Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Schedule

of

Investments

(unaudited)

January

31,

2024

1

Shares/

Principal

Amounts

Value

Asset-Backed

Securities

-

4.7%

Aligned

Data

Centers

Issuer

LLC,

1.9370%,

8/15/46

(144A)

$

500,000

$

451,007

Aqua

Finance

Trust,

1.5400%,

7/17/46

(144A)

162,624

145,894

CF

Hippolyta

Issuer

LLC,

1.9800%,

3/15/61

(144A)

547,562

475,739

Jersey

Mike's

Funding,

4.4330%,

2/15/50

(144A)

124,063

118,601

JPMorgan

Chase

Bank

NA-CACLN,

0.8600%,

2/26/29

(144A)

111,863

108,171

Lendbuzz

Securitization

Trust,

4.2200%,

5/17/27

(144A)

40,685

39,967

LL

ABS

Trust,

3.7600%,

11/15/29

(144A)

22,483

22,350

Oasis

Securitization

Funding

LLC,

2.1430%,

10/15/33

(144A)

28,177

28,015

PACEWell

5

Trust,

2.6280%,

10/10/59

(144A)

236,327

186,241

Pagaya

AI

Debt

Trust,

2.0300%,

10/15/29

(144A)

20,706

20,408

Total

Asset-Backed

Securities

(cost

$1,700,063)

1,596,393

Corporate

Bonds

-

19.3%

Basic

Materials

-

0.8%

RPM

International,

Inc.,

2.9500%, 1/15/32

314,000

269,329

Communications

-

0.7%

FactSet

Research

Systems,

Inc.,

2.9000%, 3/1/27

60,000

56,637

Fox

Corp.,

6.5000%, 10/13/33

171,000

184,424

241,061

Consumer,

Cyclical

-

1.2%

Hasbro,

Inc.,

3.9000%, 11/19/29

178,000

165,252

LKQ

Corp.,

5.7500%, 6/15/28

105,000

107,148

Marriott

International,

Inc.,

4.0000%, 4/15/28

50,000

48,563

Marriott

International,

Inc.,

3.5000%, 10/15/32

85,000

75,800

396,763

Consumer,

Non-cyclical

-

4.8%

AbbVie,

Inc.,

3.2000%, 11/21/29

59,000

54,994

Amgen,

Inc.,

5.2500%, 3/2/33

76,000

77,533

Coca-Cola

Femsa

SAB

de

CV,

1.8500%, 9/1/32

150,000

120,050

CSL

Finance

plc,

4.2500%, 4/27/32

(144A)

89,000

86,206

HCA,

Inc.,

5.2000%, 6/1/28

57,000

57,574

HCA,

Inc.,

4.1250%, 6/15/29

80,000

76,398

HCA,

Inc.,

3.5000%, 9/1/30

264,000

239,543

Humana,

Inc.,

3.1250%, 8/15/29

51,000

46,861

Illumina,

Inc.,

2.5500%, 3/23/31

87,000

72,835

JBS

USA

LUX

SA,

3.0000%, 5/15/32

113,000

91,824

Kenvue,

Inc.,

5.5000%, 3/22/25

352,000

354,806

Pfizer

Investment

Enterprises

Pte.

