UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-23112

JANUS DETROIT STREET TRUST

(Exact name of registrant as specified in charter)

151 Detroit Street,

Denver, Colorado 80206-4805

(Address of principal executive offices) (Zip code)

(Name and Address of Agent for Service)	Copy to:
Byron D. Hittle 151 Detroit Street Denver, Colorado 80206-4805	Eric S. Purple Stradley Ronon Stevens & Young, LLP 2000 K Street, N.W., Suite 700 Washington, D.C. 20006

Registrant’s telephone number, including area code: 303-333-3863

Date of fiscal year end: October 31

Date of reporting period: October 31, 2021

Item 1. Report to Shareholders.

ANNUAL

REPORT

October

31,

2021

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Performance

Overview

...........................

1

Disclosure

of

Fund

Expenses

.......................

4

Report

of

Independent

Registered

Public

Accounting

Firm

...

5

Schedule

of

Investments

..........................

6

Statement

of

Assets

and

Liabilities

...................

15

Statement

of

Operations

..........................

16

Statements

of

Changes

in

Net

Assets

.................

17

Financial

Highlights

..............................

18

Notes

to

Financial

Statements

......................

19

Additional

Information

............................

28

Trustees

and

Officers

............................

30

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

(unaudited)

Janus

Detroit

Street

Trust

1

INVESTMENT

OBJECTIVE

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

(JSMD)

seeks

investment

results

that

correspond

generally,

before

fees

and

expenses,

to

the

performance

of

its

underlying

index,

the

Janus

Henderson

Small/

Mid

Cap

Growth

Alpha

Index.

It

pursues

its

investment

objective

by

using

a

passive

index-based

approach,

normally

investing

at

least

80%

of

its

net

assets

in

securities

that

comprise

its

underlying

index.

PERFORMANCE

OVERVIEW

U.S.

small-

and

mid-cap

equities

rose

for

the

period,

but

were

volatile.

Stocks

advanced

strongly

in

the

fourth

quarter

of

2020

as

resilient

economic

and

earnings

growth

and

optimism

over

new

COVID-19

vaccines

lifted

investor

sentiment.

Congress

also

passed

the

$1.9

trillion

American

Rescue

Plan,

which

included

cash

payments

to

most

households.

Stock

market

gains

continued

through

the

first

half

of

2021,

as

an

accelerating

vaccine

rollout

helped

support

healthy

economic

and

earnings

growth.

However,

stocks

suffered

periods

of

downward

volatility,

especially

in

the

third

quarter

of

2021

as

the

spread

of

the

new

Delta

variant

led

to

renewed

pandemic

concerns.

Supply

constraints

and

higher

input

costs

also

fueled

inflation,

which

drove

interest

rates

higher

late

in

the

third

quarter.

The

Federal

Reserve

signaled

it

would

likely

begin

tapering

its

monetary

support

before

year-end,

which

added

to

upward

pressure

on

interest

rates.

Through

much

of

the

period,

investors

shifted

between

growth

stocks

and

more

cyclically

driven

value

opportunities.

Small-

and

mid-cap

growth

stocks

in

the

Russell

2500

TM

Growth

Index

ended

the

12-month

period

with

solid

gains

but

underperformed

the

broader

small-

and

mid-cap

universe,

as

measured

by

the

Russell

2500

TM

Index.

During

the

period,

the

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

(JSMD)

returned

29.81%

(based

on

NAV);

its

primary

benchmark,

the

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

Index,

returned

30.18%,

and

its

secondary

benchmark,

the

Russell

2500

Growth

Index,

returned

37.12%.

JSMD

seeks

investment

results

that

correspond

generally,

before

fees

and

expenses,

to

the

performance

of

its

primary

benchmark.

The

strategy

seeks

to

provide

risk-adjusted

outperformance

by

identifying

top-tier

small-

and

mid-cap

companies

with

some

of

the

strongest

fundamentals

that

the

advisor

believes

can

deliver

sustainable

growth

in

a

variety

of

market

environments.

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

(unaudited)

Fund

At

A

Glance

October

31,

2021

2

October

31,

2021

Holdings

are

subject

to

change

without

notice.

5

Largest

Equity

Holdings

–

(%

of

Net

Assets)

PPD,

Inc.

Life

Sciences

Tools

&

Services

3.1%

Ubiquiti,

Inc.

Communications

Equipment

2.9%

Paylocity

Holding

Corp.

Software

2.7%

Bentley

Systems,

Inc.

Software

2.5%

Medpace

Holdings,

Inc.

Life

Sciences

Tools

&

Services

2.3%

13.5%

Sector

Allocation

–

(%

of

Net

Assets)

Consumer,

Non-cyclical

32.9%

Technology

20.4%

Consumer,

Cyclical

13.3%

Industrial

13.2%

Financial

9.5%

Communications

8.1%

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

3.1%

Basic

Materials

1.8%

Utilities

0.6%

Energy

0.2%

Investment

Companies

0.0%

103.1%

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

(unaudited)

Performance

Janus

Detroit

Street

Trust

3

Total

annual

expense

ratio

as

stated

in

the

prospectus:

0.30%.

See

Financial

Highlights

for

actual

expense

ratios

during

the

reporting

period.

Returns

quoted

are

past

performance

and

do

not

guarantee

future

results;

current

performance

may

be

lower

or

higher.

Investment

returns

and

principal

value

will

vary;

there

may

be

a

gain

or

loss

when

shares

are

sold.

For

the

most

recent

month-end

performance

call

800.668.0434

or

visit

janushenderson.com/performance.

Shares

of

ETFs

are

bought

and

sold

at

market

price

(not

NAV)

and

are

not

individually

redeemed

from

the

Fund.

Market

returns

are

based

upon

the

midpoint

of

the

bid/ask

spread

at

4:00

p.m.

Eastern

time

(when

NAV

is

normally

determined

for

most

ETFs),

and

do

not

represent

the

returns

you

would

receive

if

you

traded

shares

at

other

times.

Ordinary

brokerage

commissions

apply

and

will

reduce

returns.

Investing

involves

risk,

including

the

possible

loss

of

principal

and

fluctuation

of

value.

There

is

no

assurance

the

stated

objective(s)

will

be

met.

Performance

may

be

affected

by

risks

that

include

those

associated

with

foreign

and

emerging

markets,

fixed

income

securities,

high-yield

and

high-risk

securities,

undervalued,

overlooked

and

smaller

capitalization

companies,

real

estate

related

securities

including

Real

Estate

Investment

Trusts

(REITs),

non-diversification,

Environmental,

Social

and

Governance

(ESG)

factors,

portfolio

turnover,

derivatives,

short

sales,

initial

public

offerings

(IPOs)

and

potential

conflicts

of

interest.

Each

product

has

different

risks.

Please

see

the

prospectus

for

more

information

about

risks,

holdings

and

other

details.

High

absolute

short-term

performance

is

not

typical

and

may

not

be

achieved

in

the

future.

Such

results

should

not

be

the

sole

basis

for

evaluating

material

facts

in

making

an

investment

decision.

Returns

include

reinvestment

of

dividends

and

capital

gains.

Returns

greater

than

one

year

are

annualized.

Returns

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

redemptions

of

Fund

shares.

The

returns

do

not

include

adjustments

in

accordance

with

generally

accepted

accounting

principles

required

at

the

period

end

for

financial

reporting

purposes.

See

Notes

to

Schedule

of

Investments

and

Other

Information

for

index

definitions.

Index

performance

does

not

reflect

the

expenses

of

managing

a

portfolio

as

an

index

is

unmanaged

and

not

available

for

direct

investment.

The

index

provider

is

Janus

Henderson

Indices

LLC

(“JH

Indices”).

JH

Indices

maintains

the

indices

and

calculates

the

index

levels

and

performance

shown

or

discussed

but

does

not

manage

actual

assets.

JH

Indices

receives

compensation

in

connection

with

licensing

its

indices

to

third

parties

including

the

provision

of

any

related

data.

JH

Indices

does

not

receive

compensation

for

licensing

the

index

to

Janus

Capital

Management

LLC

with

respect

to

the

Fund.

Average

Annual

Total

Return

for

the

periods

ended

October

31,

2021

One

Year

Five

Years

Since

Inception

*

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

-

NAV

29.81%

19.08%

19.78%

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

-

Market

Price

29.75%

19.07%

19.79%

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

Index

30.18%

19.52%

20.25%

Russell

2500

TM

Growth

Index

37.12%

20.69%

20.81%

*

The

Fund

commenced

operations

on

February

23,

2016.

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

(unaudited)

Disclosure

of

Fund

Expenses

4

October

31,

2021

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1)

transaction

costs,

which

may

include

creation

and

redemption

fees

or

brokerage

charges

and

(2)

ongoing

costs,

including

management

fees

and

other

Fund

expenses.

This

example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

Funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

example

is

based

upon

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

six-months

indicated,

unless

noted

otherwise

in

the

table

and

footnotes

below. 

Actual

Expenses 

The

information

in

the

table

under

the

heading

“Actual”

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

these

columns,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

under

the

heading

entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

the

period.

Hypothetical

Example

for

Comparison

Purposes 

The

information

in

the

table

under

the

heading

“Hypothetical

(5%

return

before

expenses)”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

upon

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

determine

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Additionally,

for

an

analysis

of

the

fees

associated

with

an

investment

or

other

similar

funds,

please

visit 

www.finra.org/

fundanalyzer.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transaction

costs,

such

as

creation

and

redemption

fees,

or

brokerage

charges.

These

fees

are

fully

described

in

the

Fund’s

prospectus.

Therefore,

the

hypothetical

examples

are

useful

in

comparing

ongoing

costs

only

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

transaction

costs

were

included,

your

costs

would

have

been

higher.

Actual

Hypothetical

(5%

return

before

expenses)

Beginning

Account

Value

(5/1/21)

Ending

Account

Value

(10/31/21)

Expenses

Paid

During

Period

(5/1/21

-

10/31/21)

†

Beginning

Account

Value

(5/1/21)

Ending

Account

Value

(10/31/21)

Expenses

Paid

During

Period

(5/1/21

-

10/31/21)

†

Net

Annualized

Expense

Ratio

(5/1/21

-

10/31/21)

$1,000.00

$993.10

$1.51

$1,000.00

$1,023.69

$1.53

0.30%

†

Expenses

Paid

During

Period

is

equal

to

the

Net

Annualized

Expense

Ratio

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period).

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Report

of

Independent

Registered

Public

Accounting

Firm

Janus

Detroit

Street

Trust

5

To

the

Board

of

Trustees

of

Janus

Detroit

Street

Trust

and

Shareholders

of

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

(one

of

the

funds

constituting

Janus

Detroit

Street

Trust,

referred

to

hereafter

as

the

"Fund")

as

of

October

31,

2021,

the

related

statement

of

operations

for

the

year

ended

October

31,

2021,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2021,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

October

31,

2021

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

October

31,

2021,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2021

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

October

31,

2021

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

October

31,

2021

by

correspondence

with

the

custodian

and

transfer

agent.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

Denver,

Colorado

December

17,

2021

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

Janus

Henderson

Funds

since

1990.

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Schedule

of

Investments

October

31,

2021

6

October

31,

2021

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Common

Stocks

-

100.0%

Aerospace

&

Defense

-

0.3%

Aerojet

Rocketdyne

Holdings,

Inc.

12,858

$

565,881

Auto

Components

-

0.9%

Fox

Factory

Holding

Corp.*

5,111

822,615

LCI

Industries

3,068

428,416

Patrick

Industries,

Inc.

2,875

223,991

XPEL,

Inc.*

3,351

254,341

1,729,363

Banks

-

2.6%

Amalgamated

Financial

Corp.

1,877

34,462

Ameris

Bancorp

4,207

220,405

Bancorp,

Inc.

(The)*

3,439

105,061

Bank

First

Corp.

#

463

32,868

Business

First

Bancshares,

Inc.

1,238

33,030

Byline

Bancorp,

Inc.

2,276

58,630

Camden

National

Corp.

903

42,983

Coastal

Financial

Corp.*

725

27,586

Farmers

National

Banc

Corp.

1,709

30,454

First

Citizens

BancShares

,

Inc.

-

Class

A

583

474,504

First

Financial

Bankshares

,

Inc.

8,585

435,431

First

Foundation,

Inc.

2,705

71,980

First

Horizon

Corp.

33,132

562,250

Glacier

Bancorp,

Inc.

6,669

368,729

Guaranty

Bancshares,

Inc.

727

27,292

HarborOne

Bancorp,

Inc.

3,326

47,795

Hilltop

Holdings,

Inc.

4,895

173,479

Independent

Bank

Corp.

1,299

29,266

Independent

Bank

Group,

Inc.

2,605

188,315

Live

Oak

Bancshares,

Inc.

2,583

230,352

Metropolitan

Bank

Holding

Corp.*

503

45,703

National

Bank

Holdings

Corp.

-

Class

A

1,859

80,625

Nicolet

Bankshares

,

Inc.*

584

41,984

Northrim

Bancorp,

Inc.

375

16,657

Orrstown

Financial

Services,

Inc.

681

16,147

Preferred

Bank

901

61,782

QCR

Holdings,

Inc.

952

52,493

Red

River

Bancshares,

Inc.

440

23,047

Reliant

Bancorp,

Inc.

995

33,711

ServisFirst

Bancshares,

Inc.

3,268

262,453

Silvergate

Capital

Corp.

-

Class

A*

1,599

250,435

SmartFinancial

,

Inc.

913

23,729

Spirit

of

Texas

Bancshares,

Inc.

1,037

25,230

UMB

Financial

Corp.

2,914

287,961

Western

Alliance

Bancorp

6,286

729,742

5,146,571

Beverages

-

1.7%

Boston

Beer

Co.,

Inc.

(The)

-

Class

A*

1,686

830,321

Celsius

Holdings,

Inc.*

12,307

1,187,872

Coca-Cola

Consolidated,

Inc.

1,181

474,053

National

Beverage

Corp.

15,422

869,801

3,362,047

Biotechnology

-

1.6%

Catalyst

Pharmaceuticals,

Inc.*

58,596

345,716

Emergent

BioSolutions

,

Inc.*

30,556

1,456,605

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Schedule

of

Investments

October

31,

2021

Janus

Detroit

Street

Trust

7

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Common

Stocks

-

(continued)

Biotechnology

-

(continued)

Sage

Therapeutics,

Inc.*

33,465

$

1,350,647

3,152,968

Building

Products

-

3.4%

Advanced

Drainage

Systems,

Inc.

11,300

1,274,640

Builders

FirstSource

,

Inc.*

33,183

1,933,574

PGT

Innovations,

Inc.*

9,541

203,700

Simpson

Manufacturing

Co.,

Inc.

6,955

737,856

Trex

Co.,

Inc.*

18,473

1,965,527

UFP

Industries,

Inc.

9,905

810,526

6,925,823

Capital

Markets

-

2.9%

B

Riley

Financial,

Inc.

1,664

119,242

Cboe

Global

Markets,

Inc.

6,431

848,506

Cowen,

Inc.

-

Class

A

1,752

66,103

Evercore

,

Inc.

-

Class

A

2,392

363,201

FactSet

Research

Systems,

Inc.

2,260

1,003,192

Federated

Hermes,

Inc.

5,883

195,963

Focus

Financial

Partners,

Inc.

-

Class

A*

3,606

226,673

Hamilton

Lane,

Inc.

-

Class

A

2,189

228,773

Houlihan

Lokey

,

Inc.

3,057

342,629

Interactive

Brokers

Group,

Inc.

-

Class

A

5,920

419,432

LPL

Financial

Holdings,

Inc.

4,840

793,857

PJT

Partners,

Inc.

-

Class

A

1,475

120,640

StepStone

Group,

Inc.

-

Class

A

2,432

114,255

Stifel

Financial

Corp.

6,321

460,611

Tradeweb

Markets,

Inc.

-

Class

A

6,349

565,696

Victory

Capital

Holdings,

Inc.

-

Class

A

967

36,649

5,905,422

Chemicals

-

2.2%

Ingevity

Corp.*

15,105

1,176,830

Scotts

Miracle-

Gro

Co.

(The)

21,328

3,166,355

4,343,185

Commercial

Services

&

Supplies

-

2.0%

IAA,

Inc.*

21,586

1,287,605

Rollins,

Inc.

78,802

2,776,194

4,063,799

Communications

Equipment

-

5.1%

Ciena

Corp.*

49,548

2,689,961

Lumentum

Holdings,

Inc.*

23,275

1,922,049

Ubiquiti,

Inc.

18,892

5,772,073

10,384,083

Construction

&

Engineering

-

1.3%

Comfort

Systems

USA,

Inc.

5,815

531,898

Construction

Partners,

Inc.

-

Class

A*

5,847

208,212

IES

Holdings,

Inc.*

3,339

166,449

MYR

Group,

Inc.*

2,703

276,111

Primoris

Services

Corp.

8,603

231,851

WillScot

Mobile

Mini

Holdings

Corp.*

36,220

1,258,645

2,673,166

Construction

Materials

-

1.2%

Eagle

Materials,

Inc.

16,009

2,375,095

Consumer

Finance

-

0.8%

Atlanticus

Holdings

Corp.*

998

77,335

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Schedule

of

Investments

October

31,

2021

8

October

31,

2021

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Common

Stocks

-

(continued)

Consumer

Finance

-

(continued)

Upstart

Holdings,

Inc.*

4,690

$

1,510,368

1,587,703

Containers

&

Packaging

-

1.7%

Berry

Global

Group,

Inc.*

51,717

3,389,532

Diversified

Consumer

Services

-

0.9%

Frontdoor

,

Inc.*

10,409

388,047

Service

Corp.

International

20,342

1,393,224

1,781,271

Diversified

Financial

Services

-

0.0%

Alerus

Financial

Corp.

1,039

32,625

Electrical

Equipment

-

0.2%

Array

Technologies,

Inc.*

20,335

434,152

Electronic

Equipment,

Instruments

&

Components

-

1.8%

ePlus

,

Inc.*

4,322

477,884

Insight

Enterprises,

Inc.*

11,159

1,056,757

Napco

Security

Technologies,

Inc.*

5,874

281,717

SYNNEX

Corp.

16,627

1,745,835

3,562,193

Entertainment

-

0.1%

Akazoo

SA*

,¢

851

–

Sciplay

Corp.

-

Class

A

#

,*

1,268

25,626

World

Wrestling

Entertainment,

Inc.

-

Class

A

2,340

142,951

168,577

Equity

Real

Estate

Investment

Trusts

(REITs)

-

0.6%

American

Homes

4

Rent

-

Class

A

6,396

259,678

CareTrust

REIT,

Inc.

1,927

39,985

CoreSite

Realty

Corp.

878

125,080

CyrusOne

,

Inc.

2,463

202,015

Essential

Properties

Realty

Trust,

Inc.

2,349

69,977

Innovative

Industrial

Properties,

Inc.

476

125,231

National

Storage

Affiliates

Trust

1,762

110,055

Safehold

,

Inc.

1,060

79,182

STAG

Industrial,

Inc.

3,216

139,992

Terreno

Realty

Corp.

1,402

102,528

1,253,723

Food

&

Staples

Retailing

-

1.2%

BJ's

Wholesale

Club

Holdings,

Inc.*

22,566

1,318,757

Grocery

Outlet

Holding

Corp.*

15,852

351,756

Sprouts

Farmers

Market,

Inc.*

18,872

417,826

Weis

Markets,

Inc.

4,444

250,242

2,338,581

Food

Products

-

0.2%

Tattooed

Chef,

Inc.*

13,543

243,368

Vital

Farms,

Inc.*

6,603

108,421

351,789

Gas

Utilities

-

0.1%

Southwest

Gas

Holdings,

Inc.

3,939

272,776

Health

Care

Equipment

&

Supplies

-

4.7%

Figs,

Inc.

-

Class

A

#

,*

84,016

2,823,778

Inari

Medical,

Inc.*

28,412

2,571,854

LeMaitre

Vascular,

Inc.

12,324

640,971

Quidel

Corp.*

23,691

3,145,454

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Schedule

of

Investments

October

31,

2021

Janus

Detroit

Street

Trust

9

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Common

Stocks

-

(continued)

Health

Care

Equipment

&

Supplies

-

(continued)

Zynex

,

Inc.*

19,777

$

247,806

9,429,863

Health

Care

Providers

&

Services

-

8.2%

Addus

HomeCare

Corp.*

9,056

846,736

Amedisys

,

Inc.*

18,569

3,144,474

Chemed

Corp.

8,951

4,316,620

Fulgent

Genetics,

Inc.*

16,798

1,392,890

Innovage

Holding

Corp.*

77,110

510,468

Joint

Corp.

(The)*

8,179

715,499

National

Research

Corp.

14,475

626,768

Pennant

Group,

Inc.

(The)*

16,138

412,649

Privia

Health

Group,

Inc.*

60,169

1,546,343

Progyny

,

Inc.*

50,865

3,124,637

16,637,084

Health

Care

Technology

-

1.2%

Doximity

,

Inc.

-

Class

A*

27,799

1,931,474

Simulations

Plus,

Inc.

11,456

578,528

2,510,002

Hotels,

Restaurants

&

Leisure

-

0.3%

Wingstop

,

Inc.

3,610

622,617

Household

Durables

-

3.0%

Cavco

Industries,

Inc.*

1,115

268,024

Century

Communities,

Inc.

4,093

274,477

Cricut

,

Inc.

-

Class

A

#

,*

2,969

84,112

Green

Brick

Partners,

Inc.*

6,162

160,520

Helen

of

Troy

Ltd.*

2,927

658,429

Installed

Building

Products,

Inc.

3,605

458,015

iRobot

Corp.*

3,404

283,962

LGI

Homes,

Inc.*

2,990

446,407

Lovesac

Co.

(The)*

1,832

142,914

M/I

Homes,

Inc.*

3,559

203,788

MDC

Holdings,

Inc.

8,573

419,905

Meritage

Homes

Corp.*

4,569

496,696

Tempur

Sealy

International,

Inc.

23,855

1,060,832

TopBuild

Corp.*

3,998

1,027,366

5,985,447

Independent

Power

and

Renewable

Electricity

Producers

-

0.3%

Vistra

Corp.

32,165

630,112

Insurance

-

2.0%

American

Equity

Investment

Life

Holding

Co.

5,580

177,835

Brown

&

Brown,

Inc.

16,986

1,071,987

Enstar

Group

Ltd.*

1,012

233,549

Fidelity

National

Financial,

Inc.

17,209

824,483

First

American

Financial

Corp.

6,628

484,772

Investors

Title

Co.

115

22,287

Kinsale

Capital

Group,

Inc.

1,376

257,518

Mercury

General

Corp.

3,339

181,942

Palomar

Holdings,

Inc.*

1,531

140,010

Primerica,

Inc.

2,381

400,579

Selectquote

,

Inc.*

9,854

130,960

Stewart

Information

Services

Corp.

1,623

115,509

4,041,431

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Schedule

of

Investments

October

31,

2021

10

October

31,

2021

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Common

Stocks

-

(continued)

Interactive

Media

&

Services

-

0.1%

Cargurus

,

Inc.*

5,209

$

174,710

ZipRecruiter,

Inc.

-

Class

A*

4,302

119,509

294,219

Internet

&

Direct

Marketing

Retail

-

0.6%

1-800-Flowers.com,

Inc.

-

Class

A*

4,484

144,026

Poshmark

,

Inc.

-

Class

A*

4,891

118,998

Revolve

Group,

Inc.*

4,617

346,460

Shutterstock

,

Inc.

4,445

538,512

Waitr

Holdings,

Inc.*

14,233

27,612

1,175,608

IT

Services

-

3.2%

Concentrix

Corp.

16,718

2,970,454

Paymentus

Holdings,

Inc.

-

Class

A

#

,*

4,443

113,741

SolarWinds

Corp.

#

50,589

814,483

Squarespace,

Inc.

-

Class

A

#

,*

28,861

1,123,847

TTEC

Holdings,

Inc.

15,042

1,419,815

6,442,340

Leisure

Products

-

0.2%

American

Outdoor

Brands,

Inc.*

1,712

38,999

Johnson

Outdoors,

Inc.

-

Class

A

1,083

114,993

Malibu

Boats,

Inc.

-

Class

A*

2,531

178,714

332,706

Life

Sciences

Tools

&

Services

-

6.8%

Maravai

LifeSciences

Holdings,

Inc.

-

Class

A*

65,069

2,751,768

Medpace

Holdings,

Inc.*

20,382

4,617,542

PPD,

Inc.*

132,717

6,260,261

13,629,571

Machinery

-

1.0%

Energy

Recovery,

Inc.*

9,152

185,969

Hyliion

Holdings

Corp.*

27,712

224,190

Toro

Co.

(The)

17,145

1,636,833

2,046,992

Media

-

0.5%

Cable

One,

Inc.

312

533,898

Loral

Space

&

Communications,

Inc.

1,110

55,300

Nexstar

Media

Group,

Inc.

-

Class

A

2,166

324,748

PubMatic,

Inc.

-

Class

A*

2,408

68,821

982,767

Metals

&

Mining

-

1.2%

Royal

Gold,

Inc.

25,079

2,483,323

Mortgage

Real

Estate

Investment

Trusts

(REITs)

-

0.2%

Broadmark

Realty

Capital,

Inc.

7,999

82,549

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

4,742

286,417

368,966

Multiline

Retail

-

0.3%

Ollie's

Bargain

Outlet

Holdings,

Inc.*

7,924

536,138

Multi-Utilities

-

0.1%

Black

Hills

Corp.

4,231

280,854

Personal

Products

-

0.3%

BellRing

Brands,

Inc.

-

Class

A*

6,529

175,108

Medifast

,

Inc.

1,939

380,567

555,675

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Schedule

of

Investments

October

31,

2021

Janus

Detroit

Street

Trust

11

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Common

Stocks

-

(continued)

Pharmaceuticals

-

2.0%

Corcept

Therapeutics,

Inc.*

65,965

$

1,187,370

Innoviva

,

Inc.*

39,543

690,026

Pacira

BioSciences

,

Inc.*

25,297

1,322,527

Supernus

Pharmaceuticals,

Inc.*

30,239

902,634

4,102,557

Professional

Services

-

3.7%

ASGN,

Inc.*

8,471

1,013,640

Booz

Allen

Hamilton

Holding

Corp.

21,648

1,880,345

CACI

International,

Inc.

-

Class

A*

3,777

1,086,416

FTI

Consulting,

Inc.*

5,490

790,121

Insperity

,

Inc.

6,183

772,875

Legalzoom.com,

Inc.

#

,*

31,532

884,157

TriNet

Group,

Inc.*

10,546

1,067,783

7,495,337

Real

Estate

Management

&

Development

-

0.1%

eXp

World

Holdings,

Inc.

#

2,908

150,053

Road

&

Rail

-

1.3%

Marten

Transport

Ltd.

13,278

220,813

Saia,

Inc.*

4,216

1,318,090

TuSimple

Holdings,

Inc.

-

Class

A

#

,*

29,631

1,159,165

2,698,068

Semiconductors

&

Semiconductor

Equipment

-

6.0%

Amkor

Technology,

Inc.

78,225

1,714,692

CMC

Materials,

Inc.

9,356

1,201,030

FormFactor

,

Inc.*

24,852

988,612

MKS

Instruments,

Inc.

17,754

2,663,988

Power

Integrations,

Inc.

19,302

1,992,159

Ultra

Clean

Holdings,

Inc.*

14,309

709,297

Universal

Display

Corp.

15,084

2,763,389

12,033,167

Software

-

12.1%

Alarm.com

Holdings,

Inc.*

15,976

1,346,138

Appfolio

,

Inc.

-

Class

A*

6,080

800,675

Aspen

Technology,

Inc.*

21,474

3,364,761

Bentley

Systems,

Inc.

-

Class

B

86,463

5,114,287

DoubleVerify

Holdings,

Inc.

#

,*

50,534

1,997,609

Intelligent

Systems

Corp.

#

,*

2,801

118,566

ironSource

Ltd.

-

Class

A

#

,*

200,896

2,288,205

Olo

,

Inc.

-

Class

A*

8,848

240,843

ON24,

Inc.*

14,934

285,687

Paylocity

Holding

Corp.*

17,481

5,334,152

Qualys

,

Inc.*

12,466

1,551,768

ShotSpotter,

Inc.*

3,737

145,407

SPS

Commerce,

Inc.*

11,471

1,751,966

Viant

Technology,

Inc.

-

Class

A*

4,103

48,210

24,388,274

Specialty

Retail

-

5.3%

Academy

Sports

&

Outdoors,

Inc.*

11,182

478,366

America's

Car-Mart,

Inc.*

797

95,234

Boot

Barn

Holdings,

Inc.*

3,584

374,492

Dick's

Sporting

Goods,

Inc.

#

7,876

978,278

Five

Below,

Inc.*

6,795

1,340,654

Floor

&

Decor

Holdings,

Inc.

-

Class

A*

12,775

1,736,378

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Schedule

of

Investments

October

31,

2021

12

October

31,

2021

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Common

Stocks

-

(continued)

Specialty

Retail

-

(continued)

JOANN,

Inc.

5,118

$

52,306

Leslie's,

Inc.*

22,983

475,288

Lithia

Motors,

Inc.

3,672

1,172,176

MarineMax

,

Inc.*

2,640

136,726

OneWater

Marine,

Inc.

-

Class

A

1,417

62,830

RH*

2,553

1,684,035

Sleep

Number

Corp.*

2,869

253,447

Sportsman's

Warehouse

Holdings,

Inc.*

5,321

91,840

Williams-Sonoma,

Inc.

9,119

1,693,672

10,625,722

Technology

Hardware,

Storage

&

Peripherals

-

0.4%

Corsair

Gaming,

Inc.

#

,*

30,030

734,233

Turtle

Beach

Corp.*

5,143

147,913

882,146

Textiles,

Apparel

&

Luxury

Goods

-

0.0%

Lakeland

Industries,

Inc.*

976

20,408

Superior

Group

of

Cos.,

Inc.

1,934

50,265

70,673

Thrifts

&

Mortgage

Finance

-

0.7%

Axos

Financial,

Inc.*

3,580

189,740

Bridgewater

Bancshares,

Inc.*

1,701

30,771

Essent

Group

Ltd.

6,747

323,856

FS

Bancorp,

Inc.

497

17,127

Hingham

Institution

For

Savings

The

130

46,961

Merchants

Bancorp

1,738

77,219

Meta

Financial

Group,

Inc.

1,926

106,778

NMI

Holdings,

Inc.

-

Class

A*

5,168

125,479

PennyMac

Financial

Services,

Inc.

3,741

232,167

Southern

Missouri

Bancorp,

Inc.

538

29,267

Walker

&

Dunlop,

Inc.

1,920

249,734

Waterstone

Financial,

Inc.

1,517

31,356

1,460,455

Tobacco

-

0.2%

Vector

Group

Ltd.

25,446

337,414

Trading

Companies

&

Distributors

-

1.1%

Boise

Cascade

Co.

6,299

356,649

McGrath

RentCorp

3,882

280,047

SiteOne

Landscape

Supply,

Inc.*

7,133

1,675,970

2,312,666

Water

Utilities

-

0.1%

California

Water

Service

Group

3,435

209,123

Pure

Cycle

Corp.*

1,594

25,010

234,133

Total

Common

Stocks

(cost

$182,334,519)

201,576,705

Investment

Companies

-

0.0%

Money

Market

Funds

-

0.0%

Invesco

Liquid

Assets

Portfolio,

0.0102%

∞

(cost

$83,345)

83,320

83,345

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

3.1%

Investment

Companies

-

2.5%

Janus

Henderson

Cash

Collateral

Fund

LLC,

0.0011%

£,∞

4,908,724

4,908,724

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Schedule

of

Investments

October

31,

2021

Janus

Detroit

Street

Trust

13

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

(continued)

Time

Deposits

-

0.6%

Royal

Bank

of

Canada,

0.0300%,

11/1/21

$

1,227,181

$

1,227,181

Total

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

(cost

$6,135,905)

6,135,905

Total

Investments

(total

cost

$188,553,769

)

-

103.1%

207,795,955

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(3.1%)

(6,160,620)

Net

Assets

-

100.0%

$201,635,335

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

205,274,201

98.8

%

Israel

2,288,205

1.1

Bermuda

233,549

0.1

United

Kingdom

0

0.0

Total

$

207,795,955

100.0

%

Schedule

of

Affiliated

Investments

-

(%

of

Net

Assets)

Dividend

Income

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciatio

n/

(Depreciation)

Value

at

10/31/21

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

3.1%

Investment

Companies

-

2.5%

Janus

Henderson

Cash

Collateral

Fund

LLC,

0.0011%

∞

$

21,196

Δ

$

–

$

–

$

4,908,724

Market

Value

at

10/31/20

Purchases

Sales

Market

Value

at

10/31/21

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

3.1%

Investment

Companies

-

2.5%

Janus

Henderson

Cash

Collateral

Fund

LLC,

0.0011%

∞

$

2,759,156

$

53,250,166

$

(51,100,598)

$

4,908,724

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

October

31,

2021

14

October

31,

2021

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

Index

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

Index

is

designed

to

systematically

identify

small-

and

mid-

capitalization

stocks

that

are

poised

for

sustainable

growth

(Smart

Growth

®

)

by

evaluating

each

company’s

performance

in

three

critical

areas:

growth,

profitability,

and

capital

efficiency.

A

proprietary

methodology

is

used

to

score

stocks

based

on

a

wide

range

of

fundamental

measures

and

select

the

top

10%

(“top-tier”)

of

such

eligible

stocks.

Stocks

are

market

cap-weighted

within

sectors

with

a

3%

maximum

position

size;

sectors

are

weighted

to

align

with

the

Janus

Henderson

Triton

Fund.

Russell

2500

TM

Growth

Index

Russell

2500

TM

Growth

Index

reflects

the

performance

of

U.S.

small

to

mid-cap

equities

with

higher

price-to-book

ratios

and

higher

forecasted

growth

values.

LLC

Limited

Liability

Company

*

Non-income

producing

security.

¢

Security

is

valued

using

significant

unobservable

inputs.

The

total

value

of

Level

3

securities

as

of

the

year

ended

October

31,

2021

is

$0,

which

represents

0.0%

of

net

assets.

#

Loaned

security;

a

portion

of

the

security

is

on

loan

at

October

31,

2021.

∞

Rate

shown

is

the

7-day

yield

as

of

October

31,

2021.

£

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.

Δ

Net

of

income

paid

to

the

securities

lending

agent

and

rebates

paid

to

the

borrowing

counterparties.

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

October

31,

2021

.

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:

Common

Stocks

Entertainment

(a)

$

168,577

$

—

$

0

All

Other

201,408,128

—

—

Investment

Companies

83,345

—

—

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

—

6,135,905

—

Total

Assets

$

201,660,050

$

6,135,905

$

0

(a)

There

is

a

security

in

this

category

that

has

a

market

value

of

zero.

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Statement

of

Assets

and

Liabilities

October

31,

2021

Janus

Detroit

Street

Trust

15

See

Notes

to

Financial

Statements.

Assets:

Unaffiliated

investments,

at

value

(cost

$183,645,045)

(1)

$

202,887,231

Affiliated

investments,

at

value

(cost

$4,908,724)

4,908,724

Receivables:

Investments

sold

45

Dividends

20,074

Affiliated

securities

lending

income,

net

6,587

Total

Assets

207,822,661

Liabilities:

Collateral

on

securities

loaned

(Note

2)

6,135,905

Payables:

—

Due

to

custodian

1,800

Management

fees

49,621

Total

Liabilities

6,187,326

Net

Assets

$

201,635,335

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

189,436,490

Total

distributable

earnings

(loss)

12,198,845

Total

Net

Assets

$

201,635,335

Net

Assets

$

201,635,335

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

2,977,000

Net

Asset

Value

Per

Share

$

67

.73

(1)

Includes

$5,974,817

of

securites

on

loan.

See

Note

2

in

Notes

to

Financial

Statements.

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Statement

of

Operations

For

the

year

ended

October

31,

2021

16

October

31,

2021

See

Notes

to

Financial

Statements.

Investment

Income:

Dividends

$

1,068,102

Affiliated

securities

lending

income,

net    

21,196

Unaffiliated

securities

lending

income,

net

480

Total

Investment

Income

1,089,778

Expenses:

Management

Fees

520,903

Total

Expenses

520,903

Net

Investment

Income/(Loss)

568,875

Net

Realized

Gain/(Loss)

on

Investments:

Investments

$

35,863,757

Total

Net

Realized

Gain/(Loss)

on

Investments

$

35,863,757

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

347,482

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

347,482

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

36,780,114

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Statements

of

Changes

in

Net

Assets

Janus

Detroit

Street

Trust

17

See

Notes

to

Financial

Statements.

Year

Ended

October

31,

2021

Year

Ended

October

31,

2020

Operations:

Net

investment

income/(loss)

$

568,875

$

240,423

Net

realized

gain/(loss)

on

investments

35,863,757

1,646,467

Change

in

unrealized

net

appreciation/depreciation

347,482

16,329,095

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

36,780,114

18,215,985

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(

558,730

)

(

278,608

)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(

558,730

)

(

278,608

)

Capital

Share

Transactions

50,145,768

209,758

Net

Increase/(Decrease)

in

Net

Assets

86,367,152

18,147,135

Net

Assets:

—

—

Beginning

of

Year  

115,268,183

97,121,048

End

of

Year

$

201,635,335

$

115,268,183

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Financial

Highlights

18

October

31,

2021

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

each

year

or

period

ended

October

31

2021

2020

2019

2018

2017

Net

Asset

Value,

Beginning

of

Period

$52.35

$44.11

$40.81

$36.77

$28.82

Income/(Loss)

from

Investment

Operations:

—

—

—

—

—

Net

investment

income/(loss)

(1)

0.21

0.11

0.19

0.15

0.10

Net

realized

and

unrealized

gain/(loss)

15.38

8.26

3.30

4.03

7.99

Total

from

Investment

Operations

15.59

8.37

3.49

4.18

8.09

Less

Dividends

and

Distributions:

—

—

—

—

—

Dividends

(from

net

investment

income)

(0.21)

(0.13)

(0.19)

(0.14)

(0.14)

Total

Dividends

and

Distributions

(0.21)

(0.13)

(0.19)

(0.14)

(0.14)

Net

Asset

Value,

End

of

Period

$67.73

$52.35

$44.11

$40.81

$36.77

Total

Return

29.81%

19.01%

8.60%

11.37%

28.14%

Net

assets,

End

of

Period

(in

thousands)

$201,635

$115,268

$97,121

$51,099

$22,138

Average

Net

Assets

for

the

Period

(in

thousands)

$174,649

$105,905

$71,903

$36,173

$16,594

Ratios

to

Average

Net

Assets

Ratio

of

Gross

Expenses

0.30%

0.32%

0.35%

0.50%

0.50%

Ratio

of

Net

Investment

Income/(Loss)

0.33%

0.23%

0.43%

0.37%

0.31%

Portfolio

Turnover

Rate

(2)

102%

83%

80%

79%

76%

(1)

Per

share

amounts

are

calculated

based

on

average

shares

outstanding

during

the

year

or

period.

(2)

Portfolio

turnover

rate

excludes

securities

received

or

delivered

from

in-kind

processing

of

creation

or

redemptions.

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

19

1.

Organization

and

Significant

Accounting

Policies

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

(the

“Fund”)

is

a

series

fund.

The

Fund

is

part

of

Janus

Detroit

Street

Trust

(the

“Trust”),

which

is

organized

as

a

Delaware

statutory

trust

and

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company,

and

therefore

has

applied

the

specialized

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

(“ASC”)

Topic

946.

As

of

the

date

of

this

report,

the

Trust

offers

eleven

Funds

each

of

which

represent

shares

of

beneficial

interest

in

a

separate

portfolio

of

securities

and

other

assets

with

its

own

objective

and

policies. 

The

Fund

seeks

investment

results

that

correspond

generally,

before

fees

and

expenses,

to

the

performance

of

its

underlying

index,

the

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

Index

(the

“Underlying

Index”).

The

Fund

is

classified

as

diversified,

as

defined

in

the

1940

Act.

Unlike

shares

of

traditional

mutual

funds,

shares

of

the

Fund

are

not

individually

redeemable

and

may

only

be

purchased

or

redeemed

directly

from

the

Fund

at

net

asset

value

(“NAV”)

in

large

increments

called

“Creation

Units”

by

certain

participants,

known

as

“Authorized

Participants.”

The

size

of

a

Creation

Unit

to

purchase

shares

of

the

Fund

may

differ

from

the

size

of

a

Creation

Unit

to

redeem

shares

of

the

Fund.

The

Fund

will

issue

or

redeem

Creation

Units

in

exchange

for

portfolio

securities

and/or

cash.

Except

when

aggregated

in

Creation

Units,

Fund

shares

are

not

redeemable

securities

of

the

Fund.

Shares

of

the

Fund

are

listed

and

trade

on

The

NASDAQ

Stock

Market

LLC

(“NASDAQ”)

and

individual

investors

can

purchase

or

sell

shares

in

much

smaller

increments

and

for

cash

in

the

secondary

market

through

a

broker.

These

transactions,

which

do

not

involve

the

Fund,

are

made

at

market

prices

that

may

vary

throughout

the

day

and

differ

from

the

Fund’s

NAV.

As

a

result,

you

may

pay

more

than

NAV

(a

premium)

when

you

purchase

shares

and

receive

less

than

NAV

(a

discount)

when

you

sell

shares,

in

the

secondary

market.

An

Authorized

Participant

(or

other

broker-dealers

making

markets

in

shares

of

the

Fund)

may

hold

of

record

more

than

25%

of

the

outstanding

shares

of

the

Fund.

From

time

to

time,

Authorized

Participants

(or

other

broker-dealers

making

markets

in

shares

of

the

Fund)

may

be

a

beneficial

and/or

legal

owner

of

the

Fund,

may

be

affiliated

with

an

index

provider,

may

be

deemed

to

have

control

of

the

Fund

and/or

may

be

able

to

affect

the

outcome

of

matters

presented

for

a

vote

of

the

shareholders

of

the

Fund.

Authorized

Participants

(or

other

broker-dealers

making

markets

in

shares

of

the

Fund)

may

execute

an

irrevocable

proxy

granting

the

Distributor,

Janus

Capital

Management

LLC

(“Janus

Capital”

or

“Janus”

or

"Agent")

or

an

affiliate

of

Janus

Capital

power

to

vote

or

abstain

from

voting

such

Authorized

Participant’s

beneficially

or

legally

owned

shares

of

the

Fund.

In

such

cases,

the

Agent

shall

mirror

vote

(or

abstain

from

voting)

such

shares

in

the

same

proportion

as

all

other

beneficial

owners

of

the

Fund. 

The

following

accounting

policies

have

been

followed

by

the

Fund

and

are

in

conformity

with

United

States

of

America

generally

accepted

accounting

principles

(“US

GAAP”). 

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

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

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

20

October

31,

2021

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.

There

have

been

no

significant

changes

in

valuation

techniques

used

in

valuing

any

such

positions

held

by

the

Fund

since

the

beginning

of

the

fiscal

year. 

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

October

31,

2021

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.

Investment

Transactions

and

Investment

Income

Investment

transactions

are

accounted

for

as

of

the

date

purchased

or

sold

(trade

date).

Dividend

income

is

recorded

on

the

ex-dividend

date.

Certain

dividends

from

foreign

securities

will

be

recorded

as

soon

as

the

Fund

is

informed

of

the

dividend,

if

such

information

is

obtained

subsequent

to

the

ex-dividend

date.

Dividends

from

foreign

securities

may

be

subject

to

withholding

taxes

in

foreign

jurisdictions.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value.

Interest

income

is

recorded

daily

on

an

accrual

basis

and

includes

amortization

of

premiums

and

accretion

of

discounts.

The

Fund

classifies

gains

and

losses

on

prepayments

received

as

an

adjustment

to

interest

income.

Debt

securities

may

be

placed

in

non-accrual

status

and

related

interest

income

may

be

reduced

by

stopping

current

accruals

and

writing

off

interest

receivables

when

collection

of

all

or

a

portion

of

interest

has

become

doubtful.

Gains

and

losses

are

determined

on

the

identified

cost

basis,

which

is

the

same

basis

used

for

federal

income

tax

purposes.

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

21

Estimates

The

preparation

of

financial

statements

in

conformity

with

US

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amount

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates. 

Indemnifications

In

the

normal

course

of

business,

the

Fund

may

enter

into

contracts

that

contain

provisions

for

indemnification

of

other

parties

against

certain

potential

liabilities.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

and

would

involve

future

claims

that

may

be

made

against

the

Fund

that

have

not

yet

occurred.

Currently,

the

risk

of

material

loss

from

such

claims

is

considered

remote. 

Dividends

and

Distributions

The

Fund

generally

declares

and

distributes

dividends

of

net

investment

income

quarterly.

Net

realized

capital

gains

(if

any)

are

distributed

annually.

The

Fund

may

treat

a

portion

of

the

amount

paid

to

redeem

shares

as

a

distribution

of

investment

company

taxable

income

and

realized

capital

gains

that

are

reflected

in

the

NAV.

This

practice,

commonly

referred

to

as

“equalization,”

has

no

effect

on

the

redeeming

shareholder

or

a

Fund’s

total

return

but

may

reduce

the

amounts

that

would

otherwise

be

required

to

be

paid

as

taxable

dividends

to

the

remaining

shareholders.

It

is

possible

that

the

Internal

Revenue

Service

(IRS)

could

challenge

the

Fund’s

equalization

methodology

or

calculations,

and

any

such

challenge

could

result

in

additional

tax,

interest,

or

penalties

to

be

paid

by

the

Fund. 

The

Fund

may

make

certain

investments

in

real

estate

investment

trusts

(“REITs”)

which

pay

dividends

to

their

shareholders

based

upon

funds

available

from

operations.

It

is

quite

common

for

these

dividends

to

exceed

the

REITs’

taxable

earnings

and

profits,

resulting

in

the

excess

portion

of

such

dividends

being

designated

as

a

return

of

capital.

If

the

Fund

distributes

such

amounts,

such

distributions

could

constitute

a

return

of

capital

to

shareholders

for

federal

income

tax

purposes. 

Federal

Income

Taxes

The

Fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

and

distribute

all

of

its

taxable

income

in

accordance

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code.

Management

has

analyzed

the

Fund’s

tax

positions

taken

for

all

open

federal

income

tax

years,

generally

a

three-year

period,

and

has

concluded

that

no

provision

for

federal

income

tax

is

required

in

the

Fund’s

financial

statements.

The

Fund

is

not

aware

of

any

tax

positions

for

which

it

is

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

benefits

will

significantly

change

in

the

next

twelve

months. 

2.

Other

Investments

and

Strategies 

Additional

Investment

Risk 

In

response

to

the

COVID-19

pandemic,

the

U.S.

government

and

the

Federal

Reserve,

as

well

as

certain

foreign

governments

and

central

banks,

have

taken

extraordinary

actions

to

support

local

and

global

economies

and

the

financial

markets,

including

reducing

interest

rates

to

record

low

levels.

Extremely

low

or

negative

interest

rates

may

become

more

prevalent

or

may

not

work

as

intended.

As

there

is

little

precedent

for

this

situation,

the

impact

on

various

markets

that

interest

rate

or

other

significant

policy

changes

may

have

is

unknown.

The

withdrawal

of

this

support,

a

failure

of

measures

put

in

place

in

response

to

such

economic

uncertainty,

or

investor

perception

that

such

efforts

were

not

sufficient

could

each

negatively

affect

financial

markets

generally,

and

the

value

and

liquidity

of

specific

securities.

In

addition,

policy

and

legislative

changes

in

the

United

States

and

in

other

countries

continue

to

impact

many

aspects

of

financial

regulation.

Widespread

disease,

including

pandemics

and

epidemics,

and

natural

or

environmental

disasters,

including

those

which

may

be

attributable

to

global

climate

change,

such

as

earthquakes,

fires,

floods,

hurricanes,

tsunamis

and

weather-related

phenomena

generally,

have

been

and

can

be

highly

disruptive

to

economies

and

markets,

adversely

impacting

individual

companies,

sectors,

industries,

markets,

currencies,

interest

and

inflation

rates,

credit

ratings,

investor

sentiment,

and

other

factors

affecting

the

value

of

a

Fund’s

investments.

Economies

and

financial

markets

throughout

the

world

have

become

increasingly

interconnected,

which

increases

the

likelihood

that

events

or

conditions

in

one

region

or

country

will

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

22

October

31,

2021

adversely

affect

markets

or

issuers

in

other

regions

or

countries,

including

the

United

States.

These

disruptions

could

prevent

a

Fund

from

executing

advantageous

investment

decisions

in

a

timely

manner

and

negatively

impact

a

Fund’s

ability

to

achieve

its

investment

objective(s).

Any

such

event(s)

could

have

a

significant

adverse

impact

on

the

value

of

a

Fund.

In

addition,

these

disruptions

could

also

impair

the

information

technology

and

other

operational

systems

upon

which

the

Fund’s

service

providers,

including

Janus

Capital,

rely,

and

could

otherwise

disrupt

the

ability

of

employees

of

the

Fund’s

service

providers

to

perform

essential

tasks

on

behalf

of

the

Fund.

Adverse

weather

conditions

may

also

have

a

particularly

negative

effect

on

issuers

in

the

agricultural

sector

in

the

agricultural

sector

and

on

insurance

and

reinsurance

companies

that

insure

or

reinsure

against

the

impact

of

natural

disasters.

A

number

of

countries

in

the

European

Union

(“EU”)

have

experienced,

and

may

continue

to

experience,

severe

economic

and

financial

difficulties.

In

particular,

many

EU

nations

are

susceptible

to

economic

risks

associated

with

high

levels

of

debt.

Many

non-governmental

issuers,

and

even

certain

governments,

have

defaulted

on,

or

been

forced

to

restructure,

their

debts.

Many

other

issuers

have

faced

difficulties

obtaining

credit

or

refinancing

existing

obligations.

Financial

institutions

have

in

many

cases

required

government

or

central

bank

support,

have

needed

to

raise

capital,

and/or

have

been

impaired

in

their

ability

to

extend

credit.

As

a

result,

financial

markets

in

the

EU

have

experienced

extreme

volatility

and

declines

in

asset

values

and

liquidity.

These

difficulties

may

continue,

worsen,

or

spread

further

within

the

EU.

Responses

to

these

financial

problems

by

European

governments,

central

banks,

and

others,

including

austerity

measures

and

reforms,

may

not

work,

may

result

in

social

unrest,

and

may

limit

future

growth

and

economic

recovery

or

have

other

unintended

consequences.

All

of

these

developments

may

continue

to

significantly

affect

the

economies

of

all

EU

countries,

which

in

turn

may

have

a

material

adverse

effect

on

a

Fund's

investments

in

such

countries

that

depend

on

EU

countries

for

significant

amounts

of

trade

or

investment,

or

issues

with

exposure

to

debt

issued

by

certain

EU

countries.

Passive

Investment

Risk 

The

Fund

is

not

actively

managed

and

therefore

the

Fund

might

not

sell

shares

of

a

security

due

to

current

or

projected

underperformance

of

a

security,

industry

or

sector,

unless

that

security

is

removed

from

the

Underlying

Index

or

the

selling

of

shares

is

otherwise

required

upon

a

rebalancing

of

the

Underlying

Index. 

Real

Estate

Investing 

The

Fund

may

invest

in

equity

securities

of

real

estate-related

companies

to

the

extent

such

securities

are

included

in

the

Underlying

Index.

Such

companies

may

include

those

in

the

real

estate

industry

or

real

estate-related

industries.

These

securities

may

include

common

stocks,

preferred

and

convertible

securities

of

issuers

in

real

estate-related

industries.

A

REIT

is

a

trust

that

invests

in

real

estate-related

projects,

such

as

properties,

mortgage

loans,

and

construction

loans.

REITs

are

generally

categorized

as

equity,

mortgage,

or

hybrid

REITs.

A

REIT

may

be

listed

on

an

exchange

or

traded

OTC.

Small-

and

Mid-Sized

Companies

Risk

The

Fund’s

investments

in

securities

issued

by

small-

and

mid-sized

companies,

which

can

include

smaller,

start-up

companies

offering

emerging

products

or

services,

may

involve

greater

risks

than

are

customarily

associated

with

larger,

more

established

companies.

Securities

issued

by

small-

and

mid-sized

companies

tend

to

be

more

volatile

and

somewhat

more

speculative

than

securities

issued

by

larger

or

more

established

companies

and

may

underperform

as

compared

to

the

securities

of

larger

or

more

established

companies.

Counterparties 

Fund

transactions

involving

a

counterparty

are

subject

to

the

risk

that

the

counterparty

or

a

third

party

will

not

fulfill

its

obligation

to

the

Fund

("counterparty

risk").

Counterparty

risk

may

arise

because

of

the

counterparty's

financial

condition

(i.e.,

financial

difficulties,

bankruptcy,

or

insolvency),

market

activities

and

developments,

or

other

reasons,

whether

foreseen

or

not.

A

counterparty's

inability

to

fulfill

its

obligation

may

result

in

significant

financial

loss

to

the

Fund.

The

Fund

may

be

unable

to

recover

its

investment

from

the

counterparty

or

may

obtain

a

limited

recovery,

and/or

recovery

may

be

delayed.

The

extent

of

the

Fund's

exposure

to

counterparty

risk

with

respect

to

financial

assets

and

liabilities

approximates

its

carrying

value.

See

the

"Offsetting

Assets

and

Liabilities"

section

of

this

Note

for

further

details.

The

Fund

may

be

exposed

to

counterparty

risk

through

participation

in

various

programs,

including,

but

not

limited

to,

lending

its

securities

to

third

parties,

cash

sweep

arrangements

whereby

the

Fund's

cash

balance

is

invested

in

one

or

more

types

of

cash

management

vehicles,

as

well

as

investments

in,

but

not

limited

to,

repurchase

agreements,

and

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

23

derivatives,

including

various

types

of

swaps,

futures

and

options.

The

Fund

intends

to

enter

into

financial

transactions

with

counterparties

that

Janus

Capital

believes

to

be

creditworthy

at

the

time

of

the

transaction.

There

is

always

the

risk

that

Janus

Capital's

analysis

of

a

counterparty's

creditworthiness

is

incorrect

or

may

change

due

to

market

conditions.

To

the

extent

that

the

Fund

focuses

its

transactions

with

a

limited

number

of

counterparties,

it

will

have

greater

exposure

to

the

risks

associated

with

one

or

more

counterparties. 

Offsetting

Assets

and

Liabilities 

The

Fund

presents

gross

and

net

information

about

transactions

that

are

either

offset

in

the

financial

statements

or

subject

to

an

enforceable

master

netting

arrangement

or

similar

agreement

with

a

designated

counterparty,

regardless

of

whether

the

transactions

are

actually

offset

in

the

Statement

of

Assets

and

Liabilities.

JPMorgan

Chase

Bank,

National

Association

acts

as

securities

lending

agent

and

a

limited

purpose

custodian

or

subcustodian

to

receive

and

disburse

cash

balances

and

cash

collateral,

hold

short-term

investments,

hold

collateral,

and

perform

other

custodial

functions

in

accordance

with

the

Securities

Lending

Agreement.

For

financial

reporting

purposes,

the

Fund

does

not

offset

financial

instruments’

payables

and

receivables

and

related

collateral

on

the

Statement

of

Assets

and

Liabilities.

Securities

on

loan

will

be

continuously

secured

by

collateral

which

may

consist

of

cash,

U.S.

Government

securities,

domestic

and

foreign

short-term

debt

instruments,

letters

of

credit,

time

deposits,

repurchase

agreements,

money

market

mutual

funds

or

other

money

market

accounts,

or

such

other

collateral

as

permitted

by

the

Securities

and

Exchange

Commission

(the

“SEC”).

See

“Securities

Lending”

in

the

“Notes

to

Financial

Statements”

for

additional

information. 

The

following

tables

present

gross

amounts

of

recognized

assets

and/or

liabilities

and

the

net

amounts

after

deducting

collateral

that

has

been

pledged

by

counterparties

or

has

been

pledged

to

counterparties

(if

applicable).

Securities

Lending 

Under

procedures

adopted

by

the

Trustees,

the

Fund

may

seek

to

earn

additional

income

by

lending

securities

to

certain

qualified

broker-dealers

and

institutions.

JP

Morgan

Chase

Bank,

NA

acts

as

securities

lending

agent

and

a

limited

purpose

custodian

or

subcustodian

to

receive

and

disburse

cash

balances

and

cash

collateral,

hold

short-term

investments,

hold

collateral,

and

perform

other

custodial

functions

in

accordance

with

the

Securities

Lending

Agreement.

The

Fund

may

lend

fund

securities

in

an

amount

equal

to

up

to

1/3

of

its

total

assets

as

determined

at

the

time

of

the

loan

origination.

There

is

the

risk

of

delay

in

recovering

a

loaned

security

or

the

risk

of

loss

in

collateral

rights

if

the

borrower

fails

financially.

In

addition,

Janus

Capital

makes

efforts

to

balance

the

benefits

and

risks

from

granting

such

loans.

All

loans

will

be

continuously

secured

by

collateral

which

may

consist

of

cash,

U.S.

Government

securities,

domestic

and

foreign

short-term

debt

instruments,

letters

of

credit,

time

deposits,

repurchase

agreements,

money

market

mutual

funds

or

other

money

market

accounts,

or

such

other

collateral

as

permitted

by

the

SEC.

If

the

Fund

is

unable

to

recover

a

security

on

loan,

the

Fund

may

use

the

collateral

to

purchase

replacement

securities

in

the

market.

There

is

a

risk

that

the

value

of

the

collateral

could

decrease

below

the

cost

of

the

replacement

security

by

the

time

the

replacement

investment

is

made,

resulting

in

a

loss

to

the

Fund.

In

certain

circumstances

individual

loan

transactions

could

yield

negative

returns. 

Upon

receipt

of

cash

collateral,

Janus

Capital

may

invest

it

in

affiliated

or

non-affiliated

cash

management

vehicles,

whether

registered

or

unregistered

entities,

as

permitted

by

the

1940

Act

and

rules

promulgated

thereunder.

Janus

Capital

currently

intends

to

invest

the

cash

collateral

in

a

cash

management

vehicle

for

which

Janus

Capital

serves

as

investment

adviser,

Janus

Henderson

Cash

Collateral

Fund

LLC,

or

in

time

deposits.

An

investment

in

Janus

Henderson

Cash

Collateral

Fund

LLC

is

generally

subject

to

the

same

risks

that

shareholders

experience

when

investing

in

similarly

structured

vehicles,

such

as

the

potential

for

significant

fluctuations

in

assets

as

a

result

of

the

purchase

and

redemption

Counterparty

Gross

Amounts

of

Recognized

Assets

Offsetting

Asset

or

Liability

(a)

Collateral

Pledged

(b)

Net

Amount

JPMorgan

Chase

Bank

NA

$

5,974,817

$

—

$

(5,974,817)

$

—

(a)

Represents

the

amount

of

assets

or

liabilities

that

could

be

offset

with

the

same

counterparty

under

master

netting

or

similar

agreements

that

management

elects

not

to

offset

on

the

Statement

of

Assets

and

Liabilities.

(b)

Collateral

pledged

is

limited

to

the

net

outstanding

amount

due

to/from

an

individual

counterparty.

The

actual

collateral

amounts

pledged

may

exceed

these

amounts

and

may

fluctuate

in

value.

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

24

October

31,

2021

activity

of

the

securities

lending

program,

a

decline

in

the

value

of

the

collateral,

and

possible

liquidity

issues.

Such

risks

may

delay

the

return

of

the

cash

collateral

and

cause

the

Fund

to

violate

its

agreement

to

return

the

cash

collateral

to

a

borrower

in

a

timely

manner.

As

adviser

to

the

Fund

and

Janus

Henderson

Cash

Collateral

Fund

LLC,

Janus

Capital

has

an

inherent

conflict

of

interest

as

a

result

of

its

fiduciary

duties

to

both

the

Fund

and

Janus

Henderson

Cash

Collateral

Fund

LLC.

Additionally,

Janus

Capital

receives

an

investment

advisory

fee

of

0.05%

for

managing

Janus

Henderson

Cash

Collateral

Fund

LLC

and

therefore

may

have

an

incentive

to

allocate

collateral

to

the

Janus

Henderson

Cash

Collateral

Fund

LLC,

rather

than

to

other

collateral

management

options

for

which

Janus

Capital

does

not

receive

compensation. 

The

value

of

the

collateral

must

be

at

least

102%

of

the

market

value

of

the

loaned

securities

that

are

denominated

in

U.S.

dollars

and

105%

of

the

market

value

of

the

loaned

securities

that

are

not

denominated

in

U.S.

dollars.

Loaned

securities

and

related

collateral

are

marked-to-market

each

business

day

based

upon

the

market

value

of

the

loaned

securities

at

the

close

of

business,

employing

the

most

recent

available

pricing

information.

Collateral

levels

are

then

adjusted

based

on

this

mark-to-market

evaluation.

Additional

required

collateral,

or

excess

collateral

returned,

is

delivered

on

the

next

business

day.

Therefore,

the

value

of

the

collateral

held

may

be

temporarily

less

than

102%

or

105%

value

of

the

securities

on

loan.

The

cash

collateral

invested

by

Janus

Capital

is

disclosed

in

the

Schedule

of

Investments

(if

applicable).

Income

earned

from

the

investment

of

the

cash

collateral,

net

of

rebates

paid

to,

or

fees

paid

by,

borrowers

and

less

the

fees

paid

to

the

lending

agent

are

included

as

“Affiliated

securities

lending

income,

net”

on

the

Statement

of

Operations.

As

of

October

31,

2021,

securities

lending

transactions

accounted

for

as

secured

borrowings

with

an

overnight

and

continuous

contractual

maturity

are

$5,974,817

for

equity

securities.

Gross

amounts

of

recognized

liabilities

for

securities

lending

(collateral

received)

as

of

October

31,

2021

is

$6,135,905,

resulting

in

the

net

amount

due

to

the

counterparty

of

$161,088.

3.

Investment

Advisory

Agreements

and

Other

Transactions

with

Affiliates 

Under

its

unitary

fee

structure,

the

Fund

pays

Janus

Capital

a

management

fee

in

return

for

providing

certain

investment

advisory,

supervisory,

and

administrative

services

to

the

Fund,

including

the

costs

of

transfer

agency,

custody,

fund

administration,

legal,

audit,

and

other

services.

Janus

Capital’s

fee

structure

is

designed

to

pay

substantially

all

of

the

Fund’s

expenses.

However,

the

Fund

bears

other

expenses

which

are

not

covered

under

the

management

fee

which

may

vary

and

affect

the

total

level

of

expenses

paid

by

shareholders,

such

as

distribution

fees

(if

any),

brokerage

expenses

or

commissions,

interest,

dividends,

taxes,

litigation

expenses,

acquired

fund

fees

and

expenses

(if

any),

and

extraordinary

expenses.

The

Fund’s

unitary

management

fee

provides

for

reductions

in

the

fee

rate

as

the

Fund’s

assets

grow.

As

of

the

date

of

this

report,

the

Fund’s

management

fee

was

calculated

daily

and

paid

monthly

according

to

the

following

schedule: 

For

the

year

ended

October

31,

2021,

the

Fund’s

contractual

management

fee

rate

(expressed

as

an

annual

rate)

was

0.30% of

the

Fund’s

average

daily

net

assets.

Effective

June

14,

2021,

J.P.

Morgan

Chase

Bank,

NA

(“JP

Morgan")

provides

certain

fund

administration

services

to

the

Fund,

including

services

related

to

the

Fund’s

accounting,

including

calculating

the

daily

NAV,

audit

coordination,

tax,

and

reporting

obligations,

pursuant

to

an

agreement

with

Janus

Capital,

on

behalf

of

the

Fund.

Prior

to

June

14,

2021,

State

Street

Bank

and

Trust

Company

(“State

Street”)

provided

certain

fund

administration

services

to

the

Fund,

including

services

related

to

the

Fund’s

accounting,

including

calculating

the

daily

NAV,

audit

coordination,

tax,

and

reporting

obligations,

pursuant

to

an

agreement

with

Janus

Capital,

on

behalf

of

the

Fund.

As

compensation

for

such

services,

Janus

Capital

pays

JP

Morgan,

and

previously

paid

State

Street,

a

fee

based

on

a

percentage

of

the

Fund’s

assets,

and

a

flat

fee,

for

certain

services.

Janus

Capital

serves

as

administrator

to

the

Fund,

providing

oversight

and

coordination

of

the

Fund’s

service

providers,

recordkeeping

and

other

administrative

services.

Janus

Capital

does

not

receive

any

additional

compensation,

beyond

the

unitary

fee,

for

serving

as

administrator.

Effective

June

14,

2021,

JP

Morgan

also

serves

as

transfer

agent

for

the

shares

of

the

Fund.

Prior

to

June

14,

2021,

State

Street

served

as

transfer

agent

for

the

shares

of

Daily

Net

Assets

Fee

Rate

$0-$500

million

0.30%

Next

$500

million

0.25%

Over

$1

billion

0.20%

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

25

the

Fund.

Pursuant

to

agreements

with

Janus

Capital

on

behalf

of

the

Fund,

J.P.

Morgan

Securities

LLC,

an

affiliate

of

JP

Morgan,

may

execute

portfolio

transactions

for

the

Fund,

including

but

not

limited

to,

transactions

in

connection

with

cash

in

lieu

transactions

for

non-US

securities.

Prior

to

June

14,

2021,

State

Street

Global

Markets,

an

affiliate

of

State

Street,

executed

portfolio

transactions

for

the

Fund,

including

but

not

limited

to,

transactions

in

connection

with

cash

in

lieu

transactions

for

non-US

securities.

The

Fund’s

Board

of

Trustees

(“Board”)

has

approved

a

Distribution

and

Servicing

Plan

for

shares

of

the

Fund

pursuant

to

Rule

12b-1

under

the

1940

Act

(the

“Plan”).

The

Plan

permits

compensation

in

connection

with

the

distribution

and

marketing

of

Fund

shares

and/or

the

provision

of

certain

shareholder

services.

The

Plan

permits

the

Fund

to

pay

ALPS

Distributors,

Inc.

(the

“Distributor”)

or

its

designee,

a

fee

for

the

sale

and

distribution

and/or

shareholder

servicing

of

the

shares

at

an

annual

rate

of

up

to

0.25%

of

average

daily

net

assets

of

the

Fund.

Under

the

terms

of

the

Plan,

the

Fund

would

be

authorized

to

make

payments

to

the

Distributor

or

its

designee

for

remittance

to

retirement

plan

service

providers,

broker-dealers,

bank

trust

departments,

financial

advisors,

and

other

financial

intermediaries,

as

compensation

for

distribution

and/or

shareholder

services

performed

by

such

entities

for

their

customers

who

are

investors

in

the

Fund.

The

12b-1

fee

may

only

be

imposed

or

increased

when

(i)

the

Trustees

determine

that

it

is

in

the

best

interests

of

shareholders

to

do

so,

and

(ii)

the

imposition

of

or

increase

in

the

12b-1

fee

is

first

approved

by

the

Fund’s

shareholders.

Because

these

fees

are

paid

out

of

the

Fund’s

assets

on

an

ongoing

basis,

to

the

extent

that

a

fee

is

authorized

by

shareholders

in

the

future,

over

time

they

will

increase

the

cost

of

an

investment

in

the

Fund.

The

Plan

fee

may

cost

an

investor

more

than

other

types

of

sales

charges.

At

this

time,

Janus

Capital

does

not

intend

to

seek

shareholder

approval

for

implementation

of

the

Plan.

As

of

October

31,

2021,

Janus

Capital

owned

2,000

shares

or

0.07%

of

the

Fund.

The

Fund

is

permitted

to

purchase

or

sell

securities

(“cross-trade”)

between

itself

and

other

funds

or

accounts

managed

by

Janus

Capital

in

accordance

with

Rule

17a-7

under

the

Investment

Company

Act

of

1940

(“Rule

17a-7”),

when

the

transaction

is

consistent

with

the

investment

objectives

and

policies

of

the

Fund

and

in

accordance

with

the

Internal

Cross

Trade

Procedures

adopted

by

the

Trust’s

Board

of

Trustees.

These

procedures

have

been

designed

to

ensure

that

any

cross-trade

of

securities

by

the

Fund

from

or

to

another

fund

or

account

that

is

or

could

be

considered

an

affiliate

of

the

Fund

under

certain

limited

circumstances

by

virtue

of

having

a

common

investment

adviser,

common

Officer,

or

common

Trustee

complies

with

Rule

17a-7.

Under

these

procedures,

each

cross-trade

is

effected

at

the

current

market

price

to

save

costs

where

allowed.

During

the

year

ended

October

31,

2021,

the

Fund

engaged

in

cross

trades

amounting

to

$7,961,198

in

purchases

and

$2,543,129

in

sales,

resulting

in

a

net

realized

gain

of

$192,692.

The

net

realized

gain

is

included

within

the

“Net

Realized

Gain/(Loss)

on

Investments”

section

of

the

Fund’s

Statement

of

Operations.

Any

purchases

and

sales,

realized

gains/losses

and

recorded

dividends

from

affiliated

investments

during

the

year

ended

October

31,

2021

can

be

found

in

a

table

located

in

the

Schedule

of

Investments.

4.

Federal

Income

Tax

The

tax

components

of

capital

shown

in

the

table

below

represent:

(1)

distribution

requirements

the

Fund

must

satisfy

under

the

income

tax

regulations;

(2)

losses

or

deductions

the

Fund

may

be

able

to

offset

against

income

and

gains

realized

in

future

years;

and

(3)

unrealized

appreciation

or

depreciation

of

investments

for

federal

income

tax

purposes. 

The

Fund

has

elected

to

treat

gains

and

losses

on

forward

foreign

currency

contracts

as

capital

gains

and

losses,

if

applicable.

Other

foreign

currency

gains

and

losses

on

debt

instruments

are

treated

as

ordinary

income

for

federal

income

tax

purposes

pursuant

to

Section

988

of

the

Internal

Revenue

Code. 

Accumulated

capital

losses

noted

below

represent

net

capital

loss

carryovers,

as

of

October

31,

2021,

that

may

be

available

to

offset

future

realized

capital

gains

and

thereby

reduce

future

taxable

gains

distributions.

The

following

table

shows

these

capital

loss

carryovers. 

Loss

Deferrals

Undistributed

Ordinary

Income

Undistributed

Long-Term

Gains

Accumulated

Capital

Losses

Late-Year

Ordinary

Loss

Post-October

Capital

Loss

Other

Book

to

Tax

Differences

Net

Tax

Appreciation/

(Depreciation)

$6,903

$

—

$(6,878,236)

$

—

$

—

$

—

$19,070,178

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

26

October

31,

2021

During

the

year

ended

October

31,

2021,

capital

loss

carryovers

of

$4,800,372

were

utilized

by

the

Fund. 

The

aggregate

cost

of

investments

and

the

composition

of

unrealized

appreciation

and

depreciation

of

investment

securities

for

federal

income

tax

purposes

as

of October

31,

2021

are

noted

below.

The

primary

difference

between

book

and

tax

appreciation

or

depreciation

of

investments

is

wash

sale

loss

deferrals. 

Income

and

capital

gains

distributions

are

determined

in

accordance

with

income

tax

regulations

that

may

differ

from

US

GAAP.

These

differences

are

due

to

differing

treatments

for

items

such

as

net

short-term

gains,

deferral

of

wash

sale

losses,

foreign

currency

transactions,

passive

foreign

investment

companies,

net

investment

losses,

in-kind

transactions

and

capital

loss

carryovers.

Certain

permanent

differences

such

as

tax

returns

of

capital

and

net

investment

losses

noted

below

have

been

reclassified

to

capital. 

Permanent

book

to

tax

basis

differences

may

result

in

reclassifications

between

the

components

of

net

assets.

These

differences

have

no

impact

on

the

results

of

operations

or

net

assets.

The

following

reclassifications

have

been

made

to

the

Fund: 

5.

Capital

Share

Transactions 

Capital

Loss

Carryover

Schedule

For

the

year

ended

October

31,

2021

No

Expiration

Short-Term

Long-Term

Accumulated

Capital

Losses

$(6,878,236)

$

—

$(6,878,236)

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$188,725,777

$31,788,727

$(12,718,549)

$19,070,178

For

the

year

ended

October

31,

2021

:

Distributions

From

Ordinary

Income

From

Long-Term

Capital

Gain

Tax

Return

of

Capital

Net

Investment

Loss

$558,730

$

—

$

—

$

—

For

the

year

ended

October

31,

2020

:

Distributions

From

Ordinary

Income

From

Long-Term

Capital

Gain

Tax

Return

of

Capital

Net

Investment

Loss

$278,608

$

—

$

—

$

—

Increase/(Decrease)

to

Capital

Increase/(Decrease)

to

Undistributed

Net

Investment

Income/Loss

Increase/(Decrease)

to

Undistributed

Net

realized

Gain/Loss

$31,176,508

$(9,550)

$(31,166,958)

Year

Ended

October

31,

2021

Year

Ended

October

31,

2020

Shares

Amount

Shares

Amount

Shares

sold

2,000,000

$

129,840,539

900,000

$

39,977,929

Shares

repurchased

(1,225,000)

(79,694,771

)

(900,000)

(39,768,171

)

Net

Increase/(Decrease)

775,000

$

50,145,768

—

$

209,758

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

27

6.

Purchases

and

Sales

of

Investment

Securities 

For

the

year

ended

October

31,

2021,

the

aggregate

cost

of

purchases

and

proceeds

from

sales

of

investment

securities

(excluding

any

short-term

securities,

short-term

options

contracts,

and

in-kind

transactions)

was

as

follows: 

For

the

year

ended

October

31,

2021,

the

cost

of

in-kind

purchases

and

proceeds

from

in-kind

sales,

were

as

follows: 

During

the

year

ended

October

31,

2021,

the

Fund

had

net

realized

gain

of

$13,773,170

from

in-kind

redemptions.

Gains

on

in-kind

transactions

are

not

considered

taxable

for

federal

income

tax

purposes. 

7.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to

October

31,

2021

and

through

the

date

of

the

issuance

of

the

Fund's

financial

statements

and

determined

that

there

were

no

material

events

or

transactions

that

would

require

recognition

or

disclosure

in

the

Fund's

financial

statements. 

Purchases

of

Securities

Proceeds

from

Sales

of

Securities

Purchases

of

Long-

Term

U.S.

Government

Obligations

Proceeds

from

Sales

of

Long-Term

U.S.

Government

Obligations

$176,209,671

$175,399,912

$

—

$

—

Purchases

of

Securities

Proceeds

from

Sales

of

Securities

Purchases

of

Long-

Term

U.S.

Government

Obligations

Proceeds

from

Sales

of

Long-Term

U.S.

Government

Obligations

$129,806,770

$79,747,298

$

—

$

—

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Additional

Information

(unaudited)

28

October

31,

2021

Proxy

Voting

Policies

and

Voting

Record

A

description

of

the

policies

and

procedures

that

the

Fund

uses

to

determine

how

to

vote

proxies

relating

to

its

portfolio

securities

is

available

without

charge:

(i)

upon

request,

by

calling

1-800-525-0020

(toll

free);

(ii)

on

the

Fund’s

website

at

janushenderson.com/proxyvoting;

and

(iii)

on

the

SEC’s

website

at

http://www.sec.gov.

Quarterly

Portfolio

Holdings

The

Fund

files

its

complete

portfolio

holdings

(schedule

of

investments)

with

the

SEC

for

the

first

and

third

quarters

each

fiscal

year

as

an

exhibit

to

Form

N-PORT

within

60

days

of

the

end

of

such

fiscal

quarter.

Historically,

the

Fund

filed

its

complete

portfolio

holdings

(schedule

of

investments)

with

the

SEC

for

the

first

and

third

quarters

each

fiscal

year

on

Form

N-Q.

The

Fund’s

Form

N-PORT

and

Form

N-Q

filings:

are

available

on

the

SEC’s

website

at

http://www.sec.gov;

(ii)

may

be

reviewed

and

copied

at

the

SEC’s

Public

Reference

Room

in

Washington,

D.C.

(information

on

the

Public

Reference

Room

may

be

obtained

by

calling

1-800-SEC-0330);

and

(iii)

are

available

without

charge,

upon

request,

by

calling

Janus

Henderson

at

1-800-525-0020

(toll

free).

Designation

Requirements

(unaudited)

For

federal

income

tax

purposes,

the

Fund

designated

the

following

for

the

year

ended

October

31,

2021.

Licensing

Agreements

Janus

Henderson

Indices

LLC

(“JH

Indices”)

is

the

Index

Provider

for

the

Underlying

Index.

Janus

Capital

has

entered

into

a

license

agreement

with

JH

Indices

to

use

the

Underlying

Index.

JH

Indices

is

affiliated

with

the

Fund

and

Janus

Capital.

This

affiliation

may

create

potential

conflicts

for

JH

Indices

as

it

may

have

an

interest

in

the

performance

of

the

Fund,

which

could

motivate

it

to

alter

the

Underlying

Index

methodology

for

the

Underlying

Index.

JH

Indices

has

adopted

procedures

that

it

believes

are

reasonably

designed

to

mitigate

these

and

other

potential

conflicts.

JH

Indices

is

the

licensor

of

certain

trademarks,

service

marks,

and

trade

names.

Neither

JH

Indices

nor

any

of

its

affiliates

make

any

representation

or

warranty,

express

or

implied,

to

the

owners

of

the

Fund

or

any

member

of

the

public

regarding

the

advisability

of

investing

in

securities

generally

or

in

the

Fund

particularly

or

the

ability

of

the

Underlying

Index

to

track

general

market

performance.

The

Underlying

Index

is

determined,

composed,

and

calculated

by

JH

Indices

without

regard

to

Janus

Capital

or

the

Fund.

JH

Indices

has

no

obligation

to

take

the

needs

of

Janus

Capital

or

the

owners

of

the

Fund

into

consideration

in

determining,

composing,

or

calculating

the

Underlying

Index.

JH

Indices

is

not

responsible

for

and

has

not

participated

in

the

determination

of

the

timing

of,

prices

at,

or

quantities

of

the

Fund

to

be

issued

or

in

the

determination

or

calculation

of

the

equation

by

which

the

Fund

is

to

be

converted

into

cash.

ALTHOUGH

JH

INDICES

SHALL

OBTAIN

INFORMATION

FOR

INCLUSION

IN

OR

FOR

USE

IN

THE

CALCULATION

OF

THE

UNDERLYING

INDEX

FROM

SOURCES

WHICH

IT

CONSIDERS

RELIABLE,

IT

DOES

NOT

GUARANTEE

THE

QUALITY,

ACCURACY

AND/OR

THE

COMPLETENESS

OF

THE

UNDERLYING

INDEX

OR

ANY

DATA

INCLUDED

THEREIN

AND

SHALL

HAVE

NO

LIABILITY

FOR

ERRORS

OR

OMISSIONS

OF

ANY

KIND

RELATED

TO

THE

UNDERLYING

INDEX

OR

DATA.

JH

INDICES

MAKES

NO

WARRANTY,

EXPRESS

OR

IMPLIED,

AS

TO

RESULTS

TO

BE

OBTAINED

BY

JANUS

CAPITAL,

OWNERS

OF

THE

FUND,

OR

ANY

OTHER

PERSON

OR

ENTITY

FROM

THE

USE

OF

THE

UNDERLYING

INDEX

OR

ANY

DATA

INCLUDED

THEREIN

IN

CONNECTION

WITH

THE

RIGHTS

LICENSED

TO

JANUS

CAPITAL

FOR

ANY

OTHER

USE.

JH

INDICES

MAKES

NO

EXPRESS

OR

IMPLIED

WARRANTIES,

AND

HEREBY

EXPRESSLY

DISCLAIMS

ALL

WARRANTIES

OF

MERCHANTABILITY

OR

FITNESS

FOR

A

PARTICULAR

PURPOSE

OR

USE

WITH

RESPECT

TO

THE

UNDERLYING

INDEX

OR

ANY

DATA

INCLUDED

THEREIN.

WITHOUT

LIMITING

ANY

OF

THE

FOREGOING,

IN

NO

EVENT

SHALL

IT

HAVE

ANY

LIABILITY

FOR

ANY

SPECIAL,

PUNITIVE,

INDIRECT,

OR

CONSEQUENTIAL

DAMAGES

(INCLUDING

LOST

PROFITS),

EVEN

IF

NOTIFIED

OF

THE

POSSIBILITY

OF

SUCH

DAMAGES.

Janus

Capital

does

not

guarantee

the

accuracy

and/or

the

completeness

of

the

Underlying

Index

or

any

data

included

therein,

and

Janus

Capital

shall

have

no

liability

for

any

errors,

omissions

or

interruptions

therein.

Janus

Capital

makes

no

warranty,

express

or

implied,

as

to

results

to

be

obtained

by

the

Fund,

owners

of

the

shares

of

the

Fund

or

any

other

Dividends

Received

Deduction

Percentage

100%

Qualified

Dividend

Income

Percentage

100%

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Additional

Information

(unaudited)

Janus

Detroit

Street

Trust

29

person

or

entity

from

the

use

of

the

Underlying

Index

or

any

data

included

therein.

Janus

Capital

makes

no

express

or

implied

warranties,

and

expressly

disclaims

all

warranties

of

merchantability

or

fitness

for

a

particular

purpose

or

use

with

respect

to

the

Underlying

Index

or

any

data

included

therein.

Without

limiting

any

of

the

foregoing,

in

no

event

shall

Janus

Capital

have

any

liability

for

any

special,

punitive,

direct,

indirect

or

consequential

damages

(including

lost

profits)

arising

out

of

matters

relating

to

the

use

of

the

Underlying

Index

even

if

notified

of

the

possibility

of

such

damages.

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Trustees

and

Officers

(unaudited)

30

October

31,

2021

The

following

are

the

Trustees

and

officers

of

the

Trust

together

with

a

brief

description

of

their

principal

occupations

during

the

last

five

years

(principal

occupations

for

certain

Trustees

may

include

periods

over

five

years).

The

Fund’s

Statement

of

Additional

Information

includes

additional

information

about

the

Trustees

and

officers

and

is

available,

without

charge,

by

calling

1-877-335-2687.

Each

Trustee

has

served

in

that

capacity

since

he

or

she

was

originally

elected

or

appointed.

The

Trustees

do

not

serve

a

specified

term

of

office.

Each

Trustee

will

hold

office

until

the

termination

of

the

Trust

or

his

or

her

earlier

death,

resignation,

retirement,

incapacity,

or

removal.

Under

the

Fund’s

Governance

Procedures

and

Guidelines,

the

policy

is

for

Trustees

to

retire

no

later

than

the

end

of

the

calendar

year

in

which

the

Trustee

turns

75.

The

Trustees

review

the

Fund’s

Governance

Procedures

and

Guidelines

from

time

to

time

and

may

make

changes

they

deem

appropriate.

The

Fund’s

Nominating

and

Governance

Committee

will

consider

nominees

for

the

position

of

Trustee

recommended

by

shareholders.

Shareholders

may

submit

the

name

of

a

candidate

for

consideration

by

the

Committee

by

submitting

their

recommendations

to

the

Trust’s

Secretary.

Each

Trustee

is

currently

a

Trustee

of

one

other

registered

investment

company

advised

by

Janus

Capital:

Clayton

Street

Trust.

As

of

the

date

of

this

report,

collectively,

the

two

registered

investment

companies

consist

of

14

series

or

funds.

The

Trust’s

officers

are

elected

annually

by

the

Trustees

for

a

one-year

term.

Certain

officers

also

serve

as

officers

of

Clayton

Street

Trust.

Certain

officers

of

the

Funds

may

also

be

officers

and/or

directors

of

Janus

Capital.

Except

as

otherwise

disclosed,

Fund

officers

receive

no

compensation

from

the

Funds.

TRUSTEES

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Number

of

Portfolios/Funds

in

Fund

Complex

Overseen

by

Trustee*

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Independent

Trustees

Clifford

J.

Weber

151

Detroit

Street

Denver,

CO

80206

DOB:

1963

Chairman

Trustee

2/16-Present

Owner,

Financial

Products

Consulting

Group

LLC

(consulting

services

to

financial

institutions)

(since

2015).

14

Independent

Trustee,

Clough

Funds

Trust

(investment

company)

(since

2015),

Chairman,

Clough

Funds

Trust

(since

2017),

Independent

Trustee,

Clough

Global

Dividend

and

Income

Fund (closed-end fund)

(since

2017),

Independent

Trustee,

Clough

Global

Opportunities

Fund (closed-end fund)

(since

2017),

Independent

Trustee,

Clough

Global

Equity

Fund (closed-end fund)

(since

2017),

Independent

Trustee,

Elevation

ETF

Trust

(investment

company)

(2016-

2018),

Chairman,

Elevation

ETF

Trust

(2016-2018),

and

Independent

Trustee,

Global

X

Funds

(investment

company)

(since

2018).

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Trustees

and

Officers

(unaudited)

Janus

Detroit

Street

Trust

31

*

Each

Trustee

also

serves

as

a

trustee

to

the

Clayton

Street

Trust,

which

is

currently

comprised

of

three

portfolios.

**

Ms.

Benz

is

an

Interested

Trustee

because

of

her

employment

with

Janus

Henderson

Investors.

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Number

of

Portfolios/Funds

in

Fund

Complex

Overseen

by

Trustee*

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Maureen

T.

Upton

151

Detroit

Street

Denver,

CO

80206

DOB:

1965

Trustee

2/16-Present

Principal,

Maureen

Upton

Ltd.

(consulting

services

to

developers

of

major

infrastructure

projects

and

investors)

(since

2017).

Formerly,

Principal

Consultant,

SRK

Consulting

(U.S.),

Inc.

(consulting

services

to

global

mining,

energy

and

water

resource

industries)

(2015-

2017)

and

Founder

and

Principal,

Resource

Initiatives

LLC

(sustainability

consulting

firm)

(2006-2015).

14

Jeffrey

B.

Weeden

151

Detroit

Street

Denver,

CO

80206

DOB:

1956

Trustee

2/16-Present

Senior

Advisor,

BayBoston

Capital

LP

(investment

fund

in

banks

and

bank

holdings

companies)

(since

2015).

Formerly,

Management

Advisor,

BoxCast,

Inc.

(technology start-

up company)

(2014-2017).

14

Director,

West

Travis

County

Municipal

Utility

District

No. 6

(municipal

utility)

(since

2020)

and

Director,

State

Farm

Bank

(banking)

(2014-2021).

Interested

Trustee

Carrie

Benz**

151

Detroit

Street

Denver,

CO

80206

DOB:

1975

Trustee

1/21-Present

Global

Head

of

Investment

Services,

Janus

Henderson

Investors

(since

2017);

Vice

President,

Investments

Chief

of

Staff,

Janus

Capital

Management

LLC

(2007-

2017).

14

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Trustees

and

Officers

(unaudited)

32

October

31,

2021

OFFICERS

*

Officers

are

elected

at

least

annually

by

the

Trustees

for

a

one-year

term

and

may

also

be

elected

from

time

to

time

by

the

Trustees

for

an

interim

period.

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Term

of

Office*

and

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Bruce

L.

Koepfgen

151

Detroit

Street

Denver,

CO

80206

DOB:

1952

President

and

Chief

Executive

Officer

2/16-Present

Executive

Vice

President,

Head

of

North

America

at

Janus

Henderson

Investors

(since

2017),

President

and

Head

of

North

America

at

Janus

Capital

Management

LLC

(since

2013

and

2017,

respectively),

President

at

Janus

Capital

Group

Inc.

(since

2013),

President

and

Director

at

Janus

International

Holding

LLC

(since

2019

and

2011,

respectively),

President

at

Janus

Holdings

LLC

(since

2019),

President

and

Director

at

Janus

Management

Holdings

Corporation

(since

2017

and

2012,

respectively),

Executive

Vice

President

and

Head

of

North

America

at

Janus

Distributors

LLC

(since

2011

and

2019,

respectively),

Vice

President

and

Director

at

Intech

Investment

Management

LLC

(since

2012),

and

Executive

Vice

President

at

Perkins

Investment

Management

LLC

(since

2011).

Formerly,

Executive

Vice

President

at

Janus

Capital

Group

Inc.,

Janus

International

Holding

LLC,

and

Janus

Management

Holdings

Corporation

(2011-

2019),

Director

at

Perkins

Investment

Management

LLC

(2011-2019),

and

Chief

Financial

Officer

at

Janus

Capital

Group

Inc.

(2011-2013).

Kristin

Mariani

151

Detroit

Street

Denver,

CO

80206

DOB:

1966

Vice

President,

Chief

Compliance

Officer,

and

Anti-

Money

Laundering

Officer

7/20-Present

Head

of

Compliance,

North

America

for

Janus

Henderson

Investors

(since

September

2020)

and

Chief

Compliance

Officer

for

Janus

Capital

Management

LLC

(since

September

2017).

Formerly,

Global

Head

of

Investment

Management

Compliance

for

Janus

Henderson

Investors

(February

2019

-

August

2020),

Vice

President,

Head

of

Global

Distribution

Compliance

and

Chief

Compliance

Officer

of

Janus

Henderson

Distributors

(May

2017

–

September

2017),

Vice

President,

Compliance

at

Janus

Capital

Group

Inc.,

Janus

Capital

Management

LLC,

and

Janus

Distributors

LLC

(2009-2017).

Jesper

Nergaard

151

Detroit

Street

Denver,

CO

80206

DOB:

1962

Chief

Financial

Officer,

Vice

President,

Treasurer,

and

Principal

Accounting

Officer

2/16-Present

Head

of

U.S.

Fund

Administration,

Janus

Henderson

Investors

and

Janus

Services

LLC.

Byron

D.

Hittle

151

Detroit

Street

Denver,

CO

80206

DOB:

1974

Vice

President,

Secretary,

and

Chief

Legal

Officer

7/18-Present

Managing

Counsel

of

Janus

Henderson

Investors

(2017-present).

Formerly,

Assistant

Vice

President

and

Senior

Legal

Counsel

of

Janus

Capital

Management

LLC

(2012-2016).

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Notes

Janus

Detroit

Street

Trust

33

125-02-93062

12-21

This

report

is

submitted

for

the

general

information

of

shareholders

of

the

Fund.

It

is

not

an

offer

or

solicitation

for

the

Fund

and

is

not

authorized

for

distribution

to

prospective

investors

unless

preceded

or

accompanied

by

an

effective

prospectus.

Janus

Henderson

is

a

trademark

of

Janus

Henderson

Group

plc

or

one

of

its

subsidiaries.

©

Janus

Henderson

Group

plc.

Janus

Capital

Management

LLC

is

the

investment

adviser

and

ALPS

Distributors,

Inc.

is

the

distributor.

ALPS

is

not

affiliated

with

Janus

Henderson

or

any

of

its

subsidiaries.

ANNUAL

REPORT

October

31,

2021

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Performance

Overview

...........................

1

Disclosure

of

Fund

Expenses

.......................

4

Report

of

Independent

Registered

Public

Accounting

Firm

...

5

Schedule

of

Investments

..........................

6

Statement

of

Assets

and

Liabilities

...................

14

Statement

of

Operations

..........................

15

Statements

of

Changes

in

Net

Assets

.................

16

Financial

Highlights

..............................

17

Notes

to

Financial

Statements

......................

18

Additional

Information

............................

27

Trustees

and

Officers

............................

29

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

(unaudited)

Janus

Detroit

Street

Trust

1

INVESTMENT

OBJECTIVE

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

(JSML)

seeks

investment

results

that

correspond

generally,

before

fees

and

expenses,

to

the

performance

of

its

underlying

index,

the

Janus

Henderson

Small

Cap

Growth

Alpha

Index.

It

pursues

its

investment

objective

by

using

a

passive

index-based

approach,

normally

investing

at

least

80%

of

its

net

assets

in

securities

that

comprise

its

underlying

index.

Performance

Overview

U.S.

small-cap

equities

rose

for

the

period,

but

were

volatile.

Stocks

advanced

strongly

in

the

fourth

quarter

of

2020

as

resilient

economic

and

earnings

growth

and

optimism

over

new

COVID-19

vaccines

lifted

investor

sentiment.

Congress

also

passed

the

$1.9

trillion

American

Rescue

Plan,

which

included

cash

payments

to

most

households.

Stock

market

gains

continued

through

the

first

half

of

2021,

as

an

accelerating

vaccine

rollout

helped

support

healthy

economic

and

earnings

growth.

However,

stocks

suffered

periods

of

downward

volatility,

especially

in

the

third

quarter

of

2021

as

the

spread

of

the

new

Delta

variant

led

to

renewed

pandemic

concerns.

Supply

constraints

and

higher

input

costs

also

fueled

inflation,

which

drove

interest

rates

higher

late

in

the

third

quarter.

The

Federal

Reserve

signaled

it

would

likely

begin

tapering

its

monetary

support

before

year-end,

which

added

to

upward

pressure

on

interest

rates.

Through

much

of

the

period,

investors

shifted

between

growth

stocks

and

more

cyclically

driven

value

opportunities.

Small-cap

growth

stocks

in

the

Russell

2000®

Growth

Index

ended

the

12-month

period

with

solid

gains

but

underperformed

the

broader

small-

cap

universe,

as

measured

by

the

Russell

2000®

Index.

During

the

period,

the

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

(JSML)

returned

40.30%

(based

on

NAV);

its

primary

benchmark,

the

Janus

Small

Cap

Growth

Alpha

Index,

returned

40.59%,

and

its

secondary

benchmark,

the

Russell

2000

Growth

Index,

returned

38.45%.

JSML

seeks

investment

results

that

correspond

generally,

before

fees

and

expenses,

to

the

performance

of

its

primary

benchmark.

The

strategy

seeks

to

provide

risk-adjusted

outperformance

by

identifying

top-tier

small-cap

companies

with

some

of

the

strongest

fundamentals

that

the

advisor

believes

can

deliver

sustainable

growth

in

a

variety

of

market

environments.

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

(unaudited)

Fund

At

A

Glance

October

31,

2021

2

October

31,

2021

Holdings

are

subject

to

change

without

notice.

5

Largest

Equity

Holdings

–

(%

of

Net

Assets)

ironSource

Ltd.

Software

3.1%

Ubiquiti,

Inc.

Communications

Equipment

2.9%

Progyny

,

Inc.

Health

Care

Providers

&

Services

2.9%

DoubleVerify

Holdings,

Inc.

Software

2.7%

Figs,

Inc.

Health

Care

Equipment

&

Supplies

2.5%

14.1%

Sector

Allocation

–

(%

of

Net

Assets)

Technology

29.1%

Consumer,

Non-cyclical

28.0%

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

10.0%

Financial

10.0%

Industrial

9.8%

Communications

9.3%

Consumer,

Cyclical

8.3%

Basic

Materials

3.5%

Utilities

1.3%

Energy

0.7%

Investment

Companies

0.0%

110.0%

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

(unaudited)

Performance

Janus

Detroit

Street

Trust

3

Total

annual

expense

ratio

as

stated

in

the

prospectus:

0.30%.

See

Financial

Highlights

for

actual

expense

ratios

during

the

reporting

period.

Returns

quoted

are

past

performance

and

do

not

guarantee

future

results;

current

performance

may

be

lower

or

higher.

Investment

returns

and

principal

value

will

vary;

there

may

be

a

gain

or

loss

when

shares

are

sold.

For

the

most

recent

month-end

performance

call

800.668.0434

or

visit

janushenderson.com/performance.

Shares

of

ETFs

are

bought

and

sold

at

market

price

(not

NAV)

and

are

not

individually

redeemed

from

the

Fund.

Market

returns

are

based

upon

the

midpoint

of

the

bid/ask

spread

at

4:00

p.m.

Eastern

time

(when

NAV

is

normally

determined

for

most

ETFs),

and

do

not

represent

the

returns

you

would

receive

if

you

traded

shares

at

other

times.

Ordinary

brokerage

commissions

apply

and

will

reduce

returns.

Investing

involves

risk,

including

the

possible

loss

of

principal

and

fluctuation

of

value.

There

is

no

assurance

the

stated

objective(s)

will

be

met.

Performance

may

be

affected

by

risks

that

include

those

associated

with

foreign

and

emerging

markets,

fixed

income

securities,

high-yield

and

high-risk

securities,

undervalued,

overlooked

and

smaller

capitalization

companies,

real

estate

related

securities

including

Real

Estate

Investment

Trusts

(REITs),

non-diversification,

Environmental,

Social

and

Governance

(ESG)

factors,

portfolio

turnover,

derivatives,

short

sales,

initial

public

offerings

(IPOs)

and

potential

conflicts

of

interest.

Each

product

has

different

risks.

Please

see

the

prospectus

for

more

information

about

risks,

holdings

and

other

details.

High

absolute

short-term

performance

is

not

typical

and

may

not

be

achieved

in

the

future.

Such

results

should

not

be

the

sole

basis

for

evaluating

material

facts

in

making

an

investment

decision.

Returns

include

reinvestment

of

dividends

and

capital

gains.

Returns

greater

than

one

year

are

annualized.

Returns

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

redemptions

of

Fund

shares.

The

returns

do

not

include

adjustments

in

accordance

with

generally

accepted

accounting

principles

required

at

the

period

end

for

financial

reporting

purposes.

See

Notes

to

Schedule

of

Investments

and

Other

Information

for

index

definitions.

Index

performance

does

not

reflect

the

expenses

of

managing

a

portfolio

as

an

index

is

unmanaged

and

not

available

for

direct

investment.

The

index

provider

is

Janus

Henderson

Indices

LLC

(“JH

Indices”).

JH

Indices

maintains

the

indices

and

calculates

the

index

levels

and

performance

shown

or

discussed

but

does

not

manage

actual

assets.

JH

Indices

receives

compensation

in

connection

with

licensing

its

indices

to

third

parties

including

the

provision

of

any

related

data.

JH

Indices

does

not

receive

compensation

for

licensing

the

index

to

Janus

Capital

Management

LLC

with

respect

to

the

Fund.

Average

Annual

Total

Return

for

the

periods

ended

October

31,

2021

One

Year

Five

Years

Since

Inception

*

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

-

NAV

40.30%

19.56%

19.65%

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

-

Market

Price

40.92%

19.57%

19.66%

Janus

Henderson

Small

Cap

Growth

Alpha

Index

40.59%

19.89%

20.02%

Russell

2000

®

Growth

Index

38.45%

17.90%

18.71%

*

The

Fund

commenced

operations

on

February

23,

2016.

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

(unaudited)

Disclosure

of

Fund

Expenses

4

October

31,

2021

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1)

transaction

costs,

which

may

include

creation

and

redemption

fees

or

brokerage

charges

and

(2)

ongoing

costs,

including

management

fees

and

other

Fund

expenses.

This

example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

Funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

example

is

based

upon

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

six-months

indicated,

unless

noted

otherwise

in

the

table

and

footnotes

below. 

Actual

Expenses 

The

information

in

the

table

under

the

heading

“Actual”

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

these

columns,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

under

the

heading

entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

the

period.

Hypothetical

Example

for

Comparison

Purposes 

The

information

in

the

table

under

the

heading

“Hypothetical

(5%

return

before

expenses)”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

upon

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

determine

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Additionally,

for

an

analysis

of

the

fees

associated

with

an

investment

or

other

similar

funds,

please

visit 

www.finra.org/

fundanalyzer.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transaction

costs,

such

as

creation

and

redemption

fees,

or

brokerage

charges.

These

fees

are

fully

described

in

the

Fund’s

prospectus.

Therefore,

the

hypothetical

examples

are

useful

in

comparing

ongoing

costs

only

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

transaction

costs

were

included,

your

costs

would

have

been

higher.

Actual

Hypothetical

(5%

return

before

expenses)

Beginning

Account

Value

(5/1/21)

Ending

Account

Value

(10/31/21)

Expenses

Paid

During

Period

(5/1/21

-

10/31/21)

†

Beginning

Account

Value

(5/1/21)

Ending

Account

Value

(10/31/21)

Expenses

Paid

During

Period

(5/1/21

-

10/31/21)

†

Net

Annualized

Expense

Ratio

(5/1/21

-

10/31/21)

$1,000.00

$985.60

$1.50

$1,000.00

$1,023.69

$1.53

0.30%

†

Expenses

Paid

During

Period

is

equal

to

the

Net

Annualized

Expense

Ratio

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period).

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Report

of

Independent

Registered

Public

Accounting

Firm

Janus

Detroit

Street

Trust

5

To

the

Board

of

Trustees

of

Janus

Detroit

Street

Trust

and

Shareholders

of

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

(one

of

the

funds

constituting

Janus

Detroit

Street

Trust,

referred

to

hereafter

as

the

"Fund")

as

of

October

31,

2021,

the

related

statement

of

operations

for

the

year

ended

October

31,

2021,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2021,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

October

31,

2021

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

October

31,

2021,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2021

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

October

31,

2021

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

October

31,

2021

by

correspondence

with

the

custodian,

transfer

agent

and

broker;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

Denver,

Colorado

December

17,

2021

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

Janus

Henderson

Funds

since

1990.

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Schedule

of

Investments

October

31,

2021

6

October

31,

2021

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Common

Stocks

-

100.0%

Aerospace

&

Defense

-

0.9%

Aerojet

Rocketdyne

Holdings,

Inc.

30,273

$

1,332,315

Air

Freight

&

Logistics

-

0.6%

Atlas

Air

Worldwide

Holdings,

Inc.*

10,941

887,534

Auto

Components

-

0.8%

LCI

Industries

3,994

557,722

Patrick

Industries,

Inc.

3,741

291,462

XPEL,

Inc.*

4,367

331,455

1,180,639

Banks

-

1.6%

Amalgamated

Financial

Corp.

1,923

35,306

Ameris

Bancorp

4,314

226,010

Bancorp,

Inc.

(The)*

3,525

107,689

Bank

First

Corp.

472

33,507

Business

First

Bancshares,

Inc.

1,267

33,804

Byline

Bancorp,

Inc.

2,332

60,072

Camden

National

Corp.

929

44,220

Coastal

Financial

Corp.*

742

28,233

Enterprise

Bancorp,

Inc.

742

27,565

Farmers

National

Banc

Corp.

1,751

31,203

First

Bancorp

1,761

85,268

First

Bancshares,

Inc.

(The)

1,300

52,325

First

Foundation,

Inc.

2,769

73,683

Guaranty

Bancshares,

Inc.

748

28,080

Hilltop

Holdings,

Inc.

5,018

177,838

Horizon

Bancorp,

Inc.

2,718

51,832

Independent

Bank

Corp.

1,330

29,965

Macatawa

Bank

Corp.

2,114

17,758

Metropolitan

Bank

Holding

Corp.*

516

46,884

MVB

Financial

Corp.

730

31,164

National

Bank

Holdings

Corp.

-

Class

A

1,905

82,620

Nicolet

Bankshares

,

Inc.*

597

42,918

Northrim

Bancorp,

Inc.

384

17,057

Orrstown

Financial

Services,

Inc.

696

16,502

QCR

Holdings,

Inc.

975

53,761

Red

River

Bancshares,

Inc.

449

23,519

Reliant

Bancorp,

Inc.

1,020

34,558

ServisFirst

Bancshares,

Inc.

3,351

269,119

Silvergate

Capital

Corp.

-

Class

A*

1,640

256,857

SmartFinancial

,

Inc.

935

24,301

Spirit

of

Texas

Bancshares,

Inc.

1,061

25,814

UMB

Financial

Corp.

2,989

295,373

2,364,805

Beverages

-

0.7%

Celsius

Holdings,

Inc.*

4,699

453,548

Coca-Cola

Consolidated,

Inc.

451

181,031

National

Beverage

Corp.

5,888

332,083

966,662

Biotechnology

-

2.9%

Catalyst

Pharmaceuticals,

Inc.*

79,143

466,944

Emergent

BioSolutions

,

Inc.*

41,269

1,967,293

Sage

Therapeutics,

Inc.*

45,199

1,824,231

4,258,468

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Schedule

of

Investments

October

31,

2021

Janus

Detroit

Street

Trust

7

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Common

Stocks

-

(continued)

Building

Products

-

0.3%

PGT

Innovations,

Inc.*

22,465

$

479,628

Capital

Markets

-

1.1%

B

Riley

Financial,

Inc.

1,704

122,109

Cowen,

Inc.

-

Class

A

1,793

67,650

Federated

Hermes,

Inc.

6,030

200,859

Focus

Financial

Partners,

Inc.

-

Class

A*

3,698

232,456

Hamilton

Lane,

Inc.

-

Class

A

2,242

234,312

Houlihan

Lokey

,

Inc.

3,135

351,371

PJT

Partners,

Inc.

-

Class

A

1,514

123,830

StepStone

Group,

Inc.

-

Class

A

2,494

117,168

Victory

Capital

Holdings,

Inc.

-

Class

A

991

37,559

Virtu

Financial,

Inc.

-

Class

A

7,256

180,529

1,667,843

Chemicals

-

3.2%

Hawkins,

Inc.

13,443

492,955

Ingevity

Corp.*

25,044

1,951,178

Tronox

Holdings

plc

-

Class

A

97,371

2,270,691

4,714,824

Communications

Equipment

-

2.9%

Ubiquiti,

Inc.

14,114

4,312,250

Construction

&

Engineering

-

2.7%

Comfort

Systems

USA,

Inc.

13,686

1,251,858

Construction

Partners,

Inc.

-

Class

A*

13,763

490,101

IES

Holdings,

Inc.*

7,861

391,871

MYR

Group,

Inc.*

6,358

649,470

NV5

Global,

Inc.*

5,801

604,058

Primoris

Services

Corp.

20,257

545,926

3,933,284

Construction

Materials

-

0.3%

United

States

Lime

&

Minerals,

Inc.

3,587

442,923

Consumer

Finance

-

1.5%

Atlanticus

Holdings

Corp.*

1,023

79,272

Credit

Acceptance

Corp.*

968

579,067

Enova

International,

Inc.*

2,279

73,931

Upstart

Holdings,

Inc.*

4,810

1,549,013

2,281,283

Containers

&

Packaging

-

1.9%

Silgan

Holdings,

Inc.

69,971

2,812,834

Diversified

Financial

Services

-

0.0%

Alerus

Financial

Corp.

1,069

33,567

Electrical

Equipment

-

1.8%

Array

Technologies,

Inc.*

47,879

1,022,216

Atkore

,

Inc.*

17,381

1,643,026

2,665,242

Electronic

Equipment,

Instruments

&

Components

-

2.8%

ePlus

,

Inc.*

8,669

958,532

Insight

Enterprises,

Inc.*

22,379

2,119,291

Kimball

Electronics,

Inc.*

16,023

460,661

Napco

Security

Technologies,

Inc.*

11,782

565,065

4,103,549

Entertainment

-

0.3%

Akazoo

SA*

,¢

2,421

–

Sciplay

Corp.

-

Class

A*

2,997

60,570

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Schedule

of

Investments

October

31,

2021

8

October

31,

2021

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Common

Stocks

-

(continued)

Entertainment

-

(continued)

World

Wrestling

Entertainment,

Inc.

-

Class

A

5,537

$

338,255

398,825

Equity

Real

Estate

Investment

Trusts

(REITs)

-

2.3%

CareTrust

REIT,

Inc.

12,510

259,582

Easterly

Government

Properties,

Inc.

11,628

244,537

Essential

Properties

Realty

Trust,

Inc.

15,239

453,970

Innovative

Industrial

Properties,

Inc.

3,082

810,843

National

Storage

Affiliates

Trust

11,423

713,481

PotlatchDeltic

Corp.

8,637

451,456

Safehold

,

Inc.

6,871

513,264

3,447,133

Food

&

Staples

Retailing

-

0.9%

Albertsons

Cos.,

Inc.

-

Class

A

29,444

911,292

Grocery

Outlet

Holding

Corp.*

6,053

134,316

Sprouts

Farmers

Market,

Inc.*

7,207

159,563

Weis

Markets,

Inc.

1,696

95,502

1,300,673

Food

Products

-

0.1%

Tattooed

Chef,

Inc.*

5,173

92,959

Vital

Farms,

Inc.*

2,524

41,444

134,403

Health

Care

Equipment

&

Supplies

-

5.7%

Figs,

Inc.

-

Class

A

#

,*

111,984

3,763,782

Inari

Medical,

Inc.*

38,374

3,473,615

LeMaitre

Vascular,

Inc.

16,648

865,862

Zynex

,

Inc.*

26,713

334,714

8,437,973

Health

Care

Providers

&

Services

-

8.4%

Addus

HomeCare

Corp.*

12,232

1,143,692

Fulgent

Genetics,

Inc.

#

,*

22,690

1,881,455

Innovage

Holding

Corp.*

104,151

689,479

Joint

Corp.

(The)*

11,046

966,304

National

Research

Corp.

19,554

846,688

Pennant

Group,

Inc.

(The)*

21,796

557,324

Privia

Health

Group,

Inc.*

81,267

2,088,562

Progyny

,

Inc.*

68,704

4,220,487

12,393,991

Health

Care

Technology

-

2.3%

Doximity

,

Inc.

-

Class

A*

37,546

2,608,696

Simulations

Plus,

Inc.

15,474

781,437

3,390,133

Household

Durables

-

3.2%

Cavco

Industries,

Inc.*

1,452

349,032

Century

Communities,

Inc.

5,332

357,564

Cricut

,

Inc.

-

Class

A

#

,*

3,868

109,580

Green

Brick

Partners,

Inc.*

8,024

209,025

Installed

Building

Products,

Inc.

4,694

596,373

iRobot

Corp.*

4,434

369,884

LGI

Homes,

Inc.*

3,892

581,076

Lovesac

Co.

(The)*

2,386

186,132

M/I

Homes,

Inc.*

4,636

265,457

MDC

Holdings,

Inc.

11,165

546,862

Meritage

Homes

Corp.*

5,954

647,259

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Schedule

of

Investments

October

31,

2021

Janus

Detroit

Street

Trust

9

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Common

Stocks

-

(continued)

Household

Durables

-

(continued)

Skyline

Champion

Corp.*

8,973

$

568,170

4,786,414

Household

Products

-

0.2%

Reynolds

Consumer

Products,

Inc.

13,237

357,134

Insurance

-

1.0%

American

Equity

Investment

Life

Holding

Co.

5,721

182,328

eHealth,

Inc.*

1,618

71,758

Enstar

Group

Ltd.*

1,038

239,550

Investors

Title

Co.

116

22,481

Kinsale

Capital

Group,

Inc.

1,409

263,694

Mercury

General

Corp.

3,424

186,574

Palomar

Holdings,

Inc.*

1,568

143,394

Safety

Insurance

Group,

Inc.

927

72,686

Selectquote

,

Inc.*

10,103

134,269

Stewart

Information

Services

Corp.

1,662

118,284

1,435,018

Interactive

Media

&

Services

-

0.5%

Cargurus

,

Inc.*

12,330

413,548

QuinStreet

,

Inc.*

6,635

92,890

ZipRecruiter,

Inc.

-

Class

A*

10,189

283,051

789,489

Internet

&

Direct

Marketing

Retail

-

1.0%

1-800-Flowers.com,

Inc.

-

Class

A*

5,838

187,517

Poshmark

,

Inc.

-

Class

A*

6,368

154,933

Revolve

Group,

Inc.*

6,011

451,065

Shutterstock

,

Inc.

5,791

701,580

Waitr

Holdings,

Inc.*

18,543

35,973

1,531,068

IT

Services

-

4.7%

Paymentus

Holdings,

Inc.

-

Class

A

#

,*

8,910

228,096

SolarWinds

Corp.

#

101,462

1,633,538

Squarespace,

Inc.

-

Class

A

#

,*

57,882

2,253,925

TTEC

Holdings,

Inc.

30,177

2,848,407

6,963,966

Leisure

Products

-

0.3%

American

Outdoor

Brands,

Inc.*

2,228

50,754

Johnson

Outdoors,

Inc.

-

Class

A

1,409

149,607

Malibu

Boats,

Inc.

-

Class

A*

3,295

232,660

433,021

Life

Sciences

Tools

&

Services

-

2.2%

Maravai

LifeSciences

Holdings,

Inc.

-

Class

A*

77,603

3,281,831

Machinery

-

1.9%

Energy

Recovery,

Inc.*

21,549

437,876

Evoqua

Water

Technologies

Corp.*

45,332

1,896,237

Hyliion

Holdings

Corp.*

65,245

527,832

2,861,945

Media

-

0.2%

Loral

Space

&

Communications,

Inc.

2,628

130,927

PubMatic,

Inc.

-

Class

A*

3,138

89,684

220,611

Mortgage

Real

Estate

Investment

Trusts

(REITs)

-

0.3%

Broadmark

Realty

Capital,

Inc.

8,204

84,665

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Schedule

of

Investments

October

31,

2021

10

October

31,

2021

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Common

Stocks

-

(continued)

Mortgage

Real

Estate

Investment

Trusts

(REITs)

-

(continued)

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

4,863

$

293,725

378,390

Multiline

Retail

-

0.2%

Big

Lots,

Inc.

5,475

242,269

Personal

Products

-

0.1%

BellRing

Brands,

Inc.

-

Class

A*

2,493

66,862

Medifast

,

Inc.

739

145,044

211,906

Pharmaceuticals

-

4.1%

Antares

Pharma,

Inc.*

130,631

488,560

Corcept

Therapeutics,

Inc.*

89,095

1,603,710

Innoviva

,

Inc.*

53,410

932,005

Pacira

BioSciences

,

Inc.*

34,165

1,786,146

Supernus

Pharmaceuticals,

Inc.*

40,846

1,219,253

6,029,674

Professional

Services

-

4.3%

Insperity

,

Inc.

14,553

1,819,125

Legalzoom.com,

Inc.

#

,*

74,240

2,081,690

TriNet

Group,

Inc.*

24,830

2,514,037

6,414,852

Real

Estate

Management

&

Development

-

0.7%

eXp

World

Holdings,

Inc.

#

18,866

973,486

Road

&

Rail

-

2.2%

Marten

Transport

Ltd.

31,285

520,270

TuSimple

Holdings,

Inc.

-

Class

A

#

,*

69,767

2,729,285

3,249,555

Semiconductors

&

Semiconductor

Equipment

-

5.9%

ACM

Research,

Inc.

-

Class

A*

11,351

1,205,136

Alpha

&

Omega

Semiconductor

Ltd.*

16,919

586,243

Amkor

Technology,

Inc.

156,884

3,438,897

FormFactor

,

Inc.*

49,839

1,982,595

Ultra

Clean

Holdings,

Inc.*

28,701

1,422,709

8,635,580

Software

-

15.8%

Alarm.com

Holdings,

Inc.*

32,041

2,699,775

Appfolio

,

Inc.

-

Class

A*

12,191

1,605,433

Domo,

Inc.

-

Class

B*

18,244

1,611,857

DoubleVerify

Holdings,

Inc.

#

,*

101,345

4,006,168

Intelligent

Systems

Corp.*

5,614

237,641

ironSource

Ltd.

-

Class

A

#

,*

402,898

4,589,008

Mitek

Systems,

Inc.*

28,267

532,267

Olo

,

Inc.

-

Class

A*

17,746

483,046

ON24,

Inc.*

29,953

573,001

Qualys

,

Inc.*

25,006

3,112,747

ShotSpotter,

Inc.*

7,497

291,708

SPS

Commerce,

Inc.*

23,005

3,513,554

Viant

Technology,

Inc.

-

Class

A*

8,229

96,691

23,352,896

Specialty

Retail

-

1.8%

Academy

Sports

&

Outdoors,

Inc.*

14,561

622,920

America's

Car-Mart,

Inc.*

1,037

123,911

Boot

Barn

Holdings,

Inc.*

4,668

487,759

JOANN,

Inc.

6,665

68,116

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Schedule

of

Investments

October

31,

2021

Janus

Detroit

Street

Trust

11

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Common

Stocks

-

(continued)

Specialty

Retail

-

(continued)

Leslie's,

Inc.*

29,934

$

619,035

MarineMax

,

Inc.*

3,437

178,002

OneWater

Marine,

Inc.

-

Class

A

1,843

81,719

Sleep

Number

Corp.*

3,734

329,862

Sportsman's

Warehouse

Holdings,

Inc.*

6,931

119,629

2,630,953

Technology

Hardware,

Storage

&

Peripherals

-

1.2%

Corsair

Gaming,

Inc.*

60,230

1,472,624

Turtle

Beach

Corp.*

10,315

296,659

1,769,283

Textiles,

Apparel

&

Luxury

Goods

-

0.1%

Lakeland

Industries,

Inc.

#

,*

1,269

26,535

Superior

Group

of

Cos.,

Inc.

2,521

65,520

92,055

Thrifts

&

Mortgage

Finance

-

1.0%

Axos

Financial,

Inc.*

3,671

194,563

Bridgewater

Bancshares,

Inc.*

1,743

31,531

Flagstar

Bancorp,

Inc.

3,269

154,264

FS

Bancorp,

Inc.

508

17,506

Hingham

Institution

For

Savings

The

134

48,406

Merchants

Bancorp

1,779

79,041

Meta

Financial

Group,

Inc.

1,973

109,383

NMI

Holdings,

Inc.

-

Class

A*

5,298

128,636

PennyMac

Financial

Services,

Inc.

3,840

238,310

Rocket

Cos.,

Inc.

-

Class

A

8,557

141,019

Southern

Missouri

Bancorp,

Inc.

550

29,920

Walker

&

Dunlop,

Inc.

1,967

255,848

Waterstone

Financial,

Inc.

1,554

32,121

1,460,548

Tobacco

-

0.1%

Vector

Group

Ltd.

9,715

128,821

Trading

Companies

&

Distributors

-

1.0%

Boise

Cascade

Co.

14,828

839,561

McGrath

RentCorp

9,141

659,432

1,498,993

Total

Common

Stocks

(cost

$143,110,644)

147,670,539

Investment

Companies

-

0.0%

Money

Market

Funds

-

0.0%

Invesco

Liquid

Assets

Portfolio,

0.0102%

∞

(cost

$56,381)

56,364

56,381

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

10.0%

Investment

Companies

-

8.0%

Janus

Henderson

Cash

Collateral

Fund

LLC,

0.0011%

£,∞

11,773,593

11,773,593

Time

Deposits

-

2.0%

Royal

Bank

of

Canada,

0.0300%,

11/1/21

$

2,943,398

2,943,398

Total

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

(cost

$14,716,991)

14,716,991

Total

Investments

(total

cost

$157,884,016

)

-

110.0%

162,443,911

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(10.0%)

(14,737,536)

Net

Assets

-

100.0%

$147,706,375

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Schedule

of

Investments

October

31,

2021

12

October

31,

2021

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

155,344,662

95.6

%

Israel

4,589,008

2.8

United

Kingdom

2,270,691

1.4

Bermuda

239,550

0.2

Total

$

162,443,911

100.0

%

Schedule

of

Affiliated

Investments

-

(%

of

Net

Assets)

Dividend

Income

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciatio

n/

(Depreciation)

Value

at

10/31/21

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

10.0%

Investment

Companies

-

8.0%

Janus

Henderson

Cash

Collateral

Fund

LLC,

0.0011%

∞

$

25,264

Δ

$

–

$

–

$

11,773,593

Market

Value

at

10/31/20

Purchases

Sales

Market

Value

at

10/31/21

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

10.0%

Investment

Companies

-

8.0%

Janus

Henderson

Cash

Collateral

Fund

LLC,

0.0011%

∞

$

1,270,759

$

56,563,302

$

(46,060,468)

$

11,773,593

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

October

31,

2021

Janus

Detroit

Street

Trust

13

Janus

Henderson

Small

Cap

Growth

Alpha

Index

Janus

Henderson

Small

Cap

Growth

Alpha

Index

is

designed

to

systematically

identify

small-capitalization

stocks

that

are

poised

for

sustainable

growth

(Smart

Growth

®

)

by

evaluating

each

company’s

performance

in

three

critical

areas:

growth,

profitability,

and

capital

efficiency.

A

proprietary

methodology

is

used

to

score

stocks

based

on

a

wide

range

of

fundamental

measures

and

select

the

top

10%

(“top-tier”)

of

such

eligible

stocks.

Stocks

are

market

cap-

weighted

within

sectors

with

a

3%

maximum

position

size;

sectors

are

weighted

to

align

with

the

Janus

Henderson

Venture

Fund.

Russell

2000

®

Growth

Index

Russell

2000

®

Growth

Index

reflects

the

performance

of

U.S.

small-cap

equities

with

higher

price-to-book

ratios

and

higher

forecasted

growth

values.

LLC

Limited

Liability

Company

plc

Public

Limited

Company

*

Non-income

producing

security.

¢

Security

is

valued

using

significant

unobservable

inputs.

The

total

value

of

Level

3

securities

as

of

the

year

ended

October

31,

2021

is

$0,

which

represents

0.0%

of

net

assets.

#

Loaned

security;

a

portion

of

the

security

is

on

loan

at

October

31,

2021.

∞

Rate

shown

is

the

7-day

yield

as

of

October

31,

2021.

£

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.

Δ

Net

of

income

paid

to

the

securities

lending

agent

and

rebates

paid

to

the

borrowing

counterparties.

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

October

31,

2021

.

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

S

ecurities:

Common

Stocks

Entertainment

(a)

$

398,825

$

—

$

0

All

Other

147,271,714

—

—

Investment

Companies

56,381

—

—

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

—

14,716,991

—

Total

Assets

$

147,726,920

$

14,716,991

$

0

(a)

There

is

a

security

in

this

category

that

has

a

market

value

of

zero.

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Statement

of

Assets

and

Liabilities

October

31,

2021

14

October

31,

2021

See

Notes

to

Financial

Statements.

Assets:

Unaffiliated

investments,

at

value

(cost

$146,110,423)

(1)

$

150,670,318

Affiliated

investments,

at

value

(cost

$11,773,593)

11,773,593

Receivables:

Fund

units

sold

6,702,170

Dividends

6,544

Affiliated

securities

lending

income,

net

8,998

Total

Assets

169,161,623

Liabilities:

Collateral

on

securities

loaned

(Note

2)

14,716,991

Payables:

—

Due

to

custodian

2,000

Investments

purchased

6,701,097

Management

fees

35,160

Total

Liabilities

21,455,248

Net

Assets

$

147,706,375

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

152,995,996

Total

distributable

earnings

(loss)

(

5,289,621

)

Total

Net

Assets

$

147,706,375

Net

Assets

$

147,706,375

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

2,202,000

Net

Asset

Value

Per

Share

$

67

.08

(1)

Includes

$14,341,305

of

securites

on

loan.

See

Note

2

in

Notes

to

Financial

Statements.

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Statement

of

Operations

For

the

year

ended

October

31,

2021

Janus

Detroit

Street

Trust

15

See

Notes

to

Financial

Statements.

Investment

Income:

Dividends

$

936,793

Affiliated

securities

lending

income,

net    

25,264

Unaffiliated

securities

lending

income,

net

562

Total

Investment

Income

962,619

Expenses:

Management

Fees

368,548

Total

Expenses

368,548

Net

Investment

Income/(Loss)

594,071

Net

Realized

Gain/(Loss)

on

Investments:

Investments

$

20,865,399

Total

Net

Realized

Gain/(Loss)

on

Investments

$

20,865,399

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

505,442

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

505,442

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

21,964,912

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Statements

of

Changes

in

Net

Assets

16

October

31,

2021

See

Notes

to

Financial

Statements.

Year

Ended

October

31,

2021

Year

Ended

October

31,

2020

Operations:

Net

investment

income/(loss)

$

594,071

$

105,154

Net

realized

gain/(loss)

on

investments

20,865,399

1,153,996

Change

in

unrealized

net

appreciation/depreciation

505,442

3,334,623

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

21,964,912

4,593,773

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(

565,566

)

(

106,543

)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(

565,566

)

(

106,543

)

Capital

Share

Transactions

73,349,448

13,907,055

Net

Increase/(Decrease)

in

Net

Assets

94,748,794

18,394,285

Net

Assets:

—

—

Beginning

of

Year  

52,957,581

34,563,296

End

of

Year

$

147,706,375

$

52,957,581

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Financial

Highlights

Janus

Detroit

Street

Trust

17

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

each

year

or

period

ended

October

31

2021

2020

2019

2018

2017

Net

Asset

Value,

Beginning

of

Period

$48.06

$43.10

$39.59

$36.05

$28.17

Income/(Loss)

from

Investment

Operations:

—

—

—

—

—

Net

investment

income/(loss)

(1)

0.32

0.10

0.20

0.20

0.13

Net

realized

and

unrealized

gain/(loss)

19.03

4.97

3.51

3.57

7.97

Total

from

Investment

Operations

19.35

5.07

3.71

3.77

8.10

Less

Dividends

and

Distributions:

—

—

—

—

—

Dividends

(from

net

investment

income)

(0.33)

(0.11)

(0.20)

(0.23)

(0.22)

Total

Dividends

and

Distributions

(0.33)

(0.11)

(0.20)

(0.23)

(0.22)

Net

Asset

Value,

End

of

Period

$67.08

$48.06

$43.10

$39.59

$36.05

Total

Return

40.30%

11.79%

9.43%

10.49%

(2)

28.86%

Net

assets,

End

of

Period

(in

thousands)

$147,706

$52,958

$34,563

$25,816

$9,083

Average

Net

Assets

for

the

Period

(in

thousands)

$123,640

$45,900

$30,102

$17,444

$7,068

Ratios

to

Average

Net

Assets

Ratio

of

Gross

Expenses

0.30%

0.32%

0.35%

0.50%

0.50%

Ratio

of

Net

Investment

Income/(Loss)

0.48%

0.23%

0.49%

0.50%

0.41%

Portfolio

Turnover

Rate

(3)

135%

78%

104%

84%

117%

(1)

Per

share

amounts

are

calculated

based

on

average

shares

outstanding

during

the

year

or

period.

(2)

The

return

includes

adjustments

in

accordance

with

generally

accepted

accounting

principles

required

at

period

end

date.

(3)

Portfolio

turnover

rate

excludes

securities

received

or

delivered

from

in-kind

processing

of

creation

or

redemptions.

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

18

October

31,

2021

1.

Organization

and

Significant

Accounting

Policies

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

(the

“Fund”)

is

a

series

fund.

The

Fund

is

part

of

Janus

Detroit

Street

Trust

(the

“Trust”),

which

is

organized

as

a

Delaware

statutory

trust

and

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company,

and

therefore

has

applied

the

specialized

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

(“ASC”)

Topic

946.

As

of

the

date

of

this

report,

the

Trust

offers

eleven

Funds

each

of

which

represent

shares

of

beneficial

interest

in

a

separate

portfolio

of

securities

and

other

assets

with

its

own

objective

and

policies. 

The

Fund

seeks

investment

results

that

correspond

generally,

before

fees

and

expenses,

to

the

performance

of

its

underlying

index,

the

Janus

Henderson

Small

Cap

Growth

Alpha

Index

(the

“Underlying

Index”).

The

Fund

is

classified

as

diversified,

as

defined

in

the

1940

Act.

Unlike

shares

of

traditional

mutual

funds,

shares

of

the

Fund

are

not

individually

redeemable

and

may

only

be

purchased

or

redeemed

directly

from

the

Fund

at

net

asset

value

(“NAV”)

in

large

increments

called

“Creation

Units”

by

certain

participants,

known

as

“Authorized

Participants.”

The

size

of

a

Creation

Unit

to

purchase

shares

of

the

Fund

may

differ

from

the

size

of

a

Creation

Unit

to

redeem

shares

of

the

Fund.

The

Fund

will

issue

or

redeem

Creation

Units

in

exchange

for

portfolio

securities

and/or

cash.

Except

when

aggregated

in

Creation

Units,

Fund

shares

are

not

redeemable

securities

of

the

Fund.

Shares

of

the

Fund

are

listed

and

trade

on

The

NASDAQ

Stock

Market

LLC

(“NASDAQ”)

and

individual

investors

can

purchase

or

sell

shares

in

much

smaller

increments

and

for

cash

in

the

secondary

market

through

a

broker.

These

transactions,

which

do

not

involve

the

Fund,

are

made

at

market

prices

that

may

vary

throughout

the

day

and

differ

from

the

Fund’s

NAV.

As

a

result,

you

may

pay

more

than

NAV

(a

premium)

when

you

purchase

shares

and

receive

less

than

NAV

(a

discount)

when

you

sell

shares,

in

the

secondary

market.

An

Authorized

Participant

(or

other

broker-dealers

making

markets

in

shares

of

the

Fund)

may

hold

of

record

more

than

25%

of

the

outstanding

shares

of

the

Fund.

From

time

to

time,

Authorized

Participants

(or

other

broker-dealers

making

markets

in

shares

of

the

Fund)

may

be

a

beneficial

and/or

legal

owner

of

the

Fund,

may

be

affiliated

with

an

index

provider,

may

be

deemed

to

have

control

of

the

Fund

and/or

may

be

able

to

affect

the

outcome

of

matters

presented

for

a

vote

of

the

shareholders

of

the

Fund.

Authorized

Participants

(or

other

broker-dealers

making

markets

in

shares

of

the

Fund)

may

execute

an

irrevocable

proxy

granting

the

Distributor,

Janus

Capital

Management

LLC

(“Janus

Capital”

or

“Janus”

or

"Agent")

or

an

affiliate

of

Janus

Capital

power

to

vote

or

abstain

from

voting

such

Authorized

Participant’s

beneficially

or

legally

owned

shares

of

the

Fund.

