NPORT-EX 2 JHI_B-BBB_CLO_ETF.htm 7.31 PART F
Janus
Henderson
B-BBB
CLO
ETF
Schedule
of
Investments
(unaudited)
July
31,
2023
1
Shares/
Principal
Amounts
Value
Collateralized
Loan
Obligations
-
95.1%
AB
BSL
CLO
2
Ltd.
2021-2A
D,
CME
Term
SOFR
3
Month
+
3.6116%,
8.9196%,
4/15/34
(144A)
‡
$
1,000,000
$
907,961
AGL
CLO
10
Ltd.
2021-10A
D,
CME
Term
SOFR
3
Month
+
3.1616%,
8.4696%,
4/15/34
(144A)
‡
2,000,000
1,917,234
AGL
CLO
6
Ltd.
2020-6A
DR,
CME
Term
SOFR
3
Month
+
3.5116%,
8.8378%,
7/20/34
(144A)
‡
2,000,000
1,953,606
AGL
CLO
7
Ltd.
2020-7A
DR,
CME
Term
SOFR
3
Month
+
3.3616%,
8.6696%,
7/15/34
(144A)
‡
250,000
244,352
Annisa
CLO
Ltd.
2016-2A
DR,
ICE
LIBOR
USD
3
Month
+
3.0000%,
8.5877%,
7/20/31
(144A)
‡
1,500,000
1,467,233
Apidos
CLO
XXIII
2015-23A
DR,
CME
Term
SOFR
3
Month
+
3.2116%,
8.5196%,
4/15/33
(144A)
‡
950,000
916,587
Ares
XLI
CLO
Ltd.
2016-41A
DR,
CME
Term
SOFR
3
Month
+
3.2616%,
8.5696%,
4/15/34
(144A)
‡
1,250,000
1,189,136
Battery
Park
CLO
II
Ltd.
2022-1A
D,
CME
Term
SOFR
3
Month
+
5.6800%,
11.0061%,
10/20/35
(144A)
‡
2,000,000
2,024,624
BlueMountain
CLO
XXVI
Ltd.
2019-26A
D2R,
CME
Term
SOFR
3
Month
+
4.6316%,
9.9578%,
10/20/34
(144A)
‡
1,250,000
1,187,942
BlueMountain
CLO
XXVIII
Ltd.
2021-28A
D,
CME
Term
SOFR
3
Month
+
3.1616%,
8.4696%,
4/15/34
(144A)
‡
3,500,000
3,298,334
BlueMountain
CLO
XXX
Ltd.
2020-30A
DR,
CME
Term
SOFR
3
Month
+
3.3000%,
8.6080%,
4/15/35
(144A)
‡
1,500,000
1,393,674
BlueMountain
CLO
XXXI
Ltd.
2021-31A
D,
CME
Term
SOFR
3
Month
+
3.2616%,
8.5817%,
4/19/34
(144A)
‡
1,250,000
1,187,447
Boyce
Park
CLO
Ltd.
2022-1A
D,
CME
Term
SOFR
3
Month
+
3.1000%,
8.4335%,
4/21/35
(144A)
‡
1,500,000
1,423,930
Carlyle
US
CLO
Ltd.
2021-10A
D,
CME
Term
SOFR
3
Month
+
3.5616%,
8.8877%,
10/20/34
(144A)
‡
3,000,000
2,910,039
Carlyle
US
CLO
Ltd.
2021-7A
C,
ICE
LIBOR
USD
3
Month
+
3.1000%,
8.6696%,
10/15/35
(144A)
‡
2,000,000
1,932,996
CARLYLE
US
CLO
Ltd.
2022-2A
C,
CME
Term
SOFR
3
Month
+
3.5500%,
8.8761%,
4/20/35
(144A)
‡
2,500,000
2,358,978
Cedar
Funding
VI
CLO
Ltd.