Ltd.,

4.7500%, 5/19/33

64,000

63,921

S&P

Global,

Inc.,

2.7000%, 3/1/29

82,000

75,461

S&P

Global,

Inc.,

3.7000%, 3/1/52

60,000

47,863

UnitedHealth

Group,

Inc.,

3.7000%, 5/15/27

88,000

86,184

UnitedHealth

Group,

Inc.,

4.2000%, 5/15/32

88,000

85,221

1,637,274

Energy

-

0.2%

Enbridge,

Inc.,

5.7000%, 3/8/33

61,000

62,930

Financial

-

9.3%

Alexandria

Real

Estate

Equities,

Inc.,

2.0000%, 5/18/32

146,000

115,592

Alexandria

Real

Estate

Equities,

Inc.,

4.7500%, 4/15/35

116,000

111,697

American

Express

Co.,

5.8500%, 11/5/27

259,000

270,164

American

Express

Co.,

4.0500%, 5/3/29

225,000

221,985

American

Express

Co.,

SOFR

+

1.8350%,

5.0430%, 5/1/34

‡

76,000

76,037

Bank

of

America

Corp.,

SOFR

+

1.2200%,

2.2990%, 7/21/32

‡

164,000

134,642

Bank

of

America

Corp.,

SOFR

+

1.2100%,

2.5720%, 10/20/32

‡

80,000

66,693

Bank

of

America

Corp.,

SOFR

+

1.3300%,

2.9720%, 2/4/33

‡

250,000

213,276

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Schedule

of

Investments

(unaudited)

January

31,

2024

2

Shares/

Principal

Amounts

Value

Corporate

Bonds

-

(continued)

Financial

-

(continued)

Boston

Properties

LP,

4.5000%, 12/1/28

$

168,000

$

160,475

Boston

Properties

LP,

2.5500%, 4/1/32

163,000

129,633

Capital

One

Financial

Corp.,

SOFR

+

2.6400%,

6.3120%, 6/8/29

‡

33,000

34,020

Citigroup,

Inc.,

SOFR

+

1.3510%,

3.0570%, 1/25/33

‡

139,000

119,064

Equinix,

Inc.,

1.5500%, 3/15/28

122,000

107,573

Equinix,

Inc.,

2.5000%, 5/15/31

108,000

91,734

JPMorgan

Chase

&

Co.,

SOFR

+

1.2600%,

2.9630%, 1/25/33

‡

192,000

165,221

Lloyds

Banking

Group

plc,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.8500%,

1.6270%, 5/11/27

‡

201,000

185,006

Morgan

Stanley,

3.9500%, 4/23/27

145,000

141,112

Morgan

Stanley,

SOFR

+

1.7300%,

5.1230%, 2/1/29

‡

45,000

45,164

Morgan

Stanley,

SOFR

+

1.2900%,

2.9430%, 1/21/33

‡

214,000

182,627

Morgan

Stanley,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.4300%,

5.9480%, 1/19/38

‡

26,000

26,547

Nasdaq,

Inc.,

5.3500%, 6/28/28

18,000

18,460

Nasdaq,

Inc.,

5.5500%, 2/15/34

121,000

125,469

Nasdaq,

Inc.,

5.9500%, 8/15/53

59,000

63,013

Nasdaq,

Inc.,

6.1000%, 6/28/63

24,000

25,881

PNC

Financial

Services

Group,

Inc.

(The),

SOFR

+

1.8410%,

5.5820%, 6/12/29

‡

40,000

40,831

PNC

Financial

Services

Group,

Inc.

(The),

SOFRINDX

+

2.1400%,

6.0370%, 10/28/33

‡

87,000

90,981

Sun

Communities

Operating

LP,

2.7000%, 7/15/31

94,000

78,079

Sun

Communities

Operating

LP,

5.7000%, 1/15/33

107,000

107,983

3,148,959

Industrial

-

0.7%

Regal

Rexnord

Corp.,

6.3000%, 2/15/30

(144A)

33,000

33,920

Regal

Rexnord

Corp.,

6.4000%, 4/15/33

(144A)

22,000

22,863

Trimble,

Inc.,

6.1000%, 3/15/33

115,000

121,007

Xylem,

Inc.,

4.3750%, 11/1/46

50,000

43,474

221,264

Technology

-

0.7%

Broadcom

Corp.,

3.8750%, 1/15/27

86,000

83,771

Micron

Technology,

Inc.,

5.3270%, 2/6/29

70,000

71,130

Oracle

Corp.,

3.9500%, 3/25/51

64,000

49,723

VMware

LLC,

4.7000%, 5/15/30

46,000

45,245

249,869

Utilities

-

0.9%

AES

Corp.