In

such

cases,

the

Agent

shall

mirror

vote

(or

abstain

from

voting)

such

shares

in

the

same

proportion

as

all

other

beneficial

owners

of

the

Fund. 

The

following

accounting

policies

have

been

followed

by

the

Fund

and

are

in

conformity

with

United

States

of

America

generally

accepted

accounting

principles

(“US

GAAP”). 

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

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

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

19

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.

There

have

been

no

significant

changes

in

valuation

techniques

used

in

valuing

any

such

positions

held

by

the

Fund

since

the

beginning

of

the

fiscal

year. 

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

October

31,

2021 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.

Investment

Transactions

and

Investment

Income

Investment

transactions

are

accounted

for

as

of

the

date

purchased

or

sold

(trade

date).

Dividend

income

is

recorded

on

the

ex-dividend

date.

Certain

dividends

from

foreign

securities

will

be

recorded

as

soon

as

the

Fund

is

informed

of

the

dividend,

if

such

information

is

obtained

subsequent

to

the

ex-dividend

date.

Dividends

from

foreign

securities

may

be

subject

to

withholding

taxes

in

foreign

jurisdictions.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value.

Interest

income

is

recorded

daily

on

an

accrual

basis

and

includes

amortization

of

premiums

and

accretion

of

discounts.

The

Fund

classifies

gains

and

losses

on

prepayments

received

as

an

adjustment

to

interest

income.

Debt

securities

may

be

placed

in

non-accrual

status

and

related

interest

income

may

be

reduced

by

stopping

current

accruals

and

writing

off

interest

receivables

when

collection

of

all

or

a

portion

of

interest

has

become

doubtful.

Gains

and

losses

are

determined

on

the

identified

cost

basis,

which

is

the

same

basis

used

for

federal

income

tax

purposes.

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

20

October

31,

2021

Estimates

The

preparation

of

financial

statements

in

conformity

with

US

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amount

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates. 

Indemnifications

In

the

normal

course

of

business,

the

Fund

may

enter

into

contracts

that

contain

provisions

for

indemnification

of

other

parties

against

certain

potential

liabilities.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

and

would

involve

future

claims

that

may

be

made

against

the

Fund

that

have

not

yet

occurred.

Currently,

the

risk

of

material

loss

from

such

claims

is

considered

remote. 

Dividends

and

Distributions

The

Fund

generally

declares

and

distributes

dividends

of

net

investment

income

quarterly.

Net

realized

capital

gains

(if

any)

are

distributed

annually.

The

Fund

may

treat

a

portion

of

the

amount

paid

to

redeem

shares

as

a

distribution

of

investment

company

taxable

income

and

realized

capital

gains

that

are

reflected

in

the

NAV.

This

practice,

commonly

referred

to

as

“equalization,”

has

no

effect

on

the

redeeming

shareholder

or

a

Fund’s

total

return

but

may

reduce

the

amounts

that

would

otherwise

be

required

to

be

paid

as

taxable

dividends

to

the

remaining

shareholders.

It

is

possible

that

the

Internal

Revenue

Service

(IRS)

could

challenge

the

Fund’s

equalization

methodology

or

calculations,

and

any

such

challenge

could

result

in

additional

tax,

interest,

or

penalties

to

be

paid

by

the

Fund. 

The

Fund

may

make

certain

investments

in

real

estate

investment

trusts

(“REITs”)

which

pay

dividends

to

their

shareholders

based

upon

funds

available

from

operations.

It

is

quite

common

for

these

dividends

to

exceed

the

REITs’

taxable

earnings

and

profits,

resulting

in

the

excess

portion

of

such

dividends

being

designated

as

a

return

of

capital.

If

the

Fund

distributes

such

amounts,

such

distributions

could

constitute

a

return

of

capital

to

shareholders

for

federal

income

tax

purposes. 

Federal

Income

Taxes

The

Fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

and

distribute

all

of

its

taxable

income

in

accordance

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code.

Management

has

analyzed

the

Fund’s

tax

positions

taken

for

all

open

federal

income

tax

years,

generally

a

three-year

period,

and

has

concluded

that

no

provision

for

federal

income

tax

is

required

in

the

Fund’s

financial

statements.

The

Fund

is

not

aware

of

any

tax

positions

for

which

it

is

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

benefits

will

significantly

change

in

the

next

twelve

months. 

2.

Other

Investments

and

Strategies 

Additional

Investment

Risk 

In

response

to

the

COVID-19

pandemic,

the

U.S.

government

and

the

Federal

Reserve,

as

well

as

certain

foreign

governments

and

central

banks,

have

taken

extraordinary

actions

to

support

local

and

global

economies

and

the

financial

markets,

including

reducing

interest

rates

to

record

low

levels.

Extremely

low

or

negative

interest

rates

may

become

more

prevalent

or

may

not

work

as

intended.

As

there

is

little

precedent

for

this

situation,

the

impact

on

various

markets

that

interest

rate

or

other

significant

policy

changes

may

have

is

unknown.

The

withdrawal

of

this

support,

a

failure

of

measures

put

in

place

in

response

to

such

economic

uncertainty,

or

investor

perception

that

such

efforts

were

not

sufficient

could

each

negatively

affect

financial

markets

generally,

and

the

value

and

liquidity

of

specific

securities.

In

addition,

policy

and

legislative

changes

in

the

United

States

and

in

other

countries

continue

to

impact

many

aspects

of

financial

regulation.

Widespread

disease,

including

pandemics

and

epidemics,

and

natural

or

environmental

disasters,

including

those

which

may

be

attributable

to

global

climate

change,

such

as

earthquakes,

fires,

floods,

hurricanes,

tsunamis

and

weather-related

phenomena

generally,

have

been

and

can

be

highly

disruptive

to

economies

and

markets,

adversely

impacting

individual

companies,

sectors,

industries,

markets,

currencies,

interest

and

inflation

rates,

credit

ratings,

investor

sentiment,

and

other

factors

affecting

the

value

of

a

Fund’s

investments.

Economies

and

financial

markets

throughout

the

world

have

become

increasingly

interconnected,

which

increases

the

likelihood

that

events

or

conditions

in

one

region

or

country

will

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

21

adversely

affect

markets

or

issuers

in

other

regions

or

countries,

including

the

United

States.

These

disruptions

could

prevent

a

Fund

from

executing

advantageous

investment

decisions

in

a

timely

manner

and

negatively

impact

a

Fund’s

ability

to

achieve

its

investment

objective(s).

Any

such

event(s)

could

have

a

significant

adverse

impact

on

the

value

of

a

Fund.

In

addition,

these

disruptions

could

also

impair

the

information

technology

and

other

operational

systems

upon

which

the

Fund’s

service

providers,

including

Janus

Capital,

rely,

and

could

otherwise

disrupt

the

ability

of

employees

of

the

Fund’s

service

providers

to

perform

essential

tasks

on

behalf

of

the

Fund.

Adverse

weather

conditions

may

also

have

a

particularly

negative

effect

on

issuers

in

the

agricultural

sector

in

the

agricultural

sector

and

on

insurance

and

reinsurance

companies

that

insure

or

reinsure

against

the

impact

of

natural

disasters.

A

number

of

countries

in

the

European

Union

(“EU”)

have

experienced,

and

may

continue

to

experience,

severe

economic

and

financial

difficulties.

In

particular,

many

EU

nations

are

susceptible

to

economic

risks

associated

with

high

levels

of

debt.

Many

non-governmental

issuers,

and

even

certain

governments,

have

defaulted

on,

or

been

forced

to

restructure,

their

debts.

Many

other

issuers

have

faced

difficulties

obtaining

credit

or

refinancing

existing

obligations.

Financial

institutions

have

in

many

cases

required

government

or

central

bank

support,

have

needed

to

raise

capital,

and/or

have

been

impaired

in

their

ability

to

extend

credit.

As

a

result,

financial

markets

in

the

EU

have

experienced

extreme

volatility

and

declines

in

asset

values

and

liquidity.

These

difficulties

may

continue,

worsen,

or

spread

further

within

the

EU.

Responses

to

these

financial

problems

by

European

governments,

central

banks,

and

others,

including

austerity

measures

and

reforms,

may

not

work,

may

result

in

social

unrest,

and

may

limit

future

growth

and

economic

recovery

or

have

other

unintended

consequences.

All

of

these

developments

may

continue

to

significantly

affect

the

economies

of

all

EU

countries,

which

in

turn

may

have

a

material

adverse

effect

on

a

Fund's

investments

in

such

countries

that

depend

on

EU

countries

for

significant

amounts

of

trade

or

investment,

or

issues

with

exposure

to

debt

issued

by

certain

EU

countries.

Passive

Investment

Risk 

The

Fund

is

not

actively

managed

and

therefore

the

Fund

might

not

sell

shares

of

a

security

due

to

current

or

projected

underperformance

of

a

security,

industry

or

sector,

unless

that

security

is

removed

from

the

Underlying

Index

or

the

selling

of

shares

is

otherwise

required

upon

a

rebalancing

of

the

Underlying

Index. 

Small-Sized

Companies

Risk 

The

Fund's

investments

in

securities

issued

by

small-sized

companies,

which

can

include

smaller,

start-up

companies

offering

emerging

products

or

services,

may

involve

greater

risks

than

are

customarily

associated

with

larger,

more

established

companies.

Securities

issued

by

small-sized

companies

tend

to

be

more

volatile

and

somewhat

more

speculative

than

securities

issued

by

larger

or

more

established

companies

and

may

underperform

as

compared

to

the

securities

of

larger

companies.

Securities

issued

by

micro-capitalization

companies

tend

to

be

significantly

more

volatile,

and

more

vulnerable

to

adverse

business

and

economic

developments,

than

those

of

larger

companies.

For

example,

small-

and

micro-capitalization

companies

may

be

more

likely

to

merge

with

or

be

acquired

by

another

company,

resulting

in

de-listing

of

the

securities

held

by

the

Fund. 

Counterparties 

Fund

transactions

involving

a

counterparty

are

subject

to

the

risk

that

the

counterparty

or

a

third

party

will

not

fulfill

its

obligation

to

the

Fund

("counterparty

risk").

Counterparty

risk

may

arise

because

of

the

counterparty's

financial

condition

(i.e.,

financial

difficulties,

bankruptcy,

or

insolvency),

market

activities

and

developments,

or

other

reasons,

whether

foreseen

or

not.

A

counterparty's

inability

to

fulfill

its

obligation

may

result

in

significant

financial

loss

to

the

Fund.

The

Fund

may

be

unable

to

recover

its

investment

from

the

counterparty

or

may

obtain

a

limited

recovery,

and/or

recovery

may

be

delayed.

The

extent

of

the

Fund's

exposure

to

counterparty

risk

with

respect

to

financial

assets

and

liabilities

approximates

its

carrying

value.

The

Fund

may

be

exposed

to

counterparty

risk

through

participation

in

various

programs,

including,

but

not

limited

to,

lending

its

securities

to

third

parties,

cash

sweep

arrangements

whereby

the

Fund's

cash

balance

is

invested

in

one

or

more

types

of

cash

management

vehicles,

as

well

as

investments

in,

but

not

limited

to,

repurchase

agreements,

and

derivatives,

including

various

types

of

swaps,

futures

and

options.

The

Fund

intends

to

enter

into

financial

transactions

with

counterparties

that

Janus

Capital

believes

to

be

creditworthy

at

the

time

of

the

transaction.

There

is

always

the

risk

that

Janus

Capital's

analysis

of

a

counterparty's

creditworthiness

is

incorrect

or

may

change

due

to

market

conditions.

To

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

22

October

31,

2021

the

extent

that

the

Fund

focuses

its

transactions

with

a

limited

number

of

counterparties,

it

will

have

greater

exposure

to

the

risks

associated

with

one

or

more

counterparties. 

Offsetting

Assets

and

Liabilities 

The

Fund

presents

gross

and

net

information

about

transactions

that

are

either

offset

in

the

financial

statements

or

subject

to

an

enforceable

master

netting

arrangement

or

similar

agreement

with

a

designated

counterparty,

regardless

of

whether

the

transactions

are

actually

offset

in

the

Statement

of

Assets

and

Liabilities.

JPMorgan

Chase

Bank,

National

Association

acts

as

securities

lending

agent

and

a

limited

purpose

custodian

or

subcustodian

to

receive

and

disburse

cash

balances

and

cash

collateral,

hold

short-term

investments,

hold

collateral,

and

perform

other

custodial

functions

in

accordance

with

the

Securities

Lending

Agreement.

For

financial

reporting

purposes,

the

Fund

does

not

offset

financial

instruments’

payables

and

receivables

and

related

collateral

on

the

Statement

of

Assets

and

Liabilities.

Securities

on

loan

will

be

continuously

secured

by

collateral

which

may

consist

of

cash,

U.S.

Government

securities,

domestic

and

foreign

short-term

debt

instruments,

letters

of

credit,

time

deposits,

repurchase

agreements,

money

market

mutual

funds

or

other

money

market

accounts,

or

such

other

collateral

as

permitted

by

the

Securities

and

Exchange

Commission

(the

“SEC”).

See

“Securities

Lending”

in

the

“Notes

to

Financial

Statements”

for

additional

information. 

The

following

tables

present

gross

amounts

of

recognized

assets

and/or

liabilities

and

the

net

amounts

after

deducting

collateral

that

has

been

pledged

by

counterparties

or

has

been

pledged

to

counterparties

(if

applicable).

Real

Estate

Investing 

The

Fund

may

invest

in

equity

securities

of

real

estate-related

companies

to

the

extent

such

securities

are

included

in

the

Underlying

Index.

Such

companies

may

include

those

in

the

real

estate

industry

or

real

estate-related

industries.

These

securities

may

include

common

stocks,

preferred

and

convertible

securities

of

issuers

in

real

estate-related

industries.

A

REIT

is

a

trust

that

invests

in

real

estate-related

projects,

such

as

properties,

mortgage

loans,

and

construction

loans.

REITs

are

generally

categorized

as

equity,

mortgage,

or

hybrid

REITs.

A

REIT

may

be

listed

on

an

exchange

or

traded

OTC.

Securities

Lending 

Under

procedures

adopted

by

the

Trustees,

the

Fund

may

seek

to

earn

additional

income

by

lending

securities

to

certain

qualified

broker-dealers

and

institutions.

JP

Morgan

Chase

Bank,

NA

acts

as

securities

lending

agent

and

a

limited

purpose

custodian

or

subcustodian

to

receive

and

disburse

cash

balances

and

cash

collateral,

hold

short-term

investments,

hold

collateral,

and

perform

other

custodial

functions

in

accordance

with

the

Securities

Lending

Agreement.

The

Fund

may

lend

fund

securities

in

an

amount

equal

to

up

to

1/3

of

its

total

assets

as

determined

at

the

time

of

the

loan

origination.

There

is

the

risk

of

delay

in

recovering

a

loaned

security

or

the

risk

of

loss

in

collateral

rights

if

the

borrower

fails

financially.

In

addition,

Janus

Capital

makes

efforts

to

balance

the

benefits

and

risks

from

granting

such

loans.

All

loans

will

be

continuously

secured

by

collateral

which

may

consist

of

cash,

U.S.

Government

securities,

domestic

and

foreign

short-term

debt

instruments,

letters

of

credit,

time

deposits,

repurchase

agreements,

money

market

mutual

funds

or

other

money

market

accounts,

or

such

other

collateral

as

permitted

by

the

SEC.

If

the

Fund

is

unable

to

recover

a

security

on

loan,

the

Fund

may

use

the

collateral

to

purchase

replacement

securities

in

the

market.

There

is

a

risk

that

the

Counterparty

Gross

Amounts

of

Recognized

Assets

Offsetting

Asset

or

Liability

(a)

Collateral

Pledged

(b)

Net

Amount

JPMorgan

Chase

Bank

NA

$

14,341,305

$

—

$

(14,341,305

)

$

—

(a)

Represents

the

amount

of

assets

or

liabilities

that

could

be

offset

with

the

same

counterparty

under

master

netting

or

similar

agreements

that

management

elects

not

to

offset

on

the

Statement

of

Assets

and

Liabilities.

(b)

Collateral

pledged

is

limited

to

the

net

outstanding

amount

due

to/from

an

individual

counterparty.

The

actual

collateral

amounts

pledged

may

exceed

these

amounts

and

may

fluctuate

in

value.

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

23

value

of

the

collateral

could

decrease

below

the

cost

of

the

replacement

security

by

the

time

the

replacement

investment

is

made,

resulting

in

a

loss

to

the

Fund.

In

certain

circumstances

individual

loan

transactions

could

yield

negative

returns. 

Upon

receipt

of

cash

collateral,

Janus

Capital

may

invest

it

in

affiliated

or

non-affiliated

cash

management

vehicles,

whether

registered

or

unregistered

entities,

as

permitted

by

the

1940

Act

and

rules

promulgated

thereunder.

Janus

Capital

currently

intends

to

invest

the

cash

collateral

in

a

cash

management

vehicle

for

which

Janus

Capital

serves

as

investment

adviser,

Janus

Henderson

Cash

Collateral

Fund

LLC,

or

in

time

deposits.

An

investment

in

Janus

Henderson

Cash

Collateral

Fund

LLC

is

generally

subject

to

the

same

risks

that

shareholders

experience

when

investing

in

similarly

structured

vehicles,

such

as

the

potential

for

significant

fluctuations

in

assets

as

a

result

of

the

purchase

and

redemption

activity

of

the

securities

lending

program,

a

decline

in

the

value

of

the

collateral,

and

possible

liquidity

issues.

Such

risks

may

delay

the

return

of

the

cash

collateral

and

cause

the

Fund

to

violate

its

agreement

to

return

the

cash

collateral

to

a

borrower

in

a

timely

manner.

As

adviser

to

the

Fund

and

Janus

Henderson

Cash

Collateral

Fund

LLC,

Janus

Capital

has

an

inherent

conflict

of

interest

as

a

result

of

its

fiduciary

duties

to

both

the

Fund

and

Janus

Henderson

Cash

Collateral

Fund

LLC.

Additionally,

Janus

Capital

receives

an

investment

advisory

fee

of

0.05%

for

managing

Janus

Henderson

Cash

Collateral

Fund

LLC

and

therefore

may

have

an

incentive

to

allocate

collateral

to

the

Janus

Henderson

Cash

Collateral

Fund

LLC,

rather

than

to

other

collateral

management

options

for

which

Janus

Capital

does

not

receive

compensation. 

The

value

of

the

collateral

must

be

at

least

102%

of

the

market

value

of

the

loaned

securities

that

are

denominated

in

U.S.

dollars

and

105%

of

the

market

value

of

the

loaned

securities

that

are

not

denominated

in

U.S.

dollars.

Loaned

securities

and

related

collateral

are

marked-to-market

each

business

day

based

upon

the

market

value

of

the

loaned

securities

at

the

close

of

business,

employing

the

most

recent

available

pricing

information.

Collateral

levels

are

then

adjusted

based

on

this

mark-to-market

evaluation. 

Additional

required

collateral,

or

excess

collateral

returned,

is

delivered

on

the

next

business

day. 

Therefore,

the

value

of

the

collateral

held

may

be

temporarily

less

than

102%

or

105%

value

of

the

securities

on

loan.

The

cash

collateral

invested

by

Janus

Capital

is

disclosed

in

the

Schedule

of

Investments

(if

applicable).

Income

earned

from

the

investment

of

the

cash

collateral,

net

of

rebates

paid

to,

or

fees

paid

by,

borrowers

and

less

the

fees

paid

to

the

lending

agent

are

included

as

“Affiliated

securities

lending

income,

net”

on

the

Statement

of

Operations.

As

of

October

31,

2021,

securities

lending

transactions

accounted

for

as

secured

borrowings

with

an

overnight

and

continuous

contractual

maturity

are

$14,341,305

for

equity

securities.

Gross

amounts

of

recognized

liabilities

for

securities

lending

(collateral

received)

as

of

October

31,

2021

is

$14,716,991,

resulting

in

the

net

amount

due

to

the

counterparty

of

$375,686.

3.

Investment

Advisory

Agreements

and

Other

Transactions

with

Affiliates 

Under

its

unitary

fee

structure,

the

Fund

pays

Janus

Capital

a

management

fee

in

return

for

providing

certain

investment

advisory,

supervisory,

and

administrative

services

to

the

Fund,

including

the

costs

of

transfer

agency,

custody,

fund

administration,

legal,

audit,

and

other

services.

Janus

Capital’s

fee

structure

is

designed

to

pay

substantially

all

of

the

Fund’s

expenses.

However,

the

Fund

bears

other

expenses

which

are

not

covered

under

the

management

fee

which

may

vary

and

affect

the

total

level

of

expenses

paid

by

shareholders,

such

as

distribution

fees

(if

any),

brokerage

expenses

or

commissions,

interest,

dividends,

taxes,

litigation

expenses,

acquired

fund

fees

and

expenses

(if

any),

and

extraordinary

expenses.

The

Fund’s

unitary

management

fee

provides

for

reductions

in

the

fee

rate

as

the

Fund’s

assets

grow.

As

of

the

date

of

this

report,

the

Fund’s

management

fee

was

calculated

daily

and

paid

monthly

according

to

the

following

schedule: 

For

the

year

ended

October

31,

2021,

the

Fund’s

contractual

management

fee

rate

(expressed

as

an

annual

rate)

was

0.30%

of

the

Fund’s

average

daily

net

assets.

Daily

Net

Assets

Fee

Rate

$0-$500

million

0.30%

Next

$500

million

0.25%

Over

$1

billion

0.20%

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

24

October

31,

2021

Effective

June

14,

2021,

J.P.

Morgan

Chase

Bank,

NA

(“JP

Morgan")

provides

certain

fund

administration

services

to

the

Fund,

including

services

related

to

the

Fund’s

accounting,

including

calculating

the

daily

NAV,

audit

coordination,

tax,

and

reporting

obligations,

pursuant

to

an

agreement

with

Janus

Capital,

on

behalf

of

the

Fund.

Prior

to

June

14,

2021,

State

Street

Bank

and

Trust

Company

(“State

Street”)

provided

certain

fund

administration

services

to

the

Fund,

including

services

related

to

the

Fund’s

accounting,

including

calculating

the

daily

NAV,

audit

coordination,

tax,

and

reporting

obligations,

pursuant

to

an

agreement

with

Janus

Capital,

on

behalf

of

the

Fund.

As

compensation

for

such

services,

Janus

Capital

pays

JP

Morgan,

and

previously

paid

State

Street,

a

fee

based

on

a

percentage

of

the

Fund’s

assets,

and

a

flat

fee,

for

certain

services.

Janus

Capital

serves

as

administrator

to

the

Fund,

providing

oversight

and

coordination

of

the

Fund’s

service

providers,

recordkeeping

and

other

administrative

services.

Janus

Capital

does

not

receive

any

additional

compensation,

beyond

the

unitary

fee,

for

serving

as

administrator.

Effective

June

14,

2021,

JP

Morgan

also

serves

as

transfer

agent

for

the

shares

of

the

Fund.

Prior

to

June

14,

2021,

State

Street

served

as

transfer

agent

for

the

shares

of

the

Fund.

Pursuant

to

agreements

with

Janus

Capital

on

behalf

of

the

Fund,

J.P.

Morgan

Securities

LLC,

an

affiliate

of

JP

Morgan,

may

execute

portfolio

transactions

for

the

Fund,

including

but

not

limited

to,

transactions

in

connection

with

cash

in

lieu

transactions

for

non-US

securities.

Prior

to

June

14,

2021,

State

Street

Global

Markets,

an

affiliate

of

State

Street,

executed

portfolio

transactions

for

the

Fund,

including

but

not

limited

to,

transactions

in

connection

with

cash

in

lieu

transactions

for

non-US

securities.

The

Fund’s

Board

of

Trustees

(“Board”)

has

approved

a

Distribution

and

Servicing

Plan

for

shares

of

the

Fund

pursuant

to

Rule

12b-1

under

the

1940

Act

(the

“Plan”).

The

Plan

permits

compensation

in

connection

with

the

distribution

and

marketing

of

Fund

shares

and/or

the

provision

of

certain

shareholder

services.

The

Plan

permits

the

Fund

to

pay

ALPS

Distributors,

Inc.

(the

“Distributor”)

or

its

designee,

a

fee

for

the

sale

and

distribution

and/or

shareholder

servicing

of

the

shares

at

an

annual

rate

of

up

to

0.25%

of

average

daily

net

assets

of

the

Fund.

Under

the

terms

of

the

Plan,

the

Fund

would

be

authorized

to

make

payments

to

the

Distributor

or

its

designee

for

remittance

to

retirement

plan

service

providers,

broker-dealers,

bank

trust

departments,

financial

advisors,

and

other

financial

intermediaries,

as

compensation

for

distribution

and/or

shareholder

services

performed

by

such

entities

for

their

customers

who

are

investors

in

the

Fund.

The

12b-1

fee

may

only

be

imposed

or

increased

when

(

i

)

the

Trustees

determine

that

it

is

in

the

best

interests

of

shareholders

to

do

so,

and

(ii)

the

imposition

of

or

increase

in

the

12b-1

fee

is

first

approved

by

the

Fund’s

shareholders.

Because

these

fees

are

paid

out

of

the

Fund’s

assets

on

an

ongoing

basis,

to

the

extent

that

a

fee

is

authorized

by

shareholders

in

the

future,

over

time

they

will

increase

the

cost

of

an

investment

in

the

Fund.

The

Plan

fee

may

cost

an

investor

more

than

other

types

of

sales

charges.

At

this

time,

Janus

Capital

does

not

intend

to

seek

shareholder

approval

for

implementation

of

the

Plan

.

As

of

October

31,

2021,

Janus

Capital

owned

2,000

shares

or

0.09%

of

the

Fund.

The

Fund

is

permitted

to

purchase

or

sell

securities

(“cross-trade”)

between

itself

and

other

funds

or

accounts

managed

by

Janus

Capital

in

accordance

with

Rule

17a-7

under

the

Investment

Company

Act

of

1940

(“Rule

17a-7”),

when

the

transaction

is

consistent

with

the

investment

objectives

and

policies

of

the

Fund

and

in

accordance

with

the

Internal

Cross

Trade

Procedures

adopted

by

the

Trust’s

Board

of

Trustees.

These

procedures

have

been

designed

to

ensure

that

any

cross-trade

of

securities

by

the

Fund

from

or

to

another

fund

or

account

that

is

or

could

be

considered

an

affiliate

of

the

Fund

under

certain

limited

circumstances

by

virtue

of

having

a

common

investment

adviser,

common

Officer,

or

common

Trustee

complies

with

Rule

17a-7.

Under

these

procedures,

each

cross-trade

is

effected

at

the

current

market

price

to

save

costs

where

allowed.

During

the

year

ended

October

31,

2021,

the

Fund

engaged

in

cross

trades

amounting

to

$2,543,147

in

purchases

and

$7,961,137

in

sales,

resulting

in

a

net

realized

gain

of

$524,078.

The

net

realized

gain

is

included

within

the

“Net

Realized

Gain/(Loss)

on

Investments”

section

of

the

Fund’s

Statement

of

Operations.

Any

purchases

and

sales,

realized

gains/losses

and

recorded

dividends

from

affiliated

investments

during

the

year

ended

October

31,

2021

can

be

found

in

a

table

located

in

the

Schedule

of

Investments.

4.

Federal

Income

Tax 

The

tax

components

of

capital

shown

in

the

table

below

represent:

(1)

distribution

requirements

the

Fund

must

satisfy

under

the

income

tax

regulations;

(2)

losses

or

deductions

the

Fund

may

be

able

to

offset

against

income

and

gains

realized

in

future

years;

and

(3)

unrealized

appreciation

or

depreciation

of

investments

for

federal

income

tax

purposes. 

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

25

The

Fund

has

elected

to

treat

gains

and

losses

on

forward

foreign

currency

contracts

as

capital

gains

and

losses,

if

applicable.

Other

foreign

currency

gains

and

losses

on

debt

instruments

are

treated

as

ordinary

income

for

federal

income

tax

purposes

pursuant

to

Section

988

of

the

Internal

Revenue

Code. 

Accumulated

capital

losses

noted

below

represent

net

capital

loss

carryovers,

as

of

October

31,

2021,

that

may

be

available

to

offset

future

realized

capital

gains

and

thereby

reduce

future

taxable

gains

distributions.

The

following

table

shows

these

capital

loss

carryovers. 

The

aggregate

cost

of

investments

and

the

composition

of

unrealized

appreciation

and

depreciation

of

investment

securities

for

federal

income

tax

purposes

as

of

October

31,

2021

are

noted

below.

The

primary

difference

between

book

and

tax

appreciation

or

depreciation

of

investments

is

wash

sale

loss

deferrals. 

Income

and

capital

gains

distributions

are

determined

in

accordance

with

income

tax

regulations

that

may

differ

from

US

GAAP.

These

differences

are

due

to

differing

treatments

for

items

such

as

net

short-term

gains,

deferral

of

wash

sale

losses,

foreign

currency

transactions,

passive

foreign

investment

companies,

net

investment

losses,

in-kind

transactions

and

capital

loss

carryovers.

Certain

permanent

differences

such

as

tax

returns

of

capital

and

net

investment

losses

noted

below

have

been

reclassified

to

capital. 

Permanent

book

to

tax

basis

differences

may

result

in

reclassifications

between

the

components

of

net

assets.

These

differences

have

no

impact

on

the

results

of

operations

or

net

assets.

The

following

reclassifications

have

been

made

to

the

Fund: 

Loss

Deferrals

Undistributed

Ordinary

Income

Undistributed

Long-Term

Gains

Accumulated

Capital

Losses

Late-Year

Ordinary

Loss

Post-October

Capital

Loss

Other

Book

to

Tax

Differences

Net

Tax

Appreciation/

(Depreciation)

$28,507

$

—

$(9,692,668)

$

—

$

—

$

—

$4,374,540

Capital

Loss

Carryover

Schedule

For

the

year

ended

October

31,

2021

No

Expiration

Short-Term

Long-Term

Accumulated

Capital

Losses

$(9,318,437)

$(374,231)

$(9,692,668)

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$158,069,371

$16,452,283

$(12,077,743)

$4,374,540

For

the

year

ended

October

31,

2021

:

Distributions

From

Ordinary

Income

From

Long-Term

Capital

Gain

Tax

Return

of

Capital

Net

Investment

Loss

$565,566

$

—

$

—

$

—

For

the

year

ended

October

31,

2020

:

Distributions

From

Ordinary

Income

From

Long-Term

Capital

Gain

Tax

Return

of

Capital

Net

Investment

Loss

$106,543

$

—

$

—

$

—

Increase/(Decrease)

to

Capital

Increase/(Decrease)

to

Undistributed

Net

Investment

Income/Loss

Increase/(Decrease)

to

Undistributed

Net

realized

Gain/Loss

$22,160,778

$2

$(22,160,780)

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

26

October

31,

2021

5.

Capital

Share

Transactions 

6.

Purchases

and

Sales

of

Investment

Securities 

For

the

year

ended

October

31,

2021,

the

aggregate

cost

of

purchases

and

proceeds

from

sales

of

investment

securities

(excluding

any

short-term

securities,

short-term

options

contracts,

and

in-kind

transactions)

was

as

follows: 

For

the

year

ended

October

31,

2021,

the

cost

of

in-kind

purchases

and

proceeds

from

in-kind

sales,

were

as

follows: 

During

the

year

ended

October

31,

2021,

the

Fund

had

net

realized

gain

of

$22,216,432

from

in-kind

redemptions.

Gains

on

in-kind

transactions

are

not

considered

taxable

for

federal

income

tax

purposes. 

7.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to

October

31,

2021

and

through

the

date

of

the

issuance

of

the

Fund's

financial

statements

and

determined

that

there

were

no

material

events

or

transactions

that

would

require

recognition

or

disclosure

in

the

Fund's

financial

statements. 

Year

Ended

October

31,

2021

Year

Ended

October

31,

2020

Shares

Amount

Shares

Amount

Shares

sold

2,100,000

$

139,741,007

900,000

$

40,563,154

Shares

repurchased

(1,000,000)

(66,391,559

)

(600,000)

(26,656,099

)

Net

Increase/(Decrease)

1,100,000

$

73,349,448

300,000

$

13,907,055

Purchases

of

Securities

Proceeds

from

Sales

of

Securities

Purchases

of

Long-

Term

U.S.

Government

Obligations

Proceeds

from

Sales

of

Long-Term

U.S.

Government

Obligations

$163,787,982

$163,668,018

$

—

$

—

Purchases

of

Securities

Proceeds

from

Sales

of

Securities

Purchases

of

Long-

Term

U.S.

Government

Obligations

Proceeds

from

Sales

of

Long-Term

U.S.

Government

Obligations

$139,711,803

$66,409,833

$

—

$

—

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Additional

Information

(unaudited)

Janus

Detroit

Street

Trust

27

Proxy

Voting

Policies

and

Voting

Record

A

description

of

the

policies

and

procedures

that

the

Fund

uses

to

determine

how

to

vote

proxies

relating

to

its

portfolio

securities

is

available

without

charge:

(i)

upon

request,

by

calling

1-800-525-0020

(toll

free);

(ii)

on

the

Fund’s

website

at

janushenderson.com/proxyvoting;

and

(iii)

on

the

SEC’s

website

at

http://www.sec.gov.

Quarterly

Portfolio

Holdings

The

Fund

files

its

complete

portfolio

holdings

(schedule

of

investments)

with

the

SEC

for

the

first

and

third

quarters

each

fiscal

year

as

an

exhibit

to

Form

N-PORT

within

60

days

of

the

end

of

such

fiscal

quarter.

Historically,

the

Fund

filed

its

complete

portfolio

holdings

(schedule

of

investments)

with

the

SEC

for

the

first

and

third

quarters

each

fiscal

year

on

Form

N-Q.

The

Fund’s

Form

N-PORT

and

Form

N-Q

filings:

are

available

on

the

SEC’s

website

at

http://www.sec.gov;

(ii)

may

be

reviewed

and

copied

at

the

SEC’s

Public

Reference

Room

in

Washington,

D.C.

(information

on

the

Public

Reference

Room

may

be

obtained

by

calling

1-800-SEC-0330);

and

(iii)

are

available

without

charge,

upon

request,

by

calling

Janus

Henderson

at

1-800-525-0020

(toll

free).

Designation

Requirements

(unaudited)

For

federal

income

tax

purposes,

the

Fund

designated

the

following

for

the

year

ended

October

31,

2021.

Licensing

Agreements

Janus

Henderson

Indices

LLC

(“JH

Indices”)

is

the

Index

Provider

for

the

Underlying

Index.

Janus

Capital

has

entered

into

a

license

agreement

with

JH

Indices

to

use

the

Underlying

Index.

JH

Indices

is

affiliated

with

the

Fund

and

Janus

Capital.

This

affiliation

may

create

potential

conflicts

for

JH

Indices

as

it

may

have

an

interest

in

the

performance

of

the

Fund,

which

could

motivate

it

to

alter

the

Underlying

Index

methodology

for

the

Underlying

Index.

JH

Indices

has

adopted

procedures

that

it

believes

are

reasonably

designed

to

mitigate

these

and

other

potential

conflicts.

JH

Indices

is

the

licensor

of

certain

trademarks,

service

marks,

and

trade

names.

Neither

JH

Indices

nor

any

of

its

affiliates

make

any

representation

or

warranty,

express

or

implied,

to

the

owners

of

the

Fund

or

any

member

of

the

public

regarding

the

advisability

of

investing

in

securities

generally

or

in

the

Fund

particularly

or

the

ability

of

the

Underlying

Index

to

track

general

market

performance.

The

Underlying

Index

is

determined,

composed,

and

calculated

by

JH

Indices

without

regard

to

Janus

Capital

or

the

Fund.

JH

Indices

has

no

obligation

to

take

the

needs

of

Janus

Capital

or

the

owners

of

the

Fund

into

consideration

in

determining,

composing,

or

calculating

the

Underlying

Index.

JH

Indices

is

not

responsible

for

and

has

not

participated

in

the

determination

of

the

timing

of,

prices

at,

or

quantities

of

the

Fund

to

be

issued

or

in

the

determination

or

calculation

of

the

equation

by

which

the

Fund

is

to

be

converted

into

cash.

ALTHOUGH

JH

INDICES

SHALL

OBTAIN

INFORMATION

FOR

INCLUSION

IN

OR

FOR

USE

IN

THE

CALCULATION

OF

THE

UNDERLYING

INDEX

FROM

SOURCES

WHICH

IT

CONSIDERS

RELIABLE,

IT

DOES

NOT

GUARANTEE

THE

QUALITY,

ACCURACY

AND/OR

THE

COMPLETENESS

OF

THE

UNDERLYING

INDEX

OR

ANY

DATA

INCLUDED

THEREIN

AND

SHALL

HAVE

NO

LIABILITY

FOR

ERRORS

OR

OMISSIONS

OF

ANY

KIND

RELATED

TO

THE

UNDERLYING

INDEX

OR

DATA.

JH

INDICES

MAKES

NO

WARRANTY,

EXPRESS

OR

IMPLIED,

AS

TO

RESULTS

TO

BE

OBTAINED

BY

JANUS

CAPITAL,

OWNERS

OF

THE

FUND,

OR

ANY

OTHER

PERSON

OR

ENTITY

FROM

THE

USE

OF

THE

UNDERLYING

INDEX

OR

ANY

DATA

INCLUDED

THEREIN

IN

CONNECTION

WITH

THE

RIGHTS

LICENSED

TO

JANUS

CAPITAL

FOR

ANY

OTHER

USE.

JH

INDICES

MAKES

NO

EXPRESS

OR

IMPLIED

WARRANTIES,

AND

HEREBY

EXPRESSLY

DISCLAIMS

ALL

WARRANTIES

OF

MERCHANTABILITY

OR

FITNESS

FOR

A

PARTICULAR

PURPOSE

OR

USE

WITH

RESPECT

TO

THE

UNDERLYING

INDEX

OR

ANY

DATA

INCLUDED

THEREIN.

WITHOUT

LIMITING

ANY

OF

THE

FOREGOING,

IN

NO

EVENT

SHALL

IT

HAVE

ANY

LIABILITY

FOR

ANY

SPECIAL,

PUNITIVE,

INDIRECT,

OR

CONSEQUENTIAL

DAMAGES

(INCLUDING

LOST

PROFITS),

EVEN

IF

NOTIFIED

OF

THE

POSSIBILITY

OF

SUCH

DAMAGES.

Janus

Capital

does

not

guarantee

the

accuracy

and/or

the

completeness

of

the

Underlying

Index

or

any

data

included

therein,

and

Janus

Capital

shall

have

no

liability

for

any

errors,

omissions

or

interruptions

therein.

Janus

Capital

makes

Dividends

Received

Deduction

Percentage

100%

Qualified

Dividend

Income

Percentage

100%

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Additional

Information

(unaudited)

28

October

31,

2021

no

warranty,

express

or

implied,

as

to

results

to

be

obtained

by

the

Fund,

owners

of

the

shares

of

the

Fund

or

any

other

person

or

entity

from

the

use

of

the

Underlying

Index

or

any

data

included

therein.

Janus

Capital

makes

no

express

or

implied

warranties,

and

expressly

disclaims

all

warranties

of

merchantability

or

fitness

for

a

particular

purpose

or

use

with

respect

to

the

Underlying

Index

or

any

data

included

therein.

Without

limiting

any

of

the

foregoing,

in

no

event

shall

Janus

Capital

have

any

liability

for

any

special,

punitive,

direct,

indirect

or

consequential

damages

(including

lost

profits)

arising

out

of

matters

relating

to

the

use

of

the

Underlying

Index

even

if

notified

of

the

possibility

of

such

damages.

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Trustees

and

Officers

(unaudited)

Janus

Detroit

Street

Trust

29

The

following

are

the

Trustees

and

officers

of

the

Trust

together

with

a

brief

description

of

their

principal

occupations

during

the

last

five

years

(principal

occupations

for

certain

Trustees

may

include

periods

over

five

years).

The

Fund’s

Statement

of

Additional

Information

includes

additional

information

about

the

Trustees

and

officers

and

is

available,

without

charge,

by

calling

1-877-335-2687.

Each

Trustee

has

served

in

that

capacity

since

he

or

she

was

originally

elected

or

appointed.

The

Trustees

do

not

serve

a

specified

term

of

office.

Each

Trustee

will

hold

office

until

the

termination

of

the

Trust

or

his

or

her

earlier

death,

resignation,

retirement,

incapacity,

or

removal.

Under

the

Fund’s

Governance

Procedures

and

Guidelines,

the

policy

is

for

Trustees

to

retire

no

later

than

the

end

of

the

calendar

year

in

which

the

Trustee

turns

75.

The

Trustees

review

the

Fund’s

Governance

Procedures

and

Guidelines

from

time

to

time

and

may

make

changes

they

deem

appropriate.

The

Fund’s

Nominating

and

Governance

Committee

will

consider

nominees

for

the

position

of

Trustee

recommended

by

shareholders.

Shareholders

may

submit

the

name

of

a

candidate

for

consideration

by

the

Committee

by

submitting

their

recommendations

to

the

Trust’s

Secretary.

Each

Trustee

is

currently

a

Trustee

of

one

other

registered

investment

company

advised

by

Janus

Capital:

Clayton

Street

Trust.

As

of

the

date

of

this

report,

collectively,

the

two

registered

investment

companies

consist

of

14

series

or

funds.

The

Trust’s

officers

are

elected

annually

by

the

Trustees

for

a

one-year

term.

Certain

officers

also

serve

as

officers

of

Clayton

Street

Trust.

Certain

officers

of

the

Funds

may

also

be

officers

and/or

directors

of

Janus

Capital.

Except

as

otherwise

disclosed,

Fund

officers

receive

no

compensation

from

the

Funds.

TRUSTEES

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Number

of

Portfolios/Funds

in

Fund

Complex

Overseen

by

Trustee*

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Independent

Trustees

Clifford

J.

Weber

151

Detroit

Street

Denver,

CO

80206

DOB:

1963

Chairman

Trustee

2/16-Present

Owner,

Financial

Products

Consulting

Group

LLC

(consulting

services

to

financial

institutions)

(since

2015).

14

Independent

Trustee,

Clough

Funds

Trust

(investment

company)

(since

2015),

Chairman,

Clough

Funds

Trust

(since

2017),

Independent

Trustee,

Clough

Global

Dividend

and

Income

Fund (closed-end fund)

(since

2017),

Independent

Trustee,

Clough

Global

Opportunities

Fund (closed-end fund)

(since

2017),

Independent

Trustee,

Clough

Global

Equity

Fund (closed-end fund)

(since

2017),

Independent

Trustee,

Elevation

ETF

Trust

(investment

company)

(2016-

2018),

Chairman,

Elevation

ETF

Trust

(2016-2018),

and

Independent

Trustee,

Global

X

Funds

(investment

company)

(since

2018).

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Trustees

and

Officers

(unaudited)

30

October

31,

2021

*

Each

Trustee

also

serves

as

a

trustee

to

the

Clayton

Street

Trust,

which

is

currently

comprised

of

three

portfolios.

**

Ms.

Benz

is

an

Interested

Trustee

because

of

her

employment

with

Janus

Henderson

Investors.

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Number

of

Portfolios/Funds

in

Fund

Complex

Overseen

by

Trustee*

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Maureen

T.

Upton

151

Detroit

Street

Denver,

CO

80206

DOB:

1965

Trustee

2/16-Present

Principal,

Maureen

Upton

Ltd.

(consulting

services

to

developers

of

major

infrastructure

projects

and

investors)

(since

2017).

Formerly,

Principal

Consultant,

SRK

Consulting

(U.S.),

Inc.

(consulting

services

to

global

mining,

energy

and

water

resource

industries)

(2015-

2017)

and

Founder

and

Principal,

Resource

Initiatives

LLC

(sustainability

consulting

firm)

(2006-2015).

14

Jeffrey

B.

Weeden

151

Detroit

Street

Denver,

CO

80206

DOB:

1956

Trustee

2/16-Present

Senior

Advisor,

BayBoston

Capital

LP

(investment

fund

in

banks

and

bank

holdings

companies)

(since

2015).

Formerly,

Management

Advisor,

BoxCast,

Inc.

(technology start-

up company)

(2014-2017).

14

Director,

West

Travis

County

Municipal

Utility

District

No. 6

(municipal

utility)

(since

2020)

and

Director,

State

Farm

Bank

(banking)

(2014-2021).

Interested

Trustee

Carrie

Benz**

151

Detroit

Street

Denver,

CO

80206

DOB:

1975

Trustee

1/21-Present

Global

Head

of

Investment

Services,

Janus

Henderson

Investors

(since

2017);

Vice

President,

Investments

Chief

of

Staff,

Janus

Capital

Management

LLC

(2007-

2017).

14

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Trustees

and

Officers

(unaudited)

Janus

Detroit

Street

Trust

31

OFFICERS

*

Officers

are

elected

at

least

annually

by

the

Trustees

for

a

one-year

term

and

may

also

be

elected

from

time

to

time

by

the

Trustees

for

an

interim

period.

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Term

of

Office*

and

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Bruce

L.

Koepfgen

151

Detroit

Street

Denver,

CO

80206

DOB:

1952

President

and

Chief

Executive

Officer

2/16-Present

Executive

Vice

President,

Head

of

North

America

at

Janus

Henderson

Investors

(since

2017),

President

and

Head

of

North

America

at

Janus

Capital

Management

LLC

(since

2013

and

2017,

respectively),

President

at

Janus

Capital

Group

Inc.

(since

2013),

President

and

Director

at

Janus

International

Holding

LLC

(since

2019

and

2011,

respectively),

President

at

Janus

Holdings

LLC

(since

2019),

President

and

Director

at

Janus

Management

Holdings

Corporation

(since

2017

and

2012,

respectively),

Executive

Vice

President

and

Head

of

North

America

at

Janus

Distributors

LLC

(since

2011

and

2019,

respectively),

Vice

President

and

Director

at

Intech

Investment

Management

LLC

(since

2012),

and

Executive

Vice

President

at

Perkins

Investment

Management

LLC

(since

2011).

Formerly,

Executive

Vice

President

at

Janus

Capital

Group

Inc.,

Janus

International

Holding

LLC,

and

Janus

Management

Holdings

Corporation

(2011-

2019),

Director

at

Perkins

Investment

Management

LLC

(2011-2019),

and

Chief

Financial

Officer

at

Janus

Capital

Group

Inc.

(2011-2013).

Kristin

Mariani

151

Detroit

Street

Denver,

CO

80206

DOB:

1966

Vice

President,

Chief

Compliance

Officer,

and

Anti-

Money

Laundering

Officer

7/20-Present

Head

of

Compliance,

North

America

for

Janus

Henderson

Investors

(since

September

2020)

and

Chief

Compliance

Officer

for

Janus

Capital

Management

LLC

(since

September

2017).

Formerly,

Global

Head

of

Investment

Management

Compliance

for

Janus

Henderson

Investors

(February

2019

-

August

2020),

Vice

President,

Head

of

Global

Distribution

Compliance

and

Chief

Compliance

Officer

of

Janus

Henderson

Distributors

(May

2017

–

September

2017),

Vice

President,

Compliance

at

Janus

Capital

Group

Inc.,

Janus

Capital

Management

LLC,

and

Janus

Distributors

LLC

(2009-2017).

Jesper

Nergaard

151

Detroit

Street

Denver,

CO

80206

DOB:

1962

Chief

Financial

Officer,

Vice

President,

Treasurer,

and

Principal

Accounting

Officer

2/16-Present

Head

of

U.S.

Fund

Administration,

Janus

Henderson

Investors

and

Janus

Services

LLC.

Byron

D.

Hittle

151

Detroit

Street

Denver,

CO

80206

DOB:

1974

Vice

President,

Secretary,

and

Chief

Legal

Officer

7/18-Present

Managing

Counsel

of

Janus

Henderson

Investors

(2017-present).

Formerly,

Assistant

Vice

President

and

Senior

Legal

Counsel

of

Janus

Capital

Management

LLC

(2012-2016).

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Notes

32

October

31,

2021

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Notes

Janus

Detroit

Street

Trust

33

125-02-93061

12-21

This

report

is

submitted

for

the

general

information

of

shareholders

of

the

Fund.

It

is

not

an

offer

or

solicitation

for

the

Fund

and

is

not

authorized

for

distribution

to

prospective

investors

unless

preceded

or

accompanied

by

an

effective

prospectus.

Janus

Henderson

is

a

trademark

of

Janus

Henderson

Group

plc

or

one

of

its

subsidiaries.

©

Janus

Henderson

Group

plc.

Janus

Capital

Management

LLC

is

the

investment

adviser

and

ALPS

Distributors,

Inc.

is

the

distributor.

ALPS

is

not

affiliated

with

Janus

Henderson

or

any

of

its

subsidiaries.

ANNUAL

REPORT

October

31,

2021

Janus

Henderson

Short

Duration

Income

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

Short

Duration

Income

ETF

Performance

Overview

...........................

1

Disclosure

of

Fund

Expenses

.......................

4

Report

of

Independent

Registered

Public

Accounting

Firm

...

5

Schedule

of

Investments

..........................

6

Statement

of

Assets

and

Liabilities

...................

20

Statement

of

Operations

..........................

21

Statements

of

Changes

in

Net

Assets

.................

22

Financial

Highlights

..............................

23

Notes

to

Financial

Statements

......................

24

Additional

Information

............................

39

Trustees

and

Officers

............................

40

Janus

Henderson

Short

Duration

Income

ETF

(unaudited)

Janus

Detroit

Street

Trust

1

INVESTMENT

OBJECTIVE

Janus

Henderson

Short

Duration

Income

ETF

(VNLA)

seeks

to

provide

a

steady

income

stream

with

capital

preservation

across

various

market

cycles.

The

Fund

seeks

to

consistently

outperform

the

FTSE

3-Month

US

Treasury

Bill

Index

by

a

moderate

amount

through

various

market

cycles

while

at

the

same

time

providing

low

volatility.

PERFORMANCE

OVERVIEW

Global

bonds

lost

ground

during

the

period

as

the

world’s

economy

took

steps

to

emerge

from

the

depths

of

the

pandemic-driven

recession.

Anticipation

of

higher

growth

in

the

wake

of

vaccination

approvals

pushed

up

developed

market

interest

rates

during

February

and

March.

While

the

emergence

of

the

COVID-19

Delta

variant

created

growth

headwinds,

rates

were

again

on

the

march

higher

by

the

end

of

the

period,

largely

in

response

to

higher-than

expected

inflation.

During

the

period,

the

Janus

Henderson

Short

Duration

Income

ETF

(VNLA)

returned

0.15%

(based

on

NAV);

its

benchmark,

the

FTSE

3-Month

US

Treasury

Bill

Index,

returned

0.05%.

Positive

returns

were

largely

sourced

from

the

Fund’s

core

of

shorter

duration

corporate

credits.

Given

the

volatility

of

interest

rates

during

certain

parts

of

the

period,

the

Fund

employed

several

tactics

to

lower

the

duration

risk

when

we

believed

conditions

merited.

While

these

positions,

in

aggregate,

dampened

losses

and

our

overall

duration

positioning

added

to

performance,

during

some

periods,

interest

rates

responded

to

economic

developments

in

a

sharp

manner,

overwhelming

the

Fund’s

hedges

and

resulting

in

modest

losses

for

certain

months.

Janus

Henderson

Short

Duration

Income

ETF

is

an

actively

managed,

fixed

income

ETF

with

the

potential

to

deliver

returns

above

cash.

The

strategy

seeks

to

provide

a

steady

income

stream

with

low

volatility

and

capital

preservation

across

economic

cycles.

Rather

than

tracking

a

benchmark,

the

Fund

is

designed

to

move

beyond

conventional

benchmark

constraints

and

provide

positive

absolute

returns.

The

Fund

uses

derivatives

such

as

futures,

options

and

swaps

in

connection

with

its

strategies

for

various

purposes,

including

managing

interest

rate

and

credit

risk

across

the

portfolio

and

in

certain

situations

to

construct

positions

with

the

aim

of

enhancing

returns.

During

the

period,

the

Fund

used

options,

futures,

options

on

futures,

credit

default

swaps

(CDS),

other

swaps

and

forward

exchange

contracts.

In

aggregate,

derivatives’

impact

on

Fund

performance

was

positive.

Please

see

the

Derivative

Instruments

section

in

the

“Notes

to

Financial

Statements”

for

a

discussion

of

derivatives

used

by

the

Fund.

Daniel

Siluk

Jason

England

co-portfolio

manager

co-portfolio

manager

Janus

Henderson

Short

Duration

Income

ETF

(unaudited)

Fund

At

A

Glance

October

31,

2021

2

October

31,

2021

Holdings

are

subject

to

change

without

notice.

Sector

Allocation

–

(%

of

Net

Assets)

Financial

49.0%

Consumer,

Non-cyclical

11.7%

Consumer,

Cyclical

9.8%

Technology

7.0%

Industrial

5.9%

Communications

5.5%

Utilities

4.3%

Energy

4.2%

Basic

Materials

1.0%

Mortgage-Backed

Securities

1.0%

Investment

Companies

1.0%

Diversified

0.4%

Asset-Backed

Securities

0.0%

100.8%

Janus

Henderson

Short

Duration

Income

ETF

(unaudited)

Performance

Janus

Detroit

Street

Trust

3

Total

annual

expense

ratio

as

stated

in

the

prospectus:

0.26%

(gross),

0.24%

(net).

See

Financial

Highlights

for

actual

expense

ratios

during

the

reporting

period.

Returns

quoted

are

past

performance

and

do

not

guarantee

future

results;

current

performance

may

be

lower

or

higher.

Investment

returns

and

principal

value

will

vary;

there

may

be

a

gain

or

loss

when

shares

are

sold.

For

the

most

recent

month-end

performance

call

800.668.0434

or

visit

janushenderson.com/performance.

Shares

of

ETFs

are

bought

and

sold

at

market

price

(not

NAV)

and

are

not

individually

redeemed

from

the

Fund.

Market

returns

are

based

upon

the

midpoint

of

the

bid/ask

spread

at

4:00

p.m.

Eastern

time

(when

NAV

is

normally

determined

for

most

ETFs),

and

do

not

represent

the

returns

you

would

receive

if

you

traded

shares

at

other

times.

Ordinary

brokerage

commissions

apply

and

will

reduce

returns.

Net

expense

ratios

reflect

the

expense

waiver,

if

any,

contractually

agreed

to

through

at

least

February

28,

2022.

Investing

involves

risk,

including

the

possible

loss

of

principal

and

fluctuation

of

value.

There

is

no

assurance

the

stated

objective(s)

will

be

met.

The

Fund

is

not

a

money

market

fund

and

does

not

attempt

to

maintain

a

stable

net

asset

value.

Performance

may

be

affected

by

risks

that

include

those

associated

with

foreign

and

emerging

markets,

fixed

income

securities,

high-yield

and

high-risk

securities,

undervalued,

overlooked

and

smaller

capitalization

companies,

real

estate

related

securities

including

Real

Estate

Investment

Trusts

(REITs),

non-diversification,

Environmental,

Social

and

Governance

(ESG)

factors,

portfolio

turnover,

derivatives,

short

sales,

initial

public

offerings

(IPOs)

and

potential

conflicts

of

interest.

Each

product

has

different

risks.

Please

see

the

prospectus

for

more

information

about

risks,

holdings

and

other

details.

Returns

include

reinvestment

of

dividends

and

capital

gains.

Returns

greater

than

one

year

are

annualized.

Returns

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

redemptions

of

Fund

shares.

The

returns

do

not

include

adjustments

in

accordance

with

generally

accepted

accounting

principles

required

at

the

period

end

for

financial

reporting

purposes.

See

Notes

to

Schedule

of

Investments

and

Other

Information

for

index

definitions.

Index

performance

does

not

reflect

the

expenses

of

managing

a

portfolio

as

an

index

is

unmanaged

and

not

available

for

direct

investment.

Effective

September

30,

2021,

Jason

England

and

Daniel

Siluk

are

Co-Portfolio

Managers

of

the

Fund.

Average

Annual

Total

Return

for

the

periods

ended

October

31,

2021

One

Year

Since

Inception

*

Janus

Henderson

Short

Duration

Income

ETF

-

NAV

0.15%

2.18%

Janus

Henderson

Short

Duration

Income

ETF

-

Market

Price

0.15%

2.18%

FTSE

3-Month

U.S.

Treasury

Bill

Index

0.05%

1.13%

*

The

Fund

commenced

operations

on

November

16,

2016.

Janus

Henderson

Short

Duration

Income

ETF

(unaudited)

Disclosure

of

Fund

Expenses

4

October

31,

2021

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1)

transaction

costs,

which

may

include

creation

and

redemption

fees

or

brokerage

charges

and

(2)

ongoing

costs,

including

management

fees

and

other

Fund

expenses.

This

example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

Funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

example

is

based

upon

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

six-months

indicated,

unless

noted

otherwise

in

the

table

and

footnotes

below. 

Actual

Expenses 

The

information

in

the

table

under

the

heading

“Actual”

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

these

columns,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

under

the

heading

entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

the

period.

Hypothetical

Example

for

Comparison

Purposes 

The

information

in

the

table

under

the

heading

“Hypothetical

(5%

return

before

expenses)”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

upon

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

determine

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Additionally,

for

an

analysis

of

the

fees

associated

with

an

investment

or

other

similar

funds,

please

visit 

www.finra.org/

fundanalyzer.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transaction

costs,

such

as

creation

and

redemption

fees,

or

brokerage

charges.

These

fees

are

fully

described

in

the

Fund’s

prospectus.

Therefore,

the

hypothetical

examples

are

useful

in

comparing

ongoing

costs

only

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

transaction

costs

were

included,

your

costs

would

have

been

higher.

Actual

Hypothetical

(5%

return

before

expenses)

Beginning

Account

Value

(5/1/21)

Ending

Account

Value

(10/31/21)

Expenses

Paid

During

Period

(5/1/21

-

10/31/21)

†

Beginning

Account

Value

(5/1/21)

Ending

Account

Value

(10/31/21)

Expenses

Paid

During

Period

(5/1/21

-

10/31/21)

†

Net

Annualized

Expense

Ratio

(5/1/21

-

10/31/21)

$1,000.00

$1,000.70

$1.11

$1,000.00

$1,024.10

$1.12

0.22%

†

Expenses

Paid

During

Period

is

equal

to

the

Net

Annualized

Expense

Ratio

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period).

Janus

Henderson

Short

Duration

Income

ETF

Report

of

Independent

Registered

Public

Accounting

Firm

Janus

Detroit

Street

Trust

5

To

the

Board

of

Trustees

of

Janus

Detroit

Street

Trust

and

Shareholders

of

Janus

Henderson

Short

Duration

Income

ETF

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Janus

Henderson

Short

Duration

Income

ETF

(one

of

the

funds

constituting

Janus

Detroit

Street

Trust,

referred

to

hereafter

as

the

"Fund")

as

of

October

31,

2021,

the

related

statement

of

operations

for

the

year

ended

October

31,

2021,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2021,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

four

years

in

the

period

ended

October

31,

2021

and

for

the

period

November

16,

2016

(commencement

of

operations)

through

October

31,

2017

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

October

31,

2021,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2021

and

the

financial

highlights

for

each

of

the

four

years

in

the

period

ended

October

31,

2021

and

for

the

period

November

16,

2016

(commencement

of

operations)

through

October

31,

2017

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

October

31,

2021

by

correspondence

with

the

custodian

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

Denver,

Colorado

December

17,

2021

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

Janus

Henderson

Funds

since

1990.

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

October

31,

2021

6

October

31,

2021

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Asset-Backed

Security

-

0.0%

Pepper

SPARKZ

Trust

No.

2,

30

Day

Australian

Bank

Bill

Rate

+

1.5500%,

1.5617%,

10/16/27

‡

(cost

$233,443)

AUD

315,755

$

238,338

Corporate

Bonds

-

89.1%

Basic

Materials

-

1.0%

Georgia-Pacific

LLC,

0.6250%, 5/15/24

(144A)

$

28,520,000

28,328,025

Communications

-

5.5%

Alphabet,

Inc.,

0.4500%, 8/15/25

17,320,000

16,972,047

Amazon.com,

Inc.,

0.4500%, 5/12/24

15,900,000

15,780,635

Amazon.com,

Inc.,

0.8000%, 6/3/25

9,800,000

9,703,276

AT&T,

Inc.,

0.9000%, 3/25/24

32,380,000

32,382,984

eBay,

Inc.,

ICE

LIBOR

USD

3

Month

+

0.8700%,

0.9986%, 1/30/23

‡

8,053,000

8,126,535

eBay,

Inc.,

1.9000%, 3/11/25

9,600,000

9,787,858

eBay,

Inc.,

1.4000%, 5/10/26

6,630,000

6,578,002

Optus

Finance

Pty.

Ltd.,

4.0000%, 6/17/22

AUD

5,250,000

4,026,760

Optus

Finance

Pty.

Ltd.,

3.2500%, 8/23/22

4,500,000

3,452,182

Optus

Finance

Pty.

Ltd.,

3.2500%, 9/6/23

750,000

581,602

Optus

Finance

Pty.

Ltd.,

1.6000%, 7/1/25

450,000

331,442

Spark

Finance

Ltd.,

2.6000%, 3/18/30

270,000

194,327

TWDC

Enterprises

18

Corp.,

ICE

LIBOR

USD

3

Month

+

0.3900%,

0.5055%, 3/4/22

‡

$

3,100,000

3,104,370

Verizon

Communications,

Inc.,

90

Day

Australian

Bank

Bill

Rate

+

1.2200%,

1.2343%, 2/17/23

‡

AUD

7,240,000

5,483,415

Verizon

Communications,

Inc.,

3.5000%, 2/17/23

2,170,000

1,678,855

Verizon

Communications,

Inc.,

0.7500%, 3/22/24

$

4,700,000

4,687,097

Verizon

Communications,

Inc.,

ICE

LIBOR

USD

3

Month

+

1.1000%,

1.2247%, 5/15/25

‡

8,000,000

8,177,024

Verizon

Communications,

Inc.,

0.8500%, 11/20/25

13,220,000

12,950,874

Verizon

Communications,

Inc.,

1.4500%, 3/20/26

4,700,000

4,688,043

Walt

Disney

Co.

(The),

1.7500%, 8/30/24

3,410,000

3,490,047

152,177,375

Consumer,

Cyclical

-

9.2%

7-Eleven,

Inc.,

0.6250%, 2/10/23

(144A)

3,350,000

3,344,365

American

Honda

Finance

Corp.,

0.8750%, 7/7/23

1,665,000

1,673,688

American

Honda

Finance

Corp.,

0.5500%, 7/12/24

8,190,000

8,099,282

BMW

US

Capital

LLC,

0.7500%, 8/12/24

(144A)

4,500,000

4,478,383

BMW

US

Capital

LLC,

1.2500%, 8/12/26

(144A)

6,450,000

6,382,024

CK

Hutchison

International

21

Ltd.,

1.5000%, 4/15/26

(144A)

15,780,000

15,645,554

Daimler

Finance

North

America

LLC,

2.8500%, 1/6/22

(144A)

750,000

753,263

Daimler

Finance

North

America

LLC,

ICE

LIBOR

USD

3

Month

+

0.9000%,

1.0248%, 2/15/22

(144A)

‡

15,000,000

15,034,951

Daimler

Finance

North

America

LLC,

0.7500%, 3/1/24

(144A)

19,060,000

18,979,420

General

Motors

Financial

Co.,

Inc.,

1.7000%, 8/18/23

1,000,000

1,014,528

General

Motors

Financial

Co.,

Inc.,

1.0500%, 3/8/24

10,125,000

10,103,260

General

Motors

Financial

Co.,

Inc.,

1.2000%, 10/15/24

8,650,000

8,635,234

Home

Depot,

Inc.

(The),

0.9000%, 3/15/28

11,325,000

10,757,381

Home

Depot,

Inc.

(The),

1.5000%, 9/15/28

2,800,000

2,748,462

Hyundai

Capital

America,

1.2500%, 9/18/23

(144A)

4,270,000

4,287,609

Hyundai

Capital

America,

0.8000%, 1/8/24

(144A)

9,050,000

8,967,729

Hyundai

Capital

America,

0.8750%, 6/14/24

(144A)

6,660,000

6,585,725

Hyundai

Capital

America,

1.0000%, 9/17/24

(144A)

7,845,000

7,767,996

McDonald's

Corp.,

90

Day

Australian

Bank

Bill

Rate

+

1.1300%,

1.1407%, 3/8/24

‡

AUD

1,390,000

1,055,192

McDonald's

Corp.,

3.0000%, 3/8/24

5,850,000

4,515,421

McDonald's

Corp.,

3.1250%, 3/4/25

CAD

17,080,000

14,329,949

Mercedes-Benz

Australia,

2.5000%, 3/20/22

AUD

6,870,000

5,199,057

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

October

31,

2021

Janus

Detroit

Street

Trust

7

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Corporate

Bonds

-

(continued)

Consumer,

Cyclical

-

(continued)

Mercedes-Benz

Australia,

0.7500%, 1/22/24

AUD

260,000

$

191,997

Stellantis

Finance

US,

Inc.,

1.7110%, 1/29/27

(144A)

$

21,842,000

21,498,144

Toyota

Motor

Corp.,

0.6810%, 3/25/24

2,700,000

2,687,967

Toyota

Motor

Credit

Corp.,

0.4500%, 1/11/24

12,250,000

12,157,923

Toyota

Motor

Credit

Corp.,

0.5000%, 6/18/24

11,460,000

11,334,459

Toyota

Motor

Credit

Corp.,

1.8000%, 2/13/25

7,500,000

7,655,854

Volkswagen

Financial

Services

Australia

Pty.

Ltd.,

3.3000%, 2/28/22

AUD

3,140,000

2,379,477

Volkswagen

Financial

Services

Australia

Pty.

Ltd.,

3.1000%, 4/17/23

1,100,000

846,536

Volkswagen

Group

of

America

Finance

LLC,

ICE

LIBOR

USD

3

Month

+

0.9400%,

1.0627%, 11/12/21

(144A)

‡

$

10,000,000

10,002,401

Volkswagen

Group

of

America

Finance

LLC,

2.9000%, 5/13/22

(144A)

2,400,000

2,431,615

Volkswagen

Group

of

America

Finance

LLC,

0.8750%, 11/22/23

(144A)

12,300,000

12,290,272

Walmart,

Inc.,

1.0500%, 9/17/26

12,800,000

12,684,638

256,519,756

Consumer,

Non-cyclical

-

9.0%

Avery

Dennison

Corp.,

0.8500%, 8/15/24

6,450,000

6,406,501

Boston

Scientific

Corp.,

3.4500%, 3/1/24

3,200,000

3,374,741

Boston

Scientific

Corp.,

3.7500%, 3/1/26

875,000

951,153

Cardinal

Health,

Inc.,

3.0790%, 6/15/24

21,000,000

22,036,280

Centene

Corp.,

4.2500%, 12/15/27

13,229,000

13,857,377

Conagra

Brands,

Inc.,

0.5000%, 8/11/23

4,500,000

4,480,103

ConnectEast

Finance

Pty.

Ltd.,

4.2500%, 2/25/22

AUD

2,200,000

1,656,915

ConnectEast

Finance

Pty.

Ltd.,

3.4000%, 3/25/26

1,000,000

776,485

CVS

Health

Corp.,

4.7500%, 12/1/22

$

5,300,000

5,480,133

CVS

Health

Corp.,

3.3750%, 8/12/24

7,485,000

7,920,425

CVS

Health

Corp.,

2.6250%, 8/15/24

3,880,000

4,043,790

Hershey

Co.

(The),

0.9000%, 6/1/25

7,906,000

7,851,068

Hershey

Co.

(The),

2.3000%, 8/15/26

4,094,000

4,260,065

Hormel

Foods

Corp.,

0.6500%, 6/3/24

5,500,000

5,482,230

Humana,

Inc.,

0.6500%, 8/3/23

9,750,000

9,739,559

Humana,

Inc.,

1.3500%, 2/3/27

4,550,000

4,430,688

Johnson

&

Johnson,

0.5500%, 9/1/25

23,690,000

23,320,412

Lonsdale

Finance

Pty.

Ltd.,

2.4500%, 11/20/26

AUD

3,910,000

2,893,969

Lonsdale

Finance

Pty.

Ltd.,

2.1000%, 10/15/27

400,000

285,869

Mars,

Inc.,

2.7000%, 4/1/25

(144A)

$

4,257,000

4,462,301

Mondelez

International

Holdings

Netherlands

BV,

0.7500%, 9/24/24

(144A)

5,775,000

5,719,756

Mondelez

International,

Inc.,

3.2500%, 3/7/25

CAD

4,100,000

3,436,386

Nestle

Holdings,

Inc.,

0.3750%, 1/15/24

(144A)

$

12,070,000

11,966,733

PayPal

Holdings,

Inc.,

1.3500%, 6/1/23

20,939,000

21,203,872

PerkinElmer,

Inc.,

0.5500%, 9/15/23

4,550,000

4,535,557

PerkinElmer,

Inc.,

0.8500%, 9/15/24

23,550,000

23,370,234

Square,

Inc.,

2.7500%, 6/1/26

(144A)

3,220,000

3,255,402

Teva

Pharmaceutical

Finance

IV

BV,

3.6500%, 11/10/21

1,272,000

1,272,000

Thermo

Fisher

Scientific,

Inc.,

0.7970%, 10/18/23

13,950,000

13,954,499

Thermo

Fisher

Scientific,

Inc.,

1.2150%, 10/18/24

13,950,000

13,965,068

Unilever

Capital

Corp.,

0.6260%, 8/12/24

6,550,000

6,490,730

WSO

Finance

Pty.

Ltd.,

3.5000%, 7/14/23

AUD

3,150,000

2,434,976

WSO

Finance

Pty.

Ltd.,

4.5000%, 3/31/27

910,000

747,959

WSO

Finance

Pty.

Ltd.,

4.5000%, 9/30/27

5,000,000

4,150,443

250,213,679

Diversified

-

0.4%

CK

Hutchison

International

17

II

Ltd.,

2.7500%, 3/29/23

(144A)

$

1,200,000

1,234,712

CK

Hutchison

International

17

Ltd.,

2.8750%, 4/5/22

4,220,000

4,257,389

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

October

31,

2021

8

October

31,

2021

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Corporate

Bonds

-

(continued)

Diversified

-

(continued)

CK

Hutchison

International

19

Ltd.,

3.2500%, 4/11/24

(144A)

$

5,700,000

$

6,017,154

11,509,255

Energy

-

1.2%

Harvest

Operations

Corp.,

4.2000%, 6/1/23

(144A)

2,900,000

3,043,420

Harvest

Operations

Corp.,

1.0000%, 4/26/24

(144A)

6,150,000

6,143,235

SA

Global

Sukuk

Ltd.,

0.9460%, 6/17/24

(144A)

6,550,000

6,477,426

Sinopec

Capital

2013

Ltd.,

3.1250%, 4/24/23

260,000

267,485

Sinopec

Group

Overseas

Development

2018

Ltd.,

3.7500%, 9/12/23

600,000

629,638

Sinopec

Group

Overseas

Development

2018

Ltd.,

3.7500%, 9/12/23

(144A)

5,000,000

5,246,984

Sinopec

Group

Overseas

Development

2018

Ltd.,

2.5000%, 8/8/24

(144A)

3,300,000

3,409,327

Sinopec

Group

Overseas

Development

2018

Ltd.,

2.5000%, 11/12/24

(144A)

2,300,000

2,385,404

Sinopec

Group

Overseas

Development

2018

Ltd.,

1.4500%, 1/8/26

(144A)

5,500,000

5,420,624

33,023,543

Financial

-

47.8%

AAI

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

3.2000%,

3.2150%, 10/6/42

‡

AUD

7,170,000

5,493,681

AerCap

Ireland

Capital

DAC,

1.6500%, 10/29/24

$

14,625,000

14,657,962

AerCap

Ireland

Capital

DAC,

1.7500%, 10/29/24

16,000,000

16,013,413

AerCap

Ireland

Capital

DAC,

1.7500%, 1/30/26

8,100,000

7,969,293

AerCap

Ireland

Capital

DAC,

3.6500%, 7/21/27

3,095,000

3,280,492

Agricultural

Bank

of

China

Ltd.,

0.8500%, 1/19/24

9,985,000

9,938,411

Air

Lease

Corp.,

0.8000%, 8/18/24

16,060,000

15,797,234

Air

Lease

Corp.,

1.8750%, 8/17/26

6,235,000

6,169,586

American

Tower

Corp.,

3.3750%, 5/15/24

1,350,000

1,424,576

American

Tower

Corp.,

1.6000%, 4/15/26

10,110,000

10,054,771

American

Tower

Corp.,

1.4500%, 9/15/26

1,600,000

1,576,205

ANZ

New

Zealand

Int'l

Ltd.,

3.4000%, 3/19/24

(144A)

1,000,000

1,058,507

ANZ

New

Zealand

Int'l

Ltd.,

1.2500%, 6/22/26

(144A)

13,900,000

13,675,935

Athene

Global

Funding,

0.9140%, 8/19/24

(144A)

13,850,000

13,744,573

Athene

Global

Funding,

1.6080%, 6/29/26

(144A)

14,850,000

14,687,659

Australia

&

New

Zealand

Banking

Group

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.0300%,

1.0420%, 12/6/23

‡

AUD

650,000

495,750

Australia

&

New

Zealand

Banking

Group

Ltd.,

5-year

AUD

Swap

Offer

Rate

+

1.8500%,

4.7500%, 5/13/27

‡

3,170,000

2,428,876

Australia

&

New

Zealand

Banking

Group

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.0000%,

2.0400%, 7/26/29

‡

390,000

300,486

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)

‡

$

23,781,000

24,514,168

Aviation

Capital

Group

LLC,

1.9500%, 1/30/26

(144A)

12,420,000

12,259,322

Aviation

Capital

Group

LLC,

1.9500%, 9/20/26

(144A)

15,250,000

14,954,656

Banco

Santander

SA,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.9000%,

1.7220%, 9/14/27

‡

6,400,000

6,303,507

Bank

of

America

Corp.,

SOFR

+

1.4600%,

1.4860%, 5/19/24

‡

8,350,000

8,441,809

Bank

of

America

Corp.,

ICE

LIBOR

USD

3

Month

+

0.9700%,

3.4580%, 3/15/25

‡

2,800,000

2,951,472

Bank

of

America

Corp.,

SOFR

+

0.9100%,

0.9810%, 9/25/25

‡

18,130,000

18,019,297

Bank

of

America

Corp.,

0.6000%, 1/26/26

Ç

2,000,000

1,935,902

Bank

of

America

Corp.,

SOFR

+

0.9100%,

1.6580%, 3/11/27

‡

18,570,000

18,483,747

Bank

of

America

Corp.,

SOFR

+

0.9600%,

1.7340%, 7/22/27

‡

6,650,000

6,607,191

Bank

of

China

Ltd.,

5.0000%, 11/13/24

4,537,000

4,970,229

Bank

of

Montreal,

2.5000%, 6/28/24

150,000

156,053

Bank

of

Montreal,

0.6250%, 7/9/24

19,900,000

19,714,568

Bank

of

Montreal,

90

Day

Australian

Bank

Bill

Rate

+

1.0000%,

1.0341%, 7/17/24

‡

AUD

350,000

267,184

Bank

of

Montreal,

1.8500%, 5/1/25

$

8,100,000

8,271,393

Bank

of

Nova

Scotia

(The),

2.3750%, 1/18/23

70,000

71,578

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

October

31,

2021

Janus

Detroit

Street

Trust

9

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Corporate

Bonds

-

(continued)

Financial

-

(continued)

Bank

of

Nova

Scotia

(The),

0.7000%, 4/15/24

$

7,040,000

$

6,998,153

Bank

of

Nova

Scotia

(The),

1.3000%, 6/11/25

8,000,000

7,996,583

Bank

of

Nova

Scotia

(The),

1.0500%, 3/2/26

16,900,000

16,553,950

Bank

of

Queensland

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.0200%,

1.0357%, 11/16/21

‡

AUD

1,500,000

1,127,037

Bank

of

Queensland

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.1000%,

1.1702%, 10/30/24

‡

980,000

747,958

Bank

of

Queensland

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.8500%,

1.8690%, 5/1/28

‡

19,000,000

14,450,082

Barclays

plc,

ICE

LIBOR

USD

3

Month

+

1.4300%,

1.5548%, 2/15/23

‡

$

15,200,000

15,251,191

Barclays

plc,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.8000%,

1.0070%, 12/10/24

‡

8,000,000

7,999,805

Bendigo

&

Adelaide

Bank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.8000%,

2.8104%, 12/9/26

‡

AUD

11,480,000

8,641,176

Bendigo

&

Adelaide

Bank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.4500%,

2.4616%, 11/30/28

‡

24,600,000

19,026,565

Charles

Schwab

Corp.

(The),

0.7500%, 3/18/24

$

14,200,000

14,178,766

Charles

Schwab

Corp.

(The),

1.1500%, 5/13/26

16,500,000

16,361,624

Charter

Hall

Exchange

Finance

Pty.

Ltd.,

2.3170%, 9/25/30

AUD

3,700,000

2,574,795

Charter

Hall

LWR

Pty.

Ltd.,

2.0860%, 3/3/28

470,000

335,150

Citigroup,

Inc.,

SOFR

+

0.6690%,

0.9810%, 5/1/25

‡

$

20,090,000

20,001,534

Citigroup,

Inc.,

SOFR

+

0.7650%,

1.1220%, 1/28/27

‡

23,650,000

23,089,869

Citigroup,

Inc.,

SOFR

+

0.7700%,

1.4620%, 6/9/27

‡

16,950,000

16,697,999

Commonwealth

Bank

of

Australia,

90

Day

Australian

Bank

Bill

Rate

+

1.1300%,

1.1550%, 1/11/24

‡

AUD

200,000

152,935

Commonwealth

Bank

of

Australia,

3.3500%, 6/4/24

$

7,194,000

7,634,020

Commonwealth

Bank

of

Australia,

1.1250%, 6/15/26

(144A)

19,400,000

19,093,034

Commonwealth

Bank

of

Australia,

90

Day

Australian

Bank

Bill

Rate

+

1.8000%,

1.8130%, 9/10/30

‡

AUD

2,500,000

1,914,724

Commonwealth

Bank

of

Australia,

90

Day

Australian

Bank

Bill

Rate

+

1.3200%,

1.3300%, 8/20/31

‡

24,500,000

18,327,422

Cooperatieve

Rabobank

UA,

ICE

LIBOR

USD

3

Month

+

0.8600%,

0.9923%, 9/26/23

(144A)

‡

$

3,500,000

3,543,289

Cooperatieve

Rabobank

UA,

0.3750%, 1/12/24

12,200,000

12,079,692

Cooperatieve

Rabobank

UA,

2.6250%, 7/22/24

(144A)

1,000,000

1,042,518

Cooperatieve

Rabobank

UA,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.0000%,

1.3390%, 6/24/26

(144A)

‡

5,400,000

5,364,324

DBS

Group

Holdings

Ltd.,

2.8500%, 4/16/22

(144A)

3,600,000

3,636,252

DBS

Group

Holdings

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.5800%,

1.5927%, 3/16/28

‡

AUD

26,020,000

19,766,328

DBS

Group

Holdings

Ltd.,

USD

ICE

Swap

Rate

5

Year

+

1.5900%,

4.5200%, 12/11/28

‡

$

3,270,000

3,483,781

DBS

Group

Holdings

Ltd.,

USD

ICE

Swap

Rate

5

Year

+

1.5900%,

4.5200%, 12/11/28

(144A)

‡

3,600,000

3,835,355

DEXUS

Finance

Pty.

Ltd.,

4.2000%, 11/9/22

AUD

3,000,000

2,327,230

Dexus

Wholesale

Property

Fund,

4.7500%, 6/16/25

2,470,000

2,004,485

Equinix

,

Inc.,

1.4500%, 5/15/26

$

16,690,000

16,491,536

GAIF

Bond

Issuer

Pty.

Ltd.,

3.4000%, 9/30/26

3,509,000

3,759,884

GAIF

Bond

Issuer

Pty.

Ltd.,

3.4000%, 9/30/26

(144A)

3,290,000

3,525,226

GE

Capital

International

Funding

Co.

Unlimited

Co.,

3.3730%, 11/15/25

9,960,000

10,745,369

General

Property

Trust,

3.5910%, 11/7/23

AUD

1,500,000

1,167,684

General

Property

Trust,

3.6725%, 9/19/24

2,200,000

1,727,848

Goldman

Sachs

Group,

Inc.

(The),

SOFR

+

0.5720%,

0.6730%, 3/8/24

‡

$

12,000,000

11,969,077

Goldman

Sachs

Group,

Inc.

(The),

SOFR

+

0.5050%,

0.6570%, 9/10/24

‡

18,762,000

18,663,830

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

October

31,

2021

10

October

31,

2021

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Corporate

Bonds

-

(continued)

Financial

-

(continued)

Goldman

Sachs

Group,

Inc.

(The),

3.5000%, 4/1/25

$

6,500,000

$

6,940,126

Goldman

Sachs

Group,

Inc.

(The),

ICE

LIBOR

USD

3

Month

+

1.2010%,

3.2720%, 9/29/25

‡

2,475,000

2,612,204

Goldman

Sachs

Group,

Inc.

(The),

SOFR

+

0.8180%,

1.5420%, 9/10/27

‡

18,763,000

18,448,971

GPT

Wholesale

Office

Fund

No.1,

4.0000%, 5/18/22

AUD

2,000,000

1,504,547

GPT

Wholesale

Shopping

Centre

Fund

No.

1,

3.9930%, 9/11/24

5,780,000

4,499,345

GTA

Finance

Co.

Pty.

Ltd.,

2.2000%, 8/26/27

330,000

235,591

HSBC

Holdings

plc,

SOFR

+

0.5340%,

0.7320%, 8/17/24

‡

$

6,390,000

6,362,393

HSBC

Holdings

plc,

SOFR

+

0.7075%,

0.9760%, 5/24/25

‡

10,000,000

9,917,302

ICBCIL

Finance

Co.

Ltd.,

3.6500%, 3/5/22

980,000

988,620

Insurance

Australia

Group

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.4500%,

2.4610%, 12/15/36

‡

AUD

7,360,000

5,722,282

Insurance

Australia

Group

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.1000%,

2.1110%, 6/15/44

‡

17,350,000

13,218,161

Insurance

Australia

Group

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.3500%,

2.3610%, 6/15/45

‡

6,730,000

5,182,305

JPMorgan

Chase

&

Co.,

SOFR

+

0.4200%,

0.5630%, 2/16/25

‡

$

8,000,000

7,918,406

JPMorgan

Chase

&

Co.,

SOFR

+

0.5400%,

0.8240%, 6/1/25

‡

7,240,000

7,183,676

JPMorgan

Chase

&

Co.,

SOFR

+

0.5800%,

0.9690%, 6/23/25

‡

11,835,000

11,767,565

JPMorgan

Chase

&

Co.,

SOFR

+

1.1600%,

2.3010%, 10/15/25

‡

390,000

401,881

JPMorgan

Chase

&

Co.,

SOFR

+

0.8000%,

1.0450%, 11/19/26

‡

21,170,000

20,656,947

JPMorgan

Chase

&

Co.,

SOFR

+

0.6950%,

1.0400%, 2/4/27

‡

10,000,000

9,713,956

Liberty

Financial

Pty.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

3.2500%,

3.2616%, 3/7/22

‡

AUD

8,300,000

6,272,495

Liberty

Financial

Pty.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.6000%,

2.6120%, 3/6/23

‡

2,600,000

1,968,078

Liberty

Financial

Pty.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.3500%,

2.3634%, 2/26/24

‡

5,940,000

4,478,084

Liberty

Financial

Pty.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.4500%,

2.4635%, 3/17/25

‡

2,530,000

1,905,435

Liberty

Financial

Pty.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.5500%,

2.5608%, 5/25/26

‡

4,920,000

3,724,013

Lloyds

Banking

Group

plc,

90

Day

Australian

Bank

Bill

Rate

+

1.3000%,

1.3129%, 3/20/23

‡

3,310,000

2,516,225

Lloyds

Banking

Group

plc,

3.6500%, 3/20/23

1,500,000

1,164,102

Lloyds

Banking

Group

plc,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.1000%,

1.3260%, 6/15/23

‡

$

9,300,000

9,342,120

Lloyds

Banking

Group

plc,

ICE

LIBOR

USD

3

Month

+

0.8100%,

2.9070%, 11/7/23

‡

3,400,000

3,475,873

Lloyds

Banking

Group

plc,

3.9000%, 11/23/23

AUD

3,700,000

2,905,639

Lloyds

Banking

Group

plc,

3.9000%, 3/12/24

$

4,880,000

5,206,977

Lloyds

Banking

Group

plc,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.5500%,

0.6950%, 5/11/24

‡

5,700,000

5,692,277

Macquarie

Bank

Ltd.,

2.3000%, 1/22/25

(144A)

12,240,000

12,608,821

Macquarie

Bank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.9000%,

2.9116%, 5/28/30

‡

AUD

19,800,000

15,571,200

Macquarie

Bank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.5500%,

1.5635%, 6/17/31

‡

10,900,000

8,153,669

Macquarie

Group

Ltd.,

SOFR

+

0.6940%,

1.2010%, 10/14/25

(144A)

‡

$

9,700,000

9,642,479

Macquarie

Group

Ltd.,

SOFR

+

0.9100%,

1.6290%, 9/23/27

(144A)

‡

12,000,000

11,770,918

Mitsubishi

UFJ

Financial

Group,

Inc.,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.6800%,

0.8480%, 9/15/24

‡

8,800,000

8,801,305

Mizuho

Financial

Group,

Inc.,

SOFR

+

1.2516%,

1.2410%, 7/10/24

‡

6,700,000

6,743,892

Mizuho

Financial

Group,

Inc.,

SOFR

+

0.8716%,

0.8490%, 9/8/24

‡

6,700,000

6,696,878

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

October

31,

2021

Janus

Detroit

Street

Trust

11

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Corporate

Bonds

-

(continued)

Financial

-

(continued)

Mizuho

Financial

Group,

Inc.,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.7500%,

1.5540%, 7/9/27

‡

$

15,200,000

$

15,001,507

Morgan

Stanley,

SOFR

+

0.5250%,

0.7900%, 5/30/25

‡

17,480,000

17,292,009

Morgan

Stanley,

SOFR

+

0.5600%,

1.1640%, 10/21/25

‡

11,000,000

10,948,325

Morgan

Stanley,

SOFR

+

0.8790%,

1.5930%, 5/4/27

‡

2,040,000

2,020,990

Morgan

Stanley,

SOFR

+

0.8580%,

1.5120%, 7/20/27

‡

27,590,000

27,139,200

National

Australia

Bank

Ltd.,

ICE

LIBOR

USD

3

Month

+

0.7100%,

0.8337%, 11/4/21

(144A)

‡

7,200,000

7,200,288

National

Australia

Bank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.1500%,

2.1643%, 5/17/29

‡

AUD

12,420,000

9,581,429

National

Australia

Bank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.7000%,

1.7100%, 11/18/30

‡

23,000,000

17,495,594

National

Australia

Bank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.0200%,

2.0300%, 11/18/31

‡

9,060,000

6,988,029

Nordea

Bank

Abp

,

1.0000%, 6/9/23

(144A)

$

6,700,000

6,750,290

Nordea

Bank

Abp

,

ICE

LIBOR

USD

3

Month

+

0.9400%,

1.0608%, 8/30/23

(144A)

‡

5,700,000

5,762,070

Nordea

Bank

Abp

,

0.7500%, 8/28/25

(144A)

9,000,000

8,815,798

Oversea-Chinese

Banking

Corp.

Ltd.,

4.2500%, 6/19/24

(144A)

616,000

661,293

Oversea-Chinese

Banking

Corp.

Ltd.,

4.2500%, 6/19/24

2,930,000

3,145,435

QIC

Finance

Shopping

Center

Fund

Pty.

Ltd.,

3.7500%, 12/6/23

AUD

690,000

538,684

QIC

Finance

Shopping

Center

Fund

Pty.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.2700%,

1.2857%, 8/15/25

‡

2,750,000

2,086,283

Royal

Bank

of

Canada,

2.3520%, 7/2/24

CAD

20,200,000

16,577,999

Royal

Bank

of

Canada,

2.5500%, 7/16/24

$

140,000

145,838

Royal

Bank

of

Canada,

1.1500%, 6/10/25

220,000

218,854

Royal

Bank

of

Canada,

1.2000%, 4/27/26

13,630,000

13,433,580

Shopping

Centres

Australasia

Property

Retail

Trust,

3.9000%, 6/7/24

AUD

4,600,000

3,622,518

Sumitomo

Mitsui

Financial

Group,

Inc.,

1.4020%, 9/17/26

$

22,450,000

22,033,656

Suncorp

Group

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.1500%,

2.1620%, 12/5/28

‡

AUD

15,700,000

12,086,995

Suncorp

Group

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.2500%,

2.2625%, 12/1/35

‡

5,000,000

3,848,626

Suncorp-

Metway

Ltd.,

3.3000%, 4/15/24

(144A)

$

9,990,000

10,549,830

SVB

Financial

Group,

2.1000%, 5/15/28

13,370,000

13,361,366

Toronto-Dominion

Bank

(The),

0.5500%, 3/4/24

2,780,000

2,758,707

Toronto-Dominion

Bank

(The),

2.8500%, 3/8/24

CAD

16,840,000

13,975,210

Toronto-Dominion

Bank

(The),

0.7000%, 9/10/24

$

4,100,000

4,068,606

Toronto-Dominion

Bank

(The),

1.1500%, 6/12/25

7,200,000

7,173,866

UBS

AG,

0.3750%, 6/1/23

(144A)

9,950,000

9,899,166

UBS

AG,

0.7000%, 8/9/24

(144A)

4,550,000

4,521,030

UBS

Group

AG,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.8500%,

1.4940%, 8/10/27

(144A)

‡

13,025,000

12,760,158

United

Overseas

Bank

Ltd.,

USD

Swap

Semi

5

Year

+

1.6540%,

2.8800%, 3/8/27

‡

5,145,000

5,177,002

United

Overseas

Bank

Ltd.,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.5000%,

3.7500%, 4/15/29

(144A)

‡

3,430,000

3,624,104

Vicinity

Centres

Trust,

3.5000%, 4/26/24

AUD

5,700,000

4,446,368

Wells

Fargo

&

Co.,

SOFR

+

1.6000%,

1.6540%, 6/2/24

‡

$

23,880,000

24,224,575

Wells

Fargo

&

Co.,

SOFR

+

0.5100%,

0.8050%, 5/19/25

‡

6,570,000

6,539,553

Wells

Fargo

&

Co.,

ICE

LIBOR

USD

3

Month

+

0.7500%,

2.1640%, 2/11/26

‡

9,410,000

9,629,018

Wells

Fargo

&

Co.,

3.7000%, 7/27/26

AUD

18,000,000

14,168,053

Westpac

Banking

Corp.,

90

Day

Australian

Bank

Bill

Rate

+

0.9500%,

0.9657%, 11/16/23

‡

14,300,000

10,884,750

Westpac

Banking

Corp.,

ICE

LIBOR

USD

3

Month

+

0.7700%,

0.8917%, 2/26/24

‡

$

4,950,000

5,019,694

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

October

31,

2021

12

October

31,

2021

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Corporate

Bonds

-

(continued)

Financial

-

(continued)

Westpac

Banking

Corp.,

2.3500%, 2/19/25

$

1,250,000

$

1,298,878

Westpac

Banking

Corp.,

90

Day

Australian

Bank

Bill

Rate

+

1.4000%,

1.4157%, 2/16/28

‡

AUD

6,100,000

4,618,428

Westpac

Banking

Corp.,

90

Day

Australian

Bank

Bill

Rate

+

1.8000%,

1.8159%, 6/22/28

‡

15,800,000

12,062,571

Westpac

Banking

Corp.,

5-year

AUD

Swap

Offer

Rate

+

1.8300%,

4.3340%, 8/16/29

‡

13,722,000

10,831,818

Westpac

Banking

Corp.,

90

Day

Australian

Bank

Bill

Rate

+

1.9800%,

1.9900%, 8/27/29

‡

6,500,000

5,005,229

Westpac

Banking

Corp.,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.3500%,

2.8940%, 2/4/30

‡

$

5,775,000

5,934,852

1,328,820,446

Industrial

-

4.3%

Boeing

Co.

(The),

1.4330%, 2/4/24

33,718,000

33,729,219

Boeing

Co.

(The),

2.1960%, 2/4/26

8,569,000

8,583,276

Caterpillar

Financial

Services

Corp.,

0.4500%, 5/17/24

8,420,000

8,352,484

Caterpillar

Financial

Services

Corp.,

0.6000%, 9/13/24

1,950,000

1,938,048

Caterpillar

Financial

Services

Corp.,

2.1500%, 11/8/24

2,150,000

2,227,471

Caterpillar

Financial

Services

Corp.,

1.4500%, 5/15/25

4,600,000

4,648,879

Caterpillar

Financial

Services

Corp.,

0.8000%, 11/13/25

13,490,000

13,293,500

DAE

Funding

LLC,

1.5500%, 8/1/24

(144A)

3,450,000

3,403,425

Downer

Group

Finance

Pty.

Ltd.,

4.5000%, 3/11/22

AUD

2,480,000

1,871,072

John

Deere

Capital

Corp.,

0.4500%, 1/17/24

$

3,590,000

3,570,795

John

Deere

Capital

Corp.,

0.4500%, 6/7/24

11,650,000

11,542,609

John

Deere

Capital

Corp.,

0.6250%, 9/10/24

6,300,000

6,265,297

John

Deere

Capital

Corp.,

0.7000%, 1/15/26

6,080,000

5,934,023

Martin

Marietta

Materials,

Inc.,

0.6500%, 7/15/23

6,525,000

6,523,638

New

Terminal

Financing

Co.

Pty.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.4500%,

1.4750%, 7/12/24

‡

AUD

8,460,000

6,355,636

Sydney

Airport

Finance

Co.

Pty.

Ltd.,

3.9000%, 3/22/23

$

1,230,000

1,278,883

Sydney

Airport

Finance

Co.

Pty.

Ltd.,

3.9000%, 3/22/23

(144A)

900,000

935,768

120,454,023

Technology

-

7.0%

Apple,

Inc.,

2.4000%, 1/13/23

5,100,000

5,210,069

Apple,

Inc.,

0.7500%, 5/11/23

3,600,000

3,613,834

Apple,

Inc.,

1.8000%, 9/11/24

8,200,000

8,408,054

Apple,

Inc.,

0.5500%, 8/20/25

3,640,000

3,566,975

Apple,

Inc.,

0.7000%, 2/8/26

9,240,000

9,057,365

Broadcom,

Inc.,

1.9500%, 2/15/28

(144A)

27,996,000

27,428,347

Fiserv,

Inc.,

3.8000%, 10/1/23

21,645,000

22,833,417

Hewlett

Packard

Enterprise

Co.,

4.4000%, 10/15/22

Ç

2,000,000

2,059,683

Hewlett

Packard

Enterprise

Co.,

1.4500%, 4/1/24

22,260,000

22,494,893

Intuit,

Inc.,

0.6500%, 7/15/23

14,060,000

14,072,567

NVIDIA

Corp.,

0.5840%, 6/14/24

16,300,000

16,225,070

Oracle

Corp.,

2.5000%, 5/15/22

4,120,000

4,152,899

Oracle

Corp.,

2.5000%, 4/1/25

10,100,000

10,473,264

Oracle

Corp.,

1.6500%, 3/25/26

13,850,000

13,894,224

TSMC

Arizona

Corp.,

1.7500%, 10/25/26

16,300,000

16,386,943

VMware,

Inc.,

1.0000%, 8/15/24

6,550,000

6,558,288

VMware,

Inc.,

1.4000%, 8/15/26

6,550,000

6,451,929

192,887,821

Utilities

-

3.7%

Ausgrid

Finance

Pty.

Ltd.,

3.8500%, 5/1/23

(144A)

7,740,000

7,996,983

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

October

31,

2021

Janus

Detroit

Street

Trust

13

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Corporate

Bonds

-

(continued)

Utilities

-

(continued)

Ausgrid

Finance

Pty.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.1000%,

1.1150%, 2/5/24

‡

AUD

370,000

$

279,834

Ausgrid

Finance

Pty.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.2200%,

1.2902%, 10/30/24

‡

22,300,000

16,926,782

Ausgrid

Finance

Pty.

Ltd.,

3.7500%, 10/30/24

17,320,000

13,639,583

AusNet

Services

Holdings

Pty.

Ltd.,

5.3750%, 7/2/24

4,400,000

3,593,622

Australian

Gas

Networks

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

0.4200%,

0.4396%, 7/1/26

‡

3,000,000

2,195,893

Australian

Gas

Networks

Vic

3

Pty.

Ltd.,

4.5000%, 12/17/21

1,650,000

1,245,654

ETSA

Utilities

Finance

Pty.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.0400%,

1.0516%, 12/13/23

‡

830,000

629,423

ETSA

Utilities

Finance

Pty.

Ltd.,

3.5000%, 8/29/24

5,480,000

4,302,655

Korea

East-West

Power

Co.

Ltd.,

3.8750%, 7/19/23

(144A)

$

4,000,000

4,207,446

Korea

East-West

Power

Co.

Ltd.,

1.7500%, 5/6/25

5,854,000

5,912,013

Korea

Southern

Power

Co.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

0.9700%,

1.0402%, 10/30/24

‡

AUD

2,090,000

1,588,810

Network

Finance

Co.

Pty.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.2300%,

1.2500%, 12/6/24

‡

14,120,000

10,742,368

Network

Finance

Co.

Pty.

Ltd.,

3.5000%, 12/6/24

280,000

218,600

Network

Finance

Co.

Pty.

Ltd.,

2.2500%, 11/11/26

300,000

220,167

SGSP

Australia

Assets

Pty.

Ltd.,

3.3000%, 4/9/23

Ç

$

14,270,000

14,745,426

United

Energy

Distribution

Pty.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

0.9700%,

0.9850%, 2/7/23

‡

AUD

3,000,000

2,268,073

United

Energy

Distribution

Pty.

Ltd.,

3.8500%, 10/23/24

6,130,000

4,871,491

United

Energy

Distribution

Pty.

Ltd.,

2.2000%, 10/29/26

2,700,000

2,002,301

Victoria

Power

Networks

Finance

Pty.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

0.2800%,

0.3050%, 1/15/22

‡

2,200,000

1,651,744

Victoria

Power

Networks

Finance

Pty.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

0.8000%,

0.8404%, 4/21/26

‡

100,000

75,262

Victoria

Power

Networks

Finance

Pty.

Ltd.,

4.0000%, 8/18/27

3,200,000

2,570,108

101,884,238

Total

Corporate

Bonds

(cost

$2,467,239,189)

2,475,818,161

Foreign

Government

Bonds

-

0.6%

Kiwibank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

0.7000%,

0.7155%, 9/23/25

‡

280,000

211,953

Korea

Hydro

&

Nuclear

Power

Co.

Ltd.,

3.7500%, 7/25/23

(144A)

$

8,050,000

8,459,745

Korea

National

Oil

Corp.,

0.8750%, 10/5/25

(144A)

6,500,000

6,343,376

Total

Foreign

Government

Bonds

(cost

$14,916,525)

15,015,074

Mortgage-Backed

Securities

-

1.0%

Firstmac

Mortgage

Funding

Trust

No.

4

,

30

Day

Australian

Bank

Bill

Rate

+

1.3000%

,

1.3072

%

,

3/8/49

‡

AUD

2,700,000

2,045,675

La

Trobe

Financial

Capital

Markets

Trust

30

Day

Australian

Bank

Bill

Rate

+

2.3500%,

2.3533%, 3/12/50

‡

2,132,879

1,619,014

30

Day

Australian

Bank

Bill

Rate

+

1.3500%,

1.3600%, 2/11/51

‡

453,507

343,812

30

Day

Australian

Bank

Bill

Rate

+

1.8500%,

1.8600%, 2/11/51

‡

1,400,000

1,066,915

Liberty

30

Day

Australian

Bank

Bill

Rate

+

1.6500%,

1.6600%, 10/10/49

‡

8,110,360

6,116,312

30

Day

Australian

Bank

Bill

Rate

+

1.9000%,

1.9100%, 10/25/50

‡

1,289,367

975,039

Liberty

SME

,

30

Day

Australian

Bank

Bill

Rate

+

1.4500%

,

1.4600

%

,

7/10/50

‡

4,719,630

3,574,512

Pepper

I-Prime

Trust

,

30

Day

Australian

Bank

Bill

Rate

+

1.6500%

,

1.6600

%

,

11/23/49

‡

5,490,050

4,142,375

Pepper

Residential

Securities

Trust

30

Day

Australian

Bank

Bill

Rate

+

1.4000%,

1.4033%, 8/12/58

‡

170,912

128,896

ICE

LIBOR

USD

1

Month

+

1.0000%,

1.0856%, 6/20/60

(144A)

‡

$

865,811

868,550

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

October

31,

2021

14

October

31,

2021

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Mortgage-Backed

Securities

-

(continued)

Pepper

Residential

Securities

Trust

-

(continued)

30

Day

Australian

Bank

Bill

Rate

+

2.2500%,

2.2617%, 8/18/60

‡

AUD

591,733

$

452,307

ICE

LIBOR

USD

1

Month

+

0.9000%,

0.9859%, 11/18/60

(144A)

‡

$

392,400

393,350

RedZed

Trust

,

30

Day

Australian

Bank

Bill

Rate

+

2.4000%

,

2.4100

%

,

3/9/50

‡

AUD

6,810,833

5,162,646

RESIMAC

Premier

,

ICE

LIBOR

USD

1

Month

+

0.8000%

,

0.8836

%

,

11/10/49

(144A)

‡

$

648,681

649,692

Total

Mortgage-Backed

Securities

(cost

$26,660,096)

27,539,095

Investment

Companies

-

1.0%

Money

Market

Funds

-

1.0%

Federated

Hermes

Government

Obligations

Tax-Managed

Fund,

0.0200%

∞

(cost

$27,386,627)

27,386,627

27,386,627

Commercial

Paper

-

9.1%

Centennial

Energy

Holdings,

Inc.,

0.2500%, 11/1/21

(Section

4(2))

15,200,000

15,199,835

Conagra

Brands,

Inc.,

0.1800%, 11/1/21

(Section

4(2))

52,050,000

52,048,803

Constellation

Brands,

Inc.,

0.1500%, 11/1/21

(Section

4(2))

7,000,000

6,999,823

Energy

Transfer

LP,

0.3500%, 11/1/21

(Section

4(2))

8,250,000

8,249,791

General

Motors

Financial

Co.,

Inc.,

0.2400%, 11/1/21

(Section

4(2))

15,000,000

14,999,682

Intesa

Sanpaolo

Funding

LLC,

0.0700%, 11/1/21

(Section

4(2))

36,550,000

36,548,563

Jabil,

Inc.,

0.3800%, 11/1/21

(Section

4(2))

43,000,000

42,998,337

National

Fuel

Gas

Co.,

0.2300%, 11/1/21

(Section

4(2))

10,200,000

10,199,890

Sinopec

Century

Bright

Capital

Investment

America

LLC,

0.2300%, 11/1/21

(Section

4(2))

28,500,000

28,499,592

Sinopec

Century

Bright

Capital

Investment

America

LLC,

0.2300%, 11/5/21

(Section

4(2))

24,000,000

23,999,183

Smithfield

Foods,

Inc.,

0.1400%, 11/1/21

(Section

4(2))

15,000,000

14,999,745

Total

Commercial

Paper

(cost

$254,749,387)

254,743,244

Total

Investments

(total

cost

$2,791,185,267

)

-

100.8%

2,800,740,539

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(0.8%)

(23,239,831)

Net

Assets

-

100.0%

$2,777,500,708

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

1,730,937,652

61.8

%

Australia

540,678,933

19.3

Canada

127,568,777

4.6

United

Kingdom

98,988,542

3.5

Japan

61,965,205

2.2

Ireland

52,666,529

1.9

Singapore

43,329,550

1.5

Cayman

Islands

29,374,846

1.0

South

Korea

26,511,390

1.0

China

23,050,826

0.8

Finland

21,328,158

0.8

Netherlands

15,669,887

0.6

Switzerland

12,760,158

0.5

Spain

6,303,507

0.2

Hong

Kong

4,257,389

0.2

United

Arab

Emirates

3,403,425

0.1

Curacao

1,272,000

0.0

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

October

31,

2021

Janus

Detroit

Street

Trust

15

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

(continued)

Country

Value

%

of

Investment

Securities

New

Zealand

$

406,280

0.0

%

Virgin

Islands,

British

267,485

0.0

Total

$

2,800,740,539

100.0

%

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

11/10/21

544,760,000

$

(399,900,145)

$

(9,283,610)

Canadian

Dollar

11/10/21

62,000,000

(49,504,476)

(513,405)

(9,797,015)

Citibank

N.A.

Australian

Dollar

11/10/21

(4,000,000)

2,929,914

74,593

Australian

Dollar

11/10/21

8,000,000

(5,810,982)

(198,031)

Australian

Dollar

11/10/21

12,000,000

(8,686,476)

(327,044)

Australian

Dollar

11/10/21

12,000,000

(8,600,244)

(413,276)

Australian

Dollar

11/10/21

17,000,000

(12,303,204)

(465,949)

(1,329,707)

Goldman

Sachs

Group,

Inc.

Australian

Dollar

11/10/21

21,000,000

(15,777,657)

3,997

–

J.P.

Morgan

Chase

Bank

Australian

Dollar

11/10/21

(5,000,000)

3,651,970

103,663

Australian

Dollar

11/10/21

(4,000,000)

2,947,763

56,744

Australian

Dollar

11/10/21

(3,300,000)

2,458,893

19,825

Australian

Dollar

11/10/21

1,000,000

(750,610)

(516)

Australian

Dollar

11/10/21

7,900,000

(5,676,316)

(257,585)

(77,869)

Morgan

Stanley

&

Co.

Australian

Dollar

11/10/21

1,600,000

(1,193,639)

(8,163)

–

Total

$(11,208,757)

Schedule

of

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

and

Unrealized

Appreciation

Futures

Sold:

U.S.

Treasury

10

Year

Notes

403

12/21/21

$

(52,673,359)

$

916,353

U.S.

Treasury

2

Year

Notes

3,867

12/31/21

(847,839,750)

2,350,507

U.S.

Treasury

5

Year

Notes

5,881

12/31/21

(716,011,750)

9,271,720

Total

$12,538,580

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

October

31,

2021

16

October

31,

2021

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

The

following

table,

grouped

by

derivative

type,

provides

information

about

the

fair

value

and

location

of

derivatives

within

the

Statement

of

Assets

and

Liabilities

as

of

October

31,

2021.

The

following

tables

provide

information

about

the

effect

of

derivatives

and

hedging

activities

on

the

Fund’s

Statement

of

Operations

for

the year

ended

October

31,

2021.

Fair

Value

of

Derivative

Instruments

(not

accounted

for

as

hedging

instruments)

as

of

October

31,

2021

Interest

Rate

Contracts

Currency

Contracts

Total

Asset

Derivatives:

Forward

foreign

currency

exchange

contracts

$—

$258,822

$258,822

Futures

contracts

12,538,580

—

12,538,580

Total

Asset

Derivatives

$12,538,580

$258,822

$12,797,402

Liability

Derivatives:

Forward

foreign

currency

exchange

contracts

—

(11,467,579)

(11,467,579)

The

effect

of

Derivative

Instruments

(not

accounted

for

as

hedging

instruments)

on

the

Statement

of

Operations

for

the

year

ended

October

31,

2021

Amount

of

Realized

Gain/(Loss)

Recognized

on

Derivatives

Derivative

Interest

Rate

Contracts

Currency

Contracts

Total

Forward

foreign

currency

exchange

contracts

$—

$20,798,251

20,798,251

Futures

contracts

1,551,080

—

1,551,080

Swap

contracts

(16,145,327)

—

(16,145,327)

Purchased

option

contracts

(917,704)

—

(917,704)

Total

$(15,511,951)

$20,798,251

5,286,300

Amount

of

Change

in

Unrealized

Appreciation/(Depreciation)

Recognized

on

Derivatives

Derivative

Interest

Rate

Contracts

Currency

Contracts

Total

Forward

foreign

currency

exchange

contracts

$—

$(20,808,776)

$(20,808,776)

Futures

contracts

12,282,698

—

12,282,698

Swap

contracts

(254,429)

—

(254,429)

Total

$12,028,269

$(20,808,776)

$(8,780,507)

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

October

31,

2021

Janus

Detroit

Street

Trust

17

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Please

see

the

“Net

realized

and

change

in

unrealized

gain/(loss)

on

investments”

sections

of

the

Fund’s

Statement

of

Operations.

Average

ending

Monthly

Value

of

Derivative

Instruments

During

the

Year

Ended

October

31,

2021

Derivative

Value*

Forward

foreign

currency

exchange

contracts,

purchased

$18,802,714

Forward

foreign

currency

exchange

contracts,

sold

575,570,112

Futures

contracts,

purchased

98,098,418

Futures

contracts,

sold

863,906,977

Centrally

Cleared

I

nterest

rate

swaps,

pay

fixed

rate/receive

floating

rate

750,703,862

Centrally

Cleared

Interest

rate

swaps,

receive

fixed

rate/pay

floating

rate

798,546,954

Purchased

call

option

33,781

*

Forward

foreign

currency

exchange

contracts

are

reported

as

the

average

ending

monthly

currency

amount

purchased

or

sold.

Futures

contracts

and

centrally-cleared

swaps

are

reported

as

the

average

ending

monthly

notional

value.

Options

are

reported

as

the

average

ending

monthly

market

value.

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

October

31,

2021

18

October

31,

2021

FTSE

3-Month

U.S.

Treasury

Bill

Index

FTSE

3-Month

U.S.

Treasury

Bill

Index

tracks

the

performance

of

short-term

U.S.

government

debt

securities.

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

∞

Rate

shown

is

the

7-day

yield

as

of

October

31,

2021.

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

year

ended

October

31,

2021

is

$254,743,244,

which

represents

9.1%

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

year

ended

October

31,

2021

is

$531,747,699

which

represents

19.1%

of

net

assets.

‡

Variable

or

floating

rate

security.

Rate

shown

is

the

current

rate

as

of

October

31,

2021.

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

October

31,

2021

Janus

Detroit

Street

Trust

19

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

October

31,

2021

.

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

$

—

$

238,338

$

—

Corporate

Bonds

—

2,475,818,161

—

Foreign

Government

Bonds

—

15,015,074

—

Mortgage-Backed

Securities

—

27,539,095

—

Investment

Companies

27,386,627

—

—

Commercial

Paper

—

254,743,244

—

Total

Investments

in

Securities

$

27,386,627

$

2,773,353,912

$

—

Other

Financial

Instruments

(a)

:

Forward

Foreign

Currency

Exchange

Contracts

$

—

$

258,822

$

—

Total

Assets

$

27,386,627

$

2,773,612,734

$

—

Liabilities

Other

Financial

Instruments

(a)

:

Forward

Foreign

Currency

Exchange

Contracts

$

—

$

11,467,579

$

—

Variation

Margin

Payable

on

Futures

Contracts

309,226

—

—

Total

Liabilities

$

309,226

$

11,467,579

$

—

(a)

Other

financial

instruments

include

forward

foreign

currency

exchange

and

futures

contracts.

Forward

foreign

currency

exchange

contracts

are

reported

at

their

unrealized

appreciation

/(

depreciation)

at

measurement

date,

which

represents

the

change

in

the

contract’s

value

from

trade

date.

Futures

contracts

are

reported

at

their

variation

margin

at

measurement

date,

which

repr

esents

the

amount

due

to/from

the

Fund

at

that

date.

Janus

Henderson

Short

Duration

Income

ETF

Statement

of

Assets

and

Liabilities

October

31,

2021

20

October

31,

2021

See

Notes

to

Financial

Statements.

Assets:

Investments,

at

value

(cost

$2,791,185,267)

$

2,800,740,539

Cash

denominated

in

foreign

currency

(cost

of

$3,003,335)

3,001,818

Forward

foreign

currency

exchange

contracts

258,822

Due

from

broker

for

centrally

cleared

swaps

129,832

Due

from

broker

for

futures

6,310,000

Receivables:

Investments

sold

3,238,921

Fund

units

sold

3,002

Interest

9,666,926

Due

from

custodian

4,601,578

Total

Assets

2,827,951,438

Liabilities:

Payable

for

variation

margin

on

futures

contracts

309,226

Forward

foreign

currency

exchange

contracts

11,467,579

Payables:

—

Due

to

custodian

1,809,786

Investments

purchased

11,254,378

Fund

units

purchased

25,015,590

Management

fees

534,874

Interest

59,297

Total

Liabilities

50,450,730

Net

Assets

$

2,777,500,708

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

2,785,626,808

Total

distributable

earnings

(loss)

(

8,126,100

)

Total

Net

Assets

$

2,777,500,708

Net

Assets

$

2,777,500,708

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

55,550,000

Net

Asset

Value

Per

Share

$

50

.00

Janus

Henderson

Short

Duration

Income

ETF

Statement

of

Operations

For

the

year

ended

October

31,

2021

Janus

Detroit

Street

Trust

21

See

Notes

to

Financial

Statements.

Investment

Income:

Interest

$

34,735,475

Dividends

8,614

Foreign

tax

withheld

(

1,390

)

Total

Investment

Income

34,742,699

Expenses:

Management

Fees

6,519,451

Total

Expenses

6,519,451

Net

Investment

Income/(Loss)

28,223,248

Net

Realized

Gain/(Loss)

on

Investments:

Investments

and

foreign

currency

transactions

$

(

10,809,606

)

Forward

foreign

currency

exchange

contracts

20,798,251

Futures

contracts

1,551,080

Swap

contracts

(

16,145,327

)

Purchased

option

contracts

(

917,704

)

Total

Net

Realized

Gain/(Loss)

on

Investments

$

(

5,523,306

)

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

and

foreign

currency

translations

$

(

10,022,263

)

Forward

foreign

currency

exchange

contracts

(

20,808,776

)

Futures

contracts

12,282,698

Swap

contracts

(

254,429

)

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

(

18,802,770

)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

3,897,172

Janus

Henderson

Short

Duration

Income

ETF

Statements

of

Changes

in

Net

Assets

22

October

31,

2021

See

Notes

to

Financial

Statements.

Year

Ended

October

31,

2021

Year

Ended

October

31,

2020

Operations:

Net

investment

income/(loss)

$

28,223,248

$

24,627,551

Net

realized

gain/(loss)

on

investments

(

5,523,306

)

(

15,156,864

)

Change

in

unrealized

net

appreciation/depreciation

(

18,802,770

)

33,231,437

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

3,897,172

42,702,124

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(

27,444,008

)

(

25,523,117

)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(

27,444,008

)

(

25,523,117

)

Capital

Share

Transactions

74,521,876

1,671,611,945

Net

Increase/(Decrease)

in

Net

Assets

50,975,040

1,688,790,952

Net

Assets:

—

—

Beginning

of

Year  

2,726,525,668

1,037,734,716

End

of

Year

$

2,777,500,708

$

2,726,525,668

Janus

Henderson

Short

Duration

Income

ETF

Financial

Highlights

Janus

Detroit

Street

Trust

23

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

each

year

or

period

ended

October

31

2021

2020

2019

2018

2017

(1)

Net

Asset

Value,

Beginning

of

Period

$50.40

$49.89

$50.04

$50.35

$50.00

Income/(Loss)

from

Investment

Operations:

—

—

—

—

—

Net

investment

income/(loss)

(2)

0.49

0.77

1.39

1.25

0.82

Net

realized

and

unrealized

gain/(loss)

(0.41)

0.70

0.53

(0.33)

0.11

Total

from

Investment

Operations

0.08

1.47

1.92

0.92

0.93

Less

Dividends

and

Distributions:

—

—

—

—

—

Dividends

(from

net

investment

income)

(0.48)

(0.96)

(1.43)

(1.23)

(0.58)

Distributions

(from

capital

gains)

—

—

(0.64)

—

—

Total

Dividends

and

Distributions

(0.48)

(0.96)

(2.07)

(1.23)

(0.58)

Net

Asset

Value,

End

of

Period

$50.00

$50.40

$49.89

$50.04

$50.35

Total

Return

*

0.15%

2.99%

3.95%

1.86%

1.87%

Net

assets,

End

of

Period

(in

thousands)

$2,777,501

$2,726,526

$1,037,735

$730,545

$156,084

Average

Net

Assets

for

the

Period

(in

thousands)

$2,893,718

$1,601,333

$925,572

$406,711

$66,131

Ratios

to

Average

Net

Assets

**

Ratio

of

Gross

Expenses

0.23%

0.26%

0.32%

0.35%

0.35%

Ratio

of

Net

Investment

Income/(Loss)

0.98%

1.54%

2.80%

2.51%

1.71%

Portfolio

Turnover

Rate

(3)

74%

14%

23%

22%

44%

*

Total

return

not

annualized

for

periods

of

less

than

one

full

year.

**

Annualized

for

periods

of

less

than

one

full

year.

(1)

Period

from

November

16,

2016

(commencement

of

operations)

through

October

31,

2017.

(2)

Per

share

amounts

are

calculated

based

on

average

shares

outstanding

during

the

year

or

period.

(3)

Portfolio

turnover

rate

excludes

securities

received

or

delivered

from

in-kind

processing

of

creation

or

redemptions.

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

24

October

31,

2021

1.

Organization

and

Significant

Accounting

Policies

Janus

Henderson

Short

Duration

Income

ETF (the

“Fund”)

is

a

series

fund.

The

Fund

is

part

of

Janus

Detroit

Street

Trust

(the

“Trust”),

which

is

organized

as

a

Delaware

statutory

trust

and

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company,

and

therefore

has

applied

the

specialized

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

(“ASC”)

Topic

946.

As

of

the

date

of

this

report,

the

Trust

offers eleven

Funds

each

of

which

represent

shares

of

beneficial

interest

in

a

separate

portfolio

of

securities

and

other

assets

with

its

own

objective

and

policies.

The

Fund

seeks

to

provide

a

steady

income

stream

with

capital

preservation

across

various

market

cycles.

The

Fund

seeks

to

consistently

outperform

the

FTSE

3-Month

U.S.

Treasury

Bill

Index

by

a

moderate

amount

through

various

market

cycles

while

at

the

same

time

providing

low

volatility.

The

Fund

is

classified

as

diversified,

as

defined

in

the

1940

Act.

The

Fund

is

an

actively-managed

exchange-traded

fund.

Unlike

shares

of

traditional

mutual

funds,

shares

of

the

Fund

are

not

individually

redeemable

and

may

only

be

purchased

or

redeemed

directly

from

the

Fund

at

net

asset

value

(“NAV”)

in

large

increments

called

“Creation

Units”

by

certain

participants,

known

as

“Authorized

Participants.”

The

size

of

a

Creation

Unit

to

purchase

shares

of

the

Fund

may

differ

from

the

size

of

a

Creation

Unit

to

redeem

shares

of

the

Fund.

The

Fund

will

issue

or

redeem

Creation

Units

in

exchange

for

portfolio

securities

and/or

cash.

Except

when

aggregated

in

Creation

Units,

Fund

shares

are

not

redeemable

securities

of

the

Fund.

Shares

of

the

Fund

are

listed

and

trade

on

NYSE

Arca,

Inc.

(NYSE

Arca"),

and

individual

investors

can

purchase

or

sell

shares

in

much

smaller

increments

for

cash

in

the

secondary

market

through

a

broker.

These

transactions,

which

do

not

involve

the

Fund,

are

made

at

market

prices

that

may

vary

throughout

the

day

and

differ

from

the

Fund’s

NAV.

As

a

result,

you

may

pay

more

than

NAV

(a

premium)

when

you

purchase

shares

and

receive

less

than

NAV

(a

discount)

when

you

sell

shares,

in

the

secondary

market.

An

Authorized

Participant

(or

other

broker-dealers

making

markets

in

shares

of

the

Fund)

may

hold

of

record

more

than

25%

of

the

outstanding

shares

of

the

Fund.

From

time

to

time,

Authorized

Participants

(or

other

broker-dealers

making

markets

in

shares

of

the

Fund)

may

be

a

beneficial

and/or

legal

owner

of

the

Fund,

may

be

affiliated

with

an

index

provider,

may

be

deemed

to

have

control

of

the

Fund

and/or

may

be

able

to

affect

the

outcome

of

matters

presented

for

a

vote

of

the

shareholders

of

the

Fund.

Authorized

Participants

(or

other

broker-dealers

making

markets

in

shares

of

the

Fund)

may

execute

an

irrevocable

proxy

granting

the

Distributor,

Janus

Capital

Management

LLC

(“Janus

Capital”

or

“Janus”

or

"Agent")

or

an

affiliate

of

Janus

Capital

power

to

vote

or

abstain

from

voting

such

Authorized

Participant’s

beneficially

or

legally

owned

shares

of

the

Fund.

In

such

cases,

the

Agent

shall

mirror

vote

(or

abstain

from

voting)

such

shares

in

the

same

proportion

as

all

other

beneficial

owners

of

the

Fund. 

The

following

accounting

policies

have

been

followed

by

the

Fund

and

are

in

conformity

with

United

States

of

America

generally

accepted

accounting

principles

(“US

GAAP”). 

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

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

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

25

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.

There

have

been

no

significant

changes

in

valuation

techniques

used

in

valuing

any

such

positions

held

by

the

Fund

since

the

beginning

of

the

fiscal

year. 

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

October

31,

2021

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.

Investment

Transactions

and

Investment

Income

Investment

transactions

are

accounted

for

as

of

the

date

purchased

or

sold

(trade

date).

Dividend

income

is

recorded

on

the

ex-dividend

date.

Certain

dividends

from

foreign

securities

will

be

recorded

as

soon

as

the

Fund

is

informed

of

the

dividend,

if

such

information

is

obtained

subsequent

to

the

ex-dividend

date.

Dividends

from

foreign

securities

may

be

subject

to

withholding

taxes

in

foreign

jurisdictions.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value.

Interest

income

is

recorded

daily

on

an

accrual

basis

and

includes

amortization

of

premiums

and

accretion

of

discounts.

The

Fund

classifies

gains

and

losses

on

prepayments

received

as

an

adjustment

to

interest

income.

Debt

securities

may

be

placed

in

non-accrual

status

and

related

interest

income

may

be

reduced

by

stopping

current

accruals

and

writing

off

interest

receivables

when

collection

of

all

or

a

portion

of

interest

has

become

doubtful.

Gains

and

losses

are

determined

on

the

identified

cost

basis,

which

is

the

same

basis

used

for

federal

income

tax

purposes.

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

26

October

31,

2021

Estimates

The

preparation

of

financial

statements

in

conformity

with

US

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amount

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates. 

Indemnifications

In

the

normal

course

of

business,

the

Fund

may

enter

into

contracts

that

contain

provisions

for

indemnification

of

other

parties

against

certain

potential

liabilities.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

and

would

involve

future

claims

that

may

be

made

against

the

Fund

that

have

not

yet

occurred.

Currently,

the

risk

of

material

loss

from

such

claims

is

considered

remote. 

Foreign

Currency

Translations

The

Fund

does

not

isolate

that

portion

of

the

results

of

operations

resulting

from

the

effect

of

changes

in

foreign

exchange

rates

on

investments

from

the

fluctuations

arising

from

changes

in

market

prices

of

securities

held

at

the

date

of

the

financial

statements.

Net

unrealized

appreciation

or

depreciation

of

investments

and

foreign

currency

translations

arise

from

changes

in

the

value

of

assets

and

liabilities,

including

investments

in

securities

held

at

the

date

of

the

financial

statements,

resulting

from

changes

in

the

exchange

rates

and

changes

in

market

prices

of

securities

held.

Currency

gains

and

losses

are

also

calculated

on

payables

and

receivables

that

are

denominated

in

foreign

currencies.

The

payables

and

receivables

are

generally

related

to

foreign

security

transactions

and

income

translations.

Foreign

currency-denominated

assets

and

forward

currency

contracts

may

involve

more

risks

than

domestic

transactions,

including

currency

risk,

counterparty

risk,

political

and

economic

risk,

regulatory

risk

and

equity

risk.

Risks

may

arise

from

unanticipated

movements

in

the

value

of

foreign

currencies

relative

to

the

U.S.

dollar.

Dividends

and

Distributions

Dividends

from

net

investment

income

are

generally

declared

and

distributed

monthly.

Net

realized

capital

gains

(if

any)

are

distributed

annually.

The

Fund

may

treat

a

portion

of

the

amount

paid

to

redeem

shares

as

a

distribution

of

investment

company

taxable

income

and

realized

capital

gains

that

are

reflected

in

the

NAV.

This

practice,

commonly

referred

to

as

“equalization,”

has

no

effect

on

the

redeeming

shareholder

or

a

Fund’s

total

return

but

may

reduce

the

amounts

that

would

otherwise

be

required

to

be

paid

as

taxable

dividends

to

the

remaining

shareholders.

It

is

possible

that

the

Internal

Revenue

Service

(IRS)

could

challenge

the

Fund’s

equalization

methodology

or

calculations,

and

any

such

challenge

could

result

in

additional

tax,

interest,

or

penalties

to

be

paid

by

the

Fund. 

Federal

Income

Taxes

The

Fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

and

distribute

all

of

its

taxable

income

in

accordance

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code.

Management

has

analyzed

the

Fund’s

tax

positions

taken

for

all

open

federal

income

tax

years,

generally

a

three-year

period,

and

has

concluded

that

no

provision

for

federal

income

tax

is

required

in

the

Fund’s

financial

statements.

The

Fund

is

not

aware

of

any

tax

positions

for

which

it

is

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

benefits

will

significantly

change

in

the

next

twelve

months. 

2.

Derivative

Instruments 

The

Fund

may

invest

in

various

types

of

derivatives.

A

derivative

is

a

financial

instrument

whose

performance

is

derived

from

the

performance

of

another

asset.

The

Fund

may

invest

in

derivative

instruments

including,

but

not

limited

to

futures,

forwards,

options,

and

swaps.

Each

derivative

instrument

that

was

held

by

the

Fund

during

the year

ended

October

31,

2021

is

discussed

in

further

detail

below.

A

summary

of

derivative

activity

by

the

Fund

is

reflected

in

the

tables

at

the

end

of

the

Schedule

of

Investments.

The

Fund

may

use

derivative

instruments

for

various

investment

purposes,

such

as

to

manage

or

hedge

portfolio

risk,

including

interest

rate

risk,

enhance

return

or

to

manage

duration.

The

Fund’s

use

of

derivative

instruments

involves

risks

different

from,

or

possibly

greater

than,

the

risks

associated

with

investing

directly

in

securities

and

other

traditional

investments.

Derivatives

are

subject

to

a

number

of

risks

including

liquidity

risk,

market

risk,

credit

risk,

default

risk,

counterparty

risk

and

management

risk.

They

also

involve

the

risk

of

mispricing

or

improper

valuation

and

the

risk

that

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

27

changes

in

the

value

of

the

derivative

may

not

correlate

exactly

with

the

change

in

the

value

of

the

underlying

asset,

rate

or

index.

Also,

suitable

derivative

transactions

may

not

be

available

in

all

circumstances

and

there

can

be

no

assurance

that

the

Fund

will

engage

in

these

transactions

to

reduce

exposure

to

other

risks

when

that

would

be

beneficial.

When

used

to

enhance

return

the

Fund

may

be

fully

exposed

to

the

risk

of

loss

of

that

derivative,

which

may

sometimes

be

greater

than

the

derivative’s

cost.

While

use

of

derivatives

to

hedge

can

reduce

or

eliminate

losses,

it

can

also

reduce

or

eliminate

gains

or

cause

losses

if

the

market

moves

in

a

manner

different

from

that

anticipated

by

Janus

Capital

or

if

the

cost

of

the

derivative

outweighs

the

benefit

of

the

hedge.

The

Fund’s

ability

to

use

derivatives

may

also

be

limited

by

certain

regulatory

and

tax

considerations. 

In

pursuit

of

its

investment

objective,

the

Fund

may

seek

to

use

derivatives

to

increase

or

decrease

exposure

to

the

following

market

risk

factors: 

Counterparty

Risk

 -

the

risk

that

the

counterparty

(the

party

on

the

other

side

of

the

transaction)

on

a

derivative

transaction

will

be

unable

to

honor

its

financial

obligation

to

the

Fund. 

Credit

Risk

-

the

risk

an

issuer

will

be

unable

to

make

principal

and

interest

payments

when

due

or

will

default

on

its

obligations. 

Currency

Risk

-

the

risk

that

changes

in

the

exchange

rate

between

currencies

will

adversely

affect

the

value

(in

U.S.

dollar

terms)

of

an

investment. 

Index

Risk

-

if

the

derivative

is

linked

to

the

performance

of

an

index,

it

will

be

subject

to

the

risks

associated

with

changes

in

that

index.

If

the

index

changes,

the

Fund

could

receive

lower

interest

payments

or

experience

a

reduction

in

the

value

of

the

derivative

to

below

what

the

Fund

paid.

Certain

indexed

securities,

including

inverse

securities

(which

move

in

an

opposite

direction

to

the

index),

may

create

leverage,

to

the

extent

that

they

increase

or

decrease

in

value

at

a

rate

that

is

a

multiple

of

the

changes

in

the

applicable

index. 

