000

867,170

Gilbert

Park

CLO

Ltd.

2017-1A

D,

ICE

LIBOR

USD

3

Month

+

2.9500%,

7.7424%,

10/15/30

(144A)

‡

1,000,000

943,450

Greywolf

CLO

V

Ltd.

2015-1A

CR,

ICE

LIBOR

USD

3

Month

+

3.0000%,

7.8177%,

1/27/31

(144A)

‡

1,000,000

909,329

Jamestown

CLO

XI

Ltd.

2018-11A

C,

ICE

LIBOR

USD

3

Month

+

3.2500%,

8.0424%,

7/14/31

(144A)

‡

1,000,000

943,860

KKR

CLO

27

Ltd.

27A

DR,

CME

Term

SOFR

3

Month

+

3.2500%,

7.9076%,

10/15/32

(144A)

‡

1,250,000

1,154,045

LCM

29

Ltd.

29A

DR,

ICE

LIBOR

USD

3

Month

+

3.4000%,

8.1924%,

4/15/31

(144A)

‡

1,000,000

868,868

LCM

30

Ltd.

30A

DR,

ICE

LIBOR

USD

3

Month

+

3.0000%,

7.8077%,

4/20/31

(144A)

‡

435,000

386,628

Janus

Henderson

B-BBB

CLO

ETF

Schedule

of

Investments

(unaudited)

January

31,

2023

2

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

LCM

31

Ltd.

31A

D,

ICE

LIBOR

USD

3

Month

+

3.6000%,

8.4077%,

1/20/32

(144A)

‡

$

3,000,000

$

2,706,393

LCM

36

Ltd.

36A

D,

ICE

LIBOR

USD

3

Month

+

3.4000%,

8.1924%,

1/15/34

(144A)

‡

2,000,000

1,830,970

Madison

Park

Funding

XVII

Ltd.

2015-17A

DR,

ICE

LIBOR

USD

3

Month

+

3.6000%,

8.4153%,

7/21/30

(144A)

‡

2,000,000

1,953,424

Madison

Park

Funding

XXI

Ltd.

2016-21A

C2RR,

ICE

LIBOR

USD

3

Month

+

5.1500%,

9.9424%,

10/15/32

(144A)

‡

1,000,000

961,568

Madison

Park

Funding

XXX

Ltd.

2018-30A

D,

ICE

LIBOR

USD

3

Month

+

2.5000%,

7.2924%,

4/15/29

(144A)

‡

622,900

588,562

Neuberger

Berman

Loan

Advisers

CLO

34

Ltd.

2019-34A

DR,

CME

Term

SOFR

3

Month

+

3.1000%,

7.7390%,

1/20/35

(144A)

‡

2,000,000

1,851,892

Neuberger

Berman

Loan

Advisers

CLO

Ltd.

2019-33A

DR,

ICE

LIBOR

USD

3

Month

+

2.9000%,

7.6924%,

10/16/33

(144A)

‡

2,500,000

2,340,780

Oaktree

CLO

Ltd.

2019-3A

D1R,

ICE

LIBOR

USD

3

Month

+

3.2100%,

8.0177%,

10/20/34

(144A)

‡

2,500,000

2,357,165

Octagon

54

Ltd.

2021-1A

D,

ICE

LIBOR

USD

3

Month

+

3.0500%,

7.8424%,

7/15/34

(144A)

‡

250,000

232,905

Park

Avenue

Institutional

Advisers

CLO

Ltd.

2019-2A

CR,

ICE

LIBOR

USD

3

Month

+

3.5000%,

8.2924%,

10/15/34

(144A)

‡

1,250,000

1,141,240

Regatta

XV

Funding

Ltd.

2018-4A

C,

ICE

LIBOR

USD

3

Month

+

3.3000%,

8.1177%,

10/25/31

(144A)

‡

2,000,000

1,898,420

Regatta

XX

Funding

Ltd.

2021-2A

D,

ICE

LIBOR

USD

3

Month

+

3.1000%,

7.8924%,

10/15/34

(144A)

‡

250,000

235,087

RR

3

Ltd.

2018-3A

CR2,

ICE

LIBOR

USD

3

Month

+

2.5000%,

7.2924%,

1/15/30

(144A)

‡

1,000,000

917,585

Sandstone

Peak

Ltd.

2021-1A

D,

ICE

LIBOR

USD

3

Month

+

3.5500%,

8.3424%,

10/15/34

(144A)

‡

2,000,000

1,809,762

Sixth

Street

CLO

XIX

Ltd.