(The),

2.4500%, 1/15/31

80,000

66,767

Southern

California

Edison

Co.,

5.8500%, 11/1/27

52,000

54,093

Southern

California

Edison

Co.,

5.9500%, 11/1/32

120,000

127,912

Xcel

Energy,

Inc.,

4.6000%, 6/1/32

74,000

71,791

320,563

Total

Corporate

Bonds

(cost

$7,086,689)

6,548,012

Mortgage-Backed

Securities

-

53.3%

Ajax

Mortgage

Loan

Trust

2.2500%, 6/25/60

(144A)

Ç

55,859

54,844

2.2500%, 9/27/60

(144A)

Ç

4,475

4,444

Angel

Oak

Mortgage

Trust

,

3.8600

%

,

1/26/65

(144A)

‡

21,084

20,121

BX

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

0.8145%,

6.1476%, 9/15/36

(144A)

‡

1,000,000

986,773

CME

Term

SOFR

1

Month

+

1.7645%,

7.0976%, 9/15/36

(144A)

‡

250,000

243,793

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Schedule

of

Investments

(unaudited)

January

31,

2024

3

Shares/

Principal

Amounts

Value

Mortgage-Backed

Securities

-

(continued)

CALI

Mortgage

Trust

,

3.9570

%

,

3/10/39

(144A)

$

250,000

$

224,171

COLT

Mortgage

Loan

Trust

,

1.8530

%

,

3/25/65

(144A)

‡

463

459

Connecticut

Avenue

Securities

Trust

SOFR30A

+

4.2645%,

9.6091%, 8/25/31

(144A)

‡

459,961

487,625

SOFR30A

+

1.0000%,

6.3446%, 12/25/41

(144A)

‡

299,273

299,367

SOFR30A

+

1.2000%,

6.5446%, 1/25/42

(144A)

‡

299,521

299,465

SOFR30A

+

2.0000%,

7.3446%, 3/25/42

(144A)

‡

96,077

97,174

SOFR30A

+

2.1000%,

7.4446%, 3/25/42

(144A)

‡

118,022

119,635

FHLMC

Gold

Pool,

30

Year

4.0000%, 8/1/48

8,746

8,354

4.0000%, 9/1/48

5,814

5,554

FHLMC

Gold

Pools,

Other

,

3.0000

%

,

2/1/43

871

786

FHLMC

STACR

REMIC

Trust

SOFR30A

+

1.3000%,

6.6446%, 2/25/42

(144A)

‡

146,175

146,654

SOFR30A

+

2.1000%,

7.4446%, 3/25/42

(144A)

‡

120,561

121,646

FHLMC

UMBS

3.5000%, 3/1/43

197

185

3.5000%, 6/1/43

19,749

18,505

4.0000%, 4/1/48

2,375

2,266

4.0000%, 11/1/48

1,755

1,675

4.0000%, 12/1/48

21,601

20,608

4.5000%, 6/1/49

1,397

1,369

4.0000%, 7/1/49

16,486

15,725

4.5000%, 7/1/49

1,778

1,742

4.5000%, 7/1/49

11,554

11,317

4.5000%, 8/1/49

10,455

10,241

4.5000%, 1/1/50

1,966

1,926

4.5000%, 1/1/50

7,083

6,937

4.0000%, 3/1/50

20,555

19,610

4.0000%, 6/1/50

33,935

32,571

4.5000%, 9/1/50

60,995

59,848

4.0000%, 10/1/50

5,612

5,353

4.5000%, 10/1/50

33,249

32,570

3.0000%, 2/1/52

7,574

6,729

3.0000%, 2/1/52

11,291

10,005

3.0000%, 3/1/52

15,586

13,845

4.5000%, 3/1/52

995

962

3.5000%, 4/1/52

3,419

3,165

3.5000%, 4/1/52

18,819

17,449

3.5000%, 4/1/52

3,461

3,204

3.0000%, 6/1/52

70,997

63,069

3.5000%, 6/1/52

129,121

119,700

3.5000%, 6/1/52

16,292

15,008

3.5000%, 7/1/52

203,864

187,736

4.5000%, 8/1/52

91,386

88,457

5.5000%, 9/1/52

29,229

29,649

5.0000%, 1/1/53

2,551

2,537

5.0000%, 1/1/53

2,209

2,198

5.0000%, 3/1/53

9,063

9,010

5.0000%, 3/1/53

3,873

3,825

5.0000%, 3/1/53

9,352

9,297

5.0000%, 3/1/53

20,869

20,613

5.0000%, 3/1/53

193,977

191,596

5.0000%, 4/1/53

11,176

11,085

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Schedule

of

Investments

(unaudited)