Interest

Rate

Risk

-

the

risk

that

the

value

of

fixed-income

securities

will

generally

decline

as

prevailing

interest

rates

rise,

which

may

cause

the

Fund's

NAV

to

likewise

decrease. 

Leverage

Risk

-

the

risk

associated

with

certain

types

of

leveraged

investments

or

trading

strategies

pursuant

to

which

relatively

small

market

movements

may

result

in

large

changes

in

the

value

of

an

investment.

The

Fund

creates

leverage

by

investing

in

instruments,

including

derivatives,

where

the

investment

loss

can

exceed

the

original

amount

invested.

Certain

investments

or

trading

strategies,

such

as

short

sales,

that

involve

leverage

can

result

in

losses

that

greatly

exceed

the

amount

originally

invested. 

Liquidity

Risk

-

the

risk

that

certain

securities

may

be

difficult

or

impossible

to

sell

at

the

time

that

the

seller

would

like

or

at

the

price

that

the

seller

believes

the

security

is

currently

worth. 

Derivatives

may

generally

be

traded

OTC

or

on

an

exchange.

Derivatives

traded

OTC

are

agreements

that

are

individually

negotiated

between

parties

and

can

be

tailored

to

meet

a

purchaser's

needs.

OTC

derivatives

are

not

guaranteed

by

a

clearing

agency

and

may

be

subject

to

increased

credit

risk. 

In

an

effort

to

mitigate

credit

risk

associated

with

derivatives

traded

OTC,

the

Fund

may

enter

into

collateral

agreements

with

certain

counterparties

whereby,

subject

to

certain

minimum

exposure

requirements,

the

Fund

may

require

the

counterparty

to

post

collateral

if

the

Fund

has

a

net

aggregate

unrealized

gain

on

all

OTC

derivative

contracts

with

a

particular

counterparty.

Additionally,

the

Fund

may

deposit

cash

and/or

treasuries

as

collateral

with

the

counterparty

and/

or

custodian

daily

(based

on

the

daily

valuation

of

the

financial

asset)

if

the

Fund

has

a

net

aggregate

unrealized

loss

on

OTC

derivative

contracts

with

a

particular

counterparty.

All

liquid

securities

and

restricted

cash

are

considered

to

cover

in

an

amount

at

all

times

equal

to

or

greater

than

the

Fund’s

commitment

with

respect

to

certain

exchange-traded

derivatives,

centrally

cleared

derivatives,

forward

foreign

currency

exchange

contracts,

short

sales,

and/or

securities

with

extended

settlement

dates.

There

is

no

guarantee

that

counterparty

exposure

is

reduced

and

these

arrangements

are

dependent

on

Janus

Capital’s

ability

to

establish

and

maintain

appropriate

systems

and

trading. 

Forward

Foreign

Currency

Exchange

Contracts

A

forward

foreign

currency

exchange

contract

(“forward

currency

contract”)

is

an

obligation

to

buy

or

sell

a

specified

currency

at

a

future

date

at

a

negotiated

rate

(which

may

be

U.S.

dollars

or

a

foreign

currency).

The

Fund

may

enter

into

forward

currency

contracts

for

hedging

purposes,

including,

but

not

limited

to,

reducing

exposure

to

changes

in

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

28

October

31,

2021

foreign

currency

exchange

rates

on

foreign

portfolio

holdings

and

locking

in

the

U.S.

dollar

cost

of

firm

purchase

and

sale

commitments

for

securities

denominated

in

or

exposed

to

foreign

currencies.

The

Fund

may

also

invest

in

forward

currency

contracts

for

nonhedging

purposes

such

as

seeking

to

enhance

returns.

The

Fund

is

subject

to

currency

risk

and

counterparty

risk

in

the

normal

course

of

pursuing

its

investment

objective

through

its

investments

in

forward

currency

contracts.

Forward

currency

contracts

are

valued

by

converting

the

foreign

value

to

U.S.

dollars

by

using

the

current

spot

U.S.

dollar

exchange

rate

and/or

forward

rate

for

that

currency.

Exchange

and

forward

rates

as

of

the

close

of

the

NYSE

are

used

to

value

the

forward

currency

contracts.

The

unrealized

appreciation/(depreciation)

for

forward

currency

contracts

is

reported

in

the

Statement

of

Assets

and

Liabilities

as

a

receivable

or

payable

(if

applicable)

and

in

the

Statement

of

Operations

for

the

change

in

unrealized

net

appreciation/depreciation

(if

applicable).

The

realized

gain

or

loss

arising

from

the

difference

between

the

U.S.

dollar

cost

of

the

original

contract

and

the

value

of

the

foreign

currency

in

U.S.

dollars

upon

closing

a

forward

currency

contract

is

reported

on

the

Statement

of

Operations

(if

applicable).

During

the

year,

the

Fund

entered

into

forward

currency

contracts

with

the

obligation

to

purchase

foreign

currencies

in

the

future

at

an

agreed

upon

rate

in

order

to

take

a

positive

outlook

on

the

related

currency.

These

forward

contracts

seek

to

increase

exposure

to

currency

risk. 

During

the

year,

the

Fund

entered

into

forward

currency

contracts

with

the

obligation

to

purchase

foreign

currencies

in

the

future

at

an

agreed

upon

rate

in

order

to

decrease

exposure

to

currency

risk

associated

with

foreign

currency

denominated

securities

held

by

the

Fund. 

During

the

year,

the

Fund

entered

into

forward

currency

contracts

with

the

obligation

to

sell

foreign

currencies

in

the

future

at

an

agreed

upon

rate

in

order

to

take

a

negative

outlook

on

the

related

currency.

These

forward

contracts

seek

to

increase

exposure

to

currency

risk. 

During

the

year,

the

Fund

entered

into

forward

currency

contracts

with

the

obligation

to

sell

foreign

currencies

in

the

future

at

an

agreed

upon

rate

in

order

to

decrease

exposure

to

currency

risk

associated

with

foreign

currency

denominated

securities

held

by

the

Fund. 

Futures

Contracts 

A

futures

contract

is

an

exchange-traded

agreement

to

take

or

make

delivery

of

an

underlying

asset

at

a

specific

time

in

the

future

for

a

specific

predetermined

negotiated

price.

The

Fund

may

enter

into

futures

contracts

for

the

purchase

or

sale

for

future

delivery

of

(i)

fixed-income

securities,

and

U.S.

government

securities

and

Treasuries,

or

(ii)

contracts

based

on

interest

rates.

The

Fund

is

subject

to

interest

rate

risk

and

equity

risk

in

the

normal

course

of

pursuing

its

investment

objective

through

its

investments

in

futures

contracts.

The

Fund

may

also

use

such

derivative

instruments

to

hedge

or

protect

from

adverse

movements

in

securities

prices

or

interest

rates.

The

use

of

futures

contracts

may

involve

risks

such

as

the

possibility

of

illiquid

markets

or

imperfect

correlation

between

the

values

of

the

contracts

and

the

underlying

securities,

or

that

the

counterparty

will

fail

to

perform

its

obligations.

Futures

contracts

on

commodities

are

valued

at

the

settlement

price

on

valuation

date

on

the

commodities

exchange

as

reported

by

an

approved

vendor.

Mini

contracts,

as

defined

in

the

description

of

the

contract,

shall

be

valued

using

the

Actual

Settlement

Price

or

“ASET”

price

type

as

reported

by

an

approved

vendor.

Futures

contracts

are

marked-to-market

daily,

and

the

daily

variation

margin

is

recorded

as

a

receivable

or

payable

on

the

Statement

of

Assets

and

Liabilities

(if

applicable).

The

change

in

unrealized

net

appreciation/depreciation

is

reported

on

the

Statement

of

Operations

(if

applicable).

When

a

contract

is

closed,

a

realized

gain

or

loss

is

reported

on

the

Statement

of

Operations

(if

applicable),

equal

to

the

difference

between

the

opening

and

closing

value

of

the

contract.

Securities

held

by

the

Fund

that

are

designated

as

collateral

for

market

value

on

futures

contracts

are

noted

on

the

Schedule

of

Investments

(if

applicable).

Such

collateral

is

in

the

possession

of

the

Fund's

futures

option

merchant. 

With

futures,

there

is

minimal

counterparty

credit

risk

to

the

Fund

since

futures

are

exchange-traded

and

the

exchange's

clearinghouse,

as

counterparty

to

all

exchange-traded

futures,

guarantees

the

futures

against

default. 

During

the

year,

the

Fund

purchased

interest

rate

futures

to

increase

exposure

to

interest

rate

risk.

During

the

year,

the

Fund

sold

interest

rate

futures

to

decrease

exposure

to

interest

rate

risk. 

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

29

Options

Contracts

An

options

contract

provides

the

purchaser

with

the

right,

but

not

the

obligation,

to

buy

(call

option)

or

sell

(put

option)

a

financial

instrument

at

an

agreed

upon

price

on

or

before

a

specified

date.

The

purchaser

pays

a

premium

to

the

seller

for

this

right.

The

seller

has

the

corresponding

obligation

to

sell

or

buy

a

financial

instrument

if

the

purchaser

(owner)

“exercises”

the

option.

When

an

option

is

exercised,

the

proceeds

on

sales

for

a

written

call

option,

the

purchase

cost

for

a

written

put

option,

or

the

cost

of

the

security

for

a

purchased

put

or

call

option

are

adjusted

by

the

amount

of

premium

received

or

paid.

Upon

expiration,

or

closing

of

the

option

transaction,

a

realized

gain

or

loss

is

reported

on

the

Statement

of

Operations

(if

applicable).

The

difference

between

the

premium

paid/received

and

the

market

value

of

the

option

is

recorded

as

unrealized

appreciation

or

depreciation.

The

net

change

in

unrealized

appreciation

or

depreciation

is

reported

on

the

Statement

of

Operations

(if

applicable).

Option

contracts

are

typically

valued

using

an

approved

vendor’s

option

valuation

model.

To

the

extent

reliable

market

quotations

are

available,

option

contracts

are

valued

using

market

quotations.

In

cases

when

an

approved

vendor

cannot

provide

coverage

for

an

option

and

there

is

no

reliable

market

quotation,

a

broker

quotation

or

an

internal

valuation

using

the

Black-Scholes

model,

the

Cox-Rubenstein

Binomial

Option

Pricing

Model,

or

other

appropriate

option

pricing

model

is

used.

Certain

options

contracts

are

marked-to-market

daily,

and

the

daily

variation

margin

is

recorded

as

a

receivable

or

payable

on

the

Statement

of

Assets

and

Liabilities

as

“Variation

margin

receivable”

or

“Variation

margin

payable”

(if

applicable).

The

Fund

may

use

options

contracts

to

hedge

against

changes

in

interest

rates,

the

values

of

securities,

or

foreign

currencies.

The

use

of

such

instruments

may

involve

certain

additional

risks

as

a

result

of

unanticipated

movements

in

the

market.

A

lack

of

correlation

between

the

value

of

an

instrument

underlying

an

option

and

the

asset

being

hedged,

or

unexpected

adverse

price

movements,

could

render

the

Fund’s

hedging

strategy

unsuccessful.

In

addition,

there

can

be

no

assurance

that

a

liquid

secondary

market

will

exist

for

any

option

purchased

or

sold.

The

Fund

may

be

subject

to

counterparty

risk,

interest

rate

risk,

liquidity

risk,

equity

risk,

commodity

risk,

and

currency

risk

in

the

normal

course

of

pursuing

its

investment

objective

through

its

investments

in

options

contracts.

Options

traded

on

an

exchange

are

regulated

and

the

terms

of

the

options

are

standardized.

Options

traded

OTC

expose

the

Fund

to

counterparty

risk

in

the

event

that

the

counterparty

does

not

perform.

This

risk

is

mitigated

by

having

a

netting

arrangement

between

the

Fund

and

the

counterparty

and

by

having

the

counterparty

post

collateral

to

cover

the

Fund’s

exposure

to

the

counterparty.

The

Fund

may

purchase

put

options

to

hedge

against

a

decline

in

the

value

of

its

portfolio.

By

using

put

options

in

this

way,

the

Fund

will

reduce

any

profit

it

might

otherwise

have

realized

in

the

underlying

security

by

the

amount

of

the

premium

paid

for

the

put

option

and

by

transaction

costs.

The

Fund

may

purchase

call

options

to

hedge

against

an

increase

in

the

price

of

securities

that

it

may

buy

in

the

future.

The

premium

paid

for

the

call

option

plus

any

transaction

costs

will

reduce

the

benefit,

if

any,

realized

by

the

Fund

upon

exercise

of

the

option,

and,

unless

the

price

of

the

underlying

security

rises

sufficiently,

the

option

may

expire

worthless

to

the

Fund.

The

risk

in

buying

options

is

that

the

Fund

pays

a

premium

whether

or

not

the

options

are

exercised.

Options

purchased

are

reported

in

the

Schedule

of

Investments

(if

applicable).

During

the

year,

the

Fund

purchased

put

options

on

bond

futures

in

order

to

reduce

interest

rate

risk

where

reducing

this

exposure

via

other

markets

such

as

the

cash

bond

market

was

less

attractive. 

As

of

October

31,

2021,

the

Fund

did

not

have

any

open

purchased

option

contracts. 

Swaps 

Swap

agreements

are

two-party

contracts

entered

into

primarily

by

institutional

investors

for

periods

ranging

from

a

day

to

more

than

one

year

to

exchange

one

set

of

cash

flows

for

another.

The

most

significant

factor

in

the

performance

of

swap

agreements

is

the

change

in

value

of

the

specific

index,

security,

or

currency,

or

other

factors

that

determine

the

amounts

of

payments

due

to

and

from

the

Fund.

The

use

of

swaps

is

a

highly

specialized

activity

which

involves

investment

techniques

and

risks

different

from

those

associated

with

ordinary

portfolio

securities

transactions.

Swap

agreements

entail

the

risk

that

a

party

will

default

on

its

payment

obligations

to

the

Fund.

If

the

other

party

to

a

swap

defaults,

the

Fund

would

risk

the

loss

of

the

net

amount

of

the

payments

that

it

contractually

is

entitled

to

receive.

If

the

Fund

utilizes

a

swap

at

the

wrong

time

or

judges

market

conditions

incorrectly,

the

swap

may

result

in

a

loss

to

the

Fund

and

reduce

the

Fund’s

total

return.

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

30

October

31,

2021

Swap

agreements

also

bear

the

risk

that

the

Fund

will

not

be

able

to

meet

its

obligation

to

the

counterparty.

Swap

agreements

are

typically

privately

negotiated

and

entered

into

in

the

OTC

market.

However,

certain

swap

agreements

are

required

to

be

cleared

through

a

clearinghouse

and

traded

on

an

exchange

or

swap

execution

facility.

Swaps

that

are

required

to

be

cleared

are

required

to

post

initial

and

variation

margins

in

accordance

with

the

exchange

requirements.

Regulations

enacted

require

the

Fund

to

centrally

clear

certain

interest

rate

and

credit

default

index

swaps

through

a

clearinghouse

or

central

counterparty

(“CCP”).

To

clear

a

swap

with

a

CCP,

the

Fund

will

submit

the

swap

to,

and

post

collateral

with,

a

futures

clearing

merchant

(“FCM”)

that

is

a

clearinghouse

member.

Alternatively,

the

Fund

may

enter

into

a

swap

with

a

financial

institution

other

than

the

FCM

(the

“Executing

Dealer”)

and

arrange

for

the

swap

to

be

transferred

to

the

FCM

for

clearing.

The

Fund

may

also

enter

into

a

swap

with

the

FCM

itself.

The

CCP,

the

FCM,

and

the

Executing

Dealer

are

all

subject

to

regulatory

oversight

by

the

U.S.

Commodity

Futures

Trading

Commission

(“CFTC”).

A

default

or

failure

by

a

CCP

or

an

FCM,

or

the

failure

of

a

swap

to

be

transferred

from

an

Executing

Dealer

to

the

FCM

for

clearing,

may

expose

the

Fund

to

losses,

increase

its

costs,

or

prevent

the

Fund

from

entering

or

exiting

swap

positions,

accessing

collateral,

or

fully

implementing

its

investment

strategies.

The

regulatory

requirement

to

clear

certain

swaps

could,

either

temporarily

or

permanently,

reduce

the

liquidity

of

cleared

swaps

or

increase

the

costs

of

entering

into

those

swaps.

Index

swaps,

interest

rate

swaps,

inflation

swaps

and

credit

default

swaps

are

valued

using

an

approved

vendor

supplied

price.

Basket

swaps

are

valued

using

a

broker

supplied

price.

Equity

swaps

that

consist

of

a

single

underlying

equity

are

valued

either

at

the

closing

price,

the

latest

bid

price,

or

the

last

sale

price

on

the

primary

market

or

exchange

it

trades.

The

market

value

of

swap

contracts

are

aggregated

by

positive

and

negative

values

and

are

disclosed

separately

as

an

asset

or

liability

on

the

Fund’s

Statement

of

Assets

and

Liabilities

(if

applicable).

Realized

gains

and

losses

are

reported

on

the

Statement

of

Operations

(if

applicable).

The

change

in

unrealized

net

appreciation

or

depreciation

during

the

period

is

included

in

the

Statement

of

Operations

(if

applicable).

The

Fund’s

maximum

risk

of

loss

from

counterparty

risk

or

credit

risk

is

the

discounted

value

of

the

payments

to

be

received

from/paid

to

the

counterparty

over

the

contract’s

remaining

life,

to

the

extent

that

the

amount

is

positive.

The

risk

is

mitigated

by

having

a

netting

arrangement

between

the

Fund

and

the

counterparty

and

by

the

posting

of

collateral

by

the

counterparty

to

cover

the

Fund’s

exposure

to

the

counterparty.

The

Fund

may

enter

into

various

types

of

credit

default

swap

agreements,

including

OTC

credit

default

swap

agreements

and

index

credit

default

swaps

(“CDX”),

for

investment

purposes

and

to

add

leverage

to

its

portfolio,

or

to

hedge

its

credit

exposure.

Credit

default

swaps

are

a

specific

kind

of

counterparty

agreement

that

allow

the

transfer

of

third-

party

credit

risk

from

one

party

to

the

other.

One

party

in

the

swap

is

a

lender

and

faces

credit

risk

from

a

third

party,

and

the

counterparty

in

the

credit

default

swap

agrees

to

insure

this

risk

in

exchange

for

regular

periodic

payments.

Credit

default

swaps

could

result

in

losses

if

the

Fund

does

not

correctly

evaluate

the

creditworthiness

of

the

company

or

companies

on

which

the

credit

default

swap

is

based.

Credit

default

swap

agreements

may

involve

greater

risks

than

if

the

Fund

had

invested

in

the

reference

obligation

directly

since,

in

addition

to

risks

relating

to

the

reference

obligation,

credit

default

swaps

are

subject

to

liquidity

risk,

counterparty

risk,

and

credit

risk.

The

Fund

will

generally

incur

a

greater

degree

of

risk

when

it

sells

a

credit

default

swap

than

when

it

purchases

a

credit

default

swap. 

As

a

buyer

of

a

credit

default

swap,

the

Fund

may

lose

its

investment

and

recover

nothing

should

no

credit

event

occur,

and

the

swap

is

held

to

its

termination

date.

As

seller

of

a

credit

default

swap,

if

a

credit

event

were

to

occur,

the

value

of

any

deliverable

obligation

received

by

the

Fund,

coupled

with

the

upfront

or

periodic

payments

previously

received,

may

be

less

than

what

it

pays

to

the

buyer,

resulting

in

a

loss

of

value

to

the

Fund.

If

the

Fund

is

the

seller

of

credit

protection

against

a

particular

security,

the

Fund

would

receive

an

up-front

or

periodic

payment

to

compensate

against

potential

credit

events.

As

the

seller

in

a

credit

default

swap

contract,

the

Fund

would

be

required

to

pay

the

par

value

(the

“notional

value”)

(or

other

agreed-upon

value)

of

a

referenced

debt

obligation

to

the

counterparty

in

the

event

of

a

default

by

a

third

party,

such

as

a

U.S.

or

foreign

corporate

issuer,

on

the

debt

obligation.

In

return,

the

Fund

would

receive

from

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract

provided

that

no

event

of

default

has

occurred.

If

no

default

occurs,

the

Fund

would

keep

the

stream

of

payments

and

would

have

no

payment

obligations.

As

the

seller,

the

Fund

would

effectively

add

leverage

to

its

portfolio

because,

in

addition

to

its

total

net

assets,

the

Fund

would

be

subject

to

investment

exposure

on

the

notional

value

of

the

swap.

The

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

31

maximum

potential

amount

of

future

payments

(undiscounted)

that

the

Fund

as

a

seller

could

be

required

to

make

in

a

credit

default

transaction

would

be

the

notional

amount

of

the

agreement.

As

a

buyer

of

credit

protection,

the

Fund

is

entitled

to

receive

the

par

(or

other

agreed-upon)

value

of

a

referenced

debt

obligation

from

the

counterparty

to

the

contract

in

the

event

of

a

default

or

other

credit

event

by

a

third

party,

such

as

a

U.S.

or

foreign

issuer,

on

the

debt

obligation.

In

return,

the

Fund

as

buyer

would

pay

to

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract

provided

that

no

credit

event

has

occurred.

If

no

credit

event

occurs,

the

Fund

would

have

spent

the

stream

of

payments

and

potentially

received

no

benefit

from

the

contract.

The

Fund

may

invest

in

single-name

credit

default

swaps

(“CDS”)

to

buy

or

sell

credit

protection

to

hedge

its

credit

exposure,

gain

issuer

exposure

without

owning

the

underlying

security,

or

increase

the

Fund’s

total

return.

Single-

name

CDS

enable

the

Fund

to

buy

or

sell

protection

against

a

credit

event

of

a

specific

issuer.

When

the

Fund

buys

a

single-

name

CDS,

the

Fund

will

receive

a

return

on

its

investment

only

in

the

event

of

a

credit

event,

such

as

default

by

the

issuer

of

the

underlying

obligation

(as

opposed

to

a

credit

downgrade

or

other

indication

of

financial

difficulty).

If

a

single-

name

CDS

transaction

is

particularly

large,

or

if

the

relevant

market

is

illiquid,

it

may

not

be

possible

for

the

Fund

to

initiate

a

single-name

CDS

transaction

or

to

liquidate

its

position

at

an

advantageous

time

or

price,

which

may

result

in

significant

losses.

Moreover,

the

Fund

bears

the

risk

of

loss

of

the

amount

expected

to

be

received

under

a

single-name

CDS

in

the

event

of

the

default

or

bankruptcy

of

the

counterparty.

The

risks

associated

with

cleared

single-name

CDS

may

be

lower

than

that

for

uncleared

single-name

CDS

because

for

cleared

single-name

CDS,

the

counterparty

is

a

clearinghouse

(to

the

extent

such

a

trading

market

is

available).

However,

there

can

be

no

assurance

that

a

clearinghouse

or

its

members

will

satisfy

their

obligations

to

the

Fund. 

The

Fund's

use

of

interest

rate

swaps

involves

investment

techniques

and

risks

different

from

those

associated

with

ordinary

portfolio

security

transactions.

Interest

rate

swaps

do

not

involve

the

delivery

of

securities,

other

underlying

assets,

or

principal.

Interest

rate

swaps

involve

the

exchange

by

two

parties

of

their

respective

commitments

to

pay

or

receive

interest

(e.g.,

an

exchange

of

floating

rate

payments

for

fixed

rate

payments).

Interest

rate

swaps

may

result

in

potential

losses

if

interest

rates

do

not

move

as

expected

or

if

the

counterparties

are

unable

to

satisfy

their

obligations.

Interest

rate

swaps

are

generally

entered

into

on

a

net

basis.

Accordingly,

the

risk

of

loss

with

respect

to

interest

rate

swaps

is

limited

to

the

net

amount

of

interest

payments

that

the

Fund

is

contractually

obligated

to

make. 

During

the

year,

the

Fund

entered

into

interest

rate

swaps

paying

a

fixed

interest

rate

and

receiving

a

floating

interest

rate

in

order

to decrease

interest

rate

risk

(duration)

exposure.

As

interest

rates

rise,

the

Fund

benefits

by

receiving

a

higher

future

floating

rate,

while

paying

a

fixed

rate

that

has

not

increased. 

During

the

year,

the

Fund

entered

into

interest

rate

swaps

paying

a

floating

interest

rate

and

receiving

a

fixed

interest

rate

in

order

to

increase

interest

rate

risk

(duration)

exposure.

As

interest

rates

fall,

the

Fund

benefits

by

paying

a

lower

future

floating

rate,

while

receiving

a

fixed

rate

that

has

not

decreased. 

3.

Other

Investments

and

Strategies 

Additional

Investment

Risk 

In

response

to

the

COVID-19

pandemic,

the

U.S.

government

and

the

Federal

Reserve,

as

well

as

certain

foreign

governments

and

central

banks,

have

taken

extraordinary

actions

to

support

local

and

global

economies

and

the

financial

markets,

including

reducing

interest

rates

to

record

low

levels.

Extremely

low

or

negative

interest

rates

may

become

more

prevalent

or

may

not

work

as

intended.

As

there

is

little

precedent

for

this

situation,

the

impact

on

various

markets

that

interest

rate

or

other

significant

policy

changes

may

have

is

unknown.

The

withdrawal

of

this

support,

a

failure

of

measures

put

in

place

in

response

to

such

economic

uncertainty,

or

investor

perception

that

such

efforts

were

not

sufficient

could

each

negatively

affect

financial

markets

generally,

and

the

value

and

liquidity

of

specific

securities.

In

addition,

policy

and

legislative

changes

in

the

United

States

and

in

other

countries

continue

to

impact

many

aspects

of

financial

regulation.

Widespread

disease,

including

pandemics

and

epidemics,

and

natural

or

environmental

disasters,

including

those

which

may

be

attributable

to

global

climate

change,

such

as

earthquakes,

fires,

floods,

hurricanes,

tsunamis

and

weather-related

phenomena

generally,

have

been

and

can

be

highly

disruptive

to

economies

and

markets,

adversely

impacting

individual

companies,

sectors,

industries,

markets,

currencies,

interest

and

inflation

rates,

credit

ratings,

investor

sentiment,

and

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

32

October

31,

2021

other

factors

affecting

the

value

of

a

Fund’s

investments.

Economies

and

financial

markets

throughout

the

world

have

become

increasingly

interconnected,

which

increases

the

likelihood

that

events

or

conditions

in

one

region

or

country

will

adversely

affect

markets

or

issuers

in

other

regions

or

countries,

including

the

United

States.

These

disruptions

could

prevent

a

Fund

from

executing

advantageous

investment

decisions

in

a

timely

manner

and

negatively

impact

a

Fund’s

ability

to

achieve

its

investment

objective(s).

Any

such

event(s)

could

have

a

significant

adverse

impact

on

the

value

of

a

Fund.

In

addition,

these

disruptions

could

also

impair

the

information

technology

and

other

operational

systems

upon

which

the

Fund’s

service

providers,

including

Janus

Capital,

rely,

and

could

otherwise

disrupt

the

ability

of

employees

of

the

Fund’s

service

providers

to

perform

essential

tasks

on

behalf

of

the

Fund.

Adverse

weather

conditions

may

also

have

a

particularly

negative

effect

on

issuers

in

the

agricultural

sector

in

the

agricultural

sector

and

on

insurance

and

reinsurance

companies

that

insure

or

reinsure

against

the

impact

of

natural

disasters.

A

number

of

countries

in

the

European

Union

(“EU”)

have

experienced,

and

may

continue

to

experience,

severe

economic

and

financial

difficulties.

In

particular,

many

EU

nations

are

susceptible

to

economic

risks

associated

with

high

levels

of

debt.

Many

non-governmental

issuers,

and

even

certain

governments,

have

defaulted

on,

or

been

forced

to

restructure,

their

debts.

Many

other

issuers

have

faced

difficulties

obtaining

credit

or

refinancing

existing

obligations.

Financial

institutions

have

in

many

cases

required

government

or

central

bank

support,

have

needed

to

raise

capital,

and/or

have

been

impaired

in

their

ability

to

extend

credit.

As

a

result,

financial

markets

in

the

EU

have

experienced

extreme

volatility

and

declines

in

asset

values

and

liquidity.

These

difficulties

may

continue,

worsen,

or

spread

further

within

the

EU.

Responses

to

these

financial

problems

by

European

governments,

central

banks,

and

others,

including

austerity

measures

and

reforms,

may

not

work,

may

result

in

social

unrest,

and

may

limit

future

growth

and

economic

recovery

or

have

other

unintended

consequences.

All

of

these

developments

may

continue

to

significantly

affect

the

economies

of

all

EU

countries,

which

in

turn

may

have

a

material

adverse

effect

on

a

Fund's

investments

in

such

countries

that

depend

on

EU

countries

for

significant

amounts

of

trade

or

investment,

or

issues

with

exposure

to

debt

issued

by

certain

EU

countries.

Management

Risk

The

Fund

is

an

actively

managed

investment

portfolio

and

is

therefore

subject

to

the

risk

that

the

investment

strategies

employed

for

the

Fund

may

fail

to

produce

the

intended

results.

Although

the

Fund

seeks

to

provide

long-term

positive

returns,

market

conditions

or

implementation

of

the

Fund's

investment

process

may

result

in

losses,

and

the

Fund

may

not

meet

its

investment

objective.

As

such,

there

can

be

no

assurance

of

positive

"absolute"

returns. 

Floating-Rate

Obligations

Risk 

Securities

with

floating

or

variable

interest

rates

can

be

less

sensitive

to

interest

rate

changes

than

securities

with

fixed

interest

rates,

but

may

decline

in

value

if

their

interest

rates

do

not

rise

as

much,

or

as

quickly,

as

interest

rates

in

general.

Conversely,

floating

rate

securities

will

not

generally

increase

in

value

if

interest

rates

decline.

A

decline

in

interest

rates

may

result

in

a

reduction

of

income

received

from

floating

rate

securities

held

by

the

Fund

and

may

adversely

affect

the

value

of

the

Fund’s

shares.

Generally,

floating

rate

securities

carry

lower

yields

than

fixed

notes

of

the

same

maturity.

The

interest

rate

for

a

floating

rate

note

resets

or

adjusts

periodically

by

reference

to

a

benchmark

interest

rate.

The

impact

of

interest

rate

changes

on

floating

rate

investments

is

typically

mitigated

by

the

periodic

interest

rate

reset

of

the

investments.

Securities

with

longer

durations

tend

to

be

more

sensitive

to

interest

rate

changes,

usually

making

them  

more

volatile

than

securities

with

shorter

durations.

Benchmark

interest

rates,

such

as

the

London

Interbank

Offered

Rate

(“LIBOR”),

may

not

accurately

track

market

interest

rates. 

Geographic

Investment

Risk 

To

the

extent

the

Fund

invests

a

significant

portion

of

its

assets

in

a

particular

country

or

geographic

region,

the

Fund

will

generally

have

more

exposure

to

certain

risks

due

to

possible

political,

economic,

social,

or

regulatory

events

in

that

country

or

region.

Adverse

developments

in

certain

regions

could

also

adversely

affect

securities

of

other

countries

whose

economies

appear

to

be

unrelated

and

could

have

a

negative

impact

on

the

Fund's

performance. 

Counterparties 

Fund

transactions

involving

a

counterparty

are

subject

to

the

risk

that

the

counterparty

or

a

third

party

will

not

fulfill

its

obligation

to

the

Fund

("counterparty

risk").

Counterparty

risk

may

arise

because

of

the

counterparty's

financial

condition

(i.e.,

financial

difficulties,

bankruptcy,

or

insolvency),

market

activities

and

developments,

or

other

reasons,

whether

foreseen

or

not.

A

counterparty's

inability

to

fulfill

its

obligation

may

result

in

significant

financial

loss

to

the

Fund.

The

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

33

Fund

may

be

unable

to

recover

its

investment

from

the

counterparty

or

may

obtain

a

limited

recovery,

and/or

recovery

may

be

delayed.

The

extent

of

the

Fund's

exposure

to

counterparty

risk

with

respect

to

financial

assets

and

liabilities

approximates

its

carrying

value.

See

the

"Offsetting

Assets

and

Liabilities"

section

of

this

Note

for

further

details.

The

Fund

may

be

exposed

to

counterparty

risk

through

participation

in

various

programs,

including,

but

not

limited

to,

lending

its

securities

to

third

parties,

cash

sweep

arrangements

whereby

the

Fund's

cash

balance

is

invested

in

one

or

more

types

of

cash

management

vehicles,

as

well

as

investments

in,

but

not

limited

to,

repurchase

agreements,

and

derivatives,

including

various

types

of

swaps,

futures

and

options.

The

Fund

intends

to

enter

into

financial

transactions

with

counterparties

that

Janus

Capital

believes

to

be

creditworthy

at

the

time

of

the

transaction.

There

is

always

the

risk

that

Janus

Capital's

analysis

of

a

counterparty's

creditworthiness

is

incorrect

or

may

change

due

to

market

conditions.

To

the

extent

that

the

Fund

focuses

its

transactions

with

a

limited

number

of

counterparties,

it

will

have

greater

exposure

to

the

risks

associated

with

one

or

more

counterparties. 

Mortgage

and

Asset-Backed

Securities 

Mortgage-and

asset-backed

securities

represent

interests

in

“pools”

of

commercial

or

residential

mortgages

or

other

assets,

including

consumer

and

commercial

loans

or

receivables.

The

Fund

may

purchase

fixed

or

variable

rate

commercial

or

residential

mortgage-backed

securities

issued

by

the

Government

National

Mortgage

Association

(“Ginnie

Mae”),

the

Federal

National

Mortgage

Association

(“Fannie

Mae”),

the

Federal

Home

Loan

Mortgage

Corporation

(“Freddie

Mac”),

or

other

governmental

or

government-related

entities.

Ginnie

Mae’s

guarantees

are

backed

as

to

the

timely

payment

of

principal

and

interest

by

the

full

faith

and

credit

of

the

U.S.

Government.

Fannie

Mae

and

Freddie

Mac

securities

are

not

backed

by

the

full

faith

and

credit

of

the

U.S.

Government.

In

September

2008,

the

Federal

Housing

Finance

Agency

(“FHFA”),

an

agency

of

the

U.S.

Government,

placed

Fannie

Mae

and

Freddie

Mac

under

conservatorship.

Since

that

time,

Fannie

Mae

and

Freddie

Mac

have

received

capital

support

through

U.S.

Treasury

preferred

stock

purchases

and

Treasury

and

Federal

Reserve

purchases

of

their

mortgage-backed

securities.

The

FHFA

and

the

U.S.

Treasury

have

imposed

strict

limits

on

the

size

of

these

entities’

mortgage

portfolios.

The

FHFA

has

the

power

to

cancel

any

contract

entered

into

by

Fannie

Mae

and

Freddie

Mac

prior

to

FHFA’s

appointment

as

conservator

or

receiver,

including

the

guarantee

obligations

of

Fannie

Mae

and

Freddie

Mac.

The

Fund

may

also

purchase

other

mortgage-and

asset-backed

securities

through

single-and

multi-seller

conduits,

collateralized

debt

obligations,

structured

investment

vehicles,

and

other

similar

securities.

Asset-backed

securities

may

be

backed

by

various

consumer

obligations,

including

automobile

loans,

equipment

leases,

credit

card

receivables,

or

other

collateral.

In

the

event

the

underlying

loans

are

not

paid,

the

securities’

issuer

could

be

forced

to

sell

the

assets

and

recognize

losses

on

such

assets,

which

could

impact

your

return.

Unlike

traditional

debt

instruments,

payments

on

these

securities

include

both

interest

and

a

partial

payment

of

principal.

Mortgage-and

asset-backed

securities

are

subject

to

both

extension

risk,

where

borrowers

pay

off

their

debt

obligations

more

slowly

in

times

of

rising

interest

rates,

and

prepayment

risk,

where

borrowers

pay

off

their

debt

obligations

sooner

than

expected

in

times

of

declining

interest

rates.

These

risks

may

reduce

the

Fund’s

returns.

In

addition,

investments

in

mortgage-and

asset-backed

securities,

including

those

comprised

of

subprime

mortgages,

may

be

subject

to

a

higher

degree

of

credit

risk,

valuation

risk,

extension

risk

(if

interest

rates

rise),

and

liquidity

risk

than

various

other

types

of

fixed-income

securities.

Additionally,

although

mortgage-

backed

securities

are

generally

supported

by

some

form

of

government

or

private

guarantee

and/or

insurance,

there

is

no

assurance

that

guarantors

or

insurers

will

meet

their

obligations.

Sovereign

Debt 

The

Fund

may

invest

in

U.S.

and

non-U.S.

government

debt

securities

(“sovereign

debt”).

Some

investments

in

sovereign

debt,

such

as

U.S.

sovereign

debt,

are

considered

low

risk.

However,

investments

in

sovereign

debt,

especially

the

debt

of

less

developed

countries,

can

involve

a

high

degree

of

risk,

including

the

risk

that

the

governmental

entity

that

controls  

the

repayment

of

sovereign

debt

may

not

be

willing

or

able

to

repay

the

principal

and/or

to

pay

the

interest

on

its

sovereign

debt

in

a

timely

manner.

A

sovereign

debtor’s

willingness

or

ability

to

satisfy

its

debt

obligation

may

be

affected

by

various

factors

including,

but

not

limited

to,

its

cash

flow

situation,

the

extent

of

its

foreign

currency

reserves,

the

availability

of

foreign

exchange

when

a

payment

is

due,

the

relative

size

of

its

debt

position

in

relation

to

its

economy

as

a

whole,

the

sovereign

debtor’s

policy

toward

international

lenders,

and

local

political

constraints

to

which

the

governmental

entity

may

be

subject.

Sovereign

debtors

may

also

be

dependent

on

expected

disbursements

from

foreign

governments,

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

34

October

31,

2021

multilateral

agencies,

and

other

entities.

The

failure

of

a

sovereign

debtor

to

implement

economic

reforms,

achieve

specified

levels

of

economic

performance,

or

repay

principal

or

interest

when

due

may

result

in

the

cancellation

of

third

party

commitments

to

lend

funds

to

the

sovereign

debtor,

which

may

further

impair

such

debtor’s

ability

or

willingness

to

timely

service

its

debts.

The

Fund

may

be

requested

to

participate

in

the

rescheduling

of

such

sovereign

debt

and

to

extend

further

loans

to

governmental

entities,

which

may

adversely

affect

the

Fund’s

holdings.

In

the

event

of

default,

there

may

be

limited

or

no

legal

remedies

for

collecting

sovereign

debt

and

there

may

be

no

bankruptcy

proceedings

through

which

the

Fund

may

collect

all

or

part

of

the

sovereign

debt

that

a

governmental

entity

has

not

repaid.

In

addition,

to

the

extent

the

Fund

invests

in

non-U.S.

sovereign

debt,

it

may

be

subject

to

currency

risk. 

Offsetting

Assets

and

Liabilities 

The

Fund

presents

gross

and

net

information

about

transactions

that

are

either

offset

in

the

financial

statements

or

subject

to

an

enforceable

master

netting

arrangement

or

similar

agreement

with

a

designated

counterparty,

regardless

of

whether

the

transactions

are

actually

offset

in

the

Statement

of

Assets

and

Liabilities.

In

order

to

better

define

its

contractual

rights

and

to

secure

rights

that

will

help

the

Fund

mitigate

its

counterparty

risk,

the

Fund

may

enter

into

an

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreement

(“ISDA

Master

Agreement”)

or

similar

agreement

with

its

derivative

contract

counterparties.

An

ISDA

Master

Agreement

is

a

bilateral

agreement

between

the

Fund

and

a

counterparty

that

governs

OTC

derivatives

and

forward

foreign

currency

exchange

contracts

and

typically

contains,

among

other

things,

collateral

posting

terms

and

netting

provisions

in

the

event

of

a

default

and/or

termination

event.

Under

an

ISDA

Master

Agreement,

in

the

event

of

a

default

and/or

termination

event,

the

Fund

may

offset

with

each

counterparty

certain

derivative

financial

instruments’

payables

and/or

receivables

with

collateral

held

and/or

posted

and

create

one

single

net

payment.

For

financial

reporting

purposes,

the

Fund

does

not

offset

financial

instruments’

payables

and

receivables

and

related

collateral

on

the

Statement

of

Assets

and

Liabilities. 

The

following

tables

present

gross

amounts

of

recognized

assets

and/or

liabilities

and

the

net

amounts

after

deducting

collateral

that

has

been

pledged

by

counterparties

or

has

been

pledged

to

counterparties

(if

applicable).

For

corresponding

information

grouped

by

type

of

instrument,

see

the

“Fair

Value

of

Derivative

Instruments

as

of

October

31,

2021 

table

located

in

the

Fund’s

Schedule

of

Investments.

Offsetting

of

Financial

Assets

and

Derivative

Assets

Counterparty

Gross

Amounts

of

Recognized

Assets

Offsetting

Asset

or

Liability

(a)

Collateral

Pledged

(b)

Net

Amount

Citibank

N.A.

74,593

(74,593

)

—

—

Goldman

Sachs

Group,

Inc.

3,997

—

—

3,997

J.P.

Morgan

Chase

Bank

180,232

(180,232

)

—

—

Total

$

258,822

$

(254,825

)

$

—

$

3,997

Offsetting

of

Financial

Liabilities

and

Derivative

Liabilities

Counterparty

Gross

Amounts

of

Recognized

Liabilities

Offsetting

Asset

or

Liability

(a)

Collateral

Pledged

(b)

Net

Amount

Bank

of

America

N.A.

$

9,797,015

$

—

$

—

$

9,797,015

Citibank

N.A.

1,404,300

(74,593

)

—

1,329,707

J.P.

Morgan

Chase

Bank

258,101

(180,232

)

—

77,869

Morgan

Stanley

&

Co.

8,163

—

—

8,163

Total

$

11,467,579

$

(254,825

)

$

—

$

11,212,754

(a)

Represents

the

amount

of

assets

or

liabilities

that

could

be

offset

with

the

same

counterparty

under

master

netting

or

similar

agreements

that

management

elects

not

to

offset

on

the

Statement

of

Assets

and

Liabilities.

(b)

Collateral

pledged

is

limited

to

the

net

outstanding

amount

due

to/from

an

individual

counterparty.

The

actual

collateral

amounts

pledged

may

exceed

these

amounts

and

may

fluctuate

in

value.

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

35

The

Fund

generally

does

not

exchange

collateral

on

its

forward

currency

contracts

with

its

counterparties;

however,

all

liquid

securities

and

restricted

cash

are

considered

to

cover

in

an

amount

at

all

times

equal

to

or

greater

than

the

Fund’s

commitment

with

respect

to

these

contracts.

Certain

securities

may

be

segregated

at

the

Fund’s

custodian.

These

segregated

securities

are

denoted

on

the

accompanying

Schedule

of

Investments

and

are

evaluated

daily

to

ensure

their

cover

and/or

market

value

equals

or

exceeds

the

Fund’s

corresponding

forward

foreign

currency

exchange

contract’s

obligation

value. 

4.

Investment

Advisory

Agreements

and

Other

Transactions

with

Affiliates 

Under

its

unitary

fee

structure,

the

Fund

pays

Janus

Capital

a

management

fee

in

return

for

providing

certain

investment

advisory,

supervisory,

and

administrative

services

to

the

Fund,

including

the

costs

of

transfer

agency,

custody,

fund

administration,

legal,

audit,

and

other

services.

Janus

Capital’s

fee

structure

is

designed

to

pay

substantially

all

of

the

Fund’s

expenses.

However,

the

Fund

bears

other

expenses

which

are

not

covered

under

the

management

fee

which

may

vary

and

affect

the

total

level

of

expenses

paid

by

shareholders,

such

as

distribution

fees

(if

any),

brokerage

expenses

or

commissions,

interest,

dividends,

taxes,

litigation

expenses,

acquired

fund

fees

and

expenses

(if

any),

and

extraordinary

expenses.

The

Fund’s

unitary

management

fee

provides

for

reductions

in

the

fee

rate

as

the

Fund’s

assets

grow.

As

of

the

date

of

this

report,

the

Fund’s

management

fee

was

calculated

daily

and

paid

monthly

according

to

the

following

schedule: 

Additionally,

Janus

Capital

has

contractually

agreed

to

waive

and/or

reimburse

the

management

fee

payable

by

the

Fund

in

an

amount

equal

to

the

amount,

if

any,

that

the

Fund’s

total

annual

fund

operating

expenses

(excluding

distribution

fees

(if

any),

brokerage

expenses

or

commissions,

interest,

dividends,

taxes,

litigation

expenses,

acquired

fund

fees

and

expenses

(if

any),

and

other

extraordinary

expenses

not

incurred

in

the

ordinary

course

of

the

Fund’s

business)

exceed

the

annual

rate

of

0.23%

of

the

Fund’s

average

daily

net

assets.

Janus

Capital

has

agreed

to

continue

the

waiver

for

at

least

the

period

from

February

28,

2021

through

February

28,

2022.

If

applicable,

amounts

waived

and/or

reimbursed

to

the

Fund

by

Janus

Capital

are

disclosed

as

“Excess

Expense

Reimbursement

and

Waivers”

on

the

Statement

of

Operations. 

For

the

year

ended

October

31,

2021,

the

Fund’s

contractual

management

fee

rate

(expressed

as

an

annual

rate)

was

0.23% of

the

Fund’s

average

daily

net

assets.

Effective

June

14,

2021,

J.P.

Morgan

Chase

Bank,

NA

(“JP

Morgan")

provides

certain

fund

administration

services

to

the

Fund,

including

services

related

to

the

Fund’s

accounting,

including

calculating

the

daily

NAV,

audit

coordination,

tax,

and

reporting

obligations,

pursuant

to

an

agreement

with

Janus

Capital,

on

behalf

of

the

Fund.

Prior

to

June

14,

2021,

State

Street

Bank

and

Trust

Company

(“State

Street”)

provided

certain

fund

administration

services

to

the

Fund,

including

services

related

to

the

Fund’s

accounting,

including

calculating

the

daily

NAV,

audit

coordination,

tax,

and

reporting

obligations,

pursuant

to

an

agreement

with

Janus

Capital,

on

behalf

of

the

Fund.

As

compensation

for

such

services,

Janus

Capital

pays

JP

Morgan,

and

previously

paid

State

Street,

a

fee

based

on

a

percentage

of

the

Fund’s

assets,

and

a

flat

fee,

for

certain

services.

Janus

Capital

serves

as

administrator

to

the

Fund,

providing

oversight

and

coordination

of

the

Fund’s

service

providers,

recordkeeping

and

other

administrative

services.

Janus

Capital

does

not

receive

any

additional

compensation,

beyond

the

unitary

fee,

for

serving

as

administrator.

Effective

June

14,

2021,

JP

Morgan

also

serves

as

transfer

agent

for

the

shares

of

the

Fund.

Prior

to

June

14,

2021,

State

Street

served

as

transfer

agent

for

the

shares

of

the

Fund.

Pursuant

to

agreements

with

Janus

Capital

on

behalf

of

the

Fund,

J.P.

Morgan

Securities

LLC,

an

affiliate

of

JP

Morgan,

may

execute

portfolio

transactions

for

the

Fund,

including

but

not

limited

to,

transactions

in

connection

with

cash

in

lieu

transactions

for

non-US

securities.

Prior

to

June

14,

2021,

State

Street

Global

Markets,

an

affiliate

of

State

Street,

Daily

Net

Assets

Fee

Rate

$0-$500

million

0.30%

Next

$500

million

0.25%

Over

$1

billion

0.20%

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

36

October

31,

2021

executed

portfolio

transactions

for

the

Fund,

including

but

not

limited

to,

transactions

in

connection

with

cash

in

lieu

transactions

for

non-US

securities.

The

Fund’s

Board

of

Trustees

(“Board”)

has

approved

a

Distribution

and

Servicing

Plan

for

shares

of

the

Fund

pursuant

to

Rule

12b-1

under

the

1940

Act

(the

“Plan”).

The

Plan

permits

compensation

in

connection

with

the

distribution

and

marketing

of

Fund

shares

and/or

the

provision

of

certain

shareholder

services.

The

Plan

permits

the

Fund

to

pay

ALPS

Distributors,

Inc.

(the

“Distributor”)

or

its

designee,

a

fee

for

the

sale

and

distribution

and/or

shareholder

servicing

of

the

shares

at

an

annual

rate

of

up

to

0.25%

of

average

daily

net

assets

of

the

Fund.

Under

the

terms

of

the

Plan,

the

Fund

would

be

authorized

to

make

payments

to

the

Distributor

or

its

designee

for

remittance

to

retirement

plan

service

providers,

broker-dealers,

bank

trust

departments,

financial

advisors,

and

other

financial

intermediaries,

as

compensation

for

distribution

and/or

shareholder

services

performed

by

such

entities

for

their

customers

who

are

investors

in

the

Fund.

The

12b-1

fee

may

only

be

imposed

or

increased

when

(i)

the

Trustees

determine

that

it

is

in

the

best

interests

of

shareholders

to

do

so,

and

(ii)

the

imposition

of

or

increase

in

the

12b-1

fee

is

first

approved

by

the

Fund’s

shareholders.

Because

these

fees

are

paid

out

of

the

Fund’s

assets

on

an

ongoing

basis,

to

the

extent

that

a

fee

is

authorized

by

shareholders

in

the

future,

over

time

they

will

increase

the

cost

of

an

investment

in

the

Fund.

The

Plan

fee

may

cost

an

investor

more

than

other

types

of

sales

charges.

At

this

time,

Janus

Capital

does

not

intend

to

seek

shareholder

approval

for

implementation

of

the

Plan. 

As

of

October

31,

2021,

an

affiliate

of

Janus

Capital

owned

101,000

shares

or

0.18%

of

the

Fund.

The

Fund

is

permitted

to

purchase

or

sell

securities

(“cross-trade”)

between

itself

and

other

funds

or

accounts

managed

by

Janus

Capital

in

accordance

with

Rule

17a-7

under

the

Investment

Company

Act

of

1940

(“Rule

17a-7”),

when

the

transaction

is

consistent

with

the

investment

objectives

and

policies

of

the

Fund

and

in

accordance

with

the

Internal

Cross

Trade

Procedures

adopted

by

the

Trust’s

Board

of

Trustees.

These

procedures

have

been

designed

to

ensure

that

any

cross-trade

of

securities

by

the

Fund

from

or

to

another

fund

or

account

that

is

or

could

be

considered

an

affiliate

of

the

Fund

under

certain

limited

circumstances

by

virtue

of

having

a

common

investment

adviser,

common

Officer,

or

common

Trustee

complies

with

Rule

17a-7.

Under

these

procedures,

each

cross-trade

is

effected

at

the

current

market

price

to

save

costs

where

allowed.

During

the

year

ended

October

31,

2021,

the

Fund

engaged

in

cross

trades

amounting

to

$154,184,227

in

purchases.

5.

Federal

Income

Tax

The

tax

components

of

capital

shown

in

the

table

below

represent:

(1)

distribution

requirements

the

Fund

must

satisfy

under

the

income

tax

regulations;

(2)

losses

or

deductions

the

Fund

may

be

able

to

offset

against

income

and

gains

realized

in

future

years;

and

(3)

unrealized

appreciation

or

depreciation

of

investments

for

federal

income

tax

purposes. 

Other

book

to

tax

differences

primarily

consist

of

derivatives

and

foreign

currency

contract

adjustments.

The

Fund

has

elected

to

treat

gains

and

losses

on

forward

foreign

currency

contracts

as

capital

gains

and

losses,

if

applicable.

Other

foreign

currency

gains

and

losses

on

debt

instruments

are

treated

as

ordinary

income

for

federal

income

tax

purposes

pursuant

to

Section

988

of

the

Internal

Revenue

Code. 

Accumulated

capital

losses

noted

below

represent

net

capital

loss

carryovers,

as

of

October

31,

2021,

that

may

be

available

to

offset

future

realized

capital

gains

and

thereby

reduce

future

taxable

gains

distributions.

The

following

table

shows

these

capital

loss

carryovers. 

Loss

Deferrals

Undistributed

Ordinary

Income

Undistributed

Long-Term

Gains

Accumulated

Capital

Losses

Late-Year

Ordinary

Loss

Post-October

Capital

Loss

Other

Book

to

Tax

Differences

Net

Tax

Appreciation/

(Depreciation)

$18,629,209

$

—

$(34,347,631)

$

—

$

—

$26,154

$7,566,168

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

37

executed

portfolio

transactions

for

the

Fund,

including

but

not

limited

to,

transactions

in

connection

with

cash

in

lieu

transactions

for

non-US

securities.

The

Fund’s

Board

of

Trustees

(“Board”)

has

approved

a

Distribution

and

Servicing

Plan

for

shares

of

the

Fund

pursuant

to

Rule

12b-1

under

the

1940

Act

(the

“Plan”).

The

Plan

permits

compensation

in

connection

with

the

distribution

and

marketing

of

Fund

shares

and/or

the

provision

of

certain

shareholder

services.

The

Plan

permits

the

Fund

to

pay

ALPS

Distributors,

Inc.

(the

“Distributor”)

or

its

designee,

a

fee

for

the

sale

and

distribution

and/or

shareholder

servicing

of

the

shares

at

an

annual

rate

of

up

to

0.25%

of

average

daily

net

assets

of

the

Fund.

Under

the

terms

of

the

Plan,

the

Fund

would

be

authorized

to

make

payments

to

the

Distributor

or

its

designee

for

remittance

to

retirement

plan

service

providers,

broker-dealers,

bank

trust

departments,

financial

advisors,

and

other

financial

intermediaries,

as

compensation

for

distribution

and/or

shareholder

services

performed

by

such

entities

for

their

customers

who

are

investors

in

the

Fund.

The

12b-1

fee

may

only

be

imposed

or

increased

when

(i)

the

Trustees

determine

that

it

is

in

the

best

interests

of

shareholders

to

do

so,

and

(ii)

the

imposition

of

or

increase

in

the

12b-1

fee

is

first

approved

by

the

Fund’s

shareholders.

Because

these

fees

are

paid

out

of

the

Fund’s

assets

on

an

ongoing

basis,

to

the

extent

that

a

fee

is

authorized

by

shareholders

in

the

future,

over

time

they

will

increase

the

cost

of

an

investment

in

the

Fund.

The

Plan

fee

may

cost

an

investor

more

than

other

types

of

sales

charges.

At

this

time,

Janus

Capital

does

not

intend

to

seek

shareholder

approval

for

implementation

of

the

Plan. 

As

of

October

31,

2021,

an

affiliate

of

Janus

Capital

owned

101,000

shares

or

0.18%

of

the

Fund.

The

Fund

is

permitted

to

purchase

or

sell

securities

(“cross-trade”)

between

itself

and

other

funds

or

accounts

managed

by

Janus

Capital

in

accordance

with

Rule

17a-7

under

the

Investment

Company

Act

of

1940

(“Rule

17a-7”),

when

the

transaction

is

consistent

with

the

investment

objectives

and

policies

of

the

Fund

and

in

accordance

with

the

Internal

Cross

Trade

Procedures

adopted

by

the

Trust’s

Board

of

Trustees.

These

procedures

have

been

designed

to

ensure

that

any

cross-trade

of

securities

by

the

Fund

from

or

to

another

fund

or

account

that

is

or

could

be

considered

an

affiliate

of

the

Fund

under

certain

limited

circumstances

by

virtue

of

having

a

common

investment

adviser,

common

Officer,

or

common

Trustee

complies

with

Rule

17a-7.

Under

these

procedures,

each

cross-trade

is

effected

at

the

current

market

price

to

save

costs

where

allowed.

During

the

year

ended

October

31,

2021,

the

Fund

engaged

in

cross

trades

amounting

to

$154,184,227

in

purchases.

5.

Federal

Income

Tax

The

tax

components

of

capital

shown

in

the

table

below

represent:

(1)

distribution

requirements

the

Fund

must

satisfy

under

the

income

tax

regulations;

(2)

losses

or

deductions

the

Fund

may

be

able

to

offset

against

income

and

gains

realized

in

future

years;

and

(3)

unrealized

appreciation

or

depreciation

of

investments

for

federal

income

tax

purposes. 

Other

book

to

tax

differences

primarily

consist

of

derivatives

and

foreign

currency

contract

adjustments.

The

Fund

has

elected

to

treat

gains

and

losses

on

forward

foreign

currency

contracts

as

capital

gains

and

losses,

if

applicable.

Other

foreign

currency

gains

and

losses

on

debt

instruments

are

treated

as

ordinary

income

for

federal

income

tax

purposes

pursuant

to

Section

988

of

the

Internal

Revenue

Code. 

Accumulated

capital

losses

noted

below

represent

net

capital

loss

carryovers,

as

of

October

31,

2021,

that

may

be

available

to

offset

future

realized

capital

gains

and

thereby

reduce

future

taxable

gains

distributions.

The

following

table

shows

these

capital

loss

carryovers. 

Loss

Deferrals

Undistributed

Ordinary

Income

Undistributed

Long-Term

Gains

Accumulated

Capital

Losses

Late-Year

Ordinary

Loss

Post-October

Capital

Loss

Other

Book

to

Tax

Differences

Net

Tax

Appreciation/

(Depreciation)

$18,629,209

$

—

$(34,347,631)

$

—

$

—

$26,154

$7,566,168

The

aggregate

cost

of

investments

and

the

composition

of

unrealized

appreciation

and

depreciation

of

investment

securities

for

federal

income

tax

purposes

as

of

October

31,

2021

are

noted

below.

The

primary

difference

between

book

and

tax

appreciation

or

depreciation

of

investments

is

wash

sale

loss

deferrals. 

Information

on

the

tax

components

of

derivatives

as

of

October

31,

2021

is

as

follows: 

Income

and

capital

gains

distributions

are

determined

in

accordance

with

income

tax

regulations

that

may

differ

from

US

GAAP.

These

differences

are

due

to

differing

treatments

for

items

such

as

net

short-term

gains,

deferral

of

wash

sale

losses,

foreign

currency

transactions,

passive

foreign

investment

companies,

net

investment

losses,

in-kind

transactions

and

capital

loss

carryovers.

Certain

permanent

differences

such

as

tax

returns

of

capital

and

net

investment

losses

noted

below

have

been

reclassified

to

capital. 

Permanent

book

to

tax

basis

differences

may

result

in

reclassifications

between

the

components

of

net

assets.

These

differences

have

no

impact

on

the

results

of

operations

or

net

assets.

The

following

reclassifications

have

been

made

to

the

Fund: 

Capital

Loss

Carryover

Schedule

For

the

year

ended

October

31,

2021

No

Expiration

Short-Term

Long-Term

Accumulated

Capital

Losses

$(15,638,179)

$(18,709,452)

$(34,347,631)

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$2,793,174,371

$24,349,698

$(16,783,530)

$7,566,168

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$1,329,823

$

—

$

—

$

—

For

the

year

ended

October

31,

2021

:

Distributions

From

Ordinary

Income

From

Long-Term

Capital

Gain

Tax

Return

of

Capital

Net

Investment

Loss

$27,444,008

$

—

$

—

$

—

For

the

year

ended

October

31,

2020

:

Distributions

From

Ordinary

Income

From

Long-Term

Capital

Gain

Tax

Return

of

Capital

Net

Investment

Loss

$25,523,117

$

—

$

—

$

—

Increase/(Decrease)

to

Capital

Increase/(Decrease)

to

Undistributed

Net

Investment

Income/Loss

Increase/(Decrease)

to

Undistributed

Net

realized

Gain/Loss

$

—

$16,960,942

$(16,960,942)

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

38

October

31,

2021

6.

Capital

Share

Transactions 

7.

Purchases

and

Sales

of

Investment

Securities 

For

the

year

ended

October

31,

2021,

the

aggregate

cost

of

purchases

and

proceeds

from

sales

of

investment

securities

(excluding

any

short-term

securities,

short-term

options

contracts,

and

in-kind

transactions)

was

as

follows: 

8.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to

October

31,

2021

and

through

the

date

of

the

issuance

of

the

Fund's

financial

statements

and

determined

that

there

were

no

material

events

or

transactions

that

would

require

recognition

or

disclosure

in

the

Fund's

financial

statements. 

Year

Ended

October

31,

2021

Year

Ended

October

31,

2020

Shares

Amount

Shares

Amount

Shares

sold

9,150,000

$

460,894,564

35,700,000

$

1,790,187,597

Shares

repurchased

(7,700,001)

(386,372,688

)

(2,400,000)

(118,575,652

)

Net

Increase/(Decrease)

1,449,999

$

74,521,876

33,300,000

$

1,671,611,945

Purchases

of

Securities

Proceeds

from

Sales

of

Securities

Purchases

of

Long-

Term

U.S.

Government

Obligations

Proceeds

from

Sales

of

Long-Term

U.S.

Government

Obligations

$2,261,360,165

$1,724,698,726

$

—

$

—

Janus

Henderson

Short

Duration

Income

ETF

Additional

Information

(unaudited)

Janus

Detroit

Street

Trust

39

Proxy

Voting

Policies

and

Voting

Record

A

description

of

the

policies

and

procedures

that

the

Fund

uses

to

determine

how

to

vote

proxies

relating

to

its

portfolio

securities

is

available

without

charge:

(i)

upon

request,

by

calling

1-800-525-0020

(toll

free);

(ii)

on

the

Fund’s

website

at

janushenderson.com/proxyvoting;

and

(iii)

on

the

SEC’s

website

at

http://www.sec.gov.

Quarterly

Portfolio

Holdings

The

Fund

files

its

complete

portfolio

holdings

(schedule

of

investments)

with

the

SEC

for

the

first

and

third

quarters

each

fiscal

year

as

an

exhibit

to

Form

N-PORT

within

60

days

of

the

end

of

such

fiscal

quarter.

Historically,

the

Fund

filed

its

complete

portfolio

holdings

(schedule

of

investments)

with

the

SEC

for

the

first

and

third

quarters

each

fiscal

year

on

Form

N-Q.

The

Fund’s

Form

N-PORT

and

Form

N-Q

filings:

are

available

on

the

SEC’s

website

at

http://www.sec.gov;

(ii)

may

be

reviewed

and

copied

at

the

SEC’s

Public

Reference

Room

in

Washington,

D.C.

(information

on

the

Public

Reference

Room

may

be

obtained

by

calling

1-800-SEC-0330);

and

(iii)

are

available

without

charge,

upon

request,

by

calling

Janus

Henderson

at

1-800-525-0020

(toll

free).

Janus

Henderson

Short

Duration

Income

ETF

Trustees

and

Officers

(unaudited)

40

October

31,

2021

The

following

are

the

Trustees

and

officers

of

the

Trust

together

with

a

brief

description

of

their

principal

occupations

during

the

last

five

years

(principal

occupations

for

certain

Trustees

may

include

periods

over

five

years).

The

Fund’s

Statement

of

Additional

Information

includes

additional

information

about

the

Trustees

and

officers

and

is

available,

without

charge,

by

calling

1-877-335-2687.

Each

Trustee

has

served

in

that

capacity

since

he

or

she

was

originally

elected

or

appointed.

The

Trustees

do

not

serve

a

specified

term

of

office.

Each

Trustee

will

hold

office

until

the

termination

of

the

Trust

or

his

or

her

earlier

death,

resignation,

retirement,

incapacity,

or

removal.

Under

the

Fund’s

Governance

Procedures

and

Guidelines,

the

policy

is

for

Trustees

to

retire

no

later

than

the

end

of

the

calendar

year

in

which

the

Trustee

turns

75.

The

Trustees

review

the

Fund’s

Governance

Procedures

and

Guidelines

from

time

to

time

and

may

make

changes

they

deem

appropriate.

The

Fund’s

Nominating

and

Governance

Committee

will

consider

nominees

for

the

position

of

Trustee

recommended

by

shareholders.

Shareholders

may

submit

the

name

of

a

candidate

for

consideration

by

the

Committee

by

submitting

their

recommendations

to

the

Trust’s

Secretary.

Each

Trustee

is

currently

a

Trustee

of

one

other

registered

investment

company

advised

by

Janus

Capital:

Clayton

Street

Trust.

As

of

the

date

of

this

report,

collectively,

the

two

registered

investment

companies

consist

of

14

series

or

funds.

The

Trust’s

officers

are

elected

annually

by

the

Trustees

for

a

one-year

term.

Certain

officers

also

serve

as

officers

of

Clayton

Street

Trust.

Certain

officers

of

the

Funds

may

also

be

officers

and/or

directors

of

Janus

Capital.

Except

as

otherwise

disclosed,

Fund

officers

receive

no

compensation

from

the

Funds.

TRUSTEES

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Number

of

Portfolios/Funds

in

Fund

Complex

Overseen

by

Trustee*

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Independent

Trustees

Clifford

J.

Weber

151

Detroit

Street

Denver,

CO

80206

DOB:

1963

Chairman

Trustee

2/16-Present

Owner,

Financial

Products

Consulting

Group

LLC

(consulting

services

to

financial

institutions)

(since

2015).

14

Independent

Trustee,

Clough

Funds

Trust

(investment

company)

(since

2015),

Chairman,

Clough

Funds

Trust

(since

2017),

Independent

Trustee,

Clough

Global

Dividend

and

Income

Fund (closed-end fund)

(since

2017),

Independent

Trustee,

Clough

Global

Opportunities

Fund (closed-end fund)

(since

2017),

Independent

Trustee,

Clough

Global

Equity

Fund (closed-end fund)

(since

2017),

Independent

Trustee,

Elevation

ETF

Trust

(investment

company)

(2016-

2018),

Chairman,

Elevation

ETF

Trust

(2016-2018),

and

Independent

Trustee,

Global

X

Funds

(investment

company)

(since

2018).

Janus

Henderson

Short

Duration

Income

ETF

Trustees

and

Officers

(unaudited)

Janus

Detroit

Street

Trust

41

*

Each

Trustee

also

serves

as

a

trustee

to

the

Clayton

Street

Trust,

which

is

currently

comprised

of

three

portfolios.

**

Ms.

Benz

is

an

Interested

Trustee

because

of

her

employment

with

Janus

Henderson

Investors.

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Number

of

Portfolios/Funds

in

Fund

Complex

Overseen

by

Trustee*

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Maureen

T.

Upton

151

Detroit

Street

Denver,

CO

80206

DOB:

1965

Trustee

2/16-Present

Principal,

Maureen

Upton

Ltd.

(consulting

services

to

developers

of

major

infrastructure

projects

and

investors)

(since

2017).

Formerly,

Principal

Consultant,

SRK

Consulting

(U.S.),

Inc.

(consulting

services

to

global

mining,

energy

and

water

resource

industries)

(2015-

2017)

and

Founder

and

Principal,

Resource

Initiatives

LLC

(sustainability

consulting

firm)

(2006-2015).

14

Jeffrey

B.

Weeden

151

Detroit

Street

Denver,

CO

80206

DOB:

1956

Trustee

2/16-Present

Senior

Advisor,

BayBoston

Capital

LP

(investment

fund

in

banks

and

bank

holdings

companies)

(since

2015).

Formerly,

Management

Advisor,

BoxCast,

Inc.

(technology start-

up company)

(2014-2017).

14

Director,

West

Travis

County

Municipal

Utility

District

No. 6

(municipal

utility)

(since

2020)

and

Director,

State

Farm

Bank

(banking)

(2014-2021).

Interested

Trustee

Carrie

Benz**

151

Detroit

Street

Denver,

CO

80206

DOB:

1975

Trustee

1/21-Present

Global

Head

of

Investment

Services,

Janus

Henderson

Investors

(since

2017);

Vice

President,

Investments

Chief

of

Staff,

Janus

Capital

Management

LLC

(2007-

2017).

14

Janus

Henderson

Short

Duration

Income

ETF

Trustees

and

Officers

(unaudited)

42

October

31,

2021

OFFICERS

*

Officers

are

elected

at

least

annually

by

the

Trustees

for

a

one-year

term

and

may

also

be

elected

from

time

to

time

by

the

Trustees

for

an

interim

period.

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Term

of

Office*

and

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Bruce

L.

Koepfgen

151

Detroit

Street

Denver,

CO

80206

DOB:

1952

President

and

Chief

Executive

Officer

2/16-Present

Executive

Vice

President,

Head

of

North

America

at

Janus

Henderson

Investors

(since

2017),

President

and

Head

of

North

America

at

Janus

Capital

Management

LLC

(since

2013

and

2017,

respectively),

President

at

Janus

Capital

Group

Inc.

(since

2013),

President

and

Director

at

Janus

International

Holding

LLC

(since

2019

and

2011,

respectively),

President

at

Janus

Holdings

LLC

(since

2019),

President

and

Director

at

Janus

Management

Holdings

Corporation

(since

2017

and

2012,

respectively),

Executive

Vice

President

and

Head

of

North

America

at

Janus

Distributors

LLC

(since

2011

and

2019,

respectively),

Vice

President

and

Director

at

Intech

Investment

Management

LLC

(since

2012),

and

Executive

Vice

President

at

Perkins

Investment

Management

LLC

(since

2011).

Formerly,

Executive

Vice

President

at

Janus

Capital

Group

Inc.,

Janus

International

Holding

LLC,

and

Janus

Management

Holdings

Corporation

(2011-

2019),

Director

at

Perkins

Investment

Management

LLC

(2011-2019),

and

Chief

Financial

Officer

at

Janus

Capital

Group

Inc.

(2011-2013).

Kristin

Mariani

151

Detroit

Street

Denver,

CO

80206

DOB:

1966

Vice

President,

Chief

Compliance

Officer,

and

Anti-

Money

Laundering

Officer

7/20-Present

Head

of

Compliance,

North

America

for

Janus

Henderson

Investors

(since

September

2020)

and

Chief

Compliance

Officer

for

Janus

Capital

Management

LLC

(since

September

2017).

Formerly,

Global

Head

of

Investment

Management

Compliance

for

Janus

Henderson

Investors

(February

2019

-

August

2020),

Vice

President,

Head

of

Global

Distribution

Compliance

and

Chief

Compliance

Officer

of

Janus

Henderson

Distributors

(May

2017

–

September

2017),

Vice

President,

Compliance

at

Janus

Capital

Group

Inc.,

Janus

Capital

Management

LLC,

and

Janus

Distributors

LLC

(2009-2017).

Jesper

Nergaard

151

Detroit

Street

Denver,

CO

80206

DOB:

1962

Chief

Financial

Officer,

Vice

President,

Treasurer,

and

Principal

Accounting

Officer

2/16-Present

Head

of

U.S.

Fund

Administration,

Janus

Henderson

Investors

and

Janus

Services

LLC.

Byron

D.

Hittle

151

Detroit

Street

Denver,

CO

80206

DOB:

1974

Vice

President,

Secretary,

and

Chief

Legal

Officer

7/18-Present

Managing

Counsel

of

Janus

Henderson

Investors

(2017-present).

Formerly,

Assistant

Vice

President

and

Senior

Legal

Counsel

of

Janus

Capital

Management

LLC

(2012-2016).

Janus

Henderson

Short

Duration

Income

ETF

Notes

Janus

Detroit

Street

Trust

43

Janus

Henderson

Short

Duration

Income

ETF

Notes

44

October

31,

2021

Janus

Henderson

Short

Duration

Income

ETF

Notes

Janus

Detroit

Street

Trust

45

125-02-93073

12-21

This

report

is

submitted

for

the

general

information

of

shareholders

of

the

Fund.

It

is

not

an

offer

or

solicitation

for

the

Fund

and

is

not

authorized

for

distribution

to

prospective

investors

unless

preceded

or

accompanied

by

an

effective

prospectus.

Janus

Henderson

is

a

trademark

of

Janus

Henderson

Group

plc

or

one

of

its

subsidiaries.

©

Janus

Henderson

Group

plc.

Janus

Capital

Management

LLC

is

the

investment

adviser

and

ALPS

Distributors,

Inc.

is

the

distributor.

ALPS

is

not

affiliated

with

Janus

Henderson

or

any

of

its

subsidiaries.

ANNUAL

REPORT

October

31,

2021

Janus

Henderson

Mortgage-Backed

Securities

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

Mortgage-Backed

Securities

ETF

Performance

Overview

...........................

1

Disclosure

of

Fund

Expenses

.......................

4

Report

of

Independent

Registered

Public

Accounting

Firm

...

5

Schedule

of

Investments

..........................

6

Statement

of

Assets

and

Liabilities

...................

15

Statement

of

Operations

..........................

16

Statements

of

Changes

in

Net

Assets

.................

17

Financial

Highlights

..............................

18

Notes

to

Financial

Statements

......................

19

Additional

Information

............................

33

Trustees

and

Officers

............................

34

Janus

Henderson

Mortgage-Backed

Securities

ETF

(unaudited)

Janus

Detroit

Street

Trust

1

INVESTMENT

OBJECTIVE

Janus

Henderson

Mortgage-Backed

Securities

ETF

(JMBS)

seeks

a

high

level

of

total

return

consisting

of

income

and

capital

appreciation.

It

pursues

its

objective

by

investing

primarily

in

high-quality

mortgage-backed

securities

(MBS)

issued

by

the

U.S.

government

and

its

agencies

(agency

MBS).

The

Fund

seeks

to

outperform

the

total

return

of

the

Bloomberg

U.S.

Mortgage

Backed

Securities

Index

while

maintaining

a

substantial

correlation

to

the

index.

PERFORMANCE

OVERVIEW

During

the

period,

the

Janus

Henderson

Mortgage-Backed

Securities

ETF

(JMBS)

returned

0.88%,

net

of

fees

(based

on

NAV),

outperforming

its

benchmark,

the

Bloomberg

U.S.

MBS

Index,

which

returned

-0.58%

over

the

period.

Performance

of

U.S.

Agency

MBS

securities

over

the

past

year

were

dominated

by

a

difficult

first

quarter

in

2021.

Over

this

quarter,

the

U.S.

Treasury

yield

curve

bear

steepened,

with

the

yield

on

the

10-year

Treasury

note

soaring

–

along

with

the

outlooks

for

economic

growth

and

inflation

–

to

1.74%

from

0.92%.

The

Bloomberg

U.S.

Mortgage-

Backed

Securities

Index

returned

-1.10%

during

that

quarter,

and

MBS

struggled

over

the

remainder

of

the

period

to

regain

that

performance.

The

U.S.

Federal

Reserve

(Fed)

maintained

its

large-scale

MBS

purchasing

program

over

the

past

year,

aiming

to

keep

mortgage

rates

low.

However,

late

in

the

period

the

Fed

communicated

their

intention

to

taper

their

bond

purchasing

program

in

the

months

ahead.

While

the

Fed

will

slow

their

rate

of

purchases,

it

is

anticipated

they

will

continue

to

buy

MBS

well

into

2022.

Demand

for

housing

remained

strong

over

the

period,

supported

by

mortgage

rates

still

near

historical

lows,

and

a

sustained

shift

from

urban

to

rural

living

through

the

COVID-19

pandemic.

As

new

homebuilding

has

not

kept

up

with

rising

demand

for

many

years,

home

prices

have

been

strong

and

we

expect

this

strength

to

continue

into

2022.

The

director

of

the

Federal

Housing

Administration

(FHA)

introduced

new

proposals

aiming

to

bolster

low-income

lending

support

over

the

next

three

years

as

well

as

an

expansion

of

the

credit-risk

transfer

(CRT)

program.

These

announcements

were

seen

as

positive

insofar

as

they

support

the

overall

market

for

mortgage-related

credit.

We

remained

active

in

our

security

selection

within

the

Agency

MBS

market,

helping

the

Fund’s

relative

returns.

As

the

Fund’s

benchmark

must

maintain

a

market-weight

allocation

to

securities

that

are

rapidly

pre-paying,

our

continued

focus

on

identifying

special

borrower

types

in

particular

geographies

that,

in

our

view,

would

have

a

lower

potential

to

prepay

added

to

returns.

Additionally,

the

continued

resilience

of

the

U.S.

housing

market

also

provided

opportunities

in

mortgage-related

credit

instruments

that

are

not

included

in

the

benchmark

MBS

Index.

Many

of

these

securities

have

lagged

the

strength

in

corporate

credit

since

the

lows

in

2020

and

thus,

in

our

view,

still

offered

attractive

relative

value.

Over

the

period,

the

Fund’s

out-of-index

allocations

to

these

sectors

largely

benefited

returns,

thus

providing

returns

and

diversity

from

the

direction

of

the

overall

mortgage

market.

During

the

period,

the

Fund

invested

in

derivatives,

including

futures,

to

manage

and

hedge

portfolio

risk,

including

interest

rate

risk,

and

to

manage

duration.

The

Fund’s

exposure

to

derivatives

aided

results

during

the

year.

Please

see

the

Derivative

Instruments

section

in

the

“Notes

to

Financial

Statements”

for

a

discussion

of

derivatives

used

by

the

Fund.

Janus

Henderson

Mortgage-Backed

Securities

ETF

is

an

actively

managed,

high-quality

MBS

ETF

that

offers

potential

for

broad

portfolio

diversification

benefits

with

little

to

no

corporate

credit

risk.

The

Fund

seeks

to

provide

total

returns

in

excess

of

the

Bloomberg

U.S.

MBS

Index

without

taking

additional

risk

and

differentiates

itself

by

employing

fundamental

loan-level

analysis

and

quantitative

modeling

in

an

effort

to

identify

mispriced

assets

with

attractive

borrower

behavior.

John

Kerschner

Nick

Childs

co-portfolio

manager

co-portfolio

manager

Janus

Henderson

Mortgage-Backed

Securities

ETF

(unaudited)

Fund

At

A

Glance

October

31,

2021

2

October

31,

2021

Holdings

are

subject

to

change

without

notice.

Sector

Allocation

–

(%

of

Net

Assets)

Mortgage-Backed

Securities

113.0%^

Investment

Companies

57.1%

Asset-Backed

Securities

2.4%

Financial

0.6%

Consumer,

Non-cyclical

0.3%

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

0.0%

173.4%

^

Percentage

includes

amounts

allocated

to

certain

Forward

Commitment

Transactions,

including

“to-be

announced”

mortgage-backed

securities.

Please

see

the

Schedule

of

Investments

and

Notes

to

Financial

Statements

for

additional

information.

Janus

Henderson

Mortgage-Backed

Securities

ETF

(unaudited)

Performance

Janus

Detroit

Street

Trust

3

Total

annual

expense

ratio

as

stated

in

the

prospectus:

0.33%

(gross),

0.32%

(net).

See

Financial

Highlights

for

actual

expense

ratios

during

the

reporting

period.

Returns

quoted

are

past

performance

and

do

not

guarantee

future

results;

current

performance

may

be

lower

or

higher.

Investment

returns

and

principal

value

will

vary;

there

may

be

a

gain

or

loss

when

shares

are

sold.

For

the

most

recent

month-end

performance

call

800.668.0434

or

visit

janushenderson.com/performance.

Shares

of

ETFs

are

bought

and

sold

at

market

price

(not

NAV)

and

are

not

individually

redeemed

from

the

Fund.

Market

returns

are

based

upon

the

midpoint

of

the

bid/ask

spread

at

4:00

p.m.

Eastern

time

(when

NAV

is

normally

determined

for

most

ETFs),

and

do

not

represent

the

returns

you

would

receive

if

you

traded

shares

at

other

times.

Ordinary

brokerage

commissions

apply

and

will

reduce

returns.

Net

expense

ratios

reflect

the

expense

waiver,

if

any,

contractually

agreed

to

through

at

least

February

28,

2022.

Investing

involves

risk,

including

the

possible

loss

of

principal

and

fluctuation

of

value.

There

is

no

assurance

the

stated

objective(s)

will

be

met.

Performance

may

be

affected

by

risks

that

include

those

associated

with

foreign

and

emerging

markets,

fixed

income

securities,

high-yield

and

high-risk

securities,

undervalued,

overlooked

and

smaller

capitalization

companies,

real

estate

related

securities

including

Real

Estate

Investment

Trusts

(REITs),

non-diversification,

Environmental,

Social

and

Governance

(ESG)

factors,

portfolio

turnover,

derivatives,

short

sales,

initial

public

offerings

(IPOs)

and

potential

conflicts

of

interest.

Each

product

has

different

risks.

Please

see

the

prospectus

for

more

information

about

risks,

holdings

and

other

details.

Returns

include

reinvestment

of

dividends

and

capital

gains.

Returns

greater

than

one

year

are

annualized.

Returns

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

redemptions

of

Fund

shares.

The

returns

do

not

include

adjustments

in

accordance

with

generally

accepted

accounting

principles

required

at

the

period

end

for

financial

reporting

purposes.

See

Notes

to

Schedule

of

Investments

and

Other

Information

for

index

definitions.

Index

performance

does

not

reflect

the

expenses

of

managing

a

portfolio

as

an

index

is

unmanaged

and

not

available

for

direct

investment.

Average

Annual

Total

Return

for

the

periods

ended

October

31,

2021

One

Year

Since

Inception

*

Janus

Henderson

Mortgage-Backed

Securities

ETF

-

NAV

0.88%

4.60%

Janus

Henderson

Mortgage-Backed

Securities

ETF

-

Market

Price

0.89%

4.61%

Bloomberg

Barclays

U.S.

MBS

Index

-0.58%

3.55%

*

The

Fund

commenced

operations

on

September

12,

2018.

Janus

Henderson

Mortgage-Backed

Securities

ETF

(unaudited)

Disclosure

of

Fund

Expenses

4

October

31,

2021

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1)

transaction

costs,

which

may

include

creation

and

redemption

fees

or

brokerage

charges

and

(2)

ongoing

costs,

including

management

fees

and

other

Fund

expenses.

This

example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

Funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

example

is

based

upon

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

six-months

indicated,

unless

noted

otherwise

in

the

table

and

footnotes

below. 

Actual

Expenses 

The

information

in

the

table

under

the

heading

“Actual”

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

these

columns,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

under

the

heading

entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

the

period.

Hypothetical

Example

for

Comparison

Purposes 

The

information

in

the

table

under

the

heading

“Hypothetical

(5%

return

before

expenses)”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

upon

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

determine

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Additionally,

for

an

analysis

of

the

fees

associated

with

an

investment

or

other

similar

funds,

please

visit 

www.finra.org/

fundanalyzer.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transaction

costs,

such

as

creation

and

redemption

fees,

or

brokerage

charges.

These

fees

are

fully

described

in

the

Fund’s

prospectus.

Therefore,

the

hypothetical

examples

are

useful

in

comparing

ongoing

costs

only

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

transaction

costs

were

included,

your

costs

would

have

been

higher.

Actual

Hypothetical

(5%

return

before

expenses)

Beginning

Account

Value

(5/1/21)

Ending

Account

Value

(10/31/21)

Expenses

Paid

During

Period

(5/1/21

-

10/31/21)

†

Beginning

Account

Value

(5/1/21)

Ending

Account

Value

(10/31/21)

Expenses

Paid

During

Period

(5/1/21

-

10/31/21)

†

Net

Annualized

Expense

Ratio

(5/1/21

-

10/31/21)

$1,000.00

$999.20

$1.41

$1,000.00

$1,023.79

$1.43

0.28%

†

Expenses

Paid

During

Period

is

equal

to

the

Net

Annualized

Expense

Ratio

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period).

Janus

Henderson

Mortgage-Backed

Securities

ETF

Report

of

Independent

Registered

Public

Accounting

Firm

Janus

Detroit

Street

Trust

5

To

the

Board

of

Trustees

of

Janus

Detroit

Street

Trust

and

Shareholders

of

Janus

Henderson

Mortgage-Backed

Securities

ETF

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Janus

Henderson

Mortgage-Backed

Securities

ETF

(one

of

the

funds

constituting

Janus

Detroit

Street

Trust,

referred

to

hereafter

as

the

"Fund")

as

of

October

31,

2021,

the

related

statement

of

operations

for

the

year

ended

October

31,

2021,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2021,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

three

years

in

the

period

ended

October

31,

2021

and

for

the

period

September

12,

2018

(commencement

of

operations)

through

October

31,

2018

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

October

31,

2021,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2021

and

the

financial

highlights

for

each

of

the

three

years

in

the

period

ended

October

31,

2021

and

for

the

period

September

12,

2018

(commencement

of

operations)

through

October

31,

2018

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

October

31,

2021

by

correspondence

with

the

custodian,

transfer

agent

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

Denver,

Colorado

December

17,

2021

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

Janus

Henderson

Funds

since

1990.

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

October

31,

2021

6

October

31,

2021

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Asset-Backed

Securities

-

2.4%

FREED

ABS

Trust,

6.9600%,

9/20/27

(144A)

$

4,989,000

$

5,231,049

GoodLeap

Sustainable

Home

Solutions

Trust,

2.1000%,

5/20/48

(144A)

3,765,518

3,723,122

Lakeview

CDO

LLC,

1.8336%,

11/10/32

‡

524,522

524,522

NRZ

Excess

Spread-Collateralized

Notes,

3.8440%,

12/25/25

(144A)

2,397,832

2,410,720

NRZ

Excess

Spread-Collateralized

Notes,

3.1040%,

7/25/26

(144A)

6,226,851

6,234,215

Sunnova

Helios

II

Issuer

LLC,

2.0100%,

7/20/48

(144A)

2,159,523

2,134,813

Total

Asset-Backed

Securities

(cost

$20,304,972)

20,258,441

Corporate

Bonds

-

0.8%

Consumer,

Non-cyclical

-

0.3%

CoreLogic

,

Inc.,

4.5000%, 5/1/28

(144A)

2,500,000

2,470,175

Financial

-

0.5%

Invitation

Homes

Operating

Partnership

LP,

2.0000%, 8/15/31

4,784,000

4,539,507

Total

Corporate

Bonds

(cost

$7,208,892)

7,009,682

Mortgage-Backed

Securities

-

113.0%

Bayview

Financing

Trust

,

2.1000

%

,

7/10/33

‡

2,719,340

2,719,993

Bayview

MSR

Opportunity

Master

Fund

Trust

,

SOFR30A

+

0.8500%

,

0.8987

%

,

10/25/51

(144A)

‡

10,529,417

10,529,399

Bayview

Opportunity

Master

Fund

Trust

,

1.6000

%

,

1/10/31

‡

1,191,412

1,191,412

Chase

Mortgage

Finance

Corp.

SOFR30A

+

1.3500%,

1.3987%, 2/25/50

(144A)

‡

2,879,246

2,889,855

SOFR30A

+

1.5500%,

1.5987%, 2/25/50

(144A)

‡

3,414,088

3,422,986

CIM

Trust

,

2.5690

%

,

7/25/55

(144A)

Ç

2,142,037

2,139,809

COLT

Funding

LLC

,

2.3550

%

,

12/25/64

(144A)

‡

2,862,000

2,849,444

COLT

Mortgage

Loan

Trust

,

1.5120

%

,

9/25/65

(144A)

‡

1,993,574

1,995,907

Connecticut

Avenue

Securities

Trust

ICE

LIBOR

USD

1

Month

+

2.4500%,

2.5392%, 7/25/31

(144A)

‡

292,763

293,890

ICE

LIBOR

USD

1

Month

+

4.1500%,

4.2392%, 8/25/31

(144A)

‡

2,000,000

2,044,528

ICE

LIBOR

USD

1

Month

+

2.1500%,

2.2393%, 9/25/31

(144A)

‡

4,692,815

4,716,461

ICE

LIBOR

USD

1

Month

+

4.1000%,

4.1893%, 9/25/31

(144A)

‡

2,000,000

2,042,315

ICE

LIBOR

USD

1

Month

+

2.1000%,

2.1893%, 6/25/39

(144A)

‡

636,771

637,166

ICE

LIBOR

USD

1

Month

+

2.0000%,

2.0892%, 1/25/40

(144A)

‡

4,400,646

4,413,926

Eagle

RE

Ltd.

,

ICE

LIBOR

USD

1

Month

+

0.9000%

,

0.9893

%

,

1/25/30

(144A)

‡

1,200,000

1,195,396

Extended

Stay

America

Trust

,

ICE

LIBOR

USD

1

Month

+

2.2500%

,

2.3410

%

,

7/15/38

(144A)

‡

2,984,474

2,994,597

FHLMC

ICE

LIBOR

USD

1

Month

+

0.3500%,

0.4403%, 2/15/32

‡

31,522

31,758

ICE

LIBOR

USD

1

Month

+

0.6500%,

0.7403%, 3/15/32

‡

46,436

47,235

ICE

LIBOR

USD

1

Month

+

0.5000%,

0.5902%, 7/15/32

‡

32,038

32,252

ICE

LIBOR

USD

1

Month

+

0.4000%,

0.4903%, 1/15/33

‡

30,523

30,799

ICE

LIBOR

USD

1

Month

+

0.2500%,

0.3403%, 9/15/35

‡

27,082

27,190

ICE

LIBOR

USD

1

Month

+

0.5900%,

0.6802%, 10/15/37

‡

86,169

87,908

ICE

LIBOR

USD

1

Month

+

0.3000%,

0.3903%, 8/15/40

‡

47,542

47,614

ICE

LIBOR

USD

1

Month

+

0.5000%,

0.5902%, 9/15/40

‡

85,460

86,200

ICE

LIBOR

USD

1

Month

+

0.5500%,

0.6402%, 4/15/41

‡

283,660

287,660

3.5000%, 8/1/42

83,929

90,843

3.5000%, 8/1/42

72,923

78,930

3.0000%, 3/1/43

656

699

3.0000%, 6/1/43

93,319

97,546

3.0000%, 11/1/43

1,300,544

1,383,072

FHLMC

STACR

REMIC

Trust

SOFR30A

+

2.2500%,

2.2987%, 8/25/33

(144A)

‡

3,430,000

3,465,735

SOFR30A

+

2.0500%,

2.0987%, 12/25/33

(144A)

‡

2,235,000

2,252,444

FHLMC

UMBS

3.0000%, 5/1/31

141,973

149,749

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

October

31,

2021

Janus

Detroit

Street

Trust

7

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Mortgage-Backed

Securities

-

(continued)

FHLMC

UMBS

-

(continued)

2.5000%, 12/1/31

$

17,430

$

18,166

3.0000%, 9/1/32

125,172

132,225

3.0000%, 1/1/33

74,306

78,492

2.5000%, 12/1/33

609,007

634,741

2.5000%, 11/1/34

1,353,388

1,417,718

3.0000%, 3/1/43

3,387,609

3,599,871

3.0000%, 4/1/43

69,193

73,529

3.5000%, 12/1/44

727,346

786,637

3.0000%, 10/1/46

3,079,153

3,269,254

3.0000%, 12/1/46

19,712

20,890

4.0000%, 3/1/47

210,564

229,077

3.0000%, 4/1/47

1,626,468

1,713,552

4.0000%, 11/1/47

548,637

603,814

3.0000%, 12/1/47

28,641

30,410

4.5000%, 8/1/48

166,142

179,577

5.0000%, 9/1/48

191,614

210,911

4.5000%, 12/1/48

545,759

598,617

4.5000%, 12/1/48

43,136

47,231

4.0000%, 5/1/49

550,605

590,874

3.0000%, 8/1/49

3,454,501

3,625,212

3.0000%, 8/1/49

140,155

148,720

3.0000%, 8/1/49

121,623

127,840

3.5000%, 8/1/49

452,538

477,891

3.0000%, 10/1/49

4,736,559

4,938,280

3.0000%, 10/1/49

5,269,270

5,493,679

3.0000%, 11/1/49

3,945,053

4,113,066

3.0000%, 11/1/49

7,405,322

7,720,701

3.0000%, 11/1/49

5,402,704

5,632,795

3.0000%, 12/1/49

7,140,711

7,444,822

3.0000%, 3/1/50

399,443

417,835

3.5000%, 3/1/50

624,418

662,313

2.5000%, 8/1/51

1,357,507

1,395,042

2.0000%, 9/1/51

1,079,984

1,080,789

2.0000%, 9/1/51

1,084,700

1,085,257

FHLMC,

Multifamily

Structured

Pass-Through

Certificates

,

SOFR30A

+

2.0000%

,

2.0487

%

,

1/25/51

(144A)

‡

2,502,261

2,526,188

FNMA

ICE

LIBOR

USD

1

Month

+

4.9000%,

4.9893%, 11/25/24

‡

802,540

834,608

ICE

LIBOR

USD

1

Month

+

4.0000%,

4.0893%, 5/25/25

‡

6,212,399

6,321,945

ICE

LIBOR

USD

1

Month

+

5.0000%,

5.0893%, 7/25/25

‡

657,448

662,353

ICE

LIBOR

USD

1

Month

+

5.7000%,

5.7893%, 4/25/28

‡

1,344,559

1,419,800

ICE

LIBOR

USD

1

Month

+

5.9000%,

5.9893%, 10/25/28

‡

1,651,795

1,729,161

ICE

LIBOR

USD

1

Month

+

2.2000%,

2.2893%, 1/25/30

‡

6,803,946

6,925,508

ICE

LIBOR

USD

1

Month

+

2.5000%,

2.5892%, 5/25/30

‡

5,711,436

5,781,996

ICE

LIBOR

USD

1

Month

+

2.2500%,

2.3393%, 7/25/30

‡

7,276,034

7,350,309

ICE

LIBOR

USD

1

Month

+

4.2500%,

4.3392%, 1/25/31

‡

1,307,741

1,375,827

ICE

LIBOR

USD

1

Month

+

0.4000%,

0.4893%, 4/25/32

‡

40,565

40,983

ICE

LIBOR

USD

1

Month

+

0.5500%,

0.6392%, 4/25/32

‡

31,654

32,025

ICE

LIBOR

USD

1

Month

+

0.5000%,

0.5893%, 9/25/33

‡

41,588

41,996

ICE

LIBOR

USD

1

Month

+

0.3000%,

0.3893%, 10/25/35

‡

32,777

32,980

ICE

LIBOR

USD

1

Month

+

0.3500%,

0.4393%, 4/25/36

‡

110,402

110,933

ICE

LIBOR

USD

1

Month

+

0.5200%,

0.6092%, 9/25/37

‡

33,304

33,614

3.0000%, 4/1/38

244,097

259,798

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

October

31,

2021

8

October

31,

2021

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Mortgage-Backed

Securities

-

(continued)

FNMA

-

(continued)

ICE

LIBOR

USD

1

Month

+

0.3500%,

0.4393%, 5/25/38

‡

$

16,001

$

16,013

ICE

LIBOR

USD

1

Month

+

0.4000%,

0.4893%, 9/25/40

‡

21,775

21,950

ICE

LIBOR

USD

1

Month

+

55.0000%,

54.0938%, 10/25/40

‡

41,248

152,976

ICE

LIBOR

USD

1

Month

+

0.4300%,

0.5192%, 11/25/40

‡

21,500

21,650

3.0000%, 9/1/42

320,696

340,914

ICE

LIBOR

USD

1

Month

+

0.4000%,

0.4893%, 9/25/42

‡

14,433

14,515

3.0000%, 10/1/42

245,851

261,505

ICE

LIBOR

USD

1

Month

+

0.3500%,

0.4393%, 10/25/42

‡

182,636

184,703

ICE

LIBOR

USD

1

Month

+

4.0000%,

3.9107%, 11/25/42

‡

601,925

579,945

3.0000%, 1/1/43

449,585

477,928

ICE

LIBOR

USD

1

Month

+

0.5000%,

0.5893%, 2/25/43

‡

58,844

59,382

3.0000%, 3/1/43

500,716

532,600

3.0000%, 5/1/43

130,036

138,316

3.0000%, 8/1/43

207,294

219,875

3.0000%, 6/1/46

502,306

526,599

3.0000%, 11/1/46

81,311

86,987

3.0000%, 2/1/57

2,087,064

2,226,964

3.5000%, 1/25/61

(a)

30,523,673

5,268,853

FNMA

UMBS

2.5000%, 8/1/31

20,510

21,374

2.5000%, 10/1/31

22,902

23,911

2.5000%, 2/1/32

20,846

21,773

3.0000%, 11/1/34

82,705

87,865

3.0000%, 12/1/34

99,278

105,380

3.0000%, 1/1/43

255,996

271,752

3.0000%, 5/1/43

1,407,910

1,496,621

3.0000%, 5/1/43

2,001,504

2,126,366

3.0000%, 10/1/44

1,208,996

1,283,406

3.5000%, 12/1/45

718,528

770,761

3.0000%, 1/1/46

19,899

21,039

3.5000%, 1/1/46

66,096

70,901

3.0000%, 3/1/46

2,588,218

2,736,538

3.0000%, 9/1/46

54,732

58,147

3.0000%, 10/1/46

1,817,042

1,916,199

3.0000%, 1/1/47

106,620

113,207

3.0000%, 1/1/47

526,440

554,644

3.0000%, 1/1/47

427,680

454,360

3.5000%, 3/1/47

615,594

660,344

4.0000%, 5/1/47

406,148

447,999

3.5000%, 7/1/47

537,014

576,052

3.5000%, 8/1/47

187,453

204,892

3.5000%, 12/1/47

195,830

214,049

3.0000%, 2/1/48

617,613

656,206

3.0000%, 4/1/48

33,580,105

35,674,964

5.0000%, 5/1/48

2,569,963

2,821,013

3.5000%, 7/1/48

14,446,267

15,433,121

4.0000%, 2/1/49

1,719,929

1,852,853

3.0000%, 8/1/49

161,152

170,987

3.0000%, 8/1/49

164,197

174,219

3.0000%, 9/1/49

274,755

288,972

3.0000%, 5/1/50

3,664,525

3,849,227

2.5000%, 10/1/50

758,913

780,087

2.5000%, 1/1/51

12,088,826

12,428,721

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

October

31,

2021

Janus

Detroit

Street

Trust

9

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Mortgage-Backed

Securities

-

(continued)

FNMA

UMBS

-

(continued)

2.5000%, 8/1/51

$

146,092

$

150,204

2.0000%, 9/1/51

996,795

997,307

3.0000%, 9/1/51

4,027,381

4,255,225

2.5000%, 10/1/51

2,177,151

2,237,489

FNMA/FHLMC

UMBS

1.5000%,

TBA, 15

Year

Maturity

(b)

11,958,094

12,036,061

2.0000%,

TBA, 15

Year

Maturity

(b)

64,738,501

66,443,066

3.0000%,

TBA, 15

Year

Maturity

(b)

15,195,555

15,929,500

3.5000%,

TBA, 15

Year

Maturity

(b)

6,061,089

6,433,664

4.0000%,

TBA, 15

Year

Maturity

(b)

1,501,500

1,587,896

1.5000%,

TBA, 30

Year

Maturity

(b)

26,998,730

26,134,069

2.0000%,

TBA, 30

Year

Maturity

(b)

126,487,353

126,491,148

2.5000%,

TBA, 30

Year

Maturity

(b)

95,320,968

97,916,558

3.0000%,

TBA, 30

Year

Maturity

(b)

11,542,685

12,040,983

3.5000%,

TBA, 30

Year

Maturity

(b)

54,464,871

57,538,324

4.5000%,

TBA, 30

Year

Maturity

(b)

4,203,000

4,543,233

FREMF

Mortgage

Trust

,

ICE

LIBOR

USD

1

Month

+

6.0000%

,

6.0802

%

,

9/25/29

(144A)

‡

1,695,576

1,660,675

GNMA

ICE

LIBOR

USD

1

Month

+

0.4000%,

0.4859%, 8/16/29

‡

30,328

30,522

ICE

LIBOR

USD

1

Month

+

0.4000%,

0.4856%, 7/20/34

‡

55,648

56,058

ICE

LIBOR

USD

1

Month

+

0.3000%,

0.3859%, 8/16/34

‡

41,445

41,758

ICE

LIBOR

USD

1

Month

+

0.2000%,

0.2856%, 6/20/35

‡

32,471

32,453

ICE

LIBOR

USD

1

Month

+

0.1500%,

0.2356%, 8/20/35

‡

40,095

40,015

ICE

LIBOR

USD

1

Month

+

0.3000%,

0.3856%, 4/20/37

‡

13,021

13,081

ICE

LIBOR

USD

1

Month

+

0.3100%,

0.3956%, 6/20/37

‡

37,012

37,223

ICE

LIBOR

USD

1

Month

+

0.3200%,

0.4056%, 7/20/37

‡

57,894

58,483

ICE

LIBOR

USD

1

Month

+

0.5000%,

0.5856%, 10/20/37

‡

43,981

44,845

ICE

LIBOR

USD

1

Month

+

0.5000%,

0.5856%, 10/20/37

‡

18,647

19,013

ICE

LIBOR

USD

1

Month

+

0.5000%,

0.5856%, 2/20/38

‡

73,677

74,770

ICE

LIBOR

USD

1

Month

+

0.5000%,

0.5856%, 2/20/38

‡

36,034

36,546

ICE

LIBOR

USD

1

Month

+

0.6000%,

0.6859%, 1/16/40

‡

12,336

12,603

ICE

LIBOR

USD

1

Month

+

0.3500%,

0.4356%, 6/20/40

‡

991

997

ICE

LIBOR

USD

1

Month

+

0.4300%,

0.5159%, 10/16/40

‡

61,072

61,512

0.0000%, 5/16/41

¤

5,732,403

5,213,912

ICE

LIBOR

USD

1

Month

+

0.3000%,

0.3856%, 7/20/41

‡

29,433

29,510

4.5000%, 2/20/48

2,162,545

2,336,696

4.0000%, 5/20/48

460,858

491,489

4.0000%, 6/20/48

1,526,434

1,627,413

4.5000%, 7/20/48

319,254

343,981

4.5000%, 11/20/48

239,181

253,099

5.0000%, 1/20/49

78,108

84,261

4.0000%, 2/20/49

309,057

324,642

5.5000%, 2/20/49

231,549

250,650

4.0000%, 4/20/49

261,291

274,467

2.0000%,

TBA, 30

Year

Maturity

(b)

32,241,724

32,654,418

2.5000%,

TBA, 30

Year

Maturity

(b)

68,306,936

70,211,333

3.0000%,

TBA, 30

Year

Maturity

(b)

38,547,805

40,009,538

3.5000%,

TBA, 30

Year

Maturity

(b)

35,085,634

36,681,679

4.0000%,

TBA, 30

Year

Maturity

(b)

15,717,109

16,663,908

JP

Morgan

Mortgage

Trust

3.0000%, 6/25/45

(144A)

‡

832,675

849,540

SOFR30A

+

0.8500%,

0.8987%, 2/25/52

(144A)

‡

637,037

637,037

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

October

31,

2021

10

October

31,

2021

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Mortgage-Backed

Securities

-

(continued)

Lakeview

LLC

,

2.3336

%

,

7/10/32

‡

$

2,526,000

$

2,529,157

Mello

Mortgage

Capital

Acceptance

SOFR30A

+

0.9500%,

0.9987%, 8/25/51

(144A)

‡

2,956,481

2,961,358

SOFR30A

+

0.9500%,

0.9987%, 10/25/51

(144A)

‡

9,232,796

9,232,795

Mello

Warehouse

Securitization

Trust

,

ICE

LIBOR

USD

1

Month

+

2.7500%

,

2.8393

%

,

2/25/55

(144A)

‡

3,489,000

3,488,996

MRA

Issuance

Trust

,

ICE

LIBOR

USD

1

Month

+

1.5000%

,

1.5824

%

,

3/8/22

(144A)

‡

4,255,000

4,259,072

MSG

III

Securitization

Trust

,

ICE

LIBOR

USD

1

Month

+

1.3000%

,

1.3893

%

,

6/25/54

(144A)

‡

4,000,000

4,000,218

Point

Securitization

Trust

,

3.2282

%

,

2/25/52

(144A)

‡

2,950,452

2,950,450

Provident

Funding

Mortgage

Warehouse

Securitization

Trust

,

ICE

LIBOR

USD

1

Month

+

2.0000%

,

2.0892

%

,

2/25/55

(144A)

‡

7,500,000

7,420,648

PRPM

LLC

2.3630%, 10/25/26

(144A)

‡

7,099,000

7,098,950

2.2370%, 10/25/51

(144A)

‡

1,750,000

1,749,954

2.4850%, 10/25/51

(144A)

‡

2,350,000

2,349,988

Sequoia

Mortgage

Trust

2.5000%, 5/25/43

(144A)

‡

1,140,897

1,163,390

0.2545%, 11/25/48

(144A)

(a),‡

924,721

188

4.0000%, 9/25/49

(144A)

‡

285,658

294,786

Spruce

Hill

Mortgage

Loan

Trust

,

3.4070

%

,

6/25/55

(144A)

‡

1,586,554

1,599,386

Station

Place

Securitization

Trust

,

ICE

LIBOR

USD

1

Month

+

2.0000%

,

2.0892

%

,

1/26/54

(144A)

‡

6,250,000

6,247,489

UWM

Mortgage

Trust

,

SOFR30A

+

1.0000%

,

1.0487

%

,

9/25/51

(144A)

‡

7,366,330

7,366,329

Total

Mortgage-Backed

Securities

(cost

$956,839,979)

958,460,203

Preferred

Stock

-

0.1%

Mortgage

Real

Estate

Investment

Trusts

(REITs)

-

0.1%

New

Residential

Investment

Corp.

#

(cost

$991,600)

40,000

1,010,000

Investment

Companies

-

57.1%

Money

Market

Funds

-

57.1%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

0.0598%

£,∞

(cost

$484,059,420)

484,016,529

484,064,930

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

0.0%

Investment

Companies

-

0.0%

Janus

Henderson

Cash

Collateral

Fund

LLC,

0.0011%

£,∞

22,880

22,880

Time

Deposits

-

0.0%

Royal

Bank

of

Canada,

0.0300%,

11/1/21

5,720

5,720

Total

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

(cost

$28,600)

28,600

Total

Investments

(total

cost

$1,469,433,463

)

-

173.4%

1,470,831,856

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(73.4%)

(622,458,089)

Net

Assets

-

100.0%

$848,373,767

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

1,469,636,460

99.9

%

Bermuda

1,195,396

0.1

Total

$

1,470,831,856

100.0

%

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

October

31,

2021

Janus

Detroit

Street

Trust

11

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Schedule

of

TBA

sales

commitments

-

(%

of

Net

Assets)

Principal

Amounts

Value

Securities

Sold

Short

-

(6.0)%

Mortgage-Backed

Securities

-

(6.0)%

FNMA/FHLMC

UMBS,

2.5000%,

TBA,

15

Year

Maturity

(b)

$

(49,064,880)

$

(51,001,471)

Total

Securities

Sold

Short

(proceeds

$51,019,809)

$

(51,001,471)

Summary

of

Investments

by

Country

-

(Short

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

(51,001,471)

100.0%

$–

–

%

Schedule

of

Affiliated

Investments

-

(%

of

Net

Assets)

Dividend

Income

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciatio

n/

(Depreciation)

Value

at

10/31/21

Investment

Company

-

57.1%

Money

Market

Funds

-

57.1%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

0.0598%

∞

$

792

$

(5,510)

$

5,510

$

484,064,930

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

0.0%

Investment

Companies

-

0.0%

Janus

Henderson

Cash

Collateral

Fund

LLC,

0.0011%

∞

102

Δ

–

–

22,880

Total

Affiliated

Investments

-

57.1%

$

894

$

(5,510)

$

5,510

$

484,087,810

Market

Value

at

10/31/20

Purchases

Sales

Market

Value

at

10/31/21

Investment

Company

-

57.1%

Money

Market

Funds

-

57.1%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

0.0598%

∞

$

–

$

968,129,860

$

(484,064,930)

$

484,064,930

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

0.0%

Investment

Companies

-

0.0%

Janus

Henderson

Cash

Collateral

Fund

LLC,

0.0011%

∞

–

70,720

(47,840)

22,880

Total

Affiliated

Investments

-

57.1%

$

–

968,200,580

$

(484,112,770)

$

484,087,810

Schedule

of

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

and

Unrealized

Appreciation

Futures

Sold:

U.S.

Treasury

10

Year

Notes

273

12/21/21

$

(35,681,953)

$

345,231

Total

$345,231

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.37-V1,

Fixed

Rate

of

1.00%

Paid

Quarterly

12/20/26

$

30,000,000

$

(747,542)

$

737,510

$

(10,032)

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

October

31,

2021

12

October

31,

2021

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

The

following

table,

grouped

by

derivative

type,

provides

information

about

the

fair

value

and

location

of

derivatives

within

the

Statement

of

Assets

and

Liabilities

as

of

October

31,

2021.

The

following

tables

provide

information

about

the

effect

of

derivatives

and

hedging

activities

on

the

Fund’s

Statement

of

Operations

for

the year

ended

October

31,

2021.

Please

see

the

“Net

realized

and

change

in

unrealized

gain/(loss)

on

investments”

sections

of

the

Fund’s

Statement

of

Operations.

Fair

Value

of

Derivative

Instruments

(not

accounted

for

as

hedging

instruments)

as

of

October

31,

2021

Credit

Contracts

Interest

Rate

Contracts

Total

Asset

Derivatives:

Futures

contracts

$—

$345,231

$345,231

Liability

Derivatives:

Swaps

-

centrally

cleared

(10,032)

—

(10,032)

The

effect

of

Derivative

Instruments

(not

accounted

for

as

hedging

instruments)

on

the

Statement

of

Operations

for

the

year

ended

October

31,

2021

Amount

of

Realized

Gain/(Loss)

Recognized

on

Derivatives

Derivative

Credit

Contracts

Interest

Rate

Contracts

Total

Futures

contracts

$—

$1,401,119

1,401,119

Swap

contracts

(48,323)

—

(48,323)

Total

$(48,323)

$1,401,119

1,352,796

Amount

of

Change

in

Unrealized

Appreciation/(Depreciation)

Recognized

on

Derivatives

Derivative

Credit

Contracts

Interest

Rate

Contracts

Total

Futures

contracts

$—

$155,238

$155,238

Swap

contracts

(10,032)

—

(10,032)

Total

$(10,032)

$155,238

$145,206

Average

ending

Monthly

Value

of

Derivative

Instruments

During

the

Year

Ended

October

31,

2021

Derivative

Value*

Futures

contracts,

purchased

$28,793,171

Futures

contracts,

sold

80,882,247

Centrally

Cleared

Credit

default

swaps,

buy

protection

(242,883)

*

Futures

contracts

and

centrally-cleared

swaps

are

reported

as

the

average

ending

monthly

notional

value.

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

October

31,

2021

Janus

Detroit

Street

Trust

13

Bloomberg

Barclays

U.S.

MBS

Index

Bloomberg

Barclays

U.S.

MBS

Index

tracks

the

performance

of

U.S.

fixed-rate

agency

mortgage

backed

pass-

through

securities.

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

ICE

Intercontinental

Exchange

LIBOR

LIBOR

(London

Interbank

Offered

Rate)

is

a

short-term

interest

rate

that

banks

offer

one

another

and

generally

represents

current

cash

rates.

LLC

Limited

Liability

Company

LP

Limited

Partnership

SOFR30A

Secured

Overnight

Financing

Rate

30

Day

Average

TBA

(To

Be

Announced)

Securities

are

purchased/sold

on

a

forward

commitment

basis

with

an

approximate

principal

amount

and

no

defined

maturity

date.

The

actual

principal

and

maturity

date

will

be

determined

upon

settlement

when

specific

mortgage

pools

are

assigned.

UMBS

Uniform

Mortgage-Backed

Securities

#

Loaned

security;

a

portion

of

the

security

is

on

loan

at

October

31,

2021.

∞

Rate

shown

is

the

7-day

yield

as

of

October

31,

2021.

£

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.

Δ

Net

of

income

paid

to

the

securities

lending

agent

and

rebates

paid

to

the

borrowing

counterparties.

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

October

31,

2021

¤

Zero

coupon

bond.

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

year

ended

October

31,

2021

is

$137,945,389

which

represents

16.3%

of

net

assets.

(a)

IO

–

Interest

Only

(b)

Settlement

is

on

a

delayed

delivery

or

when-issued

basis

with

final

maturity

TBA

in

the

future.

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

October

31,

2021

14

October

31,

2021

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

October

31,

2021

.

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

$

—

$

20,258,441

$

—

Corporate

Bonds

—

7,009,682

—

Mortgage-Backed

Securities

—

958,460,203

—

Preferred

Stock

1,010,000

—

—

Investment

Companies

—

484,064,930

—

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

—

28,600

—

Total

Investments

in

Securities

$

1,010,000

$

1,469,821,856

$

—

Other

Financial

Instruments

(a)

:

Variation

Margin

Receivable

on

Cent

rally

Cleared

Swaps

$

—

$

417,566

$

—

Variation

Margin

Receivable

on

Futures

Contracts

12,806

—

—

Total

Other

Financial

Instruments

$

12,806

$

417,566

$

—

Total

Assets

$

1,022,806

$

1,470,239,422

$

—

Liabilities

TBA

sales

commitments:

Mortgage-Backed

Securities

$

—

$

51,001,471

$

—

Total

Liabilities

$

—

$

51,001,471

$

—

(a)

Other

financial

instruments

include

futures

and

swap

contracts.

Futures

and

centrally

cleared

swap

contracts

are

reported

at

their

variation

margin

at

measurement

date,

which

represents

the

amount

due

to/from

the

Fund

at

that

date.

Janus

Henderson

Mortgage-Backed

Securities

ETF

Statement

of

Assets

and

Liabilities

October

31,

2021

Janus

Detroit

Street

Trust

15

See

Notes

to

Financial

Statements.

Assets:

Unaffiliated

investments,

at

value

(cost

$985,351,163)

(1)

$

986,744,046

Affiliated

investments,

at

value

(cost

$484,082,300)

484,087,810

Due

from

broker

for

centrally

cleared

swaps

30,966

Due

from

broker

for

futures

390,000

Receivable

for

variation

margin

on

swaps

417,566

Receivable

for

variation

margin

on

futures

contracts

12,806

Receivables:

TBA

investments

sold

89,521,401

Dividends

11,278

Interest

668,635

Affiliated

securities

lending

income,

net

102

Due

from

custodian

33,170

Total

Assets

1,561,917,780

Liabilities:

TBA

sales

commitments,

at

value

(proceeds

$51,019,809)

51,001,471

Collateral

on

securities

loaned

(Note

3)

28,600

Payables:

—

Due

to

custodian

116,574

TBA

investments

purchased

662,200,005

Management

fees

197,363

Total

Liabilities

713,544,013

Net

Assets

$

848,373,767

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

846,215,489

Total

distributable

earnings

(loss)

2,158,278

Total

Net

Assets

$

848,373,767

Net

Assets

$

848,373,767

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

16,025,000

Net

Asset

Value

Per

Share

$

52.94

(1)

Includes

$27,830

of

securites

on

loan.

See

Note

2

in

Notes

to

Financial

Statements.

Janus

Henderson

Mortgage-Backed

Securities

ETF

Statement

of

Operations

For

the

year

ended

October

31,

2021

16

October

31,

2021

See

Notes

to

Financial

Statements.

Investment

Income:

Interest

$

10,784,145

Dividends

77,676

Dividends

from

affiliates

792

Affiliated

securities

lending

income,

net    

102

Total

Investment

Income

10,862,715

Expenses:

Management

Fees

2,023,761

Total

Expenses

2,023,761

Net

Investment

Income/(Loss)

8,838,954

Net

Realized

Gain/(Loss)

on

Investments:

Investments

$

1,036,529

Investments

in

affiliates

(

5,510

)

TBA

sales

commitments

(

2,387,569

)

Futures

contracts

1,401,119

Swap

contracts

(

48,323

)

Total

Net

Realized

Gain/(Loss)

on

Investments

$

(

3,754

)

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

(

3,913,302

)

Investments

in

affiliates

5,510

TBA

sales

commitments

45,908

Futures

contracts

155,238

Swap

contracts

(

10,032

)

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

(

3,716,678

)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

5,118,522

Janus

Henderson

Mortgage-Backed

Securities

ETF

Statements

of

Changes

in

Net

Assets

Janus

Detroit

Street

Trust

17

See

Notes

to

Financial

Statements.

Year

Ended

October

31,

2021

Year

Ended

October

31,

2020

Operations:

Net

investment

income/(loss)

$

8,838,954

$

8,537,473

Net

realized

gain/(loss)

on

investments

(

3,754

)

5,201,002

Change

in

unrealized

net

appreciation/depreciation

(

3,716,678

)

3,690,595

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

5,118,522

17,429,070

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(

13,788,144

)

(

10,243,739

)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(

13,788,144

)

(

10,243,739

)

Capital

Share

Transactions

278,398,450

403,078,165

Net

Increase/(Decrease)

in

Net

Assets

269,728,828

410,263,496

Net

Assets:

—

—

Beginning

of

Year  

578,644,939

168,381,443

End

of

Year

$

848,373,767

$

578,644,939

Janus

Henderson

Mortgage-Backed

Securities

ETF

Financial

Highlights

18

October

31,

2021

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

each

year

or

period

ended

October

31

2021

2020

2019

2018

(1)

Net

Asset

Value,

Beginning

of

Period

$53.58

$52.62

$49.53

$50.00

Income/(Loss)

from

Investment

Operations:

—

—

—

—

Net

investment

income/(loss)

(2)

0.66

1.22

1.56

0.17

Net

realized

and

unrealized

gain/(loss)

(0.19)

1.51

3.03

(0.64)

Total

from

Investment

Operations

0.47

2.73

4.59

(0.47)

Less

Dividends

and

Distributions:

—

—

—

—

Dividends

(from

net

investment

income)

(1.00)

(1.77)

(1.50)

—

Distributions

(from

capital

gains)

(0.11)

—

—

—

Total

Dividends

and

Distributions

(1.11)

(1.77)

(1.50)

—

Net

Asset

Value,

End

of

Period

$52.94

$53.58

$52.62

$49.53

Total

Return

*

0.88%

5.30%

(3)

9.40%

(3)

(0.94)%

Net

assets,

End

of

Period

(in

thousands)

$848,374

$578,645

$168,381

$32,193

Average

Net

Assets

for

the

Period

(in

thousands)

$712,596

$369,845

$78,797

$30,452

Ratios

to

Average

Net

Assets

**

Ratio

of

Gross

Expenses

0.28%

0.32%

0.35%

0.35%

Ratio

of

Net

Investment

Income/(Loss)

1.24%

2.31%

3.05%

2.67%

Portfolio

Turnover

Rate

(4)(5)

162%

300%

348%

91%

*

Total

return

not

annualized

for

periods

of

less

than

one

full

year.

**

Annualized

for

periods

of

less

than

one

full

year.

(1)

Period

from

September

12,

2018

(commencement

of

operations)

through

October

31,

2018.

(2)

Per

share

amounts

are

calculated

based

on

average

shares

outstanding

during

the

year

or

period.

(3)

The

return

includes

adjustments

in

accordance

with

generally

accepted

accounting

principles

required

at

period

end

date.

(4)

Portfolio

turnover

rate

excludes

securities

received

or

delivered

from

in-kind

processing

of

creation

or

redemptions.

(5)

Portfolio

Turnover

Rate

excludes

TBA

(to

be

announced)

purchase

and

sales

commitments.

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

19

1.

Organization

and

Significant

Accounting

Policies

Janus

Henderson

Mortgage-Backed

Securities

ETF

(the

“Fund”)

is

a

series

fund.

The

Fund

is

part

of

Janus

Detroit

Street

Trust

(the

“Trust”),

which

is

organized

as

a

Delaware

statutory

trust

and

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company,

and

therefore

has

applied

the

specialized

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

(“ASC”)

Topic

946.

As

of

the

date

of

this

report,

the

Trust

offers eleven

Funds

each

of

which

represent

shares

of

beneficial

interest

in

a

separate

portfolio

of

securities

and

other

assets

with

its

own

objective

and

policies.

The

Fund

seeks

a

high

level

of

total

return

consisting

of

income

and

capital

appreciation.

The

Fund

is

classified

as

diversified,

as

defined

in

the

1940

Act.

The

Fund

is

an

actively-managed

exchange-traded

fund.

Unlike

shares

of

traditional

mutual

funds,

shares

of

the

Fund

are

not

individually

redeemable

and

may

only

be

purchased

or

redeemed

directly

from

the

Fund

at

net

asset

value

(“NAV”)

in

large

increments

called

“Creation

Units”

by

certain

participants,

known

as

“Authorized

Participants.”

The

size

of

a

Creation

Unit

to

purchase

shares

of

the

Fund

may

differ

from

the

size

of

a

Creation

Unit

to

redeem

shares

of

the

Fund.

The

Fund

will

issue

or

redeem

Creation

Units

in

exchange

for

portfolio

securities

and/or

cash.

Except

when

aggregated

in

Creation

Units,

Fund

shares

are

not

redeemable

securities

of

the

Fund.

Shares

of

the

Fund

are

listed

and

trade

on

NYSE

Arca,

Inc.

(NYSE

Arca"),

and

individual

investors

can

purchase

or

sell

shares

in

much

smaller

increments

for

cash

in

the

secondary

market

through

a

broker.

These

transactions,

which

do

not

involve

the

Fund,

are

made

at

market

prices

that

may

vary

throughout

the

day

and

differ

from

the

Fund’s

NAV.

As

a

result,

you

may

pay

more

than

NAV

(a

premium)

when

you

purchase

shares

and

receive

less

than

NAV

(a

discount)

when

you

sell

shares,

in

the

secondary

market.

An

Authorized

Participant

(or

other

broker-dealers

making

markets

in

shares

of

the

Fund)

may

hold

of

record

more

than

25%

of

the

outstanding

shares

of

the

Fund.

From

time

to

time,

Authorized

Participants

(or

other

broker-dealers

making

markets

in

shares

of

the

Fund)

may

be

a

beneficial

and/or

legal

owner

of

the

Fund,

may

be

affiliated

with

an

index

provider,

may

be

deemed

to

have

control

of

the

Fund

and/or

may

be

able

to

affect

the

outcome

of

matters

presented

for

a

vote

of

the

shareholders

of

the

Fund.

Authorized

Participants

(or

other

broker-dealers

making

markets

in

shares

of

the

Fund)

may

execute

an

irrevocable

proxy

granting

the

Distributor,

Janus

Capital

Management

LLC

(“Janus

Capital”

or

“Janus”

or

"Agent")

or

an

affiliate

of

Janus

Capital

power

to

vote

or

abstain

from

voting

such

Authorized

Participant’s

beneficially

or

legally

owned

shares

of

the

Fund.

In

such

cases,

the

Agent

shall

mirror

vote

(or

abstain

from

voting)

such

shares

in

the

same

proportion

as

all

other

beneficial

owners

of

the

Fund. 

The

following

accounting

policies

have

been

followed

by

the

Fund

and

are

in

conformity

with

United

States

of

America

generally

accepted

accounting

principles

(“US

GAAP”). 

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

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.

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

20

October

31,

2021

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.

There

have

been

no

significant

changes

in

valuation

techniques

used

in

valuing

any

such

positions

held

by

the

Fund

since

the

beginning

of

the

fiscal

year. 

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

October

31,

2021

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.

Investment

Transactions

and

Investment

Income

Investment

transactions

are

accounted

for

as

of

the

date

purchased

or

sold

(trade

date).

Dividend

income

is

recorded

on

the

ex-dividend

date.

Certain

dividends

from

foreign

securities

will

be

recorded

as

soon

as

the

Fund

is

informed

of

the

dividend,

if

such

information

is

obtained

subsequent

to

the

ex-dividend

date.

Dividends

from

foreign

securities

may

be

subject

to

withholding

taxes

in

foreign

jurisdictions.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value.

Interest

income

is

recorded

daily

on

an

accrual

basis

and

includes

amortization

of

premiums

and

accretion

of

discounts.

The

Fund

classifies

gains

and

losses

on

prepayments

received

as

an

adjustment

to

interest

income.

Debt

securities

may

be

placed

in

non-accrual

status

and

related

interest

income

may

be

reduced

by

stopping

current

accruals

and

writing

off

interest

receivables

when

collection

of

all

or

a

portion

of

interest

has

become

doubtful.

Gains

and

losses

are

determined

on

the

identified

cost

basis,

which

is

the

same

basis

used

for

federal

income

tax

purposes.

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

21

Estimates

The

preparation

of

financial

statements

in

conformity

with

US

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amount

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates. 

Indemnifications

In

the

normal

course

of

business,

the

Fund

may

enter

into

contracts

that

contain

provisions

for

indemnification

of

other

parties

against

certain

potential

liabilities.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

and

would

involve

future

claims

that

may

be

made

against

the

Fund

that

have

not

yet

occurred.

Currently,

the

risk

of

material

loss

from

such

claims

is

considered

remote. 

Dividends

and

Distributions

Dividends

from

net

investment

income

are

generally

declared

and

distributed

monthly.

Net

realized

capital

gains

(if

any)

are

distributed

annually.

The

Fund

may

treat

a

portion

of

the

amount

paid

to

redeem

shares

as

a

distribution

of

investment

company

taxable

income

and

realized

capital

gains

that

are

reflected

in

the

NAV.

This

practice,

commonly

referred

to

as

“equalization,”

has

no

effect

on

the

redeeming

shareholder

or

a

Fund’s

total

return

but

may

reduce

the

amounts

that

would

otherwise

be

required

to

be

paid

as

taxable

dividends

to

the

remaining

shareholders.

It

is

possible

that

the

Internal

Revenue

Service

(IRS)

could

challenge

the

Fund’s

equalization

methodology

or

calculations,

and

any

such

challenge

could

result

in

additional

tax,

interest,

or

penalties

to

be

paid

by

the

Fund. 

Federal

Income

Taxes

The

Fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

and

distribute

all

of

its

taxable

income

in

accordance

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code.

Management

has

analyzed

the

Fund’s

tax

positions

taken

for

all

open

federal

income

tax

years,

generally

a

three-year

period,

and

has

concluded

that

no

provision

for

federal

income

tax

is

required

in

the

Fund’s

financial

statements.

The

Fund

is

not

aware

of

any

tax

positions

for

which

it

is

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

benefits

will

significantly

change

in

the

next

twelve

months. 

2.

Derivative

Instruments 

The

Fund

may

invest

in

various

types

of

derivatives.

A

derivative

is

a

financial

instrument

whose

performance

is

derived

from

the

performance

of

another

asset.

The

Fund

may

invest

in

derivative

instruments

including,

but

not

limited

to

futures

contracts,

options,

and

swaps.

Each

derivative

instrument

that

was

held

by

the

Fund

during

the year

ended

October

31,

2021 is

discussed

in

further

detail

below.

A

summary

of

derivative

activity

by

the

Fund

is

reflected

in

the

tables

at

the

end

of

the

Schedule

of

Investments.

The

Fund

may

use

derivatives

only

to

manage

or

hedge

portfolio

risk,

including

interest

rate

risk,

or

to

manage

duration.

The

Fund’s

exposure

to

derivatives

will

vary.

The

Fund

may

also

enter

into

short

positions

for

hedging

purposes.

The

Fund’s

use

of

derivative

instruments

involves

risks

different

from,

or

possibly

greater

than,

the

risks

associated

with

investing

directly

in

securities

and

other

traditional

investments.

Derivatives

are

subject

to

a

number

of

risks

including

liquidity

risk,

market

risk,

credit

risk,

default

risk,

counterparty

risk

and

management

risk.

They

also

involve

the

risk

of

mispricing

or

improper

valuation

and

the

risk

that

changes

in

the

value

of

the

derivative

may

not

correlate

exactly

with

the

change

in

the

value

of

the

underlying

asset,

rate

or

index.

Also,

suitable

derivative

transactions

may

not

be

available

in

all

circumstances

and

there

can

be

no

assurance

that

the

Fund

will

engage

in

these

transactions

to

reduce

exposure

to

other

risks

when

that

would

be

beneficial.

While

use

of

derivatives

to

hedge

can

reduce

or

eliminate

losses,

it

can

also

reduce

or

eliminate

gains

or

cause

losses

if

the

market

moves

in

a

manner

different

from

that

anticipated

by

Janus

Capital

or

if

the

cost

of

the

derivative

outweighs

the

benefit

of

the

hedge.

The

Fund’s

ability

to

use

derivatives

may

also

be

limited

by

certain

regulatory

and

tax

considerations. 

In

pursuit

of

its

investment

objective,

the

Fund

may

seek

to

use

derivatives

to

increase

or

decrease

exposure

to

the

following

market

risk

factors: 

Counterparty

Risk

 -

the

risk

that

the

counterparty

(the

party

on

the

other

side

of

the

transaction)

on

a

derivative

transaction

will

be

unable

to

honor

its

financial

obligation

to

the

Fund. 

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

22

October

31,

2021

Credit

Risk

-

the

risk

an

issuer

will

be

unable

to

make

principal

and

interest

payments

when

due

or

will

default

on

its

obligations. 

Currency

Risk

-

the

risk

that

changes

in

the

exchange

rate

between

currencies

will

adversely

affect

the

value

(in

U.S.

dollar

terms)

of

an

investment. 

Index

Risk

-

if

the

derivative

is

linked

to

the

performance

of

an

index,

it

will

be

subject

to

the

risks

associated

with

changes

in

that

index.

If

the

index

changes,

the

Fund

could

receive

lower

interest

payments

or

experience

a

reduction

in

the

value

of

the

derivative

to

below

what

the

Fund

paid.

Certain

indexed

securities,

including

inverse

securities

(which

move

in

an

opposite

direction

to

the

index),

may

create

leverage,

to

the

extent

that

they

increase

or

decrease

in

value

at

a

rate

that

is

a

multiple

of

the

changes

in

the

applicable

index. 

