N-CSRS

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:
Cara Owen 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: April 30, 2023

Item 1. Report to Shareholders.

SEMIANNUAL

REPORT

April

30,

2023

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Fund

At

A

Glance

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

3

Disclosure

of

Fund

Expenses

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

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

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

27

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

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

28

Liquidity

Risk

Management

Program

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

32

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

(unaudited)

Fund

At

A

Glance

April

30,

2023

Janus

Detroit

Street

Trust

3

Holdings

are

subject

to

change

without

notice.

5

Largest

Equity

Holdings

–

(%

of

Net

Assets)

Shockwave

Medical,

Inc.

Health

Care

Equipment

&

Supplies

4.3%

Fair

Isaac

Corp.

Software

3.3%

Repligen

Corp.

Life

Sciences

Tools

&

Services

2.7%

Medpace

Holdings,

Inc.

Life

Sciences

Tools

&

Services

2.6%

QuidelOrtho

Corp.

Health

Care

Equipment

&

Supplies

2.5%

15.4%

Sector

Allocation

–

(%

of

Net

Assets)

Consumer,

Non-cyclical

32.7%

Technology

22.0%

Industrial

15.3%

Consumer,

Cyclical

11.5%

Financial

6.5%

Basic

Materials

5.6%

Communications

3.1%

Energy

2.5%

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

0.8%

Utilities

0.8%

100.8%

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

(unaudited)

Performance

4

April

30,

2023

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.

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.

Janus

Henderson

Indices

maintains

the

indices

and

calculates

the

index

levels

and

performance

shown

or

discussed

but

does

not

manage

actual

assets.

Janus

Henderson

Indices

receives

compensation

in

connection

with

licensing

its

indices

to

third

parties

including

the

provision

of

any

related

data.

Average

Annual

Total

Return

for

the

periods

ended

April

30,

2023

Fiscal

Year-to-

Date

One

Year

Five

Years

Since

Inception

*

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

-

NAV

5.91%

1.98%

7.43%

12.42%

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

-

Market

Price

5.68%

1.76%

7.40%

12.39%

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

Index

6.04%

2.23%

7.79%

12.82%

Russell

2500

TM

Growth

Index

1.88%

-0.07%

6.69%

11.37%

*

The

Fund

commenced

operations

on

February

23,

2016.

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

(unaudited)

Disclosure

of

Fund

Expenses

Janus

Detroit

Street

Trust

5

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

(11/1/22)

Ending

Account

Value

(4/30/23)

Expenses

Paid

During

Period

(11/1/22

-

4/30/23)

†

Beginning

Account

Value

(11/1/22)

Ending

Account

Value

(4/30/23)

Expenses

Paid

During

Period

(11/1/22

-

4/30/23)

†

Net

Annualized

Expense

Ratio

(11/1/22

-

4/30/23)

$1,000.00

$1,059.10

$1.53

$1,000.00

$1,023.31

$1.51

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

181/365

(to

reflect

the

one-half

year

period).

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Schedule

of

Investments

(unaudited)

April

30,

2023

6

April

30,

2023

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Common

Stocks

-

100.0%

Air

Freight

&

Logistics

-

0.4%

Forward

Air

Corp.

3,648

$

384,901

Hub

Group,

Inc.

-

Class

A*

4,480

337,792

Radiant

Logistics,

Inc.*

6,612

43,639

766,332

Automobile

Components

-

0.4%

Fox

Factory

Holding

Corp.*

2,873

318,529

LCI

Industries

1,728

195,195

Patrick

Industries,

Inc.

1,524

104,592

XPEL,

Inc.*

1,876

137,061

755,377

Automobiles

-

0.2%

Thor

Industries,

Inc.

3,638

287,475

Winnebago

Industries,

Inc.

2,076

120,698

408,173

Banks

-

2.2%

Amalgamated

Financial

Corp.

3,564

58,022

Bancorp,

Inc.

(The)*

6,473

206,553

Bridgewater

Bancshares,

Inc.*

3,225

32,089

Business

First

Bancshares,

Inc.

2,916

44,965

Capstar

Financial

Holdings,

Inc.

2,547

34,079

Coastal

Financial

Corp.*

1,507

54,629

ConnectOne

Bancorp,

Inc.

4,560

71,957

Customers

Bancorp,

Inc.*

3,778

82,511

Esquire

Financial

Holdings,

Inc.

946

36,572

First

Bank

2,282

22,158

First

Citizens

BancShares,

Inc.

-

Class

A

1,676

1,688,034

First

Foundation,

Inc.

6,552

41,212

Five

Star

Bancorp

2,003

42,584

John

Marshall

Bancorp,

Inc.

1,639

29,862

Live

Oak

Bancshares,

Inc.

5,111

120,415

Metropolitan

Bank

Holding

Corp.*

1,272

40,818

Northeast

Bank

968

35,671

Origin

Bancorp,

Inc.

3,574

105,183

Pathward

Financial,

Inc.

3,204

142,674

QCR

Holdings,

Inc.

1,954

80,896

ServisFirst

Bancshares,

Inc.

6,347

320,523

SmartFinancial,

Inc.

1,964

42,304

Southern

Missouri

Bancorp,

Inc.