January

31,

2024

4

Shares/

Principal

Amounts

Value

Mortgage-Backed

Securities

-

(continued)

FHLMC

UMBS

-

(continued)

5.0000%, 5/1/53

$

2,491

$

2,476

5.0000%, 5/1/53

23,542

23,350

5.0000%, 5/1/53

56,629

56,167

5.0000%, 5/1/53

13,324

13,216

5.5000%, 5/1/53

23,889

24,141

5.5000%, 5/1/53

82,461

83,236

5.0000%, 6/1/53

9,872

9,751

5.0000%, 6/1/53

10,574

10,444

5.0000%, 6/1/53

17,615

17,394

5.0000%, 6/1/53

6,630

6,546

5.0000%, 6/1/53

13,957

13,792

5.0000%, 6/1/53

17,115

16,905

5.0000%, 6/1/53

17,832

17,622

5.0000%, 6/1/53

151,924

150,686

5.5000%, 6/1/53

13,345

13,382

5.5000%, 6/1/53

16,903

16,951

5.5000%, 6/1/53

13,894

13,932

5.5000%, 6/1/53

181,417

183,122

5.5000%, 6/1/53

11,055

11,084

5.0000%, 7/1/53

15,878

15,967

FNMA

UMBS

2.5000%, 12/1/36

376,341

349,279

4.0000%, 5/1/45

2,507

2,411

4.0000%, 10/1/47

13,679

13,094

4.0000%, 11/1/47

19,939

19,086

4.0000%, 1/1/48

18,760

17,958

4.5000%, 6/1/48

13,788

13,529

4.0000%, 7/1/48

16,627

15,863

4.0000%, 8/1/48

12,537

11,961

4.0000%, 9/1/48

30,004

28,721

4.0000%, 10/1/48

6,347

6,092

4.0000%, 11/1/48

19,484

18,589

4.0000%, 12/1/48

3,056

2,916

3.5000%, 5/1/49

33,701

31,009

4.0000%, 6/1/49

2,473

2,359

4.5000%, 6/1/49

1,175

1,151

4.5000%, 8/1/49

1,735

1,699

4.0000%, 9/1/49

12,467

11,891

4.0000%, 11/1/49

3,582

3,438

4.0000%, 11/1/49

40,671

38,801

4.5000%, 1/1/50

32,466

31,855

4.5000%, 1/1/50

2,321

2,274

4.0000%, 3/1/50

12,453

11,881

4.0000%, 3/1/50

59,663

57,265

4.0000%, 3/1/50

32,075

30,600

4.0000%, 4/1/50

5,691

5,402

4.0000%, 8/1/50

7,184

6,819

4.0000%, 9/1/50

69,118

65,928

4.0000%, 10/1/50

65,178

62,561

4.5000%, 10/1/50

39,152

38,416

4.5000%, 12/1/50

56,316

55,165

3.5000%, 2/1/51

13,284

12,223

4.0000%, 3/1/51

3,224

3,076

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Schedule

of

Investments

(unaudited)

January

31,

2024

5

Shares/

Principal

Amounts

Value

Mortgage-Backed

Securities

-

(continued)

FNMA

UMBS

-

(continued)