2016-6A
DRR,
CME
Term
SOFR
3
Month
+
3.5716%,
8.8977%,
4/20/34
(144A)
‡
1,000,000
954,465
Cedar
Funding
X
CLO
Ltd.
2019-10A
DR,
CME
Term
SOFR
3
Month
+
3.4616%,
8.7878%,
10/20/32
(144A)
‡
2,000,000
1,937,162
CIFC
Funding
Ltd.
2015-3A
DR,
CME
Term
SOFR
3
Month
+
2.7616%,
8.0817%,
4/19/29
(144A)
‡
1,500,000
1,404,021
CIFC
Funding
Ltd.
2017-5A
C,
CME
Term
SOFR
3
Month
+
3.1116%,
8.4196%,
11/16/30
(144A)
‡
2,000,000
1,945,250
CIFC
Funding
Ltd.
2019-1A
DR,
CME
Term
SOFR
3
Month
+
3.3616%,
8.6878%,
4/20/32
(144A)
‡
1,000,000
983,274
Dryden
105
CLO
Ltd.
2023-105A
D,
CME
Term
SOFR
3
Month
+
5.2000%,
10.0586%,
4/18/36
(144A)
‡
1,500,000
1,507,284
Dryden
37
Senior
Loan
Fund
2015-37A
DR,
CME
Term
SOFR
3
Month
+
2.7616%,
8.0696%,
1/15/31
(144A)
‡
1,500,000
1,372,737
Dryden
54
Senior
Loan
Fund
2017-54A
C,
CME
Term
SOFR
3
Month
+
2.4116%,
7.7317%,
10/19/29
(144A)
‡
1,000,000
990,668
Dryden
58
CLO
Ltd.
2018-58A
D,
CME
Term
SOFR
3
Month
+
2.9616%,
8.2696%,
7/17/31
(144A)
‡
1,500,000
1,441,106
Dryden
60
CLO
Ltd.
2018-60A
D,
CME
Term
SOFR
3
Month
+
3.2616%,
8.5696%,
7/15/31
(144A)
‡
3,250,000
3,144,742
Dryden
80
CLO
Ltd.
2019-80A
DR,
CME
Term
SOFR
3
Month
+
3.1000%,
8.4080%,
1/17/33
(144A)
‡
1,000,000
883,089
Janus
Henderson
B-BBB
CLO
ETF
Schedule
of
Investments
(unaudited)
July
31,
2023
2
Shares/
Principal
Amounts
Value
Collateralized
Loan
Obligations
-
(continued)
Dryden
90
CLO
Ltd.
2021-90A
D,
ICE
LIBOR
USD
3
Month
+
3.0000%,
8.3791%,
2/20/35
(144A)
‡
$
1,000,000
$
940,914
Franklin
Park
Place
CLO
I
LLC
2022-1A
D,
CME
Term
SOFR
3
Month
+
3.7500%,
9.0610%,
4/14/35
(144A)
‡
2,500,000
2,368,668
Gilbert
Park
CLO
Ltd.
2017-1A
D,
CME
Term
SOFR
3
Month
+
3.2116%,
8.5196%,
10/15/30
(144A)
‡
1,000,000
968,667
HalseyPoint
CLO
3
Ltd.
2020-3A
D1,
CME
Term
SOFR
3
Month
+
4.5116%,
9.8807%,
11/30/32
(144A)
‡
1,000,000
1,000,843
Jamestown
CLO
XI
Ltd.
2018-11A
C,
CME
Term
SOFR
3
Month
+
3.5116%,
8.8227%,
7/14/31
(144A)
‡
1,000,000
978,862
KKR
CLO
27
Ltd.
27A
DR,
CME
Term
SOFR
3
Month
+
3.2500%,
8.5580%,
10/15/32
(144A)
‡
1,250,000
1,160,125
LCM
30
Ltd.
30A
DR,
CME
Term
SOFR
3
Month
+
3.2616%,
8.5877%,
4/20/31
(144A)
‡
435,000
397,360
LCM
31
Ltd.