1,313

47,636

Triumph

Financial,

Inc.*

2,684

139,461

Western

Alliance

Bancorp

12,656

469,791

3,990,599

Beverages

-

1.5%

Coca-Cola

Consolidated,

Inc.

3,235

1,906,903

MGP

Ingredients,

Inc.

8,500

838,780

2,745,683

Biotechnology

-

0.2%

iTeos

Therapeutics,

Inc.*

26,908

369,716

Building

Products

-

3.6%

Advanced

Drainage

Systems,

Inc.

11,148

955,606

Builders

FirstSource,

Inc.*

20,197

1,914,070

Insteel

Industries,

Inc.

2,673

73,588

Owens

Corning

12,457

1,330,532

Simpson

Manufacturing

Co.,

Inc.

5,846

735,310

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Schedule

of

Investments

(unaudited)

April

30,

2023

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

-

(continued)

Trex

Co.,

Inc.*

15,060

$

823,180

UFP

Industries,

Inc.

8,458

664,122

6,496,408

Capital

Markets

-

1.8%

Bridge

Investment

Group

Holdings,

Inc.

-

Class

A

3,399

33,956

Hamilton

Lane,

Inc.

-

Class

A

4,401

324,266

Houlihan

Lokey,

Inc.

-

Class

A

5,794

529,456

Interactive

Brokers

Group,

Inc.

-

Class

A

11,953

930,541

Open

Lending

Corp.

-

Class

A*

14,679

103,193

PJT

Partners,

Inc.

-

Class

A

2,802

192,694

StepStone

Group,

Inc.

-

Class

A

7,295

160,709

Stifel

Financial

Corp.

12,352

740,749

Victory

Capital

Holdings,

Inc.

-

Class

A

7,962

243,159

3,258,723

Chemicals

-

2.8%

Hawkins,

Inc.

4,565

184,152

Olin

Corp.

28,689

1,589,371

Origin

Materials,

Inc.

#

,*

30,947

122,241

Westlake

Corp.

27,658

3,146,927

5,042,691

Commercial

Services

&

Supplies

-

1.7%

Aris

Water

Solutions,

Inc.

-

Class

A

3,676

26,724

Bridger

Aerospace

Group

Holdings,

Inc.*

6,006

26,907

Heritage-Crystal

Clean,

Inc.*

3,316

115,927

Rollins,

Inc.

67,583

2,855,382

3,024,940

Communications

Equipment

-

0.1%

Clearfield,

Inc.*

5,082

221,982

Construction

&

Engineering

-

1

.4%

Ameresco,

Inc.

-

Class

A*

4,654

193,606

Comfort

Systems

USA,

Inc.

4,905

733,249

MYR

Group,

Inc.*

2,287

292,713

WillScot

Mobile

Mini

Holdings

Corp.*

28,240

1,282,096

2,501,664

Construction

Materials

-

0.6%

Eagle

Materials,

Inc.

7,832

1,160,781

Consumer

Staples

Distribution

&

Retail

-

2.5%

BJ's

Wholesale

Club

Holdings,

Inc.*

51,963

3,968,414

Ingles

Markets,

Inc.

-

Class

A

5,561

511,835

4,480,249

Diversified

REITs

-

0.1%

Essential

Properties

Realty

Trust,

Inc.

7,818

193,495

Electric

Utilities

-

0.3%

NRG

Energy,

Inc.

13,041

445,611

Otter

Tail

Corp.

2,364

170,090

615,701

Electrical

Equipment

-

1.3%

Atkore,

Inc.*

5,422

684,961

Encore

Wire

Corp.

2,516

393,326

Generac

Holdings,

Inc.*

8,492

868,052

Shoals

Technologies

Group,

Inc.

-

Class

A*

15,577

325,404

2,271,743

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Schedule

of

Investments

(unaudited)

April

30,

2023

8

April

30,

2023

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Common

Stocks

-

(continued)

Electronic

Equipment,

Instruments

&

Components

-

4.0%

Insight

Enterprises,

Inc.*

11,290

$

1,365,525

Jabil,

Inc.

44,505

3,478,066

Littelfuse,

Inc.

8,273

2,004,052

Napco

Security

Technologies,

Inc.*

12,270

380,370

7,228,013

Entertainment

-

0.7%

Sciplay

Corp.

-

Class

A*

5,485

93,684

World

Wrestling

Entertainment,

Inc.

-

Class

A

10,478

1,122,927

1,216,611

Financial

Services

-

0.7%

Essent

Group

Ltd.

12,564

533,593

International

Money

Express,

Inc.*

12,376

319,054

Merchants

Bancorp

5,011

116,255

NMI

Holdings,

Inc.

-

Class

A*

9,723

227,518

1,196,420

Gas

Utilities

-

0.3%

Chesapeake

Utilities

Corp.

1,008

124,488

National

Fuel

Gas

Co.

5,258

293,922

Southwest

Gas

Holdings,

Inc.

3,809

213,304

631,714

Ground

Transportation

-

3.9%

ArcBest

Corp.

3,351

316,334

Knight-Swift

Transportation

Holdings,

Inc.

-

Class

A

22,086

1,243,884

Landstar

System,

Inc.

4,930

867,828

Marten

Transport

Ltd.