Interest

Rate

Risk

-

the

risk

that

the

value

of

fixed-income

securities

will

generally

decline

as

prevailing

interest

rates

rise,

which

may

cause

the

Fund's

NAV

to

likewise

decrease. 

Leverage

Risk

-

the

risk

associated

with

certain

types

of

leveraged

investments

or

trading

strategies

pursuant

to

which

relatively

small

market

movements

may

result

in

large

changes

in

the

value

of

an

investment.

The

Fund

creates

leverage

by

investing

in

instruments,

including

derivatives,

where

the

investment

loss

can

exceed

the

original

amount

invested.

Certain

investments

or

trading

strategies,

such

as

short

sales,

that

involve

leverage

can

result

in

losses

that

greatly

exceed

the

amount

originally

invested. 

Liquidity

Risk

-

the

risk

that

certain

securities

may

be

difficult

or

impossible

to

sell

at

the

time

that

the

seller

would

like

or

at

the

price

that

the

seller

believes

the

security

is

currently

worth. 

Derivatives

may

generally

be

traded

OTC

or

on

an

exchange.

Derivatives

traded

OTC

are

agreements

that

are

individually

negotiated

between

parties

and

can

be

tailored

to

meet

a

purchaser's

needs.

OTC

derivatives

are

not

guaranteed

by

a

clearing

agency

and

may

be

subject

to

increased

credit

risk. 

In

an

effort

to

mitigate

credit

risk

associated

with

derivatives

traded

OTC,

the

Fund

may

enter

into

collateral

agreements

with

certain

counterparties

whereby,

subject

to

certain

minimum

exposure

requirements,

the

Fund

may

require

the

counterparty

to

post

collateral

if

the

Fund

has

a

net

aggregate

unrealized

gain

on

all

OTC

derivative

contracts

with

a

particular

counterparty.

Additionally,

the

Fund

may

deposit

cash

and/or

treasuries

as

collateral

with

the

counterparty

and/

or

custodian

daily

(based

on

the

daily

valuation

of

the

financial

asset)

if

the

Fund

has

a

net

aggregate

unrealized

loss

on

OTC

derivative

contracts

with

a

particular

counterparty.

All

liquid

securities

and

restricted

cash

are

considered

to

cover

in

an

amount

at

all

times

equal

to

or

greater

than

the

Fund’s

commitment

with

respect

to

certain

exchange-

traded

derivatives,

centrally

cleared

derivatives,

short

sales,

and/or

securities

with

extended

settlement

dates.

There

is

no

guarantee

that

counterparty

exposure

is

reduced

and

these

arrangements

are

dependent

on

Janus

Capital’s

ability

to

establish

and

maintain

appropriate

systems

and

trading.

Futures

Contracts 

A

futures

contract

is

an

exchange-traded

agreement

to

take

or

make

delivery

of

an

underlying

asset

at

a

specific

time

in

the

future

for

a

specific

predetermined

negotiated

price.

The

Fund

may

enter

into

futures

contracts

to

hedge

or

protect

itself

from

fluctuations

or

other

adverse

movement

in

the

value

of

individual

securities,

the

securities

markets

generally,

or

interest

rate

fluctuations,

without

actually

buying

or

selling

the

underlying

debt

security.

The

Fund

is

subject

to

interest

rate

risk

and

equity

risk

in

the

normal

course

of

pursuing

its

investment

objective

through

its

investments

in

futures

contracts.

The

use

of

futures

contracts

may

involve

risks

such

as

the

possibility

of

illiquid

markets

or

imperfect

correlation

between

the

values

of

the

contracts

and

the

underlying

securities,

or

that

the

counterparty

will

fail

to

perform

its

obligations.

Futures

contracts

on

commodities

are

valued

at

the

settlement

price

on

valuation

date

on

the

commodities

exchange

as

reported

by

an

approved

vendor.

Mini

contracts,

as

defined

in

the

description

of

the

contract,

shall

be

valued

using

the

Actual

Settlement

Price

or

“ASET”

price

type

as

reported

by

an

approved

vendor.

Futures

contracts

are

marked-to-market

daily,

and

the

daily

variation

margin

is

recorded

as

a

receivable

or

payable

on

the

Statement

of

Assets

and

Liabilities

(if

applicable).

The

change

in

unrealized

net

appreciation/depreciation

is

reported

on

the

Statement

of

Operations

(if

applicable).

When

a

contract

is

closed,

a

realized

gain

or

loss

is

reported

on

the

Statement

of

Operations

(if

applicable),

equal

to

the

difference

between

the

opening

and

closing

value

of

the

contract.

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

23

Securities

held

by

the

Fund

that

are

designated

as

collateral

for

market

value

on

futures

contracts

are

noted

on

the

Schedule

of

Investments

(if

applicable).

Such

collateral

is

in

the

possession

of

the

Fund's

futures

option

merchant. 

With

futures,

there

is

minimal

counterparty

credit

risk

to

the

Fund

since

futures

are

exchange-traded

and

the

exchange's

clearinghouse,

as

counterparty

to

all

exchange-traded

futures,

guarantees

the

futures

against

default. 

During

the

year,

the

Fund

purchased

interest

rate

futures

to

increase

exposure

to

interest

rate

risk.

During

the

year,

the

Fund

sold

interest

rate

futures

to

decrease

exposure

to

interest

rate

risk. 

Swaps 

Swap

agreements

are

two-party

contracts

entered

into

primarily

by

institutional

investors

for

periods

ranging

from

a

day

to

more

than

one

year

to

exchange

one

set

of

cash

flows

for

another.

The

most

significant

factor

in

the

performance

of

swap

agreements

is

the

change

in

value

of

the

specific

index,

security,

or

currency,

or

other

factors

that

determine

the

amounts

of

payments

due

to

and

from

the

Fund.

The

use

of

swaps

is

a

highly

specialized

activity

which

involves

investment

techniques

and

risks

different

from

those

associated

with

ordinary

portfolio

securities

transactions.

Swap

agreements

entail

the

risk

that

a

party

will

default

on

its

payment

obligations

to

the

Fund.

If

the

other

party

to

a

swap

defaults,

the

Fund

would

risk

the

loss

of

the

net

amount

of

the

payments

that

it

contractually

is

entitled

to

receive.

If

the

Fund

utilizes

a

swap

at

the

wrong

time

or

judges

market

conditions

incorrectly,

the

swap

may

result

in

a

loss

to

the

Fund

and

reduce

the

Fund’s

total

return.

Swap

agreements

also

bear

the

risk

that

the

Fund

will

not

be

able

to

meet

its

obligation

to

the

counterparty.

Swap

agreements

are

typically

privately

negotiated

and

entered

into

in

the

OTC

market.

However,

certain

swap

agreements

are

required

to

be

cleared

through

a

clearinghouse

and

traded

on

an

exchange

or

swap

execution

facility.

Swaps

that

are

required

to

be

cleared

are

required

to

post

initial

and

variation

margins

in

accordance

with

the

exchange

requirements.

Regulations

enacted

require

the

Fund

to

centrally

clear

certain

interest

rate

and

credit

default

index

swaps

through

a

clearinghouse

or

central

counterparty

(“CCP”).

To

clear

a

swap

with

a

CCP,

the

Fund

will

submit

the

swap

to,

and

post

collateral

with,

a

futures

clearing

merchant

(“FCM”)

that

is

a

clearinghouse

member.

Alternatively,

the

Fund

may

enter

into

a

swap

with

a

financial

institution

other

than

the

FCM

(the

“Executing

Dealer”)

and

arrange

for

the

swap

to

be

transferred

to

the

FCM

for

clearing.

The

Fund

may

also

enter

into

a

swap

with

the

FCM

itself.

The

CCP,

the

FCM,

and

the

Executing

Dealer

are

all

subject

to

regulatory

oversight

by

the

U.S.

Commodity

Futures

Trading

Commission

(“CFTC”).

A

default

or

failure

by

a

CCP

or

an

FCM,

or

the

failure

of

a

swap

to

be

transferred

from

an

Executing

Dealer

to

the

FCM

for

clearing,

may

expose

the

Fund

to

losses,

increase

its

costs,

or

prevent

the

Fund

from

entering

or

exiting

swap

positions,

accessing

collateral,

or

fully

implementing

its

investment

strategies.

The

regulatory

requirement

to

clear

certain

swaps

could,

either

temporarily

or

permanently,

reduce

the

liquidity

of

cleared

swaps

or

increase

the

costs

of

entering

into

those

swaps.

Index

swaps,

interest

rate

swaps,

inflation

swaps

and

credit

default

swaps

are

valued

using

an

approved

vendor

supplied

price.

Basket

swaps

are

valued

using

a

broker

supplied

price.

Equity

swaps

that

consist

of

a

single

underlying

equity

are

valued

either

at

the

closing

price,

the

latest

bid

price,

or

the

last

sale

price

on

the

primary

market

or

exchange

it

trades.

The

market

value

of

swap

contracts

are

aggregated

by

positive

and

negative

values

and

are

disclosed

separately

as

an

asset

or

liability

on

the

Fund’s

Statement

of

Assets

and

Liabilities

(if

applicable).

Realized

gains

and

losses

are

reported

on

the

Statement

of

Operations

(if

applicable).

The

change

in

unrealized

net

appreciation

or

depreciation

during

the

period

is

included

in

the

Statement

of

Operations

(if

applicable).

The

Fund’s

maximum

risk

of

loss

from

counterparty

risk

or

credit

risk

is

the

discounted

value

of

the

payments

to

be

received

from/paid

to

the

counterparty

over

the

contract’s

remaining

life,

to

the

extent

that

the

amount

is

positive.

The

risk

is

mitigated

by

having

a

netting

arrangement

between

the

Fund

and

the

counterparty

and

by

the

posting

of

collateral

by

the

counterparty

to

cover

the

Fund’s

exposure

to

the

counterparty.

The

Fund

may

enter

into

various

types

of

credit

default

swap

agreements,

including

OTC

credit

default

swap

agreements

and

index

credit

default

swaps

(“CDX”),

for

hedging

purposes.

Credit

default

swaps

are

a

specific

kind

of

counterparty

agreement

that

allow

the

transfer

of

third-party

credit

risk

from

one

party

to

the

other.

One

party

in

the

swap

is

a

lender

and

faces

credit

risk

from

a

third

party,

and

the

counterparty

in

the

credit

default

swap

agrees

to

insure

this

risk

in

exchange

for

regular

periodic

payments.

Credit

default

swaps

could

result

in

losses

if

the

Fund

does

not

correctly

evaluate

the

creditworthiness

of

the

company

or

companies

on

which

the

credit

default

swap

is

based.

Credit

default

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

24

October

31,

2021

swap

agreements

may

involve

greater

risks

than

if

the

Fund

had

invested

in

the

reference

obligation

directly

since,

in

addition

to

risks

relating

to

the

reference

obligation,

credit

default

swaps

are

subject

to

liquidity

risk,

counterparty

risk,

and

credit

risk.

The

Fund

will

generally

incur

a

greater

degree

of

risk

when

it

sells

a

credit

default

swap

than

when

it

purchases

a

credit

default

swap.

As

a

buyer

of

a

credit

default

swap,

the

Fund

may

lose

its

investment

and

recover

nothing

should

no

credit

event

occur,

and

the

swap

is

held

to

its

termination

date.

As

seller

of

a

credit

default

swap,

if

a

credit

event

were

to

occur,

the

value

of

any

deliverable

obligation

received

by

the

Fund,

coupled

with

the

upfront

or

periodic

payments

previously

received,

may

be

less

than

what

it

pays

to

the

buyer,

resulting

in

a

loss

of

value

to

the

Fund.

If

the

Fund

is

the

seller

of

credit

protection

against

a

particular

security,

the

Fund

would

receive

an

up-front

or

periodic

payment

to

compensate

against

potential

credit

events.

As

the

seller

in

a

credit

default

swap

contract,

the

Fund

would

be

required

to

pay

the

par

value

(the

“notional

value”)

(or

other

agreed-upon

value)

of

a

referenced

debt

obligation

to

the

counterparty

in

the

event

of

a

default

by

a

third

party,

such

as

a

U.S.

or

foreign

corporate

issuer,

on

the

debt

obligation.

In

return,

the

Fund

would

receive

from

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract

provided

that

no

event

of

default

has

occurred.

If

no

default

occurs,

the

Fund

would

keep

the

stream

of

payments

and

would

have

no

payment

obligations.

As

the

seller,

the

Fund

would

effectively

add

leverage

to

its

portfolio

because,

in

addition

to

its

total

net

assets,

the

Fund

would

be

subject

to

investment

exposure

on

the

notional

value

of

the

swap.

The

maximum

potential

amount

of

future

payments

(undiscounted)

that

the

Fund

as

a

seller

could

be

required

to

make

in

a

credit

default

transaction

would

be

the

notional

amount

of

the

agreement.

As

a

buyer

of

credit

protection,

the

Fund

is

entitled

to

receive

the

par

(or

other

agreed-upon)

value

of

a

referenced

debt

obligation

from

the

counterparty

to

the

contract

in

the

event

of

a

default

or

other

credit

event

by

a

third

party,

such

as

a

U.S.

or

foreign

issuer,

on

the

debt

obligation.

In

return,

the

Fund

as

buyer

would

pay

to

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract

provided

that

no

credit

event

has

occurred.

If

no

credit

event

occurs,

the

Fund

would

have

spent

the

stream

of

payments

and

potentially

received

no

benefit

from

the

contract.

During

the

year,

the

Fund

purchased

protection

via

the

credit

default

swap

market

in

order

to

reduce

credit

risk

exposure

to

individual

corporates,

countries

and/or

credit

indices

where

gaining

this

exposure

via

the

cash

bond

market

was

less

attractive. 

3.

Other

Investments

and

Strategies 

Additional

Investment

Risk 

In

response

to

the

COVID-19

pandemic,

the

U.S.

government

and

the

Federal

Reserve,

as

well

as

certain

foreign

governments

and

central

banks,

have

taken

extraordinary

actions

to

support

local

and

global

economies

and

the

financial

markets,

including

reducing

interest

rates

to

record

low

levels.

Extremely

low

or

negative

interest

rates

may

become

more

prevalent

or

may

not

work

as

intended.

As

there

is

little

precedent

for

this

situation,

the

impact

on

various

markets

that

interest

rate

or

other

significant

policy

changes

may

have

is

unknown.

The

withdrawal

of

this

support,

a

failure

of

measures

put

in

place

in

response

to

such

economic

uncertainty,

or

investor

perception

that

such

efforts

were

not

sufficient

could

each

negatively

affect

financial

markets

generally,

and

the

value

and

liquidity

of

specific

securities.

In

addition,

policy

and

legislative

changes

in

the

United

States

and

in

other

countries

continue

to

impact

many

aspects

of

financial

regulation.

Widespread

disease,

including

pandemics

and

epidemics,

and

natural

or

environmental

disasters,

including

those

which

may

be

attributable

to

global

climate

change,

such

as

earthquakes,

fires,

floods,

hurricanes,

tsunamis

and

weather-related

phenomena

generally,

have

been

and

can

be

highly

disruptive

to

economies

and

markets,

adversely

impacting

individual

companies,

sectors,

industries,

markets,

currencies,

interest

and

inflation

rates,

credit

ratings,

investor

sentiment,

and

other

factors

affecting

the

value

of

a

Fund’s

investments.

Economies

and

financial

markets

throughout

the

world

have

become

increasingly

interconnected,

which

increases

the

likelihood

that

events

or

conditions

in

one

region

or

country

will

adversely

affect

markets

or

issuers

in

other

regions

or

countries,

including

the

United

States.

These

disruptions

could

prevent

a

Fund

from

executing

advantageous

investment

decisions

in

a

timely

manner

and

negatively

impact

a

Fund’s

ability

to

achieve

its

investment

objective(s).

Any

such

event(s)

could

have

a

significant

adverse

impact

on

the

value

of

a

Fund.

In

addition,

these

disruptions

could

also

impair

the

information

technology

and

other

operational

systems

upon

which

the

Fund’s

service

providers,

including

Janus

Capital,

rely,

and

could

otherwise

disrupt

the

ability

of

employees

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

25

of

the

Fund’s

service

providers

to

perform

essential

tasks

on

behalf

of

the

Fund.

Adverse

weather

conditions

may

also

have

a

particularly

negative

effect

on

issuers

in

the

agricultural

sector

in

the

agricultural

sector

and

on

insurance

and

reinsurance

companies

that

insure

or

reinsure

against

the

impact

of

natural

disasters.

A

number

of

countries

in

the

European

Union

(“EU”)

have

experienced,

and

may

continue

to

experience,

severe

economic

and

financial

difficulties.

In

particular,

many

EU

nations

are

susceptible

to

economic

risks

associated

with

high

levels

of

debt.

Many

non-governmental

issuers,

and

even

certain

governments,

have

defaulted

on,

or

been

forced

to

restructure,

their

debts.

Many

other

issuers

have

faced

difficulties

obtaining

credit

or

refinancing

existing

obligations.

Financial

institutions

have

in

many

cases

required

government

or

central

bank

support,

have

needed

to

raise

capital,

and/or

have

been

impaired

in

their

ability

to

extend

credit.

As

a

result,

financial

markets

in

the

EU

have

experienced

extreme

volatility

and

declines

in

asset

values

and

liquidity.

These

difficulties

may

continue,

worsen,

or

spread

further

within

the

EU.

Responses

to

these

financial

problems

by

European

governments,

central

banks,

and

others,

including

austerity

measures

and

reforms,

may

not

work,

may

result

in

social

unrest,

and

may

limit

future

growth

and

economic

recovery

or

have

other

unintended

consequences.

All

of

these

developments

may

continue

to

significantly

affect

the

economies

of

all

EU

countries,

which

in

turn

may

have

a

material

adverse

effect

on

a

Fund's

investments

in

such

countries

that

depend

on

EU

countries

for

significant

amounts

of

trade

or

investment,

or

issues

with

exposure

to

debt

issued

by

certain

EU

countries.

Management

Risk

The

Fund

is

an

actively

managed

investment

portfolio

and

is

therefore

subject

to

the

risk

that

the

investment

strategies

employed

for

the

Fund

may

fail

to

produce

the

intended

results.

Although

the

Fund

seeks

to

provide

long-term

positive

returns,

market

conditions

or

implementation

of

the

Fund's

investment

process

may

result

in

losses,

and

the

Fund

may

not

meet

its

investment

objective.

As

such,

there

can

be

no

assurance

of

positive

"absolute"

returns. 

LIBOR

Replacement

Risk 

The

Fund

may

invest

in

certain

debt

securities,

derivatives,

or

other

financial

instruments

that

utilize

the

London

Inter-

Bank

Offered

Rate

("LIBOR")

as

a

reference

rate

for

various

rate

calculations.

The

U.K.

Financial

Conduct

Authority

has

announced

that

it

intends

to

stop

compelling

or

inducing

banks

to

submit

rates

for

many

LIBOR

settings

after

December

31,

2021,

and

for

certain

other

commonly

used

U.S.

dollar

LIBOR

settings

after

June

30,

2023.

The

elimination

of

LIBOR

or

other

reference

rates

and

the

transition

process

away

from

LIBOR

could

adversely

impact

(i)

volatility

and

liquidity

in

markets

that

are

tied

to

those

reference

rates,

(ii)

the

market

for,

or

value

of,

specific

securities

or

payments

linked

to

those

reference

rates,

(iii)

the

availability

or

terms

of

borrowing

or

refinancing,

or

(iv)

the

effectiveness

of

hedging

strategies.

For

these

and

other

reasons,

the

elimination

of

LIBOR

or

changes

to

other

interest

rates

may

adversely

affect

the

Fund's

performance

and/or

net

asset

value.

Alternatives

to

LIBOR

are

established

or

in

development

in

most

major

currencies

including

the

Secured

Overnight

Financing

Rate

("SOFR")

that

is

intended

to

replace

the

U.S.

dollar

LIBOR. 

The

effect

of

the

discontinuation

of

LIBOR

or

other

reference

rates

on

the

Fund

will

vary

depending

on,

among

other

things

(i)

existing

fallback

or

termination

provisions

in

individual

contracts

and

(ii)

whether,

how,

and

when

industry

participants

develop

and

adopt

new

reference

rates

and

fallbacks

for

both

legacy

and

new

products

and

instruments.

Accordingly,

it

is

difficult

to

predict

the

full

impact

of

the

transition

away

from

LIBOR

or

other

reference

rates

on

the

Fund

until

new

reference

rates

and

fallbacks

for

both

legacy

and

new

products,

instruments

and

contracts

are

commercially

accepted. 

Counterparties 

Fund

transactions

involving

a

counterparty

are

subject

to

the

risk

that

the

counterparty

or

a

third

party

will

not

fulfill

its

obligation

to

the

Fund

("counterparty

risk").

Counterparty

risk

may

arise

because

of

the

counterparty's

financial

condition

(i.e.,

financial

difficulties,

bankruptcy,

or

insolvency),

market

activities

and

developments,

or

other

reasons,

whether

foreseen

or

not.

A

counterparty's

inability

to

fulfill

its

obligation

may

result

in

significant

financial

loss

to

the

Fund.

The

Fund

may

be

unable

to

recover

its

investment

from

the

counterparty

or

may

obtain

a

limited

recovery,

and/or

recovery

may

be

delayed.

The

extent

of

the

Fund's

exposure

to

counterparty

risk

with

respect

to

financial

assets

and

liabilities

approximates

its

carrying

value.

See

the

"Offsetting

Assets

and

Liabilities"

section

of

this

Note

for

further

details.

The

Fund

may

be

exposed

to

counterparty

risk

through

participation

in

various

programs,

including,

but

not

limited

to,

lending

its

securities

to

third

parties,

cash

sweep

arrangements

whereby

the

Fund's

cash

balance

is

invested

in

one

or

more

types

of

cash

management

vehicles,

as

well

as

investments

in,

but

not

limited

to,

repurchase

agreements,

and

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

26

October

31,

2021

derivatives,

including

various

types

of

swaps,

futures

and

options.

The

Fund

intends

to

enter

into

financial

transactions

with

counterparties

that

Janus

Capital

believes

to

be

creditworthy

at

the

time

of

the

transaction.

There

is

always

the

risk

that

Janus

Capital's

analysis

of

a

counterparty's

creditworthiness

is

incorrect

or

may

change

due

to

market

conditions.

To

the

extent

that

the

Fund

focuses

its

transactions

with

a

limited

number

of

counterparties,

it

will

have

greater

exposure

to

the

risks

associated

with

one

or

more

counterparties. 

Offsetting

Assets

and

Liabilities 

The

Fund

presents

gross

and

net

information

about

transactions

that

are

either

offset

in

the

financial

statements

or

subject

to

an

enforceable

master

netting

arrangement

or

similar

agreement

with

a

designated

counterparty,

regardless

of

whether

the

transactions

are

actually

offset

in

the

Statement

of

Assets

and

Liabilities.

JPMorgan

Chase

Bank,

National

Association

acts

as

securities

lending

agent

and

a

limited

purpose

custodian

or

subcustodian

to

receive

and

disburse

cash

balances

and

cash

collateral,

hold

short-term

investments,

hold

collateral,

and

perform

other

custodial

functions

in

accordance

with

the

Securities

Lending

Agreement.

For

financial

reporting

purposes,

the

Fund

does

not

offset

financial

instruments’

payables

and

receivables

and

related

collateral

on

the

Statement

of

Assets

and

Liabilities.

Securities

on

loan

will

be

continuously

secured

by

collateral

which

may

consist

of

cash,

U.S.

Government

securities,

domestic

and

foreign

short-term

debt

instruments,

letters

of

credit,

time

deposits,

repurchase

agreements,

money

market

mutual

funds

or

other

money

market

accounts,

or

such

other

collateral

as

permitted

by

the

Securities

and

Exchange

Commission

(the

“SEC”).

See

“Securities

Lending”

in

the

“Notes

to

Financial

Statements”

for

additional

information. 

The

following

tables

present

gross

amounts

of

recognized

assets

and/or

liabilities

and

the

net

amounts

after

deducting

collateral

that

has

been

pledged

by

counterparties

or

has

been

pledged

to

counterparties

(if

applicable).

For

corresponding

information

grouped

by

type

of

instrument,

see

the

“Fair

Value

of

Derivative

Instruments

as

of

October

31,

2021

table

located

in

the

Fund’s

Schedule

of

Investments.

Mortgage

and

Asset-Backed

Securities 

Mortgage-and

asset-backed

securities

represent

interests

in

“pools”

of

commercial

or

residential

mortgages

or

other

assets,

including

consumer

and

commercial

loans

or

receivables.

The

Fund

may

purchase

fixed

or

variable

rate

commercial

or

residential

mortgage-backed

securities

issued

by

the

Government

National

Mortgage

Association

(“Ginnie

Mae”),

the

Federal

National

Mortgage

Association

(“Fannie

Mae”),

the

Federal

Home

Loan

Mortgage

Corporation

(“Freddie

Mac”),

or

other

governmental

or

government-related

entities.

Ginnie

Mae’s

guarantees

are

backed

as

to

the

timely

payment

of

principal

and

interest

by

the

full

faith

and

credit

of

the

U.S.

Government.

Fannie

Mae

and

Freddie

Mac

securities

are

not

backed

by

the

full

faith

and

credit

of

the

U.S.

Government.

In

September

2008,

the

Federal

Housing

Finance

Agency

(“FHFA”),

an

agency

of

the

U.S.

Government,

placed

Fannie

Mae

and

Freddie

Mac

under

conservatorship.

Since

that

time,

Fannie

Mae

and

Freddie

Mac

have

received

capital

support

through

U.S.

Treasury

preferred

stock

purchases

and

Treasury

and

Federal

Reserve

purchases

of

their

mortgage-backed

securities.

The

FHFA

and

the

U.S.

Treasury

have

imposed

strict

limits

on

the

size

of

these

entities’

mortgage

portfolios.

The

FHFA

has

the

power

to

cancel

any

contract

entered

into

by

Fannie

Mae

and

Freddie

Mac

prior

to

FHFA’s

appointment

as

conservator

or

receiver,

including

the

guarantee

obligations

of

Fannie

Mae

and

Freddie

Mac.

The

Fund

may

also

purchase

other

mortgage-and

asset-backed

securities

through

single-and

multi-seller

conduits,

collateralized

debt

obligations,

structured

investment

vehicles,

and

other

similar

securities.

Asset-backed

securities

may

Counterparty

Gross

Amounts

of

Recognized

Assets

Offsetting

Asset

or

Liability

(a)

Collateral

Pledged

(b)

Net

Amount

JPMorgan

Chase

Bank

NA

$

27,830

$

—

$

(27,830

)

$

—

(a)

Represents

the

amount

of

assets

or

liabilities

that

could

be

offset

with

the

same

counterparty

under

master

netting

or

similar

agreements

that

management

elects

not

to

offset

on

the

Statement

of

Assets

and

Liabilities.

(b)

Collateral

pledged

is

limited

to

the

net

outstanding

amount

due

to/from

an

individual

counterparty.

The

actual

collateral

amounts

pledged

may

exceed

these

amounts

and

may

fluctuate

in

value.

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

27

be

backed

by

various

consumer

obligations,

including

automobile

loans,

equipment

leases,

credit

card

receivables,

or

other

collateral.

In

the

event

the

underlying

loans

are

not

paid,

the

securities’

issuer

could

be

forced

to

sell

the

assets

and

recognize

losses

on

such

assets,

which

could

impact

your

return.

Unlike

traditional

debt

instruments,

payments

on

these

securities

include

both

interest

and

a

partial

payment

of

principal.

Mortgage-and

asset-backed

securities

are

subject

to

both

extension

risk,

where

borrowers

pay

off

their

debt

obligations

more

slowly

in

times

of

rising

interest

rates,

and

prepayment

risk,

where

borrowers

pay

off

their

debt

obligations

sooner

than

expected

in

times

of

declining

interest

rates.

These

risks

may

reduce

the

Fund’s

returns.

In

addition,

investments

in

mortgage-and

asset-backed

securities,

including

those

comprised

of

subprime

mortgages,

may

be

subject

to

a

higher

degree

of

credit

risk,

valuation

risk,

extension

risk

(if

interest

rates

rise),

and

liquidity

risk

than

various

other

types

of

fixed-income

securities.

Additionally,

although

mortgage-

backed

securities

are

generally

supported

by

some

form

of

government

or

private

guarantee

and/or

insurance,

there

is

no

assurance

that

guarantors

or

insurers

will

meet

their

obligations.

TBA

Commitments 

The

Fund

enters

into

“to

be

announced”

or

“TBA”

commitments

to

purchase

mortgage-backed

securities.

TBAs

are

forward

agreements

for

the

purchase

or

sale

of

securities,

including

mortgage-backed

securities,

for

a

fixed

price,

with

payment

and

delivery

on

an

agreed

upon

future

settlement

date.

The

specific

securities

to

be

delivered

are

not

identified

at

the

trade

date.

However,

delivered

securities

must

meet

specified

terms,

including

issuer,

rate,

and

mortgage

terms.

Although

the

particular

TBA

securities

must

meet

industry-accepted

“good

delivery”

standards,

there

can

be

no

assurance

that

a

security

purchased

on

forward

commitment

basis

will

ultimately

be

issued

or

delivered

by

the

counterparty.

During

the

settlement

period,

the

Fund

will

still

bear

the

risk

of

any

decline

in

the

value

of

the

security

to

be

delivered.

Because

TBA

commitments

do

not

require

the

purchase

and

sale

of

identical

securities,

the

characteristics

of

the

security

delivered

to

the

Fund

may

be

less

favorable

than

the

security

delivered

to

the

dealer.

If

the

counterparty

to

a

transaction

fails

to

deliver

the

security,

the

Fund

could

suffer

a

loss.

To

facilitate

TBA

commitments,

the

Fund

is

required

to

segregate

or

otherwise

earmark

liquid

assets

marked

to

market

daily

in

an

amount

at

least

equal

to

such

TBA

commitments.

Rules

of

the

Financial

Industry

Regulatory

Authority

(“FINRA”)

which

went

into

effect

in

October

2021,

include

mandatory

margin

requirements

for

TBA

commitments

which,

in

some

circumstances,

will

require

the

Fund

to

also

post

collateral.

These

collateral

requirements

may

increase

costs

associated

with

the

Fund’s

participation

in

the

TBA

market. 

Real

Estate

Investing

The

Fund

may

invest

in

equity

securities

of

real

estate-related

companies

to

the

extent

such

securities

are

included

in

the

Underlying

Index.

Such

companies

may

include

those

in

the

real

estate

industry

or

real

estate-related

industries.

These

securities

may

include

common

stocks,

preferred

and

convertible

securities

of

issuers

in

real

estate-related

industries.

A

REIT

is

a

trust

that

invests

in

real

estate-related

projects,

such

as

properties,

mortgage

loans,

and

construction

loans.

REITs

are

generally

categorized

as

equity,

mortgage,

or

hybrid

REITs.

A

REIT

may

be

listed

on

an

exchange

or

traded

OTC.

When-Issued,

Delayed

Delivery

and

Forward

Commitment

Transactions 

The

Fund

may

purchase

or

sell

securities

on

a

when-issued,

delayed

delivery,

or

forward

commitment

basis.

When

purchasing

a

security

on

a

when-issued,

delayed

delivery,

or

forward

commitment

basis,

the

Fund

assumes

the

rights

and

risks

of

ownership

of

the

security,

including

the

risk

of

price

and

yield

fluctuations,

and

takes

such

fluctuations

into

account

when

determining

its

net

asset

value.

Typically,

no

income

accrues

on

securities

the

Fund

has

committed

to

purchase

prior

to

the

time

delivery

of

the

securities

is

made.

Because

the

Fund

is

not

required

to

pay

for

the

security

until

the

delivery

date,

these

risks

are

in

addition

to

the

risks

associated

with

the

Fund’s

other

investments.

If

the

other

party

to

a

transaction

fails

to

deliver

the

securities,

the

Fund

could

miss

a

favorable

price

or

yield

opportunity.

If

the

Fund

remains

substantially

fully

invested

at

a

time

when

when-issued,

delayed

delivery,

or

forward

commitment

purchases

(including

TBA

commitments)

are

outstanding,

the

purchases

may

result

in

a

form

of

leverage.

When

the

Fund

has

sold

a

security

on

a

when-issued,

delayed

delivery,

or

forward

commitment

basis,

the

Fund

does

not

participate

in

future

gains

or

losses

with

respect

to

the

security.

If

the

other

party

to

a

transaction

fails

to

pay

for

the

securities,

the

Fund

could

suffer

a

loss.

Additionally,

when

selling

a

security

on

a

when-issued,

delayed

delivery,

or

forward

commitment

basis

without

owning

the

security,

the

Fund

will

incur

a

loss

if

the

security’s

price

appreciates

in

value

such

that

the

security’s

price

is

above

the

agreed

upon

price

on

the

settlement

date.

The

Fund

may

dispose

of

or

renegotiate

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

28

October

31,

2021

a

transaction

after

it

is

entered

into,

and

may

purchase

or

sell

when-issued,

delayed

delivery

or

forward

commitment

securities

before

the

settlement

date,

which

may

result

in

a

gain

or

loss. 

Securities

Lending 

Under

procedures

adopted

by

the

Trustees,

the

Fund

may

seek

to

earn

additional

income

by

lending

securities

to

certain

qualified

broker-dealers

and

institutions.

JP

Morgan

Chase

Bank,

NA

acts

as

securities

lending

agent

and

a

limited

purpose

custodian

or

subcustodian

to

receive

and

disburse

cash

balances

and

cash

collateral,

hold

short-term

investments,

hold

collateral,

and

perform

other

custodial

functions

in

accordance

with

the

Securities

Lending

Agreement.

The

Fund

may

lend

fund

securities

in

an

amount

equal

to

up

to

1/3

of

its

total

assets

as

determined

at

the

time

of

the

loan

origination.

There

is

the

risk

of

delay

in

recovering

a

loaned

security

or

the

risk

of

loss

in

collateral

rights

if

the

borrower

fails

financially.

In

addition,

Janus

Capital

makes

efforts

to

balance

the

benefits

and

risks

from

granting

such

loans.

All

loans

will

be

continuously

secured

by

collateral

which

may

consist

of

cash,

U.S.

Government

securities,

domestic

and

foreign

short-term

debt

instruments,

letters

of

credit,

time

deposits,

repurchase

agreements,

money

market

mutual

funds

or

other

money

market

accounts,

or

such

other

collateral

as

permitted

by

the

SEC.

If

the

Fund

is

unable

to

recover

a

security

on

loan,

the

Fund

may

use

the

collateral

to

purchase

replacement

securities

in

the

market.

There

is

a

risk

that

the

value

of

the

collateral

could

decrease

below

the

cost

of

the

replacement

security

by

the

time

the

replacement

investment

is

made,

resulting

in

a

loss

to

the

Fund.

In

certain

circumstances

individual

loan

transactions

could

yield

negative

returns. 

Upon

receipt

of

cash

collateral,

Janus

Capital

may

invest

it

in

affiliated

or

non-affiliated

cash

management

vehicles,

whether

registered

or

unregistered

entities,

as

permitted

by

the

1940

Act

and

rules

promulgated

thereunder.

Janus

Capital

currently

intends

to

invest

the

cash

collateral

in

a

cash

management

vehicle

for

which

Janus

Capital

serves

as

investment

adviser,

Janus

Henderson

Cash

Collateral

Fund

LLC,

or

in

time

deposits.

An

investment

in

Janus

Henderson

Cash

Collateral

Fund

LLC

is

generally

subject

to

the

same

risks

that

shareholders

experience

when

investing

in

similarly

structured

vehicles,

such

as

the

potential

for

significant

fluctuations

in

assets

as

a

result

of

the

purchase

and

redemption

activity

of

the

securities

lending

program,

a

decline

in

the

value

of

the

collateral,

and

possible

liquidity

issues.

Such

risks

may

delay

the

return

of

the

cash

collateral

and

cause

the

Fund

to

violate

its

agreement

to

return

the

cash

collateral

to

a

borrower

in

a

timely

manner.

As

adviser

to

the

Fund

and

Janus

Henderson

Cash

Collateral

Fund

LLC,

Janus

Capital

has

an

inherent

conflict

of

interest

as

a

result

of

its

fiduciary

duties

to

both

the

Fund

and

Janus

Henderson

Cash

Collateral

Fund

LLC.

Additionally,

Janus

Capital

receives

an

investment

advisory

fee

of

0.05%

for

managing

Janus

Henderson

Cash

Collateral

Fund

LLC

and

therefore

may

have

an

incentive

to

allocate

collateral

to

the

Janus

Henderson

Cash

Collateral

Fund

LLC,

rather

than

to

other

collateral

management

options

for

which

Janus

Capital

does

not

receive

compensation. 

The

value

of

the

collateral

must

be

at

least

102%

of

the

market

value

of

the

loaned

securities

that

are

denominated

in

U.S.

dollars

and

105%

of

the

market

value

of

the

loaned

securities

that

are

not

denominated

in

U.S.

dollars.

Loaned

securities

and

related

collateral

are

marked-to-market

each

business

day

based

upon

the

market

value

of

the

loaned

securities

at

the

close

of

business,

employing

the

most

recent

available

pricing

information.

Collateral

levels

are

then

adjusted

based

on

this

mark-to-market

evaluation.

Additional

required

collateral,

or

excess

collateral

returned,

is

delivered

on

the

next

business

day.

Therefore,

the

value

of

the

collateral

held

may

be

temporarily

less

than

102%

or

105%

value

of

the

securities

on

loan.

The

cash

collateral

invested

by

Janus

Capital

is

disclosed

in

the

Schedule

of

Investments

(if

applicable).

Income

earned

from

the

investment

of

the

cash

collateral,

net

of

rebates

paid

to,

or

fees

paid

by,

borrowers

and

less

the

fees

paid

to

the

lending

agent

are

included

as

“Affiliated

securities

lending

income,

net”

on

the

Statement

of

Operations.

As

of

October

31,

2021,

securities

lending

transactions

accounted

for

as

secured

borrowings

with

an

overnight

and

continuous

contractual

maturity

are

$27,830

for

equity

securities.

Gross

amounts

of

recognized

liabilities

for

securities

lending

(collateral

received)

as

of

October

31,

2021

is

$28,600,

resulting

in

the

net

amount

due

to

the

counterparty

of

$770.

4.

Investment

Advisory

Agreements

and

Other

Transactions

with

Affiliates 

Under

its

unitary

fee

structure,

the

Fund

pays

Janus

Capital

a

management

fee

in

return

for

providing

certain

investment

advisory,

supervisory,

and

administrative

services

to

the

Fund,

including

the

costs

of

transfer

agency,

custody,

fund

administration,

legal,

audit,

and

other

services.

Janus

Capital’s

fee

structure

is

designed

to

pay

substantially

all

of

the

Fund’s

expenses.

However,

the

Fund

bears

other

expenses

which

are

not

covered

under

the

management

fee

which

may

vary

and

affect

the

total

level

of

expenses

paid

by

shareholders,

such

as

distribution

fees

(if

any),

brokerage

expenses

or

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

29

commissions,

interest,

dividends,

taxes,

litigation

expenses,

acquired

fund

fees

and

expenses

(if

any),

and

extraordinary

expenses.

The

Fund’s

unitary

management

fee

provides

for

reductions

in

the

fee

rate

as

the

Fund’s

assets

grow.

As

of

the

date

of

this

report,

the

Fund’s

management

fee

was

calculated

daily

and

paid

monthly

according

to

the

following

schedule: 

Additionally,

Janus

Capital

has

contractually

agreed

to

waive

and/or

reimburse

the

management

fee

payable

by

the

Fund

in

an

amount

equal

to

the

amount,

if

any,

that

the

Fund’s

total

annual

fund

operating

expenses

(excluding

distribution

fees

(if

any),

brokerage

expenses

or

commissions,

interest,

dividends,

taxes,

litigation

expenses,

acquired

fund

fees

and

expenses

(if

any),

and

other

extraordinary

expenses

not

incurred

in

the

ordinary

course

of

the

Fund’s

business)

exceed

the

annual

rate

of

0.29%

of

the

Fund’s

average

daily

net

assets.

Janus

Capital

has

agreed

to

continue

the

waiver

for

at

least

the

period

from

February

28,

2021

through

February

28,

2022.

If

applicable,

amounts

waived

and/or

reimbursed

to

the

Fund

by

Janus

Capital

are

disclosed

as

“Excess

Expense

Reimbursement

and

Waivers”

on

the

Statement

of

Operations. 

For

the

year

ended

October

31,

2021,

the

Fund’s

contractual

management

fee

rate

(expressed

as

an

annual

rate)

was

0.28%

of

the

Fund’s

average

daily

net

assets.

Effective

June

14,

2021,

J.P.

Morgan

Chase

Bank,

NA

(“JP

Morgan")

provides

certain

fund

administration

services

to

the

Fund,

including

services

related

to

the

Fund’s

accounting,

including

calculating

the

daily

NAV,

audit

coordination,

tax,

and

reporting

obligations,

pursuant

to

an

agreement

with

Janus

Capital,

on

behalf

of

the

Fund.

Prior

to

June

14,

2021,

State

Street

Bank

and

Trust

Company

(“State

Street”)

provided

certain

fund

administration

services

to

the

Fund,

including

services

related

to

the

Fund’s

accounting,

including

calculating

the

daily

NAV,

audit

coordination,

tax,

and

reporting

obligations,

pursuant

to

an

agreement

with

Janus

Capital,

on

behalf

of

the

Fund.

As

compensation

for

such

services,

Janus

Capital

pays

JP

Morgan,

and

previously

paid

State

Street,

a

fee

based

on

a

percentage

of

the

Fund’s

assets,

and

a

flat

fee,

for

certain

services.

Janus

Capital

serves

as

administrator

to

the

Fund,

providing

oversight

and

coordination

of

the

Fund’s

service

providers,

recordkeeping

and

other

administrative

services.

Janus

Capital

does

not

receive

any

additional

compensation,

beyond

the

unitary

fee,

for

serving

as

administrator.

Effective

June

14,

2021,

JP

Morgan

also

serves

as

transfer

agent

for

the

shares

of

the

Fund.

Prior

to

June

14,

2021,

State

Street

served

as

transfer

agent

for

the

shares

of

the

Fund.

Pursuant

to

agreements

with

Janus

Capital

on

behalf

of

the

Fund,

J.P.

Morgan

Securities

LLC,

an

affiliate

of

JP

Morgan,

may

execute

portfolio

transactions

for

the

Fund,

including

but

not

limited

to,

transactions

in

connection

with

cash

in

lieu

transactions

for

non-US

securities.

Prior

to

June

14,

2021,

State

Street

Global

Markets,

an

affiliate

of

State

Street,

executed

portfolio

transactions

for

the

Fund,

including

but

not

limited

to,

transactions

in

connection

with

cash

in

lieu

transactions

for

non-US

securities.

The

Tr

ust

has

adopted

a

Distribution

and

Servicing

Plan

for

shares

of

the

Fund

pursuant

to

Rule

12b-1

under

the

1940

Act

(the

“Plan”).

The

Plan

permits

compensation

in

connection

with

the

distribution

and

marketing

of

Fund

shares

and/or

the

provision

of

certain

shareholder

services.

The

Plan

permits

the

Fund

to

pay

ALPS

Distributors,

Inc.

(the

“Distributor”)

or

its

designee,

a

fee

for

the

sale

and

distribution

and/or

shareholder

servicing

of

the

shares

at

an

annual

rate

of

up

to

0.25%

of

average

daily

net

assets

of

the

Fund.

However,

the

Trustees

have

determined

not

to

authorize

payment

under

this

Plan

at

this

time.

Under

the

terms

of

the

Plan,

the

Trust

would

be

authorized

to

make

payments

to

the

Distributor

or

its

designee

for

remittance

to

retirement

plan

service

providers,

broker-dealers,

bank

trust

departments,

financial

advisors,

and

other

financial

intermediaries,

as

compensation

for

distribution

and/or

shareholder

services

performed

by

such

entities

for

their

customers

who

are

investors

in

the

Fund.

The

12b-1

fee

may

only

be

imposed

or

increased

when

the

Trustees

determine

that

it

is

in

the

best

interests

of

shareholders

to

do

so.

Because

these

fees

are

paid

out

of

the

Fund’s

assets

on

an

ongoing

basis,

to

the

extent

that

a

fee

is

authorized,

over

time

they

will

increase

the

cost

of

an

investment

in

the

Fund.

The

Plan

fee

may

cost

an

investor

more

than

other

types

of

sales

charges. 

Daily

Net

Assets

Fee

Rate

$0-$500

million

0.30%

Next

$500

million

0.25%

Over

$1

billion

0.20%

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

30

October

31,

2021

Pursuant

to

the

provisions

of

the

1940

Act

and

related

rules,

the

Fund

may

participate

in

an

affiliated

or

non-affiliated

cash

sweep

program.

In

the

cash

sweep

program,

uninvested

cash

balances

of

the

Fund

may

be

used

to

purchase

shares

of

affiliated

or

non

affiliated

money

market

funds

or

cash

management

pooled

investment

vehicles

that

operate

as

money

market

funds.

The

Fund

is

eligible

to

participate

in

the

cash

sweep

program

(the

“Investing

Funds”).

As

adviser,

Janus

Capital

has

an

inherent

conflict

of

interest

because

of

its

fiduciary

duties

to

the

affiliated

money

market

funds

or

cash

management

pooled

investment

vehicles

and

the

Investing

Funds.

Janus

Henderson

Cash

Liquidity

Fund

LLC

(the

“Sweep

Vehicle”)

is

an

affiliated

unregistered

cash

management

pooled

investment

vehicle

that

invests

primarily

in

highly-rated

short-term

fixed-income

securities.

The

Sweep

Vehicle

operates

pursuant

to

the

provisions

of  the

1940

Act

that

govern

the

operation

of

money

market

funds

and

prices

its

shares

at

NAV

reflecting

market-based

values

of

its

portfolio

securities

(i.e.,

a

“floating”

NAV)

rounded

to

the

fourth

decimal

place

(e.g.,

$1.0000).

The

Sweep

Vehicle

is

permitted

to

impose

a

liquidity

fee

(of

up

to

2%)

on

redemptions

from

the

Sweep

Vehicle

or

a

redemption

gate

that

temporarily

suspends

redemptions

from

the

Sweep

Vehicle

for

up

to

10

business

days

during

a

90

day

period.  There

are

no

restrictions

on

the

Fund's

ability

to

withdraw

investments

from

the

Sweep

Vehicle

at

will,

and

there

are

no

unfunded

capital

commitments

due

from

the

Fund

to

the

Sweep

Vehicle.

The

Sweep

Vehicle

does

not

charge

any

management

fee,

sales

charge

or

service

fee.

Any

purchases

and

sales,

realized

gains/losses

and

recorded

dividends

from

affiliated

investments

during

the

year

ended

October

31,

2021

can

be

found

in

a

table

located

in

the

Schedule

of

Investments.

The

Fund

is

permitted

to

purchase

or

sell

securities

(“cross-trade”)

between

itself

and

other

funds

or

accounts

managed

by

Janus

Capital

in

accordance

with

Rule

17a-7

under

the

Investment

Company

Act

of

1940

(“Rule

17a-7”),

when

the

transaction

is

consistent

with

the

investment

objectives

and

policies

of

the

Fund

and

in

accordance

with

the

Internal

Cross

Trade

Procedures

adopted

by

the

Trust’s

Board

of

Trustees.

These

procedures

have

been

designed

to

ensure

that

any

cross-trade

of

securities

by

the

Fund

from

or

to

another

fund

or

account

that

is

or

could

be

considered

an

affiliate

of

the

Fund

under

certain

limited

circumstances

by

virtue

of

having

a

common

investment

adviser,

common

Officer,

or

common

Trustee

complies

with

Rule

17a-7.

Under

these

procedures,

each

cross-trade

is

effected

at

the

current

market

price

to

save

costs

where

allowed.

During

the

year

ended

October

31,

2021,

the

Fund

engaged

in

cross

trades

amounting

to

$49,971,902

in

purchases

and

$8,382,478

in

sales,

resulting

in

a

net

realized

gain

of

$190,273.

The

net

realized

gain

is

included

within

the

“Net

Realized

Gain/(Loss)

on

Investments”

section

of

the

Fund’s

Statement

of

Operations.

5.

Federal

Income

Tax

The

tax

components

of

capital

shown

in

the

table

below

represent:

(1)

distribution

requirements

the

Fund

must

satisfy

under

the

income

tax

regulations;

(2)

losses

or

deductions

the

Fund

may

be

able

to

offset

against

income

and

gains

realized

in

future

years;

and

(3)

unrealized

appreciation

or

depreciation

of

investments

for

federal

income

tax

purposes. 

The

Fund

has

elected

to

treat

gains

and

losses

on

forward

foreign

currency

contracts

as

capital

gains

and

losses,

if

applicable.

Other

foreign

currency

gains

and

losses

on

debt

instruments

are

treated

as

ordinary

income

for

federal

income

tax

purposes

pursuant

to

Section

988

of

the

Internal

Revenue

Code. 

Accumulated

capital

losses

noted

below

represent

net

capital

loss

carryovers,

as

of

October

31,

2021,

that

may

be

available

to

offset

future

realized

capital

gains

and

thereby

reduce

future

taxable

gains

distributions.

The

following

table

shows

these

capital

loss

carryovers. 

Loss

Deferrals

Undistributed

Ordinary

Income

Undistributed

Long-Term

Gains

Accumulated

Capital

Losses

Late-Year

Ordinary

Loss

Post-October

Capital

Loss

Other

Book

to

Tax

Differences

Net

Tax

Appreciation/

(Depreciation)

$959,481

$

—

$(113,659)

$

—

$

—

$

—

$1,312,456

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

31

The

aggregate

cost

of

investments

and

the

composition

of

unrealized

appreciation

and

depreciation

of

investment

securities

for

federal

income

tax

purposes

as

of

October

31,

2021 are

noted

below.

The

primary

difference

between

book

and

tax

appreciation

or

depreciation

of

investments

is

wash

sale

loss

deferrals. 

Information

on

the

tax

components

of

derivatives

as

of

October

31,

2021

is

as

follows: 

Income

and

capital

gains

distributions

are

determined

in

accordance

with

income

tax

regulations

that

may

differ

from

US

GAAP.

These

differences

are

due

to

differing

treatments

for

items

such

as

net

short-term

gains,

deferral

of

wash

sale

losses,

foreign

currency

transactions,

passive

foreign

investment

companies,

net

investment

losses,

in-kind

transactions

and

capital

loss

carryovers.

Certain

permanent

differences

such

as

tax

returns

of

capital

and

net

investment

losses

noted

below

have

been

reclassified

to

capital. 

Permanent

book

to

tax

basis

differences

may

result

in

reclassifications

between

the

components

of

net

assets.

These

differences

have

no

impact

on

the

results

of

operations

or

net

assets.

The

following

reclassifications

have

been

made

to

the

Fund: 

Capital

Loss

Carryover

Schedule

For

the

year

ended

October

31,

2021

No

Expiration

Short-Term

Long-Term

Accumulated

Capital

Losses

$

—

$(113,659)

$(113,659)

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$1,469,537,738

$3,178,758

$(1,884,640)

$1,294,118

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$(49,947,100)

$18,338

$

—

$18,338

For

the

year

ended

October

31,

2021

:

Distributions

From

Ordinary

Income

From

Long-Term

Capital

Gain

Tax

Return

of

Capital

Net

Investment

Loss

$12,444,742

$1,343,402

$

—

$

—

For

the

year

ended

October

31,

2020

:

Distributions

From

Ordinary

Income

From

Long-Term

Capital

Gain

Tax

Return

of

Capital

Net

Investment

Loss

$10,243,739

$

—

$

—

$

—

Increase/(Decrease)

to

Capital

Increase/(Decrease)

to

Undistributed

Net

Investment

Income/Loss

Increase/(Decrease)

to

Undistributed

Net

realized

Gain/Loss

$

—

$3,416,239

$(3,416,239)

Pursuant

to

the

provisions

of

the

1940

Act

and

related

rules,

the

Fund

may

participate

in

an

affiliated

or

non-affiliated

cash

sweep

program.

In

the

cash

sweep

program,

uninvested

cash

balances

of

the

Fund

may

be

used

to

purchase

shares

of

affiliated

or

non

affiliated

money

market

funds

or

cash

management

pooled

investment

vehicles

that

operate

as

money

market

funds.

The

Fund

is

eligible

to

participate

in

the

cash

sweep

program

(the

“Investing

Funds”).

As

adviser,

Janus

Capital

has

an

inherent

conflict

of

interest

because

of

its

fiduciary

duties

to

the

affiliated

money

market

funds

or

cash

management

pooled

investment

vehicles

and

the

Investing

Funds.

Janus

Henderson

Cash

Liquidity

Fund

LLC

(the

“Sweep

Vehicle”)

is

an

affiliated

unregistered

cash

management

pooled

investment

vehicle

that

invests

primarily

in

highly-rated

short-term

fixed-income

securities.

The

Sweep

Vehicle

operates

pursuant

to

the

provisions

of  the

1940

Act

that

govern

the

operation

of

money

market

funds

and

prices

its

shares

at

NAV

reflecting

market-based

values

of

its

portfolio

securities

(i.e.,

a

“floating”

NAV)

rounded

to

the

fourth

decimal

place

(e.g.,

$1.0000).

The

Sweep

Vehicle

is

permitted

to

impose

a

liquidity

fee

(of

up

to

2%)

on

redemptions

from

the

Sweep

Vehicle

or

a

redemption

gate

that

temporarily

suspends

redemptions

from

the

Sweep

Vehicle

for

up

to

10

business

days

during

a

90

day

period.  There

are

no

restrictions

on

the

Fund's

ability

to

withdraw

investments

from

the

Sweep

Vehicle

at

will,

and

there

are

no

unfunded

capital

commitments

due

from

the

Fund

to

the

Sweep

Vehicle.

The

Sweep

Vehicle

does

not

charge

any

management

fee,

sales

charge

or

service

fee.

Any

purchases

and

sales,

realized

gains/losses

and

recorded

dividends

from

affiliated

investments

during

the

year

ended

October

31,

2021

can

be

found

in

a

table

located

in

the

Schedule

of

Investments.

The

Fund

is

permitted

to

purchase

or

sell

securities

(“cross-trade”)

between

itself

and

other

funds

or

accounts

managed

by

Janus

Capital

in

accordance

with

Rule

17a-7

under

the

Investment

Company

Act

of

1940

(“Rule

17a-7”),

when

the

transaction

is

consistent

with

the

investment

objectives

and

policies

of

the

Fund

and

in

accordance

with

the

Internal

Cross

Trade

Procedures

adopted

by

the

Trust’s

Board

of

Trustees.

These

procedures

have

been

designed

to

ensure

that

any

cross-trade

of

securities

by

the

Fund

from

or

to

another

fund

or

account

that

is

or

could

be

considered

an

affiliate

of

the

Fund

under

certain

limited

circumstances

by

virtue

of

having

a

common

investment

adviser,

common

Officer,

or

common

Trustee

complies

with

Rule

17a-7.

Under

these

procedures,

each

cross-trade

is

effected

at

the

current

market

price

to

save

costs

where

allowed.

During

the

year

ended

October

31,

2021,

the

Fund

engaged

in

cross

trades

amounting

to

$49,971,902

in

purchases

and

$8,382,478

in

sales,

resulting

in

a

net

realized

gain

of

$190,273.

The

net

realized

gain

is

included

within

the

“Net

Realized

Gain/(Loss)

on

Investments”

section

of

the

Fund’s

Statement

of

Operations.

5.

Federal

Income

Tax

The

tax

components

of

capital

shown

in

the

table

below

represent:

(1)

distribution

requirements

the

Fund

must

satisfy

under

the

income

tax

regulations;

(2)

losses

or

deductions

the

Fund

may

be

able

to

offset

against

income

and

gains

realized

in

future

years;

and

(3)

unrealized

appreciation

or

depreciation

of

investments

for

federal

income

tax

purposes. 

The

Fund

has

elected

to

treat

gains

and

losses

on

forward

foreign

currency

contracts

as

capital

gains

and

losses,

if

applicable.

Other

foreign

currency

gains

and

losses

on

debt

instruments

are

treated

as

ordinary

income

for

federal

income

tax

purposes

pursuant

to

Section

988

of

the

Internal

Revenue

Code. 

Accumulated

capital

losses

noted

below

represent

net

capital

loss

carryovers,

as

of

October

31,

2021,

that

may

be

available

to

offset

future

realized

capital

gains

and

thereby

reduce

future

taxable

gains

distributions.

The

following

table

shows

these

capital

loss

carryovers. 

Loss

Deferrals

Undistributed

Ordinary

Income

Undistributed

Long-Term

Gains

Accumulated

Capital

Losses

Late-Year

Ordinary

Loss

Post-October

Capital

Loss

Other

Book

to

Tax

Differences

Net

Tax

Appreciation/

(Depreciation)

$959,481

$

—

$(113,659)

$

—

$

—

$

—

$1,312,456

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

32

October

31,

2021

6.

Capital

Share

Transactions 

7.

Purchases

and

Sales

of

Investment

Securities 

For

the

year ended

October

31,

2021,

the

aggregate

cost

of

purchases

and

proceeds

from

sales

of

investment

securities

(excluding

any

short-term

securities,

short-term

options

contracts,

TBAs

and

in-kind

transactions)

was

as

follows: 

8.

Recent

Accounting

Pronouncements 

The

FASB

issued

Accounting

Standards

Update

2020-04

Reference

Rate

Reform:

Facilitation

of

the

Effects

of

Reference

Rate

Reform

on

Financial

Reporting

("ASU

2020-04")

in

March

2020.

The

new

guidance

in

the

ASU

provide

optional

temporary

financial

reporting

relief

from

the

effect

of

certain

types

of

contract

modifications

due

to

the

planned

discontinuation

of

the

LIBOR

or

other

interbank-offered

based

reference

rates

as

of

the

end

of

2021.

For

new

and

existing

contracts,

Funds

may

elect

to

apply

the

guidance

as

of

March

12,

2020

through

December

31,

2022.

Management

is

currently

evaluating

the

impact,

if

any,

of

the

ASU's

adoption

to

the

Fund's

financial

statements. 

9.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to

October

31,

2021

and

through

the

date

of

the

issuance

of

the

Fund's

financial

statements

and

determined

that

there

were

no

material

events

or

transactions

that

would

require

recognition

or

disclosure

in

the

Fund's

financial

statements. 

Year

Ended

October

31,

2021

Year

Ended

October

31,

2020

Shares

Amount

Shares

Amount

Shares

sold

6,050,000

$

322,380,877

8,050,000

$

426,661,907

Shares

repurchased

(825,001)

(43,982,427

)

(450,000)

(23,583,742

)

Net

Increase/(Decrease)

5,224,999

$

278,398,450

7,600,000

$

403,078,165

Purchases

of

Securities

Proceeds

from

Sales

of

Securities

Purchases

of

Long-

Term

U.S.

Government

Obligations

Proceeds

from

Sales

of

Long-Term

U.S.

Government

Obligations

$183,867,398

$164,720,752

$497,800,991

$531,871,602

Janus

Henderson

Mortgage-Backed

Securities

ETF

Additional

Information

(unaudited)

Janus

Detroit

Street

Trust

33

Proxy

Voting

Policies

and

Voting

Record

A

description

of

the

policies

and

procedures

that

the

Fund

uses

to

determine

how

to

vote

proxies

relating

to

its

portfolio

securities

is

available

without

charge:

(i)

upon

request,

by

calling

1-800-525-0020

(toll

free);

(ii)

on

the

Fund’s

website

at

janushenderson.com/proxyvoting;

and

(iii)

on

the

SEC’s

website

at

http://www.sec.gov.

Quarterly

Portfolio

Holdings

The

Fund

files

its

complete

portfolio

holdings

(schedule

of

investments)

with

the

SEC

for

the

first

and

third

quarters

each

fiscal

year

as

an

exhibit

to

Form

N-PORT

within

60

days

of

the

end

of

such

fiscal

quarter.

Historically,

the

Fund

filed

its

complete

portfolio

holdings

(schedule

of

investments)

with

the

SEC

for

the

first

and

third

quarters

each

fiscal

year

on

Form

N-Q.

The

Fund’s

Form

N-PORT

and

Form

N-Q

filings:

are

available

on

the

SEC’s

website

at

http://www.sec.gov;

(ii)

may

be

reviewed

and

copied

at

the

SEC’s

Public

Reference

Room

in

Washington,

D.C.

(information

on

the

Public

Reference

Room

may

be

obtained

by

calling

1-800-SEC-0330);

and

(iii)

are

available

without

charge,

upon

request,

by

calling

Janus

Henderson

at

1-800-525-0020

(toll

free).

Designation

Requirements

(unaudited)

For

federal

income

tax

purposes,

the

Fund

designated

the

following

for

the

year

ended

October

31,

2021.

Capital

Gain

Distributions

$1,343,402

Janus

Henderson

Mortgage-Backed

Securities

ETF

Trustees

and

Officers

(unaudited)

34

October

31,

2021

The

following

are

the

Trustees

and

officers

of

the

Trust

together

with

a

brief

description

of

their

principal

occupations

during

the

last

five

years

(principal

occupations

for

certain

Trustees

may

include

periods

over

five

years).

The

Fund’s

Statement

of

Additional

Information

includes

additional

information

about

the

Trustees

and

officers

and

is

available,

without

charge,

by

calling

1-877-335-2687.

Each

Trustee

has

served

in

that

capacity

since

he

or

she

was

originally

elected

or

appointed.

The

Trustees

do

not

serve

a

specified

term

of

office.

Each

Trustee

will

hold

office

until

the

termination

of

the

Trust

or

his

or

her

earlier

death,

resignation,

retirement,

incapacity,

or

removal.

Under

the

Fund’s

Governance

Procedures

and

Guidelines,

the

policy

is

for

Trustees

to

retire

no

later

than

the

end

of

the

calendar

year

in

which

the

Trustee

turns

75.

The

Trustees

review

the

Fund’s

Governance

Procedures

and

Guidelines

from

time

to

time

and

may

make

changes

they

deem

appropriate.

The

Fund’s

Nominating

and

Governance

Committee

will

consider

nominees

for

the

position

of

Trustee

recommended

by

shareholders.

Shareholders

may

submit

the

name

of

a

candidate

for

consideration

by

the

Committee

by

submitting

their

recommendations

to

the

Trust’s

Secretary.

Each

Trustee

is

currently

a

Trustee

of

one

other

registered

investment

company

advised

by

Janus

Capital:

Clayton

Street

Trust.

As

of

the

date

of

this

report,

collectively,

the

two

registered

investment

companies

consist

of

14

series

or

funds.

The

Trust’s

officers

are

elected

annually

by

the

Trustees

for

a

one-year

term.

Certain

officers

also

serve

as

officers

of

Clayton

Street

Trust.

Certain

officers

of

the

Funds

may

also

be

officers

and/or

directors

of

Janus

Capital.

Except

as

otherwise

disclosed,

Fund

officers

receive

no

compensation

from

the

Funds.

TRUSTEES

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Number

of

Portfolios/Funds

in

Fund

Complex

Overseen

by

Trustee*

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Independent

Trustees

Clifford

J.

Weber

151

Detroit

Street

Denver,

CO

80206

DOB:

1963

Chairman

Trustee

2/16-Present

Owner,

Financial

Products

Consulting

Group

LLC

(consulting

services

to

financial

institutions)

(since

2015).

14

Independent

Trustee,

Clough

Funds

Trust

(investment

company)

(since

2015),

Chairman,

Clough

Funds

Trust

(since

2017),

Independent

Trustee,

Clough

Global

Dividend

and

Income

Fund (closed-end fund)

(since

2017),

Independent

Trustee,

Clough

Global

Opportunities

Fund (closed-end fund)

(since

2017),

Independent

Trustee,

Clough

Global

Equity

Fund (closed-end fund)

(since

2017),

Independent

Trustee,

Elevation

ETF

Trust

(investment

company)

(2016-

2018),

Chairman,

Elevation

ETF

Trust

(2016-2018),

and

Independent

Trustee,

Global

X

Funds

(investment

company)

(since

2018).

Janus

Henderson

Mortgage-Backed

Securities

ETF

Trustees

and

Officers

(unaudited)

Janus

Detroit

Street

Trust

35

*

Each

Trustee

also

serves

as

a

trustee

to

the

Clayton

Street

Trust,

which

is

currently

comprised

of

three

portfolios.

**

Ms.

Benz

is

an

Interested

Trustee

because

of

her

employment

with

Janus

Henderson

Investors.

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Number

of

Portfolios/Funds

in

Fund

Complex

Overseen

by

Trustee*

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Maureen

T.

Upton

151

Detroit

Street

Denver,

CO

80206

DOB:

1965

Trustee

2/16-Present

Principal,

Maureen

Upton

Ltd.

(consulting

services

to

developers

of

major

infrastructure

projects

and

investors)

(since

2017).

Formerly,

Principal

Consultant,

SRK

Consulting

(U.S.),

Inc.

(consulting

services

to

global

mining,

energy

and

water

resource

industries)

(2015-

2017)

and

Founder

and

Principal,

Resource

Initiatives

LLC

(sustainability

consulting

firm)

(2006-2015).

14

Jeffrey

B.

Weeden

151

Detroit

Street

Denver,

CO

80206

DOB:

1956

Trustee

2/16-Present

Senior

Advisor,

BayBoston

Capital

LP

(investment

fund

in

banks

and

bank

holdings

companies)

(since

2015).

Formerly,

Management

Advisor,

BoxCast,

Inc.

(technology start-

up company)

(2014-2017).

14

Director,

West

Travis

County

Municipal

Utility

District

No. 6

(municipal

utility)

(since

2020)

and

Director,

State

Farm

Bank

(banking)

(2014-2021).

Interested

Trustee

Carrie

Benz**

151

Detroit

Street

Denver,

CO

80206

DOB:

1975

Trustee

1/21-Present

Global

Head

of

Investment

Services,

Janus

Henderson

Investors

(since

2017);

Vice

President,

Investments

Chief

of

Staff,

Janus

Capital

Management

LLC

(2007-

2017).

14

Janus

Henderson

Mortgage-Backed

Securities

ETF

Trustees

and

Officers

(unaudited)

36

October

31,

2021

OFFICERS

*

Officers

are

elected

at

least

annually

by

the

Trustees

for

a

one-year

term

and

may

also

be

elected

from

time

to

time

by

the

Trustees

for

an

interim

period.

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Term

of

Office*

and

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Bruce

L.

Koepfgen

151

Detroit

Street

Denver,

CO

80206

DOB:

1952

President

and

Chief

Executive

Officer

2/16-Present

Executive

Vice

President,

Head

of

North

America

at

Janus

Henderson

Investors

(since

2017),

President

and

Head

of

North

America

at

Janus

Capital

Management

LLC

(since

2013

and

2017,

respectively),

President

at

Janus

Capital

Group

Inc.

(since

2013),

President

and

Director

at

Janus

International

Holding

LLC

(since

2019

and

2011,

respectively),

President

at

Janus

Holdings

LLC

(since

2019),

President

and

Director

at

Janus

Management

Holdings

Corporation

(since

2017

and

2012,

respectively),

Executive

Vice

President

and

Head

of

North

America

at

Janus

Distributors

LLC

(since

2011

and

2019,

respectively),

Vice

President

and

Director

at

Intech

Investment

Management

LLC

(since

2012),

and

Executive

Vice

President

at

Perkins

Investment

Management

LLC

(since

2011).

Formerly,

Executive

Vice

President

at

Janus

Capital

Group

Inc.,

Janus

International

Holding

LLC,

and

Janus

Management

Holdings

Corporation

(2011-

2019),

Director

at

Perkins

Investment

Management

LLC

(2011-2019),

and

Chief

Financial

Officer

at

Janus

Capital

Group

Inc.

(2011-2013).

Kristin

Mariani

151

Detroit

Street

Denver,

CO

80206

DOB:

1966

Vice

President,

Chief

Compliance

Officer,

and

Anti-

Money

Laundering

Officer

7/20-Present

Head

of

Compliance,

North

America

for

Janus

Henderson

Investors

(since

September

2020)

and

Chief

Compliance

Officer

for

Janus

Capital

Management

LLC

(since

September

2017).

Formerly,

Global

Head

of

Investment

Management

Compliance

for

Janus

Henderson

Investors

(February

2019

-

August

2020),

Vice

President,

Head

of

Global

Distribution

Compliance

and

Chief

Compliance

Officer

of

Janus

Henderson

Distributors

(May

2017

–

September

2017),

Vice

President,

Compliance

at

Janus

Capital

Group

Inc.,

Janus

Capital

Management

LLC,

and

Janus

Distributors

LLC

(2009-2017).

Jesper

Nergaard

151

Detroit

Street

Denver,

CO

80206

DOB:

1962

Chief

Financial

Officer,

Vice

President,

Treasurer,

and

Principal

Accounting

Officer

2/16-Present

Head

of

U.S.

Fund

Administration,

Janus

Henderson

Investors

and

Janus

Services

LLC.

Byron

D.

Hittle

151

Detroit

Street

Denver,

CO

80206

DOB:

1974

Vice

President,

Secretary,

and

Chief

Legal

Officer

7/18-Present

Managing

Counsel

of

Janus

Henderson

Investors

(2017-present).

Formerly,

Assistant

Vice

President

and

Senior

Legal

Counsel

of

Janus

Capital

Management

LLC

(2012-2016).

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

Janus

Detroit

Street

Trust

37

125-02-93085

12-21

This

report

is

submitted

for

the

general

information

of

shareholders

of

the

Fund.

It

is

not

an

offer

or

solicitation

for

the

Fund

and

is

not

authorized

for

distribution

to

prospective

investors

unless

preceded

or

accompanied

by

an

effective

prospectus.

Janus

Henderson

is

a

trademark

of

Janus

Henderson

Group

plc

or

one

of

its

subsidiaries.

©

Janus

Henderson

Group

plc.

Janus

Capital

Management

LLC

is

the

investment

adviser

and

ALPS

Distributors,

Inc.

is

the

distributor.

ALPS

is

not

affiliated

with

Janus

Henderson

or

any

of

its

subsidiaries.

ANNUAL

REPORT

October

31,

2021

Janus

Henderson

AAA

CLO

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

AAA

CLO

ETF

Performance

Overview

...........................

1

Disclosure

of

Fund

Expenses

.......................

4

Report

of

Independent

Registered

Public

Accounting

Firm

...

5

Schedule

of

Investments

..........................

6

Statement

of

Assets

and

Liabilities

...................

11

Statement

of

Operations

..........................

12

Statements

of

Changes

in

Net

Assets

.................

13

Financial

Highlights

..............................

14

Notes

to

Financial

Statements

......................

15

Additional

Information

............................

23

Trustees

and

Officers

............................

24

Janus

Henderson

AAA

CLO

ETF

(unaudited)

Janus

Detroit

Street

Trust

1

INVESTMENT

OBJECTIVE

Janus

Henderson

AAA

CLO

ETF

(JAAA)

pursues

capital

preservation

and

current

income

by

seeking

to

deliver

floating-

rate

exposure

to

high-quality

AAA

rated

collateralized

loan

obligations

(CLOs).

PERFORMANCE

OVERVIEW

During

the

period,

Janus

Henderson

AAA

CLO

ETF

(JAAA)

returned

2.53%

net

of

fees

(based

on

NAV),

outperforming

its

benchmark,

the

J.P.

Morgan

CLO

AAA

Index,

which

returned

2.44%

over

the

period.

Relative

performance

was

driven

by

our

security

selection

within

the

CLO

market,

where

we

applied

our

bottom-

up

fundamental

analysis

to

help

identify

holdings

with

the

potential

for

relatively

attractive

risk-adjusted

returns.

Additionally,

our

technical

and

quantitative

analysis

heped

us

to

identify

securities

that

were

likely

to

be

called

(paid

off

by

the

borrower)

sooner

than

the

market

was

anticipating,

further

boosting

returns.

We

also

were

active

in

rotating

exposure

between

the

securities

of

different

credit

ratings

within

the

allowed

10%

exposure

limit

to

A

and

AA

rated

securities.

Janus

Henderson

AAA

CLO

ETF

is

an

actively

managed

ETF

seeking

to

invest

in

high-quality

CLOs.

The

ETF

seeks

to

deliver

investors

risk-managed

access

to

an

asset

class

that

may

provide

consistent

risk-adjusted

returns

and

low

correlation

to

traditional

fixed

income

asset

classes

while

exhibiting

low

volatility

with

low

downgrade

risk.

John

Kerschner

Nick

Childs

co-portfolio

manager

co-portfolio

manager

Janus

Henderson

AAA

CLO

ETF

(unaudited)

Fund

At

A

Glance

October

31,

2021

2

October

31,

2021

Holdings

are

subject

to

change

without

notice.

Sector

Allocation

–

(%

of

Net

Assets)

Collateralized

Loan

Obligations

101.0%

Investment

Companies

1.0%

102.0%

Janus

Henderson

AAA

CLO

ETF

(unaudited)

Performance

Janus

Detroit

Street

Trust

3

Total

annual

expense

ratio

as

stated

in

the

prospectus

(estimated):

0.25%.

See

Financial

Highlights

for

actual

expense

ratios

during

the

reporting

period.

Returns

quoted

are

past

performance

and

do

not

guarantee

future

results;

current

performance

may

be

lower

or

higher.

Investment

returns

and

principal

value

will

vary;

there

may

be

a

gain

or

loss

when

shares

are

sold.

For

the

most

recent

month-end

performance

call

800.668.0434

or

visit

janushenderson.com/performance.

Shares

of

ETFs

are

bought

and

sold

at

market

price

(not

NAV)

and

are

not

individually

redeemed

from

the

Fund.

Market

returns

are

based

upon

the

midpoint

of

the

bid/ask

spread

at

4:00

p.m.

Eastern

time

(when

NAV

is

normally

determined

for

most

ETFs),

and

do

not

represent

the

returns

you

would

receive

if

you

traded

shares

at

other

times.

Ordinary

brokerage

commissions

apply

and

will

reduce

returns.

Investing

involves

risk,

including

the

possible

loss

of

principal

and

fluctuation

of

value.

There

is

no

assurance

the

stated

objective(s)

will

be

met.

Performance

may

be

affected

by

risks

that

include

those

associated

with

foreign

and

emerging

markets,

fixed

income

securities,

high-yield

and

high-risk

securities,

undervalued,

overlooked

and

smaller

capitalization

companies,

real

estate

related

securities

including

Real

Estate

Investment

Trusts

(REITs),

non-diversification,

Environmental,

Social

and

Governance

(ESG)

factors,

portfolio

turnover,

derivatives,

short

sales,

initial

public

offerings

(IPOs)

and

potential

conflicts

of

interest.

Each

product

has

different

risks.

Please

see

the

prospectus

for

more

information

about

risks,

holdings

and

other

details.

Returns

include

reinvestment

of

dividends

and

capital

gains.

Returns

greater

than

one

year

are

annualized.

Returns

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

redemptions

of

Fund

shares.

The

returns

do

not

include

adjustments

in

accordance

with

generally

accepted

accounting

principles

required

at

the

period

end

for

financial

reporting

purposes.

See

Notes

to

Schedule

of

Investments

and

Other

Information

for

index

definitions.

Index

performance

does

not

reflect

the

expenses

of

managing

a

portfolio

as

an

index

is

unmanaged

and

not

available

for

direct

investment.

Average

Annual

Total

Return

for

the

periods

ended

October

31,

2021

One

Year

Since

Inception

*

Janus

Henderson

AAA

CLO

ETF

-

NAV

2.53%

2.02%

Janus

Henderson

AAA

CLO

ETF

-

Market

Price

2.55%

2.03%

J.P.

Morgan

CLO

AAA

Index

2.44%

2.14%

*

The

Fund

commenced

operations

on

October

16,

2020.

Janus

Henderson

AAA

CLO

ETF

(unaudited)

Disclosure

of

Fund

Expenses

4

October

31,

2021

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1)

transaction

costs,

which

may

include

creation

and

redemption

fees

or

brokerage

charges

and

(2)

ongoing

costs,

including

management

fees

and

other

Fund

expenses.

This

example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

Funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

example

is

based

upon

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

six-months

indicated,

unless

noted

otherwise

in

the

table

and

footnotes

below. 

Actual

Expenses 

The

information

in

the

table

under

the

heading

“Actual”

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

these

columns,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

under

the

heading

entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

the

period.

Hypothetical

Example

for

Comparison

Purposes 

The

information

in

the

table

under

the

heading

“Hypothetical

(5%

return

before

expenses)”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

upon

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

determine

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Additionally,

for

an

analysis

of

the

fees

associated

with

an

investment

or

other

similar

funds,

please

visit 

www.finra.org/

fundanalyzer.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transaction

costs,

such

as

creation

and

redemption

fees,

or

brokerage

charges.

These

fees

are

fully

described

in

the

Fund’s

prospectus.

Therefore,

the

hypothetical

examples

are

useful

in

comparing

ongoing

costs

only

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

transaction

costs

were

included,

your

costs

would

have

been

higher.

Actual

Hypothetical

(5%

return

before

expenses)

Beginning

Account

Value

(5/1/21)

Ending

Account

Value

(10/31/21)

Expenses

Paid

During

Period

(5/1/21

-

10/31/21)

†

Beginning

Account

Value

(5/1/21)

Ending

Account

Value

(10/31/21)

Expenses

Paid

During

Period

(5/1/21

-

10/31/21)

†

Net

Annualized

Expense

Ratio

(5/1/21

-

10/31/21)

$1,000.00

$1,006.30

$1.26

$1,000.00

$1,023.95

$1.28

0.25%

†

Expenses

Paid

During

Period

is

equal

to

the

Net

Annualized

Expense

Ratio

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period).

Janus

Henderson

AAA

CLO

ETF

Report

of

Independent

Registered

Public

Accounting

Firm

Janus

Detroit

Street

Trust

5

To

the

Board

of

Trustees

of

Janus

Detroit

Street

Trust

and

Shareholders

of

Janus

Henderson

AAA

CLO

ETF

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Janus

Henderson

AAA

CLO

ETF

(one

of

the

funds

constituting

Janus

Detroit

Street

Trust

,

referred

to

hereafter

as

the

"Fund")

as

of

October

31,

2021,

the

related

statement

of

operations

for

the

year

ended

October

31,

2021

and

the

statement

of

changes

in

net

assets

and

the

financial

highlights

for

the

year

ended

October

31,

2021

and

for

the

period

October

16,

2020

(commencement

of

operations)

through

October

31,

2020,

including

the

related

notes

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

October

31,

2021

,

the

results

of

its

operations

for

the

year

ended

October

31,

2021,

and

the

changes

in

its

net

assets

and

the

financial

highlights

for

the

year

ended

October

31,

2021

and

for

the

period

October

16,

2020

(commencement

of

operations)

through

October

31,

2020

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

based

on

our

audits

.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

October

31,

2021

by

correspondence

with

the

custodian

and

brokers

;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures

.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

Denver,

Colorado

December

17,

2021

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

Janus

Henderson

Funds

since

1990.

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

October

31,

2021

6

October

31,

2021

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

101.0%

AB

BSL

CLO

1

Ltd.

2020-1A

A1A,

ICE

LIBOR

USD

3

Month

+

1.5000%,

1.6238%,

1/15/33

(144A)

‡

$

3,780,000

$

3,784,064

AGL

Core

CLO

4

Ltd.

2020-4A

A1R,

ICE

LIBOR

USD

3

Month

+

1.0700%,

1.2015%,

4/20/33

(144A)

‡

5,500,000

5,506,831

AIG

CLO

Ltd.

2021-1A

A,

ICE

LIBOR

USD

3

Month

+

1.1000%,

1.2283%,

4/22/34

(144A)

‡

1,000,000

1,001,040

AIMCO

CLO

Ltd.

2017-AA

AR,

ICE

LIBOR

USD

3

Month

+

1.0500%,

1.1815%,

4/20/34

(144A)

‡

1,300,000

1,300,190

Allegro

CLO

IX

Ltd.

2018-3A

A,

ICE

LIBOR

USD

3

Month

+

1.1650%,

1.2872%,

10/16/31

(144A)

‡

1,000,000

999,830

Allegro

CLO

V

Ltd.

2017-1A

AR,

ICE

LIBOR

USD

3

Month

+

0.9500%,

1.0722%,

10/16/30

(144A)

‡

1,000,000

1,000,156

Allegro

CLO

VIII

Ltd.

2018-2A

A,

ICE

LIBOR

USD

3

Month

+

1.1000%,

1.2238%,

7/15/31

(144A)

‡

6,000,000

6,006,450

Anchorage

Capital

CLO

Ltd.

2014-4RA

A,

ICE

LIBOR

USD

3

Month

+

1.0500%,

1.1859%,

1/28/31

(144A)

‡

6,500,000

6,510,498

Apex

Credit

CLO

2021

Ltd.

2021-1A

AN,

ICE

LIBOR

USD

3

Month

+

1.2100%,

1.3508%,

7/18/34

(144A)

‡

1,476,000

1,476,424

Apidos

CLO

XXIX

Ltd.

2018-29A

A1B,

ICE

LIBOR

USD

3

Month

+

1.3000%,

1.4239%,

7/25/30

(144A)

‡

2,000,000

2,000,436

Assurant

CLO

Ltd.

2018-2A

A,

ICE

LIBOR

USD

3

Month

+

1.0400%,

1.1715%,

4/20/31

(144A)

‡

1,500,000

1,500,757

Atrium

XIV

LLC

14A

A2A,

ICE

LIBOR

USD

3

Month

+

1.4500%,

1.5722%,

8/23/30

(144A)

‡

2,000,000

2,000,894

Benefit

Street

Partners

CLO

VIII

Ltd.

2015-8A

A1AR,

ICE

LIBOR

USD

3

Month

+

1.1000%,

1.2315%,

1/20/31

(144A)

‡

3,000,000

3,002,673

Benefit

Street

Partners

CLO

XXII

Ltd.

2020-22A

B,

ICE

LIBOR

USD

3

Month

+

1.5500%,

1.6815%,

1/20/32

(144A)

‡

1,250,000

1,250,314

Canyon

Capital

CLO

Ltd.

2014-1A

A1BR,

ICE

LIBOR

USD

3

Month

+

1.1700%,

1.2985%,

1/30/31

(144A)

‡

3,010,000

3,006,042

Carlyle

US

CLO

Ltd.

2016-4A

BR,

ICE

LIBOR

USD

3

Month

+

2.1000%,

2.2315%,

10/20/27

(144A)

‡

1,000,000

1,000,249

CBAM

Ltd.

2018-5A

A,

ICE

LIBOR

USD

3

Month

+

1.0200%,

1.1423%,

4/17/31

(144A)

‡

5,900,000

5,900,519

CBAM

Ltd.

2019-11RA

A2,

ICE

LIBOR

USD

3

Month

+

1.5000%,

1.6249%,

1/20/35

(144A)

‡

924,000

924,000

CIFC

Funding

Ltd.

2013-2A

A3LR,

ICE

LIBOR

USD

3

Month

+

1.9500%,

2.0723%,

10/18/30

(144A)

‡

1,000,000

1,001,882

CIFC

Funding

Ltd.

2015-1A

ARR,

ICE

LIBOR

USD

3

Month

+

1.1100%,

1.2382%,

1/22/31

(144A)

‡

2,000,000

2,003,276

CIFC

Funding

Ltd.

2018-2A

A1,

ICE

LIBOR

USD

3

Month

+

1.0400%,

1.1715%,

4/20/31

(144A)

‡

1,250,000

1,250,716

CIFC

Funding

Ltd.

2013-3RA

A1,

ICE

LIBOR

USD

3

Month

+

0.9800%,

1.1039%,

4/24/31

(144A)

‡

1,800,000

1,800,475

CIFC

Funding

Ltd.

2018-3A

A,

ICE

LIBOR

USD

3

Month

+

1.1000%,

1.2223%,

7/18/31

(144A)

‡

2,500,000

2,501,567

CIFC

Funding

Ltd.

2019-6A

C,

ICE

LIBOR

USD

3

Month

+

2.7000%,

2.8222%,

1/16/33

(144A)

‡

1,500,000

1,501,470

Deer

Creek

CLO

Ltd.

2017-1A

A,

ICE

LIBOR

USD

3

Month

+

1.1800%,

1.3115%,

10/20/30

(144A)

‡

3,000,000

3,002,997

Dryden

37

Senior

Loan

Fund

2015-37A

AR,

ICE

LIBOR

USD

3

Month

+

1.1000%,

1.2238%,

1/15/31

(144A)

‡

3,000,000

3,000,330

Dryden

53

CLO

Ltd.

2017-53A

A,

ICE

LIBOR

USD

3

Month

+

1.1200%,

1.2437%,

1/15/31

(144A)

‡

4,002,000

4,007,391

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

October

31,

2021

Janus

Detroit

Street

Trust

7

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

Dryden

57

CLO

Ltd.

2018-57A

A,

ICE

LIBOR

USD

3

Month

+

1.0100%,

1.1347%,

5/15/31

(144A)

‡

$

1,000,000

$

1,000,169

Dryden

85

CLO

Ltd.

2020-85A

AR,

ICE

LIBOR

USD

3

Month

+

1.1500%,

1.2737%,

10/15/35

(144A)

‡

5,000,000

5,000,970

Fillmore

Park

CLO

Ltd.

2018-1A

A2,

ICE

LIBOR

USD

3

Month

+

1.3400%,

1.4637%,

7/15/30

(144A)

‡

3,000,000

3,000,195

Galaxy

XVIII

CLO

Ltd.

2018-28A

A1,

ICE

LIBOR

USD

3

Month

+

1.1000%,

1.2238%,

7/15/31

(144A)

‡

1,000,000

1,001,887

Galaxy

XX

CLO

Ltd.

2015-20A

AR,

ICE

LIBOR

USD

3

Month

+

1.0000%,

1.1315%,

4/20/31

(144A)

‡

4,000,000

4,000,364

Galaxy

XXVII

CLO

Ltd.

2018-27A

A,

ICE

LIBOR

USD

3

Month

+

1.0200%,

1.1447%,

5/16/31

(144A)

‡

1,500,000

1,500,132

Gallatin

CLO

VIII

Ltd.

2017-1A

A,

ICE

LIBOR

USD

3

Month

+

1.3000%,

1.4237%,

7/15/27

(144A)

‡

1,556,040

1,557,154

Generate

CLO

2

Ltd.

2A

AR,

ICE

LIBOR

USD

3

Month

+

1.1500%,

1.2782%,

1/22/31

(144A)

‡

2,000,000

2,004,748

GoldenTree

Loan

Management

US

CLO

1

Ltd.

2017-1A

A1R2,

ICE

LIBOR

USD

3

Month

+

1.0200%,

1.1515%,

4/20/34

(144A)

‡

2,000,000

1,998,854

Greywolf

CLO

VII

Ltd.

2018-2A

A1,

ICE

LIBOR

USD

3

Month

+

1.1800%,

1.3115%,

10/20/31

(144A)

‡

2,000,000

2,001,792

Highbridge

Loan

Management

Ltd.

7A-2015

A2R,

ICE

LIBOR

USD

3

Month

+

0.9000%,

1.0248%,

3/15/27

(144A)

‡

3,000,000

3,000,096

HPS

Loan

Management

Ltd.

14A-19

A1R,

ICE

LIBOR

USD

3

Month

+

1.0200%,

1.1439%,

1/25/34

(144A)

‡

3,950,000

3,924,530

ICG

US

CLO

Ltd.

2019-1A

A1A,

ICE

LIBOR

USD

3

Month

+

1.3800%,

1.5049%,

10/26/32

(144A)

‡

5,715,000

5,725,430

Kayne

CLO

10

Ltd.

2021-10A

A,

ICE

LIBOR

USD

3

Month

+

1.1700%,

1.2939%,

4/23/34

(144A)

‡

5,000,000

5,010,410

KKR

CLO

23

Ltd.

23

A1,

ICE

LIBOR

USD

3

Month

+

1.1500%,

1.2815%,

10/20/31

(144A)

‡

1,000,000

1,001,288

KKR

CLO

25

Ltd.

25

CR,

ICE

LIBOR

USD

3

Month

+

2.3000%,

2.4238%,

7/15/34

(144A)

‡

1,300,000

1,303,078

KKR

CLO

Ltd.

22A

A,

ICE

LIBOR

USD

3

Month

+

1.1500%,

1.2815%,

7/20/31

(144A)

‡

3,000,000

3,001,032

LCM

XVIII

LP

19A

AR,

ICE

LIBOR

USD

3

Month

+

1.2400%,

1.3637%,

7/15/27

(144A)

‡

929,500

931,196

Madison

Park

Funding

XVIII

Ltd.

2015-18A

A1R,

ICE

LIBOR

USD

3

Month

+

1.1900%,

1.3195%,

10/21/30

(144A)

‡

3,400,000

3,404,352

Madison

Park

Funding

XX

Ltd.

2016-20A

A2R,

ICE

LIBOR

USD

3

Month

+

1.3000%,

1.4345%,

7/27/30

(144A)

‡

4,750,000

4,750,470

Madison

Park

Funding

XXVI

Ltd.

2017-26A

AR,

ICE

LIBOR

USD

3

Month

+

1.2000%,

1.3286%,

7/29/30

(144A)

‡

5,000,000

5,000,780

Magnetite

XV

Ltd.

2015-15A

CR,

ICE

LIBOR

USD

3

Month

+

1.8000%,

1.9239%,

7/25/31

(144A)

‡

2,700,000

2,702,889

Magnetite

XVII

Ltd.

2016-17A

AR,

ICE

LIBOR

USD

3

Month

+

1.1000%,

1.2315%,

7/20/31

(144A)

‡

1,650,000

1,653,077

Marble

Point

CLO

XI

Ltd.

2017-2A

A,

ICE

LIBOR

USD

3

Month

+

1.1800%,

1.3022%,

12/18/30

(144A)

‡

3,000,000

2,998,290

MP

CLO

III

Ltd.

2013-1A

AR,

ICE

LIBOR

USD

3

Month

+

1.2500%,

1.3815%,

10/20/30

(144A)

‡

2,250,000

2,252,525

Nassau

Ltd.

2018-IIA

A,

ICE

LIBOR

USD

3

Month

+

1.2800%,

1.4038%,

10/15/31

(144A)

‡

1,000,000

999,521

Neuberger

Berman

Loan

Advisers

CLO

29

Ltd.

2018-29A

A1,

ICE

LIBOR

USD

3

Month

+

1.1300%,

1.2536%,

10/19/31

(144A)

‡

1,000,000

1,000,567

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

October

31,

2021

8

October

31,

2021

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

Neuberger

Berman

Loan

Advisers

CLO

33

Ltd.

2019-33A

BR,

ICE

LIBOR

USD

3

Month

+

1.6000%,

1.7223%,

10/16/33

(144A)

‡

$

4,475,000

$

4,474,987

Neuberger

Berman

Loan

Advisers

CLO

40

Ltd.

2021-40A

A,

ICE

LIBOR

USD

3

Month

+

1.0600%,

1.1823%,

4/16/33

(144A)

‡

4,500,000

4,508,212

Oaktree

CLO

Ltd.

2019-2A

A1AR,

ICE

LIBOR

USD

3

Month

+

1.1200%,

1.2437%,

4/15/31

(144A)

‡

3,000,000

3,001,071

OCP

CLO

Ltd.

2014-5A

A1R,

ICE

LIBOR

USD

3

Month

+

1.0800%,

1.2049%,

4/26/31

(144A)

‡

1,250,000

1,251,203

OCP

CLO

Ltd.

2015-10A

BR2,

ICE

LIBOR

USD

3

Month

+

1.6500%,

0.0000%,

1/26/34

(144A)

‡

3,250,000

3,250,000

Octagon

56

Ltd.

2021-1A

A,

ICE

LIBOR

USD

3

Month

+

1.1600%,

1.2821%,

10/15/34

(144A)

‡

4,000,000

4,000,972

Octagon

Investment

Partners

34

Ltd.

2017-1A

A2,

ICE

LIBOR

USD

3

Month

+

1.2500%,

1.3815%,

1/20/30

(144A)

‡

2,000,000

1,998,284

Octagon

Investment

Partners

48

Ltd.

2020-3A

AR,

ICE

LIBOR

USD

3

Month

+

1.1500%,

0.0000%,

10/20/34

(144A)

‡

1,154,000

1,154,000

Octagon

Investment

Partners

XVII

Ltd.

2013-1A

A1R2,

ICE

LIBOR

USD

3

Month

+

1.0000%,

1.1239%,

1/25/31

(144A)

‡

5,900,000

5,906,189

Octagon

Loan

Funding

Ltd.

2014-1A

ARR,

ICE

LIBOR

USD

3

Month

+

1.1800%,

1.3045%,

11/18/31

(144A)

‡

6,000,000

6,000,486

OHA

Credit

Funding

5

Ltd.

2020-5A

A2A,

ICE

LIBOR

USD

3

Month

+

1.4500%,

1.5722%,

4/18/33

(144A)

‡

1,350,000

1,352,168

OHA

Credit

Partners

XIV

Ltd.

2017-14A

C,

ICE

LIBOR

USD

3

Month

+

1.8000%,

1.9295%,

1/21/30

(144A)

‡

1,000,000

998,905

Palmer

Square

CLO

Ltd.

2018-2A

A1A,

ICE

LIBOR

USD

3

Month

+

1.1000%,

1.2223%,

7/16/31

(144A)

‡

5,000,000

5,008,535

Pikes

Peak

CLO

1

2018-1A

A,

ICE

LIBOR

USD

3

Month

+

1.1800%,

1.3039%,

7/24/31

(144A)

‡

1,500,000

1,501,120

PPM

CLO

Ltd.

2018-1A

A,

ICE

LIBOR

USD

3

Month

+

1.1500%,

1.2737%,

7/15/31

(144A)

‡

6,000,000

6,004,974

Recette

CLO

Ltd.

2015-1A

ARR,

ICE

LIBOR

USD

3

Month

+

1.0800%,

1.2115%,

4/20/34

(144A)

‡

4,000,000

4,004,132

Riserva

CLO

Ltd.

2016-3A

ARR,

ICE

LIBOR

USD

3

Month

+

1.0600%,

1.1823%,

1/18/34

(144A)

‡

1,000,000

998,522

Rockford

Tower

CLO

Ltd.

2018-1A

A,

ICE

LIBOR

USD

3

Month

+

1.1000%,

1.2309%,

5/20/31

(144A)

‡

2,000,000

2,000,704

Signal

Peak

CLO

8

Ltd.

2020-8A

C,

ICE

LIBOR

USD

3

Month

+

2.0000%,

2.1315%,

4/20/33

(144A)

‡

2,000,000

2,000,376

Sound

Point

CLO

VI-R

Ltd.

2014-2RA

A,

ICE

LIBOR

USD

3

Month

+

1.2500%,

1.3815%,

10/20/31

(144A)

‡

4,000,000

4,003,952

Sound

Point

CLO

XIX

Ltd.

2018-1A

A,

ICE

LIBOR

USD

3

Month

+

1.0000%,

1.1238%,

4/15/31

(144A)

‡

11,500,000

11,512,052

Sounds

Point

CLO

IV-R

Ltd.

2013-3RA

A,

ICE

LIBOR

USD

3

Month

+

1.1500%,

1.2723%,

4/18/31

(144A)

‡

5,000,000

5,000,555

Symphony

CLO

XXII

Ltd.

2020-22A

A1A,

ICE

LIBOR

USD

3

Month

+

1.2900%,

1.4123%,

4/18/33

(144A)

‡

2,650,000

2,653,758

THL

Credit

Wind

River

CLO

Ltd.

2013-2A

AR2,

ICE

LIBOR

USD

3

Month

+

1.0000%,

1.1222%,

10/18/30

(144A)

‡

3,750,000

3,750,165

THL

Credit

Wind

River

CLO

Ltd.

2014-2A

AR,

ICE

LIBOR

USD

3

Month

+

1.1400%,

1.2638%,

1/15/31

(144A)

‡

1,000,000

1,000,672

THL

Credit

Wind

River

CLO

Ltd.

2017-1A

ARR,

ICE

LIBOR

USD

3

Month

+

1.0600%,

1.1823%,

4/18/36

(144A)

‡

2,500,000

2,497,145

Trinitas

CLO

VI

Ltd.

2017-6A

ARR,

ICE

LIBOR

USD

3

Month

+

1.3100%,

1.4339%,

1/25/34

(144A)

‡

1,000,000

1,002,240

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

October

31,

2021

Janus

Detroit

Street

Trust

9

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

Venture

31

CLO

Ltd.

2018-31A

A2,

ICE

LIBOR

USD

3

Month

+

1.1500%,

1.2815%,

4/20/31

(144A)

‡

$

2,800,000

$

2,797,365

Venture

32

CLO

Ltd.

2018-32A

A1,

ICE

LIBOR

USD

3

Month

+

1.1000%,

1.2223%,

7/18/31

(144A)

‡

3,766,000

3,764,780

Venture

XVIII

CLO

Ltd.

2014-18A

AR,

ICE

LIBOR

USD

3

Month

+

1.2200%,

1.3438%,

10/15/29

(144A)

‡

1,950,000

1,951,135

Voya

CLO

Ltd.

2014-2A

A1RR,

ICE

LIBOR

USD

3

Month

+

1.0200%,

1.1423%,

4/17/30

(144A)

‡

4,376,418

4,379,364

Voya

CLO

Ltd.

2019-1A

AR,

ICE

LIBOR

USD

3

Month

+

1.0600%,

1.1837%,

4/15/31

(144A)

‡

1,000,000

1,001,021

Voya

CLO

Ltd.

2014-1A

AAR2,

ICE

LIBOR

USD

3

Month

+

0.9900%,

1.1122%,

4/18/31

(144A)

‡

5,976,433

5,982,911

Voya

CLO

Ltd.

2018-1A

A1,

ICE

LIBOR

USD

3

Month

+

0.9500%,

1.0736%,

4/19/31

(144A)

‡

5,566,000

5,571,894

Voya

CLO

Ltd.

2013-3A

A1RR,

ICE

LIBOR

USD

3

Month

+

1.1500%,

1.2723%,

10/18/31

(144A)

‡

1,993,114

1,993,602

Wellfleet

CLO

Ltd.

2016-2A

A1R,

ICE

LIBOR

USD

3

Month

+

1.1400%,

1.2715%,

10/20/28

(144A)

‡

1,040,179

1,041,303

Wind

River

CLO

Ltd.

2016-1A

AR,

ICE

LIBOR

USD

3

Month

+

1.0500%,

1.1738%,

7/15/28

(144A)

‡

449,338

449,468

Wind

River

CLO

Ltd.

2021-2A

C,

ICE

LIBOR

USD

3

Month

+

1.9500%,

2.0815%,

7/20/34

(144A)

‡

2,000,000

2,001,702

Zais

CLO

8

Ltd.

2018-1A

A,

ICE

LIBOR

USD

3

Month

+

0.9500%,

1.0738%,

4/15/29

(144A)

‡

792,412

792,171

Total

Collateralized

Loan

Obligations

(cost

$261,824,990)

262,529,362

Investment

Companies

-

1.0%

Money

Market

Funds

-

1.0%

Federated

Hermes

Government

Obligations

Tax-Managed

Fund,

0.0200%

∞

(cost

$2,691,812)

2,691,812

2,691,812

Total

Investments

(total

cost

$264,516,802

)

-

102.0%

265,221,174

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(2.0%)

(5,219,408)

Net

Assets

-

100.0%

$260,001,766

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

265,221,174

100.0

%

–

–

Janus

Henderson

AAA

CLO

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

October

31,

2021

10

October

31,

2021

J.P.

Morgan

CLO

AAA

Index

J.P.

Morgan

CLO

AAA

Index

is

designed

to

track

the

AAA-rated

components

of

the

USD-denominated,

broadly

syndicated

CLO

market.

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

∞

Rate

shown

is

the

7-day

yield

as

of

October

31,

2021.

‡

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

October

31,

2021

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

year

ended

October

31,

2021

is

$262,529,362

which

represents

101.0%

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

October

31,

2021

.

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

$

—

$

262,529,362

$

—

Investment

Companies

2,691,812

—

—

Total

Assets

$

2,691,812

$

262,529,362

$

—

Janus

Henderson

AAA

CLO

ETF

Statement

of

Assets

and

Liabilities

October

31,

2021

Janus

Detroit

Street

Trust

11

See

Notes

to

Financial

Statements.

Assets:

Investments,

at

value

(cost

$264,516,802)

$

265,221,174

Receivables:

Interest

177,398

Total

Assets

265,398,572

Liabilities:

Payables:

—

Due

to

custodian

15,151

Investments

purchased

5,328,000

Management

fees

53,062

Interest

593

Total

Liabilities

5,396,806

Net

Assets

$

260,001,766

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

258,789,004

Total

distributable

earnings

(loss)

1,212,762

Total

Net

Assets

$

260,001,766

Net

Assets

$

260,001,766

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

5,150,000

Net

Asset

Value

Per

Share

$

50

.49

Janus

Henderson

AAA

CLO

ETF

Statement

of

Operations

For

the

year

ended

October

31,

2021

12

October

31,

2021

See

Notes

to

Financial

Statements.

Investment

Income:

Interest

$

2,058,276

Dividends

612

Total

Investment

Income

2,058,888

Expenses:

Management

Fees

364,617

Total

Expenses

364,617

Net

Investment

Income/(Loss)

1,694,271

Net

Realized

Gain/(Loss)

on

Investments:

Investments

$

326,356

Total

Net

Realized

Gain/(Loss)

on

Investments

$

326,356

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

1,269,540

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

1,269,540

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

3,290,167

Janus

Henderson

AAA

CLO

ETF

Statements

of

Changes

in

Net

Assets

Janus

Detroit

Street

Trust

13

See

Notes

to

Financial

Statements.

Year

Ended

October

31,

2021

Period

Ended

October

31,

2020

(1)

Operations:

Net

investment

income/(loss)

$

1,694,271

$

50,470

Net

realized

gain/(loss)

on

investments

326,356

—

Change

in

unrealized

net

appreciation/depreciation

1,269,540

(

565,168

)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

3,290,167

(

514,698

)

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(

1,562,707

)

—

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(

1,562,707

)

—

Capital

Share

Transactions

138,788,004

120,001,000

Net

Increase/(Decrease)

in

Net

Assets

140,515,464

119,486,302

Net

Assets:

—

—

Beginning

of

Year  

119,486,302

—

End

of

Year

$

260,001,766

$

119,486,302

(1)

Period

from

October

16,

2020

(commencement

of

operations)

through

October

31,

2020.

Janus

Henderson

AAA

CLO

ETF

Financial

Highlights

14

October

31,

2021

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

each

year

or

period

ended

October

31

2021

2020

(1)

Net

Asset

Value,

Beginning

of

Period

$49.79

$50.00

Income/(Loss)

from

Investment

Operations:

—

—

Net

investment

income/(loss)

(2)

0.58

0.02

Net

realized

and

unrealized

gain/(loss)

0.69

(0.23)

Total

from

Investment

Operations

1.27

(0.21)

Less

Dividends

and

Distributions:

—

—

Dividends

(from

net

investment

income)

(0.57)

—

Total

Dividends

and

Distributions

(0.57)

—

Net

Asset

Value,

End

of

Period

$50.49

$49.79

Total

Return

*

2.55

%

(0.42)%

Net

assets,

End

of

Period

(in

thousands)

$260,002

$119,486

Average

Net

Assets

for

the

Period

(in

thousands)

$146,235

$95,755

Ratios

to

Average

Net

Assets

**

Ratio

of

Gross

Expenses

0.25%

0.25%

Ratio

of

Net

Investment

Income/(Loss)

1.16%

1.29%

Portfolio

Turnover

Rate

(3)

42%

0%

(4)

*

Total

return

not

annualized

for

periods

of

less

than

one

full

year.

**

Annualized

for

periods

of

less

than

one

full

year.

(1)

Period

from

October

16,

2020

(commencement

of

operations)

through

October

31,

2020.

(2)

Per

share

amounts

are

calculated

based

on

average

shares

outstanding

during

the

year

or

period.

(3)

Portfolio

turnover

rate

excludes

securities

received

or

delivered

from

in-kind

processing

of

creation

or

redemptions.

(4)

Amount

is

less

than

0.5%

Janus

Henderson

AAA

CLO

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

15

1.

Organization

and

Significant

Accounting

Policies

Janus

Henderson

AAA

CLO

ETF (the

“Fund”)

is

a

series

fund.

The

Fund

is

part

of

Janus

Detroit

Street

Trust

(the

“Trust”),

which

is

organized

as

a

Delaware

statutory

trust

and

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company,

and

therefore

has

applied

the

specialized

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

(“ASC”)

Topic

946.

As

of

the

date

of

this

report,

the

Trust

offers eleven

Funds

each

of

which

represent

shares

of

beneficial

interest

in

a

separate

portfolio

of

securities

and

other

assets

with

its

own

objective

and

policies.

The

Fund

seeks

capital

preservation

and

current

income

by

seeking

to

deliver

floating-rate

exposure

to

high

quality

AAA-rated

collateralized

loan

obligations

(“CLOs”).

The

Fund

is

classified

as

diversified,

as

defined

in

the

1940

Act.

The

Fund

is

an

actively-managed

exchange-traded

fund.

Unlike

shares

of

traditional

mutual

funds,

shares

of

the

Fund

are

not

individually

redeemable

and

may

only

be

purchased

or

redeemed

directly

from

the

Fund

at

net

asset

value

(“NAV”)

in

large

increments

called

“Creation

Units”

by

certain

participants,

known

as

“Authorized

Participants.”

The

size

of

a

Creation

Unit

to

purchase

shares

of

the

Fund

may

differ

from

the

size

of

a

Creation

Unit

to

redeem

shares

of

the

Fund.

The

Fund

will

issue

or

redeem

Creation

Units

in

exchange

for

portfolio

securities

and/or

cash.

Except

when

aggregated

in

Creation

Units,

Fund

shares

are

not

redeemable

securities

of

the

Fund.

Shares

of

the

Fund

are

listed

and

trade

on

NYSE

Arca,

Inc.

(NYSE

Arca"),

and

individual

investors

can

purchase

or

sell

shares

in

much

smaller

increments

for

cash

in

the

secondary

market

through

a

broker.

These

transactions,

which

do

not

involve

the

Fund,

are

made

at

market

prices

that

may

vary

throughout

the

day

and

differ

from

the

Fund’s

NAV.

As

a

result,

you

may

pay

more

than

NAV

(a

premium)

when

you

purchase

shares

and

receive

less

than

NAV

(a

discount)

when

you

sell

shares,

in

the

secondary

market.

An

Authorized

Participant

(or

other

broker-dealers

making

markets

in

shares

of

the

Fund)

may

hold

of

record

more

than

25%

of

the

outstanding

shares

of

the

Fund.

From

time

to

time,

Authorized

Participants

(or

other

broker-dealers

making

markets

in

shares

of

the

Fund)

may

be

a

beneficial

and/or

legal

owner

of

the

Fund,

may

be

affiliated

with

an

index

provider,

may

be

deemed

to

have

control

of

the

Fund

and/or

may

be

able

to

affect

the

outcome

of

matters

presented

for

a

vote

of

the

shareholders

of

the

Fund.

Authorized

Participants

(or

other

broker-dealers

making

markets

in

shares

of

the

Fund)

may

execute

an

irrevocable

proxy

granting

the

Distributor,

Janus

Capital

Management

LLC

(“Janus

Capital”

or

“Janus”

or

"Agent")

or

an

affiliate

of

Janus

Capital

power

to

vote

or

abstain

from

voting

such

Authorized

Participant’s

beneficially

or

legally

owned

shares

of

the

Fund.

In

such

cases,

the

Agent

shall

mirror

vote

(or

abstain

from

voting)

such

shares

in

the

same

proportion

as

all

other

beneficial

owners

of

the

Fund. 

The

following

accounting

policies

have

been

followed

by

the

Fund

and

are

in

conformity

with

United

States

of

America

generally

accepted

accounting

principles

(“US

GAAP”). 

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

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.

Janus

Henderson

AAA

CLO

ETF

Notes

to

Financial

Statements

16

October

31,

2021

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.

There

have

been

no

significant

changes

in

valuation

techniques

used

in

valuing

any

such

positions

held

by

the

Fund

since

the

beginning

of

the

fiscal

year. 

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

October

31,

2021

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.

Investment

Transactions

and

Investment

Income

Investment

transactions

are

accounted

for

as

of

the

date

purchased

or

sold

(trade

date).

Dividend

income

is

recorded

on

the

ex-dividend

date.

Certain

dividends

from

foreign

securities

will

be

recorded

as

soon

as

the

Fund

is

informed

of

the

dividend,

if

such

information

is

obtained

subsequent

to

the

ex-dividend

date.

Dividends

from

foreign

securities

may

be

subject

to

withholding

taxes

in

foreign

jurisdictions.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value.

Interest

income

is

recorded

daily

on

an

accrual

basis

and

includes

amortization

of

premiums

and

accretion

of

discounts.

The

Fund

classifies

gains

and

losses

on

prepayments

received

as

an

adjustment

to

interest

income.

Debt

securities

may

be

placed

in

non-accrual

status

and

related

interest

income

may

be

reduced

by

stopping

current

accruals

and

writing

off

interest

receivables

when

collection

of

all

or

a

portion

of

interest

has

become

doubtful.

Gains

and

losses

are

determined

on

the

identified

cost

basis,

which

is

the

same

basis

used

for

federal

income

tax

purposes.

Janus

Henderson

AAA

CLO

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

17

Estimates

The

preparation

of

financial

statements

in

conformity

with

US

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amount

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates. 

Indemnifications

In

the

normal

course

of

business,

the

Fund

may

enter

into

contracts

that

contain

provisions

for

indemnification

of

other

parties

against

certain

potential

liabilities.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

and

would

involve

future

claims

that

may

be

made

against

the

Fund

that

have

not

yet

occurred.

Currently,

the

risk

of

material

loss

from

such

claims

is

considered

remote. 

Dividends

and

Distributions

Dividends

from

net

investment

income

are

generally

declared

and

distributed

monthly.

Net

realized

capital

gains

(if

any)

are

distributed

annually.

The

Fund

may

treat

a

portion

of

the

amount

paid

to

redeem

shares

as

a

distribution

of

investment

company

taxable

income

and

realized

capital

gains

that

are

reflected

in

the

NAV.

This

practice,

commonly

referred

to

as

“equalization,”

has

no

effect

on

the

redeeming

shareholder

or

a

Fund’s

total

return

but

may

reduce

the

amounts

that

would

otherwise

be

required

to

be

paid

as

taxable

dividends

to

the

remaining

shareholders.

It

is

possible

that

the

Internal

Revenue

Service

(IRS)

could

challenge

the

Fund’s

equalization

methodology

or

calculations,

and

any

such

challenge

could

result

in

additional

tax,

interest,

or

penalties

to

be

paid

by

the

Fund. 

Federal

Income

Taxes

The

Fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

and

distribute

all

of

its

taxable

income

in

accordance

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code.

Management

has

analyzed

the

Fund’s

tax

positions

taken

for

all

open

federal

income

tax

years,

generally

a

three-year

period,

and

has

concluded

that

no

provision

for

federal

income

tax

is

required

in

the

Fund’s

financial

statements.

The

Fund

is

not

aware

of

any

tax

positions

for

which

it

is

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

benefits

will

significantly

change

in

the

next

twelve

months. 

2.

Other

Investments

and

Strategies 

Additional

Investment

Risk 

In

response

to

the

COVID-19

pandemic,

the

U.S.

government

and

the

Federal

Reserve,

as

well

as

certain

foreign

governments

and

central

banks,

have

taken

extraordinary

actions

to

support

local

and

global

economies

and

the

financial

markets,

including

reducing

interest

rates

to

record

low

levels.

Extremely

low

or

negative

interest

rates

may

become

more

prevalent

or

may

not

work

as

intended.

As

there

is

little

precedent

for

this

situation,

the

impact

on

various

markets

that

interest

rate

or

other

significant

policy

changes

may

have

is

unknown.

The

withdrawal

of

this

support,

a

failure

of

measures

put

in

place

in

response

to

such

economic

uncertainty,

or

investor

perception

that

such

efforts

were

not

sufficient

could

each

negatively

affect

financial

markets

generally,

and

the

value

and

liquidity

of

specific

securities.

In

addition,

policy

and

legislative

changes

in

the

United

States

and

in

other

countries

continue

to

impact

many

aspects

of

financial

regulation.

Widespread

disease,

including

pandemics

and

epidemics,

and

natural

or

environmental

disasters,

including

those

which

may

be

attributable

to

global

climate

change,

such

as

earthquakes,

fires,

floods,

hurricanes,

tsunamis

and

weather-related

phenomena

generally,

have

been

and

can

be

highly

disruptive

to

economies

and

markets,

adversely

impacting

individual

companies,

sectors,

industries,

markets,

currencies,

interest

and

inflation

rates,

credit

ratings,

investor

sentiment,

and

other

factors

affecting

the

value

of

a

Fund’s

investments.

Economies

and

financial

markets

throughout

the

world

have

become

increasingly

interconnected,

which

increases

the

likelihood

that

events

or

conditions

in

one

region

or

country

will

adversely

affect

markets

or

issuers

in

other

regions

or

countries,

including

the

United

States.

These

disruptions

could

prevent

a

Fund

from

executing

advantageous

investment

decisions

in

a

timely

manner

and

negatively

impact

a

Fund’s

ability

to

achieve

its

investment

objective(s).

Any

such

event(s)

could

have

a

significant

adverse

impact

on

the

value

of

a

Fund.

In

addition,

these

disruptions

could

also

impair

the

information

technology

and

other

operational

systems

upon

which

the

Fund’s

service

providers,

including

Janus

Capital,

rely,

and

could

otherwise

disrupt

the

ability

of

employees

of

the

Fund’s

service

providers

to

perform

essential

tasks

on

behalf

of

the

Fund.

Adverse

weather

conditions

may

also

Janus

Henderson

AAA

CLO

ETF

Notes

to

Financial

Statements

18

October

31,

2021

have

a

particularly

negative

effect

on

issuers

in

the

agricultural

sector

in

the

agricultural

sector

and

on

insurance

and

reinsurance

companies

that

insure

or

reinsure

against

the

impact

of

natural

disasters.

A

number

of

countries

in

the

European

Union

(“EU”)

have

experienced,

and

may

continue

to

experience,

severe

economic

and

financial

difficulties.

In

particular,

many

EU

nations

are

susceptible

to

economic

risks

associated

with

high

levels

of

debt.

Many

non-governmental

issuers,

and

even

certain

governments,

have

defaulted

on,

or

been

forced

to

restructure,

their

debts.

Many

other

issuers

have

faced

difficulties

obtaining

credit

or

refinancing

existing

obligations.

Financial

institutions

have

in

many

cases

required

government

or

central

bank

support,

have

needed

to

raise

capital,

and/or

have

been

impaired

in

their

ability

to

extend

credit.

As

a

result,

financial

markets

in

the

EU

have

experienced

extreme

volatility

and

declines

in

asset

values

and

liquidity.

These

difficulties

may

continue,

worsen,

or

spread

further

within

the

EU.

Responses

to

these

financial

problems

by

European

governments,

central

banks,

and

others,

including

austerity

measures

and

reforms,

may

not

work,

may

result

in

social

unrest,

and

may

limit

future

growth

and

economic

recovery

or

have

other

unintended

consequences.

All

of

these

developments

may

continue

to

significantly

affect

the

economies

of

all

EU

countries,

which

in

turn

may

have

a

material

adverse

effect

on

a

Fund's

investments

in

such

countries

that

depend

on

EU

countries

for

significant

amounts

of

trade

or

investment,

or

issues

with

exposure

to

debt

issued

by

certain

EU

countries.

Management

Risk

The

Fund

is

an

actively

managed

investment

portfolio

and

is

therefore

subject

to

the

risk

that

the

investment

strategies

employed

for

the

Fund

may

fail

to

produce

the

intended

results.

Although

the

Fund

seeks

to

provide

long-term

positive

returns,

market

conditions

or

implementation

of

the

Fund's

investment

process

may

result

in

losses,

and

the

Fund

may

not

meet

its

investment

objective.

As

such,

there

can

be

no

assurance

of

positive

"absolute"

returns. 

CLO

Risk 

The

risks

of

investing

in

CLOs

include

both

the

economic

risks

of

the

underlying

loans

combined

with

the

risks

associated

with

the

CLO

structure

governing

the

priority

of

payments.

The

degree

of

such

risk

will

generally

correspond

to

the

specific

tranche

in

which

the

Fund

is

invested.

The

Fund

intends

to

invest

primarily

in

AAA-rated

tranches;

however,

this

rating

does

not

constitute

a

guarantee,

may

be

downgraded,

and

in

stressed

market

environments

it

is

possible

that

even

senior

CLO

tranches

could

experience

losses

due

to

actual

defaults,

increased

sensitivity

to

defaults

due

to

collateral

default

and

the

disappearance

of

the

subordinated/equity

tranches,

market

anticipation

of

defaults,

as

well

as

negative

market

sentiment

with

respect

to

CLO

securities

as

an

asset

class.

The

Fund’s

portfolio

managers

may

not

be

able

to

accurately

predict

how

specific

CLOs

or

the

portfolio

of

underlying

loans

for

such

CLOs

will

react

to

changes

or

stresses

in

the

market,

including

changes

in

interest

rates.

The

most

common

risks

associated

with

investing

in

CLOs

are

liquidity

risk,

interest

rate

risk,

credit

risk,

call

risk,

and

the

risk

of

default

of

the

underlying

asset,

among

others. 

Investment

Focus

Risk 

Because

the

Fund

invests

primarily

in

CLOs

it

is

susceptible

to

an

increased

risk

of

loss

due

to

adverse

occurrences

in

the

CLO

market,

generally,

and

in

the

various

markets

impacting

the

portfolios

of

loans

underlying

these

CLOs.

The

Fund’s

CLO

investment

focus

may

cause

the

Fund

to

perform

differently

than

the

overall

financial

market

and

the

Fund’s

performance

may

be

more

volatile

than

if

the

Fund’s

investments

were

more

diversified

across

financial

instruments

and

or

markets. 

Liquidity

Risk 

Liquidity

risk

refers

to

the

possibility

that

the

Fund

may

not

be

able

to

sell

or

buy

a

security

or

close

out

an

investment

contract

at

a

favorable

price

or

time.

Consequently,

the

Fund

may

have

to

accept

a

lower

price

to

sell

a

security,

sell

other

securities

to

raise

cash,

or

give

up

an

investment

opportunity,

any

of

which

could

have

a

negative

effect

on

the

Fund’s

performance.

Infrequent

trading

of

securities

also

may

lead

to

an

increase

in

their

price

volatility.

CLOs,

and

their

underlying

loan

obligations,

are

typically

not

registered

for

sale

to

the

public

and

therefore

are

subject

to

certain

restrictions

on

transfer

and

sale,

potentially

making

them

less

liquid

than

other

types

of

securities.

Additionally,

when

the

Fund

purchases

a

newly

issued

CLO

directly

from

the

issuer

(rather

than

from

the

secondary

market),

there

often

may

be

a

delayed

settlement

period,

during

which

time,

the

liquidity

of

the

CLO

may

be

further

reduced.

During

periods

of

limited

liquidity

and

higher

price

volatility,

the

Fund’s

ability

to

acquire

or

dispose

of

CLOs

at

a

price

and

time

the

Fund

deems

advantageous

may

be

impaired.

CLOs

are

generally

considered

to

be

long-term

investments

and

there

is

no

guarantee

that

an

active

secondary

market

will

exist

or

be

maintained

for

any

given

CLO.

Janus

Henderson

AAA

CLO

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

19

Floating-Rate

Obligations

Risk 

Securities

with

floating

or

variable

interest

rates

can

be

less

sensitive

to

interest

rate

changes

than

securities

with

fixed

interest

rates,

but

may

decline

in

value

if

their

interest

rates

do

not

rise

as

much,

or

as

quickly,

as

interest

rates

in

general.

Conversely,

floating

rate

securities

will

not

generally

increase

in

value

if

interest

rates

decline.

A

decline

in

interest

rates

may

result

in

a

reduction

of

income

received

from

floating

rate

securities

held

by

the

Fund

and

may

adversely

affect

the

value

of

the

Fund’s

shares.

Generally,

floating

rate

securities

carry

lower

yields

than

fixed

notes

of

the

same

maturity.

The

interest

rate

for

a

floating

rate

note

resets

or

adjusts

periodically

by

reference

to

a

benchmark

interest

rate.

The

impact

of

interest

rate

changes

on

floating

rate

investments

is

typically

mitigated

by

the

periodic

interest

rate

reset

of

the

investments.

Securities

with

longer

durations

tend

to

be

more

sensitive

to

interest

rate

changes,

usually

making

them

more

volatile

than

securities

with

shorter

durations.

Benchmark

interest

rates,

such

as

the

London

Interbank

Offered

Rate

(“LIBOR”),

may

not

accurately

track

market

interest

rates. 

Privately

Issued

Securities

Risk 

CLOs

are

generally

privately-issued

securities,

and

are

normally

purchased

pursuant

to

Rule144A

or

Regulation

S

under

the

Securities

Act

of

1933,

as

amended

(the

“Securities

Act”).

Privately-issued

securities

typically

may

be

resold

only

to

qualified

institutional

buyers,

in

a

privately

negotiated

transaction,

to

a

limited

number

of

purchasers,

or

in

limited

quantities

after

they

have

been

held

for

a

specified

period

of

time

and

other

conditions

are

met

for

an

exemption

from

registration.

Because

there

may

be

relatively

few

potential

purchasers

for

such

securities,

especially

under

adverse

market

or

economic

conditions

or

in

the

event

of

adverse

changes

in

the

financial

condition

of

the

issuer,

the

Fund

may

find

it

more

difficult

to

sell

such

securities

when

it

may

be

advisable

to

do

so

or

it

may

be

able

to

sell

such

securities

only

at

prices

lower

than

if

such

securities

were

more

widely

held

and

traded.

At

times,

it

also

may

be

more

difficult

to

determine

the

fair

value

of

such

securities

for

purposes

of

computing

the

Fund’s

net

asset

value

per

share

(“NAV”)

due

to

the

absence

of

an

active

trading

market.

There

can

be

no

assurance

that

a

privately-issued

security

previously

deemed

to

be

liquid

when

purchased

will

continue

to

be

liquid

for

as

long

as

it

is

held

by

the

Fund,

and

its

value

may

decline

as

a

result. 

LIBOR

Replacement

Risk 

The

Fund

may

invest

in

certain

debt

securities,

derivatives,

or

other

financial

instruments

that

utilize

the

London

Inter-

Bank

Offered

Rate

("LIBOR")

as

a

reference

rate

for

various

rate

calculations.

The

U.K.

Financial

Conduct

Authority

has

announced

that

it

intends

to

stop

compelling

or

inducing

banks

to

submit

rates

for

many

LIBOR

settings

after

December

31,

2021,

and

for

certain

other

commonly

used

U.S.

dollar

LIBOR

settings

after

June

30,

2023.

The

elimination

of

LIBOR

or

other

reference

rates

and

the

transition

process

away

from

LIBOR

could

adversely

impact

(i)

volatility

and

liquidity

in

markets

that

are

tied

to

those

reference

rates,

(ii)

the

market

for,

or

value

of,

specific

securities

or

payments

linked

to

those

reference

rates,

(iii)

the

availability

or

terms

of

borrowing

or

refinancing,

or

(iv)

the

effectiveness

of

hedging

strategies.

For

these

and

other

reasons,

the

elimination

of

LIBOR

or

changes

to

other

interest

rates

may

adversely

affect

the

Fund's

performance

and/or

net

asset

value.

Alternatives

to

LIBOR

are

established

or

in

development

in

most

major

currencies

including

the

Secured

Overnight

Financing

Rate

("SOFR")

that

is

intended

to

replace

the

U.S.

dollar

LIBOR. 

The

effect

of

the

discontinuation

of

LIBOR

or

other

reference

rates

on

the

Fund

will

vary

depending

on,

among

other

things

(i)

existing

fallback

or

termination

provisions

in

individual

contracts

and

(ii)

whether,

how,

and

when

industry

participants

develop

and

adopt

new

reference

rates

and

fallbacks

for

both

legacy

and

new

products

and

instruments.

Accordingly,

it

is

difficult

to

predict

the

full

impact

of

the

transition

away

from

LIBOR

or

other

reference

rates

on

the

Fund

until

new

reference

rates

and

fallbacks

for

both

legacy

and

new

products,

instruments

and

contracts

are

commercially

accepted. 

3.

Investment

Advisory

Agreements

and

Other

Transactions

with

Affiliates 

Under

its

unitary

fee

structure,

the

Fund

pays

Janus

Capital

a

management

fee

in

return

for

providing

certain

investment

advisory,

supervisory,

and

administrative

services

to

the

Fund,

including

the

costs

of

transfer

agency,

custody,

fund

administration,

legal,

audit,

and

other

services.

Janus

Capital’s

fee

structure

is

designed

to

pay

substantially

all

of

the

Fund’s

expenses.

However,

the

Fund

bears

other

expenses

which

are

not

covered

under

the

management

fee

which

may

vary

and

affect

the

total

level

of

expenses

paid

by

shareholders,

such

as

distribution

fees

(if

any),

brokerage

expenses

or

commissions,

interest,

dividends,

taxes,

litigation

expenses,

acquired

fund

fees

and

expenses

(if

any),

and

extraordinary

expenses.

The

Fund’s

unitary

management

fee

provides

for

reductions

in

the

fee

rate

as

the

Fund’s

assets

grow.

As

of

Janus

Henderson

AAA

CLO

ETF

Notes

to

Financial

Statements

20

October

31,

2021

the

date

of

this

report,

the

Fund’s

management

fee

was

calculated

daily

and

paid

monthly

according

to

the

following

schedule: 

For

the

year

ended

October

31,

2021,

the

Fund’s

contractual

management

fee

rate

(expressed

as

an

annual

rate)

was

0.25%

of

the

Fund’s

average

daily

net

assets.

Effective

June

14,

2021,

J.P.

Morgan

Chase

Bank,

NA

(“JP

Morgan")

provides

certain

fund

administration

services

to

the

Fund,

including

services

related

to

the

Fund’s

accounting,

including

calculating

the

daily

NAV,

audit

coordination,

tax,

and

reporting

obligations,

pursuant

to

an

agreement

with

Janus

Capital,

on

behalf

of

the

Fund.

Prior

to

June

14,

2021,

State

Street

Bank

and

Trust

Company

(“State

Street”)

provided

certain

fund

administration

services

to

the

Fund,

including

services

related

to

the

Fund’s

accounting,

including

calculating

the

daily

NAV,

audit

coordination,

tax,

and

reporting

obligations,

pursuant

to

an

agreement

with

Janus

Capital,

on

behalf

of

the

Fund.

As

compensation

for

such

services,

Janus

Capital

pays

JP

Morgan,

and

previously

paid

State

Street,

a

fee

based

on

a

percentage

of

the

Fund’s

assets,

and

a

flat

fee,

for

certain

services.

Janus

Capital

serves

as

administrator

to

the

Fund,

providing

oversight

and

coordination

of

the

Fund’s

service

providers,

recordkeeping

and

other

administrative

services.

Janus

Capital

does

not

receive

any

additional

compensation,

beyond

the

unitary

fee,

for

serving

as

administrator.

Effective

June

14,

2021,

JP

Morgan

also

serves

as

transfer

agent

for

the

shares

of

the

Fund.

Prior

to

June

14,

2021,

State

Street

served

as

transfer

agent

for

the

shares

of

the

Fund.

Pursuant

to

agreements

with

Janus

Capital

on

behalf

of

the

Fund,

J.P.

Morgan

Securities

LLC,

an

affiliate

of

JP

Morgan,

may

execute

portfolio

transactions

for

the

Fund,

including

but

not

limited

to,

transactions

in

connection

with

cash

in

lieu

transactions

for

non-US

securities.

Prior

to

June

14,

2021,

State

Street

Global

Markets,

an

affiliate

of

State

Street,

executed

portfolio

transactions

for

the

Fund,

including

but

not

limited

to,

transactions

in

connection

with

cash

in

lieu

transactions

for

non-US

securities.

The

Trust

has

adopted

a

Distribution

and

Servicing

Plan

for

shares

of

the

Fund

pursuant

to

Rule

12b-1

under

the

1940

Act

(the

“Plan”).

The

Plan

permits

compensation

in

connection

with

the

distribution

and

marketing

of

Fund

shares

and/or

the

provision

of

certain

shareholder

services.

The

Plan

permits

the

Fund

to

pay

ALPS

Distributors,

Inc.

(the

“Distributor”)

or

its

designee,

a

fee

for

the

sale

and

distribution

and/or

shareholder

servicing

of

the

shares

at

an

annual

rate

of

up

to

0.25%

of

average

daily

net

assets

of

the

Fund.

However,

the

Trustees

have

determined

not

to

authorize

payment

under

this

Plan

at

this

time.

Under

the

terms

of

the

Plan,

the

Trust

would

be

authorized

to

make

payments

to

the

Distributor

or

its

designee

for

remittance

to

retirement

plan

service

providers,

broker-dealers,

bank

trust

departments,

financial

advisors,

and

other

financial

intermediaries,

as

compensation

for

distribution

and/or

shareholder

services

performed

by

such

entities

for

their

customers

who

are

investors

in

the

Fund.