31A
D,
CME
Term
SOFR
3
Month
+
3.8616%,
9.1878%,
1/20/32
(144A)
‡
3,000,000
2,740,365
LCM
36
Ltd.
36A
D,
CME
Term
SOFR
3
Month
+
3.6616%,
8.9696%,
1/15/34
(144A)
‡
2,000,000
1,789,260
Madison
Park
Funding
XVII
Ltd.
2015-17A
DR,
CME
Term
SOFR
3
Month
+
3.8616%,
9.1951%,
7/21/30
(144A)
‡
2,000,000
2,000,220
Madison
Park
Funding
XXI
Ltd.
2016-21A
C2RR,
CME
Term
SOFR
3
Month
+
5.4116%,
10.7196%,
10/15/32
(144A)
‡
1,000,000
967,592
Madison
Park
Funding
XXX
Ltd.
2018-30A
D,
CME
Term
SOFR
3
Month
+
2.7616%,
8.0696%,
4/15/29
(144A)
‡
622,900
603,992
Nassau
Ltd.
2019-IA
BR,
ICE
LIBOR
USD
3
Month
+
2.6000%,
8.1696%,
4/15/31
(144A)
‡
1,500,000
1,449,696
Neuberger
Berman
Loan
Advisers
CLO
33
Ltd.
2019-33A
DR,
CME
Term
SOFR
3
Month
+
3.1616%,
8.4696%,
10/16/33
(144A)
‡
2,500,000
2,400,680
Oaktree
CLO
Ltd.
2019-3A
D1R,
CME
Term
SOFR
3
Month
+
3.4716%,
8.7977%,
10/20/34
(144A)
‡
2,500,000
2,405,840
OCP
CLO
Ltd.
2020-19A
DR,
CME
Term
SOFR
3
Month
+
3.4116%,
8.7378%,
10/20/34
(144A)
‡
2,000,000
1,908,318
Octagon
54
Ltd.
2021-1A
D,
CME
Term
SOFR
3
Month
+
3.3116%,
8.6196%,
7/15/34
(144A)
‡
1,750,000
1,670,923
Octagon
55
Ltd.
2021-1A
D,
CME
Term
SOFR
3
Month
+
3.3616%,
8.6878%,
7/20/34
(144A)
‡
3,000,000
2,875,416
Rad
CLO
18
Ltd.
2023-18A
D,
CME
Term
SOFR
3
Month
+
5.2500%,
10.5580%,
4/15/36
(144A)
‡
2,412,000
2,433,843
Rad
CLO
19
Ltd.
2023-19A
D,
CME
Term
SOFR
3
Month
+
5.7500%,
10.8450%,
4/20/35
(144A)
‡
1,000,000
1,002,849
Regatta
XX
Funding
Ltd.
2021-2A
D,
CME
Term
SOFR
3
Month
+
3.3616%,
8.6696%,
10/15/34
(144A)
‡
250,000
243,748
Rockford
Tower
CLO
Ltd.
2018-2A
D,
CME
Term
SOFR
3
Month
+
3.3616%,
8.6878%,
10/20/31
(144A)
‡
3,100,000
2,993,103
Rockford
Tower
CLO
Ltd.
2020-1A
D,
CME
Term
SOFR
3
Month
+
4.0116%,
9.3377%,
1/20/32
(144A)
‡
4,000,000
3,965,888
Sandstone
Peak
II
Ltd.
2023-1A
D,
CME
Term
SOFR
3
Month
+
6.0200%,
11.1681%,
7/20/36
(144A)
‡
2,000,000
2,002,926
Sandstone
Peak
Ltd.
2021-1A
D,
CME
Term
SOFR
3
Month
+
3.8116%,
9.1196%,
10/15/34
(144A)
‡
2,000,000
1,864,148
Sixth
Street
CLO
XIX
Ltd.