11,169

225,502

Saia,

Inc.*

3,631

1,081,203

U-Haul

Holding

Co.

(Non-Voting)

27,323

1,478,174

U-Haul

Holding

Co.

(Voting)

23,672

1,445,412

Werner

Enterprises,

Inc.

8,674

391,805

7,050,142

Health

Care

Equipment

&

Supplies

-

8.9%

Cue

Health,

Inc.

#

,*

113,026

88,940

Figs,

Inc.

-

Class

A*

120,330

866,376

QuidelOrtho

Corp.*

50,303

4,524,755

Semler

Scientific,

Inc.*

5,174

145,286

Shockwave

Medical,

Inc.*

27,336

7,931,814

STAAR

Surgical

Co.*

36,461

2,569,406

16,126,577

Health

Care

Providers

&

Services

-

4.7%

AdaptHealth

Corp.

-

Class

A*

101,906

1,210,643

AMN

Healthcare

Services,

Inc.*

31,061

2,682,117

Clover

Health

Investments

Corp.

#

,*

290,101

214,269

Cross

Country

Healthcare,

Inc.*

28,209

620,034

DocGo,

Inc.*

77,459

658,401

Fulgent

Genetics,

Inc.*

22,265

658,376

Joint

Corp.

(The)*

10,988

173,501

Progyny,

Inc.*

70,253

2,335,210

8,552,551

Health

Care

Technology

-

1.8%

Doximity,

Inc.

-

Class

A

#

,*

89,783

3,299,525

Hotels,

Restaurants

&

Leisure

-

0.3%

Rush

Street

Interactive,

Inc.*

4,360

13,560

Wingstop,

Inc.

2,035

407,224

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Schedule

of

Investments

(unaudited)

April

30,

2023

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)

Hotels,

Restaurants

&

Leisure

-

(continued)

Xponential

Fitness,

Inc.

-

Class

A*

1,951

$

64,539

485,323

Household

Durables

-

2.7%

Cavco

Industries,

Inc.*

589

176,830

Century

Communities,

Inc.

2,160

145,454

Cricut,

Inc.

-

Class

A

#

2,966

27,080

Dream

Finders

Homes,

Inc.

-

Class

A

#

,*

2,201

33,565

Green

Brick

Partners,

Inc.*

3,129

116,618

Installed

Building

Products,

Inc.

1,944

241,581

KB

Home

5,709

250,168

Lovesac

Co.

(The)*

1,033

27,158

M/I

Homes,

Inc.*

1,879

127,096

MDC

Holdings,

Inc.

4,934

202,146

Meritage

Homes

Corp.

2,485

318,204

PulteGroup,

Inc.

15,379

1,032,700

Skyline

Champion

Corp.*

3,878

287,631

Sonos,

Inc.*

8,657

183,009

Taylor

Morrison

Home

Corp.

-

Class

A*

7,366

317,401

Tempur

Sealy

International,

Inc.

11,699

438,361

Toll

Brothers,

Inc.

7,517

480,411

TopBuild

Corp.*

2,173

489,968

4,895,381

Industrial

REITs

-

0.5%

Innovative

Industrial

Properties,

Inc.

1,534

105,156

Rexford

Industrial

Realty,

Inc.

10,606

591,497

Terreno

Realty

Corp.

4,418

272,104

968,757

Insurance

-

1.2%

F&G

Annuities

&

Life,

Inc.

14,692

269,304

Kinsale

Capital

Group,

Inc.

2,681

875,910

Palomar

Holdings,

Inc.*

2,933

147,413

RLI

Corp.

5,290

735,574

Stewart

Information

Services

Corp.

3,152

131,281

2,159,482

Interactive

Media

&

Services

-

0.7%

Cargurus,

Inc.

-

Class

A*

24,881

409,044

Shutterstock,

Inc.

8,664

580,488

ZipRecruiter,

Inc.

-

Class

A*

19,294

326,840

1,316,372

IT

Services

-

0.4%

Perficient,

Inc.*

11,563

750,670

Leisure

Products

-

0.1%

AMMO,

Inc.

#

,*

8,011

15,782

Malibu

Boats,

Inc.

-

Class

A*

1,383

78,485

MasterCraft

Boat

Holdings,

Inc.*

1,207

35,329

129,596

Life

Sciences

Tools

&

Services

-

6.0%

Maravai

LifeSciences

Holdings,

Inc.

-

Class

A*

99,492

1,371,994

Medpace

Holdings,

Inc.*

23,484

4,700,088

Repligen

Corp.*

32,019

4,855,041

10,927,123

Machinery

-

2.6%

Franklin

Electric

Co.,

Inc.

6,338

567,061

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Schedule

of

Investments

(unaudited)

April

30,

2023

10

April

30,

2023

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Common

Stocks

-

(continued)

Machinery

-

(continued)

Graco,

Inc.

23,026

$

1,825,731

Kadant,

Inc.

1,600

297,328

Mueller

Industries,

Inc.

7,836

563,017

Toro

Co.

(The)

14,274

1,488,207

Velo3D,

Inc.

#

,*

25,584

59,867

4,801,211

Marine

Transportation

-

0.2%

Matson,

Inc.