2021-19A

D,

ICE

LIBOR

USD

3

Month

+

3.0000%,

7.8077%,

7/20/34

(144A)

‡

2,500,000

2,341,210

TCI-Flatiron

CLO

Ltd.

2017-1A

D,

ICE

LIBOR

USD

3

Month

+

2.7500%,

7.3997%,

11/18/30

(144A)

‡

1,000,000

948,886

TCW

CLO

Ltd.

2018-1A

D,

ICE

LIBOR

USD

3

Month

+

2.9100%,

7.7277%,

4/25/31

(144A)

‡

1,210,000

1,098,075

TCW

CLO

Ltd.

2020-1A

DRR,

ICE

LIBOR

USD

3

Month

+

3.4000%,

8.2077%,

4/20/34

(144A)

‡

1,500,000

1,399,035

THL

Credit

Wind

River

CLO

Ltd.

2018-1A

D,

ICE

LIBOR

USD

3

Month

+

2.9000%,

7.6924%,

7/15/30

(144A)

‡

1,000,000

881,909

THL

Credit

Wind

River

CLO

Ltd.

2018-3A

D,

ICE

LIBOR

USD

3

Month

+

2.9500%,

7.7577%,

1/20/31

(144A)

‡

500,000

436,587

THL

Credit

Wind

River

CLO

Ltd.

2019-1A

DR,

ICE

LIBOR

USD

3

Month

+

3.4500%,

8.2577%,

7/20/34

(144A)

‡

2,000,000

1,727,418

TICP

CLO

VIII

Ltd.

2017-8A

CR,

ICE

LIBOR

USD

3

Month

+

3.4000%,

8.2077%,

10/20/34

(144A)

‡

2,000,000

1,901,828

United

States

of

America

13A

C,

ICE

LIBOR

USD

3

Month

+

1.8000%,

6.6153%,

11/21/30

(144A)

‡

1,000,000

957,617

United

States

of

America

2018-58A

D,

ICE

LIBOR

USD

3

Month

+

2.7000%,

7.4924%,

7/17/31

(144A)

‡

1,500,000

1,406,292

United

States

of

America

2016-2A

DR,

ICE

LIBOR

USD

3

Month

+

3.0000%,

7.8077%,

7/20/31

(144A)

‡

1,500,000

1,428,964

United

States

of

America

2021-28A

D,

ICE

LIBOR

USD

3

Month

+

2.9000%,

7.6924%,

4/15/34

(144A)

‡

3,500,000

3,170,510

United

States

of

America

2020-6A

DR,

ICE

LIBOR

USD

3

Month

+

3.2500%,

8.0577%,

7/20/34

(144A)

‡

2,000,000

1,890,772

Janus

Henderson

B-BBB

CLO

ETF

Schedule

of

Investments

(unaudited)

January

31,

2023

3

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

United

States

of

America

2020-19A

DR,

ICE

LIBOR

USD

3

Month

+

3.1500%,

7.9577%,

10/20/34

(144A)

‡

$

2,000,000

$

1,865,698

United

States

of

America

2021-10A

D,

ICE

LIBOR

USD

3

Month

+

3.3000%,

8.1077%,

10/20/34

(144A)

‡

3,000,000

2,815,365

United

States

of

America

2021-90A

D,

ICE

LIBOR

USD

3

Month

+

3.0000%,

7.6754%,

2/20/35

(144A)

‡

1,000,000

926,175

Upland

CLO

Ltd.

2016-1A

BR,

ICE

LIBOR

USD

3

Month

+

1.8500%,

6.6577%,

4/20/31

(144A)

‡

1,000,000

954,048

Venture

31

CLO

Ltd.

2018-31A

D,

ICE

LIBOR

USD

3

Month

+

2.8200%,

7.6277%,

4/20/31

(144A)

‡

1,250,000

1,037,651

Venture

44

CLO

Ltd.

2021-44A

D1,

ICE

LIBOR

USD

3

Month

+

3.2300%,

8.0377%,

10/20/34

(144A)

‡

2,000,000

1,772,218

Whitebox

CLO

II

Ltd.