The

12b-1

fee

may

only

be

imposed

or

increased

when

the

Trustees

determine

that

it

is

in

the

best

interests

of

shareholders

to

do

so.

Because

these

fees

are

paid

out

of

the

Fund’s

assets

on

an

ongoing

basis,

to

the

extent

that

a

fee

is

authorized,

over

time

they

will

increase

the

cost

of

an

investment

in

the

Fund.

The

Plan

fee

may

cost

an

investor

more

than

other

types

of

sales

charges. 

The

Fund

is

permitted

to

purchase

or

sell

securities

(“cross-trade”)

between

itself

and

other

funds

or

accounts

managed

by

Janus

Capital

in

accordance

with

Rule

17a-7

under

the

Investment

Company

Act

of

1940

(“Rule

17a-7”),

when

the

transaction

is

consistent

with

the

investment

objectives

and

policies

of

the

Fund

and

in

accordance

with

the

Internal

Cross

Trade

Procedures

adopted

by

the

Trust’s

Board

of

Trustees.

These

procedures

have

been

designed

to

ensure

that

any

cross-trade

of

securities

by

the

Fund

from

or

to

another

fund

or

account

that

is

or

could

be

considered

an

affiliate

of

the

Fund

under

certain

limited

circumstances

by

virtue

of

having

a

common

investment

adviser,

common

Officer,

or

common

Trustee

complies

with

Rule

17a-7.

Under

these

procedures,

each

cross-trade

is

effected

at

the

current

market

price

to

save

costs

where

allowed.

During

the

year

ended

October

31,

2021,

the

Fund

engaged

in

cross

trades

amounting

to

$1,250,538

in

sales,

resulting

in

a

net

realized

gain

of

$8,766.

The

net

realized

gain

is

included

within

the

“Net

Realized

Gain/(Loss)

on

Investments”

section

of

the

Fund’s

Statement

of

Operations.

Daily

Net

Assets

Fee

Rate

$0-$1

billion

0.25%

Over

$1

billion

0.20%

Janus

Henderson

AAA

CLO

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

21

4.

Federal

Income

Tax

The

tax

components

of

capital

shown

in

the

table

below

represent:

(1)

distribution

requirements

the

Fund

must

satisfy

under

the

income

tax

regulations;

(2)

losses

or

deductions

the

Fund

may

be

able

to

offset

against

income

and

gains

realized

in

future

years;

and

(3)

unrealized

appreciation

or

depreciation

of

investments

for

federal

income

tax

purposes. 

The

Fund

has

elected

to

treat

gains

and

losses

on

forward

foreign

currency

contracts

as

capital

gains

and

losses,

if

applicable.

Other

foreign

currency

gains

and

losses

on

debt

instruments

are

treated

as

ordinary

income

for

federal

income

tax

purposes

pursuant

to

Section

988

of

the

Internal

Revenue

Code. 

The

aggregate

cost

of

investments

and

the

composition

of

unrealized

appreciation

and

depreciation

of

investment

securities

for

federal

income

tax

purposes

as

of October

31,

2021

are

noted

below.

The

primary

difference

between

book

and

tax

appreciation

or

depreciation

of

investments

is

amortization

on

bonds.

Income

and

capital

gains

distributions

are

determined

in

accordance

with

income

tax

regulations

that

may

differ

from

US

GAAP.

These

differences

are

due

to

differing

treatments

for

items

such

as

net

short-term

gains,

deferral

of

wash

sale

losses,

foreign

currency

transactions,

passive

foreign

investment

companies,

net

investment

losses,

in-kind

transactions

and

capital

loss

carryovers.

Certain

permanent

differences

such

as

tax

returns

of

capital

and

net

investment

losses

noted

below

have

been

reclassified

to

capital. 

Permanent

book

to

tax

basis

differences

may

result

in

reclassifications

between

the

components

of

net

assets.

These

differences

have

no

impact

on

the

results

of

operations

or

net

assets.

The

following

reclassifications

have

been

made

to

the

Fund: 

Loss

Deferrals

Undistributed

Ordinary

Income

Undistributed

Long-Term

Gains

Accumulated

Capital

Losses

Late-Year

Ordinary

Loss

Post-October

Capital

Loss

Other

Book

to

Tax

Differences

Net

Tax

Appreciation/

(Depreciation)

$554,659

$

—

$

—

$

—

$

—

$

—

$658,103

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$264,563,071

$696,959

$(38,856)

$658,103

For

the

year

ended

October

31,

2021

:

Distributions

From

Ordinary

Income

From

Long-Term

Capital

Gain

Tax

Return

of

Capital

Net

Investment

Loss

$1,562,707

$

—

$

—

$

—

For

the

year

ended

October

31,

2020

:

Distributions

From

Ordinary

Income

From

Long-Term

Capital

Gain

Tax

Return

of

Capital

Net

Investment

Loss

$

—

$

—

$

—

$

—

Increase/(Decrease)

to

Capital

Increase/(Decrease)

to

Undistributed

Net

Investment

Income/Loss

Increase/(Decrease)

to

Undistributed

Net

realized

Gain/Loss

$

—

$61,968

$(61,968)

Janus

Henderson

AAA

CLO

ETF

Notes

to

Financial

Statements

22

October

31,

2021

5.

Capital

Share

Transactions 

6.

Purchases

and

Sales

of

Investment

Securities 

For

the

year

ended

October

31,

2021,

the

aggregate

cost

of

purchases

and

proceeds

from

sales

of

investment

securities

(excluding

any

short-term

securities,

short-term

options

contracts,

and

in-kind

transactions)

was

as

follows: 

7.

Recent

Accounting

Pronouncements 

The

FASB

issued

Accounting

Standards

Update

2020-04

Reference

Rate

Reform:

Facilitation

of

the

Effects

of

Reference

Rate

Reform

on

Financial

Reporting

("ASU

2020-04")

in

March

2020.

The

new

guidance

in

the

ASU

provide

optional

temporary

financial

reporting

relief

from

the

effect

of

certain

types

of

contract

modifications

due

to

the

planned

discontinuation

of

the

LIBOR

or

other

interbank-offered

based

reference

rates

as

of

the

end

of

2021.

For

new

and

existing

contracts,

Funds

may

elect

to

apply

the

guidance

as

of

March

12,

2020

through

December

31,

2022.

Management

is

currently

evaluating

the

impact,

if

any,

of

the

ASU's

adoption

to

the

Fund's

financial

statements. 

8.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to

October

31,

2021

and

through

the

date

of

the

issuance

of

the

Fund's

financial

statements

and

determined

that

there

were

no

material

events

or

transactions

that

would

require

recognition

or

disclosure

in

the

Fund's

financial

statements. 

Year

Ended

October

31,

2021

Period

Ended

October

31,

2020

(1)

Shares

Amount

Shares

Amount

Shares

sold

2,750,000

$

138,789,012

2,400,020

$

120,001,000

Shares

repurchased

(20)

(1,008

)

—

—

Net

Increase/(Decrease)

2,749,980

$

138,788,004

2,400,020

$

120,001,000

(1)

Period

from

October

16,

2020

(commencement

of

operations)

through

October

31,

2020.

Purchases

of

Securities

Proceeds

from

Sales

of

Securities

Purchases

of

Long-

Term

U.S.

Government

Obligations

Proceeds

from

Sales

of

Long-Term

U.S.

Government

Obligations

$201,552,027

$63,304,005

$

—

$

—

Janus

Henderson

AAA

CLO

ETF

Additional

Information

(unaudited)

Janus

Detroit

Street

Trust

23

Proxy

Voting

Policies

and

Voting

Record

A

description

of

the

policies

and

procedures

that

the

Fund

uses

to

determine

how

to

vote

proxies

relating

to

its

portfolio

securities

is

available

without

charge:

(i)

upon

request,

by

calling

1-800-525-0020

(toll

free);

(ii)

on

the

Fund’s

website

at

janushenderson.com/proxyvoting;

and

(iii)

on

the

SEC’s

website

at

http://www.sec.gov.

Quarterly

Portfolio

Holdings

The

Fund

files

its

complete

portfolio

holdings

(schedule

of

investments)

with

the

SEC

for

the

first

and

third

quarters

each

fiscal

year

as

an

exhibit

to

Form

N-PORT

within

60

days

of

the

end

of

such

fiscal

quarter.

Historically,

the

Fund

filed

its

complete

portfolio

holdings

(schedule

of

investments)

with

the

SEC

for

the

first

and

third

quarters

each

fiscal

year

on

Form

N-Q.

The

Fund’s

Form

N-PORT

and

Form

N-Q

filings:

are

available

on

the

SEC’s

website

at

http://www.sec.gov;

(ii)

may

be

reviewed

and

copied

at

the

SEC’s

Public

Reference

Room

in

Washington,

D.C.

(information

on

the

Public

Reference

Room

may

be

obtained

by

calling

1-800-SEC-0330);

and

(iii)

are

available

without

charge,

upon

request,

by

calling

Janus

Henderson

at

1-800-525-0020

(toll

free).

Janus

Henderson

AAA

CLO

ETF

Trustees

and

Officers

(unaudited)

24

October

31,

2021

The

following

are

the

Trustees

and

officers

of

the

Trust

together

with

a

brief

description

of

their

principal

occupations

during

the

last

five

years

(principal

occupations

for

certain

Trustees

may

include

periods

over

five

years).

The

Fund’s

Statement

of

Additional

Information

includes

additional

information

about

the

Trustees

and

officers

and

is

available,

without

charge,

by

calling

1-877-335-2687.

Each

Trustee

has

served

in

that

capacity

since

he

or

she

was

originally

elected

or

appointed.

The

Trustees

do

not

serve

a

specified

term

of

office.

Each

Trustee

will

hold

office

until

the

termination

of

the

Trust

or

his

or

her

earlier

death,

resignation,

retirement,

incapacity,

or

removal.

Under

the

Fund’s

Governance

Procedures

and

Guidelines,

the

policy

is

for

Trustees

to

retire

no

later

than

the

end

of

the

calendar

year

in

which

the

Trustee

turns

75.

The

Trustees

review

the

Fund’s

Governance

Procedures

and

Guidelines

from

time

to

time

and

may

make

changes

they

deem

appropriate.

The

Fund’s

Nominating

and

Governance

Committee

will

consider

nominees

for

the

position

of

Trustee

recommended

by

shareholders.

Shareholders

may

submit

the

name

of

a

candidate

for

consideration

by

the

Committee

by

submitting

their

recommendations

to

the

Trust’s

Secretary.

Each

Trustee

is

currently

a

Trustee

of

one

other

registered

investment

company

advised

by

Janus

Capital:

Clayton

Street

Trust.

As

of

the

date

of

this

report,

collectively,

the

two

registered

investment

companies

consist

of

14

series

or

funds.

The

Trust’s

officers

are

elected

annually

by

the

Trustees

for

a

one-year

term.

Certain

officers

also

serve

as

officers

of

Clayton

Street

Trust.

Certain

officers

of

the

Funds

may

also

be

officers

and/or

directors

of

Janus

Capital.

Except

as

otherwise

disclosed,

Fund

officers

receive

no

compensation

from

the

Funds.

TRUSTEES

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Number

of

Portfolios/Funds

in

Fund

Complex

Overseen

by

Trustee*

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Independent

Trustees

Clifford

J.

Weber

151

Detroit

Street

Denver,

CO

80206

DOB:

1963

Chairman

Trustee

2/16-Present

Owner,

Financial

Products

Consulting

Group

LLC

(consulting

services

to

financial

institutions)

(since

2015).

14

Independent

Trustee,

Clough

Funds

Trust

(investment

company)

(since

2015),

Chairman,

Clough

Funds

Trust

(since

2017),

Independent

Trustee,

Clough

Global

Dividend

and

Income

Fund (closed-end fund)

(since

2017),

Independent

Trustee,

Clough

Global

Opportunities

Fund (closed-end fund)

(since

2017),

Independent

Trustee,

Clough

Global

Equity

Fund (closed-end fund)

(since

2017),

Independent

Trustee,

Elevation

ETF

Trust

(investment

company)

(2016-

2018),

Chairman,

Elevation

ETF

Trust

(2016-2018),

and

Independent

Trustee,

Global

X

Funds

(investment

company)

(since

2018).

Janus

Henderson

AAA

CLO

ETF

Trustees

and

Officers

(unaudited)

Janus

Detroit

Street

Trust

25

*

Each

Trustee

also

serves

as

a

trustee

to

the

Clayton

Street

Trust,

which

is

currently

comprised

of

three

portfolios.

**

Ms.

Benz

is

an

Interested

Trustee

because

of

her

employment

with

Janus

Henderson

Investors.

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Number

of

Portfolios/Funds

in

Fund

Complex

Overseen

by

Trustee*

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Maureen

T.

Upton

151

Detroit

Street

Denver,

CO

80206

DOB:

1965

Trustee

2/16-Present

Principal,

Maureen

Upton

Ltd.

(consulting

services

to

developers

of

major

infrastructure

projects

and

investors)

(since

2017).

Formerly,

Principal

Consultant,

SRK

Consulting

(U.S.),

Inc.

(consulting

services

to

global

mining,

energy

and

water

resource

industries)

(2015-

2017)

and

Founder

and

Principal,

Resource

Initiatives

LLC

(sustainability

consulting

firm)

(2006-2015).

14

Jeffrey

B.

Weeden

151

Detroit

Street

Denver,

CO

80206

DOB:

1956

Trustee

2/16-Present

Senior

Advisor,

BayBoston

Capital

LP

(investment

fund

in

banks

and

bank

holdings

companies)

(since

2015).

Formerly,

Management

Advisor,

BoxCast,

Inc.

(technology start-

up company)

(2014-2017).

14

Director,

West

Travis

County

Municipal

Utility

District

No. 6

(municipal

utility)

(since

2020)

and

Director,

State

Farm

Bank

(banking)

(2014-2021).

Interested

Trustee

Carrie

Benz**

151

Detroit

Street

Denver,

CO

80206

DOB:

1975

Trustee

1/21-Present

Global

Head

of

Investment

Services,

Janus

Henderson

Investors

(since

2017);

Vice

President,

Investments

Chief

of

Staff,

Janus

Capital

Management

LLC

(2007-

2017).

14

Janus

Henderson

AAA

CLO

ETF

Trustees

and

Officers

(unaudited)

26

October

31,

2021

OFFICERS

*

Officers

are

elected

at

least

annually

by

the

Trustees

for

a

one-year

term

and

may

also

be

elected

from

time

to

time

by

the

Trustees

for

an

interim

period.

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Term

of

Office*

and

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Bruce

L.

Koepfgen

151

Detroit

Street

Denver,

CO

80206

DOB:

1952

President

and

Chief

Executive

Officer

2/16-Present

Executive

Vice

President,

Head

of

North

America

at

Janus

Henderson

Investors

(since

2017),

President

and

Head

of

North

America

at

Janus

Capital

Management

LLC

(since

2013

and

2017,

respectively),

President

at

Janus

Capital

Group

Inc.

(since

2013),

President

and

Director

at

Janus

International

Holding

LLC

(since

2019

and

2011,

respectively),

President

at

Janus

Holdings

LLC

(since

2019),

President

and

Director

at

Janus

Management

Holdings

Corporation

(since

2017

and

2012,

respectively),

Executive

Vice

President

and

Head

of

North

America

at

Janus

Distributors

LLC

(since

2011

and

2019,

respectively),

Vice

President

and

Director

at

Intech

Investment

Management

LLC

(since

2012),

and

Executive

Vice

President

at

Perkins

Investment

Management

LLC

(since

2011).

Formerly,

Executive

Vice

President

at

Janus

Capital

Group

Inc.,

Janus

International

Holding

LLC,

and

Janus

Management

Holdings

Corporation

(2011-

2019),

Director

at

Perkins

Investment

Management

LLC

(2011-2019),

and

Chief

Financial

Officer

at

Janus

Capital

Group

Inc.

(2011-2013).

Kristin

Mariani

151

Detroit

Street

Denver,

CO

80206

DOB:

1966

Vice

President,

Chief

Compliance

Officer,

and

Anti-

Money

Laundering

Officer

7/20-Present

Head

of

Compliance,

North

America

for

Janus

Henderson

Investors

(since

September

2020)

and

Chief

Compliance

Officer

for

Janus

Capital

Management

LLC

(since

September

2017).

Formerly,

Global

Head

of

Investment

Management

Compliance

for

Janus

Henderson

Investors

(February

2019

-

August

2020),

Vice

President,

Head

of

Global

Distribution

Compliance

and

Chief

Compliance

Officer

of

Janus

Henderson

Distributors

(May

2017

–

September

2017),

Vice

President,

Compliance

at

Janus

Capital

Group

Inc.,

Janus

Capital

Management

LLC,

and

Janus

Distributors

LLC

(2009-2017).

Jesper

Nergaard

151

Detroit

Street

Denver,

CO

80206

DOB:

1962

Chief

Financial

Officer,

Vice

President,

Treasurer,

and

Principal

Accounting

Officer

2/16-Present

Head

of

U.S.

Fund

Administration,

Janus

Henderson

Investors

and

Janus

Services

LLC.

Byron

D.

Hittle

151

Detroit

Street

Denver,

CO

80206

DOB:

1974

Vice

President,

Secretary,

and

Chief

Legal

Officer

7/18-Present

Managing

Counsel

of

Janus

Henderson

Investors

(2017-present).

Formerly,

Assistant

Vice

President

and

Senior

Legal

Counsel

of

Janus

Capital

Management

LLC

(2012-2016).

Janus

Henderson

AAA

CLO

ETF

Notes

Janus

Detroit

Street

Trust

27

Janus

Henderson

AAA

CLO

ETF

Notes

28

October

31,

2021

Janus

Henderson

AAA

CLO

ETF

Notes

Janus

Detroit

Street

Trust

29

125-02-93087

12-21

This

report

is

submitted

for

the

general

information

of

shareholders

of

the

Fund.

It

is

not

an

offer

or

solicitation

for

the

Fund

and

is

not

authorized

for

distribution

to

prospective

investors

unless

preceded

or

accompanied

by

an

effective

prospectus.

Janus

Henderson

is

a

trademark

of

Janus

Henderson

Group

plc

or

one

of

its

subsidiaries.

©

Janus

Henderson

Group

plc.

Janus

Capital

Management

LLC

is

the

investment

adviser

and

ALPS

Distributors,

Inc.

is

the

distributor.

ALPS

is

not

affiliated

with

Janus

Henderson

or

any

of

its

subsidiaries.

ANNUAL

REPORT

October

31,

2021

Janus

Henderson

U.S.

Real

Estate

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

U.S.

Real

Estate

ETF

Performance

Overview

...........................

1

Disclosure

of

Fund

Expenses

.......................

4

Report

of

Independent

Registered

Public

Accounting

Firm

...

5

Schedule

of

Investments

..........................

6

Statement

of

Assets

and

Liabilities

...................

8

Statement

of

Operations

..........................

9

Statement

of

Changes

in

Net

Assets

.................

10

Financial

Highlights

..............................

11

Notes

to

Financial

Statements

......................

12

Additional

Information

............................

19

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

...................................

20

Trustees

and

Officers

............................

22

Janus

Henderson

U.S.

Real

Estate

ETF

(unaudited)

Janus

Detroit

Street

Trust

1

INVESTMENT

OBJECTIVE

Janus

Henderson

U.S.

Real

Estate

ETF

(JRE)

seeks

total

return

through

a

combination

of

capital

appreciation

and

current

income.

PERFORMANCE

OVERVIEW

The

Janus

Henderson

U.S.

Real

Estate

ETF

(JRE)

launched

on

June

22,

2021.

From

inception

to

October

31,

2021,

the

Janus

Henderson

U.S.

Real

Estate

ETF

returned

7.90%

(based

on

NAV).

Its

benchmark,

FTSE

Nareit

Equity

REITs

Index,

returned

7.40%.

U.S.

property

stocks

saw

gains

over

the

since-inception

period,

with

residential

sectors

and

the

storage

and

logistics

sectors

generating

solid

returns.

Stocks

in

the

hotels

and

health

care

sectors

lagged

owing

to

concerns

that

a

surge

in

Delta

variant

cases

and

a

slowdown

in

economic

growth

might

elongate

the

recovery

timeline

for

both

sectors.

The

period

also

saw

elevated

real

estate

investment

trust

(REIT)

merger

and

acquisition

activity.

Exposure

to

sectors

benefiting

from

cyclical

growth

tailwinds

contributed

positively

to

outperformance

since

inception,

with

U.S.

hotel

owner

Hilton

and

global

real

estate

services

provider

Jones

Lang

LaSalle

delivering

strong

results.

Residential

exposure

also

proved

additive

with

Sun

Communities,

a

manufactured

housing

landlord,

aiding

relative

returns.

Gains

were

partially

offset

by

positions

in

cold

storage

owner

Americold

and

two

health

care

landlords,

Sabra

Health

Care

REIT

and

National

Health

Investors.

The

Janus

Henderson

U.S.

Real

Estate

ETF

is

an

actively

managed

equity

ETF

that

seeks

compelling

outperformance

by

investing

in

REITs

and

real

estate

related

businesses.

Our

emphasis

on

local

property

market

knowledge

combined

with

a

repeatable,

disciplined

investment

process

seeks

to

provide

defensive

growth,

diversification

relative

to

broad

equities

and

fixed

income,

and

dividends

for

investors.

Greg

Kuhl

Danny

Greenberger

co-portfolio

manager

co-portfolio

manager

Janus

Henderson

U.S.

Real

Estate

ETF

(unaudited)

Fund

At

A

Glance

October

31,

2021

2

October

31,

2021

Holdings

are

subject

to

change

without

notice.

5

Largest

Equity

Holdings

–

(%

of

Net

Assets)

Prologis,

Inc.

Equity

Real

Estate

Investment

Trusts

(REITs)

12.0%

Sun

Communities,

Inc.

Equity

Real

Estate

Investment

Trusts

(REITs)

6.8%

Alexandria

Real

Estate

Equities,

Inc.

Equity

Real

Estate

Investment

Trusts

(REITs)

6.7%

Duke

Realty

Corp.

Equity

Real

Estate

Investment

Trusts

(REITs)

5.9%

UDR,

Inc.

Equity

Real

Estate

Investment

Trusts

(REITs)

5.6%

37.0%

Sector

Allocation

–

(%

of

Net

Assets)

Financial

94.6%

Consumer,

Cyclical

4.5%

Investment

Companies

0.9%

100.0%

Janus

Henderson

U.S.

Real

Estate

ETF

(unaudited)

Performance

Janus

Detroit

Street

Trust

3

Total

annual

expense

ratio

as

stated

in

the

prospectus

(estimated):

0.65%.

See

Financial

Highlights

for

actual

expense

ratios

during

the

reporting

period.

Returns

quoted

are

past

performance

and

do

not

guarantee

future

results;

current

performance

may

be

lower

or

higher.

Investment

returns

and

principal

value

will

vary;

there

may

be

a

gain

or

loss

when

shares

are

sold.

For

the

most

recent

month-end

performance

call

800.668.0434

or

visit

janushenderson.com/performance.

Shares

of

ETFs

are

bought

and

sold

at

market

price

(not

NAV)

and

are

not

individually

redeemed

from

the

Fund.

Market

returns

are

based

upon

the

midpoint

of

the

bid/ask

spread

at

4:00

p.m.

Eastern

time

(when

NAV

is

normally

determined

for

most

ETFs),

and

do

not

represent

the

returns

you

would

receive

if

you

traded

shares

at

other

times.

Ordinary

brokerage

commissions

apply

and

will

reduce

returns.

Performance

for

very

short

time

periods

may

not

be

indicative

of

future

performance.

Investing

involves

risk,

including

the

possible

loss

of

principal

and

fluctuation

of

value.

There

is

no

assurance

the

stated

objective(s)

will

be

met.

Performance

may

be

affected

by

risks

that

include

those

associated

with

foreign

and

emerging

markets,

fixed

income

securities,

high-yield

and

high-risk

securities,

undervalued,

overlooked

and

smaller

capitalization

companies,

real

estate

related

securities

including

Real

Estate

Investment

Trusts

(REITs),

non-diversification,

Environmental,

Social

and

Governance

(ESG)

factors,

portfolio

turnover,

derivatives,

short

sales,

initial

public

offerings

(IPOs)

and

potential

conflicts

of

interest.

Each

product

has

different

risks.

Please

see

the

prospectus

for

more

information

about

risks,

holdings

and

other

details.

Returns

include

reinvestment

of

dividends

and

capital

gains.

Returns

greater

than

one

year

are

annualized.

Returns

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

redemptions

of

Fund

shares.

The

returns

do

not

include

adjustments

in

accordance

with

generally

accepted

accounting

principles

required

at

the

period

end

for

financial

reporting

purposes.

See

Notes

to

Schedule

of

Investments

and

Other

Information

for

index

definitions.

Index

performance

does

not

reflect

the

expenses

of

managing

a

portfolio

as

an

index

is

unmanaged

and

not

available

for

direct

investment.

Average

Annual

Total

Return

for

the

periods

ended

October

31,

2021

Since

Inception

*

Janus

Henderson

U.S.

Real

Estate

ETF

-

NAV

7.90%

Janus

Henderson

U.S.

Real

Estate

ETF

-

Market

Price

8.34%

FTSE

Nareit

Equity

REITs

Index

7.40%

*

The

Fund

commenced

operations

on

June

22,

2021.

Janus

Henderson

U.S.

Real

Estate

ETF

(unaudited)

Disclosure

of

Fund

Expenses

4

October

31,

2021

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1)

transaction

costs,

which

may

include

creation

and

redemption

fees

or

brokerage

charges

and

(2)

ongoing

costs,

including

management

fees

and

other

Fund

expenses.

This

example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

Funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

example

is

based

upon

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

six-months

indicated,

unless

noted

otherwise

in

the

table

and

footnotes

below. 

Actual

Expenses 

The

information

in

the

table

under

the

heading

“Actual”

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

these

columns,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

under

the

heading

entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

the

period.

Hypothetical

Example

for

Comparison

Purposes 

The

information

in

the

table

under

the

heading

“Hypothetical

(5%

return

before

expenses)”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

upon

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

determine

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Additionally,

for

an

analysis

of

the

fees

associated

with

an

investment

or

other

similar

funds,

please

visit 

www.finra.org/

fundanalyzer.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transaction

costs,

such

as

creation

and

redemption

fees,

or

brokerage

charges.

These

fees

are

fully

described

in

the

Fund’s

prospectus.

Therefore,

the

hypothetical

examples

are

useful

in

comparing

ongoing

costs

only

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

transaction

costs

were

included,

your

costs

would

have

been

higher.

Actual

Hypothetical

(5%

return

before

expenses)

Beginning

Account

Value

(6/22/2021)

Ending

Account

Value

(10/31/21)

Expenses

Paid

During

Period

(6/22/2021

-

10/31/21)

*†

Beginning

Account

Value

(5/1/21)

Ending

Account

Value

(10/31/21)

Expenses

Paid

During

Period

(5/1/21

-

10/31/21)

†

Net

Annualized

Expense

Ratio

(5/1/21

-

10/31/21)

$1,000.00

$1,079.00

$2.42

$1,000.00

$1,021.93

$3.31

0.65%

*

Actual

Expenses

Paid

During

Period

reflects

only

the

inception

period

for

the

Fund

(June

22,

2021

to

October

31,

2021)

and

is

equal

to

the

Net

Annualized

Expense

Ratio

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

131/365

(to

reflect

the

period).

Therefore,

actual

expenses

shown

are

lower

than

would

be

expected

for

a

six-month

period.

†

Expenses

Paid

During

Period

is

equal

to

the

Net

Annualized

Expense

Ratio

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period).

Janus

Henderson

U.S.

Real

Estate

ETF

Report

of

Independent

Registered

Public

Accounting

Firm

Janus

Detroit

Street

Trust

5

To

the

Board

of

Trustees

of

Janus

Detroit

Street

Trust

and

Shareholders

of

Janus

Henderson

U.S.

Real

Estate

ETF

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Janus

Henderson

U.S.

Real

Estate

ETF

(one

of

the

funds

constituting

Janus

Detroit

Street

Trust

,

referred

to

hereafter

as

the

"Fund")

as

of

October

31,

2021,

and

the

related

statements

of

operations

and

changes

in

net

assets,

including

the

related

notes,

and

the

financial

highlights

for

the

period

June

22,

2021

(commencement

of

operations)

through

October

31,

2021

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

October

31,

2021

,

and

the

results

of

its

operations,

changes

in

its

net

assets

and

the

financial

highlights

for

the

period

June

22,

2021

(commencement

of

operations)

through

October

31,

2021

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

based

on

our

audit

.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audit

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audit

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audit

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

October

31,

2021

by

correspondence

with

the

custodian

and

broker

;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures

.

We

believe

that

our

audit

provides

a

reasonable

basis

for

our

opinion.

Denver,

Colorado

December

17,

2021

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

Janus

Henderson

Funds

since

1990.

Janus

Henderson

U.S.

Real

Estate

ETF

Schedule

of

Investments

October

31,

2021

6

October

31,

2021

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares

Value

Common

Stocks

-

99.1%

Equity

Real

Estate

Investment

Trusts

(REITs)

-

90.8%

Alexandria

Real

Estate

Equities,

Inc.

3,768

$

769,200

American

Tower

Corp.

1,672

471,454

Douglas

Emmett,

Inc.

7,973

260,558

Duke

Realty

Corp.

12,036

676,905

Equity

LifeStyle

Properties,

Inc.

6,438

544,075

Essex

Property

Trust,

Inc.

1,823

619,692

Invitation

Homes,

Inc.

9,667

398,764

Life

Storage,

Inc.

2,993

400,493

MGM

Growth

Properties

LLC

-

Class

A

10,871

428,100

National

Retail

Properties,

Inc.

10,344

469,204

Park

Hotels

&

Resorts,

Inc.*

20,880

386,906

Prologis,

Inc.

9,476

1,373,641

Rexford

Industrial

Realty,

Inc.

7,769

522,077

SBA

Communications

Corp.

630

217,558

Spirit

Realty

Capital,

Inc.

11,866

580,603

Sun

Communities,

Inc.

3,993

782,548

UDR,

Inc.

11,563

642,093

Ventas,

Inc.

9,196

490,791

VICI

Properties,

Inc.

11,915

349,705

10,384,367

Hotels,

Restaurants

&

Leisure

-

4.5%

Hilton

Worldwide

Holdings,

Inc.*

3,569

513,758

Real

Estate

Management

&

Development

-

3.8%

Jones

Lang

LaSalle,

Inc.*

1,662

429,178

Total

Common

Stocks

(cost

$10,400,669)

11,327,303

Investment

Companies

-

0.9%

Money

Market

Funds

-

0.9%

Invesco

Government

&

Agency

Portfolio,

0.0300%

∞

(cost

$104,851)

104,851

104,851

Total

Investments

(total

cost

$10,505,520

)

-

100.0%

11,432,154

Cash,

Receivables

and

Other

Assets,

net

of

Liabilities

-

0.0%

2,496

Net

Assets

-

100.0%

$11,434,650

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

11,432,154

100.0

%

–

–

Janus

Henderson

U.S.

Real

Estate

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

October

31,

2021

Janus

Detroit

Street

Trust

7

FTSE

Nareit

Equity

REITs

Index

FTSE

Nareit

Equity

REITs

Index

reflects

performance

of

the

U.S.

equity

real

estate

investment

trust

market,

excluding

timber

and

infrastructure.

LLC

Limited

Liability

Company

*

Non-income

producing

security.

∞

Rate

shown

is

the

7-day

yield

as

of

October

31,

2021.

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

October

31,

2021

.

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:

Common

Stocks

$

11,327,303

$

—

$

—

Investment

Companies

104,851

—

—

Total

Assets

$

11,432,154

$

—

$

—

Janus

Henderson

U.S.

Real

Estate

ETF

Statement

of

Assets

and

Liabilities

October

31,

2021

8

October

31,

2021

See

Notes

to

Financial

Statements.

Assets:

Investments,

at

value

(cost

$10,505,520)

$

11,432,154

Receivables:

Investments

sold

26,760

Dividends

11,383

Total

Assets

11,470,297

Liabilities:

Payables:

—

Investments

purchased

29,497

Management

fees

6,150

Total

Liabilities

35,647

Net

Assets

$

11,434,650

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

10,654,589

Total

distributable

earnings

(loss)

780,061

Total

Net

Assets

$

11,434,650

Net

Assets

$

11,434,650

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

425,001

Net

Asset

Value

Per

Share

$

26

.90

Janus

Henderson

U.S.

Real

Estate

ETF

Statement

of

Operations

For

the

period

ended

October

31,

2021

(1)

Janus

Detroit

Street

Trust

9

See

Notes

to

Financial

Statements.

Investment

Income:

Dividends

$

96,336

Total

Investment

Income

96,336

Expenses:

Management

Fees

25,152

Total

Expenses

25,152

Net

Investment

Income/(Loss)

71,184

Net

Realized

Gain/(Loss)

on

Investments:

Investments

$

(

187,876

)

Total

Net

Realized

Gain/(Loss)

on

Investments

$

(

187,876

)

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

926,634

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

926,634

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

809,942

(1)

Period

from

June

22,

2021

(commencement

of

operations)

through

October

31,

2021.

Janus

Henderson

U.S.

Real

Estate

ETF

Statement

of

Changes

in

Net

Assets

10

October

31,

2021

See

Notes

to

Financial

Statements.

Period

Ended

October

31,

2021

(1)

Operations:

Net

investment

income/(loss)

$

71,184

Net

realized

gain/(loss)

on

investments

(

187,876

)

Change

in

unrealized

net

appreciation/depreciation

926,634

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

809,942

Dividends

and

Distributions

to

Shareholders:

—

Dividends

and

Distributions

(

29,881

)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(

29,881

)

Capital

Share

Transactions

10,654,589

Net

Increase/(Decrease)

in

Net

Assets

11,434,650

Net

Assets:

—

Beginning

of

Period  

—

End

of

Period

$

11,434,650

(1)

Period

from

June

22,

2021

(commencement

of

operations)

through

October

31,

2021.

Janus

Henderson

U.S.

Real

Estate

ETF

Financial

Highlights

Janus

Detroit

Street

Trust

11

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

period

ended

October

31

2021

(1)

Net

Asset

Value,

Beginning

of

Period

$25.00

Income/(Loss)

from

Investment

Operations:

—

Net

investment

income/(loss)

(2)

0.17

Net

realized

and

unrealized

gain/(loss)

1.80

Total

from

Investment

Operations

1.97

Less

Dividends

and

Distributions:

—

Dividends

(from

net

investment

income)

(0.07)

Total

Dividends

and

Distributions

(0.07)

Net

Asset

Value,

End

of

Period

$26.90

Total

Return

*

7.90%

Net

assets,

End

of

Period

(in

thousands)

$11,435

Average

Net

Assets

for

the

Period

(in

thousands)

$10,790

Ratios

to

Average

Net

Assets

**

Ratio

of

Gross

Expenses

0.65%

Ratio

of

Net

Investment

Income/(Loss)

1.84%

Portfolio

Turnover

Rate

(3)

23%

*

Total

return

not

annualized

for

periods

of

less

than

one

full

year.

**

Annualized

for

periods

of

less

than

one

full

year.

(1)

Period

from

June

22,

2021

(commencement

of

operations)

through

October

31,

2021.

(2)

Per

share

amounts

are

calculated

based

on

average

shares

outstanding

during

the

year

or

period.

(3)

Portfolio

turnover

rate

excludes

securities

received

or

delivered

from

in-kind

processing

of

creation

or

redemptions.

Janus

Henderson

U.S.

Real

Estate

ETF

Notes

to

Financial

Statements

12

October

31,

2021

1.

Organization

and

Significant

Accounting

Policies

Janus

Henderson

U.S.

Real

Estate

ETF

(the

“Fund”)

is

a

series

fund.

The

Fund

is

part

of

Janus

Detroit

Street

Trust

(the

“Trust”),

which

is

organized

as

a

Delaware

statutory

trust

and

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company,

and

therefore

has

applied

the

specialized

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

(“ASC”)

Topic

946. The

financial

statements

include

information

for

the

period

from

June

22,

2021

(commencement

of

operations)

through

October

31,

2021.

As

of

the

date

of

this

report,

the

Trust

offers eleven

Funds

each

of

which

represent

shares

of

beneficial

interest

in

a

separate

portfolio

of

securities

and

other

assets

with

its

own

objective

and

policies.

The

Fund

seeks

total

return

through

a

combination

of

capital

appreciation

and

current

income.

The

Fund

is

classified

as

nondiversified,

as

defined

in

the

1940

Act.

Unlike

shares

of

traditional

mutual

funds,

shares

of

the

Fund

are

not

individually

redeemable

and

may

only

be

purchased

or

redeemed

directly

from

the

Fund

at

net

asset

value

(“NAV”)

in

large

increments

called

“Creation

Units”

by

certain

participants,

known

as

“Authorized

Participants.”

The

size

of

a

Creation

Unit

to

purchase

shares

of

the

Fund

may

differ

from

the

size

of

a

Creation

Unit

to

redeem

shares

of

the

Fund.

The

Fund

will

issue

or

redeem

Creation

Units

in

exchange

for

portfolio

securities

and/or

cash.

Except

when

aggregated

in

Creation

Units,

Fund

shares

are

not

redeemable

securities

of

the

Fund.

Shares

of

the

Fund

are

listed

and

trade

on

NYSE

Arca,

Inc.

(NYSE

Arca"),

and

individual

investors

can

purchase

or

sell

shares

in

much

smaller

increments

and for

cash

in

the

secondary

market

through

a

broker.

These

transactions,

which

do

not

involve

the

Fund,

are

made

at

market

prices

that

may

vary

throughout

the

day

and

differ

from

the

Fund’s

NAV.

As

a

result,

you

may

pay

more

than

NAV

(a

premium)

when

you

purchase

shares

and

receive

less

than

NAV

(a

discount)

when

you

sell

shares,

in

the

secondary

market.

An

Authorized

Participant

(or

other

broker-dealers

making

markets

in

shares

of

the

Fund)

may

hold

of

record

more

than

25%

of

the

outstanding

shares

of

the

Fund.

From

time

to

time,

Authorized

Participants

(or

other

broker-dealers

making

markets

in

shares

of

the

Fund)

may

be

a

beneficial

and/or

legal

owner

of

the

Fund,

may

be

affiliated

with

an

index

provider,

may

be

deemed

to

have

control

of

the

Fund

and/or

may

be

able

to

affect

the

outcome

of

matters

presented

for

a

vote

of

the

shareholders

of

the

Fund.

Authorized

Participants

(or

other

broker-dealers

making

markets

in

shares

of

the

Fund)

may

execute

an

irrevocable

proxy

granting

the

Distributor,

Janus

Capital

Management

LLC

(“Janus

Capital”

or

“Janus”

or

"Agent")

or

an

affiliate

of

Janus

Capital

power

to

vote

or

abstain

from

voting

such

Authorized

Participant’s

beneficially

or

legally

owned

shares

of

the

Fund.

In

such

cases,

the

Agent

shall

mirror

vote

(or

abstain

from

voting)

such

shares

in

the

same

proportion

as

all

other

beneficial

owners

of

the

Fund. 

The

following

accounting

policies

have

been

followed

by

the

Fund

and

are

in

conformity

with

United

States

of

America

generally

accepted

accounting

principles

(“US

GAAP”). 

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

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

Janus

Henderson

U.S.

Real

Estate

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

13

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.

There

have

been

no

significant

changes

in

valuation

techniques

used

in

valuing

any

such

positions

held

by

the

Fund

since

inception. 

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

October

31,

2021

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.

Investment

Transactions

and

Investment

Income

Investment

transactions

are

accounted

for

as

of

the

date

purchased

or

sold

(trade

date).

Dividend

income

is

recorded

on

the

ex-dividend

date.

Certain

dividends

from

foreign

securities

will

be

recorded

as

soon

as

the

Fund

is

informed

of

the

dividend,

if

such

information

is

obtained

subsequent

to

the

ex-dividend

date.

Dividends

from

foreign

securities

may

be

subject

to

withholding

taxes

in

foreign

jurisdictions.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value.

Interest

income

is

recorded

daily

on

an

accrual

basis

and

includes

amortization

of

premiums

and

accretion

of

discounts.

The

Fund

classifies

gains

and

losses

on

prepayments

received

as

an

adjustment

to

interest

income.

Debt

securities

may

be

placed

in

non-accrual

status

and

related

interest

income

may

be

reduced

by

stopping

current

accruals

and

writing

off

interest

receivables

when

collection

of

all

or

a

portion

of

interest

has

become

doubtful.

Gains

and

losses

are

determined

on

the

identified

cost

basis,

which

is

the

same

basis

used

for

federal

income

tax

purposes.

Janus

Henderson

U.S.

Real

Estate

ETF

Notes

to

Financial

Statements

14

October

31,

2021

Estimates

The

preparation

of

financial

statements

in

conformity

with

US

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amount

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates. 

Indemnifications

In

the

normal

course

of

business,

the

Fund

may

enter

into

contracts

that

contain

provisions

for

indemnification

of

other

parties

against

certain

potential

liabilities.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

and

would

involve

future

claims

that

may

be

made

against

the

Fund

that

have

not

yet

occurred.

Currently,

the

risk

of

material

loss

from

such

claims

is

considered

remote. 

Dividends

and

Distributions

The

Fund

generally

declares

and

distributes

dividends

of

net

investment

income

quarterly.

Net

realized

capital

gains

(if

any)

are

distributed

annually.

The

Fund

may

treat

a

portion

of

the

amount

paid

to

redeem

shares

as

a

distribution

of

investment

company

taxable

income

and

realized

capital

gains

that

are

reflected

in

the

NAV.

This

practice,

commonly

referred

to

as

“equalization,”

has

no

effect

on

the

redeeming

shareholder

or

a

Fund’s

total

return

but

may

reduce

the

amounts

that

would

otherwise

be

required

to

be

paid

as

taxable

dividends

to

the

remaining

shareholders.

It

is

possible

that

the

Internal

Revenue

Service

(IRS)

could

challenge

the

Fund’s

equalization

methodology

or

calculations,

and

any

such

challenge

could

result

in

additional

tax,

interest,

or

penalties

to

be

paid

by

the

Fund. 

The

Fund

may

make

certain

investments

in

real

estate

investment

trusts

(“REITs”)

which

pay

dividends

to

their

shareholders

based

upon

funds

available

from

operations.

It

is

quite

common

for

these

dividends

to

exceed

the

REITs’

taxable

earnings

and

profits,

resulting

in

the

excess

portion

of

such

dividends

being

designated

as

a

return

of

capital.

If

the

Fund

distributes

such

amounts,

such

distributions

could

constitute

a

return

of

capital

to

shareholders

for

federal

income

tax

purposes. 

Federal

Income

Taxes

The

Fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

and

distribute

all

of

its

taxable

income

in

accordance

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code.

Management

has

analyzed

the

Fund’s

tax

positions

taken

for

all

open

federal

income

tax

years,

generally

a

three-year

period,

and

has

concluded

that

no

provision

for

federal

income

tax

is

required

in

the

Fund’s

financial

statements.

The

Fund

is

not

aware

of

any

tax

positions

for

which

it

is

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

benefits

will

significantly

change

in

the

next

twelve

months. 

2.

Other

Investments

and

Strategies 

Additional

Investment

Risk 

In

response

to

the

COVID-19

pandemic,

the

U.S.

government

and

the

Federal

Reserve,

as

well

as

certain

foreign

governments

and

central

banks,

have

taken

extraordinary

actions

to

support

local

and

global

economies

and

the

financial

markets,

including

reducing

interest

rates

to

record

low

levels.

Extremely

low

or

negative

interest

rates

may

become

more

prevalent

or

may

not

work

as

intended.

As

there

is

little

precedent

for

this

situation,

the

impact

on

various

markets

that

interest

rate

or

other

significant

policy

changes

may

have

is

unknown.

The

withdrawal

of

this

support,

a

failure

of

measures

put

in

place

in

response

to

such

economic

uncertainty,

or

investor

perception

that

such

efforts

were

not

sufficient

could

each

negatively

affect

financial

markets

generally,

and

the

value

and

liquidity

of

specific

securities.

In

addition,

policy

and

legislative

changes

in

the

United

States

and

in

other

countries

continue

to

impact

many

aspects

of

financial

regulation.

Widespread

disease,

including

pandemics

and

epidemics,

and

natural

or

environmental

disasters,

including

those

which

may

be

attributable

to

global

climate

change,

such

as

earthquakes,

fires,

floods,

hurricanes,

tsunamis

and

weather-related

phenomena

generally,

have

been

and

can

be

highly

disruptive

to

economies

and

markets,

adversely

impacting

individual

companies,

sectors,

industries,

markets,

currencies,

interest

and

inflation

rates,

credit

ratings,

investor

sentiment,

and

other

factors

affecting

the

value

of

a

Fund’s

investments.

Economies

and

financial

markets

throughout

the

world

have

become

increasingly

interconnected,

which

increases

the

likelihood

that

events

or

conditions

in

one

region

or

country

will

Janus

Henderson

U.S.

Real

Estate

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

15

adversely

affect

markets

or

issuers

in

other

regions

or

countries,

including

the

United

States.

These

disruptions

could

prevent

a

Fund

from

executing

advantageous

investment

decisions

in

a

timely

manner

and

negatively

impact

a

Fund’s

ability

to

achieve

its

investment

objective(s).

Any

such

event(s)

could

have

a

significant

adverse

impact

on

the

value

of

a

Fund.

In

addition,

these

disruptions

could

also

impair

the

information

technology

and

other

operational

systems

upon

which

the

Fund’s

service

providers,

including

Janus

Capital,

rely,

and

could

otherwise

disrupt

the

ability

of

employees

of

the

Fund’s

service

providers

to

perform

essential

tasks

on

behalf

of

the

Fund.

Adverse

weather

conditions

may

also

have

a

particularly

negative

effect

on

issuers

in

the

agricultural

sector

in

the

agricultural

sector

and

on

insurance

and

reinsurance

companies

that

insure

or

reinsure

against

the

impact

of

natural

disasters.

A

number

of

countries

in

the

European

Union

(“EU”)

have

experienced,

and

may

continue

to

experience,

severe

economic

and

financial

difficulties.

In

particular,

many

EU

nations

are

susceptible

to

economic

risks

associated

with

high

levels

of

debt.

Many

non-governmental

issuers,

and

even

certain

governments,

have

defaulted

on,

or

been

forced

to

restructure,

their

debts.

Many

other

issuers

have

faced

difficulties

obtaining

credit

or

refinancing

existing

obligations.

Financial

institutions

have

in

many

cases

required

government

or

central

bank

support,

have

needed

to

raise

capital,

and/

or

have

been

impaired

in

their

ability

to

extend

credit.

As

a

result,

financial

markets

in

the

EU

have

experienced

extreme

volatility

and

declines

in

asset

values

and

liquidity.

These

difficulties

may

continue,

worsen,

or

spread

further

within

the EU. Responses

to

these

financial

problems

by

European

governments,

central

banks,

and

others,

including

austerity

measures

and

reforms,

may

not

work,

may

result

in

social

unrest,

and

may

limit

future

growth

and

economic

recovery

or

have

other

unintended

consequences.

All

of

these

developments

may

continue

to

significantly

affect

the

economies

of

all

EU

countries,

which

in

turn

may

have

a

material

adverse

effect

on

a

Fund's

investments

in

such

countries

that

depend

on

EU

countries

for

significant

amounts

of

trade

or

investment,

or

issues

with

exposure

to

debt

issued

by

certain

EU

countries.

Real

Estate

Investing 

The

Fund

may

invest

in

equity

securities

of

real

estate-related

companies

to

the

extent

such

securities

are

included

in

the

Underlying

Index.

Such

companies

may

include

those

in

the

real

estate

industry

or

real

estate-related

industries.

These

securities

may

include

common

stocks,

preferred

and

convertible

securities

of

issuers

in

real

estate-related

industries.

A

REIT

is

a

trust

that

invests

in

real

estate-related

projects,

such

as

properties,

mortgage

loans,

and

construction

loans.

REITs

are

generally

categorized

as

equity,

mortgage,

or

hybrid

REITs.

A

REIT

may

be

listed

on

an

exchange

or

traded

OTC.

Management

Risk

The

Fund

is

an

actively

managed

investment

portfolio

and

is

therefore

subject

to

the

risk

that

the

investment

strategies

employed

for

the

Fund

may

fail

to

produce

the

intended

results.

Although

the

Fund

seeks

to

provide

long-term

positive

returns,

market

conditions

or

implementation

of

the

Fund's

investment

process

may

result

in

losses,

and

the

Fund

may

not

meet

its

investment

objective.

As

such,

there

can

be

no

assurance

of

positive

"absolute"

returns. 

Concentration Risk 

Since

the

Fund

concentrates

its

assets

in

the

U.S.

real

estate

industry

and

real

estate-related

industries

an

investment

in

the

Fund

will

be

closely

linked

to

performance

of

the

U.S.

real

estate

markets.

As

a

result,

the

Fund

may

be

subject

to

greater

risks

and

its

net

asset

value

may

fluctuate

more

than

a

fund

that

does

not

concentrate

its

investments.

Nondiversification

Risk 

The

Fund

is

classified

as

non-diversified

under

the

1940

Act.

This

gives

the

Fund’s

portfolio

managers

more

flexibility

to

hold

larger

positions

in

a

smaller

number

of

securities.

As

a

result,

an

increase

or

decrease

in

the

value

of

a

single

security

held

by

the

Fund

may

have

a

greater

impact

on

the

Fund’s

NAV

and

total

return.

3.

Investment

Advisory

Agreements

and

Other

Transactions

with

Affiliates 

Under

its

unitary

fee

structure,

the

Fund

pays

Janus

Capital

a

management

fee

in

return

for

providing

certain

investment

advisory,

supervisory,

and

administrative

services

to

the

Fund,

including

the

costs

of

transfer

agency,

custody,

fund

administration,

legal,

audit,

and

other

services.

Janus

Capital’s

fee

structure

is

designed

to

pay

substantially

all

of

the

Fund’s

expenses.

However,

the

Fund

bears

other

expenses

which

are

not

covered

under

the

management

fee

which

may

vary

and

affect

the

total

level

of

expenses

paid

by

shareholders,

such

as

distribution

fees

(if

any),

brokerage

expenses

or

commissions,

interest,

dividends,

taxes,

litigation

expenses,

acquired

fund

fees

and

expenses

(if

any),

and

extraordinary

Janus

Henderson

U.S.

Real

Estate

ETF

Notes

to

Financial

Statements

16

October

31,

2021

expenses.

The

Fund’s

unitary

management

fee

provides

for

reductions

in

the

fee

rate

as

the

Fund’s

assets

grow.

As

of

the

date

of

this

report,

the

Fund’s

management

fee

was

calculated

daily

and

paid

monthly

according

to

the

following

schedule: 

For

the

period

ended

October

31,

2021,

the

Fund’s

contractual

management

fee

rate

(expressed

as

an

annual

rate)

was

0.65%

of

the

Fund’s

average

daily

net

assets.

J.P.

Morgan

Chase

Bank,

N.A.

(“JP

Morgan")

provides

certain

fund

administration

services

to

the

Fund,

including

services

related

to

the

Fund’s

accounting,

including

calculating

the

daily

NAV,

audit

coordination,

tax,

and

reporting

obligations,

pursuant

to

an

agreement

with

Janus

Capital,

on

behalf

of

the

Fund.

As

compensation

for

such

services,

Janus

Capital

pays

JP

Morgan

a

fee

based

on

a

percentage

of

the

Fund’s

assets,

with

a

minimum

flat

fee,

for

certain

services.

Janus

Capital

serves

as

administrator

to

the

Fund,

providing

oversight

and

coordination

of

the

Fund’s

service

providers,

recordkeeping

and

other

administrative

services.

Janus

Capital

does

not

receive

any

additional

compensation,

beyond

the

unitary

fee,

for

serving

as

administrator.

JP

Morgan

also

serves

as

transfer

agent

for

the

shares

of

the

Fund.

Pursuant

to

agreements

with

Janus

Capital

on

behalf

of

the

Fund,

J.P.

Morgan

Securities

LLC,

an

affiliate

of

JP

Morgan,

may

execute

portfolio

transactions

for

the

Fund,

including

but

not

limited

to,

transactions

in

connection

with

cash

in

lieu

transactions

for

non-US

securities. 

The

Trust

has

adopted

a

Distribution

and

Servicing

Plan

for

shares

of

the

Fund

pursuant

to

Rule

12b-1

under

the

1940

Act

(the

“Plan”).

The

Plan

permits

compensation

in

connection

with

the

distribution

and

marketing

of

Fund

shares

and/or

the

provision

of

certain

shareholder

services.

The

Plan

permits

the

Fund

to

pay

ALPS

Distributors,

Inc.

(the

“Distributor”)

or

its

designee,

a

fee

for

the

sale

and

distribution

and/or

shareholder

servicing

of

the

shares

at

an

annual

rate

of

up

to

0.25%

of

average

daily

net

assets

of

the

Fund.

However,

the

Trustees

have

determined

not

to

authorize

payment

under

this

Plan

at

this

time.

Under

the

terms

of

the

Plan,

the

Trust

would

be

authorized

to

make

payments

to

the

Distributor

or

its

designee

for

remittance

to

retirement

plan

service

providers,

broker-dealers,

bank

trust

departments,

financial

advisors,

and

other

financial

intermediaries,

as

compensation

for

distribution

and/or

shareholder

services

performed

by

such

entities

for

their

customers

who

are

investors

in

the

Fund.

The

12b-1

fee

may

only

be

imposed

or

increased

when

the

Trustees

determine

that

it

is

in

the

best

interests

of

shareholders

to

do

so.

Because

these

fees

are

paid

out

of

the

Fund’s

assets

on

an

ongoing

basis,

to

the

extent

that

a

fee

is

authorized,

over

time

they

will

increase

the

cost

of

an

investment

in

the

Fund.

The

Plan

fee

may

cost

an

investor

more

than

other

types

of

sales

charges. 

As

of

October

31,

2021,

Janus

Capital

owned

1

share

or

0.00%

of

the

Fund.

4.

Federal

Income

Tax 

The

tax

components

of

capital

shown

in

the

table

below

represent:

(1)

distribution

requirements

the

Fund

must

satisfy

under

the

income

tax

regulations;

(2)

losses

or

deductions

the

Fund

may

be

able

to

offset

against

income

and

gains

realized

in

future

years;

and

(3)

unrealized

appreciation

or

depreciation

of

investments

for

federal

income

tax

purposes. 

The

Fund

has

elected

to

treat

gains

and

losses

on

forward

foreign

currency

contracts

as

capital

gains

and

losses,

if

applicable.

Other

foreign

currency

gains

and

losses

on

debt

instruments

are

treated

as

ordinary

income

for

federal

income

tax

purposes

pursuant

to

Section

988

of

the

Internal

Revenue

Code. 

Daily

Net

Assets

Fee

Rate

$0-$250

million

0.65%

Next

$750

million

0.60%

Over

$1

billion

0.50%

Loss

Deferrals

Undistributed

Ordinary

Income

Undistributed

Long-Term

Gains

Accumulated

Capital

Losses

Late-Year

Ordinary

Loss

Post-October

Capital

Loss

Other

Book

to

Tax

Differences

Net

Tax

Appreciation/

(Depreciation)

$41,303

$

—

$(183,315)

$

—

$

—

$

—

$922,073

Janus

Henderson

U.S.

Real

Estate

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

17

expenses.

The

Fund’s

unitary

management

fee

provides

for

reductions

in

the

fee

rate

as

the

Fund’s

assets

grow.

As

of

the

date

of

this

report,

the

Fund’s

management

fee

was

calculated

daily

and

paid

monthly

according

to

the

following

schedule: 

For

the

period

ended

October

31,

2021,

the

Fund’s

contractual

management

fee

rate

(expressed

as

an

annual

rate)

was

0.65%

of

the

Fund’s

average

daily

net

assets.

J.P.

Morgan

Chase

Bank,

N.A.

(“JP

Morgan")

provides

certain

fund

administration

services

to

the

Fund,

including

services

related

to

the

Fund’s

accounting,

including

calculating

the

daily

NAV,

audit

coordination,

tax,

and

reporting

obligations,

pursuant

to

an

agreement

with

Janus

Capital,

on

behalf

of

the

Fund.

As

compensation

for

such

services,

Janus

Capital

pays

JP

Morgan

a

fee

based

on

a

percentage

of

the

Fund’s

assets,

with

a

minimum

flat

fee,

for

certain

services.

Janus

Capital

serves

as

administrator

to

the

Fund,

providing

oversight

and

coordination

of

the

Fund’s

service

providers,

recordkeeping

and

other

administrative

services.

Janus

Capital

does

not

receive

any

additional

compensation,

beyond

the

unitary

fee,

for

serving

as

administrator.

JP

Morgan

also

serves

as

transfer

agent

for

the

shares

of

the

Fund.

Pursuant

to

agreements

with

Janus

Capital

on

behalf

of

the

Fund,

J.P.

Morgan

Securities

LLC,

an

affiliate

of

JP

Morgan,

may

execute

portfolio

transactions

for

the

Fund,

including

but

not

limited

to,

transactions

in

connection

with

cash

in

lieu

transactions

for

non-US

securities. 

The

Trust

has

adopted

a

Distribution

and

Servicing

Plan

for

shares

of

the

Fund

pursuant

to

Rule

12b-1

under

the

1940

Act

(the

“Plan”).

The

Plan

permits

compensation

in

connection

with

the

distribution

and

marketing

of

Fund

shares

and/or

the

provision

of

certain

shareholder

services.

The

Plan

permits

the

Fund

to

pay

ALPS

Distributors,

Inc.

(the

“Distributor”)

or

its

designee,

a

fee

for

the

sale

and

distribution

and/or

shareholder

servicing

of

the

shares

at

an

annual

rate

of

up

to

0.25%

of

average

daily

net

assets

of

the

Fund.

However,

the

Trustees

have

determined

not

to

authorize

payment

under

this

Plan

at

this

time.

Under

the

terms

of

the

Plan,

the

Trust

would

be

authorized

to

make

payments

to

the

Distributor

or

its

designee

for

remittance

to

retirement

plan

service

providers,

broker-dealers,

bank

trust

departments,

financial

advisors,

and

other

financial

intermediaries,

as

compensation

for

distribution

and/or

shareholder

services

performed

by

such

entities

for

their

customers

who

are

investors

in

the

Fund.

The

12b-1

fee

may

only

be

imposed

or

increased

when

the

Trustees

determine

that

it

is

in

the

best

interests

of

shareholders

to

do

so.

Because

these

fees

are

paid

out

of

the

Fund’s

assets

on

an

ongoing

basis,

to

the

extent

that

a

fee

is

authorized,

over

time

they

will

increase

the

cost

of

an

investment

in

the

Fund.

The

Plan

fee

may

cost

an

investor

more

than

other

types

of

sales

charges. 

As

of

October

31,

2021,

Janus

Capital

owned

1

share

or

0.00%

of

the

Fund.

4.

Federal

Income

Tax 

The

tax

components

of

capital

shown

in

the

table

below

represent:

(1)

distribution

requirements

the

Fund

must

satisfy

under

the

income

tax

regulations;

(2)

losses

or

deductions

the

Fund

may

be

able

to

offset

against

income

and

gains

realized

in

future

years;

and

(3)

unrealized

appreciation

or

depreciation

of

investments

for

federal

income

tax

purposes. 

The

Fund

has

elected

to

treat

gains

and

losses

on

forward

foreign

currency

contracts

as

capital

gains

and

losses,

if

applicable.

Other

foreign

currency

gains

and

losses

on

debt

instruments

are

treated

as

ordinary

income

for

federal

income

tax

purposes

pursuant

to

Section

988

of

the

Internal

Revenue

Code. 

Daily

Net

Assets

Fee

Rate

$0-$250

million

0.65%

Next

$750

million

0.60%

Over

$1

billion

0.50%

Loss

Deferrals

Undistributed

Ordinary

Income

Undistributed

Long-Term

Gains

Accumulated

Capital

Losses

Late-Year

Ordinary

Loss

Post-October

Capital

Loss

Other

Book

to

Tax

Differences

Net

Tax

Appreciation/

(Depreciation)

$41,303

$

—

$(183,315)

$

—

$

—

$

—

$922,073

Accumulated

capital

losses

noted

below

represent

net

capital

loss

carryovers,

as

of

October

31,

2021,

that

may

be

available

to

offset

future

realized

capital

gains

and

thereby

reduce

future

taxable

gains

distributions.

The

following

table

shows

these

capital

loss

carryovers. 

The

aggregate

cost

of

investments

and

the

composition

of

unrealized

appreciation

and

depreciation

of

investment

securities

for

federal

income

tax

purposes

as

of

October

31,

2021

are

noted

below.

The

primary

difference

between

book

and

tax

appreciation

or

depreciation

of

investments

is

wash

sale

loss

deferrals. 

Income

and

capital

gains

distributions

are

determined

in

accordance

with

income

tax

regulations

that

may

differ

from

US

GAAP.

These

differences

are

due

to

differing

treatments

for

items

such

as

net

short-term

gains,

deferral

of

wash

sale

losses,

foreign

currency

transactions,

passive

foreign

investment

companies,

net

investment

losses,

in-kind

transactions

and

capital

loss

carryovers.

Certain

permanent

differences

such

as

tax

returns

of

capital

and

net

investment

losses

noted

below

have

been

reclassified

to

capital. 

Permanent

book

to

tax

basis

differences

may

result

in

reclassifications

between

the

components

of

net

assets.

These

differences

have

no

impact

on

the

results

of

operations

or

net

assets.

The

following

reclassifications

have

been

made

to

the

Fund: 

5.

Capital

Share

Transactions 

Capital

Loss

Carryover

Schedule

For

the

year

ended

October

31,

2021

No

Expiration

Short-Term

Long-Term

Accumulated

Capital

Losses

$(183,315)

$

—

$(183,315)

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$10,510,081

$1,007,465

$(85,392)

$922,073

For

the

year

ended

October

31,

2021

:

Distributions

From

Ordinary

Income

From

Long-Term

Capital

Gain

Tax

Return

of

Capital

Net

Investment

Loss

$29,881

$

—

$

—

$

—

Increase/(Decrease)

to

Capital

Increase/(Decrease)

to

Undistributed

Net

Investment

Income/Loss

Increase/(Decrease)

to

Undistributed

Net

realized

Gain/Loss

$—

$

—

$

—

Period

Ended

October

31,

2021

(1)

Shares

Amount

Shares

sold

425,001

$

10,654,589

Shares

repurchased

—

—

Net

Increase/(Decrease)

425,001

$

10,654,589

(1)

Period

from

June

22,

2021

(commencement

of

operations)

through

October

31,

2021.

Janus

Henderson

U.S.

Real

Estate

ETF

Notes

to

Financial

Statements

18

October

31,

2021

6.

Purchases

and

Sales

of

Investment

Securities 

For

the

period

ended

October

31,

2021,

the

aggregate

cost

of

purchases

and

proceeds

from

sales

of

investment

securities

(excluding

any

short-term

securities,

short-term

options

contracts,

and

in-kind

transactions)

was

as

follows: 

For

the year

ended

October

31,

2021,

the

cost

of

in-kind

purchases

and

proceeds

from

in-kind

sales,

were

as

follows: 

7.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to

October

31,

2021

and

through

the

date

of

the

issuance

of

the

Fund's

financial

statements

and

determined

that

there

were

no

material

events

or

transactions

that

would

require

recognition

or

disclosure

in

the

Fund's

financial

statements. 

Purchases

of

Securities

Proceeds

from

Sales

of

Securities

Purchases

of

Long-

Term

U.S.

Government

Obligations

Proceeds

from

Sales

of

Long-Term

U.S.

Government

Obligations

$4,927,478

$2,402,860

$

—

$

—

Purchases

of

Securities

Proceeds

from

Sales

of

Securities

Purchases

of

Long-

Term

U.S.

Government

Obligations

Proceeds

from

Sales

of

Long-Term

U.S.

Government

Obligations

$8,090,534

$—

$—

$—

Janus

Henderson

U.S.

Real

Estate

ETF

Additional

Information

(unaudited)

Janus

Detroit

Street

Trust

19

Proxy

Voting

Policies

and

Voting

Record

A

description

of

the

policies

and

procedures

that

the

Fund

uses

to

determine

how

to

vote

proxies

relating

to

its

portfolio

securities

is

available

without

charge:

(i)

upon

request,

by

calling

1-800-525-0020

(toll

free);

(ii)

on

the

Fund’s

website

at

janushenderson.com/proxyvoting;

and

(iii)

on

the

SEC’s

website

at

http://www.sec.gov.

Quarterly

Portfolio

Holdings

The

Fund

files

its

complete

portfolio

holdings

(schedule

of

investments)

with

the

SEC

for

the

first

and

third

quarters

each

fiscal

year

as

an

exhibit

to

Form

N-PORT

within

60

days

of

the

end

of

such

fiscal

quarter.

The

Fund’s

Form

N-PORT

and

Form

N-Q

filings:

are

available

on

the

SEC’s

website

at

http://www.sec.gov;

(ii)

may

be

reviewed

and

copied

at

the

SEC’s

Public

Reference

Room

in

Washington,

D.C.

(information

on

the

Public

Reference

Room

may

be

obtained

by

calling

1-800-SEC-0330);

and

(iii)

are

available

without

charge,

upon

request,

by

calling

Janus

Henderson

at

1-800-525-

0020

(toll

free).

Janus

Henderson

U.S.

Real

Estate

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

20

October

31,

2021

The

Trustees

of

Janus

Detroit

Street

Trust

(the

“Trust”),

including

the

Trustees

who

are

not

“interested

persons”

(the

“Independent

Trustees”)

as

that

term

is

defined

in

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

met

on

April

22,

2021

to

consider

the

proposed

investment

management

agreement

(the

“Investment

Management

Agreement”)

for

Janus

Henderson

U.S.

Real

Estate

ETF

(the

“New

Fund”).

In

the

course

of

their

consideration

of

the

Investment

Management

Agreement,

the

Trustees

met

in

executive

session

and

were

advised

by

their

independent

counsel.

In

this

regard,

the

Board,

including

the

Independent

Trustees,

evaluated

the

terms

of

the

Investment

Management

Agreement

and

reviewed

the

duties

and

responsibilities

of

the

Trustees

in

evaluating

and

approving

such

agreements.

In

considering

approval

of

the

Investment

Management

Agreement,

the

Board,

including

the

Independent

Trustees,

reviewed

the

materials

provided

to

it

relating

to

their

consideration

of

the

Investment

Management

Agreement

for

the

New

Fund

and

other

information

provided

by

counsel

and

Janus

Capital

Management

LLC,

the

proposed

investment

adviser

to

the

New

Fund

(the

“Adviser”),

including:

(i)

a

copy

of

the

form

of

Investment

Management

Agreement

with

respect

to

the

Adviser’s

management

of

the

assets

of

the

New

Fund;

(ii)

information

regarding

the

nature,

quality

and

extent

of

the

services

to

be

provided

to

the

New

Fund

by

the

Adviser,

and

the

fees

to

be

charged

to

the

New

Fund

therefor;

(iii)

information

concerning

the

Adviser’s

financial

condition,

business,

operations,

portfolio

management

personnel

and

compliance

programs;

(iv)

information

describing

the

New

Fund’s

anticipated

advisory

fee

structure

and

operating

expenses;

(v)

a

copy

of

the

Adviser’s

current

Form

ADV;

and

(vi)

a

memorandum

from

counsel

on

the

responsibilities

of

trustees

in

considering

investment

advisory

arrangements

under

the

1940

Act.

The

Board

also

considered

presentations

made

by,

and

discussions

held

with,

representatives

of

the

Adviser.

The

Board

also

received

information

comparing

the

proposed

advisory

fee

and

expenses

of

the

New

Fund

to

those

of

other,

third-party

exchange-traded

funds

(“ETFs”)

considered

to

be

comparable.

During

its

review

of

this

information,

the

Board

focused

on

and

analyzed

the

factors

that

it

deemed

relevant,

including:

the

nature,

extent

and

quality

of

the

services

to

be

provided

to

the

New

Fund

by

the

Adviser;

the

Adviser’s

personnel

and

operations;

the

New

Fund’s

proposed

expense

level;

the

anticipated

profitability

to

the

Adviser

under

the

Investment

Management

Agreement

at

certain

asset

levels;

“fall-out”

benefits

to

the

Adviser

and

its

affiliates

(i.e.,

the

ancillary

benefits

realized

by

the

Adviser

and

its

affiliates

from

the

Adviser’s

relationship

with

the

Trust);

the

effect

of

asset

growth

on

the

New

Fund’s

expenses;

and

potential

conflicts

of

interest.

The

Trustees

also

considered

benefits

that

accrue

to

the

Adviser

and

its

affiliates

from

their

relationships

with

the

New

Fund.

The

Trustees

also

concluded

that,

other

than

the

services

provided

by

the

Adviser

and

its

affiliates

pursuant

to

agreements

with

the

New

Fund

and

the

fees

to

be

paid

by

the

New

Fund

therefor,

the

New

Fund

and

the

Adviser

may

potentially

benefit

from

their

relationship

with

each

other

in

other

ways.

The

Trustees

concluded

that

the

success

of

the

New

Fund

could

attract

other

business

to

the

Adviser

or

other

Janus

Henderson

funds,

and

that

the

success

of

the

Adviser

could

enhance

the

Adviser’s

ability

to

serve

the

New

Fund.

.

The

Board,

including

the

Independent

Trustees,

considered

the

following

in

respect

of

the

New

Fund:

(a)

The

nature,

extent

and

quality

of

services

to

be

provided

by

the

Adviser;

personnel

and

operations

of

the

Adviser.

The

Board

reviewed

the

services

that

the

Adviser

would

provide

to

the

New

Fund.

In

connection

with

the

investment

advisory

services

to

be

provided

by

the

Adviser,

the

Board

noted

the

responsibilities

that

the

Adviser

would

have

as

the

New

Fund’s

investment

adviser,

including:

the

overall

supervisory

responsibility

for

the

general

management

and

investment

of

the

New

Fund’s

securities

portfolio;

providing

oversight

of

the

investment

performance

and

processes

and

compliance

with

the

New

Fund’s

investment

objectives,

policies

and

limitations;

the

implementation

of

the

investment

management

program

of

the

New

Fund;

the

management

of

the

day-to-day

investment

and

reinvestment

of

the

assets

of

the

New

Fund;

determining

daily

baskets

of

securities

and

cash

components,

and

negotiating

custom

baskets

in

connection

with

creation

and

redemption

transactions

in

the

New

Fund’s

shares;

executing

portfolio

security

trades

for

purchases

and

redemptions

of

New

Fund

shares

conducted

on

a

cash

basis;

the

review

of

brokerage

matters;

the

oversight

of

general

portfolio

compliance

with

relevant

law;

and

the

implementation

of

Board

directives

as

they

relate

to

the

New

Fund.

The

Board

reviewed

the

Adviser’s

experience,

resources

and

strengths

in

managing

other

pooled

investment

vehicles,

such

as

the

other

funds

in

the

Trust,

including

the

Adviser’s

personnel.

Based

on

its

consideration

and

review

of

the

Janus

Henderson

U.S.

Real

Estate

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

Janus

Detroit

Street

Trust

21

foregoing

information,

the

Board

determined

that

the

New

Fund

was

likely

to

benefit

from

the

nature,

quality

and

extent

of

these

services,

as

well

as

the

Adviser’s

ability

to

render

such

services

based

on

the

Adviser’s

experience,

personnel,

operations

and

resources.

(b)

Comparison

of

services

to

be

rendered

and

fees

to

be

paid

under

other

investment

advisory

contracts,

and

the

cost

of

the

services

to

be

provided

and

profits

to

be

realized

by

the

Adviser

from

the

relationship

with

the

New

Fund;

“fall-out”

benefits.

The

Board

then

compared

both

the

services

to

be

rendered

and

the

proposed

fees

to

be

paid

under

the

Investment

Management

Agreement,

with

fees

paid

under

contracts

of

other

investment

advisers

for

comparable

registered

funds

investing

in

real

estate

related

investments.

In

particular,

the

Board

compared

the

New

Fund’s

proposed

management

fee

and

projected

expense

ratio

to

other

investment

companies

anticipated

to

be

in

the

New

Fund’s

peer

group.

The

Board

noted

that

the

Adviser

was

recommending

a

unitary

fee

that

was

below

the

median

contractual

management

fee

of

the

New

Fund’s

anticipated

peer

group,

and

in

addition

would

have

contractual

break

points

that

could

potentially

reduce

the

unitary

fee

further

depending

on

the

New

Fund’s

asset

growth.

The

Board

also

discussed

the

anticipated

costs

and

projected

profitability

of

the

Adviser

in

connection

with

its

serving

as

investment

adviser

to

the

New

Fund,

including

operational

costs.

After

comparing

the

New

Fund’s

proposed

fees

with

those

of

the

funds

in

the

New

Fund’s

anticipated

peer

group,

and

in

light

of

the

nature,

extent

and

quality

of

services

proposed

to

be

provided

by

the

Adviser

and

the

costs

expected

to

be

incurred

by

the

Adviser

in

rendering

those

services,

the

Board

concluded

that

the

level

of

fees

proposed

to

be

paid

to

the

Adviser

with

respect

to

the

New

Fund

was

fair

and

reasonable.

The

Board

also

considered

that

the

Adviser

may

experience

reputational

“fall-out”

benefits

based

on

the

success

of

the

New

Fund,

but

that

such

benefits

are

not

easily

quantifiable.

(c)

The

extent

to

which

economies

of

scale

would

be

realized

as

the

Fund

grows

and

whether

fee

levels

would

reflect

such

economies

of

scale.

The

Board

next

discussed

potential

economies

of

scale.

Since

the

New

Fund

had

not

commenced

operations,

and

the

eventual

aggregate

amount

of

assets

was

uncertain,

the

Adviser

was

not

able

to

provide

the

Board

specific

information

concerning

the

extent

to

which

economies

of

scale

would

be

realized

as

the

New

Fund

grows

and

whether

the

management

fee

level

would

reflect

such

economies

of

scale,

if

any.

The

Board

recognized

the

uncertainty

in

launching

a

new

investment

product

and

estimating

future

asset

levels;

however,

the

Board

noted

that

the

fee

schedule

proposed

by

the

Adviser

for

the

New

Fund

contained

a

breakpoint

for

assets

above

$250

million

and

again

at

assets

above

$1

billion.

The

Board

also

noted

the

unitary

fee

structure,

pursuant

to

which

the

Adviser

pays,

with

certain

exceptions,

any

excess

costs

incurred

to

operate

the

New

Fund.

The

Board

acknowledged

the

unitary

fee

cap

effectively

puts

the

risk

of

higher

costs

at

lower

asset

levels

on

the

Adviser

rather

than

the

New

Fund.

(d)

Investment

performance

of

the

Fund

and

the

Adviser.

Because

the

New

Fund

is

newly

formed

and

had

not

commenced

operations,

the

Board

did

not

consider

the

investment

performance

of

the

New

Fund.

Conclusion.

No

single

factor

was

determinative

to

the

decision

of

the

Board.

Based

on

the

foregoing

and

such

other

matters

as

were

deemed

relevant,

the

Board

concluded

that

the

proposed

management

fee

rate

and

projected

total

expense

ratio

are

reasonable

in

relation

to

the

services

to

be

provided

by

the

Adviser

to

the

New

Fund,

as

well

as

the

costs

to

be

incurred

and

benefits

to

be

gained

by

the

Adviser

in

providing

such

services.

The

Board

also

found

the

proposed

management

fee

to

be

reasonable

in

comparison

to

the

fees

charged

by

advisers

to

other

comparable

ETFs.

As

a

result,

the

Board

concluded

that

the

initial

approval

of

the

Investment

Management

Agreement

was

in

the

best

interests

of

the

New

Fund.

After

full

consideration

of

the

above

factors,

as

well

as

other

factors,

the

Trustees,

including

all

of

the

Independent

Trustees

voting

separately,

determined

to

approve

the

Investment

Management

Agreement

for

the

New

Fund.

Janus

Henderson

U.S.

Real

Estate

ETF

Trustees

and

Officers

(unaudited)

22

October

31,

2021

The

following

are

the

Trustees

and

officers

of

the

Trust

together

with

a

brief

description

of

their

principal

occupations

during

the

last

five

years

(principal

occupations

for

certain

Trustees

may

include

periods

over

five

years).

The

Fund’s

Statement

of

Additional

Information

includes

additional

information

about

the

Trustees

and

officers

and

is

available,

without

charge,

by

calling

1-877-335-2687.

Each

Trustee

has

served

in

that

capacity

since

he

or

she

was

originally

elected

or

appointed.

The

Trustees

do

not

serve

a

specified

term

of

office.

Each

Trustee

will

hold

office

until

the

termination

of

the

Trust

or

his

or

her

earlier

death,

resignation,

retirement,

incapacity,

or

removal.

Under

the

Fund’s

Governance

Procedures

and

Guidelines,

the

policy

is

for

Trustees

to

retire

no

later

than

the

end

of

the

calendar

year

in

which

the

Trustee

turns

75.

The

Trustees

review

the

Fund’s

Governance

Procedures

and

Guidelines

from

time

to

time

and

may

make

changes

they

deem

appropriate.

The

Fund’s

Nominating

and

Governance

Committee

will

consider

nominees

for

the

position

of

Trustee

recommended

by

shareholders.

Shareholders

may

submit

the

name

of

a

candidate

for

consideration

by

the

Committee

by

submitting

their

recommendations

to

the

Trust’s

Secretary.

Each

Trustee

is

currently

a

Trustee

of

one

other

registered

investment

company

advised

by

Janus

Capital:

Clayton

Street

Trust.

As

of

the

date

of

this

report,

collectively,

the

two

registered

investment

companies

consist

of

14

series

or

funds.

The

Trust’s

officers

are

elected

annually

by

the

Trustees

for

a

one-year

term.

Certain

officers

also

serve

as

officers

of

Clayton

Street

Trust.

Certain

officers

of

the

Funds

may

also

be

officers

and/or

directors

of

Janus

Capital.

Except

as

otherwise

disclosed,

Fund

officers

receive

no

compensation

from

the

Funds.

TRUSTEES

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Number

of

Portfolios/Funds

in

Fund

Complex

Overseen

by

Trustee*

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Independent

Trustees

Clifford

J.

Weber

151

Detroit

Street

Denver,

CO

80206

DOB:

1963

Chairman

Trustee

2/16-Present

Owner,

Financial

Products

Consulting

Group

LLC

(consulting

services

to

financial

institutions)

(since

2015).

14

Independent

Trustee,

Clough

Funds

Trust

(investment

company)

(since

2015),

Chairman,

Clough

Funds

Trust

(since

2017),

Independent

Trustee,

Clough

Global

Dividend

and

Income

Fund (closed-end fund)

(since

2017),

Independent

Trustee,

Clough

Global

Opportunities

Fund (closed-end fund)

(since

2017),

Independent

Trustee,

Clough

Global

Equity

Fund (closed-end fund)

(since

2017),

Independent

Trustee,

Elevation

ETF

Trust

(investment

company)

(2016-

2018),

Chairman,

Elevation

ETF

Trust

(2016-2018),

and

Independent

Trustee,

Global

X

Funds

(investment

company)

(since

2018).

Janus

Henderson

U.S.

Real

Estate

ETF

Trustees

and

Officers

(unaudited)

Janus

Detroit

Street

Trust

23

*

Each

Trustee

also

serves

as

a

trustee

to

the

Clayton

Street

Trust,

which

is

currently

comprised

of

three

portfolios.

**

Ms.

Benz

is

an

Interested

Trustee

because

of

her

employment

with

Janus

Henderson

Investors.

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Number

of

Portfolios/Funds

in

Fund

Complex

Overseen

by

Trustee*

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Maureen

T.

Upton

151

Detroit

Street

Denver,

CO

80206

DOB:

1965

Trustee

2/16-Present

Principal,

Maureen

Upton

Ltd.

(consulting

services

to

developers

of

major

infrastructure

projects

and

investors)

(since

2017).

Formerly,

Principal

Consultant,

SRK

Consulting

(U.S.),

Inc.

(consulting

services

to

global

mining,

energy

and

water

resource

industries)

(2015-

2017)

and

Founder

and

Principal,

Resource

Initiatives

LLC

(sustainability

consulting

firm)

(2006-2015).

14

Jeffrey

B.

Weeden

151

Detroit

Street

Denver,

CO

80206

DOB:

1956

Trustee

2/16-Present

Senior

Advisor,

BayBoston

Capital

LP

(investment

fund

in

banks

and

bank

holdings

companies)

(since

2015).

Formerly,

Management

Advisor,

BoxCast,

Inc.

(technology start-

up company)

(2014-2017).

14

Director,

West

Travis

County

Municipal

Utility

District

No. 6

(municipal

utility)

(since

2020)

and

Director,

State

Farm

Bank

(banking)

(2014-2021).

Interested

Trustee

Carrie

Benz**

151

Detroit

Street

Denver,

CO

80206

DOB:

1975

Trustee

1/21-Present

Global

Head

of

Investment

Services,

Janus

Henderson

Investors

(since

2017);

Vice

President,

Investments

Chief

of

Staff,

Janus

Capital

Management

LLC

(2007-

2017).

14

Janus

Henderson

U.S.

Real

Estate

ETF

Trustees

and

Officers

(unaudited)

24

October

31,

2021

OFFICERS

*

Officers

are

elected

at

least

annually

by

the

Trustees

for

a

one-year

term

and

may

also

be

elected

from

time

to

time

by

the

Trustees

for

an

interim

period.

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Term

of

Office*

and

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Bruce

L.

Koepfgen

151

Detroit

Street

Denver,

CO

80206

DOB:

1952

President

and

Chief

Executive

Officer

2/16-Present

Executive

Vice

President,

Head

of

North

America

at

Janus

Henderson

Investors

(since

2017),

President

and

Head

of

North

America

at

Janus

Capital

Management

LLC

(since

2013

and

2017,

respectively),

President

at

Janus

Capital

Group

Inc.

(since

2013),

President

and

Director

at

Janus

International

Holding

LLC

(since

2019

and

2011,

respectively),

President

at

Janus

Holdings

LLC

(since

2019),

President

and

Director

at

Janus

Management

Holdings

Corporation

(since

2017

and

2012,

respectively),

Executive

Vice

President

and

Head

of

North

America

at

Janus

Distributors

LLC

(since

2011

and

2019,

respectively),

Vice

President

and

Director

at

Intech

Investment

Management

LLC

(since

2012),

and

Executive

Vice

President

at

Perkins

Investment

Management

LLC

(since

2011).

Formerly,

Executive

Vice

President

at

Janus

Capital

Group

Inc.,

Janus

International

Holding

LLC,

and

Janus

Management

Holdings

Corporation

(2011-

2019),

Director

at

Perkins

Investment

Management

LLC

(2011-2019),

and

Chief

Financial

Officer

at

Janus

Capital

Group

Inc.

(2011-2013).

Kristin

Mariani

151

Detroit

Street

Denver,

CO

80206

DOB:

1966

Vice

President,

Chief

Compliance

Officer,

and

Anti-

Money

Laundering

Officer

7/20-Present

Head

of

Compliance,

North

America

for

Janus

Henderson

Investors

(since

September

2020)

and

Chief

Compliance

Officer

for

Janus

Capital

Management

LLC

(since

September

2017).

Formerly,

Global

Head

of

Investment

Management

Compliance

for

Janus

Henderson

Investors

(February

2019

-

August

2020),

Vice

President,

Head

of

Global

Distribution

Compliance

and

Chief

Compliance

Officer

of

Janus

Henderson

Distributors

(May

2017

–

September

2017),

Vice

President,

Compliance

at

Janus

Capital

Group

Inc.,

Janus

Capital

Management

LLC,

and

Janus

Distributors

LLC

(2009-2017).

Jesper

Nergaard

151

Detroit

Street

Denver,

CO

80206

DOB:

1962

Chief

Financial

Officer,

Vice

President,

Treasurer,

and

Principal

Accounting

Officer

2/16-Present

Head

of

U.S.

Fund

Administration,

Janus

Henderson

Investors

and

Janus

Services

LLC.

Byron

D.

Hittle

151

Detroit

Street

Denver,

CO

80206

DOB:

1974

Vice

President,

Secretary,

and

Chief

Legal

Officer

7/18-Present

Managing

Counsel

of

Janus

Henderson

Investors

(2017-present).

Formerly,

Assistant

Vice

President

and

Senior

Legal

Counsel

of

Janus

Capital

Management

LLC

(2012-2016).

Janus

Henderson

U.S.

Real

Estate

ETF

Notes

Janus

Detroit

Street

Trust

25

125-02-93088

12-21

This

report

is

submitted

for

the

general

information

of

shareholders

of

the

Fund.

It

is

not

an

offer

or

solicitation

for

the

Fund

and

is

not

authorized

for

distribution

to

prospective

investors

unless

preceded

or

accompanied

by

an

effective

prospectus.

Janus

Henderson

is

a

trademark

of

Janus

Henderson

Group

plc

or

one

of

its

subsidiaries.

©

Janus

Henderson

Group

plc.

Janus

Capital

Management

LLC

is

the

investment

adviser

and

ALPS

Distributors,

Inc.

is

the

distributor.

ALPS

is

not

affiliated

with

Janus

Henderson

or

any

of

its

subsidiaries.

ANNUAL

REPORT

October

31,

2021

Janus

Henderson

International

Sustainable

Equity

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

International

Sustainable

Equity

ETF

Performance

Overview

...........................

1

Disclosure

of

Fund

Expenses

.......................

4

Report

of

Independent

Registered

Public

Accounting

Firm

...

5

Schedule

of

Investments

..........................

6

Statement

of

Assets

and

Liabilities

...................

9

Statement

of

Operations

..........................

10

Statement

of

Changes

in

Net

Assets

.................

11

Financial

Highlights

..............................

12

Notes

to

Financial

Statements

......................

13

Additional

Information

............................

21

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

...................................

22

Trustees

and

Officers

............................

25

Janus

Henderson

International

Sustainable

Equity

ETF

(unaudited)

Janus

Detroit

Street

Trust

1

INVESTMENT

OBJECTIVE

Janus

Henderson

International

Sustainable

Equity

ETF

(SXUS)

seeks

long-term

growth

of

capital.

PERFORMANCE

OVERVIEW

The

Janus

Henderson

International

Sustainable

Equity

ETF

(SXUS)

launched

on

September

8,

2021.

From

inception

to

October

31,

2021,

the

Janus

Henderson

International

Sustainable

Equity

ETF

returned

-6.48%

(based

on

NAV).

Its

benchmark,

the

MSCI

All

Country

World

ex-U.S.

Index

SM

,

returned

-1.72%.

Returns

from

inception

through

the

end

of

the

period

were

negatively

impacted

by

the

continued

rotation

into

the

more

economically

sensitive

and

cyclical

areas

of

the

equity

market,

which

tend

to

be

areas

that

the

Fund

is

not

invested

in

given

our

sustainability

focus

and

avoidance

criteria.

Thus,

the

Fund’s

overweight

to

the

technology

sector,

which

generally

lagged

during

the

period,

weighed

on

results.

In

particular,

exposure

to

Japan-based

tech

companies

detracted

amid

waning

expectations

for

local

economic

reform

and

increased

concern

over

debt-laden

property

developer

China

Evergrande

Group.

Stock

selection

in

the

utilities

sector

proved

beneficial,

as

did

the

Fund’s

underweight

to

materials,

which

underperformed

the

broad

market.

The

Janus

Henderson

International

Sustainable

Equity

ETF

is

a

high-conviction,

low-carbon

oriented

portfolio

of

international

companies

selected

for

their

sustainable

characteristics,

compounding

growth

potential

and

positive

impact

on

the

environment

and

society.

The

portfolio

managers

believe

there

is

a

strong

link

between

sustainable

development,

innovation

and

long-term

compounding

growth.

Our

investment

framework

seeks

to

invest

in

international

companies

that

have

a

positive

impact

on

the

environment

and

society,

while

at

the

same

time

helping

us

stay

on

the

right

side

of

disruption.

We

believe

this

approach

will

provide

clients

with

a

persistent

return

source,

deliver

future

compound

growth

and

help

mitigate

downside

risk.

Hamish

Chamberlayne

Aaron

Scully

co-portfolio

manager

co-portfolio

manager

Janus

Henderson

International

Sustainable

Equity

ETF

(unaudited)

Fund

At

A

Glance

October

31,

2021

2

October

31,

2021

Holdings

are

subject

to

change

without

notice.

5

Largest

Equity

Holdings

–

(%

of

Net

Assets)

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

Semiconductors

&

Semiconductor

Equipment

4.9%

Nintendo

Co.

Ltd.

Entertainment

4.1%

Infineon

Technologies

AG

Semiconductors

&

Semiconductor

Equipment

4.0%

AIA

Group

Ltd.

Insurance

3.9%

adidas

AG

Textiles,

Apparel

&

Luxury

Goods

3.7%

20.6%

Sector

Allocation

–

(%

of

Net

Assets)

Technology

24.6%

Industrial

21.7%

Consumer,

Cyclical

12.3%

Consumer,

Non-cyclical

10.8%

Financial

10.0%

Utilities

9.1%

Communications

7.2%

Investment

Companies

2.7%

Energy

2.2%

100.6%

Janus

Henderson

International

Sustainable

Equity

ETF

(unaudited)

Performance

Janus

Detroit

Street

Trust

3

Total

annual

expense

ratio

as

stated

in

the

prospectus

(estimated):

0.60%.

See

Financial

Highlights

for

actual

expense

ratios

during

the

reporting

period.

Returns

quoted

are

past

performance

and

do

not

guarantee

future

results;

current

performance

may

be

lower

or

higher.

Investment

returns

and

principal

value

will

vary;

there

may

be

a

gain

or

loss

when

shares

are

sold.

For

the

most

recent

month-end

performance

call

800.668.0434

or

visit

janushenderson.com/performance.

Shares

of

ETFs

are

bought

and

sold

at

market

price

(not

NAV)

and

are

not

individually

redeemed

from

the

Fund.

Market

returns

are

based

upon

the

midpoint

of

the

bid/ask

spread

at

4:00

p.m.

Eastern

time

(when

NAV

is

normally

determined

for

most

ETFs),

and

do

not

represent

the

returns

you

would

receive

if

you

traded

shares

at

other

times.

Ordinary

brokerage

commissions

apply

and

will

reduce

returns.

Performance

for

very

short

time

periods

may

not

be

indicative

of

future

performance.

Investing

involves

risk,

including

the

possible

loss

of

principal

and

fluctuation

of

value.

There

is

no

assurance

the

stated

objective(s)

will

be

met.

Performance

may

be

affected

by

risks

that

include

those

associated

with

foreign

and

emerging

markets,

fixed

income

securities,

high-yield

and

high-risk

securities,

undervalued,

overlooked

and

smaller

capitalization

companies,

real

estate

related

securities

including

Real

Estate

Investment

Trusts

(REITs),

non-diversification,

Environmental,

Social

and

Governance

(ESG)

factors,

portfolio

turnover,

derivatives,

short

sales,

initial

public

offerings

(IPOs)

and

potential

conflicts

of

interest.

Each

product

has

different

risks.

Please

see

the

prospectus

for

more

information

about

risks,

holdings

and

other

details.

Returns

include

reinvestment

of

dividends

and

capital

gains.

Returns

greater

than

one

year

are

annualized.

Returns

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

redemptions

of

Fund

shares.

The

returns

do

not

include

adjustments

in

accordance

with

generally

accepted

accounting

principles

required

at

the

period

end

for

financial

reporting

purposes.

See

Notes

to

Schedule

of

Investments

and

Other

Information

for

index

definitions.

Index

performance

does

not

reflect

the

expenses

of

managing

a

portfolio

as

an

index

is

unmanaged

and

not

available

for

direct

investment.

Average

Annual

Total

Return

for

the

periods

ended

October

31,

2021

Since

Inception

*

Janus

Henderson

International

Sustainable

Equity

ETF

-

NAV

-6.48%

Janus

Henderson

International

Sustainable

Equity

ETF

-

Market

Price

-6.32%

MSCI

All

Country

World

ex

USA

Index

SM

-1.72%

*

The

Fund

commenced

operations

on

September

8,

2021.

Janus

Henderson

International

Sustainable

Equity

ETF

(unaudited)

Disclosure

of

Fund

Expenses

4

October

31,

2021

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1)

transaction

costs,

which

may

include

creation

and

redemption

fees

or

brokerage

charges

and

(2)

ongoing

costs,

including

management

fees

and

other

Fund

expenses.

This

example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

Funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

example

is

based

upon

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

six-months

indicated,

unless

noted

otherwise

in

the

table

and

footnotes

below. 

Actual

Expenses 

The

information

in

the

table

under

the

heading

“Actual”

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

these

columns,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

under

the

heading

entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

the

period.

Hypothetical

Example

for

Comparison

Purposes 

The

information

in

the

table

under

the

heading

“Hypothetical

(5%

return

before

expenses)”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

upon

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

determine

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Additionally,

for

an

analysis

of

the

fees

associated

with

an

investment

or

other

similar

funds,

please

visit 

www.finra.org/

fundanalyzer.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transaction

costs,

such

as

creation

and

redemption

fees,

or

brokerage

charges.

These

fees

are

fully

described

in

the

Fund’s

prospectus.

Therefore,

the

hypothetical

examples

are

useful

in

comparing

ongoing

costs

only

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

transaction

costs

were

included,

your

costs

would

have

been

higher.

Actual

Hypothetical

(5%

return

before

expenses)

Beginning

Account

Value

(9/8/2021)

Ending

Account

Value

(10/31/21)

Expenses

Paid

During

Period

(9/8/2021

-

10/31/21)

*†

Beginning

Account

Value

(5/1/21)

Ending

Account

Value

(10/31/21)

Expenses

Paid

During

Period

(5/1/21

-

10/31/21)

†

Net

Annualized

Expense

Ratio

(5/1/21

-

10/31/21)

$1,000.00

$935.20

$0.84

$1,000.00

$1,022.18

$3.06

0.60%

†

Expenses

Paid

During

Period

is

equal

to

the

Net

Annualized

Expense

Ratio

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period).

*

Actual

Expenses

Paid

During

Period

reflects

only

the

inception

period

for

the

Fund

(September

8,

2021

to

October

31,

2021)

and

is

equal

to

the

Net

Annualized

Expense

Ratio

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

53/365

(to

reflect

the

period).

Therefore,

actual

expenses

shown

are

lower

than

would

be

expected

for

a

six-month

period.

Janus

Henderson

International

Sustainable

Equity

ETF

Report

of

Independent

Registered

Public

Accounting

Firm

Janus

Detroit

Street

Trust

5

To

the

Board

of

Trustees

of

Janus

Detroit

Street

Trust

and

Shareholders

of

Janus

Henderson

International

Sustainable

Equity

ETF

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Janus

Henderson

International

Sustainable

Equity

ETF

(one

of

the

funds

constituting

Janus

Detroit

Street

Trust

,

referred

to

hereafter

as

the

"Fund")

as

of

October

31,

2021,

and

the

related

statements

of

operations

and

changes

in

net

assets,

including

the

related

notes,

and

the

financial

highlights

for

the

period

September

8,

2021

(commencement

of

operations)

through

October

31,

2021

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

October

31,

2021

,

and

the

results

of

its

operations,

changes

in

its

net

assets

and

the

financial

highlights

for

the

period

September

8,

2021

(commencement

of

operations)

through

October

31,

2021

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

based

on

our

audit

.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audit

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audit

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audit

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

October

31,

2021

by

correspondence

with

the

custodian.

We

believe

that

our

audit

provides

a

reasonable

basis

for

our

opinion.

Denver,

Colorado

December

17,

2021

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

Janus

Henderson

Funds

since

1990.

Janus

Henderson

International

Sustainable

Equity

ETF

Schedule

of

Investments

October

31,

2021

6

October

31,

2021

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares

Value

Common

Stocks

-

97.9%

Containers

&

Packaging

-

1.8%

DS

Smith

plc

154,186

$

810,318

Diversified

Telecommunication

Services

-

1.0%

Orange

SA

43,579

475,824

Electric

Utilities

-

2.7%

SSE

plc

54,646

1,231,080

Electrical

Equipment

-

10.9%

Legrand

SA

8,421

918,388

Nidec

Corp.

13,200

1,455,154

Schneider

Electric

SE

9,122

1,571,853

Vestas

Wind

Systems

A/S

23,311

1,009,194

4,954,589

Electronic

Equipment,

Instruments

&

Components

-

6.3%

Murata

Manufacturing

Co.

Ltd.

18,000

1,365,964

Shimadzu

Corp.

36,900

1,493,475

2,859,439

Entertainment

-

4.1%

Nintendo

Co.

Ltd.

4,300

1,893,094

Health

Care

Equipment

&

Supplies

-

7.4%

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

43,960

981,866

Nanosonics

Ltd.*

98,994

440,178

Olympus

Corp.

69,100

1,491,081

Siemens

Healthineers

AG

(144A)

7,010

466,134

3,379,259

Health

Care

Providers

&

Services

-

0.7%

New

Horizon

Health

Ltd.

(144A)*

85,256

310,159

Independent

Power

and

Renewable

Electricity

Producers

-

6.4%

Boralex

,

Inc.

-

Class

A

46,920

1,449,749

Innergex

Renewable

Energy,

Inc.

87,540

1,454,821

2,904,570

Insurance

-

10.0%

AIA

Group

Ltd.

158,790

1,793,240

Allianz

SE

5,227

1,216,745

Intact

Financial

Corp.

11,689

1,564,537

4,574,522

Interactive

Media

&

Services

-

1.3%

Thinkific

Labs,

Inc.*

64,691

602,784

IT

Services

-

2.4%

Wix.com

Ltd.*

5,996

1,115,016

Leisure

Products

-

4.5%

Shimano,

Inc.

3,900

1,080,132

Yamaha

Corp.

15,400

969,717

2,049,849

Machinery

-

5.0%

Alstom

SA

34,462

1,227,542

Knorr-

Bremse

AG

10,128

1,068,218

2,295,760

Professional

Services

-

6.4%

SMS

Co.

Ltd.

20,400

790,774

TechnoPro

Holdings,

Inc.

38,800

1,233,501

Wolters

Kluwer

NV

8,491

890,648

2,914,923

Semiconductors

&

Semiconductor

Equipment

-

12.4%

ASML

Holding

NV

1,956

1,585,639

Infineon

Technologies

AG

39,290

1,836,694

Janus

Henderson

International

Sustainable

Equity

ETF

Schedule

of

Investments

October

31,

2021

Janus

Detroit

Street

Trust

7

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares

Value

Common

Stocks

-

(continued)

Semiconductors

&

Semiconductor

Equipment

-

(continued)

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

(ADR)

19,559

$

2,223,857

5,646,190

Software

-

10.9%

Constellation

Software,

Inc.

549

963,309

Kinaxis

,

Inc.*

5,539

858,321

Lightspeed

Commerce,

Inc.*

11,537

1,122,753

Linklogis

,

Inc.

-

Class

B

(144A)*

1,062,052

1,295,643

Rakus

Co.

Ltd.*

22,800

718,842

4,958,868

Textiles,

Apparel

&

Luxury

Goods

-

3.7%

adidas

AG

5,149

1,688,094

Total

Common

Stocks

(cost

$48,124,168)

44,664,338

Investment

Companies

-

2.7%

Money

Market

Funds

-

2.7%

Federated

Hermes

Government

Obligations

Tax-Managed

Fund,

0.0200%

∞

(cost

$1,218,443)

1,218,443

1,218,443

Total

Investments

(total

cost

$49,342,611

)

-

100.6%

45,882,781

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(0.6%)

(284,995)

Net

Assets

-

100.0%

$45,597,786

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

Japan

$

12,491,734

27.2

%

Canada

8,016,274

17.5

Germany

6,275,885

13.7

France

4,193,607

9.1

Netherlands

2,476,287

5.4

Taiwan

2,223,857

4.8

United

Kingdom

2,041,398

4.5

Hong

Kong

1,793,240

3.9

China

1,605,802

3.5

United

States

1,218,443

2.7

Israel

1,115,016

2.4

Denmark

1,009,194

2.2

New

Zealand

981,866

2.1

Australia

440,178

1.0

Total

$

45,882,781

100.0

%

Janus

Henderson

International

Sustainable

Equity

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

October

31,

2021

8

October

31,

2021

MSCI

All

Country

World

ex

USA

Index

SM

MSCI

All

Country

World

ex

USA

Index

SM

reflects

the

equity

market

performance

of

global

developed

and

emerging

markets,

excluding

the

U.S.

ADR

American

Depositary

Receipt

plc

Public

Limited

Company

*

Non-income

producing

security.

∞

Rate

shown

is

the

7-day

yield

as

of

October

31,

2021.

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

year

ended

October

31,

2021

is

$2,071,936

which

represents

4.5%

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

October

31,

2021

.

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:

Common

Stocks

$

44,664,338

$

—

$

—

Investment

Companies

1,218,443

—

—

Total

Assets

$

45,882,781

$

—

$

—

Janus

Henderson

International

Sustainable

Equity

ETF

Statement

of

Assets

and

Liabilities

October

31,

2021

Janus

Detroit

Street

Trust

9

See

Notes

to

Financial

Statements.

Assets:

Investments,

at

value

(cost

$49,342,611)

$

45,882,781

Receivables:

Investments

sold

1,219,127

Dividends

58,336

Total

Assets

47,160,244

Liabilities:

Payables:

—

Due

to

custodian

1,218,627

Fund

units

purchased

320,415

Management

fees

23,416

Total

Liabilities

1,562,458

Net

Assets

$

45,597,786

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

49,074,281

Total

distributable

earnings

(loss)

(

3,476,495

)

Total

Net

Assets

$

45,597,786

Net

Assets

$

45,597,786

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

1,950,001

Net

Asset

Value

Per

Share

$

23

.38

Janus

Henderson

International

Sustainable

Equity

ETF

Statement

of

Operations

For

the

period

ended

October

31,

2021

(1)

10

October

31,

2021

See

Notes

to

Financial

Statements.

Investment

Income:

Dividends

$

86,058

Foreign

tax

withheld

(8,743)

Total

Investment

Income

77,315

Expenses:

Management

Fees

36,615

Total

Expenses

36,615

Net

Investment

Income/(Loss)

40,700

Net

Realized

Gain/(Loss)

on

Investments:

Investments

and

foreign

currency

transactions

$

(144,813)

Net

increase

from

payment

by

affiliate

(Note

3)

51,173

Total

Net

Realized

Gain/(Loss)

on

Investments

$

(93,640)

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

and

foreign

currency

translations

$

(3,460,463)

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

(3,460,463)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

(3,513,403)

(1)

Period

from

September

8,

2021

(commencement

of

operations)

through

October

31,

2021.

Janus

Henderson

International

Sustainable

Equity

ETF

Statement

of

Changes

in

Net

Assets

Janus

Detroit

Street

Trust

11

See

Notes

to

Financial

Statements.

Period

Ended

October

31,

2021

(1)

Operations:

Net

investment

income/(loss)

$

40,700

Net

realized

gain/(loss)

on

investments

(

93,640

)

Change

in

unrealized

net

appreciation/depreciation

(

3,460,463

)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

(

3,513,403

)

Capital

Share

Transactions

49,111,189

Net

Increase/(Decrease)

in

Net

Assets

45,597,786

Net

Assets:

—

Beginning

of

Period  

—

End

of

Period

$

45,597,786

(1)

Period

from

September

8,

2021

(commencement

of

operations)

through

October

31,

2021.

Janus

Henderson

International

Sustainable

Equity

ETF

Financial

Highlights

12

October

31,

2021

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

period

ended

October

31

2021

(1)

Net

Asset

Value,

Beginning

of

Period

$25.00

Income/(Loss)

from

Investment

Operations:

—

Net

investment

income/(loss)

(2)

0.02

Net

realized

and

unrealized

gain/(loss)

(1.64)

(4

)

Total

from

Investment

Operations

(1.62)

Less

Dividends

and

Distributions:

—

Total

Dividends

and

Distributions

—

Net

Asset

Value,

End

of

Period

$23.38

Total

Return

*

(6.48)%

(5)

Net

assets,

End

of

Period

(in

thousands)

$45,598

Average

Net

Assets

for

the

Period

(in

thousands)

$42,044

Ratios

to

Average

Net

Assets

**

Ratio

of

Gross

Expenses

0.60%

Ratio

of

Net

Investment

Income/(Loss)

0.67%

Portfolio

Turnover

Rate

(3)

9%

*

Total

return

not

annualized

for

periods

of

less

than

one

full

year.

**

Annualized

for

periods

of

less

than

one

full

year.

(1)

Period

from

September

8,

2021

(commencement

of

operations)

through

October

31,

2021.

(2)

Per

share

amounts

are

calculated

based

on

average

shares

outstanding

during

the

year

or

period.

(3)

Portfolio

turnover

rate

excludes

securities

received

or

delivered

from

in-kind

processing

of

creation

or

redemptions.

(4)

Net

realized

and

unrealized

gain/

(loss)

includes

the

voluntary

reimbursement

made

by

Janus

Capital.

The

impact

of

the

reimbursement

to

the

net

realized

and

unrealized

gain/

(loss)

is

$0.02.

(5)

0.08%

of

the

Fund’s

total

return

consists

of

a

voluntary

reimbursement

by

Janus

Capital

for

realized

investment

losses.

Excluding

this

item,

total

return

would

have

been

(6.56)%.

See

Note

3

in

the

Notes

to

the

Financial

Statements.

Janus

Henderson

International

Sustainable

Equity

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

13

1.

Organization

and

Significant

Accounting

Policies

Janus

Henderson

International

Sustainable

Equity

ETF

(the

“Fund”)

is

a

series

fund.

The

Fund

is

part

of

Janus

Detroit

Street

Trust

(the

“Trust”),

which

is

organized

as

a

Delaware

statutory

trust

and

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company,

and

therefore

has

applied

the

specialized

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

(“ASC”)

Topic

946.

The

financial

statements

include

information

for

the

period

from

September

8,

2021

(commencement

of

operations)

through

October

31,

2021.

As

of

the

date

of

this

report,

the

Trust

offers

eleven

Funds

each

of

which

represent

shares

of

beneficial

interest

in

a

separate

portfolio

of

securities

and

other

assets

with

its

own

objective

and

policies.

The

Fund

seeks

long-term

growth

of

capital.

The

Fund

is

classified

as

diversified,

as

defined

in

the

1940

Act.

The

Fund

is

an

actively-managed

exchange-traded

fund.

Unlike

shares

of

traditional

mutual

funds,

shares

of

the

Fund

are

not

individually

redeemable

and

may

only

be

purchased

or

redeemed

directly

from

the

Fund

at

net

asset

value

(“NAV”)

in

large

increments

called

“Creation

Units”

by

certain

participants,

known

as

“Authorized

Participants.”

The

size

of

a

Creation

Unit

to

purchase

shares

of

the

Fund

may

differ

from

the

size

of

a

Creation

Unit

to

redeem

shares

of

the

Fund.

The

Fund

will

issue

or

redeem

Creation

Units

in

exchange

for

portfolio

securities

and/or

cash.

Except

when

aggregated

in

Creation

Units,

Fund

shares

are

not

redeemable

securities

of

the

Fund.

Shares

of

the

Fund

are

listed

and

trade

on

NYSE

Arca,

Inc.

(NYSE

Arca"),

and

individual

investors

can

purchase

or

sell

shares

in

much

smaller

increments

for

cash

in

the

secondary

market

through

a

broker.

These

transactions,

which

do

not

involve

the

Fund,

are

made

at

market

prices

that

may

vary

throughout

the

day

and

differ

from

the

Fund’s

NAV.

As

a

result,

you

may

pay

more

than

NAV

(a

premium)

when

you

purchase

shares

and

receive

less

than

NAV

(a

discount)

when

you

sell

shares,

in

the

secondary

market.

An

Authorized

Participant

(or

other

broker-dealers

making

markets

in

shares

of

the

Fund)

may

hold

of

record

more

than

25%

of

the

outstanding

shares

of

the

Fund.

From

time

to

time,

Authorized

Participants

(or

other

broker-dealers

making

markets

in

shares

of

the

Fund)

may

be

a

beneficial

and/or

legal

owner

of

the

Fund,

may

be

affiliated

with

an

index

provider,

may

be

deemed

to

have

control

of

the

Fund

and/or

may

be

able

to

affect

the

outcome

of

matters

presented

for

a

vote

of

the

shareholders

of

the

Fund.

Authorized

Participants

(or

other

broker-dealers

making

markets

in

shares

of

the

Fund)

may

execute

an

irrevocable

proxy

granting

the

Distributor,

Janus

Capital

Management

LLC

(“Janus

Capital”

or

“Janus”

or

"Agent")

or

an

affiliate

of

Janus

Capital

power

to

vote

or

abstain

from

voting

such

Authorized

Participant’s

beneficially

or

legally

owned

shares

of

the

Fund.

In

such

cases,

the

Agent

shall

mirror

vote

(or

abstain

from

voting)

such

shares

in

the

same

proportion

as

all

other

beneficial

owners

of

the

Fund. 

The

following

accounting

policies

have

been

followed

by

the

Fund

and

are

in

conformity

with

United

States

of

America

generally

accepted

accounting

principles

(“US

GAAP”). 

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

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

Janus

Henderson

International

Sustainable

Equity

ETF

Notes

to

Financial

Statements

14

October

31,

2021

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.

There

have

been

no

significant

changes

in

valuation

techniques

used

in

valuing

any

such

positions

held

by

the

Fund

since

inception.

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

October

31,

2021

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.

Investment

Transactions

and

Investment

Income

Investment

transactions

are

accounted

for

as

of

the

date

purchased

or

sold

(trade

date).

Dividend

income

is

recorded

on

the

ex-dividend

date.

Certain

dividends

from

foreign

securities

will

be

recorded

as

soon

as

the

Fund

is

informed

of

the

dividend,

if

such

information

is

obtained

subsequent

to

the

ex-dividend

date.

Dividends

from

foreign

securities

may

be

subject

to

withholding

taxes

in

foreign

jurisdictions.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value.

Interest

income

is

recorded

daily

on

an

accrual

basis

and

includes

amortization

of

premiums

and

accretion

of

discounts.

The

Fund

classifies

gains

and

losses

on

prepayments

received

as

an

adjustment

to

interest

income.

Debt

securities

may

be

placed

in

non-accrual

status

and

related

interest

income

may

be

reduced

by

stopping

current

accruals

and

writing

off

interest

receivables

when

collection

of

all

or

a

portion

of

interest

has

become

doubtful.

Gains

and

losses

are

determined

on

the

identified

cost

basis,

which

is

the

same

basis

used

for

federal

income

tax

purposes.

Janus

Henderson

International

Sustainable

Equity

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

15

Estimates

The

preparation

of

financial

statements

in

conformity

with

US

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amount

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates. 

Indemnifications

In

the

normal

course

of

business,

the

Fund

may

enter

into

contracts

that

contain

provisions

for

indemnification

of

other

parties

against

certain

potential

liabilities.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

and

would

involve

future

claims

that

may

be

made

against

the

Fund

that

have

not

yet

occurred.

Currently,

the

risk

of

material

loss

from

such

claims

is

considered

remote. 

Foreign

Currency

Translations

The

Fund

does

not

isolate

that

portion

of

the

results

of

operations

resulting

from

the

effect

of

changes

in

foreign

exchange

rates

on

investments

from

the

fluctuations

arising

from

changes

in

market

prices

of

securities

held

at

the

date

of

the

financial

statements.

Net

unrealized

appreciation

or

depreciation

of

investments

and

foreign

currency

translations

arise

from

changes

in

the

value

of

assets

and

liabilities,

including

investments

in

securities

held

at

the

date

of

the

financial

statements,

resulting

from

changes

in

the

exchange

rates

and

changes

in

market

prices

of

securities

held.

Currency

gains

and

losses

are

also

calculated

on

payables

and

receivables

that

are

denominated

in

foreign

currencies.

The

payables

and

receivables

are

generally

related

to

foreign

security

transactions

and

income

translations.

Foreign

currency-denominated

assets

and

forward

currency

contracts

may

involve

more

risks

than

domestic

transactions,

including

currency

risk,

counterparty

risk,

political

and

economic

risk,

regulatory

risk

and

equity

risk.

Risks

may

arise

from

unanticipated

movements

in

the

value

of

foreign

currencies

relative

to

the

U.S.

dollar.

Dividends

and

Distributions

The

Fund

generally

declares

and

distributes

dividends

of

net

investment

income

quarterly.

Net

realized

capital

gains

(if

any)

are

distributed

annually.

The

Fund

may

treat

a

portion

of

the

amount

paid

to

redeem

shares

as

a

distribution

of

investment

company

taxable

income

and

realized

capital

gains

that

are

reflected

in

the

NAV.

This

practice,

commonly

referred

to

as

“equalization,”

has

no

effect

on

the

redeeming

shareholder

or

a

Fund’s

total

return

but

may

reduce

the

amounts

that

would

otherwise

be

required

to

be

paid

as

taxable

dividends

to

the

remaining

shareholders.

It

is

possible

that

the

Internal

Revenue

Service

(IRS)

could

challenge

the

Fund’s

equalization

methodology

or

calculations,

and

any

such

challenge

could

result

in

additional

tax,

interest,

or

penalties

to

be

paid

by

the

Fund. 

Federal

Income

Taxes

The

Fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

and

distribute

all

of

its

taxable

income

in

accordance

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code.

Management

has

analyzed

the

Fund’s

tax

positions

taken

for

all

open

federal

income

tax

years,

generally

a

three-year

period,

and

has

concluded

that

no

provision

for

federal

income

tax

is

required

in

the

Fund’s

financial

statements.

The

Fund

is

not

aware

of

any

tax

positions

for

which

it

is

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

benefits

will

significantly

change

in

the

next

twelve

months. 

2.

Other

Investments

and

Strategies 

Additional

Investment

Risk 

In

response

to

the

COVID-19

pandemic,

the

U.S.

government

and

the

Federal

Reserve,

as

well

as

certain

foreign

governments

and

central

banks,

have

taken

extraordinary

actions

to

support

local

and

global

economies

and

the

financial

markets,

including

reducing

interest

rates

to

record

low

levels.

Extremely

low

or

negative

interest

rates

may

become

more

prevalent

or

may

not

work

as

intended.

As

there

is

little

precedent

for

this

situation,

the

impact

on

various

markets

that

interest

rate

or

other

significant

policy

changes

may

have

is

unknown.

The

withdrawal

of

this

support,

a

failure

of

measures

put

in

place

in

response

to

such

economic

uncertainty,

or

investor

perception

that

such

efforts

were

not

sufficient

could

each

negatively

affect

financial

markets

generally,

and

the

value

and

liquidity

of

specific

securities.

In

addition,

policy

and

legislative

changes

in

the

United

States

and

in

other

countries

continue

to

impact

many

aspects

of

financial

regulation.

Janus

Henderson

International

Sustainable

Equity

ETF

Notes

to

Financial

Statements

16

October

31,

2021

Widespread

disease,

including

pandemics

and

epidemics,

and

natural

or

environmental

disasters,

including

those

which

may

be

attributable

to

global

climate

change,

such

as

earthquakes,

fires,

floods,

hurricanes,

tsunamis

and

weather-related

phenomena

generally,

have

been

and

can

be

highly

disruptive

to

economies

and

markets,

adversely

impacting

individual

companies,

sectors,

industries,

markets,

currencies,

interest

and

inflation

rates,

credit

ratings,

investor

sentiment,

and

other

factors

affecting

the

value

of

a

Fund’s

investments.

Economies

and

financial

markets

throughout

the

world

have

become

increasingly

interconnected,

which

increases

the

likelihood

that

events

or

conditions

in

one

region

or

country

will

adversely

affect

markets

or

issuers

in

other

regions

or

countries,

including

the

United

States.

These

disruptions

could

prevent

a

Fund

from

executing

advantageous

investment

decisions

in

a

timely

manner

and

negatively

impact

a

Fund’s

ability

to

achieve

its

investment

objective(s).

Any

such

event(s)

could

have

a

significant

adverse

impact

on

the

value

of

a

Fund.

In

addition,

these

disruptions

could

also

impair

the

information

technology

and

other

operational

systems

upon

which

the

Fund’s

service

providers,

including

Janus

Capital,

rely,

and

could

otherwise

disrupt

the

ability

of

employees

of

the

Fund’s

service

providers

to

perform

essential

tasks

on

behalf

of

the

Fund.

Adverse

weather

conditions

may

also

have

a

particularly

negative

effect

on

issuers

in

the

agricultural

sector

in

the

agricultural

sector

and

on

insurance

and

reinsurance

companies

that

insure

or

reinsure

against

the

impact

of

natural

disasters.

A

number

of

countries

in

the

European

Union

(“EU”)

have

experienced,

and

may

continue

to

experience,

severe

economic

and

financial

difficulties.

In

particular,

many

EU

nations

are

susceptible

to

economic

risks

associated

with

high

levels

of

debt.

Many

non-governmental

issuers,

and

even

certain

governments,

have

defaulted

on,

or

been

forced

to

restructure,

their

debts.

Many

other

issuers

have

faced

difficulties

obtaining

credit

or

refinancing

existing

obligations.

Financial

institutions

have

in

many

cases

required

government

or

central

bank

support,

have

needed

to

raise

capital,

and/or

have

been

impaired

in

their

ability

to

extend

credit.

As

a

result,

financial

markets

in

the

EU

have

experienced

extreme

volatility

and

declines

in

asset

values

and

liquidity.

These

difficulties

may

continue,

worsen,

or

spread

further

within

the

EU.

Responses

to

these

financial

problems

by

European

governments,

central

banks,

and

others,

including

austerity

measures

and

reforms,

may

not

work,

may

result

in

social

unrest,

and

may

limit

future

growth

and

economic

recovery

or

have

other

unintended

consequences.

All

of

these

developments

may

continue

to

significantly

affect

the

economies

of

all

EU

countries,

which

in

turn

may

have

a

material

adverse

effect

on

a

Fund's

investments

in

such

countries

that

depend

on

EU

countries

for

significant

amounts

of

trade

or

investment,

or

issues

with

exposure

to

debt

issued

by

certain

EU

countries.

Management

Risk

The

Fund

is

an

actively

managed

investment

portfolio

and

is

therefore

subject

to

the

risk

that

the

investment

strategies

employed

for

the

Fund

may

fail

to

produce

the

intended

results.

Although

the

Fund

seeks

to

provide

long-term

positive

returns,

market

conditions

or

implementation

of

the

Fund's

investment

process

may

result

in

losses,

and

the

Fund

may

not

meet

its

investment

objective.

As

such,

there

can

be

no

assurance

of

positive

"absolute"

returns. 

Emerging

Market

Investing

Within

the

parameters

of

its

specific

investment

policies,

the

Fund

may

invest

in

securities

of

issuers

or

companies

from

or

with

exposure

to

one

or

more

“developing

countries”

or

“emerging

market

countries.”

Such

countries

include

but

are

not

limited

to

countries

included

in

the

MSCI

Emerging

Markets

IndexSM.

To

the

extent

that

the

Fund

invests

a

significant

amount

of

its

assets

in

one

or

more

of

these

countries,

its

returns

and

net

asset

value

may

be

affected

to

a

large

degree

by

events

and

economic

conditions

in

such

countries.

The

risks

of

foreign

investing

are

heightened

when

investing

in

emerging

markets,

which

may

result

in

the

price

of

investments

in

emerging

markets

experiencing

sudden

and

sharp

price

swings.

In

many

developing

markets,

there

is

less

government

supervision

and

regulation

of

stock

exchanges,

brokers,

and

listed

companies,

making

these

investments

potentially

more

volatile

in

price

and

less

liquid

than

investments

in

developed

securities

markets,

resulting

in

greater

risk

to

investors.

Similarly,

issuers

in

such

markets

may

not

be

subject

to

regulatory,

accounting,

auditing,

and

financial

reporting

and

recordkeeping

standards

comparable

to

those

to

which

U.S.

companies

are

subject.

There

is

a

risk

in

developing

countries

that

a

current

or

future

economic

or

political

crisis

could

lead

to

price

controls,

forced

mergers

of

companies,

expropriation

or

confiscatory

taxation,

imposition

or

enforcement

of

foreign

ownership

limits,

seizure,

nationalization,

sanctions

or

imposition

of

restrictions

by

various

governmental

entities

on

investment

and

trading,

or

creation

of

government

monopolies,

any

of

which

may

have

a

detrimental

effect

on

the

Fund’s

investments.

In

addition,

the

Fund’s

investments

may

be

denominated

in

foreign

currencies

and

therefore,

changes

in

the

value

of

a

country’s

currency

compared

to

the

U.S.

dollar

may

affect

the

value

of

the

Fund’s

investments.

To

the

extent

Janus

Henderson

International

Sustainable

Equity

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

17

that

the

Fund

invests

a

significant

portion

of

its

assets

in

the

securities

of

issuers

in

or

companies

of

a

single

country

or

region,

it

is

more

likely

to

be

impacted

by

events

or

conditions

affecting

that

country

or

region,

which

could

have

a

negative

impact

on

the

Fund’s

performance.

Developing

countries

may

also

experience

a

higher

level

of

exposure

and

vulnerability

to

the

adverse

effects

of

climate

change.

This

can

be

attributed

to

both

the

geographic

location

of

emerging

market

countries

and/or

a

country’s

lack

of

access

to

technology

or

resources

to

adjust

and

adapt

to

its

effects.

An

increased

occurrence

and

severity

of

natural

disasters

and

extreme

weather

events

such

as

droughts

and

decreased

crop

yields,

heat

waves,

flooding

and

rising

sea

levels,

and

increased

spread

of

disease,

could

cause

harmful

effects

to

the

performance

of

affected

economies.

Additionally,

foreign

and

emerging

market

risks,

including,

but

not

limited

to,

price

controls,

expropriation

or

confiscatory

taxation,

imposition

or

enforcement

of

foreign

ownership

limits,

nationalization,

and

restrictions

on

repatriation

of

assets

may

be

heightened

to

the

extent

the

Fund

invests

in

Chinese

local

market

securities. 

Industry

and Sector

Risk

Although

the

Fund

does

not

concentrate

its

investments

in

specific

industries

or

industry

sectors,

it

emphasizes

certain

themes

and

megatrends.

As

a

result,

at

times,

it

may

have

a

significant

portion

of

its

assets

invested

in

securities

of

companies

conducting

similar

business

or

businesses

within

the

same

economic

sector

or

that

benefit

from

the

same

megatrend.

Companies

in

the

same

industry

or

economic

sector

or

that

benefit

from

the

same

megatrend

may

be

similarly

affected

by

economic

or

market

events,

making

the

Fund

more

vulnerable

to

unfavorable

developments

than

funds

that

invest

more

broadly.

As

the

Fund’s

portfolio

becomes

more

concentrated,

the

Fund

is

less

able

to

spread

risk

and

potentially

reduce

the

risk

of

loss

and

volatility.

In

addition,

the

Fund

may

be

overweight

or

underweight

in

certain

industries

or

sectors

relative

to

its

benchmark

index

due

to

its

ESG

focus,

which

may

cause

the

Fund’s

performance

to

be

more

or

less

sensitive

to

developments

affecting

those

sectors. 

Small-

and

Mid-Sized

Companies

Risk

The

Fund’s

investments

in

securities

issued

by

small-

and

mid-sized

companies,

which

can

include

smaller,

start-up

companies

offering

emerging

products

or

services,

may

involve

greater

risks

than

are

customarily

associated

with

larger,

more

established

companies.

Securities

issued

by

small-

and

mid-sized

companies

tend

to

be

more

volatile

and

somewhat

more

speculative

than

securities

issued

by

larger

or

more

established

companies

and

may

underperform

as

compared

to

the

securities

of

larger

or

more

established

companies.

Sustainable

Investment

Risk

The

Fund

follows

a

sustainable

investment

approach

by

investing

in

companies

that

relate

to

certain

sustainable

development

themes

and

demonstrate

adherence

to Environmental,

Sustainability

and

Governance

("ESG") practices.

Accordingly,

the

Fund

may

have

a

significant

portion

of

its

assets

invested

in

securities

of

companies

conducting

similar

business

or

businesses

within

the

same

economic

sector.

Additionally,

due

to

its

exclusionary

criteria,

the

Fund

may

not

be

invested

in

certain

industries

or

sectors.

As

a

result,

the

Fund

may

be

overweight

or

underweight

in

certain

industries

or

sectors

relative

to

its

benchmark

index,

which

may

cause

the

Fund’s

performance

to

be

more

or

less

sensitive

to

developments

affecting

those

sectors.

In

addition,

since

sustainable

and

ESG

investing

takes

into

consideration

factors

beyond

traditional

financial

analysis,

the

investment

opportunities

for

the

Fund

may

be

limited

at

times.

Sustainability

and

ESG-related

information

provided

by

issuers

and

third

parties,

upon

which

the

portfolio

managers

may

rely,

continues

to

develop,

and

may

be

incomplete,

inaccurate,

use

different

methodologies,

or

be

applied

differently

across

companies

and

industries.

Further,

the

regulatory

landscape

for

sustainable

and

ESG

investing

in

the

United

States

is

still

developing

and

future

rules

and

regulations

may

require

the

Fund

to

modify

or

alter

its

investment

process.

Similarly,

government

policies

incentivizing

companies

to

engage

in

sustainable

and

ESG

practices

may

fall

out

of

favor,

which

could

potentially

limit

the

Fund’s

investment

universe.

There

is

also

a

risk

that

the

companies

identified

through

the

investment

process

may

fail

to

adhere

to

sustainable

and/or

ESG-related

business

practices,

which

may

result

in

the

Fund

selling

a

security

when

it

might

otherwise

be

disadvantageous

to

do

so.

There

is

no

guarantee

that

sustainable

investments

will

outperform

the

broader

market

on

either

an

absolute

or

relative

basis.

3.

Investment

Advisory

Agreements

and

Other

Transactions

with

Affiliates 

Under

its

unitary

fee

structure,

the

Fund

pays

Janus

Capital

a

management

fee

in

return

for

providing

certain

investment

advisory,

supervisory,

and

administrative

services

to

the

Fund,

including

the

costs

of

transfer

agency,

custody,

fund

administration,

legal,

audit,

and

other

services.

Janus

Capital’s

fee

structure

is

designed

to

pay

substantially

all

of

the

Janus

Henderson

International

Sustainable

Equity

ETF

Notes

to

Financial

Statements

18

October

31,

2021

Fund’s

expenses.

However,

the

Fund

bears

other

expenses

which

are

not

covered

under

the

management

fee

which

may

vary

and

affect

the

total

level

of

expenses

paid

by

shareholders,

such

as

distribution

fees

(if

any),

brokerage

expenses

or

commissions,

interest,

dividends,

taxes,

litigation

expenses,

acquired

fund

fees

and

expenses

(if

any),

and

extraordinary

expenses.

The

Fund’s

unitary

management

fee

provides

for

reductions

in

the

fee

rate

as

the

Fund’s

assets

grow.

As

of

the

date

of

this

report,

the

Fund’s

management

fee

was

calculated

daily

and

paid

monthly

according

to

the

following

schedule: 

For

the

period

ended

October

31,

2021,

the

Fund’s

contractual

management

fee

rate

(expressed

as

an

annual

rate)

was

0.60% of

the

Fund’s

average

daily

net

assets.

J.P.

Morgan

Chase

Bank,

N.A.

(“JP

Morgan")

provides

certain

fund

administration

services

to

the

Fund,

including

services

related

to

the

Fund’s

accounting,

including

calculating

the

daily

NAV,

audit

coordination,

tax,

and

reporting

obligations,

pursuant

to

an

agreement

with

Janus

Capital,

on

behalf

of

the

Fund.

As

compensation

for

such

services,

Janus

Capital

pays

JP

Morgan

a

fee

based

on

a

percentage

of

the

Fund’s

assets,

with

a

minimum

flat

fee,

for

certain

services.

Janus

Capital

serves

as

administrator

to

the

Fund,

providing

oversight

and

coordination

of

the

Fund’s

service

providers,

recordkeeping

and

other

administrative

services.

Janus

Capital

does

not

receive

any

additional

compensation,

beyond

the

unitary

fee,

for

serving

as

administrator.

JP

Morgan

also

serves

as

transfer

agent

for

the

shares

of

the

Fund.

Pursuant

to

agreements

with

Janus

Capital

on

behalf

of

the

Fund,

J.P.

Morgan

Securities

LLC,

an

affiliate

of

JP

Morgan,

may

execute

portfolio

transactions

for

the

Fund,

including

but

not

limited

to,

transactions

in

connection

with

cash

in

lieu

transactions

for

non-US

securities. 

The

Trust

has

adopted

a

Distribution

and

Servicing

Plan

for

shares

of

the

Fund

pursuant

to

Rule

12b-1

under

the

1940

Act

(the

“Plan”).

The

Plan

permits

compensation

in

connection

with

the

distribution

and

marketing

of

Fund

shares

and/or

the

provision

of

certain

shareholder

services.

The

Plan

permits

the

Fund

to

pay

ALPS

Distributors,

Inc.

(the

“Distributor”)

or

its

designee,

a

fee

for

the

sale

and

distribution

and/or

shareholder

servicing

of

the

shares

at

an

annual

rate

of

up

to

0.25%

of

average

daily

net

assets

of

the

Fund.