5,185

352,736

Media

-

0.9%

Nexstar

Media

Group,

Inc.

-

Class

A

9,114

1,580,823

PubMatic,

Inc.

-

Class

A*

10,434

142,529

1,723,352

Metals

&

Mining

-

3.3%

Alpha

Metallurgical

Resources,

Inc.

3,289

482,036

Commercial

Metals

Co.

25,484

1,189,848

MP

Materials

Corp.*

38,502

834,338

Reliance

Steel

&

Aluminum

Co.

12,748

3,158,955

Ryerson

Holding

Corp.

8,021

302,953

5,968,130

Oil,

Gas

&

Consumable

Fuels

-

2.0%

Callon

Petroleum

Co.*

9,217

305,451

Civitas

Resources,

Inc.

12,733

879,214

Evolution

Petroleum

Corp.

5,044

33,240

HighPeak

Energy,

Inc.

#

16,929

334,517

Matador

Resources

Co.

17,677

866,703

PDC

Energy,

Inc.

13,785

896,714

Viper

Energy

Partners

LP

11,250

331,200

Vitesse

Energy,

Inc.

4,267

78,513

3,725,552

Personal

Care

Products

-

1.0%

Beauty

Health

Co.

(The)*

51,104

585,652

Medifast,

Inc.

4,264

390,796

Olaplex

Holdings,

Inc.*

250,935

928,459

1,904,907

Pharmaceuticals

-

2.7%

Amphastar

Pharmaceuticals,

Inc.*

36,555

1,307,572

Corcept

Therapeutics,

Inc.*

81,423

1,834,460

Harmony

Biosciences

Holdings,

Inc.*

44,866

1,446,480

SIGA

Technologies,

Inc.

55,231

321,997

4,910,509

Professional

Services

-

4.6%

CBIZ,

Inc.*

6,976

367,565

Concentrix

Corp.

17,388

1,678,116

FTI

Consulting,

Inc.*

4,723

852,502

Heidrick

&

Struggles

International,

Inc.

2,725

68,425

Insperity,

Inc.

5,194

636,057

Korn

Ferry

7,255

348,385

Paylocity

Holding

Corp.*

18,623

3,599,640

TriNet

Group,

Inc.*

8,231

763,672

8,314,362

Real

Estate

Management

&

Development

-

0.0%

Douglas

Elliman,

Inc.

4,423

14,109

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Schedule

of

Investments

(unaudited)

April

30,

2023

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)

Semiconductors

&

Semiconductor

Equipment

-

8.1%

ACM

Research,

Inc.

-

Class

A*

18,158

$

169,777

Alpha

&

Omega

Semiconductor

Ltd.*

9,227

220,341

Amkor

Technology,

Inc.

81,806

1,830,000

Axcelis

Technologies,

Inc.*

10,968

1,297,514

Diodes,

Inc.*

15,190

1,210,643

Lattice

Semiconductor

Corp.*

45,877

3,656,397

Navitas

Semiconductor

Corp.

#

,*

51,240

273,109

Onto

Innovation,

Inc.*

16,280

1,318,354

Photronics,

Inc.*

20,615

298,093

Power

Integrations,

Inc.

19,029

1,384,931

Qorvo,

Inc.*

33,355

3,071,329

14,730,488

Software

-

7.2%

Bentley

Systems,

Inc.

-

Class

B

92,424

3,933,565

Fair

Isaac

Corp.*

8,241

5,999,036

Qualys,

Inc.*

12,358

1,395,713

SPS

Commerce,

Inc.*

12,125

1,786,012

13,114,326

Specialized

REITs

-

0.1%

National

Storage

Affiliates

Trust

4,865

187,546

Specialty

Retail

-

3.2%

Academy

Sports

&

Outdoors,

Inc.

5,319

337,863

America's

Car-Mart,

Inc.*

432

34,729

Asbury

Automotive

Group,

Inc.*

1,505

291,157

AutoNation,

Inc.*

3,186

419,596

Boot

Barn

Holdings,

Inc.*

2,027

146,897

Dick's

Sporting

Goods,

Inc.

4,094

593,671

Five

Below,

Inc.*

3,773

744,639

Floor

&

Decor

Holdings,

Inc.

-

Class

A*

7,212

716,440

Group

1

Automotive,

Inc.

965

216,623

Hibbett,

Inc.

869

47,213

Leslie's,

Inc.*

12,485

135,462

Lithia

Motors,

Inc.

-

Class

A

1,857

410,193

MarineMax,

Inc.*

1,484

43,214

OneWater

Marine,

Inc.

-

Class

A*

973

25,687

Penske

Automotive

Group,

Inc.

4,695

650,633

Revolve

Group,

Inc.

-

Class

A*

2,768

57,159

RH*

1,627

415,097

Sportsman's

Warehouse

Holdings,

Inc.*

2,563

15,942

Williams-Sonoma,

Inc.

4,525

547,706

5,849,921

Technology

Hardware,

Storage

&

Peripherals

-

3.0%

Dell

Technologies,

Inc.