4.0000%, 3/1/51

$

1,627

$

1,552

4.0000%, 3/1/51

167,401

159,675

4.0000%, 10/1/51

330,965

315,690

4.0000%, 10/1/51

23,609

22,520

3.0000%, 12/1/51

449,471

397,953

3.5000%, 1/1/52

18,159

16,836

3.5000%, 2/1/52

46,109

42,745

2.5000%, 3/1/52

559,304

477,815

2.5000%, 3/1/52

209,140

178,688

2.5000%, 3/1/52

117,153

99,838

3.0000%, 3/1/52

41,608

36,866

3.5000%, 3/1/52

60,721

55,946

3.5000%, 3/1/52

197,766

183,102

3.5000%, 3/1/52

101,660

94,221

3.0000%, 4/1/52

35,155

31,224

3.0000%, 4/1/52

30,040

26,614

3.5000%, 4/1/52

21,479

19,887

3.5000%, 4/1/52

10,040

9,292

3.5000%, 4/1/52

5,497

5,090

3.5000%, 4/1/52

16,512

15,287

3.5000%, 4/1/52

30,593

28,315

3.5000%, 4/1/52

4,957

4,590

4.0000%, 4/1/52

24,500

23,276

4.5000%, 4/1/52

1,184

1,143

4.5000%, 4/1/52

2,103

2,032

4.5000%, 4/1/52

1,838

1,776

4.5000%, 4/1/52

4,773

4,611

4.5000%, 4/1/52

4,039

3,903

4.5000%, 4/1/52

2,315

2,237

3.5000%, 5/1/52

15,860

14,676

3.5000%, 5/1/52

27,943

25,737

4.5000%, 5/1/52

6,408

6,192

3.5000%, 6/1/52

52,279

48,429

3.5000%, 7/1/52

126,797

116,766

3.5000%, 7/1/52

5,076

4,701

4.5000%, 7/1/52

26,878

25,987

3.5000%, 8/1/52

24,763

22,800

3.5000%, 8/1/52

9,311

8,615

3.5000%, 9/1/52

49,782

45,851

5.0000%, 9/1/52

674,184

666,242

5.5000%, 9/1/52

120,977

121,683

5.0000%, 11/1/52

50,534

50,274

5.5000%, 11/1/52

233,783

237,280

5.0000%, 1/1/53

13,642

13,572

5.0000%, 1/1/53

4,417

4,395

5.0000%, 2/1/53

5,608

5,579

5.0000%, 3/1/53

13,196

13,034

5.0000%, 3/1/53

3,229

3,210

5.5000%, 3/1/53

39,948

40,323

5.0000%, 4/1/53

3,828

3,782

5.0000%, 4/1/53

3,264

3,224

5.0000%, 4/1/53

16,211

16,012

5.0000%, 4/1/53

6,245

6,208

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Schedule

of

Investments

(unaudited)

January

31,

2024

6

Shares/

Principal

Amounts

Value

Mortgage-Backed

Securities

-

(continued)

FNMA

UMBS

-

(continued)

5.5000%, 4/1/53

$

19,085

$

19,264

5.0000%, 5/1/53

3,180

3,161

5.5000%, 5/1/53

35,348

35,680

5.5000%, 5/1/53

18,438

18,612

5.0000%, 6/1/53

3,880

3,857

5.0000%, 6/1/53

4,658

4,620

5.0000%, 6/1/53

11,957

12,026

5.0000%, 7/1/53

547,196

550,259

4.5000%, 8/1/53

17,793

17,478

5.0000%, 8/1/53

59,946

60,339

5.0000%, 8/1/53

3,901

3,881

5.5000%, 9/1/53

88,567

89,894

FNMA,

Other

3.0000%, 2/1/43

8,279

7,473

3.0000%, 2/1/43

442,088

399,803

3.0000%, 3/1/43

110,676

99,903

4.0000%, 6/1/43

41,961

40,492

4.5000%, 6/1/45

4,884

4,839

3.0000%, 7/1/45

481,803

434,908

3.0000%, 9/1/46

220,810

199,690

3.0000%, 1/1/47

11,378

10,184

3.5000%, 8/1/56

40,527

36,963

3.0000%, 6/1/57

91,001

79,502

3.0000%, 9/1/57

158,239

138,244

3.0000%, 5/1/58

503,965

440,284

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

3.5000%,

TBA, 30

Year

Maturity

(b)