However,

the

Trustees

have

determined

not

to

authorize

payment

under

this

Plan

at

this

time.

Under

the

terms

of

the

Plan,

the

Trust

would

be

authorized

to

make

payments

to

the

Distributor

or

its

designee

for

remittance

to

retirement

plan

service

providers,

broker-dealers,

bank

trust

departments,

financial

advisors,

and

other

financial

intermediaries,

as

compensation

for

distribution

and/or

shareholder

services

performed

by

such

entities

for

their

customers

who

are

investors

in

the

Fund.

The

12b-1

fee

may

only

be

imposed

or

increased

when

the

Trustees

determine

that

it

is

in

the

best

interests

of

shareholders

to

do

so.

Because

these

fees

are

paid

out

of

the

Fund’s

assets

on

an

ongoing

basis,

to

the

extent

that

a

fee

is

authorized,

over

time

they

will

increase

the

cost

of

an

investment

in

the

Fund.

The

Plan

fee

may

cost

an

investor

more

than

other

types

of

sales

charges.

As

of

October

31,

2021,

Janus

Capital

owned

1,600,001

shares

or

82.05%

of

the

Fund.

For

the

period

ended

October

31,

2021,

Janus

Capital

voluntarily

reimbursed

the

Fund

for

certain

investment

losses

of

$51,173.

The

impact

of

the

reimbursement

on

total

return

was

0.08%.

4.

Federal

Income

Tax 

The

tax

components

of

capital

shown

in

the

table

below

represent:

(1)

distribution

requirements

the

Fund

must

satisfy

under

the

income

tax

regulations;

(2)

losses

or

deductions

the

Fund

may

be

able

to

offset

against

income

and

gains

realized

in

future

years;

and

(3)

unrealized

appreciation

or

depreciation

of

investments

for

federal

income

tax

purposes. 

The

Fund

has

elected

to

treat

gains

and

losses

on

forward

foreign

currency

contracts

as

capital

gains

and

losses,

if

applicable.

Other

foreign

currency

gains

and

losses

on

debt

instruments

are

treated

as

ordinary

income

for

federal

income

tax

purposes

pursuant

to

Section

988

of

the

Internal

Revenue

Code. 

Daily

Net

Assets

Fee

Rate

$0-$250

million

0.60%

Over

$250

million

0.55%

Janus

Henderson

International

Sustainable

Equity

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

19

Accumulated

capital

losses

noted

below

represent

net

capital

loss

carryovers,

as

of

October

31,

2021,

that

may

be

available

to

offset

future

realized

capital

gains

and

thereby

reduce

future

taxable

gains

distributions.

The

following

table

shows

these

capital

loss

carryovers. 

The

aggregate

cost

of

investments

and

the

composition

of

unrealized

appreciation

and

depreciation

of

investment

securities

for

federal

income

tax

purposes

as

of

October

31,

2021

are

noted

below.

The

primary

difference

between

book

and

tax

appreciation

or

depreciation

of

investments

is

wash

sale

loss

deferrals. 

Income

and

capital

gains

distributions

are

determined

in

accordance

with

income

tax

regulations

that

may

differ

from

US

GAAP.

These

differences

are

due

to

differing

treatments

for

items

such

as

net

short-term

gains,

deferral

of

wash

sale

losses,

foreign

currency

transactions,

passive

foreign

investment

companies,

net

investment

losses,

in-kind

transactions

and

capital

loss

carryovers.

Certain

permanent

differences

such

as

tax

returns

of

capital

and

net

investment

losses

noted

below

have

been

reclassified

to

capital. 

Permanent

book

to

tax

basis

differences

may

result

in

reclassifications

between

the

components

of

net

assets.

These

differences

have

no

impact

on

the

results

of

operations

or

net

assets.

The

following

reclassifications

have

been

made

to

the

Fund: 

Loss

Deferrals

Undistributed

Ordinary

Income

Undistributed

Long-Term

Gains

Accumulated

Capital

Losses

Late-Year

Ordinary

Loss

Post-October

Capital

Loss

Other

Book

to

Tax

Differences

Net

Tax

Appreciation/

(Depreciation)

$38,187

$

—

$(50,617)

$

—

$

—

$(633)

$(3,463,432)

Capital

Loss

Carryover

Schedule

For

the

year

ended

October

31,

2021

No

Expiration

Short-Term

Long-Term

Accumulated

Capital

Losses

$(45,553)

$(5,064)

$(50,617)

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$49,346,213

$227,109

$(3,690,541)

$(3,463,432)

For

the

year

ended

October

31,

2021

:

Distributions

From

Ordinary

Income

From

Long-Term

Capital

Gain

Tax

Return

of

Capital

Net

Investment

Loss

$

—

$

—

$

—

$

—

Increase/(Decrease)

to

Capital

Increase/(Decrease)

to

Undistributed

Net

Investment

Income/Loss

Increase/(Decrease)

to

Undistributed

Net

realized

Gain/Loss

$(36,908)

$(2,513)

$39,421

Janus

Henderson

International

Sustainable

Equity

ETF

Notes

to

Financial

Statements

20

October

31,

2021

5.

Capital

Share

Transactions 

6.

Purchases

and

Sales

of

Investment

Securities 

For

the

period

ended

October

31,

2021,

the

aggregate

cost

of

purchases

and

proceeds

from

sales

of

investment

securities

(excluding

any

short-term

securities,

short-term

options

contracts,

and

in-kind

transactions)

was

as

follows: 

For

the year

ended

October

31,

2021,

the

cost

of

in-kind

purchases

and

proceeds

from

in-kind

sales,

were

as

follows: 

During

the

year ended

October

31,

2021,

the

Fund

had

net

realized

loss

of

$36,399

from

in-kind

redemptions.

Gains

on

in-kind

transactions

are

not

considered

taxable

for

federal

income

tax

purposes. 

7.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to

October

31,

2021

and

through

the

date

of

the

issuance

of

the

Fund's

financial

statements

and

determined

that

there

were

no

material

events

or

transactions

that

would

require

recognition

or

disclosure

in

the

Fund's

financial

statements. 

Period

Ended

October

31,

2021

(1)

Shares

Amount

Shares

sold

2,000,001

$

50,284,289

Shares

repurchased

(50,000)

(1,173,100

)

Net

Increase/(Decrease)

1,950,001

$

49,111,189

(1)

Period

from

September

8,

2021

(commencement

of

operations)

through

October

31,

2021.

Purchases

of

Securities

Proceeds

from

Sales

of

Securities

Purchases

of

Long-

Term

U.S.

Government

Obligations

Proceeds

from

Sales

of

Long-Term

U.S.

Government

Obligations

$12,949,817

$3,051,173

$

—

$

—

Purchases

of

Securities

Proceeds

from

Sales

of

Securities

Purchases

of

Long-

Term

U.S.

Government

Obligations

Proceeds

from

Sales

of

Long-Term

U.S.

Government

Obligations

$39,212,006

$852,620

$

—

$

—

Janus

Henderson

International

Sustainable

Equity

ETF

Additional

Information

(unaudited)

Janus

Detroit

Street

Trust

21

Proxy

Voting

Policies

and

Voting

Record

A

description

of

the

policies

and

procedures

that

the

Fund

uses

to

determine

how

to

vote

proxies

relating

to

its

portfolio

securities

is

available

without

charge:

(i)

upon

request,

by

calling

1-800-525-0020

(toll

free);

(ii)

on

the

Fund’s

website

at

janushenderson.com/proxyvoting;

and

(iii)

on

the

SEC’s

website

at

http://www.sec.gov.

Quarterly

Portfolio

Holdings

The

Fund

files

its

complete

portfolio

holdings

(schedule

of

investments)

with

the

SEC

for

the

first

and

third

quarters

each

fiscal

year

as

an

exhibit

to

Form

N-PORT

within

60

days

of

the

end

of

such

fiscal

quarter.

The

Fund’s

Form

N-PORT

and

Form

N-Q

filings:

are

available

on

the

SEC’s

website

at

http://www.sec.gov;

(ii)

may

be

reviewed

and

copied

at

the

SEC’s

Public

Reference

Room

in

Washington,

D.C.

(information

on

the

Public

Reference

Room

may

be

obtained

by

calling

1-800-SEC-0330);

and

(iii)

are

available

without

charge,

upon

request,

by

calling

Janus

Henderson

at

1-800-525-

0020

(toll

free).

Designation

Requirements

(unaudited)

For

federal

income

tax

purposes,

the

Fund

designated

the

following

for

the

year

ended

October

31,

2021.

Qualified

Dividend

Incom

e

Percentage

100%

Janus

Henderson

International

Sustainable

Equity

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

22

October

31,

2021

The

Trustees

of

Janus

Detroit

Street

Trust

(the

“Trust”),

including

the

Trustees

who

are

not

“interested

persons”

(the

“Independent

Trustees”)

as

that

term

is

defined

in

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

met

on

July

22,

2021

to

consider

the

proposed

investment

management

agreement

(the

“Investment

Management

Agreement”)

for

each

of

Janus

Henderson

U.S.

Sustainable

Equity

ETF

(“SSPX”),

Janus

Henderson

International

Sustainable

Equity

ETF

(“SXUS”),

Janus

Henderson

Net

Zero

Transition

Resources

ETF

(“JZRO”),

Janus

Henderson

Sustainable

Corporate

Bond

ETF

(“SCRD”),

and

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

(“JIB”)

(each

a

“New

Fund,”

and

collectively,

the

“New

Funds”).

In

the

course

of

their

consideration

of

each

Investment

Management

Agreement,

the

Trustees

met

in

executive

session

and

were

advised

by

their

independent

counsel.

In

this

regard,

the

Board,

including

the

Independent

Trustees,

evaluated

the

terms

of

each

Investment

Management

Agreement

and

reviewed

the

duties

and

responsibilities

of

the

Trustees

in

evaluating

and

approving

such

agreements.

In

considering

approval

of

each

Investment

Management

Agreement,

the

Board,

including

the

Independent

Trustees,

reviewed

the

materials

provided

to

it

relating

to

their

consideration

of

each

Investment

Management

Agreement

for

each

New

Fund

and

other

information

provided

by

counsel

and

Janus

Capital

Management

LLC,

the

proposed

investment

adviser

to

the

New

Funds

(the

“Adviser”),

including:

(i)

a

copy

of

the

form

of

Investment

Management

Agreement

with

respect

to

the

Adviser’s

management

of

the

assets

of

each

New

Fund;

(ii)

information

regarding

the

nature,

quality

and

extent

of

the

services

to

be

provided

to

each

New

Fund

by

the

Adviser,

and

the

fees

to

be

charged

to

each

New

Fund

therefor;

(iii)

information

concerning

the

Adviser’s

financial

condition,

business,

operations,

portfolio

management

personnel

and

compliance

programs;

(iv)

information

describing

each

New

Fund’s

anticipated

advisory

fee

structure

and

operating

expenses;

(v)

a

copy

of

the

Adviser’s

current

Form

ADV;

and

(vi)

a

memorandum

from

counsel

on

the

responsibilities

of

trustees

in

considering

investment

advisory

arrangements

under

the

1940

Act.

The

Board

also

considered

presentations

made

by,

and

discussions

held

with,

representatives

of

the

Adviser.

The

Board

also

received

information

comparing

the

proposed

advisory

fee

and

expenses

of

each

New

Fund

to

those

of

other,

third-party

investment

companies

(including

exchange-traded

funds

(“ETFs”))

considered

to

be

comparable.

During

its

review

of

this

information,

the

Board

focused

on

and

analyzed

the

factors

that

it

deemed

relevant,

including:

the

nature,

extent

and

quality

of

the

services

to

be

provided

to

each

New

Fund

by

the

Adviser;

the

Adviser’s

personnel

and

operations;

each

New

Fund’s

proposed

expense

level;

the

anticipated

profitability

to

the

Adviser

under

the

Investment

Management

Agreement

at

certain

asset

levels

of

each

New

Fund;

“fall-out”

benefits

to

the

Adviser

and

its

affiliates

(i.e.,

the

ancillary

benefits

realized

by

the

Adviser

and

its

affiliates

from

the

Adviser’s

relationship

with

the

Trust);

the

effect

of

asset

growth

on

each

New

Fund’s

expenses;

and

potential

conflicts

of

interest.

The

Trustees

also

considered

benefits

that

accrue

to

the

Adviser

and

its

affiliates

from

their

relationships

with

the

New

Funds.

The

Trustees

also

concluded

that,

other

than

the

services

provided

by

the

Adviser

and

its

affiliates

pursuant

to

agreements

with

each

New

Fund

and

the

fees

to

be

paid

by

each

New

Fund

therefor,

each

New

Fund

and

the

Adviser

may

potentially

benefit

from

their

relationship

with

each

other

in

other

ways.

The

Trustees

concluded

that

the

success

of

each

New

Fund

could

attract

other

business

to

the

Adviser

or

other

Janus

Henderson

funds,

and

that

the

success

of

the

Adviser

could

enhance

the

Adviser’s

ability

to

serve

the

New

Funds.

The

Board,

including

the

Independent

Trustees,

considered

the

following

in

respect

of

each

New

Fund:

(a)

The

nature,

extent

and

quality

of

services

to

be

provided

by

the

Adviser;

personnel

and

operations

of

the

Adviser.

The

Board

reviewed

the

services

that

the

Adviser

would

provide

to

each

New

Fund.

In

connection

with

the

investment

advisory

services

to

be

provided

by

the

Adviser,

the

Board

noted

the

responsibilities

that

the

Adviser

would

have

as

each

New

Fund’s

investment

adviser,

including:

the

overall

supervisory

responsibility

for

the

general

management

and

investment

of

each

New

Fund’s

securities

portfolio;

providing

oversight

of

the

investment

performance

and

processes

and

compliance

with

each

New

Fund’s

investment

objectives,

policies

and

limitations;

the

implementation

of

the

investment

management

program

of

each

New

Fund;

the

management

of

the

day-to-day

investment

and

reinvestment

of

the

assets

of

each

New

Fund;

determining

daily

baskets

of

securities

and

cash

components,

and

negotiating

custom

baskets

in

connection

with

creation

and

redemption

transactions

in

each

New

Fund’s

shares;

executing

portfolio

security

trades

for

purchases

and

redemptions

of

each

New

Fund

shares

conducted

on

a

cash

basis;

the

review

of

brokerage

matters;

the

oversight

of

general

portfolio

compliance

with

relevant

law;

and

the

implementation

of

Board

directives

as

they

relate

to

each

New

Fund.

Janus

Henderson

International

Sustainable

Equity

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

Janus

Detroit

Street

Trust

23

The

Board

reviewed

the

Adviser’s

experience,

resources

and

strengths

in

managing

other

pooled

investment

vehicles,

such

as

the

other

funds

in

the

Trust

as

well

as

environmental,

social

and

governance

focused

strategies

and

products,

including

the

Adviser’s

personnel.

Based

on

its

consideration

and

review

of

the

foregoing

information,

the

Board

determined

that

each

New

Fund

was

likely

to

benefit

from

the

nature,

quality

and

extent

of

these

services,

as

well

as

the

Adviser’s

ability

to

render

such

services

based

on

the

Adviser’s

experience,

personnel,

operations

and

resources.

(b)

Comparison

of

services

to

be

rendered

and

fees

to

be

paid

under

other

investment

advisory

contracts,

and

the

cost

of

the

services

to

be

provided

and

profits

to

be

realized

by

the

Adviser

from

the

relationship

with

each

New

Fund;

“fall-out”

benefits.

The

Board

then

compared

both

the

services

to

be

rendered

and

the

proposed

fees

to

be

paid

under

each

Investment

Management

Agreement,

with

fees

paid

under

contracts

of

other

investment

advisers

for

comparable

mutual

funds

and

ETFs

as

applicable.

In

particular,

the

Board

compared

each

New

Fund’s

proposed

management

fee

and

projected

expense

ratio

to

other

investment

companies

anticipated

to

be

in

each

New

Fund’s

peer

group.

With

respect

to

SSPX,

JZRO,

SCRD,

and

JIB,

the

Board

noted

that

the

Adviser

was

recommending

a

unitary

fee

that

was

lower

than

both

the

median

contractual

management

fee

and

median

total

expense

ratio

of

each

New

Fund’s

anticipated

peer

group,

and

that

the

Funds’

proposed

management

fee

schedules

would

include

contractual

break

points

that

could

potentially

reduce

the

unitary

fee

further

depending

on

each

New

Fund’s

asset

growth.

With

respect

to

SXUS,

the

Board

noted

that

the

Adviser

was

recommending

a

unitary

fee

that

was

one

basis

point

higher

than

the

median

contractual

management

fee

and

equal

to

the

median

total

expense

ratio

of

the

New

Fund’s

anticipated

peer

group.

The

Board

noted

that

the

proposed

management

fee

schedule

for

SXUS

would

also

include

contractual

break

points

that

could

potentially

reduce

the

unitary

fee

further

depending

on

the

New

Fund’s

asset

growth.

The

Board

also

discussed

the

anticipated

costs

and

projected

profitability

of

the

Adviser

in

connection

with

its

serving

as

investment

adviser

to

each

New

Fund,

including

operational

costs.

After

comparing

each

New

Fund’s

proposed

fees

with

those

of

the

funds

in

each

New

Fund’s

respective

anticipated

peer

group,

and

in

light

of

the

nature,

extent

and

quality

of

services

proposed

to

be

provided

by

the

Adviser

and

the

costs

expected

to

be

incurred

by

the

Adviser

in

rendering

those

services,

the

Board

concluded

that

the

level

of

fees

proposed

to

be

paid

to

the

Adviser

with

respect

to

each

New

Fund

was

fair

and

reasonable.

The

Board

also

considered

that

the

Adviser

may

benefit

from

certain

trading

services

and

research

permissibly

obtained

from

broker-dealers

with

client

commissions

generated

from

trading

equity

securities,

and

may

also

experience

reputational

“fall-out”

benefits

based

on

the

success

of

each

New

Fund,

but

that

such

benefits

are

not

easily

quantifiable.

(c)

The

extent

to

which

economies

of

scale

would

be

realized

as

each

New

Fund

grows

and

whether

fee

levels

would

reflect

such

economies

of

scale.

The

Board

next

discussed

potential

economies

of

scale.

Since

each

New

Fund

had

not

commenced

operations,

and

the

eventual

aggregate

amount

of

assets

was

uncertain,

the

Adviser

was

not

able

to

provide

the

Board

specific

information

concerning

the

extent

to

which

economies

of

scale

would

be

realized

as

each

New

Fund

grows

and

whether

the

management

fee

level

would

reflect

such

economies

of

scale,

if

any.

The

Board

recognized

the

uncertainty

in

launching

a

new

investment

product

and

estimating

future

asset

levels;

however,

the

Board

noted

that

the

fee

schedule

proposed

by

the

Adviser

for

SSPX,

SXUS,

and

JZRO

each

contained

a

breakpoint

for

assets

above

$250

million

and

for

SCRD

and

JIB

each

contained

a

breakpoint

for

assets

above

$500

million.

The

Board

also

noted

the

unitary

fee

structure,

pursuant

to

which

the

Adviser

pays,

with

certain

exceptions,

any

excess

costs

incurred

to

operate

each

New

Fund.

The

Board

acknowledged

the

unitary

fee

cap

effectively

puts

the

risk

of

higher

costs

at

lower

asset

levels

on

the

Adviser

rather

than

the

New

Funds.

(d)

Investment

performance

of

each

New

Fund

and

the

Adviser.

Because

each

New

Fund

is

newly

formed

and

had

not

commenced

operations,

the

Board

did

not

consider

the

investment

performance

of

each

New

Fund.

Conclusion.

No

single

factor

was

determinative

to

the

decision

of

the

Board.

Based

on

its

consideration

of

the

foregoing

and

such

other

matters

as

were

deemed

relevant,

the

Board

concluded

that

the

proposed

management

fee

rate

and

projected

total

expense

ratio

of

each

New

Fund

are

reasonable

in

relation

to

the

services

to

be

provided

by

the

Adviser

to

each

Janus

Henderson

International

Sustainable

Equity

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

24

October

31,

2021

New

Fund,

as

well

as

the

costs

to

be

incurred

and

benefits

to

be

gained

by

the

Adviser

in

providing

such

services.

The

Board

also

found

the

proposed

management

fee

for

each

New

Fund

to

be

reasonable

in

comparison

to

the

fees

charged

by

advisers

to

other

comparable

ETFs

and

mutual

funds

(as

applicable).

As

a

result,

the

Board

concluded

that

the

initial

approval

of

the

Investment

Management

Agreement

was

in

the

best

interests

of

each

New

Fund.

After

full

consideration

of

the

above

factors,

as

well

as

other

factors,

the

Trustees,

including

all

of

the

Independent

Trustees

voting

separately,

determined

to

approve

the

Investment

Management

Agreement

for

each

New

Fund.

Janus

Henderson

International

Sustainable

Equity

ETF

Trustees

and

Officers

(unaudited)

Janus

Detroit

Street

Trust

25

The

following

are

the

Trustees

and

officers

of

the

Trust

together

with

a

brief

description

of

their

principal

occupations

during

the

last

five

years

(principal

occupations

for

certain

Trustees

may

include

periods

over

five

years).

The

Fund’s

Statement

of

Additional

Information

includes

additional

information

about

the

Trustees

and

officers

and

is

available,

without

charge,

by

calling

1-877-335-2687.

Each

Trustee

has

served

in

that

capacity

since

he

or

she

was

originally

elected

or

appointed.

The

Trustees

do

not

serve

a

specified

term

of

office.

Each

Trustee

will

hold

office

until

the

termination

of

the

Trust

or

his

or

her

earlier

death,

resignation,

retirement,

incapacity,

or

removal.

Under

the

Fund’s

Governance

Procedures

and

Guidelines,

the

policy

is

for

Trustees

to

retire

no

later

than

the

end

of

the

calendar

year

in

which

the

Trustee

turns

75.

The

Trustees

review

the

Fund’s

Governance

Procedures

and

Guidelines

from

time

to

time

and

may

make

changes

they

deem

appropriate.

The

Fund’s

Nominating

and

Governance

Committee

will

consider

nominees

for

the

position

of

Trustee

recommended

by

shareholders.

Shareholders

may

submit

the

name

of

a

candidate

for

consideration

by

the

Committee

by

submitting

their

recommendations

to

the

Trust’s

Secretary.

Each

Trustee

is

currently

a

Trustee

of

one

other

registered

investment

company

advised

by

Janus

Capital:

Clayton

Street

Trust.

As

of

the

date

of

this

report,

collectively,

the

two

registered

investment

companies

consist

of

14

series

or

funds.

The

Trust’s

officers

are

elected

annually

by

the

Trustees

for

a

one-year

term.

Certain

officers

also

serve

as

officers

of

Clayton

Street

Trust.

Certain

officers

of

the

Funds

may

also

be

officers

and/or

directors

of

Janus

Capital.

Except

as

otherwise

disclosed,

Fund

officers

receive

no

compensation

from

the

Funds.

TRUSTEES

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Number

of

Portfolios/Funds

in

Fund

Complex

Overseen

by

Trustee*

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Independent

Trustees

Clifford

J.

Weber

151

Detroit

Street

Denver,

CO

80206

DOB:

1963

Chairman

Trustee

2/16-Present

Owner,

Financial

Products

Consulting

Group

LLC

(consulting

services

to

financial

institutions)

(since

2015).

14

Independent

Trustee,

Clough

Funds

Trust

(investment

company)

(since

2015),

Chairman,

Clough

Funds

Trust

(since

2017),

Independent

Trustee,

Clough

Global

Dividend

and

Income

Fund (closed-end fund)

(since

2017),

Independent

Trustee,

Clough

Global

Opportunities

Fund (closed-end fund)

(since

2017),

Independent

Trustee,

Clough

Global

Equity

Fund (closed-end fund)

(since

2017),

Independent

Trustee,

Elevation

ETF

Trust

(investment

company)

(2016-

2018),

Chairman,

Elevation

ETF

Trust

(2016-2018),

and

Independent

Trustee,

Global

X

Funds

(investment

company)

(since

2018).

Janus

Henderson

International

Sustainable

Equity

ETF

Trustees

and

Officers

(unaudited)

26

October

31,

2021

*

Each

Trustee

also

serves

as

a

trustee

to

the

Clayton

Street

Trust,

which

is

currently

comprised

of

three

portfolios.

**

Ms.

Benz

is

an

Interested

Trustee

because

of

her

employment

with

Janus

Henderson

Investors.

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Number

of

Portfolios/Funds

in

Fund

Complex

Overseen

by

Trustee*

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Maureen

T.

Upton

151

Detroit

Street

Denver,

CO

80206

DOB:

1965

Trustee

2/16-Present

Principal,

Maureen

Upton

Ltd.

(consulting

services

to

developers

of

major

infrastructure

projects

and

investors)

(since

2017).

Formerly,

Principal

Consultant,

SRK

Consulting

(U.S.),

Inc.

(consulting

services

to

global

mining,

energy

and

water

resource

industries)

(2015-

2017)

and

Founder

and

Principal,

Resource

Initiatives

LLC

(sustainability

consulting

firm)

(2006-2015).

14

Jeffrey

B.

Weeden

151

Detroit

Street

Denver,

CO

80206

DOB:

1956

Trustee

2/16-Present

Senior

Advisor,

BayBoston

Capital

LP

(investment

fund

in

banks

and

bank

holdings

companies)

(since

2015).

Formerly,

Management

Advisor,

BoxCast,

Inc.

(technology start-

up company)

(2014-2017).

14

Director,

West

Travis

County

Municipal

Utility

District

No. 6

(municipal

utility)

(since

2020)

and

Director,

State

Farm

Bank

(banking)

(2014-2021).

Interested

Trustee

Carrie

Benz**

151

Detroit

Street

Denver,

CO

80206

DOB:

1975

Trustee

1/21-Present

Global

Head

of

Investment

Services,

Janus

Henderson

Investors

(since

2017);

Vice

President,

Investments

Chief

of

Staff,

Janus

Capital

Management

LLC

(2007-

2017).

14

Janus

Henderson

International

Sustainable

Equity

ETF

Trustees

and

Officers

(unaudited)

Janus

Detroit

Street

Trust

27

OFFICERS

*

Officers

are

elected

at

least

annually

by

the

Trustees

for

a

one-year

term

and

may

also

be

elected

from

time

to

time

by

the

Trustees

for

an

interim

period.

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Term

of

Office*

and

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Bruce

L.

Koepfgen

151

Detroit

Street

Denver,

CO

80206

DOB:

1952

President

and

Chief

Executive

Officer

2/16-Present

Executive

Vice

President,

Head

of

North

America

at

Janus

Henderson

Investors

(since

2017),

President

and

Head

of

North

America

at

Janus

Capital

Management

LLC

(since

2013

and

2017,

respectively),

President

at

Janus

Capital

Group

Inc.

(since

2013),

President

and

Director

at

Janus

International

Holding

LLC

(since

2019

and

2011,

respectively),

President

at

Janus

Holdings

LLC

(since

2019),

President

and

Director

at

Janus

Management

Holdings

Corporation

(since

2017

and

2012,

respectively),

Executive

Vice

President

and

Head

of

North

America

at

Janus

Distributors

LLC

(since

2011

and

2019,

respectively),

Vice

President

and

Director

at

Intech

Investment

Management

LLC

(since

2012),

and

Executive

Vice

President

at

Perkins

Investment

Management

LLC

(since

2011).

Formerly,

Executive

Vice

President

at

Janus

Capital

Group

Inc.,

Janus

International

Holding

LLC,

and

Janus

Management

Holdings

Corporation

(2011-

2019),

Director

at

Perkins

Investment

Management

LLC

(2011-2019),

and

Chief

Financial

Officer

at

Janus

Capital

Group

Inc.

(2011-2013).

Kristin

Mariani

151

Detroit

Street

Denver,

CO

80206

DOB:

1966

Vice

President,

Chief

Compliance

Officer,

and

Anti-

Money

Laundering

Officer

7/20-Present

Head

of

Compliance,

North

America

for

Janus

Henderson

Investors

(since

September

2020)

and

Chief

Compliance

Officer

for

Janus

Capital

Management

LLC

(since

September

2017).

Formerly,

Global

Head

of

Investment

Management

Compliance

for

Janus

Henderson

Investors

(February

2019

-

August

2020),

Vice

President,

Head

of

Global

Distribution

Compliance

and

Chief

Compliance

Officer

of

Janus

Henderson

Distributors

(May

2017

–

September

2017),

Vice

President,

Compliance

at

Janus

Capital

Group

Inc.,

Janus

Capital

Management

LLC,

and

Janus

Distributors

LLC

(2009-2017).

Jesper

Nergaard

151

Detroit

Street

Denver,

CO

80206

DOB:

1962

Chief

Financial

Officer,

Vice

President,

Treasurer,

and

Principal

Accounting

Officer

2/16-Present

Head

of

U.S.

Fund

Administration,

Janus

Henderson

Investors

and

Janus

Services

LLC.

Byron

D.

Hittle

151

Detroit

Street

Denver,

CO

80206

DOB:

1974

Vice

President,

Secretary,

and

Chief

Legal

Officer

7/18-Present

Managing

Counsel

of

Janus

Henderson

Investors

(2017-present).

Formerly,

Assistant

Vice

President

and

Senior

Legal

Counsel

of

Janus

Capital

Management

LLC

(2012-2016).

Janus

Henderson

International

Sustainable

Equity

ETF

Notes

28

October

31,

2021

Janus

Henderson

International

Sustainable

Equity

ETF

Notes

Janus

Detroit

Street

Trust

29

125-02-93089

12-21

This

report

is

submitted

for

the

general

information

of

shareholders

of

the

Fund.

It

is

not

an

offer

or

solicitation

for

the

Fund

and

is

not

authorized

for

distribution

to

prospective

investors

unless

preceded

or

accompanied

by

an

effective

prospectus.

Janus

Henderson

is

a

trademark

of

Janus

Henderson

Group

plc

or

one

of

its

subsidiaries.

©

Janus

Henderson

Group

plc.

Janus

Capital

Management

LLC

is

the

investment

adviser

and

ALPS

Distributors,

Inc.

is

the

distributor.

ALPS

is

not

affiliated

with

Janus

Henderson

or

any

of

its

subsidiaries.

ANNUAL

REPORT

October

31,

2021

Janus

Henderson

Net

Zero

Transition

Resources

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

Net

Zero

Transition

Resources

ETF

Performance

Overview

...........................

1

Disclosure

of

Fund

Expenses

.......................

4

Report

of

Independent

Registered

Public

Accounting

Firm

...

5

Schedule

of

Investments

..........................

6

Statement

of

Assets

and

Liabilities

...................

9

Statement

of

Operations

..........................

10

Statement

of

Changes

in

Net

Assets

.................

11

Financial

Highlights

..............................

12

Notes

to

Financial

Statements

......................

13

Additional

Information

............................

21

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

...................................

22

Trustees

and

Officers

............................

25

Janus

Henderson

Net

Zero

Transition

Resources

ETF

(unaudited)

Janus

Detroit

Street

Trust

1

INVESTMENT

OBJECTIVE

Janus

Henderson

Net

Zero

Transition

Resources

ETF

(JZRO)

seeks

long-term

growth

of

capital.

PERFORMANCE

OVERVIEW

The

Janus

Henderson

Net

Zero

Transition

Resources

ETF

(JZRO)

launched

on

September

8,

2021.

From

inception

to

October

31,

2021,

the

Janus

Henderson

Net

Zero

Transition

Resources

ETF

returned

2.16%.

Its

benchmark,

the

S&P

Global

Natural

Resources

Index,

returned

3.94%.

Underperformance

from

inception

through

the

end

of

the

period

was

impacted

by

the

Fund’s

underweight

to

the

energy

sector,

which

recorded

very

strong

rises,

while

stock

selection

within

materials

bolstered

performance.

The

Janus

Henderson

Net

Zero

Transition

Resources

ETF

is

a

global

equities

portfolio

comprised

of

resources

companies

across

the

supply

chain

positioned

for

the

transition

to

a

low-carbon

future.

Global

commitments

to

Net

Zero

greenhouse

gas

emissions

by

2050

create

investment

opportunity

driven

by

urgency

and

innovation.

Seeking

to

capitalize

on

the

breadth

of

these

opportunities,

our

process

incorporates

sectors

and

companies

across

the

natural

resources

supply

chain.

We

believe

high-quality

natural

resources

companies

that

are

contributing

to

this

transition

can

generate

attractive

long-term

returns.

Tim

Gerrard

Darko

Kuzmanovic

Tal

Lomnitzer

Daniel

Sullivan

co-portfolio

manager

co-portfolio

manager

co-portfolio

manager

co-portfolio

manager

Janus

Henderson

Net

Zero

Transition

Resources

ETF

(unaudited)

Fund

At

A

Glance

October

31,

2021

2

October

31,

2021

Holdings

are

subject

to

change

without

notice.

5

Largest

Equity

Holdings

–

(%

of

Net

Assets)

Air

Products

and

Chemicals,

Inc.

Chemicals

5.4%

Freeport-McMoRan,

Inc.

Metals

&

Mining

4.8%

Archer-Daniels-Midland

Co.

Food

Products

4.7%

Smurfit

Kappa

Group

plc

Containers

&

Packaging

4.1%

Mosaic

Co.

(The)

Chemicals

4.0%

23.0%

Sector

Allocation

–

(%

of

Net

Assets)

Basic

Materials

65.2%

Consumer,

Non-cyclical

13.0%

Energy

8.9%

Industrial

7.5%

Utilities

2.9%

Financial

1.5%

Investment

Companies

1.0%

100.0%

Janus

Henderson

Net

Zero

Transition

Resources

ETF

(unaudited)

Performance

Janus

Detroit

Street

Trust

3

Total

annual

expense

ratio

as

stated

in

the

prospectus:

0.60%.

See

Financial

Highlights

for

actual

expense

ratios

during

the

reporting

period.

Returns

quoted

are

past

performance

and

do

not

guarantee

future

results;

current

performance

may

be

lower

or

higher.

Investment

returns

and

principal

value

will

vary;

there

may

be

a

gain

or

loss

when

shares

are

sold.

For

the

most

recent

month-end

performance

call

800.668.0434

or

visit

janushenderson.com/performance.

Shares

of

ETFs

are

bought

and

sold

at

market

price

(not

NAV)

and

are

not

individually

redeemed

from

the

Fund.

Market

returns

are

based

upon

the

midpoint

of

the

bid/ask

spread

at

4:00

p.m.

Eastern

time

(when

NAV

is

normally

determined

for

most

ETFs),

and

do

not

represent

the

returns

you

would

receive

if

you

traded

shares

at

other

times.

Ordinary

brokerage

commissions

apply

and

will

reduce

returns.

Performance

for

very

short

time

periods

may

not

be

indicative

of

future

performance.

Investing

involves

risk,

including

the

possible

loss

of

principal

and

fluctuation

of

value.

There

is

no

assurance

the

stated

objective(s)

will

be

met.

Performance

may

be

affected

by

risks

that

include

those

associated

with

foreign

and

emerging

markets,

fixed

income

securities,

high-yield

and

high-risk

securities,

undervalued,

overlooked

and

smaller

capitalization

companies,

real

estate

related

securities

including

Real

Estate

Investment

Trusts

(REITs),

non-diversification,

Environmental,

Social

and

Governance

(ESG)

factors,

portfolio

turnover,

derivatives,

short

sales,

initial

public

offerings

(IPOs)

and

potential

conflicts

of

interest.

Each

product

has

different

risks.

Please

see

the

prospectus

for

more

information

about

risks,

holdings

and

other

details.

Returns

include

reinvestment

of

dividends

and

capital

gains.

Returns

greater

than

one

year

are

annualized.

Returns

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

redemptions

of

Fund

shares.

The

returns

do

not

include

adjustments

in

accordance

with

generally

accepted

accounting

principles

required

at

the

period

end

for

financial

reporting

purposes.

See

Notes

to

Schedule

of

Investments

and

Other

Information

for

index

definitions.

Index

performance

does

not

reflect

the

expenses

of

managing

a

portfolio

as

an

index

is

unmanaged

and

not

available

for

direct

investment.

Average

Annual

Total

Return

for

the

periods

ended

October

31,

2021

Since

Inception

*

Janus

Henderson

Net

Zero

Transition

Resources

ETF

-

NAV

2.16%

Janus

Henderson

Net

Zero

Transition

Resources

ETF

-

Market

Price

2.32%

S&P

Global

Natural

Resources

Index

3.94%

*

The

Fund

commenced

operations

on

September

8,

2021.

Janus

Henderson

Net

Zero

Transition

Resources

ETF

(unaudited)

Disclosure

of

Fund

Expenses

4

October

31,

2021

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1)

transaction

costs,

which

may

include

creation

and

redemption

fees

or

brokerage

charges

and

(2)

ongoing

costs,

including

management

fees

and

other

Fund

expenses.

This

example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

Funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

example

is

based

upon

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

six-months

indicated,

unless

noted

otherwise

in

the

table

and

footnotes

below. 

Actual

Expenses 

The

information

in

the

table

under

the

heading

“Actual”

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

these

columns,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

under

the

heading

entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

the

period.

Hypothetical

Example

for

Comparison

Purposes 

The

information

in

the

table

under

the

heading

“Hypothetical

(5%

return

before

expenses)”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

upon

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

determine

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Additionally,

for

an

analysis

of

the

fees

associated

with

an

investment

or

other

similar

funds,

please

visit 

www.finra.org/

fundanalyzer.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transaction

costs,

such

as

creation

and

redemption

fees,

or

brokerage

charges.

These

fees

are

fully

described

in

the

Fund’s

prospectus.

Therefore,

the

hypothetical

examples

are

useful

in

comparing

ongoing

costs

only

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

transaction

costs

were

included,

your

costs

would

have

been

higher.

Actual

Hypothetical

(5%

return

before

expenses)

Beginning

Account

Value

(9/8/2021)

Ending

Account

Value

(10/31/21)

Expenses

Paid

During

Period

(9/8/2021

-

10/31/21)

*†

Beginning

Account

Value

(5/1/21)

Ending

Account

Value

(10/31/21)

Expenses

Paid

During

Period

(5/1/21

-

10/31/21)

†

Net

Annualized

Expense

Ratio

(5/1/21

-

10/31/21)

$1,000.00

$1,021.60

$0.88

$1,000.00

$1,022.18

$3.06

0.60%

†

Expenses

Paid

During

Period

is

equal

to

the

Net

Annualized

Expense

Ratio

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period).

*

Actual

Expenses

Paid

During

Period

reflects

only

the

inception

period

for

the

Fund

(September

8,

2021

to

October

31,

2021)

and

is

equal

to

the

Net

Annualized

Expense

Ratio

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

53/365

(to

reflect

the

period).

Therefore,

actual

expenses

shown

are

lower

than

would

be

expected

for

a

six-month

period.

Janus

Henderson

Net

Zero

Transition

Resources

ETF

Report

of

Independent

Registered

Public

Accounting

Firm

Janus

Detroit

Street

Trust

5

To

the

Board

of

Trustees

of

Janus

Detroit

Street

Trust

and

Shareholders

of

Janus

Henderson

Net

Zero

Transition

Resources

ETF

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Janus

Henderson

Net

Zero

Transition

Resources

ETF

(one

of

the

funds

constituting

Janus

Detroit

Street

Trust

,

referred

to

hereafter

as

the

"Fund")

as

of

October

31,

2021,

and

the

related

statements

of

operations

and

changes

in

net

assets,

including

the

related

notes,

and

the

financial

highlights

for

the

period

September

8,

2021

(commencement

of

operations)

through

October

31,

2021

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

October

31,

2021

,

and

the

results

of

its

operations,

changes

in

its

net

assets

and

the

financial

highlights

for

the

period

September

8,

2021

(commencement

of

operations)

through

October

31,

2021

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

based

on

our

audit

.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audit

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audit

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audit

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

October

31,

2021

by

correspondence

with

the

custodian.

We

believe

that

our

audit

provides

a

reasonable

basis

for

our

opinion.

Denver,

Colorado

December

17,

2021

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

Janus

Henderson

Funds

since

1990.

Janus

Henderson

Net

Zero

Transition

Resources

ETF

Schedule

of

Investments

October

31,

2021

6

October

31,

2021

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares

Value

Common

Stocks

-

99.0%

Building

Products

-

2.5%

Johnson

Controls

International

plc

17,415

$

1,277,739

Chemicals

-

15.9%

Air

Products

and

Chemicals,

Inc.

9,188

2,754,654

Corbion

NV

9,721

462,360

Koninklijke

DSM

NV

6,089

1,332,140

Mosaic

Co.

(The)

49,473

2,056,593

Nutrien

Ltd.

22,075

1,540,468

8,146,215

Commercial

Services

&

Supplies

-

1.3%

Aker

Carbon

Capture

ASA*

183,222

658,008

Containers

&

Packaging

-

6.7%

Ball

Corp.

14,435

1,320,514

Smurfit

Kappa

Group

plc

40,269

2,110,573

3,431,087

Electric

Utilities

-

2.8%

Orsted

A/S

(144A)

10,266

1,450,065

Electrical

Equipment

-

7.6%

Nexans

SA

9,964

999,147

Siemens

Gamesa

Renewable

Energy

SA*

46,475

1,260,140

Vestas

Wind

Systems

A/S

37,920

1,641,656

3,900,943

Equity

Real

Estate

Investment

Trusts

(REITs)

-

1.5%

Weyerhaeuser

Co.

21,553

769,873

Food

Products

-

12.1%

Archer-Daniels-Midland

Co.

37,520

2,410,285

Beyond

Meat,

Inc.*

6,785

671,579

Costa

Group

Holdings

Ltd.

635,509

1,393,806

Salmar

ASA

7,677

583,536

Synlait

Milk

Ltd.*

437,526

1,127,216

6,186,422

Independent

Power

and

Renewable

Electricity

Producers

-

2.0%

Scatec

ASA

(144A)

50,985

1,001,100

Machinery

-

0.5%

Xebec

Adsorption,

Inc.*

100,666

236,326

Metals

&

Mining

-

38.0%

Alcoa

Corp.

28,412

1,305,531

Anglo

American

plc

51,181

1,952,101

Champion

Iron

Ltd.*

376,666

1,244,821

Core

Lithium

Ltd.*

639,749

273,894

Foran

Mining

Corp.*

148,144

277,273

Freeport-McMoRan,

Inc.

64,854

2,446,293

IGO

Ltd.

143,873

1,041,727

ioneer

Ltd.*

1,049,116

539,774

Ivanhoe

Mines

Ltd.

-

Class

A*

154,220

1,208,080

Largo

Resources

Ltd.*

37,980

473,084

Liontown

Resources

Ltd.*

413,209

589,686

Minerals

260

Ltd.*

9,032

3,155

MP

Materials

Corp.*

22,392

757,969

Nickel

Mines

Ltd.

701,450

550,568

Norsk

Hydro

ASA

191,056

1,397,580

Nucor

Corp.

13,628

1,521,566

Orocobre

Ltd.*

153,595

1,026,750

Sandfire

Resources

Ltd.

18,031

75,300

Sibanye

Stillwater

Ltd.

(ADR)

68,983

979,559

Janus

Henderson

Net

Zero

Transition

Resources

ETF

Schedule

of

Investments

October

31,

2021

Janus

Detroit

Street

Trust

7

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares

Value

Common

Stocks

-

(continued)

Metals

&

Mining

-

(continued)

Sigma

Lithium

Corp.*

52,028

$

432,325

Solaris

Resources,

Inc.*

61,066

702,021

Talon

Metals

Corp.*

607,442

318,533

Turquoise

Hill

Resources

Ltd.*

24,576

310,880

19,428,470

Oil,

Gas

&

Consumable

Fuels

-

3.1%

NexGen

Energy

Ltd.*

284,298

1,568,794

Paper

&

Forest

Products

-

5.0%

Stora

Enso

OYJ

-

Class

R

77,445

1,288,782

West

Fraser

Timber

Co.

Ltd.

15,510

1,239,874

2,528,656

Total

Common

Stocks

(cost

$49,760,301)

50,583,698

Investment

Companies

-

1.0%

Money

Market

Funds

-

1.0%

JPMorgan

Prime

Money

Market

Fund,

0.0460%

∞

(cost

$497,033)

496,536

496,983

Total

Investments

(total

cost

$50,257,334)

-

100.0%

51,080,681

Cash,

Receivables

and

Other

Assets,

net

of

Liabilities

-

0.0%

6,322

Net

Assets

-

100.0%

$51,087,003

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

17,789,579

34.8

%

Canada

7,875,333

15.4

Australia

6,739,481

13.2

Norway

3,640,224

7.1

Denmark

3,091,721

6.1

Ireland

2,110,573

4.1

United

Kingdom

1,952,101

3.8

Netherlands

1,794,500

3.5

Finland

1,288,782

2.5

Spain

1,260,140

2.5

New

Zealand

1,127,216

2.2

France

999,147

2.0

South

Africa

979,559

1.9

Brazil

432,325

0.9

Total

$

51,080,681

100.0

%

Janus

Henderson

Net

Zero

Transition

Resources

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

October

31,

2021

8

October

31,

2021

S&P

Global

Natural

Resources

Index

S&P

Global

Natural

Resources

Index

reflects

the

performance

of

large

publicly-traded

natural

resource

and

commodities

companies

across

agribusiness,

energy,

and

metals

and

mining.

ADR

American

Depositary

Receipt

plc

Public

Limited

Company

*

Non-income

producing

security.

∞

Rate

shown

is

the

7-day

yield

as

of

October

31,

2021.

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

year

ended

October

31,

2021

is

$2,451,165

which

represents

4.8%

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

October

31,

2021

.

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:

Common

Stocks

$

50,583,698

$

—

$

—

Investment

Companies

496,983

—

—

Total

Assets

$

51,080,681

$

—

$

—

Janus

Henderson

Net

Zero

Transition

Resources

ETF

Statement

of

Assets

and

Liabilities

October

31,

2021

Janus

Detroit

Street

Trust

9

See

Notes

to

Financial

Statements.

Assets:

Investments,

at

value

(cost

$50,257,334)

$

51,080,681

Receivables:

Dividends

31,764

Total

Assets

51,112,445

Liabilities:

Payables:

—

Management

fees

25,442

Total

Liabilities

25,442

Net

Assets

$

51,087,003

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

50,127,205

Total

distributable

earnings

(loss)

959,798

Total

Net

Assets

$

51,087,003

Net

Assets

$

51,087,003

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

2,000,001

Net

Asset

Value

Per

Share

$

25

.54

Janus

Henderson

Net

Zero

Transition

Resources

ETF

Statement

of

Operations

For

the

period

ended

October

31,

2021

(1)

10

October

31,

2021

See

Notes

to

Financial

Statements.

Investment

Income:

Dividends

$

134,747

Income

from

non-cash

dividends

16,425

Foreign

tax

withheld

(

10,147

)

Total

Investment

Income

141,025

Expenses:

Management

Fees

38,629

Total

Expenses

38,629

Net

Investment

Income/(Loss)

102,396

Net

Realized

Gain/(Loss)

on

Investments:

Investments

and

foreign

currency

transactions

$

34,072

Total

Net

Realized

Gain/(Loss)

on

Investments

$

34,072

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

and

foreign

currency

translations

$

823,330

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

823,330

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

959,798

(1)

Period

from

September

8,

2021

(commencement

of

operations)

through

October

31,

2021.

Janus

Henderson

Net

Zero

Transition

Resources

ETF

Statement

of

Changes

in

Net

Assets

Janus

Detroit

Street

Trust

11

See

Notes

to

Financial

Statements.

Period

Ended

October

31,

2021

(1)

Operations:

Net

investment

income/(loss)

$

102,396

Net

realized

gain/(loss)

on

investments

34,072

Change

in

unrealized

net

appreciation/depreciation

823,330

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

959,798

Capital

Share

Transactions

50,127,205

Net

Increase/(Decrease)

in

Net

Assets

51,087,003

Net

Assets:

—

Beginning

of

Period  

—

End

of

Period

$

51,087,003

(1)

Period

from

September

8,

2021

(commencement

of

operations)

through

October

31,

2021.

Janus

Henderson

Net

Zero

Transition

Resources

ETF

Financial

Highlights

12

October

31,

2021

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

period

ended

October

31

2021

(1)

Net

Asset

Value,

Beginning

of

Period

$25.00

Income/(Loss)

from

Investment

Operations:

—

Net

investment

income/(loss)

(2)

0.06

Net

realized

and

unrealized

gain/(loss)

0.48

Total

from

Investment

Operations

0.54

Less

Dividends

and

Distributions:

—

Total

Dividends

and

Distributions

—

Net

Asset

Value,

End

of

Period

$25.54

Total

Return

*

2.16%

Net

assets,

End

of

Period

(in

thousands)

$51,087

Average

Net

Assets

for

the

Period

(in

thousands)

$44,399

Ratios

to

Average

Net

Assets

**

Ratio

of

Gross

Expenses

0.60%

Ratio

of

Net

Investment

Income/(Loss)

1.59%

Portfolio

Turnover

Rate

(3)

6%

*

Total

return

not

annualized

for

periods

of

less

than

one

full

year.

**

Annualized

for

periods

of

less

than

one

full

year.

(1)

Period

from

September

8,

2021

(commencement

of

operations)

through

October

31,

2021.

(2)

Per

share

amounts

are

calculated

based

on

average

shares

outstanding

during

the

year

or

period.

(3)

Portfolio

turnover

rate

excludes

securities

received

or

delivered

from

in-kind

processing

of

creation

or

redemptions.

Janus

Henderson

Net

Zero

Transition

Resources

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

13

1.

Organization

and

Significant

Accounting

Policies

Janus

Henderson

Net

Zero

Transition

Resources

ETF

(the

“Fund”)

is

a

series

fund.

The

Fund

is

part

of

Janus

Detroit

Street

Trust

(the

“Trust”),

which

is

organized

as

a

Delaware

statutory

trust

and

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company,

and

therefore

has

applied

the

specialized

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

(“ASC”)

Topic

946. The

financial

statements

include

information

for

the

period

from

September

8,

2021

(commencement

of

operations)

through

October

31,

2021.

As

of

the

date

of

this

report,

the

Trust

offers eleven

Funds

each

of

which

represent

shares

of

beneficial

interest

in

a

separate

portfolio

of

securities

and

other

assets

with

its

own

objective

and

policies. The

Fund

seeks

long-term

growth

of

capital.

The

Fund

is

classified

as

nondiversified,

as

defined

in

the

1940

Act.

The

Fund

is

an

actively-managed

exchange-traded

fund.

Unlike

shares

of

traditional

mutual

funds,

shares

of

the

Fund

are

not

individually

redeemable

and

may

only

be

purchased

or

redeemed

directly

from

the

Fund

at

net

asset

value

(“NAV”)

in

large

increments

called

“Creation

Units”

by

certain

participants,

known

as

“Authorized

Participants.”

The

size

of

a

Creation

Unit

to

purchase

shares

of

the

Fund

may

differ

from

the

size

of

a

Creation

Unit

to

redeem

shares

of

the

Fund.

The

Fund

will

issue

or

redeem

Creation

Units

in

exchange

for

portfolio

securities

and/or

cash.

Except

when

aggregated

in

Creation

Units,

Fund

shares

are

not

redeemable

securities

of

the

Fund.

Shares

of

the

Fund

are

listed

and

trade

on

NYSE

Arca,

Inc.

(NYSE

Arca"),

and

individual

investors

can

purchase

or

sell

shares

in

much

smaller

increments

for

cash

in

the

secondary

market

through

a

broker.

These

transactions,

which

do

not

involve

the

Fund,

are

made

at

market

prices

that

may

vary

throughout

the

day

and

differ

from

the

Fund’s

NAV.

As

a

result,

you

may

pay

more

than

NAV

(a

premium)

when

you

purchase

shares

and

receive

less

than

NAV

(a

discount)

when

you

sell

shares,

in

the

secondary

market.

An

Authorized

Participant

(or

other

broker-dealers

making

markets

in

shares

of

the

Fund)

may

hold

of

record

more

than

25%

of

the

outstanding

shares

of

the

Fund.

From

time

to

time,

Authorized

Participants

(or

other

broker-dealers

making

markets

in

shares

of

the

Fund)

may

be

a

beneficial

and/or

legal

owner

of

the

Fund,

may

be

affiliated

with

an

index

provider,

may

be

deemed

to

have

control

of

the

Fund

and/or

may

be

able

to

affect

the

outcome

of

matters

presented

for

a

vote

of

the

shareholders

of

the

Fund.

Authorized

Participants

(or

other

broker-dealers

making

markets

in

shares

of

the

Fund)

may

execute

an

irrevocable

proxy

granting

the

Distributor,

Janus

Capital

Management

LLC

(“Janus

Capital”

or

“Janus”

or

"Agent")

or

an

affiliate

of

Janus

Capital

power

to

vote

or

abstain

from

voting

such

Authorized

Participant’s

beneficially

or

legally

owned

shares

of

the

Fund.

In

such

cases,

the

Agent

shall

mirror

vote

(or

abstain

from

voting)

such

shares

in

the

same

proportion

as

all

other

beneficial

owners

of

the

Fund. 

The

following

accounting

policies

have

been

followed

by

the

Fund

and

are

in

conformity

with

United

States

of

America

generally

accepted

accounting

principles

(“US

GAAP”). 

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

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

Janus

Henderson

Net

Zero

Transition

Resources

ETF

Notes

to

Financial

Statements

14

October

31,

2021

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.

There

have

been

no

significant

changes

in

valuation

techniques

used

in

valuing

any

such

positions

held

by

the

Fund

since

inception. 

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

October

31,

2021

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.

Investment

Transactions

and

Investment

Income

Investment

transactions

are

accounted

for

as

of

the

date

purchased

or

sold

(trade

date).

Dividend

income

is

recorded

on

the

ex-dividend

date.

Certain

dividends

from

foreign

securities

will

be

recorded

as

soon

as

the

Fund

is

informed

of

the

dividend,

if

such

information

is

obtained

subsequent

to

the

ex-dividend

date.

Dividends

from

foreign

securities

may

be

subject

to

withholding

taxes

in

foreign

jurisdictions.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value.

Interest

income

is

recorded

daily

on

an

accrual

basis

and

includes

amortization

of

premiums

and

accretion

of

discounts.

The

Fund

classifies

gains

and

losses

on

prepayments

received

as

an

adjustment

to

interest

income.

Debt

securities

may

be

placed

in

non-accrual

status

and

related

interest

income

may

be

reduced

by

stopping

current

accruals

and

writing

off

interest

receivables

when

collection

of

all

or

a

portion

of

interest

has

become

doubtful.

Gains

and

losses

are

determined

on

the

identified

cost

basis,

which

is

the

same

basis

used

for

federal

income

tax

purposes.

Janus

Henderson

Net

Zero

Transition

Resources

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

15

Estimates

The

preparation

of

financial

statements

in

conformity

with

US

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amount

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates. 

Indemnifications

In

the

normal

course

of

business,

the

Fund

may

enter

into

contracts

that

contain

provisions

for

indemnification

of

other

parties

against

certain

potential

liabilities.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

and

would

involve

future

claims

that

may

be

made

against

the

Fund

that

have

not

yet

occurred.

Currently,

the

risk

of

material

loss

from

such

claims

is

considered

remote. 

Foreign

Currency

Translations

The

Fund

does

not

isolate

that

portion

of

the

results

of

operations

resulting

from

the

effect

of

changes

in

foreign  exchange

rates

on

investments

from

the

fluctuations

arising

from

changes

in

market

prices

of

securities

held

at

the

date  of

the

financial

statements.

Net

unrealized

appreciation

or

depreciation

of

investments

and

foreign

currency

translations

arise

from

changes

in

the

value

of

assets

and

liabilities,

including

investments

in

securities

held

at

the

date

of

the

financial

statements,

resulting

from

changes

in

the

exchange

rates

and

changes

in

market

prices

of

securities

held.

Currency

gains

and

losses

are

also

calculated

on

payables

and

receivables

that

are

denominated

in

foreign

currencies.

The

payables

and

receivables

are

generally

related

to

foreign

security

transactions

and

income

translations.

Foreign

currency-denominated

assets

and

forward

currency

contracts

may

involve

more

risks

than

domestic

transactions,

including

currency

risk,

counterparty

risk,

political

and

economic

risk,

regulatory

risk

and

equity

risk.

Risks

may

arise

from

unanticipated

movements

in

the

value

of

foreign

currencies

relative

to

the

U.S.

dollar.

Dividends

and

Distributions

The

Fund

generally

declares

and

distributes

dividends

of

net

investment

income

quarterly.

Net

realized

capital

gains

(if

any)

are

distributed

annually.

The

Fund

may

treat

a

portion

of

the

amount

paid

to

redeem

shares

as

a

distribution

of

investment

company

taxable

income

and

realized

capital

gains

that

are

reflected

in

the

NAV.

This

practice,

commonly

referred

to

as

“equalization,”

has

no

effect

on

the

redeeming

shareholder

or

a

Fund’s

total

return

but

may

reduce

the

amounts

that

would

otherwise

be

required

to

be

paid

as

taxable

dividends

to

the

remaining

shareholders.

It

is

possible

that

the

Internal

Revenue

Service

(IRS)

could

challenge

the

Fund’s

equalization

methodology

or

calculations,

and

any

such

challenge

could

result

in

additional

tax,

interest,

or

penalties

to

be

paid

by

the

Fund. 

Federal

Income

Taxes

The

Fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

and

distribute

all

of

its

taxable

income

in

accordance

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code.

Management

has

analyzed

the

Fund’s

tax

positions

taken

for

all

open

federal

income

tax

years,

generally

a

three-year

period,

and

has

concluded

that

no

provision

for

federal

income

tax

is

required

in

the

Fund’s

financial

statements.

The

Fund

is

not

aware

of

any

tax

positions

for

which

it

is

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

benefits

will

significantly

change

in

the

next

twelve

months. 

2.

Other

Investments

and

Strategies 

Additional

Investment

Risk 

In

response

to

the

COVID-19

pandemic,

the

U.S.

government

and

the

Federal

Reserve,

as

well

as

certain

foreign

governments

and

central

banks,

have

taken

extraordinary

actions

to

support

local

and

global

economies

and

the

financial

markets,

including

reducing

interest

rates

to

record

low

levels.

Extremely

low

or

negative

interest

rates

may

become

more

prevalent

or

may

not

work

as

intended.

As

there

is

little

precedent

for

this

situation,

the

impact

on

various

markets

that

interest

rate

or

other

significant

policy

changes

may

have

is

unknown.

The

withdrawal

of

this

support,

a

failure

of

measures

put

in

place

in

response

to

such

economic

uncertainty,

or

investor

perception

that

such

efforts

were

not

sufficient

could

each

negatively

affect

financial

markets

generally,

and

the

value

and

liquidity

of

specific

securities.

In

addition,

policy

and

legislative

changes

in

the

United

States

and

in

other

countries

continue

to

impact

many

aspects

of

financial

regulation.

Janus

Henderson

Net

Zero

Transition

Resources

ETF

Notes

to

Financial

Statements

16

October

31,

2021

Widespread

disease,

including

pandemics

and

epidemics,

and

natural

or

environmental

disasters,

including

those

which

may

be

attributable

to

global

climate

change,

such

as

earthquakes,

fires,

floods,

hurricanes,

tsunamis

and

weather-related

phenomena

generally,

have

been

and

can

be

highly

disruptive

to

economies

and

markets,

adversely

impacting

individual

companies,

sectors,

industries,

markets,

currencies,

interest

and

inflation

rates,

credit

ratings,

investor

sentiment,

and

other

factors

affecting

the

value

of

a

Fund’s

investments.

Economies

and

financial

markets

throughout

the

world

have

become

increasingly

interconnected,

which

increases

the

likelihood

that

events

or

conditions

in

one

region

or

country

will

adversely

affect

markets

or

issuers

in

other

regions

or

countries,

including

the

United

States.

These

disruptions

could

prevent

a

Fund

from

executing

advantageous

investment

decisions

in

a

timely

manner

and

negatively

impact

a

Fund’s

ability

to

achieve

its

investment

objective(s).

Any

such

event(s)

could

have

a

significant

adverse

impact

on

the

value

of

a

Fund.

In

addition,

these

disruptions

could

also

impair

the

information

technology

and

other

operational

systems

upon

which

the

Fund’s

service

providers,

including

Janus

Capital,

rely,

and

could

otherwise

disrupt

the

ability

of

employees

of

the

Fund’s

service

providers

to

perform

essential

tasks

on

behalf

of

the

Fund.

Adverse

weather

conditions

may

also

have

a

particularly

negative

effect

on

issuers

in

the

agricultural

sector

in

the

agricultural

sector

and

on

insurance

and

reinsurance

companies

that

insure

or

reinsure

against

the

impact

of

natural

disasters.

A

number

of

countries

in

the

European

Union

(“EU”)

have

experienced,

and

may

continue

to

experience,

severe

economic

and

financial

difficulties.

In

particular,

many

EU

nations

are

susceptible

to

economic

risks

associated

with

high

levels

of

debt.

Many

non-governmental

issuers,

and

even

certain

governments,

have

defaulted

on,

or

been

forced

to

restructure,

their

debts.

Many

other

issuers

have

faced

difficulties

obtaining

credit

or

refinancing

existing

obligations.

Financial

institutions

have

in

many

cases

required

government

or

central

bank

support,

have

needed

to

raise

capital,

and/

or

have

been

impaired

in

their

ability

to

extend

credit.

As

a

result,

financial

markets

in

the

EU

have

experienced

extreme

volatility

and

declines

in

asset

values

and

liquidity.

These

difficulties

may

continue,

worsen,

or

spread

further

within

the EU. Responses

to

these

financial

problems

by

European

governments,

central

banks,

and

others,

including

austerity

measures

and

reforms,

may

not

work,

may

result

in

social

unrest,

and

may

limit

future

growth

and

economic

recovery

or

have

other

unintended

consequences.

All

of

these

developments

may

continue

to

significantly

affect

the

economies

of

all

EU

countries,

which

in

turn

may

have

a

material

adverse

effect

on

a

Fund's

investments

in

such

countries

that

depend

on

EU

countries

for

significant

amounts

of

trade

or

investment,

or

issues

with

exposure

to

debt

issued

by

certain

EU

countries.

Management

Risk

The

Fund

is

an

actively

managed

investment

portfolio

and

is

therefore

subject

to

the

risk

that

the

investment

strategies

employed

for

the

Fund

may

fail

to

produce

the

intended

results.

Although

the

Fund

seeks

to

provide

long-term

positive

returns,

market

conditions

or

implementation

of

the

Fund's

investment

process

may

result

in

losses,

and

the

Fund

may

not

meet

its

investment

objective.

As

such,

there

can

be

no

assurance

of

positive

"absolute"

returns. 

Industrials

Sector

Risk

The

industrials

sector

includes

companies

in

the

capital

goods,

commercial

and

professional

services

and

transportation

industry

groups,

including

companies

engaged

in

the

business

of

human

capital

management,

business

research

and

consulting,

air

freight

and

logistics,

airlines,

maritime

shipping

and

transportation,

railroads

and

trucking,

transportation

infrastructure,

and

aerospace

and

defense.

Companies

in

the

industrials

sector

can

be

significantly

affected

by

general

economic

trends,

including

such

factors

as

employment

and

economic

growth,

interest

rate

changes,

changes

in

consumer

spending,

legislative

and

government

regulation

and

spending,

import

controls,

commodity

prices,

and

worldwide

competition.

Changes

in

the

economy,

fuel

prices,

labor

agreements,

and

insurance

costs

may

result

in

occasional

sharp

price

movements

in

transportation

securities.

Natural

Resources

Investment

Risk

Investment

in

companies

in

natural

resources

industries

(including

those

in

the

energy

sector)

can

be

significantly

affected

by

(often

rapid)

changes

in

supply

of,

or

demand

for,

various

natural

resources.

They

may

also

be

affected

by

changes

in

energy

prices,

international

political

and

economic

developments,

environmental

incidents,

energy

conservation,

the

success

of

exploration

projects,

changes

in

commodity

prices,

and

tax

and

other

government

regulations.

For

example,

the

COVID-19

pandemic

has

drastically

reduced

the

demand

for

various

natural

resources

and

has

drastically

increased

the

price

volatility

of

natural

resources

and

companies

within

the

natural

resources

industry.

An

extended

period

of

Janus

Henderson

Net

Zero

Transition

Resources

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

17

reduced

(or

negative)

prices

may

significantly

lengthen

the

time

that

companies

within

the

natural

resources

industries

would

need

to

recover

after

a

stabilization

of

prices. 

Nondiversification

Risk 

The

Fund

is

classified

as

non-diversified

under

the

1940

Act.

This

gives

the

Fund’s

portfolio

managers

more

flexibility

to

hold

larger

positions

in

a

smaller

number

of

securities.

As

a

result,

an

increase

or

decrease

in

the

value

of

a

single

security

held

by

the

Fund

may

have

a

greater

impact

on

the

Fund’s

NAV

and

total

return.

Real

Estate

Investing 

The

Fund

may

invest

in

equity

securities

of

real

estate-related

companies

to

the

extent

such

securities

are

included

in

the

Underlying

Index.

Such

companies

may

include

those

in

the

real

estate

industry

or

real

estate-related

industries.

These

securities

may

include

common

stocks,

preferred

and

convertible

securities

of

issuers

in

real

estate-related

industries.

A

REIT

is

a

trust

that

invests

in

real

estate-related

projects,

such

as

properties,

mortgage

loans,

and

construction

loans.

REITs

are

generally

categorized

as

equity,

mortgage,

or

hybrid

REITs.

A

REIT

may

be

listed

on

an

exchange

or

traded

OTC.

Small-

and

Mid-Sized

Companies

Risk

The

Fund’s

investments

in

securities

issued

by

small-

and

mid-sized

companies,

which

can

include

smaller,

start-up

companies

offering

emerging

products

or

services,

may

involve

greater

risks

than

are

customarily

associated

with

larger,

more

established

companies.

Securities

issued

by

small-

and

mid-sized

companies

tend

to

be

more

volatile

and

somewhat

more

speculative

than

securities

issued

by

larger

or

more

established

companies

and

may

underperform

as

compared

to

the

securities

of

larger

or

more

established

companies.

Sustainable

Investment

Risk

The

Fund

follows

a

sustainable

investment

approach

by

investing

in

companies

that

relate

to

certain

sustainable

development

themes

and

demonstrate

adherence

to

Environmental,

Sustainability

and

Governance

("ESG")

practices.

Accordingly,

the

Fund

may

have

a

significant

portion

of

its

assets

invested

in

securities

of

companies

conducting

similar

business

or

businesses

within

the

same

economic

sector.

Additionally,

due

to

its

exclusionary

criteria,

the

Fund

may

not

be

invested

in

certain

industries

or

sectors.

As

a

result,

the

Fund

may

be

overweight

or

underweight

in

certain

industries

or

sectors

relative

to

its

benchmark

index,

which

may

cause

the

Fund’s

performance

to

be

more

or

less

sensitive

to

developments

affecting

those

sectors.

In

addition,

since

sustainable

and

ESG

investing

takes

into

consideration

factors

beyond

traditional

financial

analysis,

the

investment

opportunities

for

the

Fund

may

be

limited

at

times.

Sustainability

and

ESG-related

information

provided

by

issuers

and

third

parties,

upon

which

the

portfolio

managers

may

rely,

continues

to

develop,

and

may

be

incomplete,

inaccurate,

use

different

methodologies,

or

be

applied

differently

across

companies

and

industries.

Further,

the

regulatory

landscape

for

sustainable

and

ESG

investing

in

the

United

States

is

still

developing

and

future

rules

and

regulations

may

require

the

Fund

to

modify

or

alter

its

investment

process.

Similarly,

government

policies

incentivizing

companies

to

engage

in

sustainable

and

ESG

practices

may

fall

out

of

favor,

which

could

potentially

limit

the

Fund’s

investment

universe.

There

is

also

a

risk

that

the

companies

identified

through

the

investment

process

may

fail

to

adhere

to

sustainable

and/or

ESG-related

business

practices,

which

may

result

in

the

Fund

selling

a

security

when

it

might

otherwise

be

disadvantageous

to

do

so.

There

is

no

guarantee

that

sustainable

investments

will

outperform

the

broader

market

on

either

an

absolute

or

relative

basis.

3.

Investment

Advisory

Agreements

and

Other

Transactions

with

Affiliates 

Under

its

unitary

fee

structure,

the

Fund

pays

Janus

Capital

a

management

fee

in

return

for

providing

certain

investment

advisory,

supervisory,

and

administrative

services

to

the

Fund,

including

the

costs

of

transfer

agency,

custody,

fund

administration,

legal,

audit,

and

other

services.

Janus

Capital’s

fee

structure

is

designed

to

pay

substantially

all

of

the

Fund’s

expenses.

However,

the

Fund

bears

other

expenses

which

are

not

covered

under

the

management

fee

which

may

vary

and

affect

the

total

level

of

expenses

paid

by

shareholders,

such

as

distribution

fees

(if

any),

brokerage

expenses

or

commissions,

interest,

dividends,

taxes,

litigation

expenses,

acquired

fund

fees

and

expenses

(if

any),

and

extraordinary

expenses.

The

Fund’s

unitary

management

fee

provides

for

reductions

in

the

fee

rate

as

the

Fund’s

assets

grow.

As

of

the

date

of

this

report,

the

Fund’s

management

fee

was

calculated

daily

and

paid

monthly

according

to

the

following

schedule: 

Janus

Henderson

Net

Zero

Transition

Resources

ETF

Notes

to

Financial

Statements

18

October

31,

2021

For

the

period

ended

October

31,

2021,

the

Fund’s

contractual

management

fee

rate

(expressed

as

an

annual

rate)

was

0.60%

of

the

Fund’s

average

daily

net

assets.

J.P.

Morgan

Chase

Bank,

N.A.

(“JP

Morgan")

provides

certain

fund

administration

services

to

the

Fund,

including

services

related

to

the

Fund’s

accounting,

including

calculating

the

daily

NAV,

audit

coordination,

tax,

and

reporting

obligations,

pursuant

to

an

agreement

with

Janus

Capital,

on

behalf

of

the

Fund.

As

compensation

for

such

services,

Janus

Capital

pays

JP

Morgan

a

fee

based

on

a

percentage

of

the

Fund’s

assets,

with

a

minimum

flat

fee,

for

certain

services.

Janus

Capital

serves

as

administrator

to

the

Fund,

providing

oversight

and

coordination

of

the

Fund’s

service

providers,

recordkeeping

and

other

administrative

services.

Janus

Capital

does

not

receive

any

additional

compensation,

beyond

the

unitary

fee,

for

serving

as

administrator.

JP

Morgan

also

serves

as

transfer

agent

for

the

shares

of

the

Fund.

Pursuant

to

agreements

with

Janus

Capital

on

behalf

of

the

Fund,

J.P.

Morgan

Securities

LLC,

an

affiliate

of

JP

Morgan,

may

execute

portfolio

transactions

for

the

Fund,

including

but

not

limited

to,

transactions

in

connection

with

cash

in

lieu

transactions

for

non-US

securities. 

The

Trust

has

adopted

a

Distribution

and

Servicing

Plan

for

shares

of

the

Fund

pursuant

to

Rule

12b-1

under

the

1940

Act

(the

“Plan”).

The

Plan

permits

compensation

in

connection

with

the

distribution

and

marketing

of

Fund

shares

and/or

the

provision

of

certain

shareholder

services.

The

Plan

permits

the

Fund

to

pay

ALPS

Distributors,

Inc.

(the

“Distributor”)

or

its

designee,

a

fee

for

the

sale

and

distribution

and/or

shareholder

servicing

of

the

shares

at

an

annual

rate

of

up

to

0.25%

of

average

daily

net

assets

of

the

Fund.

However,

the

Trustees

have

determined

not

to

authorize

payment

under

this

Plan

at

this

time.

Under

the

terms

of

the

Plan,

the

Trust

would

be

authorized

to

make

payments

to

the

Distributor

or

its

designee

for

remittance

to

retirement

plan

service

providers,

broker-dealers,

bank

trust

departments,

financial

advisors,

and

other

financial

intermediaries,

as

compensation

for

distribution

and/or

shareholder

services

performed

by

such

entities

for

their

customers

who

are

investors

in

the

Fund.

The

12b-1

fee

may

only

be

imposed

or

increased

when

the

Trustees

determine

that

it

is

in

the

best

interests

of

shareholders

to

do

so.

Because

these

fees

are  

paid

out

of

the

Fund’s

assets

on

an

ongoing

basis,

to

the

extent

that

a

fee

is

authorized,

over

time

they

will

increase

the

cost

of

an

investment

in

the

Fund.

The

Plan

fee

may

cost

an

investor

more

than

other

types

of

sales

charges. 

As

of

October

31,

2021,

Janus

Capital

owned

1,800,001

shares

or

90.00%

of

the

Fund.

4.

Federal

Income

Tax 

The

tax

components

of

capital

shown

in

the

table

below

represent:

(1)

distribution

requirements

the

Fund

must

satisfy

under

the

income

tax

regulations;

(2)

losses

or

deductions

the

Fund

may

be

able

to

offset

against

income

and

gains

realized

in

future

years;

and

(3)

unrealized

appreciation

or

depreciation

of

investments

for

federal

income

tax

purposes. 

The

Fund

has

elected

to

treat

gains

and

losses

on

forward

foreign

currency

contracts

as

capital

gains

and

losses,

if

applicable.

Other

foreign

currency

gains

and

losses

on

debt

instruments

are

treated

as

ordinary

income

for

federal

income

tax

purposes

pursuant

to

Section

988

of

the

Internal

Revenue

Code. 

Daily

Net

Assets

Fee

Rate

$0-$250

million

0.60%

Over

$250

million

0.55%

Loss

Deferrals

Undistributed

Ordinary

Income

Undistributed

Long-Term

Gains

Accumulated

Capital

Losses

Late-Year

Ordinary

Loss

Post-October

Capital

Loss

Other

Book

to

Tax

Differences

Net

Tax

Appreciation/

(Depreciation)

$513,860

$

—

$

—

$

—

$

—

$(17)

$445,955

Janus

Henderson

Net

Zero

Transition

Resources

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

19

The

aggregate

cost

of

investments

and

the

composition

of

unrealized

appreciation

and

depreciation

of

investment

securities

for

federal

income

tax

purposes

as

of

October

31,

2021

are

noted

below.

The

primary

differences

between

book

and

tax

appreciation

or

depreciation

of

investments

are

wash

sale

loss

deferrals

and

investments

in

passive

foreign

investment

companies.

Income

and

capital

gains

distributions

are

determined

in

accordance

with

income

tax

regulations

that

may

differ

from

US

GAAP.

These

differences

are

due

to

differing

treatments

for

items

such

as

net

short-term

gains,

deferral

of

wash

sale

losses,

foreign

currency

transactions,

passive

foreign

investment

companies,

net

investment

losses,

in-kind

transactions

and

capital

loss

carryovers.

Certain

permanent

differences

such

as

tax

returns

of

capital

and

net

investment

losses

noted

below

have

been

reclassified

to

capital. 

Permanent

book

to

tax

basis

differences

may

result

in

reclassifications

between

the

components

of

net

assets.

These

differences

have

no

impact

on

the

results

of

operations

or

net

assets.

The

following

reclassifications

have

been

made

to

the

Fund: 

5.

Capital

Share

Transactions 

6.

Purchases

and

Sales

of

Investment

Securities 

For

the

period

ended

October

31,

2021,

the

aggregate

cost

of

purchases

and

proceeds

from

sales

of

investment

securities

(excluding

any

short-term

securities,

short-term

options

contracts,

and

in-kind

transactions)

was

as

follows: 

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$50,634,726

$2,145,484

$(1,699,529)

$445,955

For

the

year

ended

October

31,

2021

:

Distributions

From

Ordinary

Income

From

Long-Term

Capital

Gain

Tax

Return

of

Capital

Net

Investment

Loss

$

—

$

—

$

—

$

—

Increase/(Decrease)

to

Capital

Increase/(Decrease)

to

Undistributed

Net

Investment

Income/Loss

Increase/(Decrease)

to

Undistributed

Net

realized

Gain/Loss

$

—

$2,773

$(2,773)

Period

Ended

October

31,

2021

(1)

Shares

Amount

Shares

sold

2,000,001

$

50,127,205

Shares

repurchased

—

—

Net

Increase/(Decrease)

2,000,001

$

50,127,205

(1)

Period

from

September

8,

2021

(commencement

of

operations)

through

October

31,

2021.

Purchases

of

Securities

Proceeds

from

Sales

of

Securities

Purchases

of

Long-

Term

U.S.

Government

Obligations

Proceeds

from

Sales

of

Long-Term

U.S.

Government

Obligations

$12,993,864

$2,112,163

$

—

$

—

For

the

period

ended

October

31,

2021,

the

Fund’s

contractual

management

fee

rate

(expressed

as

an

annual

rate)

was

0.60%

of

the

Fund’s

average

daily

net

assets.

J.P.

Morgan

Chase

Bank,

N.A.

(“JP

Morgan")

provides

certain

fund

administration

services

to

the

Fund,

including

services

related

to

the

Fund’s

accounting,

including

calculating

the

daily

NAV,

audit

coordination,

tax,

and

reporting

obligations,

pursuant

to

an

agreement

with

Janus

Capital,

on

behalf

of

the

Fund.

As

compensation

for

such

services,

Janus

Capital

pays

JP

Morgan

a

fee

based

on

a

percentage

of

the

Fund’s

assets,

with

a

minimum

flat

fee,

for

certain

services.

Janus

Capital

serves

as

administrator

to

the

Fund,

providing

oversight

and

coordination

of

the

Fund’s

service

providers,

recordkeeping

and

other

administrative

services.

Janus

Capital

does

not

receive

any

additional

compensation,

beyond

the

unitary

fee,

for

serving

as

administrator.

JP

Morgan

also

serves

as

transfer

agent

for

the

shares

of

the

Fund.

Pursuant

to

agreements

with

Janus

Capital

on

behalf

of

the

Fund,

J.P.

Morgan

Securities

LLC,

an

affiliate

of

JP

Morgan,

may

execute

portfolio

transactions

for

the

Fund,

including

but

not

limited

to,

transactions

in

connection

with

cash

in

lieu

transactions

for

non-US

securities. 

The

Trust

has

adopted

a

Distribution

and

Servicing

Plan

for

shares

of

the

Fund

pursuant

to

Rule

12b-1

under

the

1940

Act

(the

“Plan”).

The

Plan

permits

compensation

in

connection

with

the

distribution

and

marketing

of

Fund

shares

and/or

the

provision

of

certain

shareholder

services.

The

Plan

permits

the

Fund

to

pay

ALPS

Distributors,

Inc.

(the

“Distributor”)

or

its

designee,

a

fee

for

the

sale

and

distribution

and/or

shareholder

servicing

of

the

shares

at

an

annual

rate

of

up

to

0.25%

of

average

daily

net

assets

of

the

Fund.

However,

the

Trustees

have

determined

not

to

authorize

payment

under

this

Plan

at

this

time.

Under

the

terms

of

the

Plan,

the

Trust

would

be

authorized

to

make

payments

to

the

Distributor

or

its

designee

for

remittance

to

retirement

plan

service

providers,

broker-dealers,

bank

trust

departments,

financial

advisors,

and

other

financial

intermediaries,

as

compensation

for

distribution

and/or

shareholder

services

performed

by

such

entities

for

their

customers

who

are

investors

in

the

Fund.

The

12b-1

fee

may

only

be

imposed

or

increased

when

the

Trustees

determine

that

it

is

in

the

best

interests

of

shareholders

to

do

so.

Because

these

fees

are  

paid

out

of

the

Fund’s

assets

on

an

ongoing

basis,

to

the

extent

that

a

fee

is

authorized,

over

time

they

will

increase

the

cost

of

an

investment

in

the

Fund.

The

Plan

fee

may

cost

an

investor

more

than

other

types

of

sales

charges. 

As

of

October

31,

2021,

Janus

Capital

owned

1,800,001

shares

or

90.00%

of

the

Fund.

4.

Federal

Income

Tax 

The

tax

components

of

capital

shown

in

the

table

below

represent:

(1)

distribution

requirements

the

Fund

must

satisfy

under

the

income

tax

regulations;

(2)

losses

or

deductions

the

Fund

may

be

able

to

offset

against

income

and

gains

realized

in

future

years;

and

(3)

unrealized

appreciation

or

depreciation

of

investments

for

federal

income

tax

purposes. 

The

Fund

has

elected

to

treat

gains

and

losses

on

forward

foreign

currency

contracts

as

capital

gains

and

losses,

if

applicable.

Other

foreign

currency

gains

and

losses

on

debt

instruments

are

treated

as

ordinary

income

for

federal

income

tax

purposes

pursuant

to

Section

988

of

the

Internal

Revenue

Code. 

Daily

Net

Assets

Fee

Rate

$0-$250

million

0.60%

Over

$250

million

0.55%

Loss

Deferrals

Undistributed

Ordinary

Income

Undistributed

Long-Term

Gains

Accumulated

Capital

Losses

Late-Year

Ordinary

Loss

Post-October

Capital

Loss

Other

Book

to

Tax

Differences

Net

Tax

Appreciation/

(Depreciation)

$513,860

$

—

$

—

$

—

$

—

$(17)

$445,955

Janus

Henderson

Net

Zero

Transition

Resources

ETF

Notes

to

Financial

Statements

20

October

31,

2021

For

the year

ended

October

31,

2021,

the

cost

of

in-kind

purchases

and

proceeds

from

in-kind

sales,

were

as

follows: 

7.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to

October

31,

2021

and

through

the

date

of

the

issuance

of

the

Fund's

financial

statements

and

determined

that

there

were

no

material

events

or

transactions

that

would

require

recognition

or

disclosure

in

the

Fund's

financial

statements. 

Purchases

of

Securities

Proceeds

from

Sales

of

Securities

Purchases

of

Long-

Term

U.S.

Government

Obligations

Proceeds

from

Sales

of

Long-Term

U.S.

Government

Obligations

$38,833,472

$

—

$

—

$

—

Janus

Henderson

Net

Zero

Transition

Resources

ETF

Additional

Information

(unaudited)

Janus

Detroit

Street

Trust

21

Proxy

Voting

Policies

and

Voting

Record

A

description

of

the

policies

and

procedures

that

the

Fund

uses

to

determine

how

to

vote

proxies

relating

to

its

portfolio

securities

is

available

without

charge:

(i)

upon

request,

by

calling

1-800-525-0020

(toll

free);

(ii)

on

the

Fund’s

website

at

janushenderson.com/proxyvoting;

and

(iii)

on

the

SEC’s

website

at

http://www.sec.gov.

Quarterly

Portfolio

Holdings

The

Fund

files

its

complete

portfolio

holdings

(schedule

of

investments)

with

the

SEC

for

the

first

and

third

quarters

each

fiscal

year

as

an

exhibit

to

Form

N-PORT

within

60

days

of

the

end

of

such

fiscal

quarter.

The

Fund’s

Form

N-PORT

and

Form

N-Q

filings:

are

available

on

the

SEC’s

website

at

http://www.sec.gov;

(ii)

may

be

reviewed

and

copied

at

the

SEC’s

Public

Reference

Room

in

Washington,

D.C.

(information

on

the

Public

Reference

Room

may

be

obtained

by

calling

1-800-SEC-0330);

and

(iii)

are

available

without

charge,

upon

request,

by

calling

Janus

Henderson

at

1-800-525-

0020

(toll

free).

Designation

Requirements

(unaudited)

For

federal

income

tax

purposes,

the

Fund

designated

the

following

for

the

year

ended

October

31,

2021.

Dividends

Received

Deduction

Percentage

100%

Qualified

Dividend

Income

Percentage

100%

Janus

Henderson

Net

Zero

Transition

Resources

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

22

October

31,

2021

The

Trustees

of

Janus

Detroit

Street

Trust

(the

“Trust”),

including

the

Trustees

who

are

not

“interested

persons”

(the

“Independent

Trustees”)

as

that

term

is

defined

in

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

met

on

July

22,

2021

to

consider

the

proposed

investment

management

agreement

(the

“Investment

Management

Agreement”)

for

each

of

Janus

Henderson

U.S.

Sustainable

Equity

ETF

(“SSPX”),

Janus

Henderson

International

Sustainable

Equity

ETF

(“SXUS”),

Janus

Henderson

Net

Zero

Transition

Resources

ETF

(“JZRO”),

Janus

Henderson

Sustainable

Corporate

Bond

ETF

(“SCRD”),

and

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

(“JIB”)

(each

a

“New

Fund,”

and

collectively,

the

“New

Funds”).

In

the

course

of

their

consideration

of

each

Investment

Management

Agreement,

the

Trustees

met

in

executive

session

and

were

advised

by

their

independent

counsel.

In

this

regard,

the

Board,

including

the

Independent

Trustees,

evaluated

the

terms

of

each

Investment

Management

Agreement

and

reviewed

the

duties

and

responsibilities

of

the

Trustees

in

evaluating

and

approving

such

agreements.

In

considering

approval

of

each

Investment

Management

Agreement,

the

Board,

including

the

Independent

Trustees,

reviewed

the

materials

provided

to

it

relating

to

their

consideration

of

each

Investment

Management

Agreement

for

each

New

Fund

and

other

information

provided

by

counsel

and

Janus

Capital

Management

LLC,

the

proposed

investment

adviser

to

the

New

Funds

(the

“Adviser”),

including:

(i)

a

copy

of

the

form

of

Investment

Management

Agreement

with

respect

to

the

Adviser’s

management

of

the

assets

of

each

New

Fund;

(ii)

information

regarding

the

nature,

quality

and

extent

of

the

services

to

be

provided

to

each

New

Fund

by

the

Adviser,

and

the

fees

to

be

charged

to

each

New

Fund

therefor;

(iii)

information

concerning

the

Adviser’s

financial

condition,

business,

operations,

portfolio

management

personnel

and

compliance

programs;

(iv)

information

describing

each

New

Fund’s

anticipated

advisory

fee

structure

and

operating

expenses;

(v)

a

copy

of

the

Adviser’s

current

Form

ADV;

and

(vi)

a

memorandum

from

counsel

on

the

responsibilities

of

trustees

in

considering

investment

advisory

arrangements

under

the

1940

Act.

The

Board

also

considered

presentations

made

by,

and

discussions

held

with,

representatives

of

the

Adviser.

The

Board

also

received

information

comparing

the

proposed

advisory

fee

and

expenses

of

each

New

Fund

to

those

of

other,

third-party

investment

companies

(including

exchange-traded

funds

(“ETFs”))

considered

to

be

comparable.

During

its

review

of

this

information,

the

Board

focused

on

and

analyzed

the

factors

that

it

deemed

relevant,

including:

the

nature,

extent

and

quality

of

the

services

to

be

provided

to

each

New

Fund

by

the

Adviser;

the

Adviser’s

personnel

and

operations;

each

New

Fund’s

proposed

expense

level;

the

anticipated

profitability

to

the

Adviser

under

the

Investment

Management

Agreement

at

certain

asset

levels

of

each

New

Fund;

“fall-out”

benefits

to

the

Adviser

and

its

affiliates

(i.e.,

the

ancillary

benefits

realized

by

the

Adviser

and

its

affiliates

from

the

Adviser’s

relationship

with

the

Trust);

the

effect

of

asset

growth

on

each

New

Fund’s

expenses;

and

potential

conflicts

of

interest.

The

Trustees

also

considered

benefits

that

accrue

to

the

Adviser

and

its

affiliates

from

their

relationships

with

the

New

Funds.

The

Trustees

also

concluded

that,

other

than

the

services

provided

by

the

Adviser

and

its

affiliates

pursuant

to

agreements

with

each

New

Fund

and

the

fees

to

be

paid

by

each

New

Fund

therefor,

each

New

Fund

and

the

Adviser

may

potentially

benefit

from

their

relationship

with

each

other

in

other

ways.

The

Trustees

concluded

that

the

success

of

each

New

Fund

could

attract

other

business

to

the

Adviser

or

other

Janus

Henderson

funds,

and

that

the

success

of

the

Adviser

could

enhance

the

Adviser’s

ability

to

serve

the

New

Funds.

The

Board,

including

the

Independent

Trustees,

considered

the

following

in

respect

of

each

New

Fund:

(a)

The

nature,

extent

and

quality

of

services

to

be

provided

by

the

Adviser;

personnel

and

operations

of

the

Adviser.

The

Board

reviewed

the

services

that

the

Adviser

would

provide

to

each

New

Fund.

In

connection

with

the

investment

advisory

services

to

be

provided

by

the

Adviser,

the

Board

noted

the

responsibilities

that

the

Adviser

would

have

as

each

New

Fund’s

investment

adviser,

including:

the

overall

supervisory

responsibility

for

the

general

management

and

investment

of

each

New

Fund’s

securities

portfolio;

providing

oversight

of

the

investment

performance

and

processes

and

compliance

with

each

New

Fund’s

investment

objectives,

policies

and

limitations;

the

implementation

of

the

investment

management

program

of

each

New

Fund;

the

management

of

the

day-to-day

investment

and

reinvestment

of

the

assets

of

each

New

Fund;

determining

daily

baskets

of

securities

and

cash

components,

and

negotiating

custom

baskets

in

connection

with

creation

and

redemption

transactions

in

each

New

Fund’s

shares;

executing

portfolio

security

trades

for

purchases

and

redemptions

of

each

New

Fund

shares

conducted

on

a

cash

basis;

the

review

of

brokerage

matters;

the

oversight

of

general

portfolio

compliance

with

relevant

law;

and

the

implementation

of

Board

directives

as

they

relate

to

each

New

Fund.

Janus

Henderson

Net

Zero

Transition

Resources

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

Janus

Detroit

Street

Trust

23

The

Board

reviewed

the

Adviser’s

experience,

resources

and

strengths

in

managing

other

pooled

investment

vehicles,

such

as

the

other

funds

in

the

Trust

as

well

as

environmental,

social

and

governance

focused

strategies

and

products,

including

the

Adviser’s

personnel.

Based

on

its

consideration

and

review

of

the

foregoing

information,

the

Board

determined

that

each

New

Fund

was

likely

to

benefit

from

the

nature,

quality

and

extent

of

these

services,

as

well

as

the

Adviser’s

ability

to

render

such

services

based

on

the

Adviser’s

experience,

personnel,

operations

and

resources.

(b)

Comparison

of

services

to

be

rendered

and

fees

to

be

paid

under

other

investment

advisory

contracts,

and

the

cost

of

the

services

to

be

provided

and

profits

to

be

realized

by

the

Adviser

from

the

relationship

with

each

New

Fund;

“fall-out”

benefits.

The

Board

then

compared

both

the

services

to

be

rendered

and

the

proposed

fees

to

be

paid

under

each

Investment

Management

Agreement,

with

fees

paid

under

contracts

of

other

investment

advisers

for

comparable

mutual

funds

and

ETFs

as

applicable.

In

particular,

the

Board

compared

each

New

Fund’s

proposed

management

fee

and

projected

expense

ratio

to

other

investment

companies

anticipated

to

be

in

each

New

Fund’s

peer

group.

With

respect

to

SSPX,

JZRO,

SCRD,

and

JIB,

the

Board

noted

that

the

Adviser

was

recommending

a

unitary

fee

that

was

lower

than

both

the

median

contractual

management

fee

and

median

total

expense

ratio

of

each

New

Fund’s

anticipated

peer

group,

and

that

the

Funds’

proposed

management

fee

schedules

would

include

contractual

break

points

that

could

potentially

reduce

the

unitary

fee

further

depending

on

each

New

Fund’s

asset

growth.

With

respect

to

SXUS,

the

Board

noted

that

the

Adviser

was

recommending

a

unitary

fee

that

was

one

basis

point

higher

than

the

median

contractual

management

fee

and

equal

to

the

median

total

expense

ratio

of

the

New

Fund’s

anticipated

peer

group.

The

Board

noted

that

the

proposed

management

fee

schedule

for

SXUS

would

also

include

contractual

break

points

that

could

potentially

reduce

the

unitary

fee

further

depending

on

the

New

Fund’s

asset

growth.

The

Board

also

discussed

the

anticipated

costs

and

projected

profitability

of

the

Adviser

in

connection

with

its

serving

as

investment

adviser

to

each

New

Fund,

including

operational

costs.

After

comparing

each

New

Fund’s

proposed

fees

with

those

of

the

funds

in

each

New

Fund’s

respective

anticipated

peer

group,

and

in

light

of

the

nature,

extent

and

quality

of

services

proposed

to

be

provided

by

the

Adviser

and

the

costs

expected

to

be

incurred

by

the

Adviser

in

rendering

those

services,

the

Board

concluded

that

the

level

of

fees

proposed

to

be

paid

to

the

Adviser

with

respect

to

each

New

Fund

was

fair

and

reasonable.

The

Board

also

considered

that

the

Adviser

may

benefit

from

certain

trading

services

and

research

permissibly

obtained

from

broker-dealers

with

client

commissions

generated

from

trading

equity

securities,

and

may

also

experience

reputational

“fall-out”

benefits

based

on

the

success

of

each

New

Fund,

but

that

such

benefits

are

not

easily

quantifiable.

(c)

The

extent

to

which

economies

of

scale

would

be

realized

as

each

New

Fund

grows

and

whether

fee

levels

would

reflect

such

economies

of

scale.

The

Board

next

discussed

potential

economies

of

scale.

Since

each

New

Fund

had

not

commenced

operations,

and

the

eventual

aggregate

amount

of

assets

was

uncertain,

the

Adviser

was

not

able

to

provide

the

Board

specific

information

concerning

the

extent

to

which

economies

of

scale

would

be

realized

as

each

New

Fund

grows

and

whether

the

management

fee

level

would

reflect

such

economies

of

scale,

if

any.

The

Board

recognized

the

uncertainty

in

launching

a

new

investment

product

and

estimating

future

asset

levels;

however,

the

Board

noted

that

the

fee

schedule

proposed

by

the

Adviser

for

SSPX,

SXUS,

and

JZRO

each

contained

a

breakpoint

for

assets

above

$250

million

and

for

SCRD

and

JIB

each

contained

a

breakpoint

for

assets

above

$500

million.

The

Board

also

noted

the

unitary

fee

structure,

pursuant

to

which

the

Adviser

pays,

with

certain

exceptions,

any

excess

costs

incurred

to

operate

each

New

Fund.

The

Board

acknowledged

the

unitary

fee

cap

effectively

puts

the

risk

of

higher

costs

at

lower

asset

levels

on

the

Adviser

rather

than

the

New

Funds.

(d)

Investment

performance

of

each

New

Fund

and

the

Adviser.

Because

each

New

Fund

is

newly

formed

and

had

not

commenced

operations,

the

Board

did

not

consider

the

investment

performance

of

each

New

Fund.

Conclusion.

No

single

factor

was

determinative

to

the

decision

of

the

Board.

Based

on

its

consideration

of

the

foregoing

and

such

other

matters

as

were

deemed

relevant,

the

Board

concluded

that

the

proposed

management

fee

rate

and

projected

total

expense

ratio

of

each

New

Fund

are

reasonable

in

relation

to

the

services

to

be

provided

by

the

Adviser

to

each

Janus

Henderson

Net

Zero

Transition

Resources

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

24

October

31,

2021

New

Fund,

as

well

as

the

costs

to

be

incurred

and

benefits

to

be

gained

by

the

Adviser

in

providing

such

services.

The

Board

also

found

the

proposed

management

fee

for

each

New

Fund

to

be

reasonable

in

comparison

to

the

fees

charged

by

advisers

to

other

comparable

ETFs

and

mutual

funds

(as

applicable).

As

a

result,

the

Board

concluded

that

the

initial

approval

of

the

Investment

Management

Agreement

was

in

the

best

interests

of

each

New

Fund.

After

full

consideration

of

the

above

factors,

as

well

as

other

factors,

the

Trustees,

including

all

of

the

Independent

Trustees

voting

separately,

determined

to

approve

the

Investment

Management

Agreement

for

each

New

Fund.

Janus

Henderson

Net

Zero

Transition

Resources

ETF

Trustees

and

Officers

(unaudited)

Janus

Detroit

Street

Trust

25

The

following

are

the

Trustees

and

officers

of

the

Trust

together

with

a

brief

description

of

their

principal

occupations

during

the

last

five

years

(principal

occupations

for

certain

Trustees

may

include

periods

over

five

years).

The

Fund’s

Statement

of

Additional

Information

includes

additional

information

about

the

Trustees

and

officers

and

is

available,

without

charge,

by

calling

1-877-335-2687.

Each

Trustee

has

served

in

that

capacity

since

he

or

she

was

originally

elected

or

appointed.

The

Trustees

do

not

serve

a

specified

term

of

office.

Each

Trustee

will

hold

office

until

the

termination

of

the

Trust

or

his

or

her

earlier

death,

resignation,

retirement,

incapacity,

or

removal.

Under

the

Fund’s

Governance

Procedures

and

Guidelines,

the

policy

is

for

Trustees

to

retire

no

later

than

the

end

of

the

calendar

year

in

which

the

Trustee

turns

75.

The

Trustees

review

the

Fund’s

Governance

Procedures

and

Guidelines

from

time

to

time

and

may

make

changes

they

deem

appropriate.

The

Fund’s

Nominating

and

Governance

Committee

will

consider

nominees

for

the

position

of

Trustee

recommended

by

shareholders.

Shareholders

may

submit

the

name

of

a

candidate

for

consideration

by

the

Committee

by

submitting

their

recommendations

to

the

Trust’s

Secretary.

Each

Trustee

is

currently

a

Trustee

of

one

other

registered

investment

company

advised

by

Janus

Capital:

Clayton

Street

Trust.

As

of

the

date

of

this

report,

collectively,

the

two

registered

investment

companies

consist

of

14

series

or

funds.

The

Trust’s

officers

are

elected

annually

by

the

Trustees

for

a

one-year

term.

Certain

officers

also

serve

as

officers

of

Clayton

Street

Trust.

Certain

officers

of

the

Funds

may

also

be

officers

and/or

directors

of

Janus

Capital.

Except

as

otherwise

disclosed,

Fund

officers

receive

no

compensation

from

the

Funds.

TRUSTEES

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Number

of

Portfolios/Funds

in

Fund

Complex

Overseen

by

Trustee*

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Independent

Trustees

Clifford

J.

Weber

151

Detroit

Street

Denver,

CO

80206

DOB:

1963

Chairman

Trustee

2/16-Present

Owner,

Financial

Products

Consulting

Group

LLC

(consulting

services

to

financial

institutions)

(since

2015).

14

Independent

Trustee,

Clough

Funds

Trust

(investment

company)

(since

2015),

Chairman,

Clough

Funds

Trust

(since

2017),

Independent

Trustee,

Clough

Global

Dividend

and

Income

Fund (closed-end fund)

(since

2017),

Independent

Trustee,

Clough

Global

Opportunities

Fund (closed-end fund)

(since

2017),

Independent

Trustee,

Clough

Global

Equity

Fund (closed-end fund)

(since

2017),

Independent

Trustee,

Elevation

ETF

Trust

(investment

company)

(2016-

2018),

Chairman,

Elevation

ETF

Trust

(2016-2018),

and

Independent

Trustee,

Global

X

Funds

(investment

company)

(since

2018).

Janus

Henderson

Net

Zero

Transition

Resources

ETF

Trustees

and

Officers

(unaudited)

26

October

31,

2021

*

Each

Trustee

also

serves

as

a

trustee

to

the

Clayton

Street

Trust,

which

is

currently

comprised

of

three

portfolios.

**

Ms.

Benz

is

an

Interested

Trustee

because

of

her

employment

with

Janus

Henderson

Investors.

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Number

of

Portfolios/Funds

in

Fund

Complex

Overseen

by

Trustee*

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Maureen

T.

Upton

151

Detroit

Street

Denver,

CO

80206

DOB:

1965

Trustee

2/16-Present

Principal,

Maureen

Upton

Ltd.

(consulting

services

to

developers

of

major

infrastructure

projects

and

investors)

(since

2017).

Formerly,

Principal

Consultant,

SRK

Consulting

(U.S.),

Inc.

(consulting

services

to

global

mining,

energy

and

water

resource

industries)

(2015-

2017)

and

Founder

and

Principal,

Resource

Initiatives

LLC

(sustainability

consulting

firm)

(2006-2015).

14

Jeffrey

B.

Weeden

151

Detroit

Street

Denver,

CO

80206

DOB:

1956

Trustee

2/16-Present

Senior

Advisor,

BayBoston

Capital

LP

(investment

fund

in

banks

and

bank

holdings

companies)

(since

2015).

Formerly,

Management

Advisor,

BoxCast,

Inc.

(technology start-

up company)

(2014-2017).

14

Director,

West

Travis

County

Municipal

Utility

District

No. 6

(municipal

utility)

(since

2020)

and

Director,

State

Farm

Bank

(banking)

(2014-2021).

Interested

Trustee

Carrie

Benz**

151

Detroit

Street

Denver,

CO

80206

DOB:

1975

Trustee

1/21-Present

Global

Head

of

Investment

Services,

Janus

Henderson

Investors

(since

2017);

Vice

President,

Investments

Chief

of

Staff,

Janus

Capital

Management

LLC

(2007-

2017).

14

Janus

Henderson

Net

Zero

Transition

Resources

ETF

Trustees

and

Officers

(unaudited)

Janus

Detroit

Street

Trust

27

OFFICERS

*

Officers

are

elected

at

least

annually

by

the

Trustees

for

a

one-year

term

and

may

also

be

elected

from

time

to

time

by

the

Trustees

for

an

interim

period.

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Term

of

Office*

and

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Bruce

L.

Koepfgen

151

Detroit

Street

Denver,

CO

80206

DOB:

1952

President

and

Chief

Executive

Officer

2/16-Present

Executive

Vice

President,

Head

of

North

America

at

Janus

Henderson

Investors

(since

2017),

President

and

Head

of

North

America

at

Janus

Capital

Management

LLC

(since

2013

and

2017,

respectively),

President

at

Janus

Capital

Group

Inc.

(since

2013),

President

and

Director

at

Janus

International

Holding

LLC

(since

2019

and

2011,

respectively),

President

at

Janus

Holdings

LLC

(since

2019),

President

and

Director

at

Janus

Management

Holdings

Corporation

(since

2017

and

2012,

respectively),

Executive

Vice

President

and

Head

of

North

America

at

Janus

Distributors

LLC

(since

2011

and

2019,

respectively),

Vice

President

and

Director

at

Intech

Investment

Management

LLC

(since

2012),

and

Executive

Vice

President

at

Perkins

Investment

Management

LLC

(since

2011).

Formerly,

Executive

Vice

President

at

Janus

Capital

Group

Inc.,

Janus

International

Holding

LLC,

and

Janus

Management

Holdings

Corporation

(2011-

2019),

Director

at

Perkins

Investment

Management

LLC

(2011-2019),

and

Chief

Financial

Officer

at

Janus

Capital

Group

Inc.

(2011-2013).

Kristin

Mariani

151

Detroit

Street

Denver,

CO

80206

DOB:

1966

Vice

President,

Chief

Compliance

Officer,

and

Anti-

Money

Laundering

Officer

7/20-Present

Head

of

Compliance,

North

America

for

Janus

Henderson

Investors

(since

September

2020)

and

Chief

Compliance

Officer

for

Janus

Capital

Management

LLC

(since

September

2017).

Formerly,

Global

Head

of

Investment

Management

Compliance

for

Janus

Henderson

Investors

(February

2019

-

August

2020),

Vice

President,

Head

of

Global

Distribution

Compliance

and

Chief

Compliance

Officer

of

Janus

Henderson

Distributors

(May

2017

–

September

2017),

Vice

President,

Compliance

at

Janus

Capital

Group

Inc.,

Janus

Capital

Management

LLC,

and

Janus

Distributors

LLC

(2009-2017).

Jesper

Nergaard

151

Detroit

Street

Denver,

CO

80206

DOB:

1962

Chief

Financial

Officer,

Vice

President,

Treasurer,

and

Principal

Accounting

Officer

2/16-Present

Head

of

U.S.

Fund

Administration,

Janus

Henderson

Investors

and

Janus

Services

LLC.

Byron

D.

Hittle

151

Detroit

Street

Denver,

CO

80206

DOB:

1974

Vice

President,

Secretary,

and

Chief

Legal

Officer

7/18-Present

Managing

Counsel

of

Janus

Henderson

Investors

(2017-present).

Formerly,

Assistant

Vice

President

and

Senior

Legal

Counsel

of

Janus

Capital

Management

LLC

(2012-2016).

Janus

Henderson

Net

Zero

Transition

Resources

ETF

Notes

28

October

31,

2021

Janus

Henderson

Net

Zero

Transition

Resources

ETF

Notes

Janus

Detroit

Street

Trust

29

125-02-93090

12-21

This

report

is

submitted

for

the

general

information

of

shareholders

of

the

Fund.

It

is

not

an

offer

or

solicitation

for

the

Fund

and

is

not

authorized

for

distribution

to

prospective

investors

unless

preceded

or

accompanied

by

an

effective

prospectus.

Janus

Henderson

is

a

trademark

of

Janus

Henderson

Group

plc

or

one

of

its

subsidiaries.

©

Janus

Henderson

Group

plc.

Janus

Capital

Management

LLC

is

the

investment

adviser

and

ALPS

Distributors,

Inc.

is

the

distributor.

ALPS

is

not

affiliated

with

Janus

Henderson

or

any

of

its

subsidiaries.

ANNUAL

REPORT

October

31,

2021

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Performance

Overview

...........................

1

Disclosure

of

Fund

Expenses

.......................

4

Report

of

Independent

Registered

Public

Accounting

Firm

...

5

Schedule

of

Investments

..........................

6

Statement

of

Assets

and

Liabilities

...................

14

Statement

of

Operations

..........................

15

Statement

of

Changes

in

Net

Assets

.................

16

Financial

Highlights

..............................

17

Notes

to

Financial

Statements

......................

18

Additional

Information

............................

27

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

...................................

28

Trustees

and

Officers

............................

31

Janus

Henderson

Sustainable

Corporate

Bond

ETF

(unaudited)

Janus

Detroit

Street

Trust

1

INVESTMENT

OBJECTIVE

Janus

Henderson

Sustainable

Corporate

Bond

ETF

s

(SCRD)

seeks

total

return

consisting

of

income

and

capital

appreciation,

while

giving

special

consideration

to

certain

environmental,

social

and

governance

(“ESG”)

factors.

PERFORMANCE

OVERVIEW

The

Janus

Henderson

Sustainable

Corporate

Bond

ETF

(SCRD)

launched

on

September

8,

2021.

From

inception

to

October

31,

2021,

the

Janus

Henderson

Sustainable

Corporate

Bond

ETF

returned

-0.88%.

Its

benchmark,

the

Bloomberg

U.S.

Corporate

Bond

Index,

returned

-0.57%

over

the

same

period.

Returns

from

inception

through

the

end

of

the

period

were

dominated

by

the

costs

of

investing

the

portfolio’s

seed

funding

and

investor

inflows

into

the

market.

During

the

period,

the

Fund

invested

in

derivatives,

namely

futures,

to

facilitate

risk,

duration

and

yield-curve

management

and

in

an

attempt

to

enhance

expected

returns.

The

Fund’s

exposure

to

derivatives

detracted

from

results

over

the

since

inception

period.

Please

see

the

Derivative

Instruments

section

in

the

“Notes

to

Financial

Statements”

for

a

discussion

of

derivatives

used

by

the

Fund.

The

Janus

Henderson

Sustainable

Corporate

Bond

ETF

is

an

actively

managed,

investment

grade-focused

corporate

credit

ETF

seeking

to

generate

risk-adjusted

excess

returns,

while

aligning

with

positive

environmental

and

societal

outcomes.

Through

our

investment

framework,

we

aim

to

invest

in

issuers

with

strong

or

improving

ESG

characteristics

and

identify

opportunities

on

the

right

side

of

disruption.

Michael

Keough

Brad

Smith

co-portfolio

manager

co-portfolio

manager

Janus

Henderson

Sustainable

Corporate

Bond

ETF

(unaudited)

Fund

At

A

Glance

October

31,

2021

2

October

31,

2021

Holdings

are

subject

to

change

without

notice.

Sector

Allocation

–

(%

of

Net

Assets)

Financial

31.4%

Consumer,

Non-cyclical

25.1%

Industrial

11.8%

Technology

11.7%

Consumer,

Cyclical

6.7%

Utilities

4.6%

Communications

2.9%

Energy

2.6%

Investment

Companies

1.9%

Basic

Materials

1.8%

100.5%

Janus

Henderson

Sustainable

Corporate

Bond

ETF

(unaudited)

Performance

Janus

Detroit

Street

Trust

3

Total

annual

expense

ratio

as

stated

in

the

prospectus:

0.35%.

See

Financial

Highlights

for

actual

expense

ratios

during

the

reporting

period.

Returns

quoted

are

past

performance

and

do

not

guarantee

future

results;

current

performance

may

be

lower

or

higher.

Investment

returns

and

principal

value

will

vary;

there

may

be

a

gain

or

loss

when

shares

are

sold.

For

the

most

recent

month-end

performance

call

800.668.0434

or

visit

janushenderson.com/performance.

Shares

of

ETFs

are

bought

and

sold

at

market

price

(not

NAV)

and

are

not

individually

redeemed

from

the

Fund.

Market

returns

are

based

upon

the

midpoint

of

the

bid/ask

spread

at

4:00

p.m.

Eastern

time

(when

NAV

is

normally

determined

for

most

ETFs),

and

do

not

represent

the

returns

you

would

receive

if

you

traded

shares

at

other

times.

Ordinary

brokerage

commissions

apply

and

will

reduce

returns.

Performance

for

very

short

time

periods

may

not

be

indicative

of

future

performance.

Investing

involves

risk,

including

the

possible

loss

of

principal

and

fluctuation

of

value.

There

is

no

assurance

the

stated

objective(s)

will

be

met.

Performance

may

be

affected

by

risks

that

include

those

associated

with

foreign

and

emerging

markets,

fixed

income

securities,

high-yield

and

high-risk

securities,

undervalued,

overlooked

and

smaller

capitalization

companies,

real

estate

related

securities

including

Real

Estate

Investment

Trusts

(REITs),

non-diversification,

Environmental,

Social

and

Governance

(ESG)

factors,

portfolio

turnover,

derivatives,

short

sales,

initial

public

offerings

(IPOs)

and

potential

conflicts

of

interest.

Each

product

has

different

risks.

Please

see

the

prospectus

for

more

information

about

risks,

holdings

and

other

details.

Returns

include

reinvestment

of

dividends

and

capital

gains.

Returns

greater

than

one

year

are

annualized.

Returns

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

redemptions

of

Fund

shares.

The

returns

do

not

include

adjustments

in

accordance

with

generally

accepted

accounting

principles

required

at

the

period

end

for

financial

reporting

purposes.

See

Notes

to

Schedule

of

Investments

and

Other

Information

for

index

definitions.

Index

performance

does

not

reflect

the

expenses

of

managing

a

portfolio

as

an

index

is

unmanaged

and

not

available

for

direct

investment.

Average

Annual

Total

Return

for

the

periods

ended

October

31,

2021

Since

Inception

*

Janus

Henderson

Sustainable

Corporate

Bond

ETF

-

NAV

-0.88%

Janus

Henderson

Sustainable

Corporate

Bond

ETF

-

Market

Price

-0.82%

Bloomberg

U.S.

Corporate

Bond

Index

-0.57%

*

The

Fund

commenced

operations

on

September

8,

2021.

Janus

Henderson

Sustainable

Corporate

Bond

ETF

(unaudited)

Disclosure

of

Fund

Expenses

4

October

31,

2021

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1)

transaction

costs,

which

may

include

creation

and

redemption

fees

or

brokerage

charges

and

(2)

ongoing

costs,

including

management

fees

and

other

Fund

expenses.

This

example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

Funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

example

is

based

upon

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

six-months

indicated,

unless

noted

otherwise

in

the

table

and

footnotes

below. 

Actual

Expenses 

The

information

in

the

table

under

the

heading

“Actual”

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

these

columns,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

under

the

heading

entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

the

period.

Hypothetical

Example

for

Comparison

Purposes 

The

information

in

the

table

under

the

heading

“Hypothetical

(5%

return

before

expenses)”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

upon

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

determine

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Additionally,

for

an

analysis

of

the

fees

associated

with

an

investment

or

other

similar

funds,

please

visit 

www.finra.org/

fundanalyzer.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transaction

costs,

such

as

creation

and

redemption

fees,

or

brokerage

charges.

These

fees

are

fully

described

in

the

Fund’s

prospectus.

Therefore,

the

hypothetical

examples

are

useful

in

comparing

ongoing

costs

only

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

transaction

costs

were

included,

your

costs

would

have

been

higher.

Actual

Hypothetical

(5%

return

before

expenses)

Beginning

Account

Value

(9/8/2021)

Ending

Account

Value

(10/31/21)

Expenses

Paid

During

Period

(9/8/2021

-

10/31/21)

*†

Beginning

Account

Value

(5/1/21)

Ending

Account

Value

(10/31/21)

Expenses

Paid

During

Period

(5/1/21

-

10/31/21)

†

Net

Annualized

Expense

Ratio

(5/1/21

-

10/31/21)

$1,000.00

$991.20

$0.51

$1,000.00

$1,023.44

$1.79

0.35%

†

Expenses

Paid

During

Period

is

equal

to

the

Net

Annualized

Expense

Ratio

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period).

*

Actual

Expenses

Paid

During

Period

reflects

only

the

inception

period

for

the

Fund

(September

8,

2021

to

October

31,

2021)

and

is

equal

to

the

Net

Annualized

Expense

Ratio

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

53/365

(to

reflect

the

period).

Therefore,

actual

expenses

shown

are

lower

than

would

be

expected

for

a

six-month

period.

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Report

of

Independent

Registered

Public

Accounting

Firm

Janus

Detroit

Street

Trust

5

To

the

Board

of

Trustees

of

Janus

Detroit

Street

Trust

and

Shareholders

of

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Janus

Henderson

Sustainable

Corporate

Bond

ETF

(one

of

the

funds

constituting

Janus

Detroit

Street

Trust

,

referred

to

hereafter

as

the

"Fund")

as

of

October

31,

2021,

and

the

related

statements

of

operations

and

changes

in

net

assets,

including

the

related

notes,

and

the

financial

highlights

for

the

period

September

8,

2021

(commencement

of

operations)

through

October

31,

2021

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

October

31,

2021

,

and

the

results

of

its

operations,

changes

in

its

net

assets

and

the

financial

highlights

for

the

period

September

8,

2021

(commencement

of

operations)

through

October

31,

2021

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

based

on

our

audit

.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audit

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audit

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audit

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

October

31,

2021

by

correspondence

with

the

custodian

and

brokers

;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures

.

We

believe

that

our

audit

provides

a

reasonable

basis

for

our

opinion.

Denver,

Colorado

December

17,

2021

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

Janus

Henderson

Funds

since

1990.

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Schedule

of

Investments

October

31,

2021

6

October

31,

2021

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Bank

Loans

-

0.7%

Consumer,

Non-cyclical

-

0.7%

Medline

Borrower

LP,

Term

Loan,

ICE

LIBOR

USD

1

Month

+

3.2500%,

3.7500%, 10/23/28

‡,ƒ

(cost

$335,324)

$

336,100

$

336,432

Corporate

Bonds

-

97.9%

Basic

Materials

-

1.8%

Constellium

SE,

3.7500%, 4/15/29

(144A)

270,000

261,103

Ecolab,

Inc.,

2.7000%, 11/1/26

353,000

373,110

International

Flavors

&

Fragrances,

Inc.,

4.3750%, 6/1/47

207,000

249,035

883,248

Communications

-

2.9%

Comcast

Corp.,

4.1500%, 10/15/28

109,000

124,379

Comcast

Corp.,

1.9500%, 1/15/31

128,000

124,919

Comcast

Corp.,

3.9990%, 11/1/49

276,000

321,742

Netflix,

Inc.,

3.6250%, 6/15/25

(144A)

159,000

169,056

Netflix,

Inc.,

4.8750%, 6/15/30

(144A)

109,000

128,075

Verizon

Communications,

Inc.,

3.0000%, 11/20/60

393,000

371,111

Walt

Disney

Co.

(The),

3.0000%, 9/15/22

172,000

175,967

1,415,249

Consumer,

Cyclical

-

6.7%

Aptiv

plc,

4.3500%, 3/15/29

154,000

174,163

Aptiv

plc,

4.4000%, 10/1/46

210,000

253,199

General

Motors

Co.,

5.9500%, 4/1/49

186,000

252,895

General

Motors

Financial

Co.,

Inc.,

2.7000%, 8/20/27

241,000

246,027

Hasbro,

Inc.,

3.5000%, 9/15/27

254,000

273,417

Hasbro,

Inc.,

5.1000%, 5/15/44

511,000

624,422

Home

Depot,

Inc.

(The),

2.7000%, 4/1/23

245,000

251,465

Lithia

Motors,

Inc.,

4.3750%, 1/15/31

(144A)

259,000

275,812

Marriott

International,

Inc.,

4.1500%, 12/1/23

118,000

125,083

Marriott

International,

Inc.,

4.0000%, 4/15/28

115,000

125,919

Marriott

International,

Inc.,

3.5000%, 10/15/32

166,000

175,566

Whirlpool

Corp.,

4.0000%, 3/1/24

186,000

198,687

Whirlpool

Corp.,

4.6000%, 5/15/50

259,000

323,530

3,300,185

Consumer,

Non-cyclical

-

24.4%

Abbott

Laboratories,

2.9500%, 3/15/25

118,000

124,830

Abbott

Laboratories,

6.1500%, 11/30/37

119,000

174,640

AbbVie,

Inc.,

2.9500%, 11/21/26

141,000

149,056

AbbVie,

Inc.,

3.2000%, 11/21/29

139,000

148,540

AbbVie,

Inc.,

4.2500%, 11/21/49

148,000

177,987

Amgen,

Inc.,

2.3000%, 2/25/31

124,000

123,346

Amgen,

Inc.,

2.7700%, 9/1/53

182,000

171,752

Anthem,

Inc.,

1.5000%, 3/15/26

99,000

99,033

Anthem,

Inc.,

2.5500%, 3/15/31

170,000

173,582

Anthem,

Inc.,

3.6000%, 3/15/51

112,000

124,881

Boston

Scientific

Corp.,

1.9000%, 6/1/25

123,000

125,352

Boston

Scientific

Corp.,

2.6500%, 6/1/30

169,000

173,286

Bristol-Myers

Squibb

Co.,

4.5500%, 2/20/48

286,000

374,396

Centene

Corp.,

2.6250%, 8/1/31

187,000

183,956

Cigna

Corp.,

3.0000%, 7/15/23

98,000

101,306

Cigna

Corp.,

2.3750%, 3/15/31

173,000

173,387

Cigna

Corp.,

3.4000%, 3/15/50

356,000

375,520

Coca-Cola

Co.

(The),

2.9000%, 5/25/27

161,000

172,704

Coca-Cola

Co.

(The),

2.8750%, 5/5/41

241,000

249,820

Coca-Cola

Femsa

SAB

de

CV,

1.8500%, 9/1/32

261,000

246,162

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Schedule

of

Investments

October

31,

2021

Janus

Detroit

Street

Trust

7

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Corporate

Bonds

-

(continued)

Consumer,

Non-cyclical

-

(continued)

CVS

Health

Corp.,

3.3750%, 8/12/24

$

188,000

$

198,937

CVS

Health

Corp.,

3.7500%, 4/1/30

247,000

272,153

CVS

Health

Corp.,

4.1250%, 4/1/40

369,000

423,301

Darling

Ingredients,

Inc.,

5.2500%, 4/15/27

(144A)

182,000

188,598

General

Mills,

Inc.,

2.2500%, 10/14/31

248,000

246,343

Grifols

Escrow

Issuer

SA,

4.7500%, 10/15/28

(144A)

302,000

306,530

GXO

Logistics,

Inc.,

1.6500%, 7/15/26

(144A)

201,000

197,478

GXO

Logistics,

Inc.,

2.6500%, 7/15/31

(144A)

248,000

245,210

HCA,

Inc.,

5.2500%, 6/15/26

110,000

124,737

HCA,

Inc.,

4.1250%, 6/15/29

115,000

127,372

HCA,

Inc.,

3.5000%, 9/1/30

209,000

219,795

HCA,

Inc.,

5.2500%, 6/15/49

386,000

500,511

Humana,

Inc.,

3.1500%, 12/1/22

123,000

125,636

Humana,

Inc.,

3.1250%, 8/15/29

117,000

123,788

Humana,

Inc.,

3.9500%, 8/15/49

106,000

123,513

Illumina,

Inc.,

0.5500%, 3/23/23

126,000

125,624

Illumina,

Inc.,

2.5500%, 3/23/31

197,000

197,235

JBS

Finance

Luxembourg

Sarl

,

3.6250%, 1/15/32

(144A)

241,000

237,949

Laboratory

Corp.

of

America

Holdings,

2.7000%, 6/1/31

243,000

247,376

Medtronic

Global

Holdings

SCA,

3.3500%, 4/1/27

160,000

173,059

Medtronic,

Inc.,

4.0000%, 4/1/43

146,000

170,145

Mozart

Debt

Merger

Sub,

Inc.,

3.8750%, 4/1/29

(144A)

355,000

353,225

Novartis

Capital

Corp.,

2.4000%, 9/21/22

123,000

125,294

Novartis

Capital

Corp.,

2.2000%, 8/14/30

169,000

172,538

Novartis

Capital

Corp.,

2.7500%, 8/14/50

169,000

173,008

PayPal

Holdings,

Inc.,

2.2000%, 9/26/22

123,000

125,007

PayPal

Holdings,

Inc.,

2.6500%, 10/1/26

236,000

248,959

PayPal

Holdings,

Inc.,

3.2500%, 6/1/50

113,000

122,646

Pfizer,

Inc.,

3.6000%, 9/15/28

112,000

125,342

Pfizer,

Inc.,

4.2000%, 9/15/48

159,000

201,798

Pilgrim's

Pride

Corp.,

4.2500%, 4/15/31

(144A)

303,000

319,665

Royalty

Pharma

plc,

2.1500%, 9/2/31

541,000

514,437

Royalty

Pharma

plc,

3.5500%, 9/2/50

424,000

421,370

Sysco

Corp.,

2.4000%, 2/15/30

374,000

378,675

Sysco

Corp.,

6.6000%, 4/1/40

187,000

275,785

Verisk

Analytics,

Inc.,

3.6250%, 5/15/50

300,000

328,672

12,105,247

Energy

-

2.6%

Cheniere

Corpus

Christi

Holdings

LLC,

3.7000%, 11/15/29

299,000

320,805

DT

Midstream,

Inc.,

4.3750%, 6/15/31

(144A)

262,000

265,448

Enbridge,

Inc.,

2.5000%, 8/1/33

376,000

372,361

Sabine

Pass

Liquefaction

LLC,

5.6250%, 3/1/25

154,000

172,917

Sabine

Pass

Liquefaction

LLC,

4.5000%, 5/15/30

153,000

174,339

1,305,870

Financial

-

31.4%

AerCap

Ireland

Capital

DAC,

1.7500%, 1/30/26

507,000

498,819

AerCap

Ireland

Capital

DAC,

3.3000%, 1/30/32

245,000

249,351

Air

Lease

Corp.,

3.1250%, 12/1/30

490,000

500,469

Alexandria

Real

Estate

Equities,

Inc.,

3.8000%, 4/15/26

228,000

249,473

Alexandria

Real

Estate

Equities,

Inc.,

2.0000%, 5/18/32

205,000

197,457

American

Express

Credit

Corp.,

3.3000%, 5/3/27

227,000

247,366

American

Homes

4

Rent

LP,

3.3750%, 7/15/51

245,000

252,056

American

Tower

Corp.,

2.4000%, 3/15/25

98,000

100,969

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Schedule

of

Investments

October

31,

2021

8

October

31,

2021

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Corporate

Bonds

-

(continued)

Financial

-

(continued)

American

Tower

Corp.,

1.8750%, 10/15/30

$

129,000

$

122,741

American

Tower

Corp.,

3.1000%, 6/15/50

329,000

326,445

Bank

of

America

Corp.,

ICE

LIBOR

USD

3

Month

+

3.1350%,

5.2000%, 6/1/23

‡,μ

263,000

269,904

Bank

of

America

Corp.,

SOFR

+

0.9600%,

1.7340%, 7/22/27

‡

2,000

1,987

Bank

of

America

Corp.,

SOFR

+

1.2200%,

2.2990%, 7/21/32

‡

377,000

368,821

Bank

of

America

Corp.,

SOFR

+

1.2100%,

2.5720%, 10/20/32

‡

245,000

245,496

BlackRock,

Inc.,

3.2000%, 3/15/27

344,000

373,037

Boston

Properties

LP,

4.5000%, 12/1/28

108,000

123,375

Boston

Properties

LP,

2.5500%, 4/1/32

248,000

246,957

Charles

Schwab

Corp.

(The),

3.2000%, 3/2/27

114,000

122,846

Charles

Schwab

Corp.

(The),

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

3.0790%,

4.0000%, 12/1/30

‡,μ

241,000

244,615

Citigroup,

Inc.,

ICE

LIBOR

USD

3

Month

+

3.4230%,

6.3000%, 5/15/24

‡,μ

199,000

211,895

Citigroup,

Inc.,

3.4000%, 5/1/26

1,000

1,076

Citigroup,

Inc.,

SOFR

+

2.1070%,

2.5720%, 6/3/31

‡

245,000

247,021

Citigroup,

Inc.,

ICE

LIBOR

USD

3

Month

+

1.1680%,

3.8780%, 1/24/39

‡

108,000

123,376

CME

Group,

Inc.,

3.7500%, 6/15/28

331,000

370,419

Cooperatieve

Rabobank

UA,

3.7500%, 7/21/26

541,000

588,203

Crown

Castle

International

Corp.,

2.5000%, 7/15/31

174,000

172,504

Crown

Castle

International

Corp.,

2.9000%, 4/1/41

154,000

148,717

Crown

Castle

International

Corp.,

4.1500%, 7/1/50

216,000

249,756

Digital

Realty

Trust

LP,

4.7500%, 10/1/25

157,000

175,534

Digital

Realty

Trust

LP,

4.4500%, 7/15/28

153,000

174,026

Equinix

,

Inc.,

1.5500%, 3/15/28

128,000

124,071

Equinix

,

Inc.,

2.5000%, 5/15/31

247,000

247,022

Equinix

,

Inc.,

3.4000%, 2/15/52

168,000

175,004

Healthpeak

Properties,

Inc.,

1.3500%, 2/1/27

329,000

322,467

Healthpeak

Properties,

Inc.,

2.8750%, 1/15/31

119,000

123,449

JPMorgan

Chase

&

Co.,

SOFR

+

3.1250%,

4.6000%, 2/1/25

‡,μ

502,000

513,479

JPMorgan

Chase

&

Co.,

SOFR

+

2.5150%,

2.9560%, 5/13/31

‡

376,000

388,161

Lloyds

Banking

Group

plc,

4.6500%, 3/24/26

543,000

603,333

Mastercard

,

Inc.,

3.3750%, 4/1/24

118,000

125,234

Mastercard

,

Inc.,

3.5000%, 2/26/28

112,000

123,889

Morgan

Stanley,

3.9500%, 4/23/27

270,000

296,363

Morgan

Stanley,

SOFR

+

1.3600%,

2.4840%, 9/16/36

‡

641,000

622,792

MPT

Operating

Partnership

LP,

3.5000%, 3/15/31

88,000

88,669

Nasdaq,

Inc.,

1.6500%, 1/15/31

265,000

247,650

National

Australia

Bank

Ltd.,

2.9900%, 5/21/31

(144A)

617,000

619,905

NatWest

Group

plc,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.3500%,

3.0320%, 11/28/35

‡

504,000

501,499

PNC

Financial

Services

Group,

Inc.

(The),

2.6000%, 7/23/26

165,000

173,347

PNC

Financial

Services

Group,

Inc.