-

Class

C

80,912

3,518,863

Super

Micro

Computer,

Inc.*

17,911

1,888,357

5,407,220

Textiles,

Apparel

&

Luxury

Goods

-

0.8%

Crocs,

Inc.*

4,197

519,043

Deckers

Outdoor

Corp.*

1,792

858,977

1,378,020

Trading

Companies

&

Distributors

-

2.3%

BlueLinx

Holdings,

Inc.*

1,240

86,874

Boise

Cascade

Co.

5,415

369,899

Custom

Truck

One

Source,

Inc.*

33,840

212,515

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Schedule

of

Investments

(unaudited)

April

30,

2023

12

April

30,

2023

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Common

Stocks

-

(continued)

Trading

Companies

&

Distributors

-

(continued)

GMS,

Inc.*

5,712

$

331,639

Rush

Enterprises,

Inc.

-

Class

A

7,570

402,043

SiteOne

Landscape

Supply,

Inc.*

6,190

914,511

Watsco,

Inc.

5,312

1,839,970

4,157,451

Total

Common

Stocks

(cost

$174,199,534)

181,778,354

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

0.8%

Investment

Companies

-

0.6%

Janus

Henderson

Cash

Collateral

Fund

LLC,

4.7254%

£,∞

1,155,217

1,155,217

Time

Deposits

-

0.2%

Royal

Bank

of

Canada,

4.8100%,

5/1/23

$

288,804

288,804

Total

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

(cost

$1,444,021)

1,444,021

Total

Investments

(total

cost

$175,643,555

)

-

100.8%

183,222,375

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(0.8%)

(1,436,116)

Net

Assets

-

100.0%

$181,786,259

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

183,222,375

100.0

%

Schedule

of

Affiliated

Investments

-

(%

of

Net

Assets)

Dividend

Income

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciatio

n/

(Depreciation)

Value

at

4/30/23

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

0.8%

Investment

Companies

-

0.6%

Janus

Henderson

Cash

Collateral

Fund

LLC,

4.7254%

∞

$

26,610

Δ

$

–

$

–

$

1,155,217

Market

Value

at

10/31/22

Purchases

Sales

Market

Value

at

4/30/23

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

0.8%

Investment

Companies

-

0.6%

Janus

Henderson

Cash

Collateral

Fund

LLC,

4.7254%

∞

$

1,722,783

$

25,765,599

$

(26,333,165)

$

1,155,217

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Schedule

of

Investments

(unaudited)

April

30,

2023

Janus

Detroit

Street

Trust

13

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Offsetting

of

Financial

Assets

and

Derivative

Assets

Counterparty

Gross

Amounts

of

Recognized

Assets

Offsetting

Asset

or

Liability

(a)

Collateral

Pledged

(b)

Net

Amount

JPMorgan

Chase

Bank

NA

$

1,347,085

$

—

$

(1,347,085)

$

—

(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

Schedule

of

Investments

and

Other

Information

(unaudited)

April

30,

2023

14

April

30,

2023

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

LP

Limited

Partnership

REIT

Real

Estate

Investment

Trust

*

Non-income

producing

security.

#

Loaned

security;

a

portion

of

the

security

is

on

loan

at

April

30,

2023.

∞

Rate

shown

is

the

7-day

yield

as

of

April

30,

2023.

£

The

Fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

Investment

Company

Act

of

1940,

as

amended,

an

affiliated

company

is

one

in

which

the

Fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

which

is

under

common

ownership

or

control.

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

April

30,

2023

.

See

Notes

to

Financial

Statements

for

more

information.

Valuation

Inputs

Summary

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Assets

Investments

in

Securities:

Common

Stocks

$

181,778,354

$

—

$

—

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

—

1,444,021

—

Total

Assets

$

181,778,354

$

1,444,021

$

—

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Statement

of

Assets

and

Liabilities

(unaudited)

April

30,

2023

Janus

Detroit

Street

Trust

15

See

Notes

to

Financial

Statements.

Assets:

Unaffiliated

investments,

at

value

(cost

$174,488,338)

(1)

$

182,067,158

Affiliated

investments,

at

value

(cost

$1,155,217)

1,155,217

Receivables:

Dividends

59,780

Interest

88

Affiliated

securities

lending

income,

net

2,368

Total

Assets

183,284,611

Liabilities:

Collateral

on

securities

loaned

(Note

2)

1,444,021

Payables:

Due

to

custodian

10,163

Management

fees

44,168

Total

Liabilities

1,498,352

Net

Assets

$

181,786,259

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

210,948,581

Total

distributable

earnings

(loss)

(

29,162,322

)

Total

Net

Assets

$

181,786,259

Net

Assets

$

181,786,259

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

3,252,000

Net

Asset

Value

Per

Share

$

55

.90

(1)

Includes

$1,347,085

of

securites

on

loan.

See

Note

2

in

Notes

to

Financial

Statements.

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Statement

of

Operations

(unaudited)

For

the

period

ended

April

30,

2023

16

April

30,

2023

See

Notes

to

Financial

Statements.

Investment

Income:

Dividends

$

668,216

Income

from

non-cash

dividends

38,238

Affiliated

securities

lending

income,

net    

26,610

Unaffiliated

securities

lending

income,

net

10,134

Total

Investment

Income

743,198

Expenses:

Management

Fees

269,419

Total

Expenses

269,419

Net

Investment

Income/(Loss)

473,779

Net

Realized

Gain/(Loss)

on

Investments:

Investments

$

(

4,647,995

)

Total

Net

Realized

Gain/(Loss)

on

Investments

$

(

4,647,995

)

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

14,447,801

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

14,447,801

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

10,273,585

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Statements

of

Changes

in

Net

Assets

Janus

Detroit

Street

Trust

17

See

Notes

to

Financial

Statements.