986,211

897,661

4.5000%,

TBA, 30

Year

Maturity

(b)

356,500

344,361

5.0000%,

TBA, 30

Year

Maturity

(b)

498,614

492,444

5.5000%,

TBA, 30

Year

Maturity

(b)

1,009,100

1,011,895

GNMA

II,

30

Year

3.0000%, 11/20/46

29,583

26,864

2.5000%, 3/20/51

156,504

135,620

3.0000%, 7/20/51

73,905

66,297

3.0000%, 8/20/51

315,795

283,646

GNMA

II,

Single

Family,

30

Year

2.5000%,

TBA, 30

Year

Maturity

(b)

16,983

14,691

3.5000%,

TBA, 30

Year

Maturity

(b)

230,577

212,934

4.0000%,

TBA, 30

Year

Maturity

(b)

193,300

183,616

4.5000%,

TBA, 30

Year

Maturity

(b)

950,000

925,184

5.0000%,

TBA, 30

Year

Maturity

(b)

85,094

84,546

GS

Mortgage-Backed

Securities

Trust

,

2.3520

%

,

9/27/60

(144A)

‡

24,688

23,126

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust

,

CME

Term

SOFR

1

Month

+

0.8745%

,

6.2085

%

,

6/15/38

(144A)

‡

500,000

493,635

JPMorgan

Mortgage

Trust

,

SOFR30A

+

0.9000%

,

6.2374

%

,

3/25/51

(144A)

‡

195,805

188,493

MKT

Mortgage

Trust

,

2.6940

%

,

2/12/40

(144A)

100,000

81,766

New

Residential

Mortgage

Loan

Trust

,

CME

Term

SOFR

1

Month

+

1.0145%

,

6.3503

%

,

1/25/48

(144A)

‡

90,313

90,052

SREIT

Trust

,

CME

Term

SOFR

1

Month

+

0.8453%

,

6.1784

%

,

11/15/38

(144A)

‡

171,278

169,477

Total

Mortgage-Backed

Securities

(cost

$18,731,323)

18,050,888

U.S.

Treasury

Notes/Bonds

-

24.4%

3.0000%,

7/31/24

697,000

689,758

0.3750%,

9/15/24

311,000

302,241

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Schedule

of

Investments

(unaudited)

January

31,

2024

7

Shares/

Principal

Amounts

Value

U.S.

Treasury

Notes/Bonds

-

(continued)

4.2500%,

12/31/24

$

520,000

$

517,441

4.0000%,

1/15/27

80,000

79,981

3.7500%,

12/31/28

1,648,000

1,638,601

3.7500%,

12/31/30

402,000

397,917

4.5000%,

11/15/33

2,104,000

2,197,036

4.3750%,

8/15/43

1,744,000

1,756,535

4.7500%,

11/15/43

341,000

360,981

4.1250%,

8/15/53

323,000

317,600

Total

U.S.

Treasury

Notes/Bonds

(cost

$7,950,228)

8,258,091

Preferred

Stock

-

0.2%

Mortgage

Real

Estate

Investment

Trusts

(REITs)

-

0.2%

Rithm

Capital

Corp.,

7.0000%, 11/15/26

(cost

$75,000)

3,000

68,670

Investment

Companies

-

8.8%

Money

Market

Funds

-

8.8%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

5.3414%

£,∞

(cost

$2,972,412)

2,971,818

2,972,412

Total

Investments

(total

cost

$38,515,715

)

-

110.7%

37,494,466

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(10.7%)

(3,614,029)

Net

Assets

-

100.0%

$33,880,437

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

36,976,353

98.6

%

United

Kingdom

271,212

0.7

Mexico

120,050

0.3

Singapore

63,921

0.2

Canada

62,930

0.2

Total

$

37,494,466

100.0

%

Schedule

of

Affiliated

Investments

-

(%

of

Net

Assets)