(The),

2.5500%, 1/22/30

121,000

124,957

Raymond

James

Financial,

Inc.,

3.7500%, 4/1/51

222,000

253,190

Rexford

Industrial

Realty

LP,

2.1500%, 9/1/31

381,000

364,555

Rocket

Mortgage

LLC,

4.0000%, 10/15/33

(144A)

527,000

519,048

Sun

Communities

Operating

LP,

2.7000%, 7/15/31

320,000

321,042

SVB

Financial

Group,

1.8000%, 2/2/31

260,000

248,186

SVB

Financial

Group,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

3.0640%,

4.1000%, 2/15/31

‡,μ

196,000

192,147

Truist

Bank,

2.2500%, 3/11/30

470,000

469,942

US

Bancorp,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

0.9500%,

2.4910%, 11/3/36

‡

246,000

244,883

Visa,

Inc.,

2.0000%, 8/15/50

113,000

101,038

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Schedule

of

Investments

October

31,

2021

Janus

Detroit

Street

Trust

9

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Corporate

Bonds

-

(continued)

Financial

-

(continued)

WP

Carey,

Inc.,

2.4500%, 2/1/32

$

246,000

$

243,129

15,583,162

Industrial

-

11.8%

Allegion

plc,

3.5000%, 10/1/29

231,000

248,741

Arcosa

,

Inc.,

4.3750%, 4/15/29

(144A)

174,000

177,600

Ball

Corp.,

3.1250%, 9/15/31

274,000

266,465

FedEx

Corp.,

3.2500%, 4/1/26

162,000

174,462

FedEx

Corp.,

2.4000%, 5/15/31

99,000

99,187

FedEx

Corp.,

3.2500%, 5/15/41

241,000

245,845

Johnson

Controls

International

plc,

1.7500%, 9/15/30

386,000

370,555

Norfolk

Southern

Corp.,

3.1500%, 6/1/27

116,000

124,252

Norfolk

Southern

Corp.,

2.3000%, 5/15/31

330,000

332,716

Norfolk

Southern

Corp.,

4.1500%, 2/28/48

188,000

226,835

Otis

Worldwide

Corp.,

2.0560%, 4/5/25

244,000

249,922

Otis

Worldwide

Corp.,

2.5650%, 2/15/30

120,000

122,386

Otis

Worldwide

Corp.,

3.3620%, 2/15/50

138,000

147,700

Owens

Corning,

3.9500%, 8/15/29

333,000

371,448

Owens

Corning,

4.3000%, 7/15/47

192,000

226,104

Trane

Technologies

Luxembourg

Finance

SA,

3.5500%, 11/1/24

305,000

325,485

Trimble,

Inc.,

4.9000%, 6/15/28

321,000

367,968

Waste

Management,

Inc.,

2.4000%, 5/15/23

367,000

376,185

Waste

Management,

Inc.,

2.5000%, 11/15/50

264,000

250,381

Westinghouse

Air

Brake

Technologies

Corp.,

3.4500%, 11/15/26

236,000

250,619

Xylem,

Inc.,

1.9500%, 1/30/28

221,000

220,896

Xylem,

Inc.,

2.2500%, 1/30/31

426,000

425,786

Xylem,

Inc.,

4.3750%, 11/1/46

182,000

222,586

5,824,124

Technology

-

11.7%

Adobe,

Inc.,

3.2500%, 2/1/25

233,000

248,026

Apple,

Inc.,

3.0000%, 11/13/27

187,000

201,087

Apple,

Inc.,

2.7000%, 8/5/51

304,000

302,896

Apple,

Inc.,

2.8500%, 8/5/61

271,000

269,870

Autodesk,

Inc.,

3.5000%, 6/15/27

229,000

248,529

Autodesk,

Inc.,

2.8500%, 1/15/30

119,000

123,410

Broadcom

Corp.,

3.8750%, 1/15/27

114,000

123,580

Broadcom,

Inc.,

3.4690%, 4/15/34

(144A)

359,000

370,373

Broadcom,

Inc.,

3.7500%, 2/15/51

(144A)

391,000

404,089

Marvell

Technology,

Inc.,

2.9500%, 4/15/31

487,000

496,926

Micron

Technology,

Inc.,

4.1850%, 2/15/27

178,000

196,220

Micron

Technology,

Inc.,

5.3270%, 2/6/29

166,000

195,805

Micron

Technology,

Inc.,

2.7030%, 4/15/32

124,000

123,788

Microsoft

Corp.,

2.0000%, 8/8/23

243,000

248,963

MSCI,

Inc.,

3.2500%, 8/15/33

(144A)

92,000

92,356

NVIDIA

Corp.,

0.5840%, 6/14/24

126,000

125,421

NVIDIA

Corp.,

1.5500%, 6/15/28

251,000

247,883

NXP

BV,

2.7000%, 5/1/25

(144A)

168,000

174,456

NXP

BV,

2.5000%, 5/11/31

(144A)

383,000

380,660

salesforce.com,

Inc.,

2.9000%, 7/15/51

195,000

200,653

salesforce.com,

Inc.,

3.0500%, 7/15/61

121,000

126,301

SK

Hynix,

Inc.,

2.3750%, 1/19/31

(144A)

382,000

367,000

VMware,

Inc.,

4.5000%, 5/15/25

204,000

224,805

VMware,

Inc.,

4.7000%, 5/15/30

106,000

124,009

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Schedule

of

Investments

October

31,

2021

10

October

31,

2021

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Corporate

Bonds

-

(continued)

Technology

-

(continued)

VMware,

Inc.,

2.2000%, 8/15/31

$

177,000

$

172,246

5,789,352

Utilities

-

4.6%

AES

Corp.

(The),

1.3750%, 1/15/26

126,000

123,258

AES

Corp.

(The),

2.4500%, 1/15/31

149,000

145,844

American

Water

Capital

Corp.,

3.8500%, 3/1/24

118,000

125,219

American

Water

Capital

Corp.,

2.3000%, 6/1/31

99,000

99,396

American

Water

Capital

Corp.,

3.2500%, 6/1/51

164,000

173,200

Dominion

Energy,

Inc.,

2.2500%, 8/15/31

374,000

368,732

Duquesne

Light

Holdings,

Inc.,

2.7750%, 1/7/32

(144A)

616,000

612,324

Florida

Power

&

Light

Co.,

3.7000%, 12/1/47

166,000

195,821

NextEra

Energy

Capital

Holdings,

Inc.,

3.1500%, 4/1/24

120,000

126,113

NextEra

Energy

Capital

Holdings,

Inc.,

1.9000%, 6/15/28

324,000

320,264

2,290,171

Total

Corporate

Bonds

(cost

$49,283,938)

48,496,608

Investment

Companies

-

1.9%

Money

Market

Funds

-

1.9%

Federated

Hermes

Government

Obligations

Tax-Managed

Fund,

0.0200%

∞

(cost

$960,157)

960,157

960,157

Total

Investments

(total

cost

$50,579,419

)

-

100.5%

49,793,197

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(0.5%)

(231,731)

Net

Assets

-

100.0%

$49,561,466

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

43,211,219

86.8

%

Ireland

1,424,273

2.9

Netherlands

1,143,319

2.3

United

Kingdom

1,104,832

2.2

Luxembourg

736,493

1.5

Australia

619,905

1.2

Canada

372,361

0.8

South

Korea

367,000

0.7

Spain

306,530

0.6

France

261,103

0.5

Mexico

246,162

0.5

Total

$

49,793,197

100.0

%

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Schedule

of

Investments

October

31,

2021

Janus

Detroit

Street

Trust

11

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

The

following

table,

grouped

by

derivative

type,

provides

information

about

the

fair

value

and

location

of

derivatives

within

the

Statement

of

Assets

and

Liabilities

as

of

October

31,

2021.

The

following

tables

provide

information

about

the

effect

of

derivatives

and

hedging

activities

on

the

Fund’s

Statement

of

Operations

for

the period

ended

October

31,

2021.

Schedule

of

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

and

Unrealized

Appreciation

(Depreciation)

Futures

Bought:

U.S.

Treasury

Long

Bonds

43

12/21/21

$

6,916,281

$

(102,174)

(102,174)

Futures

Sold:

U.S.

Treasury

10

Year

Notes

12

12/21/21

(1,568,438)

15,158

U.S.

Treasury

10

Year

Ultra

Bonds

73

12/21/21

(10,587,281)

193,600

U.S.

Treasury

Ultra

Bonds

7

12/21/21

(1,374,844)

(1,790)

206,968

Total

$104,794

Fair

Value

of

Derivative

Instruments

(not

accounted

for

as

hedging

instruments)

as

of

October

31,

2021

Interest

Rate

Contracts

Asset

Derivatives:

Futures

contracts

$208,758

Liability

Derivatives:

Futures

contracts

$(103,964)

The

effect

of

Derivative

Instruments

(not

accounted

for

as

hedging

instruments)

on

the

Statement

of

Operations

for

the

period

ended

October

31,

2021

Amount

of

Realized

Gain/(Loss)

Recognized

on

Derivatives

Derivative

Interest

Rate

Contracts

Futures

contracts

$2,669

Amount

of

Change

in

Unrealized

Appreciation/(Depreciation)

Recognized

on

Derivatives

Derivative

Interest

Rate

Contracts

Futures

contracts

$104,794

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Schedule

of

Investments

October

31,

2021

12

October

31,

2021

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Please

see

the

“Net

realized

and

change

in

unrealized

gain/(loss)

on

investments”

sections

of

the

Fund’s

Statement

of

Operations.

Average

ending

Monthly

Value

of

Derivative

Instruments

During

the

Pe

riod

Ended

October

31,

2021

Derivative

Value*

Futures

contracts,

purchased

$6,881,344

Futures

contracts,

sold

12,596,258

*

Futures

contracts

are

reported

as

the

average

ending

monthly

notional

value.

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

October

31,

2021

Janus

Detroit

Street

Trust

13

Bloomberg

U.S.

Corporate

Bond

Index

Bloomberg

U.S.

Corporate

Bond

Index

measures

the

investment

grade,

US

dollar-denominated,

fixed-rate,

taxable

corporate

bond

market.

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

∞

Rate

shown

is

the

7-day

yield

as

of

October

31,

2021.

‡

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

October

31,

2021

μ

Perpetual

security.

Perpetual

securities

have

no

stated

maturity

date,

but

they

may

be

called/redeemed

by

the

issuer.

The

date

indicated,

if

any,

represents

the

next

call

date.

ƒ

All

or

a

portion

of

this

position

is

not

funded,

or

has

been

purchased

on

a

delayed

delivery

or

when-issued

basis.

If

applicable,

interest

rates

will

be

determined

and

interest

will

begin

to

accrue

at

a

future

date.

See

Notes

to

Financial

Statements.

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

year

ended

October

31,

2021

is

$6,665,960

which

represents

13.4%

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

October

31,

2021

.

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:

Bank

Loans

$

—

$

336,432

$

—

Corporate

Bonds

—

48,496,608

—

Investment

Companies

960,157

—

—

Total

Assets

$

960,157

$

48,833,040

$

—

Liabilities

Other

Financial

Instruments

(a)

:

Variation

Margin

Payable

on

Futures

Contracts

$

1,314

$

—

$

—

Total

Liabilities

$

1,314

$

—

$

—

(a)

Other

financial

instruments

include

futures

contracts.

Futures

contracts

are

reported

at

their

variation

margin

at

measurement

date,

which

represents

the

amount

due

to/from

the

Fund

at

that

date.

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Statement

of

Assets

and

Liabilities

October

31,

2021

14

October

31,

2021

See

Notes

to

Financial

Statements.

Assets:

Investments,

at

value

(cost

$50,579,419)

$

49,793,197

Due

from

broker

for

futures

130,000

Receivables:

Investments

sold

667,897

Interest

387,906

Total

Assets

50,979,000

Liabilities:

Payable

for

variation

margin

on

futures

contracts

1,314

Payables:

—

Due

to

custodian

29,186

Investments

purchased

1,372,364

Management

fees

14,670

Total

Liabilities

1,417,534

Net

Assets

$

49,561,466

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

50,129,494

Total

distributable

earnings

(loss)

(

568,028

)

Total

Net

Assets

$

49,561,466

Net

Assets

$

49,561,466

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

1,000,001

Net

Asset

Value

Per

Share

$

49

.56

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Statement

of

Operations

For

the

period

ended

October

31,

2021

(1)

Janus

Detroit

Street

Trust

15

See

Notes

to

Financial

Statements.

Investment

Income:

Interest

$

149,427

Dividends

20

Foreign

tax

withheld

(

1,782

)

Total

Investment

Income

147,665

Expenses:

Management

Fees

23,875

Total

Expenses

23,875

Net

Investment

Income/(Loss)

123,790

Net

Realized

Gain/(Loss)

on

Investments:

Investments

$

(

13,059

)

Futures

contracts

2,669

Total

Net

Realized

Gain/(Loss)

on

Investments

$

(

10,390

)

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

(

786,222

)

Futures

contracts

104,794

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

(

681,428

)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

(

568,028

)

(1)

Period

from

September

8,

2021

(commencement

of

operations)

through

October

31,

2021.

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Statement

of

Changes

in

Net

Assets

16

October

31,

2021

See

Notes

to

Financial

Statements.

Period

Ended

October

31,

2021

(1)

Operations:

Net

investment

income/(loss)

$

123,790

Net

realized

gain/(loss)

on

investments

(

10,390

)

Change

in

unrealized

net

appreciation/depreciation

(

681,428

)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

(

568,028

)

Capital

Share

Transactions

50,129,494

Net

Increase/(Decrease)

in

Net

Assets

49,561,466

Net

Assets:

—

Beginning

of

Period  

—

End

of

Period

$

49,561,466

(1)

Period

from

September

8,

2021

(commencement

of

operations)

through

October

31,

2021.

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Financial

Highlights

Janus

Detroit

Street

Trust

17

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

period

ended

October

31

2021

(1)

Net

Asset

Value,

Beginning

of

Period

$50.00

Income/(Loss)

from

Investment

Operations:

—

Net

investment

income/(loss)

(2)

0.13

Net

realized

and

unrealized

gain/(loss)

(0.57)

Total

from

Investment

Operations

(0.44)

Less

Dividends

and

Distributions:

—

Total

Dividends

and

Distributions

—

Net

Asset

Value,

End

of

Period

$49.56

Total

Return

*

(0.88)%

Net

assets,

End

of

Period

(in

thousands)

$49,561

Average

Net

Assets

for

the

Period

(in

thousands)

$47,019

Ratios

to

Average

Net

Assets

**

Ratio

of

Gross

Expenses

0.35%

Ratio

of

Net

Investment

Income/(Loss)

1.81%

Portfolio

Turnover

Rate

(3)

15%

*

Total

return

not

annualized

for

periods

of

less

than

one

full

year.

**

Annualized

for

periods

of

less

than

one

full

year.

(1)

Period

from

September

8,

2021

(commencement

of

operations)

through

October

31,

2021.

(2)

Per

share

amounts

are

calculated

based

on

average

shares

outstanding

during

the

year

or

period.

(3)

Portfolio

turnover

rate

excludes

securities

received

or

delivered

from

in-kind

processing

of

creation

or

redemptions.

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Notes

to

Financial

Statements

18

October

31,

2021

1.

Organization

and

Significant

Accounting

Policies

Janus

Henderson

Sustainable

Corporate

Bond

ETF

(the

“Fund”)

is

a

series

fund.

The

Fund

is

part

of

Janus

Detroit

Street

Trust

(the

“Trust”),

which

is

organized

as

a

Delaware

statutory

trust

and

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company,

and

therefore

has

applied

the

specialized

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

(“ASC”)

Topic

946.

The

financial

statements

include

information

for

the

period

from

September

8,

2021

(commencement

of

operations)

through

October

31,

2021.

As

of

the

date

of

this

report,

the

Trust

offers

eleven

Funds

each

of

which

represent

shares

of

beneficial

interest

in

a

separate

portfolio

of

securities

and

other

assets

with

its

own

objective

and

policies.

The

Fund

seeks

total

return

consisting

of

income

and

capital

appreciation,

while

giving

special

consideration

to

certain

environmental,

social

and

governance

(“ESG”)

factors. 

The

Fund

is

classified

as

diversified,

as

defined

in

the

1940

Act.

The

Fund

is

an

actively-managed

exchange-traded

fund.

Unlike

shares

of

traditional

mutual

funds,

shares

of

the

Fund

are

not

individually

redeemable

and

may

only

be

purchased

or

redeemed

directly

from

the

Fund

at

net

asset

value

(“NAV”)

in

large

increments

called

“Creation

Units”

by

certain

participants,

known

as

“Authorized

Participants.”

The

size

of

a

Creation

Unit

to

purchase

shares

of

the

Fund

may

differ

from

the

size

of

a

Creation

Unit

to

redeem

shares

of

the

Fund.

The

Fund

will

issue

or

redeem

Creation

Units

in

exchange

for

portfolio

securities

and/or

cash.

Except

when

aggregated

in

Creation

Units,

Fund

shares

are

not

redeemable

securities

of

the

Fund.

Shares

of

the

Fund

are

listed

and

trade

on

NYSE

Arca,

Inc.

(NYSE

Arca"),

and

individual

investors

can

purchase

or

sell

shares

in

much

smaller

increments

for

cash

in

the

secondary

market

through

a

broker.

These

transactions,

which

do

not

involve

the

Fund,

are

made

at

market

prices

that

may

vary

throughout

the

day

and

differ

from

the

Fund’s

NAV.

As

a

result,

you

may

pay

more

than

NAV

(a

premium)

when

you

purchase

shares

and

receive

less

than

NAV

(a

discount)

when

you

sell

shares,

in

the

secondary

market.

An

Authorized

Participant

(or

other

broker-dealers

making

markets

in

shares

of

the

Fund)

may

hold

of

record

more

than

25%

of

the

outstanding

shares

of

the

Fund.

From

time

to

time,

Authorized

Participants

(or

other

broker-dealers

making

markets

in

shares

of

the

Fund)

may

be

a

beneficial

and/or

legal

owner

of

the

Fund,

may

be

affiliated

with

an

index

provider,

may

be

deemed

to

have

control

of

the

Fund

and/or

may

be

able

to

affect

the

outcome

of

matters

presented

for

a

vote

of

the

shareholders

of

the

Fund.

Authorized

Participants

(or

other

broker-dealers

making

markets

in

shares

of

the

Fund)

may

execute

an

irrevocable

proxy

granting

the

Distributor,

Janus

Capital

Management

LLC

(“Janus

Capital”

or

“Janus”

or

"Agent")

or

an

affiliate

of

Janus

Capital

power

to

vote

or

abstain

from

voting

such

Authorized

Participant’s

beneficially

or

legally

owned

shares

of

the

Fund.

In

such

cases,

the

Agent

shall

mirror

vote

(or

abstain

from

voting)

such

shares

in

the

same

proportion

as

all

other

beneficial

owners

of

the

Fund. 

The

following

accounting

policies

have

been

followed

by

the

Fund

and

are

in

conformity

with

United

States

of

America

generally

accepted

accounting

principles

(“US

GAAP”). 

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

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

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

19

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.

There

have

been

no

significant

changes

in

valuation

techniques

used

in

valuing

any

such

positions

held

by

the

Fund

since

inception. 

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

October

31,

2021

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.

Investment

Transactions

and

Investment

Income

Investment

transactions

are

accounted

for

as

of

the

date

purchased

or

sold

(trade

date).

Dividend

income

is

recorded

on

the

ex-dividend

date.

Certain

dividends

from

foreign

securities

will

be

recorded

as

soon

as

the

Fund

is

informed

of

the

dividend,

if

such

information

is

obtained

subsequent

to

the

ex-dividend

date.

Dividends

from

foreign

securities

may

be

subject

to

withholding

taxes

in

foreign

jurisdictions.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value.

Interest

income

is

recorded

daily

on

an

accrual

basis

and

includes

amortization

of

premiums

and

accretion

of

discounts.

The

Fund

classifies

gains

and

losses

on

prepayments

received

as

an

adjustment

to

interest

income.

Debt

securities

may

be

placed

in

non-accrual

status

and

related

interest

income

may

be

reduced

by

stopping

current

accruals

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Notes

to

Financial

Statements

20

October

31,

2021

and

writing

off

interest

receivables

when

collection

of

all

or

a

portion

of

interest

has

become

doubtful.

Gains

and

losses

are

determined

on

the

identified

cost

basis,

which

is

the

same

basis

used

for

federal

income

tax

purposes.  

Estimates

The

preparation

of

financial

statements

in

conformity

with

US

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amount

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates. 

Indemnifications

In

the

normal

course

of

business,

the

Fund

may

enter

into

contracts

that

contain

provisions

for

indemnification

of

other

parties

against

certain

potential

liabilities.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

and

would

involve

future

claims

that

may

be

made

against

the

Fund

that

have

not

yet

occurred.

Currently,

the

risk

of

material

loss

from

such

claims

is

considered

remote. 

Dividends

and

Distributions

Dividends

from

net

investment

income

are

generally

declared

and

distributed

monthly.

Net

realized

capital

gains

(if

any)

are

distributed

annually.

The

Fund

may

treat

a

portion

of

the

amount

paid

to

redeem

shares

as

a

distribution

of

investment

company

taxable

income

and

realized

capital

gains

that

are

reflected

in

the

NAV.

This

practice,

commonly

referred

to

as

“equalization,”

has

no

effect

on

the

redeeming

shareholder

or

a

Fund’s

total

return

but

may

reduce

the

amounts

that

would

otherwise

be

required

to

be

paid

as

taxable

dividends

to

the

remaining

shareholders.

It

is

possible

that

the

Internal

Revenue

Service

(IRS)

could

challenge

the

Fund’s

equalization

methodology

or

calculations,

and

any

such

challenge

could

result

in

additional

tax,

interest,

or

penalties

to

be

paid

by

the

Fund. 

Federal

Income

Taxes

The

Fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

and

distribute

all

of

its

taxable

income

in

accordance

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code.

Management

has

analyzed

the

Fund’s

tax

positions

taken

for

all

open

federal

income

tax

years,

generally

a

three-year

period,

and

has

concluded

that

no

provision

for

federal

income

tax

is

required

in

the

Fund’s

financial

statements.

The

Fund

is

not

aware

of

any

tax

positions

for

which

it

is

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

benefits

will

significantly

change

in

the

next

twelve

months. 

2.

Derivative

Instruments 

The

Fund

may

invest

in

various

types

of

derivatives.

A

derivative

is

a

financial

instrument

whose

performance

is

derived

from

the

performance

of

another

asset.

The

Fund

may

invest

in

derivative

instruments

including,

but

not

limited

to

futures

contracts,

options,

and

swaps.

Each

derivative

instrument

that

was

held

by

the

Fund

during

the

period

ended

October

31,

2021

is

discussed

in

further

detail

below.

A

summary

of

derivative

activity

by

the

Fund

is

reflected

in

the

tables

at

the

end

of

the

Schedule

of

Investments.

The

Fund

may

use

derivatives

only

to

manage

or

hedge

portfolio

risk,

including

interest

rate

risk,

or

to

manage

duration.

The

Fund’s

exposure

to

derivatives

will

vary.

The

Fund

may

also

enter

into

short

positions

for

hedging

purposes.

The

Fund’s

use

of

derivative

instruments

involves

risks

different

from,

or

possibly

greater

than,

the

risks

associated

with

investing

directly

in

securities

and

other

traditional

investments.

Derivatives

are

subject

to

a

number

of

risks

including

liquidity

risk,

market

risk,

credit

risk,

default

risk,

counterparty

risk

and

management

risk.

They

also

involve

the

risk

of

mispricing

or

improper

valuation

and

the

risk

that

changes

in

the

value

of

the

derivative

may

not

correlate

exactly

with

the

change

in

the

value

of

the

underlying

asset,

rate

or

index.

Also,

suitable

derivative

transactions

may

not

be

available

in

all

circumstances

and

there

can

be

no

assurance

that

the

Fund

will

engage

in

these

transactions

to

reduce

exposure

to

other

risks

when

that

would

be

beneficial.

While

use

of

derivatives

to

hedge

can

reduce

or

eliminate

losses,

it

can

also

reduce

or

eliminate

gains

or

cause

losses

if

the

market

moves

in

a

manner

different

from

that

anticipated

by

Janus

Capital

or

if

the

cost

of

the

derivative

outweighs

the

benefit

of

the

hedge.

The

Fund’s

ability

to

use

derivatives

may

also

be

limited

by

certain

regulatory

and

tax

considerations. 

In

pursuit

of

its

investment

objective,

the

Fund

may

seek

to

use

derivatives

to

increase

or

decrease

exposure

to

the

following

market

risk

factors: 

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

21

Counterparty

Risk

 -

the

risk

that

the

counterparty

(the

party

on

the

other

side

of

the

transaction)

on

a

derivative

transaction

will

be

unable

to

honor

its

financial

obligation

to

the

Fund. 

Credit

Risk

-

the

risk

an

issuer

will

be

unable

to

make

principal

and

interest

payments

when

due

or

will

default

on

its

obligations. 

Currency

Risk

-

the

risk

that

changes

in

the

exchange

rate

between

currencies

will

adversely

affect

the

value

(in

U.S.

dollar

terms)

of

an

investment. 

Index

Risk

-

if

the

derivative

is

linked

to

the

performance

of

an

index,

it

will

be

subject

to

the

risks

associated

with

changes

in

that

index.

If

the

index

changes,

the

Fund

could

receive

lower

interest

payments

or

experience

a

reduction

in

the

value

of

the

derivative

to

below

what

the

Fund

paid.

Certain

indexed

securities,

including

inverse

securities

(which

move

in

an

opposite

direction

to

the

index),

may

create

leverage,

to

the

extent

that

they

increase

or

decrease

in

value

at

a

rate

that

is

a

multiple

of

the

changes

in

the

applicable

index. 

Interest

Rate

Risk

-

the

risk

that

the

value

of

fixed-income

securities

will

generally

decline

as

prevailing

interest

rates

rise,

which

may

cause

the

Fund's

NAV

to

likewise

decrease. 

Leverage

Risk

-

the

risk

associated

with

certain

types

of

leveraged

investments

or

trading

strategies

pursuant

to

which

relatively

small

market

movements

may

result

in

large

changes

in

the

value

of

an

investment.

The

Fund

creates

leverage

by

investing

in

instruments,

including

derivatives,

where

the

investment

loss

can

exceed

the

original

amount

invested.

Certain

investments

or

trading

strategies,

such

as

short

sales,

that

involve

leverage

can

result

in

losses

that

greatly

exceed

the

amount

originally

invested. 

Liquidity

Risk

-

the

risk

that

certain

securities

may

be

difficult

or

impossible

to

sell

at

the

time

that

the

seller

would

like

or

at

the

price

that

the

seller

believes

the

security

is

currently

worth. 

Derivatives

may

generally

be

traded

OTC

or

on

an

exchange.

Derivatives

traded

OTC

are

agreements

that

are

individually

negotiated

between

parties

and

can

be

tailored

to

meet

a

purchaser's

needs.

OTC

derivatives

are

not

guaranteed

by

a

clearing

agency

and

may

be

subject

to

increased

credit

risk. 

In

an

effort

to

mitigate

credit

risk

associated

with

derivatives

traded

OTC,

the

Fund

may

enter

into

collateral

agreements

with

certain

counterparties

whereby,

subject

to

certain

minimum

exposure

requirements,

the

Fund

may

require

the

counterparty

to

post

collateral

if

the

Fund

has

a

net

aggregate

unrealized

gain

on

all

OTC

derivative

contracts

with

a

particular

counterparty.

Additionally,

the

Fund

may

deposit

cash

and/or

treasuries

as

collateral

with

the

counterparty

and/

or

custodian

daily

(based

on

the

daily

valuation

of

the

financial

asset)

if

the

Fund

has

a

net

aggregate

unrealized

loss

on

OTC

derivative

contracts

with

a

particular

counterparty.

All

liquid

securities

and

restricted

cash

are

considered

to

cover

in

an

amount

at

all

times

equal

to

or

greater

than

the

Fund’s

commitment

with

respect

to

certain

exchange-

traded

derivatives,

centrally

cleared

derivatives,

short

sales,

and/or

securities

with

extended

settlement

dates.

There

is

no

guarantee

that

counterparty

exposure

is

reduced

and

these

arrangements

are

dependent

on

Janus

Capital’s

ability

to

establish

and

maintain

appropriate

systems

and

trading.

Futures

Contracts

A

futures

contract

is

an

exchange-traded

agreement

to

take

or

make

delivery

of

an

underlying

asset

at

a

specific

time

in

the

future

for

a

specific

predetermined

negotiated

price.

The

Fund

may

enter

into

futures

contracts

to

hedge

or

protect

itself

from

fluctuations

or

other

adverse

movement

in

the

value

of

individual

securities,

the

securities

markets

generally,

or

interest

rate

fluctuations,

without

actually

buying

or

selling

the

underlying

debt

security.

The

Fund

is

subject

to

interest

rate

risk

and

equity

risk

in

the

normal

course

of

pursuing

its

investment

objective

through

its

investments

in

futures

contracts.

The

use

of

futures

contracts

may

involve

risks

such

as

the

possibility

of

illiquid

markets

or

imperfect

correlation

between

the

values

of

the

contracts

and

the

underlying

securities,

or

that

the

counterparty

will

fail

to

perform

its

obligations.

Futures

contracts

on

commodities

are

valued

at

the

settlement

price

on

valuation

date

on

the

commodities

exchange

as

reported

by

an

approved

vendor.

Mini

contracts,

as

defined

in

the

description

of

the

contract,

shall

be

valued

using

the

Actual

Settlement

Price

or

“ASET”

price

type

as

reported

by

an

approved

vendor.

Futures

contracts

are

marked-to-market

daily,

and

the

daily

variation

margin

is

recorded

as

a

receivable

or

payable

on

the

Statement

of

Assets

and

Liabilities

(if

applicable).

The

change

in

unrealized

net

appreciation/depreciation

is

reported

on

the

Statement

of

Operations

(if

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Notes

to

Financial

Statements

22

October

31,

2021

applicable).

When

a

contract

is

closed,

a

realized

gain

or

loss

is

reported

on

the

Statement

of

Operations

(if

applicable),

equal

to

the

difference

between

the

opening

and

closing

value

of

the

contract.

Securities

held

by

the

Fund

that

are

designated

as

collateral

for

market

value

on

futures

contracts

are

noted

on

the

Schedule

of

Investments

(if

applicable).

Such

collateral

is

in

the

possession

of

the

Fund's

futures

option

merchant. 

With

futures,

there

is

minimal

counterparty

credit

risk

to

the

Fund

since

futures

are

exchange-traded

and

the

exchange's

clearinghouse,

as

counterparty

to

all

exchange-traded

futures,

guarantees

the

futures

against

default. 

During

the

period,

the

Fund

purchased

interest

rate

futures

to

increase

exposure

to

interest

rate

risk.

During

the

period,

the

Fund

sold

interest

rate

futures

to

decrease

exposure

to

interest

rate

risk. 

3.

Other

Investments

and

Strategies 

Additional

Investment

Risk 

In

response

to

the

COVID-19

pandemic,

the

U.S.

government

and

the

Federal

Reserve,

as

well

as

certain

foreign

governments

and

central

banks,

have

taken

extraordinary

actions

to

support

local

and

global

economies

and

the

financial

markets,

including

reducing

interest

rates

to

record

low

levels.

Extremely

low

or

negative

interest

rates

may

become

more

prevalent

or

may

not

work

as

intended.

As

there

is

little

precedent

for

this

situation,

the

impact

on

various

markets

that

interest

rate

or

other

significant

policy

changes

may

have

is

unknown.

The

withdrawal

of

this

support,

a

failure

of

measures

put

in

place

in

response

to

such

economic

uncertainty,

or

investor

perception

that

such

efforts

were

not

sufficient

could

each

negatively

affect

financial

markets

generally,

and

the

value

and

liquidity

of

specific

securities.

In

addition,

policy

and

legislative

changes

in

the

United

States

and

in

other

countries

continue

to

impact

many

aspects

of

financial

regulation.

Widespread

disease,

including

pandemics

and

epidemics,

and

natural

or

environmental

disasters,

including

those

which

may

be

attributable

to

global

climate

change,

such

as

earthquakes,

fires,

floods,

hurricanes,

tsunamis

and

weather-related

phenomena

generally,

have

been

and

can

be

highly

disruptive

to

economies

and

markets,

adversely

impacting

individual

companies,

sectors,

industries,

markets,

currencies,

interest

and

inflation

rates,

credit

ratings,

investor

sentiment,

and

other

factors

affecting

the

value

of

a

Fund’s

investments.

Economies

and

financial

markets

throughout

the

world

have

become

increasingly

interconnected,

which

increases

the

likelihood

that

events

or

conditions

in

one

region

or

country

will

adversely

affect

markets

or

issuers

in

other

regions

or

countries,

including

the

United

States.

These

disruptions

could

prevent

a

Fund

from

executing

advantageous

investment

decisions

in

a

timely

manner

and

negatively

impact

a

Fund’s

ability

to

achieve

its

investment

objective(s).

Any

such

event(s)

could

have

a

significant

adverse

impact

on

the

value

of

a

Fund.

In

addition,

these

disruptions

could

also

impair

the

information

technology

and

other

operational

systems

upon

which

the

Fund’s

service

providers,

including

Janus

Capital,

rely,

and

could

otherwise

disrupt

the

ability

of

employees

of

the

Fund’s

service

providers

to

perform

essential

tasks

on

behalf

of

the

Fund.

Adverse

weather

conditions

may

also

have

a

particularly

negative

effect

on

issuers

in

the

agricultural

sector

in

the

agricultural

sector

and

on

insurance

and

reinsurance

companies

that

insure

or

reinsure

against

the

impact

of

natural

disasters.

A

number

of

countries

in

the

European

Union

(“EU”)

have

experienced,

and

may

continue

to

experience,

severe

economic

and

financial

difficulties.

In

particular,

many

EU

nations

are

susceptible

to

economic

risks

associated

with

high

levels

of

debt.

Many

non-governmental

issuers,

and

even

certain

governments,

have

defaulted

on,

or

been

forced

to

restructure,

their

debts.

Many

other

issuers

have

faced

difficulties

obtaining

credit

or

refinancing

existing

obligations.

Financial

institutions

have

in

many

cases

required

government

or

central

bank

support,

have

needed

to

raise

capital,

and/or

have

been

impaired

in

their

ability

to

extend

credit.

As

a

result,

financial

markets

in

the

EU

have

experienced

extreme

volatility

and

declines

in

asset

values

and

liquidity.

These

difficulties

may

continue,

worsen,

or

spread

further

within

the

EU.

Responses

to

these

financial

problems

by

European

governments,

central

banks,

and

others,

including

austerity

measures

and

reforms,

may

not

work,

may

result

in

social

unrest,

and

may

limit

future

growth

and

economic

recovery

or

have

other

unintended

consequences.

All

of

these

developments

may

continue

to

significantly

affect

the

economies

of

all

EU

countries,

which

in

turn

may

have

a

material

adverse

effect

on

a

Fund's

investments

in

such

countries

that

depend

on

EU

countries

for

significant

amounts

of

trade

or

investment,

or

issues

with

exposure

to

debt

issued

by

certain

EU

countries.

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

23

Management

Risk

The

Fund

is

an

actively

managed

investment

portfolio

and

is

therefore

subject

to

the

risk

that

the

investment

strategies

employed

for

the

Fund

may

fail

to

produce

the

intended

results.

Although

the

Fund

seeks

to

provide

long-term

positive

returns,

market

conditions

or

implementation

of

the

Fund's

investment

process

may

result

in

losses,

and

the

Fund

may

not

meet

its

investment

objective.

As

such,

there

can

be

no

assurance

of

positive

"absolute"

returns. 

Floating-Rate

Obligations

Risk 

The

Fund

may

invest

in

floating

rate

obligations

that

reset

regularly,

maintaining

a

fixed

spread

over

a

stated

reference

rate

such

as

the

London

InterBank

Offered

Rate

(“LIBOR”),

the

Secured

Overnight

Financing

Rate

(“SOFR”),

or

the

Treasury

bill

rate.

The

interest

rates

on

floating

rate

obligations

typically

reset

quarterly,

although

rates

on

some

obligations

may

adjust

at

other

intervals.

Unexpected

changes

in

the

interest

rates

on

floating

rate

obligations

could

result

in

lower

income

to

the

Fund.

In

addition,

the

secondary

market

on

which

floating

rate

obligations

are

traded

may

be

less

liquid

than

the

market

for

investment

grade

securities

or

other

types

of

income-producing

securities,

which

may

have

an

adverse

impact

on

their

market

price.

There

is

also

a

potential

that

there

is

no

active

market

to

trade

floating

rate

obligations

and

that

there

may

be

restrictions

on

their

transfer.

As

a

result,

the

Fund

may

be

unable

to

sell

assignments

or

participations

at

the

desired

time

or

may

be

able

to

sell

only

at

a

price

less

than

fair

market

value. 

Industry

and

Sector

Risk

Although

the

Fund

does

not

concentrate

its

investments

in

specific

industries

or

industry

sectors,

it

emphasizes

certain

themes

and

megatrends.

As

a

result,

at

times,

it

may

have

a

significant

portion

of

its

assets

invested

in

securities

of

companies

conducting

similar

business

or

businesses

within

the

same

economic

sector

or

that

benefit

from

the

same

megatrend.

Companies

in

the

same

industry

or

economic

sector

or

that

benefit

from

the

same

megatrend

may

be

similarly

affected

by

economic

or

market

events,

making

the

Fund

more

vulnerable

to

unfavorable

developments

than

funds

that

invest

more

broadly.

As

the

Fund’s

portfolio

becomes

more

concentrated,

the

Fund

is

less

able

to

spread

risk

and

potentially

reduce

the

risk

of

loss

and

volatility.

In

addition,

the

Fund

may

be

overweight

or

underweight

in

certain

industries

or

sectors

relative

to

its

benchmark

index

due

to

its

ESG

focus,

which

may

cause

the

Fund’s

performance

to

be

more

or

less

sensitive

to

developments

affecting

those

sectors. 

Loans

The

Fund

may

invest

in

various

commercial

loans,

including

bank

loans,

bridge

loans,

debtor-in-possession

(“DIP”)

loans,

mezzanine

loans,

and

other

fixed

and

floating

rate

loans.

These

loans

may

be

acquired

through

loan

participations

and

assignments

or

on

a

when-issued

basis.

Below

are

descriptions

of

the

types

of

loans

held

by

the

Fund

as

of

October

31,

2021. 

 •

Bank

Loans

-

Bank

loans

are

obligations

of

companies

or

other

entities

entered

into

in

connection

with

recapitalizations,

acquisitions,

and

refinancings.

The

Fund’s

investments

in

bank

loans

are

generally

acquired

as

a

participation

interest

in,

or

assignment

of,

loans

originated

by

a

lender

or

other

financial

institution.

These

investments

may

include

institutionally-

traded

floating

and

fixed-rate

debt

securities.

•

Floating

Rate

Loans

–

Floating

rate

loans

are

debt

securities

that

have

floating

interest

rates,

that

adjust

periodically,

and

are

tied

to

a

benchmark

lending

rate,

such

as

London

Interbank

Offered

Rate

(“LIBOR”).

In

other

cases,

the

lending

rate

could

be

tied

to

the

prime

rate

offered

by

one

or

more

major

U.S.

banks

or

the

rate

paid

on

large

certificates

of

deposit

traded

in

the

secondary

markets.

If

the

benchmark

lending

rate

changes,

the

rate

payable

to

lenders

under

the

loan

will

change

at

the

next

scheduled

adjustment

date

specified

in

the

loan

agreement.

Floating

rate

loans

are

typically

issued

to

companies

(‘‘borrowers’’)

in

connection

with

recapitalizations,

acquisitions,

and

refinancings.

Floating

rate

loan

investments

are

generally

below

investment

grade.

Senior

floating

rate

loans

are

secured

by

specific

collateral

of

a

borrower

and

are

senior

in

the

borrower’s

capital

structure.

The

senior

position

in

the

borrower’s

capital

structure

generally

gives

holders

of

senior

loans

a

claim

on

certain

of

the

borrower’s

assets

that

is

senior

to

subordinated

debt

and

preferred

and

common

stock

in

the

case

of

a

borrower’s

default.

Floating

rate

loan

investments

may

involve

foreign

borrowers,

and

investments

may

be

denominated

in

foreign

currencies.

Floating

rate

loans

often

involve

borrowers

whose

financial

condition

is

troubled

or

uncertain

and

companies

that

are

highly

leveraged.

The

Fund

may

invest

in

obligations

of

borrowers

who

are

in

bankruptcy

proceedings.

While

the

Fund

generally

expects

to

invest

in

fully

funded

term

loans,

certain

of

the

loans

in

which

the

Fund

may

invest

include

revolving

loans,

bridge

loans,

and

delayed

draw

term

loans.

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Notes

to

Financial

Statements

24

October

31,

2021

Purchasers

of

floating

rate

loans

may

pay

and/or

receive

certain

fees.

The

Fund

may

receive

fees

such

as

covenant

waiver

fees

or

prepayment

penalty

fees.

The

Fund

may

pay

fees

such

as

facility

fees.

Such

fees

may

affect

the

Fund’s

return. 

Sustainable

Investment

Risk

The

Fund

follows

a

sustainable

investment

approach

by

investing

in

companies

that

relate

to

certain

sustainable

development

themes

and

demonstrate

adherence

to

Environmental,

Sustainability

and

Governance

("ESG")

practices.

Accordingly,

the

Fund

may

have

a

significant

portion

of

its

assets

invested

in

securities

of

companies

conducting

similar

business

or

businesses

within

the

same

economic

sector.

Additionally,

due

to

its

exclusionary

criteria,

the

Fund

may

not

be

invested

in

certain

industries

or

sectors.

As

a

result,

the

Fund

may

be

overweight

or

underweight

in

certain

industries

or

sectors

relative

to

its

benchmark

index,

which

may

cause

the

Fund’s

performance

to

be

more

or

less

sensitive

to

developments

affecting

those

sectors.

In

addition,

since

sustainable

and

ESG

investing

takes

into

consideration

factors

beyond

traditional

financial

analysis,

the

investment

opportunities

for

the

Fund

may

be

limited

at

times.

Sustainability

and

ESG-related

information

provided

by

issuers

and

third

parties,

upon

which

the

portfolio

managers

may

rely,

continues

to

develop,

and

may

be

incomplete,

inaccurate,

use

different

methodologies,

or

be

applied

differently

across

companies

and

industries.

Further,

the

regulatory

landscape

for

sustainable

and

ESG

investing

in

the

United

States

is

still

developing

and

future

rules

and

regulations

may

require

the

Fund

to

modify

or

alter

its

investment

process.

Similarly,

government

policies

incentivizing

companies

to

engage

in

sustainable

and

ESG

practices

may

fall

out

of

favor,

which

could

potentially

limit

the

Fund’s

investment

universe.

There

is

also

a

risk

that

the

companies

identified

through

the

investment

process

may

fail

to

adhere

to

sustainable

and/or

ESG-related

business

practices,

which

may

result

in

the

Fund

selling

a

security

when

it

might

otherwise

be

disadvantageous

to

do

so.

There

is

no

guarantee

that

sustainable

investments

will

outperform

the

broader

market

on

either

an

absolute

or

relative

basis.

4.

Investment

Advisory

Agreements

and

Other

Transactions

with

Affiliates 

Under

its

unitary

fee

structure,

the

Fund

pays

Janus

Capital

a

management

fee

in

return

for

providing

certain

investment

advisory,

supervisory,

and

administrative

services

to

the

Fund,

including

the

costs

of

transfer

agency,

custody,

fund

administration,

legal,

audit,

and

other

services.

Janus

Capital’s

fee

structure

is

designed

to

pay

substantially

all

of

the

Fund’s

expenses.

However,

the

Fund

bears

other

expenses

which

are

not

covered

under

the

management

fee

which

may

vary

and

affect

the

total

level

of

expenses

paid

by

shareholders,

such

as

distribution

fees

(if

any),

brokerage

expenses

or

commissions,

interest,

dividends,

taxes,

litigation

expenses,

acquired

fund

fees

and

expenses

(if

any),

and

extraordinary

expenses.

The

Fund’s

unitary

management

fee

provides

for

reductions

in

the

fee

rate

as

the

Fund’s

assets

grow.

As

of

the

date

of

this

report,

the

Fund’s

management

fee

was

calculated

daily

and

paid

monthly

according

to

the

following

schedule: 

For

the

period

ended

October

31,

2021,

the

Fund’s

contractual

management

fee

rate

(expressed

as

an

annual

rate)

was

0.35% of

the

Fund’s

average

daily

net

assets.

J.P.

Morgan

Chase

Bank,

N.A.

(“JP

Morgan")

provides

certain

fund

administration

services

to

the

Fund,

including

services

related

to

the

Fund’s

accounting,

including

calculating

the

daily

NAV,

audit

coordination,

tax,

and

reporting

obligations,

pursuant

to

an

agreement

with

Janus

Capital,

on

behalf

of

the

Fund.

As

compensation

for

such

services,

Janus

Capital

pays

JP

Morgan

a

fee

based

on

a

percentage

of

the

Fund’s

assets,

with

a

minimum

flat

fee,

for

certain

services.

Janus

Capital

serves

as

administrator

to

the

Fund,

providing

oversight

and

coordination

of

the

Fund’s

service

providers,

recordkeeping

and

other

administrative

services.

Janus

Capital

does

not

receive

any

additional

compensation,

beyond

the

unitary

fee,

for

serving

as

administrator.

JP

Morgan

also

serves

as

transfer

agent

for

the

shares

of

the

Fund.

Pursuant

to

agreements

with

Janus

Capital

on

behalf

of

the

Fund,

J.P.

Morgan

Securities

LLC,

an

affiliate

of

JP

Morgan,

may

execute

portfolio

transactions

for

the

Fund,

including

but

not

limited

to,

transactions

in

connection

with

cash

in

lieu

transactions

for

non-US

securities. 

Daily

Net

Assets

Fee

Rate

$0-$500

million

0.35%

Over

$500

million

0.30%

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

25

The

Trust

has

adopted

a

Distribution

and

Servicing

Plan

for

shares

of

the

Fund

pursuant

to

Rule

12b-1

under

the

1940

Act

(the

“Plan”).

The

Plan

permits

compensation

in

connection

with

the

distribution

and

marketing

of

Fund

shares

and/or

the

provision

of

certain

shareholder

services.

The

Plan

permits

the

Fund

to

pay

ALPS

Distributors,

Inc.

(the

“Distributor”)

or

its

designee,

a

fee

for

the

sale

and

distribution

and/or

shareholder

servicing

of

the

shares

at

an

annual

rate

of

up

to

0.25%

of

average

daily

net

assets

of

the

Fund.

However,

the

Trustees

have

determined

not

to

authorize

payment

under

this

Plan

at

this

time.

Under

the

terms

of

the

Plan,

the

Trust

would

be

authorized

to

make

payments

to

the

Distributor

or

its

designee

for

remittance

to

retirement

plan

service

providers,

broker-dealers,

bank

trust

departments,

financial

advisors,

and

other

financial

intermediaries,

as

compensation

for

distribution

and/or

shareholder

services

performed

by

such

entities

for

their

customers

who

are

investors

in

the

Fund.

The

12b-1

fee

may

only

be

imposed

or

increased

when

the

Trustees

determine

that

it

is

in

the

best

interests

of

shareholders

to

do

so.

Because

these

fees

are

paid

out

of

the

Fund’s

assets

on

an

ongoing

basis,

to

the

extent

that

a

fee

is

authorized,

over

time

they

will

increase

the

cost

of

an

investment

in

the

Fund.

The

Plan

fee

may

cost

an

investor

more

than

other

types

of

sales

charges. 

As

of

October

31,

2021,

Janus

Capital

owned

450,001

shares

or

45.00%

of

the

Fund.

5.

Federal

Income

Tax

The

tax

components

of

capital

shown

in

the

table

below

represent:

(1)

distribution

requirements

the

Fund

must

satisfy

under

the

income

tax

regulations;

(2)

losses

or

deductions

the

Fund

may

be

able

to

offset

against

income

and

gains

realized

in

future

years;

and

(3)

unrealized

appreciation

or

depreciation

of

investments

for

federal

income

tax

purposes. 

The

Fund

has

elected

to

treat

gains

and

losses

on

forward

foreign

currency

contracts

as

capital

gains

and

losses,

if

applicable.

Other

foreign

currency

gains

and

losses

on

debt

instruments

are

treated

as

ordinary

income

for

federal

income

tax

purposes

pursuant

to

Section

988

of

the

Internal

Revenue

Code. 

The

aggregate

cost

of

investments

and

the

composition

of

unrealized

appreciation

and

depreciation

of

investment

securities

for

federal

income

tax

purposes

as

of

October

31,

2021

are

noted

below.

The

primary

difference

between

book

and

tax

appreciation

or

depreciation

of

investments

is

wash

sale

loss

deferrals. 

Information

on

the

tax

components

of

derivatives

as

of

October

31,

2021

is

as

follows: 

Loss

Deferrals

Undistributed

Ordinary

Income

Undistributed

Long-Term

Gains

Accumulated

Capital

Losses

Late-Year

Ordinary

Loss

Post-October

Capital

Loss

Other

Book

to

Tax

Differences

Net

Tax

Appreciation/

(Depreciation)

$167,384

$64,478

$

—

$

—

$

—

$

—

$(799,890)

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$50,593,087

$12,244

$(812,134)

$(799,890)

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$104,794

$

—

$

—

$

—

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Notes

to

Financial

Statements

26

October

31,

2021

Income

and

capital

gains

distributions

are

determined

in

accordance

with

income

tax

regulations

that

may

differ

from

US

GAAP.

These

differences

are

due

to

differing

treatments

for

items

such

as

net

short-term

gains,

deferral

of

wash

sale

losses,

foreign

currency

transactions,

passive

foreign

investment

companies,

net

investment

losses,

in-kind

transactions

and

capital

loss

carryovers.

Certain

permanent

differences

such

as

tax

returns

of

capital

and

net

investment

losses

noted

below

have

been

reclassified

to

capital. 

Permanent

book

to

tax

basis

differences

may

result

in

reclassifications

between

the

components

of

net

assets.

These

differences

have

no

impact

on

the

results

of

operations

or

net

assets.

The

following

reclassifications

have

been

made

to

the

Fund: 

6.

Capital

Share

Transactions 

7.

Purchases

and

Sales

of

Investment

Securities 

For

the

period

ended

October

31,

2021,

the

aggregate

cost

of

purchases

and

proceeds

from

sales

of

investment

securities

(excluding

any

short-term

securities,

short-term

options

contracts,

and

in-kind

transactions)

was

as

follows: 

8.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to

October

31,

2021

and

through

the

date

of

the

issuance

of

the

Fund's

financial

statements

and

determined

that

there

were

no

material

events

or

transactions

that

would

require

recognition

or

disclosure

in

the

Fund's

financial

statements. 

For

the

year

ended

October

31,

2021

:

Distributions

From

Ordinary

Income

From

Long-Term

Capital

Gain

Tax

Return

of

Capital

Net

Investment

Loss

$

—

$

—

$

—

$

—

Increase/(Decrease)

to

Capital

Increase/(Decrease)

to

Undistributed

Net

Investment

Income/Loss

Increase/(Decrease)

to

Undistributed

Net

realized

Gain/Loss

$

—

$5,921

$(5,921)

Period

Ended

October

31,

2021

(1)

Shares

Amount

Shares

sold

1,000,001

$

50,129,494

Shares

repurchased

—

—

Net

Increase/(Decrease)

1,000,001

$

50,129,494

(1)

Period

from

September

8,

2021

(commencement

of

operations)

through

October

31,

2021.

Purchases

of

Securities

Proceeds

from

Sales

of

Securities

Purchases

of

Long-

Term

U.S.

Government

Obligations

Proceeds

from

Sales

of

Long-Term

U.S.

Government

Obligations

$55,977,564

$6,295,366

$

—

$

—

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Additional

Information

(unaudited)

Janus

Detroit

Street

Trust

27

Proxy

Voting

Policies

and

Voting

Record

A

description

of

the

policies

and

procedures

that

the

Fund

uses

to

determine

how

to

vote

proxies

relating

to

its

portfolio

securities

is

available

without

charge:

(i)

upon

request,

by

calling

1-800-525-0020

(toll

free);

(ii)

on

the

Fund’s

website

at

janushenderson.com/proxyvoting;

and

(iii)

on

the

SEC’s

website

at

http://www.sec.gov.

Quarterly

Portfolio

Holdings

The

Fund

files

its

complete

portfolio

holdings

(schedule

of

investments)

with

the

SEC

for

the

first

and

third

quarters

each

fiscal

year

as

an

exhibit

to

Form

N-PORT

within

60

days

of

the

end

of

such

fiscal

quarter.

The

Fund’s

Form

N-PORT

and

Form

N-Q

filings:

are

available

on

the

SEC’s

website

at

http://www.sec.gov;

(ii)

may

be

reviewed

and

copied

at

the

SEC’s

Public

Reference

Room

in

Washington,

D.C.

(information

on

the

Public

Reference

Room

may

be

obtained

by

calling

1-800-SEC-0330);

and

(iii)

are

available

without

charge,

upon

request,

by

calling

Janus

Henderson

at

1-800-525-

0020

(toll

free).

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

28

October

31,

2021

The

Trustees

of

Janus

Detroit

Street

Trust

(the

“Trust”),

including

the

Trustees

who

are

not

“interested

persons”

(the

“Independent

Trustees”)

as

that

term

is

defined

in

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

met

on

July

22,

2021

to

consider

the

proposed

investment

management

agreement

(the

“Investment

Management

Agreement”)

for

each

of

Janus

Henderson

U.S.

Sustainable

Equity

ETF

(“SSPX”),

Janus

Henderson

International

Sustainable

Equity

ETF

(“SXUS”),

Janus

Henderson

Net

Zero

Transition

Resources

ETF

(“JZRO”),

Janus

Henderson

Sustainable

Corporate

Bond

ETF

(“SCRD”),

and

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

(“JIB”)

(each

a

“New

Fund,”

and

collectively,

the

“New

Funds”).

In

the

course

of

their

consideration

of

each

Investment

Management

Agreement,

the

Trustees

met

in

executive

session

and

were

advised

by

their

independent

counsel.

In

this

regard,

the

Board,

including

the

Independent

Trustees,

evaluated

the

terms

of

each

Investment

Management

Agreement

and

reviewed

the

duties

and

responsibilities

of

the

Trustees

in

evaluating

and

approving

such

agreements.

In

considering

approval

of

each

Investment

Management

Agreement,

the

Board,

including

the

Independent

Trustees,

reviewed

the

materials

provided

to

it

relating

to

their

consideration

of

each

Investment

Management

Agreement

for

each

New

Fund

and

other

information

provided

by

counsel

and

Janus

Capital

Management

LLC,

the

proposed

investment

adviser

to

the

New

Funds

(the

“Adviser”),

including:

(i)

a

copy

of

the

form

of

Investment

Management

Agreement

with

respect

to

the

Adviser’s

management

of

the

assets

of

each

New

Fund;

(ii)

information

regarding

the

nature,

quality

and

extent

of

the

services

to

be

provided

to

each

New

Fund

by

the

Adviser,

and

the

fees

to

be

charged

to

each

New

Fund

therefor;

(iii)

information

concerning

the

Adviser’s

financial

condition,

business,

operations,

portfolio

management

personnel

and

compliance

programs;

(iv)

information

describing

each

New

Fund’s

anticipated

advisory

fee

structure

and

operating

expenses;

(v)

a

copy

of

the

Adviser’s

current

Form

ADV;

and

(vi)

a

memorandum

from

counsel

on

the

responsibilities

of

trustees

in

considering

investment

advisory

arrangements

under

the

1940

Act.

The

Board

also

considered

presentations

made

by,

and

discussions

held

with,

representatives

of

the

Adviser.

The

Board

also

received

information

comparing

the

proposed

advisory

fee

and

expenses

of

each

New

Fund

to

those

of

other,

third-party

investment

companies

(including

exchange-traded

funds

(“ETFs”))

considered

to

be

comparable.

During

its

review

of

this

information,

the

Board

focused

on

and

analyzed

the

factors

that

it

deemed

relevant,

including:

the

nature,

extent

and

quality

of

the

services

to

be

provided

to

each

New

Fund

by

the

Adviser;

the

Adviser’s

personnel

and

operations;

each

New

Fund’s

proposed

expense

level;

the

anticipated

profitability

to

the

Adviser

under

the

Investment

Management

Agreement

at

certain

asset

levels

of

each

New

Fund;

“fall-out”

benefits

to

the

Adviser

and

its

affiliates

(i.e.,

the

ancillary

benefits

realized

by

the

Adviser

and

its

affiliates

from

the

Adviser’s

relationship

with

the

Trust);

the

effect

of

asset

growth

on

each

New

Fund’s

expenses;

and

potential

conflicts

of

interest.

The

Trustees

also

considered

benefits

that

accrue

to

the

Adviser

and

its

affiliates

from

their

relationships

with

the

New

Funds.

The

Trustees

also

concluded

that,

other

than

the

services

provided

by

the

Adviser

and

its

affiliates

pursuant

to

agreements

with

each

New

Fund

and

the

fees

to

be

paid

by

each

New

Fund

therefor,

each

New

Fund

and

the

Adviser

may

potentially

benefit

from

their

relationship

with

each

other

in

other

ways.

The

Trustees

concluded

that

the

success

of

each

New

Fund

could

attract

other

business

to

the

Adviser

or

other

Janus

Henderson

funds,

and

that

the

success

of

the

Adviser

could

enhance

the

Adviser’s

ability

to

serve

the

New

Funds.

The

Board,

including

the

Independent

Trustees,

considered

the

following

in

respect

of

each

New

Fund:

(a)

The

nature,

extent

and

quality

of

services

to

be

provided

by

the

Adviser;

personnel

and

operations

of

the

Adviser.

The

Board

reviewed

the

services

that

the

Adviser

would

provide

to

each

New

Fund.

In

connection

with

the

investment

advisory

services

to

be

provided

by

the

Adviser,

the

Board

noted

the

responsibilities

that

the

Adviser

would

have

as

each

New

Fund’s

investment

adviser,

including:

the

overall

supervisory

responsibility

for

the

general

management

and

investment

of

each

New

Fund’s

securities

portfolio;

providing

oversight

of

the

investment

performance

and

processes

and

compliance

with

each

New

Fund’s

investment

objectives,

policies

and

limitations;

the

implementation

of

the

investment

management

program

of

each

New

Fund;

the

management

of

the

day-to-day

investment

and

reinvestment

of

the

assets

of

each

New

Fund;

determining

daily

baskets

of

securities

and

cash

components,

and

negotiating

custom

baskets

in

connection

with

creation

and

redemption

transactions

in

each

New

Fund’s

shares;

executing

portfolio

security

trades

for

purchases

and

redemptions

of

each

New

Fund

shares

conducted

on

a

cash

basis;

the

review

of

brokerage

matters;

the

oversight

of

general

portfolio

compliance

with

relevant

law;

and

the

implementation

of

Board

directives

as

they

relate

to

each

New

Fund.

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

Janus

Detroit

Street

Trust

29

The

Board

reviewed

the

Adviser’s

experience,

resources

and

strengths

in

managing

other

pooled

investment

vehicles,

such

as

the

other

funds

in

the

Trust

as

well

as

environmental,

social

and

governance

focused

strategies

and

products,

including

the

Adviser’s

personnel.

Based

on

its

consideration

and

review

of

the

foregoing

information,

the

Board

determined

that

each

New

Fund

was

likely

to

benefit

from

the

nature,

quality

and

extent

of

these

services,

as

well

as

the

Adviser’s

ability

to

render

such

services

based

on

the

Adviser’s

experience,

personnel,

operations

and

resources.

(b)

Comparison

of

services

to

be

rendered

and

fees

to

be

paid

under

other

investment

advisory

contracts,

and

the

cost

of

the

services

to

be

provided

and

profits

to

be

realized

by

the

Adviser

from

the

relationship

with

each

New

Fund;

“fall-out”

benefits.

The

Board

then

compared

both

the

services

to

be

rendered

and

the

proposed

fees

to

be

paid

under

each

Investment

Management

Agreement,

with

fees

paid

under

contracts

of

other

investment

advisers

for

comparable

mutual

funds

and

ETFs

as

applicable.

In

particular,

the

Board

compared

each

New

Fund’s

proposed

management

fee

and

projected

expense

ratio

to

other

investment

companies

anticipated

to

be

in

each

New

Fund’s

peer

group.

With

respect

to

SSPX,

JZRO,

SCRD,

and

JIB,

the

Board

noted

that

the

Adviser

was

recommending

a

unitary

fee

that

was

lower

than

both

the

median

contractual

management

fee

and

median

total

expense

ratio

of

each

New

Fund’s

anticipated

peer

group,

and

that

the

Funds’

proposed

management

fee

schedules

would

include

contractual

break

points

that

could

potentially

reduce

the

unitary

fee

further

depending

on

each

New

Fund’s

asset

growth.

With

respect

to

SXUS,

the

Board

noted

that

the

Adviser

was

recommending

a

unitary

fee

that

was

one

basis

point

higher

than

the

median

contractual

management

fee

and

equal

to

the

median

total

expense

ratio

of

the

New

Fund’s

anticipated

peer

group.

The

Board

noted

that

the

proposed

management

fee

schedule

for

SXUS

would

also

include

contractual

break

points

that

could

potentially

reduce

the

unitary

fee

further

depending

on

the

New

Fund’s

asset

growth.

The

Board

also

discussed

the

anticipated

costs

and

projected

profitability

of

the

Adviser

in

connection

with

its

serving

as

investment

adviser

to

each

New

Fund,

including

operational

costs.

After

comparing

each

New

Fund’s

proposed

fees

with

those

of

the

funds

in

each

New

Fund’s

respective

anticipated

peer

group,

and

in

light

of

the

nature,

extent

and

quality

of

services

proposed

to

be

provided

by

the

Adviser

and

the

costs

expected

to

be

incurred

by

the

Adviser

in

rendering

those

services,

the

Board

concluded

that

the

level

of

fees

proposed

to

be

paid

to

the

Adviser

with

respect

to

each

New

Fund

was

fair

and

reasonable.

The

Board

also

considered

that

the

Adviser

may

benefit

from

certain

trading

services

and

research

permissibly

obtained

from

broker-dealers

with

client

commissions

generated

from

trading

equity

securities,

and

may

also

experience

reputational

“fall-out”

benefits

based

on

the

success

of

each

New

Fund,

but

that

such

benefits

are

not

easily

quantifiable.

(c)

The

extent

to

which

economies

of

scale

would

be

realized

as

each

New

Fund

grows

and

whether

fee

levels

would

reflect

such

economies

of

scale.

The

Board

next

discussed

potential

economies

of

scale.

Since

each

New

Fund

had

not

commenced

operations,

and

the

eventual

aggregate

amount

of

assets

was

uncertain,

the

Adviser

was

not

able

to

provide

the

Board

specific

information

concerning

the

extent

to

which

economies

of

scale

would

be

realized

as

each

New

Fund

grows

and

whether

the

management

fee

level

would

reflect

such

economies

of

scale,

if

any.

The

Board

recognized

the

uncertainty

in

launching

a

new

investment

product

and

estimating

future

asset

levels;

however,

the

Board

noted

that

the

fee

schedule

proposed

by

the

Adviser

for

SSPX,

SXUS,

and

JZRO

each

contained

a

breakpoint

for

assets

above

$250

million

and

for

SCRD

and

JIB

each

contained

a

breakpoint

for

assets

above

$500

million.

The

Board

also

noted

the

unitary

fee

structure,

pursuant

to

which

the

Adviser

pays,

with

certain

exceptions,

any

excess

costs

incurred

to

operate

each

New

Fund.

The

Board

acknowledged

the

unitary

fee

cap

effectively

puts

the

risk

of

higher

costs

at

lower

asset

levels

on

the

Adviser

rather

than

the

New

Funds.

(d)

Investment

performance

of

each

New

Fund

and

the

Adviser.

Because

each

New

Fund

is

newly

formed

and

had

not

commenced

operations,

the

Board

did

not

consider

the

investment

performance

of

each

New

Fund.

Conclusion.

No

single

factor

was

determinative

to

the

decision

of

the

Board.

Based

on

its

consideration

of

the

foregoing

and

such

other

matters

as

were

deemed

relevant,

the

Board

concluded

that

the

proposed

management

fee

rate

and

projected

total

expense

ratio

of

each

New

Fund

are

reasonable

in

relation

to

the

services

to

be

provided

by

the

Adviser

to

each

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

30

October

31,

2021

New

Fund,

as

well

as

the

costs

to

be

incurred

and

benefits

to

be

gained

by

the

Adviser

in

providing

such

services.

The

Board

also

found

the

proposed

management

fee

for

each

New

Fund

to

be

reasonable

in

comparison

to

the

fees

charged

by

advisers

to

other

comparable

ETFs

and

mutual

funds

(as

applicable).

As

a

result,

the

Board

concluded

that

the

initial

approval

of

the

Investment

Management

Agreement

was

in

the

best

interests

of

each

New

Fund.

After

full

consideration

of

the

above

factors,

as

well

as

other

factors,

the

Trustees,

including

all

of

the

Independent

Trustees

voting

separately,

determined

to

approve

the

Investment

Management

Agreement

for

each

New

Fund.

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Trustees

and

Officers

(unaudited)

Janus

Detroit

Street

Trust

31

The

following

are

the

Trustees

and

officers

of

the

Trust

together

with

a

brief

description

of

their

principal

occupations

during

the

last

five

years

(principal

occupations

for

certain

Trustees

may

include

periods

over

five

years).

The

Fund’s

Statement

of

Additional

Information

includes

additional

information

about

the

Trustees

and

officers

and

is

available,

without

charge,

by

calling

1-877-335-2687.

Each

Trustee

has

served

in

that

capacity

since

he

or

she

was

originally

elected

or

appointed.

The

Trustees

do

not

serve

a

specified

term

of

office.

Each

Trustee

will

hold

office

until

the

termination

of

the

Trust

or

his

or

her

earlier

death,

resignation,

retirement,

incapacity,

or

removal.

Under

the

Fund’s

Governance

Procedures

and

Guidelines,

the

policy

is

for

Trustees

to

retire

no

later

than

the

end

of

the

calendar

year

in

which

the

Trustee

turns

75.

The

Trustees

review

the

Fund’s

Governance

Procedures

and

Guidelines

from

time

to

time

and

may

make

changes

they

deem

appropriate.

The

Fund’s

Nominating

and

Governance

Committee

will

consider

nominees

for

the

position

of

Trustee

recommended

by

shareholders.

Shareholders

may

submit

the

name

of

a

candidate

for

consideration

by

the

Committee

by

submitting

their

recommendations

to

the

Trust’s

Secretary.

Each

Trustee

is

currently

a

Trustee

of

one

other

registered

investment

company

advised

by

Janus

Capital:

Clayton

Street

Trust.

As

of

the

date

of

this

report,

collectively,

the

two

registered

investment

companies

consist

of

14

series

or

funds.

The

Trust’s

officers

are

elected

annually

by

the

Trustees

for

a

one-year

term.

Certain

officers

also

serve

as

officers

of

Clayton

Street

Trust.

Certain

officers

of

the

Funds

may

also

be

officers

and/or

directors

of

Janus

Capital.

Except

as

otherwise

disclosed,

Fund

officers

receive

no

compensation

from

the

Funds.

TRUSTEES

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Number

of

Portfolios/Funds

in

Fund

Complex

Overseen

by

Trustee*

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Independent

Trustees

Clifford

J.

Weber

151

Detroit

Street

Denver,

CO

80206

DOB:

1963

Chairman

Trustee

2/16-Present

Owner,

Financial

Products

Consulting

Group

LLC

(consulting

services

to

financial

institutions)

(since

2015).

14

Independent

Trustee,

Clough

Funds

Trust

(investment

company)

(since

2015),

Chairman,

Clough

Funds

Trust

(since

2017),

Independent

Trustee,

Clough

Global

Dividend

and

Income

Fund (closed-end fund)

(since

2017),

Independent

Trustee,

Clough

Global

Opportunities

Fund (closed-end fund)

(since

2017),

Independent

Trustee,

Clough

Global

Equity

Fund (closed-end fund)

(since

2017),

Independent

Trustee,

Elevation

ETF

Trust

(investment

company)

(2016-

2018),

Chairman,

Elevation

ETF

Trust

(2016-2018),

and

Independent

Trustee,

Global

X

Funds

(investment

company)

(since

2018).

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Trustees

and

Officers

(unaudited)

32

October

31,

2021

*

Each

Trustee

also

serves

as

a

trustee

to

the

Clayton

Street

Trust,

which

is

currently

comprised

of

three

portfolios.

**

Ms.

Benz

is

an

Interested

Trustee

because

of

her

employment

with

Janus

Henderson

Investors.

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Number

of

Portfolios/Funds

in

Fund

Complex

Overseen

by

Trustee*

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Maureen

T.

Upton

151

Detroit

Street

Denver,

CO

80206

DOB:

1965

Trustee

2/16-Present

Principal,

Maureen

Upton

Ltd.

(consulting

services

to

developers

of

major

infrastructure

projects

and

investors)

(since

2017).

Formerly,

Principal

Consultant,

SRK

Consulting

(U.S.),

Inc.

(consulting

services

to

global

mining,

energy

and

water

resource

industries)

(2015-

2017)

and

Founder

and

Principal,

Resource

Initiatives

LLC

(sustainability

consulting

firm)

(2006-2015).

14

Jeffrey

B.

Weeden

151

Detroit

Street

Denver,

CO

80206

DOB:

1956

Trustee

2/16-Present

Senior

Advisor,

BayBoston

Capital

LP

(investment

fund

in

banks

and

bank

holdings

companies)

(since

2015).

Formerly,

Management

Advisor,

BoxCast,

Inc.

(technology start-

up company)

(2014-2017).

14

Director,

West

Travis

County

Municipal

Utility

District

No. 6

(municipal

utility)

(since

2020)

and

Director,

State

Farm

Bank

(banking)

(2014-2021).

Interested

Trustee

Carrie

Benz**

151

Detroit

Street

Denver,

CO

80206

DOB:

1975

Trustee

1/21-Present

Global

Head

of

Investment

Services,

Janus

Henderson

Investors

(since

2017);

Vice

President,

Investments

Chief

of

Staff,

Janus

Capital

Management

LLC

(2007-

2017).

14

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Trustees

and

Officers

(unaudited)

Janus

Detroit

Street

Trust

33

OFFICERS

*

Officers

are

elected

at

least

annually

by

the

Trustees

for

a

one-year

term

and

may

also

be

elected

from

time

to

time

by

the

Trustees

for

an

interim

period.

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Term

of

Office*

and

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Bruce

L.

Koepfgen

151

Detroit

Street

Denver,

CO

80206

DOB:

1952

President

and

Chief

Executive

Officer

2/16-Present

Executive

Vice

President,

Head

of

North

America

at

Janus

Henderson

Investors

(since

2017),

President

and

Head

of

North

America

at

Janus

Capital

Management

LLC

(since

2013

and

2017,

respectively),

President

at

Janus

Capital

Group

Inc.

(since

2013),

President

and

Director

at

Janus

International

Holding

LLC

(since

2019

and

2011,

respectively),

President

at

Janus

Holdings

LLC

(since

2019),

President

and

Director

at

Janus

Management

Holdings

Corporation

(since

2017

and

2012,

respectively),

Executive

Vice

President

and

Head

of

North

America

at

Janus

Distributors

LLC

(since

2011

and

2019,

respectively),

Vice

President

and

Director

at

Intech

Investment

Management

LLC

(since

2012),

and

Executive

Vice

President

at

Perkins

Investment

Management

LLC

(since

2011).

Formerly,

Executive

Vice

President

at

Janus

Capital

Group

Inc.,

Janus

International

Holding

LLC,

and

Janus

Management

Holdings

Corporation

(2011-

2019),

Director

at

Perkins

Investment

Management

LLC

(2011-2019),

and

Chief

Financial

Officer

at

Janus

Capital

Group

Inc.

(2011-2013).

Kristin

Mariani

151

Detroit

Street

Denver,

CO

80206

DOB:

1966

Vice

President,

Chief

Compliance

Officer,

and

Anti-

Money

Laundering

Officer

7/20-Present

Head

of

Compliance,

North

America

for

Janus

Henderson

Investors

(since

September

2020)

and

Chief

Compliance

Officer

for

Janus

Capital

Management

LLC

(since

September

2017).

Formerly,

Global

Head

of

Investment

Management

Compliance

for

Janus

Henderson

Investors

(February

2019

-

August

2020),

Vice

President,

Head

of

Global

Distribution

Compliance

and

Chief

Compliance

Officer

of

Janus

Henderson

Distributors

(May

2017

–

September

2017),

Vice

President,

Compliance

at

Janus

Capital

Group

Inc.,

Janus

Capital

Management

LLC,

and

Janus

Distributors

LLC

(2009-2017).

Jesper

Nergaard

151

Detroit

Street

Denver,

CO

80206

DOB:

1962

Chief

Financial

Officer,

Vice

President,

Treasurer,

and

Principal

Accounting

Officer

2/16-Present

Head

of

U.S.

Fund

Administration,

Janus

Henderson

Investors

and

Janus

Services

LLC.

Byron

D.

Hittle

151

Detroit

Street

Denver,

CO

80206

DOB:

1974

Vice

President,

Secretary,

and

Chief

Legal

Officer

7/18-Present

Managing

Counsel

of

Janus

Henderson

Investors

(2017-present).

Formerly,

Assistant

Vice

President

and

Senior

Legal

Counsel

of

Janus

Capital

Management

LLC

(2012-2016).

125-02-93092

12-21

This

report

is

submitted

for

the

general

information

of

shareholders

of

the

Fund.

It

is

not

an

offer

or

solicitation

for

the

Fund

and

is

not

authorized

for

distribution

to

prospective

investors

unless

preceded

or

accompanied

by

an

effective

prospectus.

Janus

Henderson

is

a

trademark

of

Janus

Henderson

Group

plc

or

one

of

its

subsidiaries.

©

Janus

Henderson

Group

plc.

Janus

Capital

Management

LLC

is

the

investment

adviser

and

ALPS

Distributors,

Inc.

is

the

distributor.

ALPS

is

not

affiliated

with

Janus

Henderson

or

any

of

its

subsidiaries.

ANNUAL

REPORT

October

31,

2021

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Performance

Overview

...........................

1

Disclosure

of

Fund

Expenses

.......................

4

Report

of

Independent

Registered

Public

Accounting

Firm

...

5

Schedule

of

Investments

..........................

6

Statement

of

Assets

and

Liabilities

...................

14

Statement

of

Operations

..........................

15

Statement

of

Changes

in

Net

Assets

.................

16

Financial

Highlights

..............................

17

Notes

to

Financial

Statements

......................

18

Additional

Information

............................

30

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

...................................

31

Trustees

and

Officers

............................

34

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

(unaudited)

Janus

Detroit

Street

Trust

1

INVESTMENT

OBJECTIVE

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

(JIB)

seeks

total

return

consisting

of

income

and

capital

appreciation,

while

giving

special

consideration

to

certain

environmental,

social

and

governance

(“ESG”)

factors.

PERFORMANCE

OVERVIEW

The

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

(JIB)

launched

on

September

8,

2021.

From

inception

to

October

31,

2021,

the

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

returned

-0.76%.

Its

benchmark,

the

Bloomberg

U.S.

Aggregate

Bond

Index,

returned

of

-0.75%

over

the

same

period.

Returns

from

inception

through

the

end

of

the

period

were

impacted

by

the

costs

of

investing

the

portfolio’s

seed

funding

and

investor

inflows

into

the

market.

During

the

period,

the

Fund

invested

in

derivatives,

namely

futures,

to

facilitate

risk,

duration

and

yield-curve

management

and

in

an

attempt

to

enhance

expected

returns.

The

Fund’s

exposure

to

derivatives

aided

results

over

the

since

inception

period.

Please

see

the

Derivative

Instruments

section

in

the

“Notes

to

Financial

Statements”

for

a

discussion

of

derivatives

used

by

the

Fund.

The

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

actively

invests

in

U.S.

fixed

income

securities

and

aims

to

capitalize

on

sustainable

opportunities.

Through

our

forward-looking

investment

framework

we

seek

to

generate

risk-adjusted

excess

returns,

while

still

providing

positive

environmental

and

societal

impact.

Nick

Childs

Greg

Wilensky

co-portfolio

manager

co-portfolio

manager

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

(unaudited)

Fund

At

A

Glance

October

31,

2021

2

October

31,

2021

Holdings

are

subject

to

change

without

notice.

Sector

Allocation

–

(%

of

Net

Assets)

Mortgage-Backed

Securities

36.6%^

Asset-Backed

Securities

18.4%

Government

17.3%

Investment

Companies

14.5%

Financial

9.8%

Collateralized

Loan

Obligations

6.2%

Consumer,

Non-cyclical

4.8%

Technology

2.0%

Consumer,

Cyclical

1.9%

Industrial

1.7%

Utilities

1.6%

Energy

0.7%

115.5%

^

Percentage

includes

amounts

allocated

to

certain

Forward

Commitment

Transactions,

including

“to-be

announced”

mortgage-backed

securities.

Please

see

the

Schedule

of

Investments

and

Notes

to

Financial

Statements

for

additional

information.

Environmental

and

Social

Sustainable

Investments

–

82.90%

of

Net

Assets

Environmental

and

Social

Impact

Themes*

–

(%

of

Net

Assets)

Transition

to

the

Green

Economy

21.01%

Economic

&

Community

Development

and

Inclusion

5.78%

Knowledge

&

Technology,

and

Innovation

0.00%

Health

&

Well-Being

0.96%

Affordable

Housing

10.24%

37.99

%

*

The

Adviser

seeks

to

identify

securities

that

are

aligned

with

positive

environmental

and

social

impact

themes,

which

generally

align

with

certain

of

the

United

Nations

Sustainable

Development

Goals

as

described

in

the

Fund's

prospectus.

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

(unaudited)

Performance

Janus

Detroit

Street

Trust

3

Total

annual

expense

ratio

as

stated

in

the

prospectus:

0.39%.

See

Financial

Highlights

for

actual

expense

ratios

during

the

reporting

period.

Returns

quoted

are

past

performance

and

do

not

guarantee

future

results;

current

performance

may

be

lower

or

higher.

Investment

returns

and

principal

value

will

vary;

there

may

be

a

gain

or

loss

when

shares

are

sold.

For

the

most

recent

month-end

performance

call

800.668.0434

or

visit

janushenderson.com/performance.

Shares

of

ETFs

are

bought

and

sold

at

market

price

(not

NAV)

and

are

not

individually

redeemed

from

the

Fund.

Market

returns

are

based

upon

the

midpoint

of

the

bid/ask

spread

at

4:00

p.m.

Eastern

time

(when

NAV

is

normally

determined

for

most

ETFs),

and

do

not

represent

the

returns

you

would

receive

if

you

traded

shares

at

other

times.

Ordinary

brokerage

commissions

apply

and

will

reduce

returns.

Performance

for

very

short

time

periods

may

not

be

indicative

of

future

performance.

Investing

involves

risk,

including

the

possible

loss

of

principal

and

fluctuation

of

value.

There

is

no

assurance

the

stated

objective(s)

will

be

met.

Performance

may

be

affected

by

risks

that

include

those

associated

with

foreign

and

emerging

markets,

fixed

income

securities,

high-yield

and

high-risk

securities,

undervalued,

overlooked

and

smaller

capitalization

companies,

real

estate

related

securities

including

Real

Estate

Investment

Trusts

(REITs),

non-diversification,

Environmental,

Social

and

Governance

(ESG)

factors,

portfolio

turnover,

derivatives,

short

sales,

initial

public

offerings

(IPOs)

and

potential

conflicts

of

interest.

Each

product

has

different

risks.

Please

see

the

prospectus

for

more

information

about

risks,

holdings

and

other

details.

Returns

include

reinvestment

of

dividends

and

capital

gains.

Returns

greater

than

one

year

are

annualized.

Returns

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

redemptions

of

Fund

shares.

The

returns

do

not

include

adjustments

in

accordance

with

generally

accepted

accounting

principles

required

at

the

period

end

for

financial

reporting

purposes.

See

Notes

to

Schedule

of

Investments

and

Other

Information

for

index

definitions.

Index

performance

does

not

reflect

the

expenses

of

managing

a

portfolio

as

an

index

is

unmanaged

and

not

available

for

direct

investment.

Average

Annual

Total

Return

for

the

periods

ended

October

31,

2021

Since

Inception

*

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

-

NAV

-0.76%

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

-

Market

Price

-0.78%

Bloomberg

U.S.

Aggregate

Bond

Index

-0.75%

*

The

Fund

commenced

operations

on

September

8,

2021.

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

(unaudited)

Disclosure

of

Fund

Expenses

4

October

31,

2021

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1)

transaction

costs,

which

may

include

creation

and

redemption

fees

or

brokerage

charges

and

(2)

ongoing

costs,

including

management

fees

and

other

Fund

expenses.

This

example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

Funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

example

is

based

upon

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

six-months

indicated,

unless

noted

otherwise

in

the

table

and

footnotes

below. 

Actual

Expenses 

The

information

in

the

table

under

the

heading

“Actual”

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

these

columns,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

under

the

heading

entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

the

period.

Hypothetical

Example

for

Comparison

Purposes 

The

information

in

the

table

under

the

heading

“Hypothetical

(5%

return

before

expenses)”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

upon

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

determine

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Additionally,

for

an

analysis

of

the

fees

associated

with

an

investment

or

other

similar

funds,

please

visit 

www.finra.org/

fundanalyzer.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transaction

costs,

such

as

creation

and

redemption

fees,

or

brokerage

charges.

These

fees

are

fully

described

in

the

Fund’s

prospectus.

Therefore,

the

hypothetical

examples

are

useful

in

comparing

ongoing

costs

only

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

transaction

costs

were

included,

your

costs

would

have

been

higher.

Actual

Hypothetical

(5%

return

before

expenses)

Beginning

Account

Value

(9/8/2021)

Ending

Account

Value

(10/31/21)

Expenses

Paid

During

Period

(9/8/2021

-

10/31/21)

*†

Beginning

Account

Value

(5/1/21)

Ending

Account

Value

(10/31/21)

Expenses

Paid

During

Period

(5/1/21

-

10/31/21)

†

Net

Annualized

Expense

Ratio

(5/1/21

-

10/31/21)

$1,000.00

$992.40

$0.56

$1,000.00

$1,023.24

$1.99

0.39%

†

Expenses

Paid

During

Period

is

equal

to

the

Net

Annualized

Expense

Ratio

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period).

*

Actual

Expenses

Paid

During

Period

reflects

only

the

inception

period

for

the

Fund

(September

8,

2021

to

October

31,

2021)

and

is

equal

to

the

Net

Annualized

Expense

Ratio

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

53/365

(to

reflect

the

period).

Therefore,

actual

expenses

shown

are

lower

than

would

be

expected

for

a

six-month

period.

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Report

of

Independent

Registered

Public

Accounting

Firm

Janus

Detroit

Street

Trust

5

To

the

Board

of

Trustees

of

Janus

Detroit

Street

Trust

and

Shareholders

of

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

(one

of

the

funds

constituting

Janus

Detroit

Street

Trust

,

referred

to

hereafter

as

the

"Fund")

as

of

October

31,

2021,

and

the

related

statements

of

operations

and

changes

in

net

assets,

including

the

related

notes,

and

the

financial

highlights

for

the

period

September

8,

2021

(commencement

of

operations)

through

October

31,

2021

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

October

31,

2021

,

and

the

results

of

its

operations,

changes

in

its

net

assets

and

the

financial

highlights

for

the

period

September

8,

2021

(commencement

of

operations)

through

October

31,

2021

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

based

on

our

audit

.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audit

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audit

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audit

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

October

31,

2021

by

correspondence

with

the

custodian

and

brokers

;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures

.

We

believe

that

our

audit

provides

a

reasonable

basis

for

our

opinion.

Denver,

Colorado

December

17,

2021

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

Janus

Henderson

Funds

since

1990.

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Schedule

of

Investments

October

31,

2021

6

October

31,

2021

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Asset-Backed

Securities

-

18.4%

Affirm

Asset

Securitization

Trust,

3.4600%,

10/15/24

(144A)

$

360,160

$

363,410

Ajax

Mortgage

Loan

Trust,

2.2500%,

6/25/60

(144A)

Ç

111,721

112,086

Ajax

Mortgage

Loan

Trust,

2.2500%,

9/27/60

(144A)

Ç

42,111

42,222

Aligned

Data

Centers

Issuer

LLC,

1.9370%,

8/15/46

(144A)

500,000

497,636

Aqua

Finance

Trust,

1.5400%,

7/17/46

(144A)

349,000

346,371

DB

Master

Finance

LLC,

4.3520%,

5/20/49

(144A)

329,280

354,548

Domino's

Pizza

Master

Issuer

LLC,

2.6620%,

4/25/51

(144A)

49,750

51,043

FREED

ABS

Trust,

0.6200%,

11/20/28

(144A)

500,000

499,953

FREED

ABS

Trust,

1.0100%,

11/20/28

(144A)

250,000

248,683

GoodLeap

Sustainable

Home

Solutions

Trust,

2.1000%,

5/20/48

(144A)

974,997

964,019

GoodLeap

Sustainable

Home

Solutions

Trust,

2.3100%,

10/20/48

(144A)

250,000

250,440

Jersey

Mike's

Funding,

4.4330%,

2/15/50

(144A)

125,000

131,961

JP

Morgan

Chase

Bank

NA,

0.8600%,

2/26/29

(144A)

464,259

463,611

Lakeview

LLC,

1.8336%,

7/10/32

‡

84,636

84,742

Lendingpoint

Asset

Securitization

Trust,

1.1100%,

2/15/29

(144A)

119,000

118,898

Mosaic

Solar

Loan

Trust,

1.4400%,

6/20/52

(144A)

496,405

483,133

Mosaic

Solar

Loan

Trust,

1.9200%,

6/20/52

(144A)

496,405

487,379

Sunnova

Helios

II

Issuer

LLC,

2.0100%,

7/20/48

(144A)

984,944

973,674

Sunrun

Demeter

Issuer,

2.2700%,

1/30/57

(144A)

250,000

248,723

Taco

Bell

Funding

LLC,

1.9460%,

8/25/51

(144A)

500,000

496,078

Tesla

Auto

Lease

Trust,

0.3600%,

9/22/25

(144A)

1,500,000

1,493,620

Upstart

Securitization

Trust,

0.8400%,

9/20/31

(144A)

433,000

430,980

Total

Asset-Backed

Securities

(cost

$9,204,560)

9,143,210

Collateralized

Loan

Obligations

-

6.2%

Benefit

Street

Partners

CLO

XXII

Ltd.

2020-22A

B,

ICE

LIBOR

USD

3

Month

+

1.5500%,

1.6815%,

1/20/32

(144A)

‡

250,000

250,063

CBAM

Ltd.

2019-11RA

A2,

ICE

LIBOR

USD

3

Month

+

1.5000%,

1.6249%,

1/20/35

(144A)

‡

250,000

250,000

Cedar

Funding

VII

CLO

Ltd.

2018-7A

A1,

ICE

LIBOR

USD

3

Month

+

1.0000%,

1.1315%,

1/20/31

(144A)

‡

600,000

600,759

CIFC

Funding

Ltd.

2014-5A

DR2,

ICE

LIBOR

USD

3

Month

+

3.4000%,

3.5223%,

10/17/31

(144A)

‡

250,000

251,081

CIFC

Funding

Ltd.

2021-1A

A1,

ICE

LIBOR

USD

3

Month

+

1.1100%,

1.2339%,

4/25/33

(144A)

‡

250,000

250,000

Neuberger

Berman

Loan

Advisers

CLO

33

Ltd.

2019-33A

BR,

ICE

LIBOR

USD

3

Month

+

1.6000%,

1.7223%,

10/16/33

(144A)

‡

250,000

249,999

Recette

CLO

Ltd.

2015-1A

ARR,

ICE

LIBOR

USD

3

Month

+

1.0800%,

1.2115%,

4/20/34

(144A)

‡

340,000

340,351

Regata

XII

Funding

Ltd.

2019-1A

BR,

ICE

LIBOR

USD

3

Month

+

1.6000%,

1.7237%,

10/15/32

(144A)

‡

485,000

484,998

Voya

CLO

Ltd.

2017-4A

A2,

ICE

LIBOR

USD

3

Month

+

1.2500%,

1.3737%,

10/15/30

(144A)

‡

411,000

410,033

Total

Collateralized

Loan

Obligations

(cost

$3,085,283)

3,087,284

Corporate

Bonds

-

22.3%

Consumer,

Cyclical

-

1.9%

Aptiv

plc,

4.3500%, 3/15/29

83,000

93,867

General

Motors

Financial

Co.,

Inc.,

2.7000%, 8/20/27

198,000

202,130

Hasbro,

Inc.,

5.1000%, 5/15/44

202,000

246,836

Lithia

Motors,

Inc.,

4.3750%, 1/15/31

(144A)

230,000

244,929

Marriott

International,

Inc.,

4.0000%, 4/15/28

63,000

68,981

Marriott

International,

Inc.,

3.5000%, 10/15/32

90,000

95,187

951,930

Consumer,

Non-cyclical

-

4.8%

Abbott

Laboratories,

6.1500%, 11/30/37

65,000

95,392

AbbVie,

Inc.,

3.2000%, 11/21/29

75,000

80,147

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Schedule

of

Investments

October

31,

2021

Janus

Detroit

Street

Trust

7

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Corporate

Bonds

-

(continued)

Consumer,

Non-cyclical

-

(continued)

Coca-Cola

Femsa

SAB

de

CV,

1.8500%, 9/1/32

$

187,000

$

176,369

CVS

Health

Corp.,

3.7500%, 4/1/30

85,000

93,656

GXO

Logistics,

Inc.,

1.6500%, 7/15/26

(144A)

110,000

108,073

HCA,

Inc.,

5.2500%, 6/15/26

59,000

66,904

HCA,

Inc.,

4.1250%, 6/15/29

85,000

94,145

HCA,

Inc.,

3.5000%, 9/1/30

279,000

293,410

HCA,

Inc.,

5.2500%, 6/15/49

211,000

273,595

Humana,

Inc.,

3.1250%, 8/15/29

64,000

67,713

Illumina,

Inc.,

2.5500%, 3/23/31

108,000

108,129

Pilgrim's

Pride

Corp.,

4.2500%, 4/15/31

(144A)

280,000

295,400

Royalty

Pharma

plc,

2.1500%, 9/2/31

499,000

474,499

Sysco

Corp.,

2.4000%, 2/15/30

175,000

177,188

2,404,620

Energy

-

0.7%

Cheniere

Corpus

Christi

Holdings

LLC,

3.7000%, 11/15/29

169,000

181,325

Sabine

Pass

Liquefaction

LLC,

5.6250%, 3/1/25

84,000

94,318

Sabine

Pass

Liquefaction

LLC,

4.5000%, 5/15/30

83,000

94,576

370,219

Financial

-

9.6%

AerCap

Ireland

Capital

DAC,

3.8750%, 1/23/28

188,000

201,394

AerCap

Ireland

Capital

DAC,

3.3000%, 1/30/32

245,000

249,351

AerCap

Ireland

Capital

DAC,

3.8500%, 10/29/41

245,000

253,648

Air

Lease

Corp.,

3.1250%, 12/1/30

155,000

158,312

Alexandria

Real

Estate

Equities,

Inc.,

2.0000%, 5/18/32

181,000

174,340

Bank

of

America

Corp.,

ICE

LIBOR

USD

3

Month

+

3.1350%,

5.2000%, 6/1/23

‡,μ

361,000

370,476

Bank

of

America

Corp.,

SOFR

+

1.2200%,

2.2990%, 7/21/32

‡

205,000

200,553

Bank

of

America

Corp.,

SOFR

+

1.2100%,

2.5720%, 10/20/32

‡

100,000

100,203

Boston

Properties

LP,

4.5000%, 12/1/28

214,000

244,466

Boston

Properties

LP,

2.5500%, 4/1/32

204,000

203,142

Charles

Schwab

Corp.

(The),

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

3.0790%,

4.0000%, 12/1/30

‡,μ

144,000

146,160

Citigroup,

Inc.,

SOFR

+

0.5280%,

1.2810%, 11/3/25

‡

250,000

250,274

Crown

Castle

International

Corp.,

2.5000%, 7/15/31

95,000

94,183

Digital

Realty

Trust

LP,

4.4500%, 7/15/28

83,000

94,406

Equinix,

Inc.,

1.5500%, 3/15/28

153,000

148,303

Equinix,

Inc.,

2.5000%, 5/15/31

134,000

134,012

Healthpeak

Properties,

Inc.,

1.3500%, 2/1/27

179,000

175,446

JPMorgan

Chase

&

Co.,

SOFR

+

3.1250%,

4.6000%, 2/1/25

‡,μ

120,000

122,744

JPMorgan

Chase

&

Co.,

SOFR

+

2.5150%,

2.9560%, 5/13/31

‡

214,000

220,922

Lloyds

Banking

Group

plc,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.8500%,

1.6270%, 5/11/27

‡

251,000

248,093

Morgan

Stanley,

3.9500%, 4/23/27

184,000

201,966

Morgan

Stanley,

SOFR

+

1.3600%,

2.4840%, 9/16/36

‡

245,000

238,040

NatWest

Group

plc,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.3500%,

3.0320%, 11/28/35

‡

250,000

248,760

Rexford

Industrial

Realty

LP,

2.1500%, 9/1/31

163,000

155,965

Sun

Communities

Operating

LP,

2.7000%, 7/15/31

118,000

118,384

4,753,543

Industrial

-

1.7%

Otis

Worldwide

Corp.,

2.5650%, 2/15/30

66,000

67,312

Owens

Corning,

3.9500%, 8/15/29

181,000

201,898

Trimble,

Inc.,

4.9000%, 6/15/28

149,000

170,801

Xylem,

Inc.,

1.9500%, 1/30/28

148,000

147,931

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Schedule

of

Investments

October

31,

2021

8

October

31,

2021

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Corporate

Bonds

-

(continued)

Industrial

-

(continued)

Xylem,

Inc.,

2.2500%, 1/30/31

$

134,000

$

133,933

Xylem,

Inc.,

4.3750%, 11/1/46

94,000

114,962

836,837

Technology

-

2.0%

Broadcom

Corp.,

3.8750%, 1/15/27

91,000

98,647

Broadcom,

Inc.,

3.4690%, 4/15/34

(144A)

195,000

201,178

Broadcom,

Inc.,

3.7500%, 2/15/51

(144A)

116,000

119,883

Micron

Technology,

Inc.,

5.3270%, 2/6/29

90,000

106,159

Micron

Technology,

Inc.,

2.7030%, 4/15/32

124,000

123,788

NXP

BV,

2.5000%, 5/11/31

(144A)

157,000

156,041

VMware,

Inc.,

4.7000%, 5/15/30

58,000

67,854

VMware,

Inc.,

2.2000%, 8/15/31

113,000

109,965

983,515

Utilities

-

1.6%

AES

Corp.

(The),

1.3750%, 1/15/26

150,000

146,736

AES

Corp.

(The),

2.4500%, 1/15/31

148,000

144,865

Dominion

Energy,

Inc.,

2.2500%, 8/15/31

159,000

156,761

Duquesne

Light

Holdings,

Inc.,

2.7750%, 1/7/32

(144A)

196,000

194,830

NextEra

Energy

Capital

Holdings,

Inc.,

1.9000%, 6/15/28

149,000

147,282

790,474

Total

Corporate

Bonds

(cost

$11,261,761)

11,091,138

Mortgage-Backed

Securities

-

36.6%

Angel

Oak

Mortgage

Trust

,

3.8600

%

,

1/26/65

(144A)

‡

49,701

50,673

Angel

Oak

Mortgage

Trust

I

LLC

,

3.6490

%

,

9/25/48

(144A)

‡

12,885

12,885

Bayview

Financing

Trust

,

SOFR30A

+

1.5500%

,

1.6000

%

,

12/31/49

(144A)

‡

543,394

543,340

BX

Commercial

Mortgage

Trust

ICE

LIBOR

USD

1

Month

+

0.7000%,

0.7903%, 9/15/36

(144A)

‡

1,000,000

999,389

ICE

LIBOR

USD

1

Month

+

1.6500%,

1.7403%, 9/15/36

(144A)

‡

250,000

249,164

CALI

Mortgage

Trust

,

3.9570

%

,

3/10/39

(144A)

250,000

279,690

COLT

Mortgage

Loan

Trust

,

1.8530

%

,

3/25/65

(144A)

‡

30,878

31,034

Connecticut

Avenue

Securities

Trust

,

ICE

LIBOR

USD

1

Month

+

4.1500%

,

4.2392

%

,

8/25/31

(144A)

‡

500,000

511,132

FHLMC

3.5000%, 7/1/42

67,113

72,641

3.0000%, 2/1/43

1,548

1,647

3.5000%, 2/1/44

389,776

421,566

3.5000%, 1/1/47

424,734

459,713

FHLMC

STACR

REMIC

Trust

SOFR30A

+

3.0500%,

3.0987%, 1/25/34

(144A)

‡

500,000

505,001

ICE

LIBOR

USD

1

Month

+

2.9500%,

3.0392%, 11/25/49

(144A)

‡

250,000

250,212

FHLMC

Structured

Agency

Credit

Risk

Debt

Notes

,

ICE

LIBOR

USD

1

Month

+

0.7500%

,

0.8393

%

,

3/25/30

‡

285,296

285,296

FHLMC

UMBS

3.5000%, 3/1/43

280

302

3.5000%, 6/1/43

29,982

32,426

FNMA

ICE

LIBOR

USD

1

Month

+

6.0000%,

6.0892%, 9/25/28

‡

311,065

324,786

3.0000%, 2/1/43

13,318

14,166

3.0000%, 2/1/43

646,404

687,156

3.0000%, 3/1/43

156,616

166,588

4.0000%, 6/1/43

71,753

79,230

4.5000%, 6/1/45

7,556

8,422

3.0000%, 7/1/45

698,549

743,031

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Schedule

of

Investments

October

31,

2021

Janus

Detroit

Street

Trust

9

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Mortgage-Backed

Securities

-

(continued)

FNMA

-

(continued)

3.0000%, 9/1/46

$

315,120

$

334,987

3.0000%, 1/1/47

25,624

27,413

3.5000%, 8/1/56

54,188

59,043

3.0000%, 6/1/57

126,281

134,739

3.0000%, 9/1/57

219,272

233,958

3.0000%, 5/1/58

752,692

803,105

FNMA

UMBS

,

3.0000

%

,

9/1/51

748,852

791,217

FNMA/FHLMC

UMBS

1.5000%,

TBA, 15

Year

Maturity

(b)

196,890

198,174

2.0000%,

TBA, 15

Year

Maturity

(b)

374,910

384,781

2.5000%,

TBA, 15

Year

Maturity

(b)

308,060

320,219

1.5000%,

TBA, 30

Year

Maturity

(b)

94,000

90,990

2.0000%,

TBA, 30

Year

Maturity

(b)

2,145,590

2,145,654

2.5000%,

TBA, 30

Year

Maturity

(b)

1,298,110

1,333,458

3.5000%,

TBA, 30

Year

Maturity

(b)

386,400

408,205

4.0000%,

TBA, 30

Year

Maturity

(b)

114,800

122,898

GNMA

2.0000%,

TBA, 30

Year

Maturity

(b)

462,010

467,924

2.5000%,

TBA, 30

Year

Maturity

(b)

468,830

481,901

3.0000%,

TBA, 30

Year

Maturity

(b)

132,600

137,628

3.5000%,

TBA, 30

Year

Maturity

(b)

465,030

486,184

Grace

Trust

,

2.3470

%

,

12/10/40

(144A)

250,000

251,894

GS

Mortgage-Backed

Securities

Trust

,

2.3520

%

,

9/27/60

(144A)

‡

60,878

61,266

JP

Morgan

Mortgage

Trust

,

SOFR30A

+

0.9000%

,

0.9500

%

,

3/25/51

(144A)

‡

287,089

287,965

JPMorgan

Chase

Commercial

Mortgage

Securities

Corp.

,

ICE

LIBOR

USD

1

Month

+

0.7600%

,

0.8400

%

,

6/15/38

(144A)

‡

500,000

498,806

MKT

Mortgage

Trust

,

2.6940

%

,

2/12/40

(144A)

100,000

103,399

New

Residential

Mortgage

Loan

Trust

,

ICE

LIBOR

USD

1

Month

+

0.9000%

,

0.9893

%

,

1/25/48

(144A)

‡

178,264

178,762

PRPM

LLC

2.3630%, 10/25/26

(144A)

‡

417,000

416,997

2.2370%, 10/25/51

(144A)

‡

250,000

249,993

2.4850%, 10/25/51

(144A)

‡

250,000

249,999

UWM

Mortgage

Trust

,

SOFR30A

+

1.0000%

,

1.0487

%

,

9/25/51

(144A)

‡

154,316

154,316

Total

Mortgage-Backed

Securities

(cost

$18,203,334)

18,145,365

U.S.

Treasury

Notes/Bonds

-

17.3%

0.6250%,

4/15/23

503,200

582,764

0.1250%,

8/31/23

2,264,800

2,251,795

0.3750%,

9/15/24

3,154,000

3,121,967

0.8750%,

9/30/26

1,603,000

1,579,581

0.1250%,

1/15/31

248,400

289,507

1.2500%,

8/15/31

763,000

741,422

Total

U.S.

Treasury

Notes/Bonds

(cost

$8,607,533)

8,567,036

Preferred

Stock

-

0.2%

Mortgage

Real

Estate

Investment

Trusts

(REITs)

-

0.2%

New

Residential

Investment

Corp.

(cost

$100,000)

4,000

101,000

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Schedule

of

Investments

October

31,

2021

10

October

31,

2021

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Investment

Companies

-

14.5%

Money

Market

Funds

-

14.5%

Federated

Hermes

Government

Obligations

Tax-Managed

Fund,

0.0200%

∞

(cost

$7,191,828)

7,191,828

$

7,191,828

Total

Investments

(total

cost

$57,654,299

)

-

115.5%

57,326,861

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(15.5%)

(7,710,803)

Net

Assets

-

100.0%

$49,616,058

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

52,569,832

91.6

%

Cayman

Islands

3,087,284

5.4

Ireland

798,260

1.4

United

Kingdom

496,853

0.9

Mexico

176,369

0.3

Netherlands

156,041

0.3

Uganda

42,222

0.1

Total

$

57,326,861

100.0

%

Schedule

of

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

and

Unrealized

Appreciation

(Depreciation)

Futures

Bought:

U.S.

Treasury

10

Year

Notes

28

12/21/21

$

3,659,688

$

(81,406)

U.S.

Treasury

2

Year

Notes

15

12/31/21

3,288,750

(16,069)

U.S.

Treasury

Ultra

Bonds

25

12/21/21

4,910,156

(40,874)

(138,349)

Futures

Sold:

U.S.

Treasury

10

Year

Ultra

Bonds

8

12/21/21

(1,160,250)

24,365

U.S.

Treasury

5

Year

Notes

20

12/31/21

(2,435,000)

34,199

U.S.

Treasury

Long

Bonds

2

12/21/21

(321,688)

(6,752)

51,812

Total

$(86,537)

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Schedule

of

Investments

October

31,

2021

Janus

Detroit

Street

Trust

11

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

The

following

table,

grouped

by

derivative

type,

provides

information

about

the

fair

value

and

location

of

derivatives

within

the

Statement

of

Assets

and

Liabilities

as

of

October

31,

2021.

The

following

tables

provide

information

about

the

effect

of

derivatives

and

hedging

activities

on

the

Fund’s

Statement

of

Operations

for

the period

ended

October

31,

2021.

Please

see

the

“Net

realized

and

change

in

unrealized

gain/(loss)

on

investments”

sections

of

the

Fund’s

Statement

of

Operations.

Fair

Value

of

Derivative

Instruments

(not

accounted

for

as

hedging

instruments)

as

of

October

31,

2021

Interest

Rate

Contracts

Asset

Derivatives:

Futures

contracts

$58,564

Liability

Derivatives:

Futures

contracts

$(145,101)

The

effect

of

Derivative

Instruments

(not

accounted

for

as

hedging

instruments)

on

the

Statement

of

Operations

for

the

period

ended

October

31,

2021

Amount

of

Realized

Gain/(Loss)

Recognized

on

Derivatives

Derivative

Interest

Rate

Contracts

Futures

contracts

$(42,681)

Amount

of

Change

in

Unrealized

Appreciation/(Depreciation)

Recognized

on

Derivatives

Derivative

Interest

Rate

Contracts

Futures

contracts

$(86,537)

Average

ending

Monthly

Value

of

Derivative

Instruments

During

the

Period

Ended

October

31,

2021

Derivative

Value*

Futures

contracts,

purchased

$11,619,457

Futures

contracts,

sold

4,932,941

*

Futures

contracts

are

reported

as

the

average

ending

monthly

notional

value.

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

October

31,

2021

12

October

31,

2021

Bloomberg

U.S.

Aggregate

Bond

Index

Bloomberg

U.S.

Aggregate

Bond

Index

is

a

broad-based

measure

of

the

investment

grade,

US

dollar-denominated,

fixed-rate

taxable

bond

market.

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

ICE

Intercontinental

Exchange

LIBOR

LIBOR

(London

Interbank

Offered

Rate)

is

a

short-term

interest

rate

that

banks

offer

one

another

and

generally

represents

current

cash

rates.

LLC

Limited

Liability

Company

LP

Limited

Partnership

plc

Public

Limited

Company

SOFR

Secured

Overnight

Financing

Rate

SOFR30A

Secured

Overnight

Financing

Rate

30

Day

Average

TBA

(To

Be

Announced)

Securities

are

purchased/sold

on

a

forward

commitment

basis

with

an

approximate

principal

amount

and

no

defined

maturity

date.

The

actual

principal

and

maturity

date

will

be

determined

upon

settlement

when

specific

mortgage

pools

are

assigned.

UMBS

Uniform

Mortgage-Backed

Securities

∞

Rate

shown

is

the

7-day

yield

as

of

October

31,

2021.

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

October

31,

2021

μ

Perpetual

security.

Perpetual

securities

have

no

stated

maturity

date,

but

they

may

be

called/redeemed

by

the

issuer.

The

date

indicated,

if

any,

represents

the

next

call

date.

144A

Securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended,

are

subject

to

legal

and/or

contractual

restrictions

on

resale

and

may

not

be

publicly

sold

without

registration

under

the

1993

Act.

Unless

otherwise

noted,

these

securities

have

been

determined

to

be

liquid

in

accordance

with

the

requirements

of

Rule

22e-4,

under

the

1940

Act.

The

total

value

of

144A

securities

as

of

the

year

ended

October

31,

2021

is

$19,352,003

which

represents

39.0%

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

October

31,

2021

Janus

Detroit

Street

Trust

13

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

October

31,

2021

.

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

$

—

$

9,143,210

$

—

Collateralized

Loan

Obligations

—

3,087,284

—

Corporate

Bonds

—

11,091,138

—

Mortgage-Backed

Securities

—

18,145,365

—

U.S.

Treasury

Notes/Bonds

—

8,567,036

—

Preferred

Stock

101,000

—

—

Investment

Companies

7,191,828

—

—

Total

Investments

in

Securities

$

7,292,828

$

50,034,033

$

—

Other

Financial

Instruments

(a)

:

Variation

Margin

Receivable

on

Futures

Contracts

$

15,148

$

—

$

—

Total

Assets

$

7,307,976

$

50,034,033

$

—

(a)

Other

financial

instruments

include

futures

contracts.

Futures

contracts

are

reported

at

their

variation

margin

at

measurement

date,

which

represents

the

amount

due

to/from

the

Fund

at

that

date.

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Statement

of

Assets

and

Liabilities

October

31,

2021

14

October

31,

2021

See

Notes

to

Financial

Statements.

Assets:

Investments,

at

value

(cost

$57,654,299)

$

57,326,861

Cash

2,500

Due

from

broker

for

futures

190,000

Receivable

for

variation

margin

on

futures

contracts

15,148

Receivables:

Investments

sold

1,417,640

TBA

investments

sold

343,773

Dividends

1,128

Interest

126,378

Total

Assets

59,423,428

Liabilities:

Payables:

—

Due

to

custodian

858,866

Investments

purchased

2,333,754

TBA

investments

purchased

6,598,327

Management

fees

16,406

Interest

17

Total

Liabilities

9,807,370

Net

Assets

$

49,616,058

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

50,035,856

Total

distributable

earnings

(loss)

(

419,798

)

Total

Net

Assets

$

49,616,058

Net

Assets

$

49,616,058

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

1,000,001

Net

Asset

Value

Per

Share

$

49

.62

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Statement

of

Operations

For

the

period

ended

October

31,

2021

(1)

Janus

Detroit

Street

Trust

15

See

Notes

to

Financial

Statements.

Investment

Income:

Interest

$

96,032

Dividends

1,335

Total

Investment

Income

97,367

Expenses:

Management

Fees

27,399

Total

Expenses

27,399

Net

Investment

Income/(Loss)

69,968

Net

Realized

Gain/(Loss)

on

Investments:

Investments

$

(

717

)

TBA

sales

commitments

(

32,393

)

Futures

contracts

(

42,681

)

Total

Net

Realized

Gain/(Loss)

on

Investments

$

(

75,791

)

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

(

327,438

)

Futures

contracts

(

86,537

)

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

(

413,975

)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

(

419,798

)

(1)

Period

from

September

8,

2021

(commencement

of

operations)

through

October

31,

2021.

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Statement

of

Changes

in

Net

Assets

16

October

31,

2021

See

Notes

to

Financial

Statements.

Period

Ended

October

31,

2021

(1)

Operations:

Net

investment

income/(loss)

$

69,968

Net

realized

gain/(loss)

on

investments

(

75,791

)

Change

in

unrealized

net

appreciation/depreciation

(

413,975

)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

(

419,798

)

Capital

Share

Transactions

50,035,856

Net

Increase/(Decrease)

in

Net

Assets

49,616,058

Net

Assets:

—

Beginning

of

Period  

—

End

of

Period

$

49,616,058

(1)

Period

from

September

8,

2021

(commencement

of

operations)

through

October

31,

2021.

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Financial

Highlights

Janus

Detroit

Street

Trust

17

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

period

ended

October

31

2021

(1)

Net

Asset

Value,

Beginning

of

Period

$50.00

Income/(Loss)

from

Investment

Operations:

—

Net

investment

income/(loss)

(2)

0.07

Net

realized

and

unrealized

gain/(loss)

(0.45)

Total

from

Investment

Operations

(0.38)

Less

Dividends

and

Distributions:

—

Total

Dividends

and

Distributions

—

Net

Asset

Value,

End

of

Period

$49.62

Total

Return

*

(0.76)%

Net

assets,

End

of

Period

(in

thousands)

$49,616

Average

Net

Assets

for

the

Period

(in

thousands)

$48,400

Ratios

to

Average

Net

Assets

**

Ratio

of

Gross

Expenses

0.39%

Ratio

of

Net

Investment

Income/(Loss)

1.00%

Portfolio

Turnover

Rate

(3)(4)

61%

*

Total

return

not

annualized

for

periods

of

less

than

one

full

year.

**

Annualized

for

periods

of

less

than

one

full

year.

(1)

Period

from

September

8,

2021

(commencement

of

operations)

through

October

31,

2021.

(2)

Per

share

amounts

are

calculated

based

on

average

shares

outstanding

during

the

year

or

period.

(3)

Portfolio

turnover

rate

excludes

securities

received

or

delivered

from

in-kind

processing

of

creation

or

redemptions.

(4)

Portfolio

Turnover

Rate

excludes

TBA

(to

be

announced)

purchase

and

sales

commitments.

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Notes

to

Financial

Statements

18

October

31,

2021

1.

Organization

and

Significant

Accounting

Policies

Janus

Henderson

Sustainable

and

Impact

Core

Bond

ETF

(the

“Fund”)

is

a

series

fund.

The

Fund

is

part

of

Janus

Detroit

Street

Trust

(the

“Trust”),

which

is

organized

as

a

Delaware

statutory

trust

and

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company,

and

therefore

has

applied

the

specialized

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

(“ASC”)

Topic

946.

The

financial

statements

include

information

for

the

period

from

September

8,

2021

(commencement

of

operations)

through

October

31,

2021.

As

of

the

date

of

this

report,

the

Trust

offers

eleven

Funds

each

of

which

represent

shares

of

beneficial

interest

in

a

separate

portfolio

of

securities

and

other

assets

with

its

own

objective

and

policies.

The

Fund

seeks

total

return

consisting

of

income

and

capital

appreciation,

while

giving

special

consideration

to

certain

environmental,

social

and

governance

(“ESG”)

factors. 

The

Fund

is

classified

as

diversified,

as

defined

in

the

1940

Act.

The

Fund

is

an

actively-managed

exchange-traded

fund.

Unlike

shares

of

traditional

mutual

funds,

shares

of

the

Fund

are

not

individually

redeemable

and

may

only

be

purchased

or

redeemed

directly

from

the

Fund

at

net

asset

value

(“NAV”)

in

large

increments

called

“Creation

Units”

by

certain

participants,

known

as

“Authorized

Participants.”

The

size

of

a

Creation

Unit

to

purchase

shares

of

the

Fund

may

differ

from

the

size

of

a

Creation

Unit

to

redeem

shares

of

the

Fund.

The

Fund

will

issue

or

redeem

Creation

Units

in

exchange

for

portfolio

securities

and/or

cash.

Except

when

aggregated

in

Creation

Units,

Fund

shares

are

not

redeemable

securities

of

the

Fund.

Shares

of

the

Fund

are

listed

and

trade

on

NYSE

Arca,

Inc.

(NYSE

Arca"),

and

individual

investors

can

purchase

or

sell

shares

in

much

smaller

increments

for

cash

in

the

secondary

market

through

a

broker.

These

transactions,

which

do

not

involve

the

Fund,

are

made

at

market

prices

that

may

vary

throughout

the

day

and

differ

from

the

Fund’s

NAV.

As

a

result,

you

may

pay

more

than

NAV

(a

premium)

when

you

purchase

shares

and

receive

less

than

NAV

(a

discount)

when

you

sell

shares,

in

the

secondary

market.

An

Authorized

Participant

(or

other

broker-dealers

making

markets

in

shares

of

the

Fund)

may

hold

of

record

more

than

25%

of

the

outstanding

shares

of

the

Fund.

From

time

to

time,

Authorized

Participants

(or

other

broker-dealers

making

markets

in

shares

of

the

Fund)

may

be

a

beneficial

and/or

legal

owner

of

the

Fund,

may

be

affiliated

with

an

index

provider,

may

be

deemed

to

have

control

of

the

Fund

and/or

may

be

able

to

affect

the

outcome

of

matters

presented

for

a

vote

of

the

shareholders

of

the

Fund.

Authorized

Participants

(or

other

broker-dealers

making

markets

in

shares

of

the

Fund)

may

execute

an

irrevocable

proxy

granting

the

Distributor,

Janus

Capital

Management

LLC

(“Janus

Capital”

or

“Janus”

or

"Agent")

or

an

affiliate

of

Janus

Capital

power

to

vote

or

abstain

from

voting

such

Authorized

Participant’s

beneficially

or

legally

owned

shares

of

the

Fund.

In

such

cases,

the

Agent

shall

mirror

vote

(or

abstain

from

voting)

such

shares

in

the

same

proportion

as

all

other

beneficial

owners

of

the

Fund. 

The

following

accounting

policies

have

been

followed

by

the

Fund

and

are

in

conformity

with

United

States

of

America

generally

accepted

accounting

principles

(“US

GAAP”). 

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

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

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

19

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.

There

have

been

no

significant

changes

in

valuation

techniques

used

in

valuing

any

such

positions

held

by

the

Fund

since

inception. 

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

October

31,

2021

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.

Investment

Transactions

and

Investment

Income

Investment

transactions

are

accounted

for

as

of

the

date

purchased

or

sold

(trade

date).

Dividend

income

is

recorded

on

the

ex-dividend

date.

Certain

dividends

from

foreign

securities

will

be

recorded

as

soon

as

the

Fund

is

informed

of

the

dividend,

if

such

information

is

obtained

subsequent

to

the

ex-dividend

date.

Dividends

from

foreign

securities

may

be

subject

to

withholding

taxes

in

foreign

jurisdictions.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value.

Interest

income

is

recorded

daily

on

an

accrual

basis

and

includes

amortization

of

premiums

and

accretion

of

discounts.

The

Fund

classifies

gains

and

losses

on

prepayments

received

as

an

adjustment

to

interest

income.

Debt

securities

may

be

placed

in

non-accrual

status

and

related

interest

income

may

be

reduced

by

stopping

current

accruals

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Notes

to

Financial

Statements

20

October

31,

2021

and

writing

off

interest

receivables

when

collection

of

all

or

a

portion

of

interest

has

become

doubtful.

Gains

and

losses

are

determined

on

the

identified

cost

basis,

which

is

the

same

basis

used

for

federal

income

tax

purposes.

Estimates

The

preparation

of

financial

statements

in

conformity

with

US

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amount

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates. 

Indemnifications

In

the

normal

course

of

business,

the

Fund

may

enter

into

contracts

that

contain

provisions

for

indemnification

of

other

parties

against

certain

potential

liabilities.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

and

would

involve

future

claims

that

may

be

made

against

the

Fund

that

have

not

yet

occurred.

Currently,

the

risk

of

material

loss

from

such

claims

is

considered

remote. 

Dividends

and

Distributions

Dividends

from

net

investment

income

are

generally

declared

and

distributed

monthly.

Net

realized

capital

gains

(if

any)

are

distributed

annually.

The

Fund

may

treat

a

portion

of

the

amount

paid

to

redeem

shares

as

a

distribution

of

investment

company

taxable

income

and

realized

capital

gains

that

are

reflected

in

the

NAV.

This

practice,

commonly

referred

to

as

“equalization,”

has

no

effect

on

the

redeeming

shareholder

or

a

Fund’s

total

return

but

may

reduce

the

amounts

that

would

otherwise

be

required

to

be

paid

as

taxable

dividends

to

the

remaining

shareholders.

It

is

possible

that

the

Internal

Revenue

Service

(IRS)

could

challenge

the

Fund’s

equalization

methodology

or

calculations,

and

any

such

challenge

could

result

in

additional

tax,

interest,

or

penalties

to

be

paid

by

the

Fund. 

Federal

Income

Taxes

The

Fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

and

distribute

all

of

its

taxable

income

in

accordance

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code.

Management

has

analyzed

the

Fund’s

tax

positions

taken

for

all

open

federal

income

tax

years,

generally

a

three-year

period,

and

has

concluded

that

no

provision

for

federal

income

tax

is

required

in

the

Fund’s

financial

statements.

The

Fund

is

not

aware

of

any

tax

positions

for

which

it

is

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

benefits

will

significantly

change

in

the

next

twelve

months. 

2.

Derivative

Instruments 

The

Fund

may

invest

in

various

types

of

derivatives.

A

derivative

is

a

financial

instrument

whose

performance

is

derived

from

the

performance

of

another

asset.

The

Fund

may

invest

in

derivative

instruments

including,

but

not

limited

to

futures

contracts,

options,

and

swaps.

Each

derivative

instrument

that

was

held

by

the

Fund

during

the

period

ended

October

31,

2021

is

discussed

in

further

detail

below.

A

summary

of

derivative

activity

by

the

Fund

is

reflected

in

the

tables

at

the

end

of

the

Schedule

of

Investments.

The

Fund

may

use

derivatives

only

to

manage

or

hedge

portfolio

risk,

including

interest

rate

risk,

or

to

manage

duration.

The

Fund’s

exposure

to

derivatives

will

vary.

The

Fund

may

also

enter

into

short

positions

for

hedging

purposes.

The

Fund’s

use

of

derivative

instruments

involves

risks

different

from,

or

possibly

greater

than,

the

risks

associated

with

investing

directly

in

securities

and

other

traditional

investments.

Derivatives

are

subject

to

a

number

of

risks

including

liquidity

risk,

market

risk,

credit

risk,

default

risk,

counterparty

risk

and

management

risk.

They

also

involve

the

risk

of

mispricing

or

improper

valuation

and

the

risk

that

changes

in

the

value

of

the

derivative

may

not

correlate

exactly

with

the

change

in

the

value

of

the

underlying

asset,

rate

or

index.

Also,

suitable

derivative

transactions

may

not

be

available

in

all

circumstances

and

there

can

be

no

assurance

that

the

Fund

will

engage

in

these

transactions

to

reduce

exposure

to

other

risks

when

that

would

be

beneficial.

While

use

of

derivatives

to

hedge

can

reduce

or

eliminate

losses,

it

can

also

reduce

or

eliminate

gains

or

cause

losses

if

the

market

moves

in

a

manner

different

from

that

anticipated

by

Janus

Capital

or

if

the

cost

of

the

derivative

outweighs

the

benefit

of

the

hedge.

The

Fund’s

ability

to

use

derivatives

may

also

be

limited

by

certain

regulatory

and

tax

considerations. 

In

pursuit

of

its

investment

objective,

the

Fund

may

seek

to

use

derivatives

to

increase

or

decrease

exposure

to

the

following

market

risk

factors: 

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

21

Counterparty

Risk

-

the

risk

that

the

counterparty

(the

party

on

the

other

side

of

the

transaction)

on

a

derivative

transaction

will

be

unable

to

honor

its

financial

obligation

to

the

Fund. 

Credit

Risk

-

the

risk

an

issuer

will

be

unable

to

make

principal

and

interest

payments

when

due

or

will

default

on

its

obligations. 

Currency

Risk

-

the

risk

that

changes

in

the

exchange

rate

between

currencies

will

adversely

affect

the

value

(in

U.S.

dollar

terms)

of

an

investment. 

Index

Risk

-

if

the

derivative

is

linked

to

the

performance

of

an

index,

it

will

be

subject

to

the

risks

associated

with

changes

in

that

index.

If

the

index

changes,

the

Fund

could

receive

lower

interest

payments

or

experience

a

reduction

in

the

value

of

the

derivative

to

below

what

the

Fund

paid.

Certain

indexed

securities,

including

inverse

securities

(which

move

in

an

opposite

direction

to

the

index),

may

create

leverage,

to

the

extent

that

they

increase

or

decrease

in

value

at

a

rate

that

is

a

multiple

of

the

changes

in

the

applicable

index. 

Interest

Rate

Risk

-

the

risk

that

the

value

of

fixed-income

securities

will

generally

decline

as

prevailing

interest

rates

rise,

which

may

cause

the

Fund's

NAV

to

likewise

decrease. 

Leverage

Risk

-

the

risk

associated

with

certain

types

of

leveraged

investments

or

trading

strategies

pursuant

to

which

relatively

small

market

movements

may

result

in

large

changes

in

the

value

of

an

investment.

The

Fund

creates

leverage

by

investing

in

instruments,

including

derivatives,

where

the

investment

loss

can

exceed

the

original

amount

invested.

Certain

investments

or

trading

strategies,

such

as

short

sales,

that

involve

leverage

can

result

in

losses

that

greatly

exceed

the

amount

originally

invested. 

Liquidity

Risk

-

the

risk

that

certain

securities

may

be

difficult

or

impossible

to

sell

at

the

time

that

the

seller

would

like

or

at

the

price

that

the

seller

believes

the

security

is

currently

worth. 

Derivatives

may

generally

be

traded

OTC

or

on

an

exchange.

Derivatives

traded

OTC

are

agreements

that

are

individually

negotiated

between

parties

and

can

be

tailored

to

meet

a

purchaser's

needs.

OTC

derivatives

are

not

guaranteed

by

a

clearing

agency

and

may

be

subject

to

increased

credit

risk. 

In

an

effort

to

mitigate

credit

risk

associated

with

derivatives

traded

OTC,

the

Fund

may

enter

into

collateral

agreements

with

certain

counterparties

whereby,

subject

to

certain

minimum

exposure

requirements,

the

Fund

may

require

the

counterparty

to

post

collateral

if

the

Fund

has

a

net

aggregate

unrealized

gain

on

all

OTC

derivative

contracts

with

a

particular

counterparty.

Additionally,

the

Fund

may

deposit

cash

and/or

treasuries

as

collateral

with

the

counterparty

and/

or

custodian

daily

(based

on

the

daily

valuation

of

the

financial

asset)

if

the

Fund

has

a

net

aggregate

unrealized

loss

on

OTC

derivative

contracts

with

a

particular

counterparty.

All

liquid

securities

and

restricted

cash

are

considered

to

cover

in

an

amount

at

all

times

equal

to

or

greater

than

the

Fund’s

commitment

with

respect

to

certain

exchange-

traded

derivatives,

centrally

cleared

derivatives,

short

sales,

and/or

securities

with

extended

settlement

dates.

There

is

no

guarantee

that

counterparty

exposure

is

reduced

and

these

arrangements

are

dependent

on

Janus

Capital’s

ability

to

establish

and

maintain

appropriate

systems

and

trading.

Futures

Contracts 

A

futures

contract

is

an

exchange-traded

agreement

to

take

or

make

delivery

of

an

underlying

asset

at

a

specific

time

in

the

future

for

a

specific

predetermined

negotiated

price.

The

Fund

may

enter

into

futures

contracts

to

hedge

or

protect

itself

from

fluctuations

or

other

adverse

movement

in

the

value

of

individual

securities,

the

securities

markets

generally,

or

interest

rate

fluctuations,

without

actually

buying

or

selling

the

underlying

debt

security.

The

Fund

is

subject

to

interest

rate

risk

and

equity

risk

in

the

normal

course

of

pursuing

its

investment

objective

through

its

investments

in

futures

contracts.

The

use

of

futures

contracts

may

involve

risks

such

as

the

possibility

of

illiquid

markets

or

imperfect

correlation

between

the

values

of

the

contracts

and

the

underlying

securities,

or

that

the

counterparty

will

fail

to

perform

its

obligations.

Futures

contracts

on

commodities

are

valued

at

the

settlement

price

on

valuation

date

on

the

commodities

exchange

as

reported

by

an

approved

vendor.

Mini

contracts,

as

defined

in

the

description

of

the

contract,

shall

be

valued

using

the

Actual

Settlement

Price

or

“ASET”

price

type

as

reported

by

an

approved

vendor.

Futures

contracts

are

marked-to-market

daily,

and

the

daily

variation

margin

is

recorded

as

a

receivable

or

payable

on

the

Statement

of

Assets

and

Liabilities

(if

applicable).

The

change

in

unrealized

net

appreciation/depreciation

is

reported

on

the

Statement

of

Operations

(if

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Notes

to

Financial

Statements

22

October

31,

2021

applicable).

When

a

contract

is

closed,

a

realized

gain

or

loss

is

reported

on

the

Statement

of

Operations

(if

applicable),

equal

to

the

difference

between

the

opening

and

closing

value

of

the

contract.

Securities

held

by

the

Fund

that

are

designated

as

collateral

for

market

value

on

futures

contracts

are

noted

on

the

Schedule

of

Investments

(if

applicable).

Such

collateral

is

in

the

possession

of

the

Fund's

futures

option

merchant. 

With

futures,

there

is

minimal

counterparty

credit

risk

to

the

Fund

since

futures

are

exchange-traded

and

the

exchange's

clearinghouse,

as

counterparty

to

all

exchange-traded

futures,

guarantees

the

futures

against

default. 

During

the

period,

the

Fund

purchased

interest

rate

futures

to

increase

exposure

to

interest

rate

risk.

During

the

period,

the

Fund

sold

interest

rate

futures

to

decrease

exposure

to

interest

rate

risk. 

3.

Other

Investments

and

Strategies 

Additional

Investment

Risk 

In

response

to

the

COVID-19

pandemic,

the

U.S.

government

and

the

Federal

Reserve,

as

well

as

certain

foreign

governments

and

central

banks,

have

taken

extraordinary

actions

to

support

local

and

global

economies

and

the

financial

markets,

including

reducing

interest

rates

to

record

low

levels.

Extremely

low

or

negative

interest

rates

may

become

more

prevalent

or

may

not

work

as

intended.

As

there

is

little

precedent

for

this

situation,

the

impact

on

various

markets

that

interest

rate

or

other

significant

policy

changes

may

have

is

unknown.

The

withdrawal

of

this

support,

a

failure

of

measures

put

in

place

in

response

to

such

economic

uncertainty,

or

investor

perception

that

such

efforts

were

not

sufficient

could

each

negatively

affect

financial

markets

generally,

and

the

value

and

liquidity

of

specific

securities.

In

addition,

policy

and

legislative

changes

in

the

United

States

and

in

other

countries

continue

to

impact

many

aspects

of

financial

regulation.

Widespread

disease,

including

pandemics

and

epidemics,

and

natural

or

environmental

disasters,

including

those

which

may

be

attributable

to

global

climate

change,

such

as

earthquakes,

fires,

floods,

hurricanes,

tsunamis

and

weather-related

phenomena

generally,

have

been

and

can

be

highly

disruptive

to

economies

and

markets,

adversely

impacting

individual

companies,

sectors,

industries,

markets,

currencies,

interest

and

inflation

rates,

credit

ratings,

investor

sentiment,

and

other

factors

affecting

the

value

of

a

Fund’s

investments.

Economies

and

financial

markets

throughout

the

world

have

become

increasingly

interconnected,

which

increases

the

likelihood

that

events

or

conditions

in

one

region

or

country

will

adversely

affect

markets

or

issuers

in

other

regions

or

countries,

including

the

United

States.

These

disruptions

could

prevent

a

Fund

from

executing

advantageous

investment

decisions

in

a

timely

manner

and

negatively

impact

a

Fund’s

ability

to

achieve

its

investment

objective(s).

Any

such

event(s)

could

have

a

significant

adverse

impact

on

the

value

of

a

Fund.

In

addition,

these

disruptions

could

also

impair

the

information

technology

and

other

operational

systems

upon

which

the

Fund’s

service

providers,

including

Janus

Capital,

rely,

and

could

otherwise

disrupt

the

ability

of

employees

of

the

Fund’s

service

providers

to

perform

essential

tasks

on

behalf

of

the

Fund.

Adverse

weather

conditions

may

also

have

a

particularly

negative

effect

on

issuers

in

the

agricultural

sector

in

the

agricultural

sector

and

on

insurance

and

reinsurance

companies

that

insure

or

reinsure

against

the

impact

of

natural

disasters.

A

number

of

countries

in

the

European

Union

(“EU”)

have

experienced,

and

may

continue

to

experience,

severe

economic

and

financial

difficulties.