Period

Ended

April

30,

2023

(unaudited)

Year

Ended

October

31,

2022

Operations:

Net

investment

income/(loss)

$

473,779

$

634,178

Net

realized

gain/(loss)

on

investments

(4,647,995)

(17,349,245)

Change

in

unrealized

net

appreciation/depreciation

14,447,801

(26,111,167)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

10,273,585

(42,826,234)

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(461,651)

(594,109)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(461,651)

(594,109)

Capital

Share

Transactions

(123,512)

13,882,845

Net

Increase/(Decrease)

in

Net

Assets

9,688,422

(

29,537,498)

Net

Assets:

—

—

Beginning

of

Period  

172,097,837

201,635,335

End

of

Period

$

181,786,259

$

172,097,837

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Financial

Highlights

18

April

30,

2023

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

the

period

ended

April

30,

2023

(unaudited)

and

each

year

or

period

ended

October

31

2023

2022

2021

2020

2019

2018

Net

Asset

Value,

Beginning

of

Period

$52.92

$67.73

$52.35

$44.11

$40.81

$36.77

Income/(Loss)

from

Investment

Operations:

—

—

—

—

—

—

Net

investment

income/(loss)

(1)

0.14

0.21

0.21

0.11

0.19

0.15

Net

realized

and

unrealized

gain/(loss)

2.98

(14.83)

15.38

8.26

3.30

4.03

Total

from

Investment

Operations

3.12

(14.62)

15.59

8.37

3.49

4.18

Less

Dividends

and

Distributions:

—

—

—

—

—

—

Dividends

(from

net

investment

income)

(0.14)

(0.19)

(0.21)

(0.13)

(0.19)

(0.14)

Total

Dividends

and

Distributions

(0.14)

(0.19)

(0.21)

(0.13)

(0.19)

(0.14)

Net

Asset

Value,

End

of

Period

$55.90

$52.92

$67.73

$52.35

$44.11

$40.81

Total

Return

*

5.91%

(21.60)%

29.81%

19.01%

8.60%

11.37%

Net

assets,

End

of

Period

(in

thousands)

$181,786

$172,098

$201,635

$115,268

$97,121

$51,099

Average

Net

Assets

for

the

Period

(in

thousands)

$181,220

$175,280

$174,649

$105,905

$71,903

$36,173

Ratios

to

Average

Net

Assets

**

Ratio

of

Gross

Expenses

0.30%

0.30%

0.30%

0.32%

0.35%

0.50%

Ratio

of

Net

Investment

Income/(Loss)

0.53%

0.36%

0.33%

0.23%

0.43%

0.37%

Portfolio

Turnover

Rate

(2)

55%

89%

102%

83%

80%

79%

*

Total

return

not

annualized

for

periods

of

less

than

one

full

year.

**

Annualized

for

periods

of

less

than

one

full

year.

(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

(unaudited)

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 twelve

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.

Janus

Henderson

Investors

US

LLC

is

the

investment

adviser

(the

“Adviser”)

to

the

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

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

ALPS

Distributors,

Inc.

(the

"Distributor"),

the

Adviser

or

an

affiliate

of

the

Adviser

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 

Fund holdings

are

valued

in

accordance

with

policies

and

procedures

established

by

the

Adviser

pursuant

to

Rule

2a-5

under

the

1940

Act

and

approved

by

and

subject

to

the

oversight

of

the

Trustees

(the

“Valuation

Procedures”).

Equity

securities,

including

shares

of

exchange-traded

funds,

traded

on

a

domestic

securities

exchange

are

generally

valued

at

readily

available

market

quotations,

which

are

(i)

the

official

close

prices

or

(ii)

last

sale

prices

on

the

primary

market

or

exchange

in

which

the

securities

trade.

If

such

price

is

lacking

for

the

trading

period

immediately

preceding

the

time

of

determination,

such

securities

are

generally

valued

at

their

current

bid

price.

Equity

securities

that

are

traded

on

a

foreign

exchange

are

generally

valued

at

the

closing

prices

on

such

markets.

In

the

event

that

there

is

no

current

trading

volume

on

a

particular

security

in

such

foreign

exchange,

the

bid

price

from

the

primary

exchange

is

generally

used

to

value

the

security.

Foreign

securities

and

currencies

are

converted

to

U.S.

dollars

using

the

current

spot

USD

dollar

exchange

rate

in

effect

at

the

close

of

the

London

Stock

Exchange.

The Fund will

determine

the

market

value

of

individual

securities

held

by

it

by

using

prices

provided

by

one

or

more

approved

professional

pricing

services

or,

as

needed,

by

obtaining

market

quotations

from

independent

broker-dealers.

Most

debt

securities

are

valued

in

accordance

with

the

evaluated

bid

price

supplied

by

the

Adviser-approved

pricing

service

that

is

intended

to

reflect

market

value.