Affiliated

Investments,

at

Value

at

10/31/23

Purchases

Sales

Proceeds

Realized

Gain/

(Loss)

Change

in

Unrealized

Appreciatio

n/

(Depreciation)

Affiliated

Investments,

at

Value

at

1/31/24

Dividend

Income

Investment

Company

-

8.8%

Money

Market

Funds

-

8.8%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

5.3414%

∞

$

1,854,311

$

6,163,511

$

(5,045,410)

$

–

$

–

$

2,972,412

$

23,263

Schedule

of

TBA

sales

commitments

-

(%

of

Net

Assets)

Principal

Amounts

Value

Securities

Sold

Short

-

(10.9)%

Mortgage-Backed

Securities

-

(10.9)%

FNMA/FHLMC

UMBS,

30

Year,

Single

Family,

3.0000%,

TBA,

30

Year

Maturity

(b)

$

(772,564)

$

(676,284)

FNMA/FHLMC

UMBS,

30

Year,

Single

Family,

4.0000%,

TBA,

30

Year

Maturity

(b)

(63,188)

(59,469)

FNMA/FHLMC

UMBS,

30

Year,

Single

Family,

4.5000%,

TBA,

30

Year

Maturity

(b)

(1,563,696)

(1,510,450)

FNMA/FHLMC

UMBS,

30

Year,

Single

Family,

5.5000%,

TBA,

30

Year

Maturity

(b)

(1,425,571)

(1,429,520)

Total

Securities

Sold

Short

(proceeds

$3,664,456)

$

(3,675,723)

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Schedule

of

Investments

(unaudited)

January

31,

2024

8

Summary

of

Investments

by

Country

-

(Short

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

(3,675,723)

100.0%

$–

–

%

Schedule

of

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

and

Unrealized

Appreciation

(Depreciation)

Futures

Long:

U.S.

Treasury

2

Year

Notes

43

3/28/24

$

8,843,219

$

70,761

U.S.

Treasury

5

Year

Notes

68

3/28/24

7,370,563

128,216

U.S.

Treasury

Ultra

Bonds

10

3/19/24

1,292,188

69,517

Total

-

Futures

Long

268,494

Futures

Short:

U.S.

Treasury

10

Year

Notes

17

3/19/24

(1,909,578)

(50,493)

U.S.

Treasury

10

Year

Ultra

Bonds

9

3/19/24

(1,051,875)

(34,546)

Total

-

Futures

Short

(85,039)

Total

$183,455

Schedule

of

Centrally

Cleared

Credit

Default

Swaps

-

Buy

Protection

Referenced

Asset

Maturity

Date

Notional

Amount

Premiums

Paid/

(Received)

Unrealized

Appreciation

(Depreciation)

Value

CDX.NA.HY.40-V2,

Fixed

Rate

of

5.00%

Paid

Quarterly

6/20/28

$

500,000

$

–

$

(32,438)

$

(32,438)

Average

Ending

Monthly

Value

of

Derivative

Instruments

During

the

Period

Ended

January

31,

2024

Futures

contracts:

Average

notional

amount

of

contracts

-

long

$17,367,172

Average

notional

amount

of

contracts

-

short

3,057,156

Credit

default

swaps:

Average

notional

amount

-

buy

protection

500,000

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

January

31,

2024

9

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

LLC

Limited

Liability

Company

LP

Limited

Partnership

plc

Public

Limited

Company

REIT

Real

Estate

Investment

Trust

SOFR

Secured

Overnight

Financing

Rate

SOFR30A

Secured

Overnight

Financing

Rate

30

Day

Average

SOFRINDX

Secured

Overnight

Financing

Rate

Compounded

Index

TBA

(To

Be

Announced)

Securities

are

purchased/sold

on

a

forward

commitment

basis

with

an

approximate

principal

amount

and

no

defined

maturity

date.

The

actual

principal

and

maturity

date

will

be

determined

upon

settlement

when

specific

mortgage

pools

are

assigned.

UMBS

Uniform

Mortgage-Backed

Securities

∞

Rate

shown

is

the

7-day

yield

as

of

January

31,

2024.