In

particular,

many

EU

nations

are

susceptible

to

economic

risks

associated

with

high

levels

of

debt.

Many

non-governmental

issuers,

and

even

certain

governments,

have

defaulted

on,

or

been

forced

to

restructure,

their

debts.

Many

other

issuers

have

faced

difficulties

obtaining

credit

or

refinancing

existing

obligations.

Financial

institutions

have

in

many

cases

required

government

or

central

bank

support,

have

needed

to

raise

capital,

and/

or

have

been

impaired

in

their

ability

to

extend

credit.

As

a

result,

financial

markets

in

the

EU

have

experienced

extreme

volatility

and

declines

in

asset

values

and

liquidity.

These

difficulties

may

continue,

worsen,

or

spread

further

within

the EU. Responses

to

these

financial

problems

by

European

governments,

central

banks,

and

others,

including

austerity

measures

and

reforms,

may

not

work,

may

result

in

social

unrest,

and

may

limit

future

growth

and

economic

recovery

or

have

other

unintended

consequences.

All

of

these

developments

may

continue

to

significantly

affect

the

economies

of

all

EU

countries,

which

in

turn

may

have

a

material

adverse

effect

on

a

Fund's

investments

in

such

countries

that

depend

on

EU

countries

for

significant

amounts

of

trade

or

investment,

or

issues

with

exposure

to

debt

issued

by

certain

EU

countries.

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

23

Management

Risk

The

Fund

is

an

actively

managed

investment

portfolio

and

is

therefore

subject

to

the

risk

that

the

investment

strategies

employed

for

the

Fund

may

fail

to

produce

the

intended

results.

Although

the

Fund

seeks

to

provide

long-term

positive

returns,

market

conditions

or

implementation

of

the

Fund's

investment

process

may

result

in

losses,

and

the

Fund

may

not

meet

its

investment

objective.

As

such,

there

can

be

no

assurance

of

positive

"absolute"

returns. 

CLO

Risk 

The

risks

of

investing

in

CLOs

include

both

the

economic

risks

of

the

underlying

loans

combined

with

the

risks

associated

with

the

CLO

structure

governing

the

priority

of

payments.

The

degree

of

such

risk

will

generally

correspond

to

the

specific

tranche

in

which

the

Fund

is

invested.

The

Fund

intends

to

invest

primarily

in

AAA-rated

tranches;

however,

this

rating

does

not

constitute

a

guarantee,

may

be

downgraded,

and

in

stressed

market

environments

it

is

possible

that

even

senior

CLO

tranches

could

experience

losses

due

to

actual

defaults,

increased

sensitivity

to

defaults

due

to

collateral

default

and

the

disappearance

of

the

subordinated/equity

tranches,

market

anticipation

of

defaults,

as

well

as

negative

market

sentiment

with

respect

to

CLO

securities

as

an

asset

class.

The

Fund’s

portfolio

managers

may

not

be

able

to

accurately

predict

how

specific

CLOs

or

the

portfolio

of

underlying

loans

for

such

CLOs

will

react

to

changes

or

stresses

in

the

market,

including

changes

in

interest

rates.

The

most

common

risks

associated

with

investing

in

CLOs

are

liquidity

risk,

interest

rate

risk,

credit

risk,

call

risk,

and

the

risk

of

default

of

the

underlying

asset,

among

others. 

Floating-Rate

Obligations

Risk 

The

Fund

may

invest

in

floating

rate

obligations

that

reset

regularly,

maintaining

a

fixed

spread

over

a

stated

reference

rate

such

as

the

London

InterBank

Offered

Rate

(“LIBOR”),

the

Secured

Overnight

Financing

Rate

(“SOFR”),

or

the

Treasury

bill

rate.

The

interest

rates

on

floating

rate

obligations

typically

reset

quarterly,

although

rates

on

some

obligations

may

adjust

at

other

intervals.

Unexpected

changes

in

the

interest

rates

on

floating

rate

obligations

could

result

in

lower

income

to

the

Fund.

In

addition,

the

secondary

market

on

which

floating

rate

obligations

are

traded

may

be

less

liquid

than

the

market

for

investment

grade

securities

or

other

types

of

income-producing

securities,

which

may

have

an

adverse

impact

on

their

market

price.

There

is

also

a

potential

that

there

is

no

active

market

to

trade

floating

rate

obligations

and

that

there

may

be

restrictions

on

their

transfer.

As

a

result,

the

Fund

may

be

unable

to

sell

assignments

or

participations

at

the

desired

time

or

may

be

able

to

sell

only

at

a

price

less

than

fair

market

value. 

Industry

and Sector

Risk

Although

the

Fund

does

not

concentrate

its

investments

in

specific

industries

or

industry

sectors,

it

emphasizes

certain

themes

and

megatrends.

As

a

result,

at

times,

it

may

have

a

significant

portion

of

its

assets

invested

in

securities

of

companies

conducting

similar

business

or

businesses

within

the

same

economic

sector

or

that

benefit

from

the

same

megatrend.

Companies

in

the

same

industry

or

economic

sector

or

that

benefit

from

the

same

megatrend

may

be

similarly

affected

by

economic

or

market

events,

making

the

Fund

more

vulnerable

to

unfavorable

developments

than

funds

that

invest

more

broadly.

As

the

Fund’s

portfolio

becomes

more

concentrated,

the

Fund

is

less

able

to

spread

risk

and

potentially

reduce

the

risk

of

loss

and

volatility.

In

addition,

the

Fund

may

be

overweight

or

underweight

in

certain

industries

or

sectors

relative

to

its

benchmark

index

due

to

its

ESG

focus,

which

may

cause

the

Fund’s

performance

to

be

more

or

less

sensitive

to

developments

affecting

those

sectors. 

LIBOR

Replacement

Risk 

The

Fund

may

invest

in

certain

debt

securities,

derivatives,

or

other

financial

instruments

that

utilize

the

London

Inter-

Bank

Offered

Rate

("LIBOR")

as

a

reference

rate

for

various

rate

calculations.

The

U.K.

Financial

Conduct

Authority

has

announced

that

it

intends

to

stop

compelling

or

inducing

banks

to

submit

rates

for

many

LIBOR

settings

after

December

31,

2021,

and

for

certain

other

commonly

used

U.S.

dollar

LIBOR

settings

after

June

30,

2023.

The

elimination

of

LIBOR

or

other

reference

rates

and

the

transition

process

away

from

LIBOR

could

adversely

impact

(i)

volatility

and

liquidity

in

markets

that

are

tied

to

those

reference

rates,

(ii)

the

market

for,

or

value

of,

specific

securities

or

payments

linked

to

those

reference

rates,

(iii)

the

availability

or

terms

of

borrowing

or

refinancing,

or

(iv)

the

effectiveness

of

hedging

strategies.

For

these

and

other

reasons,

the

elimination

of

LIBOR

or

changes

to

other

interest

rates

may

adversely

affect

the

Fund's

performance

and/or

net

asset

value.

Alternatives

to

LIBOR

are

established

or

in

development

in

most

major

currencies

including

the

Secured

Overnight

Financing

Rate

("SOFR")

that

is

intended

to

replace

the

U.S.

dollar

LIBOR. 

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Notes

to

Financial

Statements

24

October

31,

2021

The

effect

of

the

discontinuation

of

LIBOR

or

other

reference

rates

on

the

Fund

will

vary

depending

on,

among

other

things

(i)

existing

fallback

or

termination

provisions

in

individual

contracts

and

(ii)

whether,

how,

and

when

industry

participants

develop

and

adopt

new

reference

rates

and

fallbacks

for

both

legacy

and

new

products

and

instruments.

Accordingly,

it

is

difficult

to

predict

the

full

impact

of

the

transition

away

from

LIBOR

or

other

reference

rates

on

the

Fund

until

new

reference

rates

and

fallbacks

for

both

legacy

and

new

products,

instruments

and

contracts

are

commercially

accepted. 

Mortgage

and

Asset-Backed

Securities 

Mortgage-and

asset-backed

securities

represent

interests

in

“pools”

of

commercial

or

residential

mortgages

or

other

assets,

including

consumer

and

commercial

loans

or

receivables.

The

Fund

may

purchase

fixed

or

variable

rate

commercial

or

residential

mortgage-backed

securities

issued

by

the

Government

National

Mortgage

Association

(“Ginnie

Mae”),

the

Federal

National

Mortgage

Association

(“Fannie

Mae”),

the

Federal

Home

Loan

Mortgage

Corporation

(“Freddie

Mac”),

or

other

governmental

or

government-related

entities.

Ginnie

Mae’s

guarantees

are

backed

as

to

the

timely

payment

of

principal

and

interest

by

the

full

faith

and

credit

of

the

U.S.

Government.

Fannie

Mae

and

Freddie

Mac

securities

are

not

backed

by

the

full

faith

and

credit

of

the

U.S.

Government.

In

September

2008,

the

Federal

Housing

Finance

Agency

(“FHFA”),

an

agency

of

the

U.S.

Government,

placed

Fannie

Mae

and

Freddie

Mac

under

conservatorship.

Since

that

time,

Fannie

Mae

and

Freddie

Mac

have

received

capital

support

through

U.S.

Treasury

preferred

stock

purchases

and

Treasury

and

Federal

Reserve

purchases

of

their

mortgage-backed

securities.

The

FHFA

and

the

U.S.

Treasury

have

imposed

strict

limits

on

the

size

of

these

entities’

mortgage

portfolios.

The

FHFA

has

the

power

to

cancel

any

contract

entered

into

by

Fannie

Mae

and

Freddie

Mac

prior

to

FHFA’s

appointment

as

conservator

or

receiver,

including

the

guarantee

obligations

of

Fannie

Mae

and

Freddie

Mac.

The

Fund

may

also

purchase

other

mortgage-and

asset-backed

securities

through

single-and

multi-seller

conduits,

collateralized

debt

obligations,

structured

investment

vehicles,

and

other

similar

securities.

Asset-backed

securities

may

be

backed

by

various

consumer

obligations,

including

automobile

loans,

equipment

leases,

credit

card

receivables,

or

other

collateral.

In

the

event

the

underlying

loans

are

not

paid,

the

securities’

issuer

could

be

forced

to

sell

the

assets

and

recognize

losses

on

such

assets,

which

could

impact

your

return.

Unlike

traditional

debt

instruments,

payments

on

these

securities

include

both

interest

and

a

partial

payment

of

principal.

Mortgage-and

asset-backed

securities

are

subject

to

both

extension

risk,

where

borrowers

pay

off

their

debt

obligations

more

slowly

in

times

of

rising

interest

rates,

and

prepayment

risk,

where

borrowers

pay

off

their

debt

obligations

sooner

than

expected

in

times

of

declining

interest

rates.

These

risks

may

reduce

the

Fund’s

returns.

In

addition,

investments

in

mortgage-and

asset-backed

securities,

including

those

comprised

of

subprime

mortgages,

may

be

subject

to

a

higher

degree

of

credit

risk,

valuation

risk,

extension

risk

(if

interest

rates

rise),

and

liquidity

risk

than

various

other

types

of

fixed-income

securities.

Additionally,

although

mortgage-

backed

securities

are

generally

supported

by

some

form

of

government

or

private

guarantee

and/or

insurance,

there

is

no

assurance

that

guarantors

or

insurers

will

meet

their

obligations.

Real

Estate

Investing 

The

Fund

may

invest

in

equity

securities

of

real

estate-related

companies

to

the

extent

such

securities

are

included

in

the

Underlying

Index.

Such

companies

may

include

those

in

the

real

estate

industry

or

real

estate-related

industries.

These

securities

may

include

common

stocks,

preferred

and

convertible

securities

of

issuers

in

real

estate-related

industries.

A

REIT

is

a

trust

that

invests

in

real

estate-related

projects,

such

as

properties,

mortgage

loans,

and

construction

loans.

REITs

are

generally

categorized

as

equity,

mortgage,

or

hybrid

REITs.

A

REIT

may

be

listed

on

an

exchange

or

traded

OTC.

Sovereign

Debt 

The

Fund

may

invest

in

U.S.

and

non-U.S.

government

debt

securities

(“sovereign

debt”).

Some

investments

in

sovereign

debt,

such

as

U.S.

sovereign

debt,

are

considered

low

risk.

However,

investments

in

sovereign

debt,

especially

the

debt

of

less

developed

countries,

can

involve

a

high

degree

of

risk,

including

the

risk

that

the

governmental

entity

that

controls  

the

repayment

of

sovereign

debt

may

not

be

willing

or

able

to

repay

the

principal

and/or

to

pay

the

interest

on

its

sovereign

debt

in

a

timely

manner.

A

sovereign

debtor’s

willingness

or

ability

to

satisfy

its

debt

obligation

may

be

affected

by

various

factors

including,

but

not

limited

to,

its

cash

flow

situation,

the

extent

of

its

foreign

currency

reserves,

the

availability

of

foreign

exchange

when

a

payment

is

due,

the

relative

size

of

its

debt

position

in

relation

to

its

economy

as

a

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

25

whole,

the

sovereign

debtor’s

policy

toward

international

lenders,

and

local

political

constraints

to

which

the

governmental

entity

may

be

subject.

Sovereign

debtors

may

also

be

dependent

on

expected

disbursements

from

foreign

governments,

multilateral

agencies,

and

other

entities.

The

failure

of

a

sovereign

debtor

to

implement

economic

reforms,

achieve

specified

levels

of

economic

performance,

or

repay

principal

or

interest

when

due

may

result

in

the

cancellation

of

third

party

commitments

to

lend

funds

to

the

sovereign

debtor,

which

may

further

impair

such

debtor’s

ability

or

willingness

to

timely

service

its

debts.

The

Fund

may

be

requested

to

participate

in

the

rescheduling

of

such

sovereign

debt

and

to

extend

further

loans

to

governmental

entities,

which

may

adversely

affect

the

Fund’s

holdings.

In

the

event

of

default,

there

may

be

limited

or

no

legal

remedies

for

collecting

sovereign

debt

and

there

may

be

no

bankruptcy

proceedings

through

which

the

Fund

may

collect

all

or

part

of

the

sovereign

debt

that

a

governmental

entity

has

not

repaid.

In

addition,

to

the

extent

the

Fund

invests

in

non-U.S.

sovereign

debt,

it

may

be

subject

to

currency

risk. 

Sustainable

Investment

Risk

The

Fund

follows

a

sustainable

investment

approach

by

investing

in

companies

that

relate

to

certain

sustainable

development

themes

and

demonstrate

adherence

to

Environmental,

Sustainability

and

Governance

("ESG")

practices.

Accordingly,

the

Fund

may

have

a

significant

portion

of

its

assets

invested

in

securities

of

companies

conducting

similar

business

or

businesses

within

the

same

economic

sector.

Additionally,

due

to

its

exclusionary

criteria,

the

Fund

may

not

be

invested

in

certain

industries

or

sectors.

As

a

result,

the

Fund

may

be

overweight

or

underweight

in

certain

industries

or

sectors

relative

to

its

benchmark

index,

which

may

cause

the

Fund’s

performance

to

be

more

or

less

sensitive

to

developments

affecting

those

sectors.

In

addition,

since

sustainable

and

ESG

investing

takes

into

consideration

factors

beyond

traditional

financial

analysis,

the

investment

opportunities

for

the

Fund

may

be

limited

at

times.

Sustainability

and

ESG-related

information

provided

by

issuers

and

third

parties,

upon

which

the

portfolio

managers

may

rely,

continues

to

develop,

and

may

be

incomplete,

inaccurate,

use

different

methodologies,

or

be

applied

differently

across

companies

and

industries.

Further,

the

regulatory

landscape

for

sustainable

and

ESG

investing

in

the

United

States

is

still

developing

and

future

rules

and

regulations

may

require

the

Fund

to

modify

or

alter

its

investment

process.

Similarly,

government

policies

incentivizing

companies

to

engage

in

sustainable

and

ESG

practices

may

fall

out

of

favor,

which

could

potentially

limit

the

Fund’s

investment

universe.

There

is

also

a

risk

that

the

companies

identified

through

the

investment

process

may

fail

to

adhere

to

sustainable

and/or

ESG-related

business

practices,

which

may

result

in

the

Fund

selling

a

security

when

it

might

otherwise

be

disadvantageous

to

do

so.

There

is

no

guarantee

that

sustainable

investments

will

outperform

the

broader

market

on

either

an

absolute

or

relative

basis.

TBA

Commitments 

The

Fund

enters

into

“to

be

announced”

or

“TBA”

commitments

to

purchase

mortgage-backed

securities.

TBAs

are

forward

agreements

for

the

purchase

or

sale

of

securities,

including

mortgage-backed

securities,

for

a

fixed

price,

with

payment

and

delivery

on

an

agreed

upon

future

settlement

date.

The

specific

securities

to

be

delivered

are

not

identified

at

the

trade

date.

However,

delivered

securities

must

meet

specified

terms,

including

issuer,

rate,

and

mortgage

terms.

Although

the

particular

TBA

securities

must

meet

industry-accepted

“good

delivery”

standards,

there

can

be

no

assurance

that

a

security

purchased

on

forward

commitment

basis

will

ultimately

be

issued

or

delivered

by

the

counterparty.

During

the

settlement

period,

the

Fund

will

still

bear

the

risk

of

any

decline

in

the

value

of

the

security

to

be

delivered.

Because

TBA

commitments

do

not

require

the

purchase

and

sale

of

identical

securities,

the

characteristics

of

the

security

delivered

to

the

Fund

may

be

less

favorable

than

the

security

delivered

to

the

dealer.

If

the

counterparty

to

a

transaction

fails

to

deliver

the

security,

the

Fund

could

suffer

a

loss.

To

facilitate

TBA

commitments,

the

Fund

is

required

to

segregate

or

otherwise

earmark

liquid

assets

marked

to

market

daily

in

an

amount

at

least

equal

to

such

TBA

commitments.

Rules

of

the

Financial

Industry

Regulatory

Authority

(“FINRA”)

which

went

into

effect

in

October

2021,

include

mandatory

margin

requirements

for

TBA

commitments

which,

in

some

circumstances,

will

require

the

Fund

to

also

post

collateral.

These

collateral

requirements

may

increase

costs

associated

with

the

Fund’s

participation

in

the

TBA

market. 

When-Issued,

Delayed

Delivery

and

Forward

Commitment

Transactions 

The

Fund

may

purchase

or

sell

securities

on

a

when-issued,

delayed

delivery,

or

forward

commitment

basis.

When

purchasing

a

security

on

a

when-issued,

delayed

delivery,

or

forward

commitment

basis,

the

Fund

assumes

the

rights

and

risks

of

ownership

of

the

security,

including

the

risk

of

price

and

yield

fluctuations,

and

takes

such

fluctuations

into

account

when

determining

its

net

asset

value.

Typically,

no

income

accrues

on

securities

the

Fund

has

committed

to

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Notes

to

Financial

Statements

26

October

31,

2021

purchase

prior

to

the

time

delivery

of

the

securities

is

made.

Because

the

Fund

is

not

required

to

pay

for

the

security

until

the

delivery

date,

these

risks

are

in

addition

to

the

risks

associated

with

the

Fund’s

other

investments.

If

the

other

party

to

a

transaction

fails

to

deliver

the

securities,

the

Fund

could

miss

a

favorable

price

or

yield

opportunity.

If

the

Fund

remains

substantially

fully

invested

at

a

time

when

when-issued,

delayed

delivery,

or

forward

commitment

purchases

(including

TBA

commitments)

are

outstanding,

the

purchases

may

result

in

a

form

of

leverage.

When

the

Fund

has

sold

a

security

on

a

when-issued,

delayed

delivery,

or

forward

commitment

basis,

the

Fund

does

not

participate

in

future

gains

or

losses

with

respect

to

the

security.

If

the

other

party

to

a

transaction

fails

to

pay

for

the

securities,

the

Fund

could

suffer

a

loss.

Additionally,

when

selling

a

security

on

a

when-issued,

delayed

delivery,

or

forward

commitment

basis

without

owning

the

security,

the

Fund

will

incur

a

loss

if

the

security’s

price

appreciates

in

value

such

that

the

security’s

price

is

above

the

agreed

upon

price

on

the

settlement

date.

The

Fund

may

dispose

of

or

renegotiate

a

transaction

after

it

is

entered

into,

and

may

purchase

or

sell

when-issued,

delayed

delivery

or

forward

commitment

securities

before

the

settlement

date,

which

may

result

in

a

gain

or

loss. 

4.

Investment

Advisory

Agreements

and

Other

Transactions

with

Affiliates 

Under

its

unitary

fee

structure,

the

Fund

pays

Janus

Capital

a

management

fee

in

return

for

providing

certain

investment

advisory,

supervisory,

and

administrative

services

to

the

Fund,

including

the

costs

of

transfer

agency,

custody,

fund

administration,

legal,

audit,

and

other

services.

Janus

Capital’s

fee

structure

is

designed

to

pay

substantially

all

of

the

Fund’s

expenses.

However,

the

Fund

bears

other

expenses

which

are

not

covered

under

the

management

fee

which

may

vary

and

affect

the

total

level

of

expenses

paid

by

shareholders,

such

as

distribution

fees

(if

any),

brokerage

expenses

or

commissions,

interest,

dividends,

taxes,

litigation

expenses,

acquired

fund

fees

and

expenses

(if

any),

and

extraordinary

expenses.

The

Fund’s

unitary

management

fee

provides

for

reductions

in

the

fee

rate

as

the

Fund’s

assets

grow.

As

of

the

date

of

this

report,

the

Fund’s

management

fee

was

calculated

daily

and

paid

monthly

according

to

the

following

schedule: 

For

the

period

ended

October

31,

2021,

the

Fund’s

contractual

management

fee

rate

(expressed

as

an

annual

rate)

was

0.39%

of

the

Fund’s

average

daily

net

assets.

J.P.

Morgan

Chase

Bank,

N.A.

(“JP

Morgan")

provides

certain

fund

administration

services

to

the

Fund,

including

services

related

to

the

Fund’s

accounting,

including

calculating

the

daily

NAV,

audit

coordination,

tax,

and

reporting

obligations,

pursuant

to

an

agreement

with

Janus

Capital,

on

behalf

of

the

Fund.

As

compensation

for

such

services,

Janus

Capital

pays

JP

Morgan

a

fee

based

on

a

percentage

of

the

Fund’s

assets,

with

a

minimum

flat

fee,

for

certain

services.

Janus

Capital

serves

as

administrator

to

the

Fund,

providing

oversight

and

coordination

of

the

Fund’s

service

providers,

recordkeeping

and

other

administrative

services.

Janus

Capital

does

not

receive

any

additional

compensation,

beyond

the

unitary

fee,

for

serving

as

administrator.

JP

Morgan

also

serves

as

transfer

agent

for

the

shares

of

the

Fund.

Pursuant

to

agreements

with

Janus

Capital

on

behalf

of

the

Fund,

J.P.

Morgan

Securities

LLC,

an

affiliate

of

JP

Morgan,

may

execute

portfolio

transactions

for

the

Fund,

including

but

not

limited

to,

transactions

in

connection

with

cash

in

lieu

transactions

for

non-US

securities. 

The

Trust

has

adopted

a

Distribution

and

Servicing

Plan

for

shares

of

the

Fund

pursuant

to

Rule

12b-1

under

the

1940

Act

(the

“Plan”).

The

Plan

permits

compensation

in

connection

with

the

distribution

and

marketing

of

Fund

shares

and/or

the

provision

of

certain

shareholder

services.

The

Plan

permits

the

Fund

to

pay

ALPS

Distributors,

Inc.

(the

“Distributor”)

or

its

designee,

a

fee

for

the

sale

and

distribution

and/or

shareholder

servicing

of

the

shares

at

an

annual

rate

of

up

to

0.25%

of

average

daily

net

assets

of

the

Fund.

However,

the

Trustees

have

determined

not

to

authorize

payment

under

this

Plan

at

this

time.

Under

the

terms

of

the

Plan,

the

Trust

would

be

authorized

to

make

payments

to

the

Distributor

or

its

designee

for

remittance

to

retirement

plan

service

providers,

broker-dealers,

bank

trust

departments,

financial

advisors,

and

other

financial

intermediaries,

as

compensation

for

distribution

and/or

shareholder

services

performed

by

such

entities

for

their

customers

who

are

investors

in

the

Fund.

The

12b-1

fee

may

only

be

imposed

or

increased

when

the

Daily

Net

Assets

Fee

Rate

$0-$500

million

0.39%

Over

$500

million

0.35%

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

27

Trustees

determine

that

it

is

in

the

best

interests

of

shareholders

to

do

so.

Because

these

fees

are

paid

out

of

the

Fund’s

assets

on

an

ongoing

basis,

to

the

extent

that

a

fee

is

authorized,

over

time

they

will

increase

the

cost

of

an

investment

in

the

Fund.

The

Plan

fee

may

cost

an

investor

more

than

other

types

of

sales

charges. 

As

of

October

31,

2021,

Janus

Capital

owned

250,001

shares

or

25.00%

of

the

Fund.

The

Fund

is

permitted

to

purchase

or

sell

securities

(“cross-trade”)

between

itself

and

other

funds

or

accounts

managed

by

Janus

Capital

in

accordance

with

Rule

17a-7

under

the

Investment

Company

Act

of

1940

(“Rule

17a-7”),

when

the

transaction

is

consistent

with

the

investment

objectives

and

policies

of

the

Fund

and

in

accordance

with

the

Internal

Cross

Trade

Procedures

adopted

by

the

Trust’s

Board

of

Trustees.

These

procedures

have

been

designed

to

ensure

that

any

cross-trade

of

securities

by

the

Fund

from

or

to

another

fund

or

account

that

is

or

could

be

considered

an

affiliate

of

the

Fund

under

certain

limited

circumstances

by

virtue

of

having

a

common

investment

adviser,

common

Officer,

or

common

Trustee

complies

with

Rule

17a-7.

Under

these

procedures,

each

cross-trade

is

effected

at

the

current

market

price

to

save

costs

where

allowed.

During

the

year

ended

October

31,

2021,

the

Fund

engaged

in

cross

trades

amounting

to

$8,382,404

in

purchases

and

$327,059

in

sales,

resulting

in

a

net

realized

loss

of

$(620).

The

net

realized

loss

is

included

within

the

“Net

Realized

Gain/(Loss)

on

Investments”

section

of

the

Fund’s

Statement

of

Operations.

5.

Federal

Income

Tax

The

tax

components

of

capital

shown

in

the

table

below

represent:

(1)

distribution

requirements

the

Fund

must

satisfy

under

the

income

tax

regulations;

(2)

losses

or

deductions

the

Fund

may

be

able

to

offset

against

income

and

gains

realized

in

future

years;

and

(3)

unrealized

appreciation

or

depreciation

of

investments

for

federal

income

tax

purposes. 

The

Fund

has

elected

to

treat

gains

and

losses

on

forward

foreign

currency

contracts

as

capital

gains

and

losses,

if

applicable.

Other

foreign

currency

gains

and

losses

on

debt

instruments

are

treated

as

ordinary

income

for

federal

income

tax

purposes

pursuant

to

Section

988

of

the

Internal

Revenue

Code. 

Accumulated

capital

losses

noted

below

represent

net

capital

loss

carryovers,

as

of

October

31,

2021,

that

may

be

available

to

offset

future

realized

capital

gains

and

thereby

reduce

future

taxable

gains

distributions.

The

following

table

shows

these

capital

loss

carryovers. 

The

aggregate

cost

of

investments

and

the

composition

of

unrealized

appreciation

and

depreciation

of

investment

securities

for

federal

income

tax

purposes

as

of

October

31,

2021

are

noted

below.

The

primary

difference

between

book

and

tax

appreciation

or

depreciation

of

investments

is

wash

sale

loss

deferrals. 

Loss

Deferrals

Undistributed

Ordinary

Income

Undistributed

Long-Term

Gains

Accumulated

Capital

Losses

Late-Year

Ordinary

Loss

Post-October

Capital

Loss

Other

Book

to

Tax

Differences

Net

Tax

Appreciation/

(Depreciation)

$77,035

$

—

$(158,947)

$

—

$

—

$

—

$(337,886)

Capital

Loss

Carryover

Schedule

For

the

year

ended

October

31,

2021

No

Expiration

Short-Term

Long-Term

Accumulated

Capital

Losses

$(81,416)

$(77,531)

$(158,947)

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$57,664,747

$24,568

$(362,454)

$(337,886)

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Notes

to

Financial

Statements

28

October

31,

2021

Information

on

the

tax

components

of

derivatives

as

of

October

31,

2021

is

as

follows: 

Income

and

capital

gains

distributions

are

determined

in

accordance

with

income

tax

regulations

that

may

differ

from

US

GAAP.

These

differences

are

due

to

differing

treatments

for

items

such

as

net

short-term

gains,

deferral

of

wash

sale

losses,

foreign

currency

transactions,

passive

foreign

investment

companies,

net

investment

losses,

in-kind

transactions

and

capital

loss

carryovers.

Certain

permanent

differences

such

as

tax

returns

of

capital

and

net

investment

losses

noted

below

have

been

reclassified

to

capital. 

Permanent

book

to

tax

basis

differences

may

result

in

reclassifications

between

the

components

of

net

assets.

These

differences

have

no

impact

on

the

results

of

operations

or

net

assets.

The

following

reclassifications

have

been

made

to

the

Fund: 

6.

Capital

Share

Transactions 

7.

Purchases

and

Sales

of

Investment

Securities 

For

the

period ended

October

31,

2021,

the

aggregate

cost

of

purchases

and

proceeds

from

sales

of

investment

securities

(excluding

any

short-term

securities,

short-term

options

contracts,

TBAs

and

in-kind

transactions)

was

as

follows: 

8.

Recent

Accounting

Pronouncements 

The

FASB

issued

Accounting

Standards

Update

2020-04

Reference

Rate

Reform:

Facilitation

of

the

Effects

of

Reference

Rate

Reform

on

Financial

Reporting

("ASU

2020-04")

in

March

2020.

The

new

guidance

in

the

ASU

provide

optional

temporary

financial

reporting

relief

from

the

effect

of

certain

types

of

contract

modifications

due

to

the

planned

discontinuation

of

the

LIBOR

or

other

interbank-offered

based

reference

rates

as

of

the

end

of

2021.

For

new

and

existing

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$(86,537)

$

—

$

—

$

—

For

the

year

ended

October

31,

2021

:

Distributions

From

Ordinary

Income

From

Long-Term

Capital

Gain

Tax

Return

of

Capital

Net

Investment

Loss

$

—

$

—

$

—

$

—

Increase/(Decrease)

to

Capital

Increase/(Decrease)

to

Undistributed

Net

Investment

Income/Loss

Increase/(Decrease)

to

Undistributed

Net

realized

Gain/Loss

$

—

$7,067

$(7,067)

Period

Ended

October

31,

2021

(1)

Shares

Amount

Shares

sold

1,000,001

$

50,035,856

Shares

repurchased

—

—

Net

Increase/(Decrease)

1,000,001

$

50,035,856

(1)

Period

from

September

8,

2021

(commencement

of

operations)

through

October

31,

2021.

Purchases

of

Securities

Proceeds

from

Sales

of

Securities

Purchases

of

Long-

Term

U.S.

Government

Obligations

Proceeds

from

Sales

of

Long-Term

U.S.

Government

Obligations

$45,484,706

$9,308,596

$23,814,720

$16,110,589

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

29

contracts,

Funds

may

elect

to

apply

the

guidance

as

of

March

12,

2020

through

December

31,

2022.

Management

is

currently

evaluating

the

impact,

if

any,

of

the

ASU's

adoption

to

the

Fund's

financial

statements. 

9.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to

October

31,

2021

and

through

the

date

of

the

issuance

of

the

Fund's

financial

statements

and

determined

that

there

were

no

material

events

or

transactions

that

would

require

recognition

or

disclosure

in

the

Fund's

financial

statements. 

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Additional

Information

(unaudited)

30

October

31,

2021

Proxy

Voting

Policies

and

Voting

Record

A

description

of

the

policies

and

procedures

that

the

Fund

uses

to

determine

how

to

vote

proxies

relating

to

its

portfolio

securities

is

available

without

charge:

(i)

upon

request,

by

calling

1-800-525-0020

(toll

free);

(ii)

on

the

Fund’s

website

at

janushenderson.com/proxyvoting;

and

(iii)

on

the

SEC’s

website

at

http://www.sec.gov.

Quarterly

Portfolio

Holdings

The

Fund

files

its

complete

portfolio

holdings

(schedule

of

investments)

with

the

SEC

for

the

first

and

third

quarters

each

fiscal

year

as

an

exhibit

to

Form

N-PORT

within

60

days

of

the

end

of

such

fiscal

quarter.

The

Fund’s

Form

N-PORT

and

Form

N-Q

filings:

are

available

on

the

SEC’s

website

at

http://www.sec.gov;

(ii)

may

be

reviewed

and

copied

at

the

SEC’s

Public

Reference

Room

in

Washington,

D.C.

(information

on

the

Public

Reference

Room

may

be

obtained

by

calling

1-800-SEC-0330);

and

(iii)

are

available

without

charge,

upon

request,

by

calling

Janus

Henderson

at

1-800-525-

0020

(toll

free).

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

Janus

Detroit

Street

Trust

31

The

Trustees

of

Janus

Detroit

Street

Trust

(the

“Trust”),

including

the

Trustees

who

are

not

“interested

persons”

(the

“Independent

Trustees”)

as

that

term

is

defined

in

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

met

on

July

22,

2021

to

consider

the

proposed

investment

management

agreement

(the

“Investment

Management

Agreement”)

for

each

of

Janus

Henderson

U.S.

Sustainable

Equity

ETF

(“SSPX”),

Janus

Henderson

International

Sustainable

Equity

ETF

(“SXUS”),

Janus

Henderson

Net

Zero

Transition

Resources

ETF

(“JZRO”),

Janus

Henderson

Sustainable

Corporate

Bond

ETF

(“SCRD”),

and

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

(“JIB”)

(each

a

“New

Fund,”

and

collectively,

the

“New

Funds”).

In

the

course

of

their

consideration

of

each

Investment

Management

Agreement,

the

Trustees

met

in

executive

session

and

were

advised

by

their

independent

counsel.

In

this

regard,

the

Board,

including

the

Independent

Trustees,

evaluated

the

terms

of

each

Investment

Management

Agreement

and

reviewed

the

duties

and

responsibilities

of

the

Trustees

in

evaluating

and

approving

such

agreements.

In

considering

approval

of

each

Investment

Management

Agreement,

the

Board,

including

the

Independent

Trustees,

reviewed

the

materials

provided

to

it

relating

to

their

consideration

of

each

Investment

Management

Agreement

for

each

New

Fund

and

other

information

provided

by

counsel

and

Janus

Capital

Management

LLC,

the

proposed

investment

adviser

to

the

New

Funds

(the

“Adviser”),

including:

(i)

a

copy

of

the

form

of

Investment

Management

Agreement

with

respect

to

the

Adviser’s

management

of

the

assets

of

each

New

Fund;

(ii)

information

regarding

the

nature,

quality

and

extent

of

the

services

to

be

provided

to

each

New

Fund

by

the

Adviser,

and

the

fees

to

be

charged

to

each

New

Fund

therefor;

(iii)

information

concerning

the

Adviser’s

financial

condition,

business,

operations,

portfolio

management

personnel

and

compliance

programs;

(iv)

information

describing

each

New

Fund’s

anticipated

advisory

fee

structure

and

operating

expenses;

(v)

a

copy

of

the

Adviser’s

current

Form

ADV;

and

(vi)

a

memorandum

from

counsel

on

the

responsibilities

of

trustees

in

considering

investment

advisory

arrangements

under

the

1940

Act.

The

Board

also

considered

presentations

made

by,

and

discussions

held

with,

representatives

of

the

Adviser.

The

Board

also

received

information

comparing

the

proposed

advisory

fee

and

expenses

of

each

New

Fund

to

those

of

other,

third-party

investment

companies

(including

exchange-traded

funds

(“ETFs”))

considered

to

be

comparable.

During

its

review

of

this

information,

the

Board

focused

on

and

analyzed

the

factors

that

it

deemed

relevant,

including:

the

nature,

extent

and

quality

of

the

services

to

be

provided

to

each

New

Fund

by

the

Adviser;

the

Adviser’s

personnel

and

operations;

each

New

Fund’s

proposed

expense

level;

the

anticipated

profitability

to

the

Adviser

under

the

Investment

Management

Agreement

at

certain

asset

levels

of

each

New

Fund;

“fall-out”

benefits

to

the

Adviser

and

its

affiliates

(i.e.,

the

ancillary

benefits

realized

by

the

Adviser

and

its

affiliates

from

the

Adviser’s

relationship

with

the

Trust);

the

effect

of

asset

growth

on

each

New

Fund’s

expenses;

and

potential

conflicts

of

interest.

The

Trustees

also

considered

benefits

that

accrue

to

the

Adviser

and

its

affiliates

from

their

relationships

with

the

New

Funds.

The

Trustees

also

concluded

that,

other

than

the

services

provided

by

the

Adviser

and

its

affiliates

pursuant

to

agreements

with

each

New

Fund

and

the

fees

to

be

paid

by

each

New

Fund

therefor,

each

New

Fund

and

the

Adviser

may

potentially

benefit

from

their

relationship

with

each

other

in

other

ways.

The

Trustees

concluded

that

the

success

of

each

New

Fund

could

attract

other

business

to

the

Adviser

or

other

Janus

Henderson

funds,

and

that

the

success

of

the

Adviser

could

enhance

the

Adviser’s

ability

to

serve

the

New

Funds.

The

Board,

including

the

Independent

Trustees,

considered

the

following

in

respect

of

each

New

Fund:

(a)

The

nature,

extent

and

quality

of

services

to

be

provided

by

the

Adviser;

personnel

and

operations

of

the

Adviser.

The

Board

reviewed

the

services

that

the

Adviser

would

provide

to

each

New

Fund.

In

connection

with

the

investment

advisory

services

to

be

provided

by

the

Adviser,

the

Board

noted

the

responsibilities

that

the

Adviser

would

have

as

each

New

Fund’s

investment

adviser,

including:

the

overall

supervisory

responsibility

for

the

general

management

and

investment

of

each

New

Fund’s

securities

portfolio;

providing

oversight

of

the

investment

performance

and

processes

and

compliance

with

each

New

Fund’s

investment

objectives,

policies

and

limitations;

the

implementation

of

the

investment

management

program

of

each

New

Fund;

the

management

of

the

day-to-day

investment

and

reinvestment

of

the

assets

of

each

New

Fund;

determining

daily

baskets

of

securities

and

cash

components,

and

negotiating

custom

baskets

in

connection

with

creation

and

redemption

transactions

in

each

New

Fund’s

shares;

executing

portfolio

security

trades

for

purchases

and

redemptions

of

each

New

Fund

shares

conducted

on

a

cash

basis;

the

review

of

brokerage

matters;

the

oversight

of

general

portfolio

compliance

with

relevant

law;

and

the

implementation

of

Board

directives

as

they

relate

to

each

New

Fund.

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

32

October

31,

2021

The

Board

reviewed

the

Adviser’s

experience,

resources

and

strengths

in

managing

other

pooled

investment

vehicles,

such

as

the

other

funds

in

the

Trust

as

well

as

environmental,

social

and

governance

focused

strategies

and

products,

including

the

Adviser’s

personnel.

Based

on

its

consideration

and

review

of

the

foregoing

information,

the

Board

determined

that

each

New

Fund

was

likely

to

benefit

from

the

nature,

quality

and

extent

of

these

services,

as

well

as

the

Adviser’s

ability

to

render

such

services

based

on

the

Adviser’s

experience,

personnel,

operations

and

resources.

(b)

Comparison

of

services

to

be

rendered

and

fees

to

be

paid

under

other

investment

advisory

contracts,

and

the

cost

of

the

services

to

be

provided

and

profits

to

be

realized

by

the

Adviser

from

the

relationship

with

each

New

Fund;

“fall-out”

benefits.

The

Board

then

compared

both

the

services

to

be

rendered

and

the

proposed

fees

to

be

paid

under

each

Investment

Management

Agreement,

with

fees

paid

under

contracts

of

other

investment

advisers

for

comparable

mutual

funds

and

ETFs

as

applicable.

In

particular,

the

Board

compared

each

New

Fund’s

proposed

management

fee

and

projected

expense

ratio

to

other

investment

companies

anticipated

to

be

in

each

New

Fund’s

peer

group.

With

respect

to

SSPX,

JZRO,

SCRD,

and

JIB,

the

Board

noted

that

the

Adviser

was

recommending

a

unitary

fee

that

was

lower

than

both

the

median

contractual

management

fee

and

median

total

expense

ratio

of

each

New

Fund’s

anticipated

peer

group,

and

that

the

Funds’

proposed

management

fee

schedules

would

include

contractual

break

points

that

could

potentially

reduce

the

unitary

fee

further

depending

on

each

New

Fund’s

asset

growth.

With

respect

to

SXUS,

the

Board

noted

that

the

Adviser

was

recommending

a

unitary

fee

that

was

one

basis

point

higher

than

the

median

contractual

management

fee

and

equal

to

the

median

total

expense

ratio

of

the

New

Fund’s

anticipated

peer

group.

The

Board

noted

that

the

proposed

management

fee

schedule

for

SXUS

would

also

include

contractual

break

points

that

could

potentially

reduce

the

unitary

fee

further

depending

on

the

New

Fund’s

asset

growth.

The

Board

also

discussed

the

anticipated

costs

and

projected

profitability

of

the

Adviser

in

connection

with

its

serving

as

investment

adviser

to

each

New

Fund,

including

operational

costs.

After

comparing

each

New

Fund’s

proposed

fees

with

those

of

the

funds

in

each

New

Fund’s

respective

anticipated

peer

group,

and

in

light

of

the

nature,

extent

and

quality

of

services

proposed

to

be

provided

by

the

Adviser

and

the

costs

expected

to

be

incurred

by

the

Adviser

in

rendering

those

services,

the

Board

concluded

that

the

level

of

fees

proposed

to

be

paid

to

the

Adviser

with

respect

to

each

New

Fund

was

fair

and

reasonable.

The

Board

also

considered

that

the

Adviser

may

benefit

from

certain

trading

services

and

research

permissibly

obtained

from

broker-dealers

with

client

commissions

generated

from

trading

equity

securities,

and

may

also

experience

reputational

“fall-out”

benefits

based

on

the

success

of

each

New

Fund,

but

that

such

benefits

are

not

easily

quantifiable.

(c)

The

extent

to

which

economies

of

scale

would

be

realized

as

each

New

Fund

grows

and

whether

fee

levels

would

reflect

such

economies

of

scale.

The

Board

next

discussed

potential

economies

of

scale.

Since

each

New

Fund

had

not

commenced

operations,

and

the

eventual

aggregate

amount

of

assets

was

uncertain,

the

Adviser

was

not

able

to

provide

the

Board

specific

information

concerning

the

extent

to

which

economies

of

scale

would

be

realized

as

each

New

Fund

grows

and

whether

the

management

fee

level

would

reflect

such

economies

of

scale,

if

any.

The

Board

recognized

the

uncertainty

in

launching

a

new

investment

product

and

estimating

future

asset

levels;

however,

the

Board

noted

that

the

fee

schedule

proposed

by

the

Adviser

for

SSPX,

SXUS,

and

JZRO

each

contained

a

breakpoint

for

assets

above

$250

million

and

for

SCRD

and

JIB

each

contained

a

breakpoint

for

assets

above

$500

million.

The

Board

also

noted

the

unitary

fee

structure,

pursuant

to

which

the

Adviser

pays,

with

certain

exceptions,

any

excess

costs

incurred

to

operate

each

New

Fund.

The

Board

acknowledged

the

unitary

fee

cap

effectively

puts

the

risk

of

higher

costs

at

lower

asset

levels

on

the

Adviser

rather

than

the

New

Funds.

(d)

Investment

performance

of

each

New

Fund

and

the

Adviser.

Because

each

New

Fund

is

newly

formed

and

had

not

commenced

operations,

the

Board

did

not

consider

the

investment

performance

of

each

New

Fund.

Conclusion.

No

single

factor

was

determinative

to

the

decision

of

the

Board.

Based

on

its

consideration

of

the

foregoing

and

such

other

matters

as

were

deemed

relevant,

the

Board

concluded

that

the

proposed

management

fee

rate

and

projected

total

expense

ratio

of

each

New

Fund

are

reasonable

in

relation

to

the

services

to

be

provided

by

the

Adviser

to

each

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

Janus

Detroit

Street

Trust

33

New

Fund,

as

well

as

the

costs

to

be

incurred

and

benefits

to

be

gained

by

the

Adviser

in

providing

such

services.

The

Board

also

found

the

proposed

management

fee

for

each

New

Fund

to

be

reasonable

in

comparison

to

the

fees

charged

by

advisers

to

other

comparable

ETFs

and

mutual

funds

(as

applicable).

As

a

result,

the

Board

concluded

that

the

initial

approval

of

the

Investment

Management

Agreement

was

in

the

best

interests

of

each

New

Fund.

After

full

consideration

of

the

above

factors,

as

well

as

other

factors,

the

Trustees,

including

all

of

the

Independent

Trustees

voting

separately,

determined

to

approve

the

Investment

Management

Agreement

for

each

New

Fund.

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Trustees

and

Officers

(unaudited)

34

October

31,

2021

The

following

are

the

Trustees

and

officers

of

the

Trust

together

with

a

brief

description

of

their

principal

occupations

during

the

last

five

years

(principal

occupations

for

certain

Trustees

may

include

periods

over

five

years).

The

Fund’s

Statement

of

Additional

Information

includes

additional

information

about

the

Trustees

and

officers

and

is

available,

without

charge,

by

calling

1-877-335-2687.

Each

Trustee

has

served

in

that

capacity

since

he

or

she

was

originally

elected

or

appointed.

The

Trustees

do

not

serve

a

specified

term

of

office.

Each

Trustee

will

hold

office

until

the

termination

of

the

Trust

or

his

or

her

earlier

death,

resignation,

retirement,

incapacity,

or

removal.

Under

the

Fund’s

Governance

Procedures

and

Guidelines,

the

policy

is

for

Trustees

to

retire

no

later

than

the

end

of

the

calendar

year

in

which

the

Trustee

turns

75.

The

Trustees

review

the

Fund’s

Governance

Procedures

and

Guidelines

from

time

to

time

and

may

make

changes

they

deem

appropriate.

The

Fund’s

Nominating

and

Governance

Committee

will

consider

nominees

for

the

position

of

Trustee

recommended

by

shareholders.

Shareholders

may

submit

the

name

of

a

candidate

for

consideration

by

the

Committee

by

submitting

their

recommendations

to

the

Trust’s

Secretary.

Each

Trustee

is

currently

a

Trustee

of

one

other

registered

investment

company

advised

by

Janus

Capital:

Clayton

Street

Trust.

As

of

the

date

of

this

report,

collectively,

the

two

registered

investment

companies

consist

of

14

series

or

funds.

The

Trust’s

officers

are

elected

annually

by

the

Trustees

for

a

one-year

term.

Certain

officers

also

serve

as

officers

of

Clayton

Street

Trust.

Certain

officers

of

the

Funds

may

also

be

officers

and/or

directors

of

Janus

Capital.

Except

as

otherwise

disclosed,

Fund

officers

receive

no

compensation

from

the

Funds.

TRUSTEES

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Number

of

Portfolios/Funds

in

Fund

Complex

Overseen

by

Trustee*

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Independent

Trustees

Clifford

J.

Weber

151

Detroit

Street

Denver,

CO

80206

DOB:

1963

Chairman

Trustee

2/16-Present

Owner,

Financial

Products

Consulting

Group

LLC

(consulting

services

to

financial

institutions)

(since

2015).

14

Independent

Trustee,

Clough

Funds

Trust

(investment

company)

(since

2015),

Chairman,

Clough

Funds

Trust

(since

2017),

Independent

Trustee,

Clough

Global

Dividend

and

Income

Fund (closed-end fund)

(since

2017),

Independent

Trustee,

Clough

Global

Opportunities

Fund (closed-end fund)

(since

2017),

Independent

Trustee,

Clough

Global

Equity

Fund (closed-end fund)

(since

2017),

Independent

Trustee,

Elevation

ETF

Trust

(investment

company)

(2016-

2018),

Chairman,

Elevation

ETF

Trust

(2016-2018),

and

Independent

Trustee,

Global

X

Funds

(investment

company)

(since

2018).

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Trustees

and

Officers

(unaudited)

Janus

Detroit

Street

Trust

35

*

Each

Trustee

also

serves

as

a

trustee

to

the

Clayton

Street

Trust,

which

is

currently

comprised

of

three

portfolios.

**

Ms.

Benz

is

an

Interested

Trustee

because

of

her

employment

with

Janus

Henderson

Investors.

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Number

of

Portfolios/Funds

in

Fund

Complex

Overseen

by

Trustee*

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Maureen

T.

Upton

151

Detroit

Street

Denver,

CO

80206

DOB:

1965

Trustee

2/16-Present

Principal,

Maureen

Upton

Ltd.

(consulting

services

to

developers

of

major

infrastructure

projects

and

investors)

(since

2017).

Formerly,

Principal

Consultant,

SRK

Consulting

(U.S.),

Inc.

(consulting

services

to

global

mining,

energy

and

water

resource

industries)

(2015-

2017)

and

Founder

and

Principal,

Resource

Initiatives

LLC

(sustainability

consulting

firm)

(2006-2015).

14

Jeffrey

B.

Weeden

151

Detroit

Street

Denver,

CO

80206

DOB:

1956

Trustee

2/16-Present

Senior

Advisor,

BayBoston

Capital

LP

(investment

fund

in

banks

and

bank

holdings

companies)

(since

2015).

Formerly,

Management

Advisor,

BoxCast,

Inc.

(technology start-

up company)

(2014-2017).

14

Director,

West

Travis

County

Municipal

Utility

District

No. 6

(municipal

utility)

(since

2020)

and

Director,

State

Farm

Bank

(banking)

(2014-2021).

Interested

Trustee

Carrie

Benz**

151

Detroit

Street

Denver,

CO

80206

DOB:

1975

Trustee

1/21-Present

Global

Head

of

Investment

Services,

Janus

Henderson

Investors

(since

2017);

Vice

President,

Investments

Chief

of

Staff,

Janus

Capital

Management

LLC

(2007-

2017).

14

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Trustees

and

Officers

(unaudited)

36

October

31,

2021

OFFICERS

*

Officers

are

elected

at

least

annually

by

the

Trustees

for

a

one-year

term

and

may

also

be

elected

from

time

to

time

by

the

Trustees

for

an

interim

period.

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Term

of

Office*

and

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Bruce

L.

Koepfgen

151

Detroit

Street

Denver,

CO

80206

DOB:

1952

President

and

Chief

Executive

Officer

2/16-Present

Executive

Vice

President,

Head

of

North

America

at

Janus

Henderson

Investors

(since

2017),

President

and

Head

of

North

America

at

Janus

Capital

Management

LLC

(since

2013

and

2017,

respectively),

President

at

Janus

Capital

Group

Inc.

(since

2013),

President

and

Director

at

Janus

International

Holding

LLC

(since

2019

and

2011,

respectively),

President

at

Janus

Holdings

LLC

(since

2019),

President

and

Director

at

Janus

Management

Holdings

Corporation

(since

2017

and

2012,

respectively),

Executive

Vice

President

and

Head

of

North

America

at

Janus

Distributors

LLC

(since

2011

and

2019,

respectively),

Vice

President

and

Director

at

Intech

Investment

Management

LLC

(since

2012),

and

Executive

Vice

President

at

Perkins

Investment

Management

LLC

(since

2011).

Formerly,

Executive

Vice

President

at

Janus

Capital

Group

Inc.,

Janus

International

Holding

LLC,

and

Janus

Management

Holdings

Corporation

(2011-

2019),

Director

at

Perkins

Investment

Management

LLC

(2011-2019),

and

Chief

Financial

Officer

at

Janus

Capital

Group

Inc.

(2011-2013).

Kristin

Mariani

151

Detroit

Street

Denver,

CO

80206

DOB:

1966

Vice

President,

Chief

Compliance

Officer,

and

Anti-

Money

Laundering

Officer

7/20-Present

Head

of

Compliance,

North

America

for

Janus

Henderson

Investors

(since

September

2020)

and

Chief

Compliance

Officer

for

Janus

Capital

Management

LLC

(since

September

2017).

Formerly,

Global

Head

of

Investment

Management

Compliance

for

Janus

Henderson

Investors

(February

2019

-

August

2020),

Vice

President,

Head

of

Global

Distribution

Compliance

and

Chief

Compliance

Officer

of

Janus

Henderson

Distributors

(May

2017

–

September

2017),

Vice

President,

Compliance

at

Janus

Capital

Group

Inc.,

Janus

Capital

Management

LLC,

and

Janus

Distributors

LLC

(2009-2017).

Jesper

Nergaard

151

Detroit

Street

Denver,

CO

80206

DOB:

1962

Chief

Financial

Officer,

Vice

President,

Treasurer,

and

Principal

Accounting

Officer

2/16-Present

Head

of

U.S.

Fund

Administration,

Janus

Henderson

Investors

and

Janus

Services

LLC.

Byron

D.

Hittle

151

Detroit

Street

Denver,

CO

80206

DOB:

1974

Vice

President,

Secretary,

and

Chief

Legal

Officer

7/18-Present

Managing

Counsel

of

Janus

Henderson

Investors

(2017-present).

Formerly,

Assistant

Vice

President

and

Senior

Legal

Counsel

of

Janus

Capital

Management

LLC

(2012-2016).

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Notes

Janus

Detroit

Street

Trust

37

125-02-93091

12-21

This

report

is

submitted

for

the

general

information

of

shareholders

of

the

Fund.

It

is

not

an

offer

or

solicitation

for

the

Fund

and

is

not

authorized

for

distribution

to

prospective

investors

unless

preceded

or

accompanied

by

an

effective

prospectus.

Janus

Henderson

is

a

trademark

of

Janus

Henderson

Group

plc

or

one

of

its

subsidiaries.

©

Janus

Henderson

Group

plc.

Janus

Capital

Management

LLC

is

the

investment

adviser

and

ALPS

Distributors,

Inc.

is

the

distributor.

ALPS

is

not

affiliated

with

Janus

Henderson

or

any

of

its

subsidiaries.

ANNUAL

REPORT

October

31,

2021

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Performance

Overview

...........................

1

Disclosure

of

Fund

Expenses

.......................

4

Report

of

Independent

Registered

Public

Accounting

Firm

...

5

Schedule

of

Investments

..........................

6

Statement

of

Assets

and

Liabilities

...................

9

Statement

of

Operations

..........................

10

Statement

of

Changes

in

Net

Assets

.................

11

Financial

Highlights

..............................

12

Notes

to

Financial

Statements

......................

13

Additional

Information

............................

20

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

...................................

21

Trustees

and

Officers

............................

24

Janus

Henderson

U.S.

Sustainable

Equity

ETF

(unaudited)

Janus

Detroit

Street

Trust

1

INVESTMENT

OBJECTIVE

Janus

Henderson

U.S.

Sustainable

Equity

ETF

(SSPX)

seeks

long-term

growth

of

capital.

PERFORMANCE

OVERVIEW

The

Janus

Henderson

U.S.

Sustainable

Equity

ETF

(SSPX)

launched

on

September

8,

2021.

From

inception

to

October

31,

2021,

the

Janus

Henderson

U.S.

Sustainable

Equity

ETF

returned

1.52%

(based

on

NAV).

Its

benchmark,

the

S&P

500®

Index,

returned

2.19%.

Returns

from

inception

through

the

end

of

the

period

were

negatively

impacted

by

stock

selection

in

the

health

care

sector.

Lack

of

exposure

to

the

energy

market,

which

saw

strong

gains

over

the

period,

also

weighed

on

results.

In

the

since

inception

period,

we

have

observed

continued

rotation

into

the

more

economically

sensitive

and

cyclical

areas

of

the

equity

market,

which

tend

to

be

areas

that

the

Fund

is

not

invested

in

given

our

sustainability

focus

and

avoidance

criteria.

Losses

were

partially

offset

by

underweight

exposure

to

communication

services

and

strong

stock

selection

in

consumer

discretionary

stocks.

The

Janus

Henderson

U.S.

Sustainable

Equity

ETF

is

a

high-conviction,

low-carbon

oriented

portfolio

of

U.S.

companies

selected

for

their

sustainable

characteristics,

compounding

growth

potential

and

positive

impact

on

the

environment

and

society.

The

portfolio

managers

believe

there

is

a

strong

link

between

sustainable

development,

innovation

and

long-term

compounding

growth.

Our

investment

framework

seeks

to

invest

in

U.S.

companies

that

have

a

positive

impact

on

the

environment

and

society,

while

at

the

same

time

helping

us

stay

on

the

right

side

of

disruption.

We

believe

this

approach

will

provide

clients

with

a

persistent

return

source,

deliver

future

compound

growth

and

help

mitigate

downside

risk.

Hamish

Chamberlayne

Aaron

Scully

co-portfolio

manager

co-portfolio

manager

Janus

Henderson

U.S.

Sustainable

Equity

ETF

(unaudited)

Fund

At

A

Glance

October

31,

2021

2

October

31,

2021

Holdings

are

subject

to

change

without

notice.

5

Largest

Equity

Holdings

–

(%

of

Net

Assets)

Microsoft

Corp.

Software

6.7%

NVIDIA

Corp.

Semiconductors

&

Semiconductor

Equipment

4.3%

Autodesk,

Inc.

Software

4.1%

Humana,

Inc.

Health

Care

Providers

&

Services

3.9%

Adobe,

Inc.

Software

3.5%

22.5%

Sector

Allocation

–

(%

of

Net

Assets)

Technology

34.5%

Consumer,

Non-cyclical

20.4%

Financial

16.5%

Industrial

12.6%

Consumer,

Cyclical

7.9%

Communications

3.7%

Utilities

3.1%

Investment

Companies

0.4%

99.1%

Janus

Henderson

U.S.

Sustainable

Equity

ETF

(unaudited)

Performance

Janus

Detroit

Street

Trust

3

Total

annual

expense

ratio

as

stated

in

the

prospectus

(estimated):

0.55%.

See

Financial

Highlights

for

actual

expense

ratios

during

the

reporting

period.

Returns

quoted

are

past

performance

and

do

not

guarantee

future

results;

current

performance

may

be

lower

or

higher.

Investment

returns

and

principal

value

will

vary;

there

may

be

a

gain

or

loss

when

shares

are

sold.

For

the

most

recent

month-end

performance

call

800.668.0434

or

visit

janushenderson.com/performance.

Shares

of

ETFs

are

bought

and

sold

at

market

price

(not

NAV)

and

are

not

individually

redeemed

from

the

Fund.

Market

returns

are

based

upon

the

midpoint

of

the

bid/ask

spread

at

4:00

p.m.

Eastern

time

(when

NAV

is

normally

determined

for

most

ETFs),

and

do

not

represent

the

returns

you

would

receive

if

you

traded

shares

at

other

times.

Ordinary

brokerage

commissions

apply

and

will

reduce

returns.

Performance

for

very

short

time

periods

may

not

be

indicative

of

future

performance.

Investing

involves

risk,

including

the

possible

loss

of

principal

and

fluctuation

of

value.

There

is

no

assurance

the

stated

objective(s)

will

be

met.

Performance

may

be

affected

by

risks

that

include

those

associated

with

foreign

and

emerging

markets,

fixed

income

securities,

high-yield

and

high-risk

securities,

undervalued,

overlooked

and

smaller

capitalization

companies,

real

estate

related

securities

including

Real

Estate

Investment

Trusts

(REITs),

non-diversification,

Environmental,

Social

and

Governance

(ESG)

factors,

portfolio

turnover,

derivatives,

short

sales,

initial

public

offerings

(IPOs)

and

potential

conflicts

of

interest.

Each

product

has

different

risks.

Please

see

the

prospectus

for

more

information

about

risks,

holdings

and

other

details.

Returns

include

reinvestment

of

dividends

and

capital

gains.

Returns

greater

than

one

year

are

annualized.

Returns

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

redemptions

of

Fund

shares.

The

returns

do

not

include

adjustments

in

accordance

with

generally

accepted

accounting

principles

required

at

the

period

end

for

financial

reporting

purposes.

See

Notes

to

Schedule

of

Investments

and

Other

Information

for

index

definitions.

Index

performance

does

not

reflect

the

expenses

of

managing

a

portfolio

as

an

index

is

unmanaged

and

not

available

for

direct

investment.

Average

Annual

Total

Return

for

the

periods

ended

October

31,

2021

Since

Inception

*

Janus

Henderson

U.S.

Sustainable

Equity

ETF

-

NAV

1.52%

Janus

Henderson

U.S.

Sustainable

Equity

ETF

-

Market

Price

1.56%

S&P

500

®

Index

2.19%

*

The

Fund

commenced

operations

on

September

8,

2021.

Janus

Henderson

U.S.

Sustainable

Equity

ETF

(unaudited)

Disclosure

of

Fund

Expenses

4

October

31,

2021

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1)

transaction

costs,

which

may

include

creation

and

redemption

fees

or

brokerage

charges

and

(2)

ongoing

costs,

including

management

fees

and

other

Fund

expenses.

This

example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

Funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

example

is

based

upon

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

six-months

indicated,

unless

noted

otherwise

in

the

table

and

footnotes

below. 

Actual

Expenses 

The

information

in

the

table

under

the

heading

“Actual”

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

these

columns,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

under

the

heading

entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

the

period.

Hypothetical

Example

for

Comparison

Purposes 

The

information

in

the

table

under

the

heading

“Hypothetical

(5%

return

before

expenses)”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

upon

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

determine

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Additionally,

for

an

analysis

of

the

fees

associated

with

an

investment

or

other

similar

funds,

please

visit 

www.finra.org/

fundanalyzer.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transaction

costs,

such

as

creation

and

redemption

fees,

or

brokerage

charges.

These

fees

are

fully

described

in

the

Fund’s

prospectus.

Therefore,

the

hypothetical

examples

are

useful

in

comparing

ongoing

costs

only

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

transaction

costs

were

included,

your

costs

would

have

been

higher.

Actual

Hypothetical

(5%

return

before

expenses)

Beginning

Account

Value

(9/8/2021)

Ending

Account

Value

(10/31/21)

Expenses

Paid

During

Period

(9/8/2021

-

10/31/21)

*†

Beginning

Account

Value

(5/1/21)

Ending

Account

Value

(10/31/21)

Expenses

Paid

During

Period

(5/1/21

-

10/31/21)

†

Net

Annualized

Expense

Ratio

(5/1/21

-

10/31/21)

$1,000.00

$1,015.20

$0.80

$1,000.00

$1,022.43

$2.80

0.55%

†

Expenses

Paid

During

Period

is

equal

to

the

Net

Annualized

Expense

Ratio

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period).

*

Actual

Expenses

Paid

During

Period

reflects

only

the

inception

period

for

the

Fund

(September

8,

2021

to

October

31,

2021)

and

is

equal

to

the

Net

Annualized

Expense

Ratio

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

53/365

(to

reflect

the

period).

Therefore,

actual

expenses

shown

are

lower

than

would

be

expected

for

a

six-month

period.

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Report

of

Independent

Registered

Public

Accounting

Firm

Janus

Detroit

Street

Trust

5

To

the

Board

of

Trustees

of

Janus

Detroit

Street

Trust

and

Shareholders

of

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Janus

Henderson

U.S.

Sustainable

Equity

ETF

(one

of

the

funds

constituting

Janus

Detroit

Street

Trust

,

referred

to

hereafter

as

the

"Fund")

as

of

October

31,

2021,

and

the

related

statements

of

operations

and

changes

in

net

assets,

including

the

related

notes,

and

the

financial

highlights

for

the

period

September

8,

2021

(commencement

of

operations)

through

October

31,

2021

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

October

31,

2021

,

and

the

results

of

its

operations,

changes

in

its

net

assets

and

the

financial

highlights

for

the

period

September

8,

2021

(commencement

of

operations)

through

October

31,

2021

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

based

on

our

audit

.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audit

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audit

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audit

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

October

31,

2021

by

correspondence

with

the

custodian.

We

believe

that

our

audit

provides

a

reasonable

basis

for

our

opinion.

Denver,

Colorado

December

17,

2021

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

Janus

Henderson

Funds

since

1990.

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Schedule

of

Investments

October

31,

2021

6

October

31,

2021

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares

Value

Common

Stocks

-

98.7%

Auto

Components

-

3.0%

Aptiv

plc*

8,935

$

1,544,772

Biotechnology

-

0.4%

Moderna

,

Inc.*

583

201,257

Building

Products

-

3.9%

Advanced

Drainage

Systems,

Inc.

8,023

904,994

Carrier

Global

Corp.

21,164

1,105,396

2,010,390

Containers

&

Packaging

-

1.5%

Avery

Dennison

Corp.

3,475

756,577

Electronic

Equipment,

Instruments

&

Components

-

7.3%

IPG

Photonics

Corp.*

7,862

1,250,137

Keysight

Technologies,

Inc.*

8,346

1,502,447

TE

Connectivity

Ltd.

6,707

979,222

3,731,806

Equity

Real

Estate

Investment

Trusts

(REITs)

-

4.7%

Crown

Castle

International

Corp.

3,728

672,158

Equinix

,

Inc.

831

695,605

Prologis,

Inc.

7,440

1,078,503

2,446,266

Food

Products

-

0.9%

McCormick

&

Co.,

Inc.

(Non-Voting)

5,705

457,712

Health

Care

Equipment

&

Supplies

-

3.0%

Edwards

Lifesciences

Corp.*

9,265

1,110,132

STAAR

Surgical

Co.*

3,641

431,313

1,541,445

Health

Care

Providers

&

Services

-

6.2%

Accolade,

Inc.*

10,420

414,612

Encompass

Health

Corp.

12,737

809,564

Humana,

Inc.

4,297

1,990,198

3,214,374

Health

Care

Technology

-

0.9%

Certara

,

Inc.*

10,752

444,165

Insurance

-

7.2%

Aon

plc

-

Class

A

3,716

1,188,823

Marsh

&

McLennan

Cos.,

Inc.

8,185

1,365,258

Progressive

Corp.

(The)

12,069

1,145,106

3,699,187

IT

Services

-

3.3%

Mastercard

,

Inc.

-

Class

A

3,143

1,054,540

Okta

,

Inc.*

1,495

369,534

Twilio

,

Inc.

-

Class

A*

995

289,903

1,713,977

Life

Sciences

Tools

&

Services

-

7.6%

Bruker

Corp.

9,917

796,335

ICON

plc*

5,714

1,638,604

Illumina,

Inc.*

1,236

513,014

PerkinElmer,

Inc.

5,384

952,376

3,900,329

Machinery

-

6.9%

Evoqua

Water

Technologies

Corp.*

37,549

1,570,675

Westinghouse

Air

Brake

Technologies

Corp.

12,894

1,169,872

Xylem,

Inc.

6,041

788,894

3,529,441

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Schedule

of

Investments

October

31,

2021

Janus

Detroit

Street

Trust

7

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares

Value

Common

Stocks

-

(continued)

Semiconductors

&

Semiconductor

Equipment

-

10.7%

Lam

Research

Corp.

2,321

$

1,308,046

Microchip

Technology,

Inc.

13,738

1,017,849

NVIDIA

Corp.

8,594

2,197,228

Texas

Instruments,

Inc.

5,215

977,708

5,500,831

Software

-

22.7%

Adobe,

Inc.*

2,738

1,780,686

Atlassian

Corp.

plc

-

Class

A*

1,409

645,505

Autodesk,

Inc.*

6,615

2,100,990

Avalara,

Inc.*

5,036

904,667

Bill.com

Holdings,

Inc.*

2,232

656,900

Cadence

Design

Systems,

Inc.*

3,303

571,782

Microsoft

Corp.

10,426

3,457,470

Workday,

Inc.

-

Class

A*

2,072

600,839

Zendesk

,

Inc.*

9,419

958,854

11,677,693

Specialty

Retail

-

2.2%

Home

Depot,

Inc.

(The)

3,066

1,139,755

Textiles,

Apparel

&

Luxury

Goods

-

1.9%

NIKE,

Inc.

-

Class

B

5,865

981,156

Thrifts

&

Mortgage

Finance

-

2.5%

Walker

&

Dunlop,

Inc.

9,752

1,268,443

Trading

Companies

&

Distributors

-

0.8%

Core

&

Main,

Inc.

-

Class

A*

14,549

398,061

Wireless

Telecommunication

Services

-

1.1%

T-Mobile

US,

Inc.*

4,871

560,311

Total

Common

Stocks

(cost

$49,546,390)

50,717,948

Investment

Companies

-

0.4%

Money

Market

Funds

-

0.4%

Federated

Hermes

Government

Obligations

Tax-Managed

Fund,

0.0200%

∞

(cost

$223,976)

223,976

223,976

Total

Investments

(total

cost

$49,770,366

)

-

99.1%

50,941,924

Cash,

Receivables

and

Other

Assets,

net

of

Liabilities

-

0.9%

452,479

Net

Assets

-

100.0%

$51,394,403

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

46,133,821

90.6

%

Ireland

3,183,376

6.2

Switzerland

979,222

1.9

Australia

645,505

1.3

Total

$

50,941,924

100.0

%

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

October

31,

2021

8

October

31,

2021

S&P

500

®

Index

S&P

500

®

Index

reflects

U.S.

large-cap

equity

performance

and

represents

broad

U.S.

equity

market

performance.

plc

Public

Limited

Company

*

Non-income

producing

security.

∞

Rate

shown

is

the

7-day

yield

as

of

October

31,

2021.

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

October

31,

2021

.

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:

Common

Stocks

$

50,717,948

$

—

$

—

Investment

Companies

223,976

—

—

Total

Assets

$

50,941,924

$

—

$

—

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Statement

of

Assets

and

Liabilities

October

31,

2021

Janus

Detroit

Street

Trust

9

See

Notes

to

Financial

Statements.

Assets:

Investments,

at

value

(cost

$49,770,366)

$

50,941,924

Receivables:

Investments

sold

458,963

Dividends

16,571

Total

Assets

51,417,458

Liabilities:

Payables:

—

Management

fees

23,055

Total

Liabilities

23,055

Net

Assets

$

51,394,403

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

50,071,608

Total

distributable

earnings

(loss)

1,322,795

Total

Net

Assets

$

51,394,403

Net

Assets

$

51,394,403

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

2,025,001

Net

Asset

Value

Per

Share

$

25

.38

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Statement

of

Operations

For

the

period

ended

October

31,

2021

(1)

10

October

31,

2021

See

Notes

to

Financial

Statements.

Investment

Income:

Dividends

$

34,687

Total

Investment

Income

34,687

Expenses:

Management

Fees

35,353

Total

Expenses

35,353

Net

Investment

Income/(Loss)

(

666

)

Net

Realized

Gain/(Loss)

on

Investments:

Investments

$

151,903

Total

Net

Realized

Gain/(Loss)

on

Investments

$

151,903

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

1,171,558

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

1,171,558

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

1,322,795

(1)

Period

from

September

8,

2021

(commencement

of

operations)

through

October

31,

2021.

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Statement

of

Changes

in

Net

Assets

Janus

Detroit

Street

Trust

11

See

Notes

to

Financial

Statements.

Period

Ended

October

31,

2021

(1)

Operations:

Net

investment

income/(loss)

$

(

666

)

Net

realized

gain/(loss)

on

investments

151,903

Change

in

unrealized

net

appreciation/depreciation

1,171,558

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

1,322,795

Capital

Share

Transactions

50,071,608

Net

Increase/(Decrease)

in

Net

Assets

51,394,403

Net

Assets:

—

Beginning

of

Period  

—

End

of

Period

$

51,394,403

(1)

Period

from

September

8,

2021

(commencement

of

operations)

through

October

31,

2021.

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Financial

Highlights

12

October

31,

2021

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

period

ended

October

31

2021

(1)

Net

Asset

Value,

Beginning

of

Period

$25.00

Income/(Loss)

from

Investment

Operations:

—

Net

investment

income/(loss)

(2)

—

(3)

Net

realized

and

unrealized

g

ain/(loss)

0.38

Total

from

Investment

Operations

0.38

Less

Dividends

and

Distributions:

—

Total

Dividends

and

Distributions

—

Net

Asset

Value,

End

of

Period

$25.38

Total

Return

*

1.52%

Net

assets,

End

of

Period

(in

thousands)

$51,394

Average

Net

Assets

for

the

Period

(in

thousands)

$44,389

Ratios

to

Average

Net

Assets

**

Ratio

of

Gross

Expenses

0.55%

Ratio

of

Net

Investment

Income/(Loss)

(0.01)%

Portfolio

Turnover

Rate

(4)

1%

*

Total

return

not

annualized

for

periods

of

less

than

one

full

year.

**

Annualized

for

periods

of

less

than

one

full

year.

(1)

Period

from

September

8,

2021

(commencement

of

operations)

through

October

31,

2021.

(2)

Per

share

amounts

are

calculated

based

on

average

shares

outstanding

during

the

year

or

period.

(3)

Amount

is

less

than

$0.005

(4)

Portfolio

turnover

rate

excludes

securities

received

or

delivered

from

in-kind

processing

of

creation

or

redemptions.

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

13

1.

Organization

and

Significant

Accounting

Policies

Janus

Henderson

U.S.

Sustainable Equity

ETF (the

“Fund”)

is

a

series

fund.

The

Fund

is

part

of

Janus

Detroit

Street

Trust

(the

“Trust”),

which

is

organized

as

a

Delaware

statutory

trust

and

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company,

and

therefore

has

applied

the

specialized

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

(“ASC”)

Topic

946.

The

financial

statements

include

information

for

the

period

from

September

8,

2021

(commencement

of

operations)

through

October

31,

2021. As

of

the

date

of

this

report,

the

Trust

offers eleven

Funds

each

of

which

represent

shares

of

beneficial

interest

in

a

separate

portfolio

of

securities

and

other

assets

with

its

own

objective

and

policies.

The

Fund

seeks

long-term

growth

of

capital.

The

Fund

is

classified

as

diversified,

as

defined

in

the

1940

Act.

The

Fund

is

an

actively-managed

exchange-traded

fund.

Unlike

shares

of

traditional

mutual

funds,

shares

of

the

Fund

are

not

individually

redeemable

and

may

only

be

purchased

or

redeemed

directly

from

the

Fund

at

net

asset

value

(“NAV”)

in

large

increments

called

“Creation

Units”

by

certain

participants,

known

as

“Authorized

Participants.”

The

size

of

a

Creation

Unit

to

purchase

shares

of

the

Fund

may

differ

from

the

size

of

a

Creation

Unit

to

redeem

shares

of

the

Fund.

The

Fund

will

issue

or

redeem

Creation

Units

in

exchange

for

portfolio

securities

and/or

cash.

Except

when

aggregated

in

Creation

Units,

Fund

shares

are

not

redeemable

securities

of

the

Fund.

Shares

of

the

Fund

are

listed

and

trade

on

NYSE

Arca,

Inc.

(NYSE

Arca"),

and

individual

investors

can

purchase

or

sell

shares

in

much

smaller

increments

for

cash

in

the

secondary

market

through

a

broker.

These

transactions,

which

do

not

involve

the

Fund,

are

made

at

market

prices

that

may

vary

throughout

the

day

and

differ

from

the

Fund’s

NAV.

As

a

result,

you

may

pay

more

than

NAV

(a

premium)

when

you

purchase

shares

and

receive

less

than

NAV

(a

discount)

when

you

sell

shares,

in

the

secondary

market.

An

Authorized

Participant

(or

other

broker-dealers

making

markets

in

shares

of

the

Fund)

may

hold

of

record

more

than

25%

of

the

outstanding

shares

of

the

Fund.

From

time

to

time,

Authorized

Participants

(or

other

broker-dealers

making

markets

in

shares

of

the

Fund)

may

be

a

beneficial

and/or

legal

owner

of

the

Fund,

may

be

affiliated

with

an

index

provider,

may

be

deemed

to

have

control

of

the

Fund

and/or

may

be

able

to

affect

the

outcome

of

matters

presented

for

a

vote

of

the

shareholders

of

the

Fund.

Authorized

Participants

(or

other

broker-dealers

making

markets

in

shares

of

the

Fund)

may

execute

an

irrevocable

proxy

granting

the

Distributor,

Janus

Capital

Management

LLC

(“Janus

Capital”

or

“Janus”

or

"Agent")

or

an

affiliate

of

Janus

Capital

power

to

vote

or

abstain

from

voting

such

Authorized

Participant’s

beneficially

or

legally

owned

shares

of

the

Fund.

In

such

cases,

the

Agent

shall

mirror

vote

(or

abstain

from

voting)

such

shares

in

the

same

proportion

as

all

other

beneficial

owners

of

the

Fund. 

The

following

accounting

policies

have

been

followed

by

the

Fund

and

are

in

conformity

with

United

States

of

America

generally

accepted

accounting

principles

(“US

GAAP”). 

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

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.

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Notes

to

Financial

Statements

14

October

31,

2021

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.

There

have

been

no

significant

changes

in

valuation

techniques

used

in

valuing

any

such

positions

held

by

the

Fund

since

inception. 

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

October

31,

2021 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.

Investment

Transactions

and

Investment

Income

Investment

transactions

are

accounted

for

as

of

the

date

purchased

or

sold

(trade

date).

Dividend

income

is

recorded

on

the

ex-dividend

date.

Certain

dividends

from

foreign

securities

will

be

recorded

as

soon

as

the

Fund

is

informed

of

the

dividend,

if

such

information

is

obtained

subsequent

to

the

ex-dividend

date.

Dividends

from

foreign

securities

may

be

subject

to

withholding

taxes

in

foreign

jurisdictions.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value.

Interest

income

is

recorded

daily

on

an

accrual

basis

and

includes

amortization

of

premiums

and

accretion

of

discounts.

The

Fund

classifies

gains

and

losses

on

prepayments

received

as

an

adjustment

to

interest

income.

Debt

securities

may

be

placed

in

non-accrual

status

and

related

interest

income

may

be

reduced

by

stopping

current

accruals

and

writing

off

interest

receivables

when

collection

of

all

or

a

portion

of

interest

has

become

doubtful.

Gains

and

losses

are

determined

on

the

identified

cost

basis,

which

is

the

same

basis

used

for

federal

income

tax

purposes.  

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

15

Estimates

The

preparation

of

financial

statements

in

conformity

with

US

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amount

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates. 

Indemnifications

In

the

normal

course

of

business,

the

Fund

may

enter

into

contracts

that

contain

provisions

for

indemnification

of

other

parties

against

certain

potential

liabilities.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

and

would

involve

future

claims

that

may

be

made

against

the

Fund

that

have

not

yet

occurred.

Currently,

the

risk

of

material

loss

from

such

claims

is

considered

remote. 

Dividends

and

Distributions

The

Fund

generally

declares

and

distributes

dividends

of

net

investment

income

quarterly.

Net

realized

capital

gains

(if

any)

are

distributed

annually.

The

Fund

may

treat

a

portion

of

the

amount

paid

to

redeem

shares

as

a

distribution

of

investment

company

taxable

income

and

realized

capital

gains

that

are

reflected

in

the

NAV.

This

practice,

commonly

referred

to

as

“equalization,”

has

no

effect

on

the

redeeming

shareholder

or

a

Fund’s

total

return

but

may

reduce

the

amounts

that

would

otherwise

be

required

to

be

paid

as

taxable

dividends

to

the

remaining

shareholders.

It

is

possible

that

the

Internal

Revenue

Service

(IRS)

could

challenge

the

Fund’s

equalization

methodology

or

calculations,

and

any

such

challenge

could

result

in

additional

tax,

interest,

or

penalties

to

be

paid

by

the

Fund. 

The

Fund

may

make

certain

investments

in

real

estate

investment

trusts

(“REITs”)

which

pay

dividends

to

their

shareholders

based

upon

funds

available

from

operations.

It

is

quite

common

for

these

dividends

to

exceed

the

REITs’

taxable

earnings

and

profits,

resulting

in

the

excess

portion

of

such

dividends

being

designated

as

a

return

of

capital.

If

the

Fund

distributes

such

amounts,

such

distributions

could

constitute

a

return

of

capital

to

shareholders

for

federal

income

tax

purposes. 

Federal

Income

Taxes

The

Fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

and

distribute

all

of

its

taxable

income

in

accordance

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code.

Management

has

analyzed

the

Fund’s

tax

positions

taken

for

all

open

federal

income

tax

years,

generally

a

three-year

period,

and

has

concluded

that

no

provision

for

federal

income

tax

is

required

in

the

Fund’s

financial

statements.

The

Fund

is

not

aware

of

any

tax

positions

for

which

it

is

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

benefits

will

significantly

change

in

the

next

twelve

months. 

2.

Other

Investments

and

Strategies 

Additional

Investment

Risk 

In

response

to

the

COVID-19

pandemic,

the

U.S.

government

and

the

Federal

Reserve,

as

well

as

certain

foreign

governments

and

central

banks,

have

taken

extraordinary

actions

to

support

local

and

global

economies

and

the

financial

markets,

including

reducing

interest

rates

to

record

low

levels.

Extremely

low

or

negative

interest

rates

may

become

more

prevalent

or

may

not

work

as

intended.

As

there

is

little

precedent

for

this

situation,

the

impact

on

various

markets

that

interest

rate

or

other

significant

policy

changes

may

have

is

unknown.

The

withdrawal

of

this

support,

a

failure

of

measures

put

in

place

in

response

to

such

economic

uncertainty,

or

investor

perception

that

such

efforts

were

not

sufficient

could

each

negatively

affect

financial

markets

generally,

and

the

value

and

liquidity

of

specific

securities.

In

addition,

policy

and

legislative

changes

in

the

United

States

and

in

other

countries

continue

to

impact

many

aspects

of

financial

regulation.

Widespread

disease,

including

pandemics

and

epidemics,

and

natural

or

environmental

disasters,

including

those

which

may

be

attributable

to

global

climate

change,

such

as

earthquakes,

fires,

floods,

hurricanes,

tsunamis

and

weather-related

phenomena

generally,

have

been

and

can

be

highly

disruptive

to

economies

and

markets,

adversely

impacting

individual

companies,

sectors,

industries,

markets,

currencies,

interest

and

inflation

rates,

credit

ratings,

investor

sentiment,

and

other

factors

affecting

the

value

of

a

Fund’s

investments.

Economies

and

financial

markets

throughout

the

world

have

become

increasingly

interconnected,

which

increases

the

likelihood

that

events

or

conditions

in

one

region

or

country

will

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Notes

to

Financial

Statements

16

October

31,

2021

adversely

affect

markets

or

issuers

in

other

regions

or

countries,

including

the

United

States.

These

disruptions

could

prevent

a

Fund

from

executing

advantageous

investment

decisions

in

a

timely

manner

and

negatively

impact

a

Fund’s

ability

to

achieve

its

investment

objective(s).

Any

such

event(s)

could

have

a

significant

adverse

impact

on

the

value

of

a

Fund.

In

addition,

these

disruptions

could

also

impair

the

information

technology

and

other

operational

systems

upon

which

the

Fund’s

service

providers,

including

Janus

Capital,

rely,

and

could

otherwise

disrupt

the

ability

of

employees

of

the

Fund’s

service

providers

to

perform

essential

tasks

on

behalf

of

the

Fund.

Adverse

weather

conditions

may

also

have

a

particularly

negative

effect

on

issuers

in

the

agricultural

sector

in

the

agricultural

sector

and

on

insurance

and

reinsurance

companies

that

insure

or

reinsure

against

the

impact

of

natural

disasters.

A

number

of

countries

in

the

European

Union

(“EU”)

have

experienced,

and

may

continue

to

experience,

severe

economic

and

financial

difficulties.

In

particular,

many

EU

nations

are

susceptible

to

economic

risks

associated

with

high

levels

of

debt.

Many

non-governmental

issuers,

and

even

certain

governments,

have

defaulted

on,

or

been

forced

to

restructure,

their

debts.

Many

other

issuers

have

faced

difficulties

obtaining

credit

or

refinancing

existing

obligations.

Financial

institutions

have

in

many

cases

required

government

or

central

bank

support,

have

needed

to

raise

capital,

and/

or

have

been

impaired

in

their

ability

to

extend

credit.

As

a

result,

financial

markets

in

the

EU

have

experienced

extreme

volatility

and

declines

in

asset

values

and

liquidity.

These

difficulties

may

continue,

worsen,

or

spread

further

within

the EU. Responses

to

these

financial

problems

by

European

governments,

central

banks,

and

others,

including

austerity

measures

and

reforms,

may

not

work,

may

result

in

social

unrest,

and

may

limit

future

growth

and

economic

recovery

or

have

other

unintended

consequences.

All

of

these

developments

may

continue

to

significantly

affect

the

economies

of

all

EU

countries,

which

in

turn

may

have

a

material

adverse

effect

on

a

Fund's

investments

in

such

countries

that

depend

on

EU

countries

for

significant

amounts

of

trade

or

investment,

or

issues

with

exposure

to

debt

issued

by

certain

EU

countries.

Management

Risk

The

Fund

is

an

actively

managed

investment

portfolio

and

is

therefore

subject

to

the

risk

that

the

investment

strategies

employed

for

the

Fund

may

fail

to

produce

the

intended

results.

Although

the

Fund

seeks

to

provide

long-term

positive

returns,

market

conditions

or

implementation

of

the

Fund's

investment

process

may

result

in

losses,

and

the

Fund

may

not

meet

its

investment

objective.

As

such,

there

can

be

no

assurance

of

positive

"absolute"

returns.

Industry

and

Sector

Risk

Although

the

Fund

does

not

concentrate

its

investments

in

specific

industries

or

industry

sectors,

it

emphasizes

certain

themes

and

megatrends.

As

a

result,

at

times,

it

may

have

a

significant

portion

of

its

assets

invested

in

securities

of

companies

conducting

similar

business

or

businesses

within

the

same

economic

sector

or

that

benefit

from

the

same

megatrend.

Companies

in

the

same

industry

or

economic

sector

or

that

benefit

from

the

same

megatrend

may

be

similarly

affected

by

economic

or

market

events,

making

the

Fund

more

vulnerable

to

unfavorable

developments

than

funds

that

invest

more

broadly.

As

the

Fund’s

portfolio

becomes

more

concentrated,

the

Fund

is

less

able

to

spread

risk

and

potentially

reduce

the

risk

of

loss

and

volatility.

In

addition,

the

Fund

may

be

overweight

or

underweight

in

certain

industries

or

sectors

relative

to

its

benchmark

index

due

to

its

ESG

focus,

which

may

cause

the

Fund’s

performance

to

be

more

or

less

sensitive

to

developments

affecting

those

sectors.

Real

Estate

Investing 

The

Fund

may

invest

in

equity

securities

of

real

estate-related

companies

to

the

extent

such

securities

are

included

in

the

Underlying

Index.

Such

companies

may

include

those

in

the

real

estate

industry

or

real

estate-related

industries.

These

securities

may

include

common

stocks,

preferred

and

convertible

securities

of

issuers

in

real

estate-related

industries.

A

REIT

is

a

trust

that

invests

in

real

estate-related

projects,

such

as

properties,

mortgage

loans,

and

construction

loans.

REITs

are

generally

categorized

as

equity,

mortgage,

or

hybrid

REITs.

A

REIT

may

be

listed

on

an

exchange

or

traded

OTC.

Small-

and

Mid-Sized

Companies

Risk

The

Fund’s

investments

in

securities

issued

by

small-

and

mid-sized

companies,

which

can

include

smaller,

start-up

companies

offering

emerging

products

or

services,

may

involve

greater

risks

than

are

customarily

associated

with

larger,

more

established

companies.

Securities

issued

by

small-

and

mid-sized

companies

tend

to

be

more

volatile

and

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

17

somewhat

more

speculative

than

securities

issued

by

larger

or

more

established

companies

and

may

underperform

as

compared

to

the

securities

of

larger

or

more

established

companies.

Sustainable

Investment

Risk

The

Fund

follows

a

sustainable

investment

approach

by

investing

in

companies

that

relate

to

certain

sustainable

development

themes

and

demonstrate

adherence

to

Environmental,

Sustainability

and

Governance

("ESG")

practices.

Accordingly,

the

Fund

may

have

a

significant

portion

of

its

assets

invested

in

securities

of

companies

conducting

similar

business

or

businesses

within

the

same

economic

sector.

Additionally,

due

to

its

exclusionary

criteria,

the

Fund

may

not

be

invested

in

certain

industries

or

sectors.

As

a

result,

the

Fund

may

be

overweight

or

underweight

in

certain

industries

or

sectors

relative

to

its

benchmark

index,

which

may

cause

the

Fund’s

performance

to

be

more

or

less

sensitive

to

developments

affecting

those

sectors.

In

addition,

since

sustainable

and

ESG

investing

takes

into

consideration

factors

beyond

traditional

financial

analysis,

the

investment

opportunities

for

the

Fund

may

be

limited

at

times.

Sustainability

and

ESG-related

information

provided

by

issuers

and

third

parties,

upon

which

the

portfolio

managers

may

rely,

continues

to

develop,

and

may

be

incomplete,

inaccurate,

use

different

methodologies,

or

be

applied

differently

across

companies

and

industries.

Further,

the

regulatory

landscape

for

sustainable

and

ESG

investing

in

the

United

States

is

still

developing

and

future

rules

and

regulations

may

require

the

Fund

to

modify

or

alter

its

investment

process.

Similarly,

government

policies

incentivizing

companies

to

engage

in

sustainable

and

ESG

practices

may

fall

out

of

favor,

which

could

potentially

limit

the

Fund’s

investment

universe.

There

is

also

a

risk

that

the

companies

identified

through

the

investment

process

may

fail

to

adhere

to

sustainable

and/or

ESG-related

business

practices,

which

may

result

in

the

Fund

selling

a

security

when

it

might

otherwise

be

disadvantageous

to

do

so.

There

is

no

guarantee

that

sustainable

investments

will

outperform

the

broader

market

on

either

an

absolute

or

relative

basis.

3.

Investment

Advisory

Agreements

and

Other

Transactions

with

Affiliates 

Under

its

unitary

fee

structure,

the

Fund

pays

Janus

Capital

a

management

fee

in

return

for

providing

certain

investment

advisory,

supervisory,

and

administrative

services

to

the

Fund,

including

the

costs

of

transfer

agency,

custody,

fund

administration,

legal,

audit,

and

other

services.

Janus

Capital’s

fee

structure

is

designed

to

pay

substantially

all

of

the

Fund’s

expenses.

However,

the

Fund

bears

other

expenses

which

are

not

covered

under

the

management

fee

which

may

vary

and

affect

the

total

level

of

expenses

paid

by

shareholders,

such

as

distribution

fees

(if

any),

brokerage

expenses

or

commissions,

interest,

dividends,

taxes,

litigation

expenses,

acquired

fund

fees

and

expenses

(if

any),

and

extraordinary

expenses.

The

Fund’s

unitary

management

fee

provides

for

reductions

in

the

fee

rate

as

the

Fund’s

assets

grow.

As

of

the

date

of

this

report,

the

Fund’s

management

fee

was

calculated

daily

and

paid

monthly

according

to

the

following

schedule: 

For

the

period

ended

October

31,

2021,

the

Fund’s

contractual

management

fee

rate

(expressed

as

an

annual

rate)

was

0.55%

of

the

Fund’s

average

daily

net

assets.

J.P.

Morgan

Chase

Bank,

N.A.

(“JP

Morgan")

provides

certain

fund

administration

services

to

the

Fund,

including

services

related

to

the

Fund’s

accounting,

including

calculating

the

daily

NAV,

audit

coordination,

tax,

and

reporting

obligations,

pursuant

to

an

agreement

with

Janus

Capital,

on

behalf

of

the

Fund.

As

compensation

for

such

services,

Janus

Capital

pays

JP

Morgan

a

fee

based

on

a

percentage

of

the

Fund’s

assets,

with

a

minimum

flat

fee,

for

certain

services.

Janus

Capital

serves

as

administrator

to

the

Fund,

providing

oversight

and

coordination

of

the

Fund’s

service

providers,

recordkeeping

and

other

administrative

services.

Janus

Capital

does

not

receive

any

additional

compensation,

beyond

the

unitary

fee,

for

serving

as

administrator.

JP

Morgan

also

serves

as

transfer

agent

for

the

shares

of

the

Fund.

Pursuant

to

agreements

with

Janus

Capital

on

behalf

of

the

Fund,

J.P.

Morgan

Securities

LLC,

an

affiliate

of

JP

Morgan,

may

execute

portfolio

transactions

for

the

Fund,

including

but

not

limited

to,

transactions

in

connection

with

cash

in

lieu

transactions

for

non-US

securities. 

Daily

Net

Assets

Fee

Rate

$0-$250

million

0.55%

Over

$250

million

0.50%

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Notes

to

Financial

Statements

18

October

31,

2021

The

Trust

has

adopted

a

Distribution

and

Servicing

Plan

for

shares

of

the

Fund

pursuant

to

Rule

12b-1

under

the

1940

Act

(the

“Plan”).

The

Plan

permits

compensation

in

connection

with

the

distribution

and

marketing

of

Fund

shares

and/or

the

provision

of

certain

shareholder

services.

The

Plan

permits

the

Fund

to

pay

ALPS

Distributors,

Inc.

(the

“Distributor”)

or

its

designee,

a

fee

for

the

sale

and

distribution

and/or

shareholder

servicing

of

the

shares

at

an

annual

rate

of

up

to

0.25%

of

average

daily

net

assets

of

the

Fund.

However,

the

Trustees

have

determined

not

to

authorize

payment

under

this

Plan

at

this

time.

Under

the

terms

of

the

Plan,

the

Trust

would

be

authorized

to

make

payments

to

the

Distributor

or

its

designee

for

remittance

to

retirement

plan

service

providers,

broker-dealers,

bank

trust

departments,

financial

advisors,

and

other

financial

intermediaries,

as

compensation

for

distribution

and/or

shareholder

services

performed

by

such

entities

for

their

customers

who

are

investors

in

the

Fund.

The

12b-1

fee

may

only

be

imposed

or

increased

when

the

Trustees

determine

that

it

is

in

the

best

interests

of

shareholders

to

do

so.

Because

these

fees

are

paid

out

of

the

Fund’s

assets

on

an

ongoing

basis,

to

the

extent

that

a

fee

is

authorized,

over

time

they

will

increase

the

cost

of

an

investment

in

the

Fund.

The

Plan

fee

may

cost

an

investor

more

than

other

types

of

sales

charges. 

As

of

October

31,

2021,

Janus

Capital

owned

1,700,001

shares

or

83.95%

of

the

Fund.

4.

Federal

Income

Tax 

The

tax

components

of

capital

shown

in

the

table

below

represent:

(1)

distribution

requirements

the

Fund

must

satisfy

under

the

income

tax

regulations;

(2)

losses

or

deductions

the

Fund

may

be

able

to

offset

against

income

and

gains

realized

in

future

years;

and

(3)

unrealized

appreciation

or

depreciation

of

investments

for

federal

income

tax

purposes. 

The

Fund

has

elected

to

treat

gains

and

losses

on

forward

foreign

currency

contracts

as

capital

gains

and

losses,

if

applicable.

Other

foreign

currency

gains

and

losses

on

debt

instruments

are

treated

as

ordinary

income

for

federal

income

tax

purposes

pursuant

to

Section

988

of

the

Internal

Revenue

Code. 

The

aggregate

cost

of

investments

and

the

composition

of

unrealized

appreciation

and

depreciation

of

investment

securities

for

federal

income

tax

purposes

as

of

October

31,

2021

are

noted

below.

Income

and

capital

gains

distributions

are

determined

in

accordance

with

income

tax

regulations

that

may

differ

from

US

GAAP.

These

differences

are

due

to

differing

treatments

for

items

such

as

net

short-term

gains,

deferral

of

wash

sale

losses,

foreign

currency

transactions,

passive

foreign

investment

companies,

net

investment

losses,

in-kind

transactions

and

capital

loss

carryovers.

Certain

permanent

differences

such

as

tax

returns

of

capital

and

net

investment

losses

noted

below

have

been

reclassified

to

capital. 

Loss

Deferrals

Undistributed

Ordinary

Income

Undistributed

Long-Term

Gains

Accumulated

Capital

Losses

Late-Year

Ordinary

Loss

Post-October

Capital

Loss

Other

Book

to

Tax

Differences

Net

Tax

Appreciation/

(Depreciation)

$150,812

$425

$

—

$

—

$

—

$

—

$1,171,558

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$49,770,366

$2,541,651

$(1,370,093)

$1,171,558

For

the

year

ended

October

31,

2021

:

Distributions

From

Ordinary

Income

From

Long-Term

Capital

Gain

Tax

Return

of

Capital

Net

Investment

Loss

$

—

$

—

$

—

$

—

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

19

Permanent

book

to

tax

basis

differences

may

result

in

reclassifications

between

the

components

of

net

assets.

These

differences

have

no

impact

on

the

results

of

operations

or

net

assets.

The

following

reclassifications

have

been

made

to

the

Fund: 

5.

Capital

Share

Transactions 

6.

Purchases

and

Sales

of

Investment

Securities 

For

the

period

ended

October

31,

2021,

the

aggregate

cost

of

purchases

and

proceeds

from

sales

of

investment

securities

(excluding

any

short-term

securities,

short-term

options

contracts,

and

in-kind

transactions)

was

as

follows: 

For

the year

ended

October

31,

2021,

the

cost

of

in-kind

purchases

and

proceeds

from

in-kind

sales,

were

as

follows: 

7.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to

October

31,

2021

and

through

the

date

of

the

issuance

of

the

Fund's

financial

statements

and

determined

that

there

were

no

material

events

or

transactions

that

would

require

recognition

or

disclosure

in

the

Fund's

financial

statements. 

Increase/(Decrease)

to

Capital

Increase/(Decrease)

to

Undistributed

Net

Investment

Income/Loss

Increase/(Decrease)

to

Undistributed

Net

realized

Gain/Loss

$

—

$666

$(666)

Period

Ended

October

31,

2021

(1)

Shares

Amount

Shares

sold

2,025,001

$

50,071,608

Shares

repurchased

—

—

Net

Increase/(Decrease)

2,025,001

$

50,071,608

(1)

Period

from

September

8,

2021

(commencement

of

operations)

through

October

31,

2021.

Purchases

of

Securities

Proceeds

from

Sales

of

Securities

Purchases

of

Long-

Term

U.S.

Government

Obligations

Proceeds

from

Sales

of

Long-Term

U.S.

Government

Obligations

$10,791,068

$458,963

$

—

$

—

Purchases

of

Securities

Proceeds

from

Sales

of

Securities

Purchases

of

Long-

Term

U.S.

Government

Obligations

Proceeds

from

Sales

of

Long-Term

U.S.

Government

Obligations

$39,063,140

$

—

$

—

$

—

The

Trust

has

adopted

a

Distribution

and

Servicing

Plan

for

shares

of

the

Fund

pursuant

to

Rule

12b-1

under

the

1940

Act

(the

“Plan”).

The

Plan

permits

compensation

in

connection

with

the

distribution

and

marketing

of

Fund

shares

and/or

the

provision

of

certain

shareholder

services.

The

Plan

permits

the

Fund

to

pay

ALPS

Distributors,

Inc.

(the

“Distributor”)

or

its

designee,

a

fee

for

the

sale

and

distribution

and/or

shareholder

servicing

of

the

shares

at

an

annual

rate

of

up

to

0.25%

of

average

daily

net

assets

of

the

Fund.

However,

the

Trustees

have

determined

not

to

authorize

payment

under

this

Plan

at

this

time.

Under

the

terms

of

the

Plan,

the

Trust

would

be

authorized

to

make

payments

to

the

Distributor

or

its

designee

for

remittance

to

retirement

plan

service

providers,

broker-dealers,

bank

trust

departments,

financial

advisors,

and

other

financial

intermediaries,

as

compensation

for

distribution

and/or

shareholder

services

performed

by

such

entities

for

their

customers

who

are

investors

in

the

Fund.

The

12b-1

fee

may

only

be

imposed

or

increased

when

the

Trustees

determine

that

it

is

in

the

best

interests

of

shareholders

to

do

so.

Because

these

fees

are

paid

out

of

the

Fund’s

assets

on

an

ongoing

basis,

to

the

extent

that

a

fee

is

authorized,

over

time

they

will

increase

the

cost

of

an

investment

in

the

Fund.

The

Plan

fee

may

cost

an

investor

more

than

other

types

of

sales

charges. 

As

of

October

31,

2021,

Janus

Capital

owned

1,700,001

shares

or

83.95%

of

the

Fund.

4.

Federal

Income

Tax 

The

tax

components

of

capital

shown

in

the

table

below

represent:

(1)

distribution

requirements

the

Fund

must

satisfy

under

the

income

tax

regulations;

(2)

losses

or

deductions

the

Fund

may

be

able

to

offset

against

income

and

gains

realized

in

future

years;

and

(3)

unrealized

appreciation

or

depreciation

of

investments

for

federal

income

tax

purposes. 

The

Fund

has

elected

to

treat

gains

and

losses

on

forward

foreign

currency

contracts

as

capital

gains

and

losses,

if

applicable.

Other

foreign

currency

gains

and

losses

on

debt

instruments

are

treated

as

ordinary

income

for

federal

income

tax

purposes

pursuant

to

Section

988

of

the

Internal

Revenue

Code. 

The

aggregate

cost

of

investments

and

the

composition

of

unrealized

appreciation

and

depreciation

of

investment

securities

for

federal

income

tax

purposes

as

of

October

31,

2021

are

noted

below.

Income

and

capital

gains

distributions

are

determined

in

accordance

with

income

tax

regulations

that

may

differ

from

US

GAAP.

These

differences

are

due

to

differing

treatments

for

items

such

as

net

short-term

gains,

deferral

of

wash

sale

losses,

foreign

currency

transactions,

passive

foreign

investment

companies,

net

investment

losses,

in-kind

transactions

and

capital

loss

carryovers.

Certain

permanent

differences

such

as

tax

returns

of

capital

and

net

investment

losses

noted

below

have

been

reclassified

to

capital. 

Loss

Deferrals

Undistributed

Ordinary

Income

Undistributed

Long-Term

Gains

Accumulated

Capital

Losses

Late-Year

Ordinary

Loss

Post-October

Capital

Loss

Other

Book

to

Tax

Differences

Net

Tax

Appreciation/

(Depreciation)

$150,812

$425

$

—

$

—

$

—

$

—

$1,171,558

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$49,770,366

$2,541,651

$(1,370,093)

$1,171,558

For

the

year

ended

October

31,

2021

:

Distributions

From

Ordinary

Income

From

Long-Term

Capital

Gain

Tax

Return

of

Capital

Net

Investment

Loss

$

—

$

—

$

—

$

—

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Additional

Information

(unaudited)

20

October

31,

2021

Proxy

Voting

Policies

and

Voting

Record

A

description

of

the

policies

and

procedures

that

the

Fund

uses

to

determine

how

to

vote

proxies

relating

to

its

portfolio

securities

is

available

without

charge:

(i)

upon

request,

by

calling

1-800-525-0020

(toll

free);

(ii)

on

the

Fund’s

website

at

janushenderson.com/proxyvoting;

and

(iii)

on

the

SEC’s

website

at

http://www.sec.gov.

Quarterly

Portfolio

Holdings

The

Fund

files

its

complete

portfolio

holdings

(schedule

of

investments)

with

the

SEC

for

the

first

and

third

quarters

each

fiscal

year

as

an

exhibit

to

Form

N-PORT

within

60

days

of

the

end

of

such

fiscal

quarter.

The

Fund’s

Form

N-PORT

and

Form

N-Q

filings:

are

available

on

the

SEC’s

website

at

http://www.sec.gov;

(ii)

may

be

reviewed

and

copied

at

the

SEC’s

Public

Reference

Room

in

Washington,

D.C.

(information

on

the

Public

Reference

Room

may

be

obtained

by

calling

1-800-SEC-0330);

and

(iii)

are

available

without

charge,

upon

request,

by

calling

Janus

Henderson

at

1-800-525-

0020

(toll

free).

Designation

Requirements

(unaudited)

For

federal

income

tax

purposes,

the

Fund

designated

the

following

for

the

year

ended

October

31,

2021.

Dividends

Received

Deduction

Percentage

18%

Qualified

Dividend

Income

Percentage

18%

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

Janus

Detroit

Street

Trust

21

The

Trustees

of

Janus

Detroit

Street

Trust

(the

“Trust”),

including

the

Trustees

who

are

not

“interested

persons”

(the

“Independent

Trustees”)

as

that

term

is

defined

in

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

met

on

July

22,

2021

to

consider

the

proposed

investment

management

agreement

(the

“Investment

Management

Agreement”)

for

each

of

Janus

Henderson

U.S.

Sustainable

Equity

ETF

(“SSPX”),

Janus

Henderson

International

Sustainable

Equity

ETF

(“SXUS”),

Janus

Henderson

Net

Zero

Transition

Resources

ETF

(“JZRO”),

Janus

Henderson

Sustainable

Corporate

Bond

ETF

(“SCRD”),

and

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

(“JIB”)

(each

a

“New

Fund,”

and

collectively,

the

“New

Funds”).

In

the

course

of

their

consideration

of

each

Investment

Management

Agreement,

the

Trustees

met

in

executive

session

and

were

advised

by

their

independent

counsel.

In

this

regard,

the

Board,

including

the

Independent

Trustees,

evaluated

the

terms

of

each

Investment

Management

Agreement

and

reviewed

the

duties

and

responsibilities

of

the

Trustees

in

evaluating

and

approving

such

agreements.

In

considering

approval

of

each

Investment

Management

Agreement,

the

Board,

including

the

Independent

Trustees,

reviewed

the

materials

provided

to

it

relating

to

their

consideration

of

each

Investment

Management

Agreement

for

each

New

Fund

and

other

information

provided

by

counsel

and

Janus

Capital

Management

LLC,

the

proposed

investment

adviser

to

the

New

Funds

(the

“Adviser”),

including:

(i)

a

copy

of

the

form

of

Investment

Management

Agreement

with

respect

to

the

Adviser’s

management

of

the

assets

of

each

New

Fund;

(ii)

information

regarding

the

nature,

quality

and

extent

of

the

services

to

be

provided

to

each

New

Fund

by

the

Adviser,

and

the

fees

to

be

charged

to

each

New

Fund

therefor;

(iii)

information

concerning

the

Adviser’s

financial

condition,

business,

operations,

portfolio

management

personnel

and

compliance

programs;

(iv)

information

describing

each

New

Fund’s

anticipated

advisory

fee

structure

and

operating

expenses;

(v)

a

copy

of

the

Adviser’s

current

Form

ADV;

and

(vi)

a

memorandum

from

counsel

on

the

responsibilities

of

trustees

in

considering

investment

advisory

arrangements

under

the

1940

Act.

The

Board

also

considered

presentations

made

by,

and

discussions

held

with,

representatives

of

the

Adviser.

The

Board

also

received

information

comparing

the

proposed

advisory

fee

and

expenses

of

each

New

Fund

to

those

of

other,

third-party

investment

companies

(including

exchange-traded

funds

(“ETFs”))

considered

to

be

comparable.

During

its

review

of

this

information,

the

Board

focused

on

and

analyzed

the

factors

that

it

deemed

relevant,

including:

the

nature,

extent

and

quality

of

the

services

to

be

provided

to

each

New

Fund

by

the

Adviser;

the

Adviser’s

personnel

and

operations;

each

New

Fund’s

proposed

expense

level;

the

anticipated

profitability

to

the

Adviser

under

the

Investment

Management

Agreement

at

certain

asset

levels

of

each

New

Fund;

“fall-out”

benefits

to

the

Adviser

and

its

affiliates

(i.e.,

the

ancillary

benefits

realized

by

the

Adviser

and

its

affiliates

from

the

Adviser’s

relationship

with

the

Trust);

the

effect

of

asset

growth

on

each

New

Fund’s

expenses;

and

potential

conflicts

of

interest.

The

Trustees

also

considered

benefits

that

accrue

to

the

Adviser

and

its

affiliates

from

their

relationships

with

the

New

Funds.

The

Trustees

also

concluded

that,

other

than

the

services

provided

by

the

Adviser

and

its

affiliates

pursuant

to

agreements

with

each

New

Fund

and

the

fees

to

be

paid

by

each

New

Fund

therefor,

each

New

Fund

and

the

Adviser

may

potentially

benefit

from

their

relationship

with

each

other

in

other

ways.

The

Trustees

concluded

that

the

success

of

each

New

Fund

could

attract

other

business

to

the

Adviser

or

other

Janus

Henderson

funds,

and

that

the

success

of

the

Adviser

could

enhance

the

Adviser’s

ability

to

serve

the

New

Funds.

The

Board,

including

the

Independent

Trustees,

considered

the

following

in

respect

of

each

New

Fund:

(a)

The

nature,

extent

and

quality

of

services

to

be

provided

by

the

Adviser;

personnel

and

operations

of

the

Adviser.

The

Board

reviewed

the

services

that

the

Adviser

would

provide

to

each

New

Fund.

In

connection

with

the

investment

advisory

services

to

be

provided

by

the

Adviser,

the

Board

noted

the

responsibilities

that

the

Adviser

would

have

as

each

New

Fund’s

investment

adviser,

including:

the

overall

supervisory

responsibility

for

the

general

management

and

investment

of

each

New

Fund’s

securities

portfolio;

providing

oversight

of

the

investment

performance

and

processes

and

compliance

with

each

New

Fund’s

investment

objectives,

policies

and

limitations;

the

implementation

of

the

investment

management

program

of

each

New

Fund;

the

management

of

the

day-to-day

investment

and

reinvestment

of

the

assets

of

each

New

Fund;

determining

daily

baskets

of

securities

and

cash

components,

and

negotiating

custom

baskets

in

connection

with

creation

and

redemption

transactions

in

each

New

Fund’s

shares;

executing

portfolio

security

trades

for

purchases

and

redemptions

of

each

New

Fund

shares

conducted

on

a

cash

basis;

the

review

of

brokerage

matters;

the

oversight

of

general

portfolio

compliance

with

relevant

law;

and

the

implementation

of

Board

directives

as

they

relate

to

each

New

Fund.

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

22

October

31,

2021

The

Board

reviewed

the

Adviser’s

experience,

resources

and

strengths

in

managing

other

pooled

investment

vehicles,

such

as

the

other

funds

in

the

Trust

as

well

as

environmental,

social

and

governance

focused

strategies

and

products,

including

the

Adviser’s

personnel.

Based

on

its

consideration

and

review

of

the

foregoing

information,

the

Board

determined

that

each

New

Fund

was

likely

to

benefit

from

the

nature,

quality

and

extent

of

these

services,

as

well

as

the

Adviser’s

ability

to

render

such

services

based

on

the

Adviser’s

experience,

personnel,

operations

and

resources.

(b)

Comparison

of

services

to

be

rendered

and

fees

to

be

paid

under

other

investment

advisory

contracts,

and

the

cost

of

the

services

to

be

provided

and

profits

to

be

realized

by

the

Adviser

from

the

relationship

with

each

New

Fund;

“fall-out”

benefits.

The

Board

then

compared

both

the

services

to

be

rendered

and

the

proposed

fees

to

be

paid

under

each

Investment

Management

Agreement,

with

fees

paid

under

contracts

of

other

investment

advisers

for

comparable

mutual

funds

and

ETFs

as

applicable.

In

particular,

the

Board

compared

each

New

Fund’s

proposed

management

fee

and

projected

expense

ratio

to

other

investment

companies

anticipated

to

be

in

each

New

Fund’s

peer

group.

With

respect

to

SSPX,

JZRO,

SCRD,

and

JIB,

the

Board

noted

that

the

Adviser

was

recommending

a

unitary

fee

that

was

lower

than

both

the

median

contractual

management

fee

and

median

total

expense

ratio

of

each

New

Fund’s

anticipated

peer

group,

and

that

the

Funds’

proposed

management

fee

schedules

would

include

contractual

break

points

that

could

potentially

reduce

the

unitary

fee

further

depending

on

each

New

Fund’s

asset

growth.

With

respect

to

SXUS,

the

Board

noted

that

the

Adviser

was

recommending

a

unitary

fee

that

was

one

basis

point

higher

than

the

median

contractual

management

fee

and

equal

to

the

median

total

expense

ratio

of

the

New

Fund’s

anticipated

peer

group.

The

Board

noted

that

the

proposed

management

fee

schedule

for

SXUS

would

also

include

contractual

break

points

that

could

potentially

reduce

the

unitary

fee

further

depending

on

the

New

Fund’s

asset

growth.

The

Board

also

discussed

the

anticipated

costs

and

projected

profitability

of

the

Adviser

in

connection

with

its

serving

as

investment

adviser

to

each

New

Fund,

including

operational

costs.

After

comparing

each

New

Fund’s

proposed

fees

with

those

of

the

funds

in

each

New

Fund’s

respective

anticipated

peer

group,

and

in

light

of

the

nature,

extent

and

quality

of

services

proposed

to

be

provided

by

the

Adviser

and

the

costs

expected

to

be

incurred

by

the

Adviser

in

rendering

those

services,

the

Board

concluded

that

the

level

of

fees

proposed

to

be

paid

to

the

Adviser

with

respect

to

each

New

Fund

was

fair

and

reasonable.

The

Board

also

considered

that

the

Adviser

may

benefit

from

certain

trading

services

and

research

permissibly

obtained

from

broker-dealers

with

client

commissions

generated

from

trading

equity

securities,

and

may

also

experience

reputational

“fall-out”

benefits

based

on

the

success

of

each

New

Fund,

but

that

such

benefits

are

not

easily

quantifiable.

(c)

The

extent

to

which

economies

of

scale

would

be

realized

as

each

New

Fund

grows

and

whether

fee

levels

would

reflect

such

economies

of

scale.

The

Board

next

discussed

potential

economies

of

scale.

Since

each

New

Fund

had

not

commenced

operations,

and

the

eventual

aggregate

amount

of

assets

was

uncertain,

the

Adviser

was

not

able

to

provide

the

Board

specific

information

concerning

the

extent

to

which

economies

of

scale

would

be

realized

as

each

New

Fund

grows

and

whether

the

management

fee

level

would

reflect

such

economies

of

scale,

if

any.

The

Board

recognized

the

uncertainty

in

launching

a

new

investment

product

and

estimating

future

asset

levels;

however,

the

Board

noted

that

the

fee

schedule

proposed

by

the

Adviser

for

SSPX,

SXUS,

and

JZRO

each

contained

a

breakpoint

for

assets

above

$250

million

and

for

SCRD

and

JIB

each

contained

a

breakpoint

for

assets

above

$500

million.

The

Board

also

noted

the

unitary

fee

structure,

pursuant

to

which

the

Adviser

pays,

with

certain

exceptions,

any

excess

costs

incurred

to

operate

each

New

Fund.

The

Board

acknowledged

the

unitary

fee

cap

effectively

puts

the

risk

of

higher

costs

at

lower

asset

levels

on

the

Adviser

rather

than

the

New

Funds.

(d)

Investment

performance

of

each

New

Fund

and

the

Adviser.

Because

each

New

Fund

is

newly

formed

and

had

not

commenced

operations,

the

Board

did

not

consider

the

investment

performance

of

each

New

Fund.

Conclusion.

No

single

factor

was

determinative

to

the

decision

of

the

Board.

Based

on

its

consideration

of

the

foregoing

and

such

other

matters

as

were

deemed

relevant,

the

Board

concluded

that

the

proposed

management

fee

rate

and

projected

total

expense

ratio

of

each

New

Fund

are

reasonable

in

relation

to

the

services

to

be

provided

by

the

Adviser

to

each

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

Janus

Detroit

Street

Trust

23

New

Fund,

as

well

as

the

costs

to

be

incurred

and

benefits

to

be

gained

by

the

Adviser

in

providing

such

services.

The

Board

also

found

the

proposed

management

fee

for

each

New

Fund

to

be

reasonable

in

comparison

to

the

fees

charged

by

advisers

to

other

comparable

ETFs

and

mutual

funds

(as

applicable).

As

a

result,

the

Board

concluded

that

the

initial

approval

of

the

Investment

Management

Agreement

was

in

the

best

interests

of

each

New

Fund.

After

full

consideration

of

the

above

factors,

as

well

as

other

factors,

the

Trustees,

including

all

of

the

Independent

Trustees

voting

separately,

determined

to

approve

the

Investment

Management

Agreement

for

each

New

Fund.

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Trustees

and

Officers

(unaudited)

24

October

31,

2021

The

following

are

the

Trustees

and

officers

of

the

Trust

together

with

a

brief

description

of

their

principal

occupations

during

the

last

five

years

(principal

occupations

for

certain

Trustees

may

include

periods

over

five

years).

The

Fund’s

Statement

of

Additional

Information

includes

additional

information

about

the

Trustees

and

officers

and

is

available,

without

charge,

by

calling

1-877-335-2687.

Each

Trustee

has

served

in

that

capacity

since

he

or

she

was

originally

elected

or

appointed.

The

Trustees

do

not

serve

a

specified

term

of

office.

Each

Trustee

will

hold

office

until

the

termination

of

the

Trust

or

his

or

her

earlier

death,

resignation,

retirement,

incapacity,

or

removal.

Under

the

Fund’s

Governance

Procedures

and

Guidelines,

the

policy

is

for

Trustees

to

retire

no

later

than

the

end

of

the

calendar

year

in

which

the

Trustee

turns

75.

The

Trustees

review

the

Fund’s

Governance

Procedures

and

Guidelines

from

time

to

time

and

may

make

changes

they

deem

appropriate.

The

Fund’s

Nominating

and

Governance

Committee

will

consider

nominees

for

the

position

of

Trustee

recommended

by

shareholders.

Shareholders

may

submit

the

name

of

a

candidate

for

consideration

by

the

Committee

by

submitting

their

recommendations

to

the

Trust’s

Secretary.

Each

Trustee

is

currently

a

Trustee

of

one

other

registered

investment

company

advised

by

Janus

Capital:

Clayton

Street

Trust.

As

of

the

date

of

this

report,

collectively,

the

two

registered

investment

companies

consist

of

14

series

or

funds.

The

Trust’s

officers

are

elected

annually

by

the

Trustees

for

a

one-year

term.

Certain

officers

also

serve

as

officers

of

Clayton

Street

Trust.

Certain

officers

of

the

Funds

may

also

be

officers

and/or

directors

of

Janus

Capital.

Except

as

otherwise

disclosed,

Fund

officers

receive

no

compensation

from

the

Funds.

TRUSTEES

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Number

of

Portfolios/Funds

in

Fund

Complex

Overseen

by

Trustee*

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Independent

Trustees

Clifford

J.

Weber

151

Detroit

Street

Denver,

CO

80206

DOB:

1963

Chairman

Trustee

2/16-Present

Owner,

Financial

Products

Consulting

Group

LLC

(consulting

services

to

financial

institutions)

(since

2015).

14

Independent

Trustee,

Clough

Funds

Trust

(investment

company)

(since

2015),

Chairman,

Clough

Funds

Trust

(since

2017),

Independent

Trustee,

Clough

Global

Dividend

and

Income

Fund (closed-end fund)

(since

2017),

Independent

Trustee,

Clough

Global

Opportunities

Fund (closed-end fund)

(since

2017),

Independent

Trustee,

Clough

Global

Equity

Fund (closed-end fund)

(since

2017),

Independent

Trustee,

Elevation

ETF

Trust

(investment

company)

(2016-

2018),

Chairman,

Elevation

ETF

Trust

(2016-2018),

and

Independent

Trustee,

Global

X

Funds

(investment

company)

(since

2018).

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Trustees

and

Officers

(unaudited)

Janus

Detroit

Street

Trust

25

*

Each

Trustee

also

serves

as

a

trustee

to

the

Clayton

Street

Trust,

which

is

currently

comprised

of

three

portfolios.

**

Ms.

Benz

is

an

Interested

Trustee

because

of

her

employment

with

Janus

Henderson

Investors.

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Number

of

Portfolios/Funds

in

Fund

Complex

Overseen

by

Trustee*

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Maureen

T.

Upton

151

Detroit

Street

Denver,

CO

80206

DOB:

1965

Trustee

2/16-Present

Principal,

Maureen

Upton

Ltd.

(consulting

services

to

developers

of

major

infrastructure

projects

and

investors)

(since

2017).

Formerly,

Principal

Consultant,

SRK

Consulting

(U.S.),

Inc.

(consulting

services

to

global

mining,

energy

and

water

resource

industries)

(2015-

2017)

and

Founder

and

Principal,

Resource

Initiatives

LLC

(sustainability

consulting

firm)

(2006-2015).

14

Jeffrey

B.

Weeden

151

Detroit

Street

Denver,

CO

80206

DOB:

1956

Trustee

2/16-Present

Senior

Advisor,

BayBoston

Capital

LP

(investment

fund

in

banks

and

bank

holdings

companies)

(since

2015).

Formerly,

Management

Advisor,

BoxCast,

Inc.

(technology start-

up company)

(2014-2017).

14

Director,

West

Travis

County

Municipal

Utility

District

No. 6

(municipal

utility)

(since

2020)

and

Director,

State

Farm

Bank

(banking)

(2014-2021).

Interested

Trustee

Carrie

Benz**

151

Detroit

Street

Denver,

CO

80206

DOB:

1975

Trustee

1/21-Present

Global

Head

of

Investment

Services,

Janus

Henderson

Investors

(since

2017);

Vice

President,

Investments

Chief

of

Staff,

Janus

Capital

Management

LLC

(2007-

2017).

14

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Trustees

and

Officers

(unaudited)

26

October

31,

2021

OFFICERS

*

Officers

are

elected

at

least

annually

by

the

Trustees

for

a

one-year

term

and

may

also

be

elected

from

time

to

time

by

the

Trustees

for

an

interim

period.

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Term

of

Office*

and

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Bruce

L.

Koepfgen

151

Detroit

Street

Denver,

CO

80206

DOB:

1952

President

and

Chief

Executive

Officer

2/16-Present

Executive

Vice

President,

Head

of

North

America

at

Janus

Henderson

Investors

(since

2017),

President

and

Head

of

North

America

at

Janus

Capital

Management

LLC

(since

2013

and

2017,

respectively),

President

at

Janus

Capital

Group

Inc.

(since

2013),

President

and

Director

at

Janus

International

Holding

LLC

(since

2019

and

2011,

respectively),

President

at

Janus

Holdings

LLC

(since

2019),

President

and

Director

at

Janus

Management

Holdings

Corporation

(since

2017

and

2012,

respectively),

Executive

Vice

President

and

Head

of

North

America

at

Janus

Distributors

LLC

(since

2011

and

2019,

respectively),

Vice

President

and

Director

at

Intech

Investment

Management

LLC

(since

2012),

and

Executive

Vice

President

at

Perkins

Investment

Management

LLC

(since

2011).

Formerly,

Executive

Vice

President

at

Janus

Capital

Group

Inc.,

Janus

International

Holding

LLC,

and

Janus

Management

Holdings

Corporation

(2011-

2019),

Director

at

Perkins

Investment

Management

LLC

(2011-2019),

and

Chief

Financial

Officer

at

Janus

Capital

Group

Inc.

(2011-2013).

Kristin

Mariani

151

Detroit

Street

Denver,

CO

80206

DOB:

1966

Vice

President,

Chief

Compliance

Officer,

and

Anti-

Money

Laundering

Officer

7/20-Present

Head

of

Compliance,

North

America

for

Janus

Henderson

Investors

(since

September

2020)

and

Chief

Compliance

Officer

for

Janus

Capital

Management

LLC

(since

September

2017).

Formerly,

Global

Head

of

Investment

Management

Compliance

for

Janus

Henderson

Investors

(February

2019

-

August

2020),

Vice

President,

Head

of

Global

Distribution

Compliance

and

Chief

Compliance

Officer

of

Janus

Henderson

Distributors

(May

2017

–

September

2017),

Vice

President,

Compliance

at

Janus

Capital

Group

Inc.,

Janus

Capital

Management

LLC,

and

Janus

Distributors

LLC

(2009-2017).

Jesper

Nergaard

151

Detroit

Street

Denver,

CO

80206

DOB:

1962

Chief

Financial

Officer,

Vice

President,

Treasurer,

and

Principal

Accounting

Officer

2/16-Present

Head

of

U.S.

Fund

Administration,

Janus

Henderson

Investors

and

Janus

Services

LLC.

Byron

D.

Hittle

151

Detroit

Street

Denver,

CO

80206

DOB:

1974

Vice

President,

Secretary,

and

Chief

Legal

Officer

7/18-Present

Managing

Counsel

of

Janus

Henderson

Investors

(2017-present).

Formerly,

Assistant

Vice

President

and

Senior

Legal

Counsel

of

Janus

Capital

Management

LLC

(2012-2016).

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Notes

Janus

Detroit

Street

Trust

27

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Notes

28

October

31,

2021

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Notes

Janus

Detroit

Street

Trust

29

125-02-93093

12-21

This

report

is

submitted

for

the

general

information

of

shareholders

of

the

Fund.

It

is

not

an

offer

or

solicitation

for

the

Fund

and

is

not

authorized

for

distribution

to

prospective

investors

unless

preceded

or

accompanied

by

an

effective

prospectus.

Janus

Henderson

is

a

trademark

of

Janus

Henderson

Group

plc

or

one

of

its

subsidiaries.

©

Janus

Henderson

Group

plc.

Janus

Capital

Management

LLC

is

the

investment

adviser

and

ALPS

Distributors,

Inc.

is

the

distributor.

ALPS

is

not

affiliated

with

Janus

Henderson

or

any

of

its

subsidiaries.

Item 2.  Code of Ethics.

As of the end of the period covered by this Form N-CSR, the Registrant has adopted a Code of Ethics (as defined in Item 2(b) of Form N-CSR), which is posted on the Registrant’s website: janushenderson.com. Registrant intends to post any amendments to, or waivers from (as defined in Item 2 of Form N-CSR), such code on janushenderson.com within five business days following the date of such amendment or waiver.

Item 3  Audit Committee Financial Expert.

The Registrant’s Board of Trustees has determined that Jeffrey B. Weeden, the Chairman of the Board’s Audit and Pricing Committee is an “audit committee financial expert,” as defined in Item 3 to Form N-CSR: Jeffrey B. Weeden is “independent” under the standards set forth in Item 3 to Form N-CSR.

Item 4.  Principal Accountant Fees and Services.

(a)           Audit Fees

The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Funds’ annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $380,126 for 2021 and $206,089 for 2020.

(b)           Audit Related Fees

The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the Funds’ financial statements and are not reported under paragraph (a) of this Item are $34,926 for 2021 and $0 for 2020.

(c)           Tax Fees

The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $0 for 2021 and $46,999 for 2020.  The nature of the services comprising the fees disclosed under this category includes tax compliance, tax planning, and tax advice.

(d)           All Other Fees

The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 for 2021 and $0 for 2020.

(e)           Pre-Approval Policies and Procedures

(1)  The registrant’s Audit Committee Charter requires the registrant’s Audit Committee to pre-approve any engagement of the principal accountant (i) to provide audit or non-audit services to the registrant or (ii) to provide non-audit services to the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant, if the engagement relates directly to the operations and financial reporting of the registrant, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X. The Chairman of the Audit Committee or, if the Chairman is unavailable, another member of the Audit Committee who is an independent Trustee, may grant the pre-approval. All such delegated pre-approvals must be presented to the Audit Committee no later than the next Audit Committee meeting.

(2)    0%

(f)  Not applicable as less than 50%.

(g)  The aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for the last two fiscal years of the registrant are $0  for 2021 and $46,999 for 2020.

(h)  The registrant’s audit committee of the board of trustees has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Item 5.  Audit Committee of Listed Registrants.

The registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934. The members of the committee are Jeffrey B Weeden, Maureen T. Upton and Clifford J. Weber.

Item 6.  Investments.

(a)  Schedule of Investments is contained in the Reports to Shareholders included under Item 1 of this Form N-CSR.

(b)    Not applicable.

Item 7.  Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8.  Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9.  Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10.  Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.

Item 11.  Controls and Procedures.

(a)  The Registrant’s Principal Executive Officer and Principal Financial Officer have evaluated the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) within 90 days of this filing and have concluded that the Registrant’s disclosure controls and procedures were effective, as of that date.

(b)  There have been no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12.  Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable.

Item 13.  Exhibits.

(a)    (1)  Not applicable because the Registrant has posted its Code of Ethics (as defined in Item 2(b) of Form N-CSR) on its website pursuant to paragraph (f)(2) of Item 2 of Form N-CSR.

         (2) Separate certifications for the Registrant’s Principal Executive Officer and Principal Financial Officer, as required under Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are attached as Ex99.CERT.

         (3) Not applicable.

         (4) Not applicable.

(b)     A certification for the Registrant’s Principal Executive Officer and Principal Financial Officer, as required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended, is attached as Ex99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

JANUS DETROIT STREET TRUST

By:	/s/ Bruce L. Koepfgen
	Bruce L. Koepfgen
	President and Chief Executive Officer (Principal Executive Officer)

Date: December 30, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Bruce L. Koepfgen
	Bruce L. Koepfgen
	President and Chief Executive Officer (Principal Executive Officer)

Date: December 30, 2021

By:	/s/ Jesper Nergaard
	Jesper Nergaard
	Vice President, Chief Financial Officer, Treasurer and Principal Accounting Officer (Principal Financial Officer and Principal Accounting Officer)

Date: December 30, 2021