The

evaluated

bid

price

supplied

by

the

pricing

service

is

an

evaluation

that

may

consider

factors

such

as

security

prices,

yields,

maturities

and

ratings.

Certain

short-term

securities

maturing

within

60

days

or

less

may

be

evaluated

and

valued

on

an

amortized

cost

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

(unaudited)

20

April

30,

2023

basis

provided

that

the

amortized

cost

determined

approximates

market

value.

Securities

for

which

market

quotations

or

evaluated

prices

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

determined

in

good

faith

by

the

Adviser

pursuant

to

the

Valuation

Procedures.

Shares

of

an

investment

company

that

are

not

traded

on

an

exchange,

including

money

market

funds,

are

valued

at

that

company's

net

asset

value

per

share.

Circumstances

in

which

fair

valuation

may

be

utilized

include,

but

are

not

limited

to:

(i)

a

significant

event

that

may

affect

the

securities

of

a

single

issuer,

such

as

a

merger,

bankruptcy,

or

significant

issuer-specific

development;

(ii)

an

event

that

may

affect

an

entire

market,

such

as

a

natural

disaster

or

significant

governmental

action;

(iii)

a

nonsignificant

event

such

as

a

market

closing

early

or

not

opening,

or

a

security

trading

halt;

and

(iv)

pricing

of

a

non-valued

security

and

a

restricted

or

nonpublic

security.

Special

valuation

considerations

may

apply

with

respect

to

“odd-lot”

fixed-income

transactions

which,

due

to

their

small

size,

may

receive

evaluated

prices

by

pricing

services

which

reflect

a

large

block

trade

and

not

what

actually

could

be

obtained

for

the

odd-lot

position.

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

April

30,

2023 to

fair

value

the

Fund’s

investments

in

securities

and

other

financial

instruments

is

included

in

the

“Valuation

Inputs

Summary”

in

the

Notes

to

Schedule

of

Investments

and

Other

Information.

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

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

21

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.  

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. 

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 

Market Risk 

The

value

of

the

Fund's

portfolio

may

decrease

if

the

value

of

one

or

more

issuers

in

the

Fund's

portfolio

decreases.

Further,

regardless

of

how

well

individual

companies

or

securities

perform,

the

value

of

the

Fund's

portfolio

could

also

decrease

if

there

are

deteriorating

economic

or

market

conditions,

including,

but

not

limited

to,

a

general

decline

in

prices

on

the

stock

markets,

a

general

decline

in

real

estate

markets,

a

decline

in

commodities

prices,

or

if

the

market

favors

different

types

of

securities

than

the

types

of

securities

in

which

the

Fund

invests.

If

the

value

of

the

Fund's

portfolio

decreases,

the

Fund's

NAV

will

also

decrease,

which

means

if

you

sell

your

shares

in

the

Fund

you

may

lose

money.

Market

risk

may

affect

a

single

issuer,

industry,

economic

sector,

or

the

market

as

a

whole.

The

increasing

interconnectivity

between

global

economies

and

financial

markets

increases

the

likelihood

that

events

or

conditions

in

one

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

Social,

political,

economic

and

other

conditions

and

events,

such

as

natural

disasters,

health

emergencies

(e.g.,

epidemics

and

pandemics),

terrorism,

conflicts,

including

related

sanctions,

and

social

unrest,

could

reduce

consumer

demand

or

economic

output,

result

in

market

closures,

travel

restrictions

and/or

quarantines,

and

generally

have

a

significant

impact

on

the

global

economies

and

financial

markets.

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

(unaudited)

22

April

30,

2023

COVID-19

Pandemic.

The

effects

of

COVID-19

have

contributed

to

increased

volatility

in

global

financial

markets

and

have

affected

and

may

continue

to

affect

certain

countries,

regions,

issuers,

industries

and

market

sectors

more

dramatically

than

others.

These

conditions

and

events

could

have

a

significant

impact

on

the

Fund

and

its

investments,

the

Fund's

ability

to

meet

redemption

requests,

and

the

processes

and

operations

of

the

Fund's

service

providers,

including

the

Adviser.

Russia/Ukraine

Invasion.

Russia

launched

a

large-scale

invasion

of

Ukraine

on

February

24,

2022.

The

extent

and

duration

of

the

military

action,

resulting

sanctions

and

resulting

future

market

disruptions

in

the

region

are

impossible

to

predict,

but

could

be

significant

and

have

a

severe

adverse

effect

on

the

region,

including

significant

negative

impacts

on

the

economy

and

the

markets

for

certain

securities

and

commodities,

such

as

oil

and

natural

gas,

as

well

as

other

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.

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

derivatives,

including

various

types

of

swaps,

futures

and

options.

The

Fund

intends

to

enter

into

financial

transactions

with

counterparties

that

the

Adviser believes

to

be

creditworthy

at

the

time

of

the

transaction.

There

is

always

the

risk

that

the

Adviser'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. 

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,

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. 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, the

Adviser 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. 

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

23

Upon

receipt

of

cash

collateral,

the

Adviser 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.

The

Adviser

currently

intends

to

invest

the

cash

collateral

in

a

cash

management

vehicle

for

which the

Adviser

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, the

Adviser

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, the

Adviser 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 the

Adviser 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

the

Adviser 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

April

30,

2023,

securities

lending

transactions

accounted

for

as

secured

borrowings

with

an

overnight

and

continuous

contractual

maturity

are

$1,347,085

for

equity

securities.