2021-19A
D,
CME
Term
SOFR
3
Month
+
3.2616%,
8.5877%,
7/20/34
(144A)
‡
2,500,000
2,419,620
TCI-Flatiron
CLO
Ltd.
2017-1A
D,
ICE
LIBOR
USD
3
Month
+
2.7500%,
8.0804%,
11/18/30
(144A)
‡
1,000,000
968,002
Janus
Henderson
B-BBB
CLO
ETF
Schedule
of
Investments
(unaudited)
July
31,
2023
3
Shares/
Principal
Amounts
Value
Collateralized
Loan
Obligations
-
(continued)
TCW
CLO
Ltd.
2020-1A
DRR,
ICE
LIBOR
USD
3
Month
+
3.4000%,
8.9877%,
4/20/34
(144A)
‡
$
1,500,000
$
1,409,980
THL
Credit
Wind
River
CLO
Ltd.
2018-3A
D,
CME
Term
SOFR
3
Month
+
3.2116%,
8.5377%,
1/20/31
(144A)
‡
500,000
464,998
TICP
CLO
VIII
Ltd.
2017-8A
CR,
CME
Term
SOFR
3
Month
+
3.6616%,
8.9877%,
10/20/34
(144A)
‡
2,000,000
1,937,758
Upland
CLO
Ltd.
2016-1A
BR,
CME
Term
SOFR
3
Month
+
2.1116%,
7.4378%,
4/20/31
(144A)
‡
1,000,000
972,414
Venture
44
CLO
Ltd.
2021-44A
D1,
CME
Term
SOFR
3
Month
+
3.4916%,
8.8178%,
10/20/34
(144A)
‡
2,000,000
1,825,466
Whitebox
CLO
II
Ltd.
2020-2A
DR,
CME
Term
SOFR
3
Month
+
3.6116%,
8.9572%,
10/24/34
(144A)
‡
250,000
246,680
Total
Collateralized
Loan
Obligations
(cost
$97,723,343)
96,257,035
Exchange
Traded
Fund
-
4.3%
Janus
Henderson
AAA
CLO
ETF
£
(cost
$4,336,294)
87,331
4,387,946
Investment
Companies
-
0.2%
Money
Market
Funds
-
0.2%
Janus
Henderson
Cash
Liquidity
Fund
LLC,
5.2625%
£,∞
(cost
$198,350)
198,311
198,350
Total
Investments
(total
cost
$102,257,987
)
-
99.6%
100,843,331
Cash,
Receivables
and
Other
Assets,
net
of
Liabilities
-
0.4%
443,736
Net
Assets
-
100.0%
$101,287,067
Summary
of
Investments
by
Country
-
(Long
Positions)
(unaudited)
Country
Value
%
of
Investment
Securities
United
States
$
100,843,331
100.0
%
–
–
Schedule
of
Affiliated
Investments
-
(%
of
Net
Assets)
Dividend
Income
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciatio
n/
(Depreciation)
Value
at
7/31/23
Investment
Company
-
4.5%
Exchange
Traded
Fund
-
4.3%
Janus
Henderson
AAA
CLO
ETF
∞
$
89,495
$
75,066
$
47,104
$
4,387,946
Money
Market
Funds
-
0.2%
Janus
Henderson
Cash
Liquidity
Fund
LLC,
5.2625%
∞
71,173
602
(125)
198,350
Total
Affiliated
Investments
-
4.5%
$
160,668
$
75,668
$
46,979
$
4,586,296
Market
Value
at
10/31/22
Purchases
Sales
Market
Value
at
7/31/23
Investment
Company
-
4.5%
Exchange
Traded
Fund
-
4.3%
Janus
Henderson
AAA
CLO
ETF
∞
$
3,783,439
$
6,918,418
$
(6,436,081)
$
4,387,946
Money
Market
Funds
-
0.2%
Janus
Henderson
Cash
Liquidity
Fund
LLC,
5.2625%
∞
7,585,792
43,993,940
(51,381,859)
198,350
Total
Affiliated
Investments
-
4.5%
$
11,369,231
$
50,912,358
$
(57,817,940)
$
4,586,296
Janus
Henderson
B-BBB
CLO
ETF
Notes
to
Schedule
of
Investments
and
Other
Information
(unaudited)
July
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
July
31,
2023.