£

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.

‡

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,

2024.

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,

2024

is

$5,892,102

which

represents

17.4%

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)

January

31,

2024

10

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,

2024

.

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

$

—

$

1,596,393

$

—

Corporate

Bonds

—

6,548,012

—

Mortgage-Backed

Securities

—

18,050,888

—

U.S.

Treasury

Notes/Bonds

—

8,258,091

—

Preferred

Stock

68,670

—

—

Investment

Companies

—

2,972,412

—

Total

Investments

in

Securities

$

68,670

$

37,425,796

$

—

Other

Financial

Instruments

(a)

:

Futures

Contracts

$

268,494

$

—

$

—

Total

Assets

$

337,164

$

37,425,796

$

—

Liabilities

TBA

sales

commitments:

Mortgage-Backed

Securities

$

—

$

3,675,723

$

—

Other

Financial

Instruments

(a)

:

Centrally

Cleared

Swaps

$

—

$

32,438

$

—

Futures

Contracts

85,039

—

—

Total

Liabilities

$

85,039

$

3,708,161

$

—

(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.

11

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

mutual

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

mutual

funds,

and

the

prospectuses

for

such

mutual

funds

explain

the

circumstances

under

which

they

use

fair

valuation

and

the

effects

of

using

fair

valuation.

The

value

of

the

securities

of

any

cash

management

pooled

investment

vehicles

that

operate

as

money

market

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

funds.

Valuation

Inputs

Summary 

FASB

ASC

820,

Fair

Value

Measurements

and

Disclosures

(“ASC

820”),

defines

fair

value,

establishes

a

framework

for

measuring

fair

value,

and

expands

disclosure

requirements

regarding

fair

value

measurements.

This

standard

emphasizes

that

fair

value

is

a

market-based

measurement

that

should

be

determined

based

on

the

assumptions

that

market

participants

would

use

in

pricing

an

asset

or

liability

and

establishes

a

hierarchy

that

prioritizes

inputs

to

valuation

techniques

used

to

measure

fair

value.

These

inputs

are

summarized

into

three

broad

levels: 

Level

1

–

Unadjusted

quoted

prices

in

active

markets

the

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities.

Level

2

–

Observable

inputs

other

than

unadjusted

quoted

prices

included

in

Level

1

that

are

observable

for

the

asset

or

liability

either

directly

or

indirectly.

These

inputs

may

include

quoted

prices

for

the

identical

instrument

on

an

inactive

market,

prices

for

similar

instruments,

interest

rates,

prepayment

speeds,

credit

risk,

yield

curves,

default

rates

and

similar

data.

Assets

or

liabilities

categorized

as

Level

2

in

the

hierarchy

generally

include:

debt

securities

fair

valued

in

accordance

with

the

evaluated

bid

or

ask

prices

supplied

by

a

pricing

service;

securities

traded

on

OTC

markets

and

listed

securities

for

which

no

sales

are

reported

that

are

fair

valued

at

the

latest

bid

price

(or

yield

equivalent

thereof)

obtained

from

one

or

more

dealers

transacting

in

a

market

for

such

securities

or

by

a

pricing

service

approved

by

the

Fund’s

Trustees;

and

certain

short-term

debt

securities

with

maturities

of

60

days

or

less

that

are

fair

valued

at

amortized

cost.

Other

securities

that

may

be

categorized

as

Level

2

in

the

hierarchy

include,

but

are

not

limited

to,

preferred

stocks,

bank

loans,

swaps,

investments

in

unregistered

investment

companies,

options,

and

forward

contracts.

Level

3

–

Unobservable

inputs

for

the

asset

or

liability

to

the

extent

that

relevant

observable

inputs

are

not

available,

representing

the

Fund’s

own

assumptions

about

the

assumptions

that

a

market

participant

would

use

in

valuing

the

asset

or

liability,

and

that

would

be

based

on

the

best

information

available.

12

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,

2024 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.

125-25-70440

03-24