2020-2A

DR,

ICE

LIBOR

USD

3

Month

+

3.3500%,

8.1656%,

10/24/34

(144A)

‡

250,000

237,648

Total

Collateralized

Loan

Obligations

(cost

$87,914,357)

83,080,442

Total

Investments

(total

cost

$87,914,357

)

-

99.8%

83,080,442

Cash,

Receivables

and

Other

Assets,

net

of

Liabilities

-

0.2%

144,458

Net

Assets

-

100.0%

$83,224,900

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

83,080,442

100.0%

Schedule

of

Affiliated

Investments

-

(%

of

Net

Assets)

Dividend

Income

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciatio

n/

(Depreciation)

Value

at

1/31/23

Investment

Company

-

N/A

Exchange

Traded

Fund

-

N/A

Janus

Henderson

AAA

CLO

ETF

∞

$

47,164

$

75,823

$

–

$

–

Money

Market

Funds

-

N/A

Janus

Henderson

Cash

Liquidity

Fund

LLC,

4.3364%

∞

46,649

602

–

–

Total

Affiliated

Investments

-

N/A

$

93,813

$

76,425

$

–

$

–

Market

Value

at

10/31/22

Purchases

Sales

Market

Value

at

1/31/23

Investment

Company

-

N/A

Exchange

Traded

Fund

-

N/A

Janus

Henderson

AAA

CLO

ETF

∞

$

3,783,439

$

–

$

(3,854,713)

$

–

Money

Market

Funds

-

N/A

Janus

Henderson

Cash

Liquidity

Fund

LLC,

4.3364%

∞

7,585,792

11,562,990

(19,149,260)

–

Total

Affiliated

Investments

-

N/A

$

11,369,231

$

11,562,990

$

(23,003,973)

$

–

Janus

Henderson

B-BBB

CLO

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

January

31,

2023

4

ETF

Exchange

Traded

Fund

ICE

Intercontinental

Exchange

LIBOR

LIBOR

(London

Interbank

Offered

Rate)

is

a

short-term

interest

rate

that

banks

offer

one

another

and

generally

represents

current

cash

rates.

LLC

Limited

Liability

Company

SOFR

Secured

Overnight

Financing

Rate

∞

Rate

shown

is

the

7-day

yield

as

of

January

31,

2023.

‡

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

January

31,

2023.

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

January

31,

2023

is

$83,080,442

which

represents

99.8%

of

net

assets.

The

following

is

a

summary

of

the

inputs

that

were

used

to

value

the

Fund's

investments

in

securities

and

other

financial

instruments

as

of

January

31,

2023

.

See

Notes

to

Financial

Statements

for

more

information.

Valuation

Inputs

Summary

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Assets

Investments

in

Securities:

Collateralized

Loan

Obligations

$

—

$

83,080,442

$

—

Total

Assets

$

—

$

83,080,442

$

—

5

Investment

Valuation 

Fund holdings

are

valued

in

accordance

with

policies

and

procedures

established

by

the

Adviser

pursuant

to

Rule

2a-5

under

the

1940

Act

and

approved

by

and

subject

to

the

oversight

of

the

Trustees

(the

“Valuation

Procedures”).

Equity

securities,

including

shares

of

exchange-traded

funds,

traded

on

a

domestic

securities

exchange

are

generally

valued

at

readily

available

market

quotations,

which

are

(i)

the

official

close

prices

or

(ii)

last

sale

prices

on

the

primary

market

or

exchange

in

which

the

securities

trade.

If

such

price

is

lacking

for

the

trading

period

immediately

preceding

the

time

of

determination,

such

securities

are

generally

valued

at

their

current

bid

price.

Equity

securities

that

are

traded

on

a

foreign

exchange

are

generally

valued

at

the

closing

prices

on

such

markets.

In

the

event

that

there

is

no

current

trading

volume

on

a

particular

security

in

such

foreign

exchange,

the

bid

price

from

the

primary

exchange

is

generally

used

to

value

the

security.

Foreign

securities

and

currencies

are

converted

to

U.S.

dollars

using

the

current

spot

USD

dollar

exchange

rate

in

effect

at

the

close

of

the

London

Stock

Exchange.

The Fund will

determine

the

market

value

of

individual

securities

held

by

it

by

using

prices

provided

by

one

or

more

approved

professional

pricing

services

or,

as

needed,

by

obtaining

market

quotations

from

independent

broker-dealers.

Most

debt

securities

are

valued

in

accordance

with

the

evaluated

bid

price

supplied

by

the

Adviser-approved

pricing

service

that

is

intended

to

reflect

market

value.

The

evaluated

bid

price

supplied

by

the

pricing

service

is

an

evaluation

that

may

consider

factors

such

as

security

prices,

yields,

maturities

and

ratings.

Certain

short-term

securities

maturing

within

60

days

or

less

may

be

evaluated

and

valued

on

an

amortized

cost

basis

provided

that

the

amortized

cost

determined

approximates

market

value.

Securities

for

which

market

quotations

or

evaluated

prices

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

determined

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

other

mutual

funds

held

by

a

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

mutual

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.

6

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

January

31,

2023 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.

125-25-70446

03-23