£
The
Fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
Investment
Company
Act
of
1940,
as
amended,
an
affiliated
company
is
one
in
which
the
Fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
which
is
under
common
ownership
or
control.
‡
The
interest
rate
on
floating
rate
notes
is
based
on
an
index
or
market
interest
rates
and
is
subject
to
change.
Rate
in
the
security
description
is
as
of
July
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
July
31,
2023
is
$96,257,035
which
represents
95.0%
of
net
assets.
The
following
is
a
summary
of
the
inputs
that
were
used
to
value
the
Fund's
investments
in
securities
and
other
financial
instruments
as
of
July
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
$
—
$
96,257,035
$
—
Exchange
Traded
Fund
4,387,946
—
—
Investment
Companies
—
198,350
—
Total
Assets
$
4,387,946
$
96,455,385
$
—
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
the
Fund,
if
any,
will
be
calculated
using
the
NAV
of
such
mutual
funds,
and
the
prospectuses
for
such
mutual
funds
explain
the
circumstances
under
which
they
use
fair
valuation
and
the
effects
of
using
fair
valuation.
The
value
of
the
securities
of
any
cash
management
pooled
investment
vehicles
that
operate
as
money
market
funds
held
by
the
Fund,
if
any,
will
be
calculated
using
the
NAV
of
such
funds.
Valuation
Inputs
Summary 
FASB
ASC
820,
Fair
Value
Measurements
and
Disclosures
(“ASC
820”),
defines
fair
value,
establishes
a
framework
for
measuring
fair
value,
and
expands
disclosure
requirements
regarding
fair
value
measurements.
This
standard
emphasizes
that
fair
value
is
a
market-based
measurement
that
should
be
determined
based
on
the
assumptions
that
market
participants
would
use
in
pricing
an
asset
or
liability
and
establishes
a
hierarchy
that
prioritizes
inputs
to
valuation
techniques
used
to
measure
fair
value.
These
inputs
are
summarized
into
three
broad
levels: 
Level
1
–
Unadjusted
quoted
prices
in
active
markets
the
Fund
has
the
ability
to
access
for
identical
assets
or
liabilities.
Level
2
–
Observable
inputs
other
than
unadjusted
quoted
prices
included
in
Level
1
that
are
observable
for
the
asset
or
liability
either
directly
or
indirectly.
These
inputs
may
include
quoted
prices
for
the
identical
instrument
on
an
inactive
market,
prices
for
similar
instruments,
interest
rates,
prepayment
speeds,
credit
risk,
yield
curves,
default
rates
and
similar
data.
Assets
or
liabilities
categorized
as
Level
2
in
the
hierarchy
generally
include:
debt
securities
fair
valued
in
accordance
with
the
evaluated
bid
or
ask
prices
supplied
by
a
pricing
service;
securities
traded
on
OTC
markets
and
listed
securities
for
which
no
sales
are
reported
that
are
fair
valued
at
the
latest
bid
price
(or
yield
equivalent
thereof)
obtained
from
one
or
more
dealers
transacting
in
a
market
for
such
securities
or
by
a
pricing
service
approved
by
the
Fund’s
Trustees;
and
certain
short-term
debt
securities
with
maturities
of
60
days
or
less
that
are
fair
valued
at
amortized
cost.
Other
securities
that
may
be
categorized
as
Level
2
in
the
hierarchy
include,
but
are
not
limited
to,
preferred
stocks,
bank
loans,
swaps,
investments
in
unregistered
investment
companies,
options,
and
forward
contracts.
6
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.
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,
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.
125-35-70447
09-23