Gross

amounts

of

recognized

liabilities

for

securities

lending

(collateral

received)

as

of

April

30,

2023 is $1,444,022,

resulting

in

the

net

amount

due

to

the

counterparty

of

$96,937.

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.

The

Offsetting

Assets

and

Liabilities

tables

located

in

the

Schedule

of

Investments

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).  

3.

Investment

Advisory

Agreements

and

Other

Transactions

with

Affiliates 

Under

its

unitary

fee

structure,

the

Fund

pays

the

Adviser 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.

The

Adviser'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: 

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

(unaudited)

24

April

30,

2023

For

the period

ended

April

30,

2023,

the

Fund’s

actual

management

fee

rate

(expressed

as

an

annual

rate)

was

0.30% 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

the

Adviser,

on

behalf

of

the

Fund.

As

compensation

for

such

services, the

Adviser pays

JP

Morgan

a

fee

based

on

a

percentage

of

the

Fund’s

assets,

with

a

minimum

flat

fee,

for

certain

services. The

Adviser serves

as

administrator

to

the

Fund,

providing

oversight

and

coordination

of

the

Fund’s

service

providers,

recordkeeping

and

other

administrative

services. The

Adviser 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

the

Adviser 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

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

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,

the

Adviser does

not

intend

to

seek

shareholder

approval

for

implementation

of

the

Plan. 

As

of

April

30,

2023, the

Adviser

owned 2,000

shares

or 0.06%

of

the

Fund.

The

Fund

is

permitted

to

purchase

or

sell

securities

(“cross-trade”)

between

itself

and

other

funds

or

accounts

managed

by

the

Adviser

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

and

amended 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

period

ended

April

30,

2023,

the

Fund

engaged

in

cross

trades

amounting

to

$3,064,032 in

purchases

and $1,831,012 in

sales,

resulting

in

a

net

realized

loss

of

$312,603.

The

net

realized

gain/loss

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 period

ended

April

30,

2023 can

be

found

in

a

table

located

in

the

Schedule

of

Investments.

4.

Federal

Income

Tax

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.

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. 

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

25

Accumulated

capital

losses

noted

below

represent

net

capital

loss

carryovers,

as

of

October

31,

2022,

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 April

30,

2023 are

noted

below.

The

primary

differences

between

book

and

tax

appreciation

or

depreciation

of

investments are

wash

sale

loss

deferrals

and

investments

in

partnerships.

5.

Capital

Share

Transactions 

6.

Purchases

and

Sales

of

Investment

Securities 

For

the period ended

April

30,

2023,

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 period

ended

April

30,

2023,

the

cost

of

in-kind

purchases

and

proceeds

from

in-kind

sales,

were

as

follows: 

During

the

period ended

April

30,

2023,

the

Fund

had

net

realized

gain

of $3,412,761 from

in-kind

redemptions.

Gains

on

in-kind

transactions

are

not

considered

taxable

for

federal

income

tax

purposes. 

Capital

Loss

Carryover

Schedule

For

the

year

ended

October

31,

2022

No

Expiration

Short-Term

Long-Term

Accumulated

Capital

Losses

$(29,504,530)

$(2,414,789)

$(31,919,319)

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$175,643,555

$22,392,417

$(14,813,597)

$7,578,820

Period

Ended

April

30,

2023

Year

Ended

October

31,

2022

Shares

Amount

Shares

Amount

Shares

sold

325,000

$

17,776,275

950,000

$

55,380,934

Shares

repurchased

(325,000)

(17,899,787

)

(675,000)

(41,498,089

)

Net

Increase/(Decrease)

—

$

(123,512

)

275,000

$

13,882,845

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

$98,935,077

$98,896,178

$—

$—

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

$17,758,320

$17,888,496

$—

$—

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

(unaudited)

26

April

30,

2023

7.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to April

30,

2023

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

Small/Mid

Cap

Growth

Alpha

ETF

Additional

Information

(unaudited)

Janus

Detroit

Street

Trust

27

Proxy

Voting

Policies

and

Voting

Record

Information

regarding

how

the

Fund

voted

proxies

related

to

portfolio

securities

during

the

most

recent

12-month

period

ended

June

30

and

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

1-800-525-1093

(toll

free);

(ii)

on

the

Fund’s

website

at

janushenderson.com/proxyvoting;

and

(iii)

on

the

SEC’s

website

at

http://www.sec.gov.

Portfolio

Holdings

The

Fund

files

its

complete

portfolio

holdings

(schedule

of

investments)

with

the

SEC

as

an

exhibit

to

Form

N-PORT

within

60

days

of

the

end

of

the

first

and

third

fiscal

quarters,

and

in

the

annual

report

and

semiannual

report

to

shareholders.

The

Fund’s

Form

N-PORT

filings

and

annual

and

semiannual

reports:

(i)

are

available

on

the

SEC’s

website

at

http://www.sec.gov;

and

(ii)

are

available

without

charge,

upon

request,

by

calling

a

Janus

Henderson

representative

at

1-800-668-0434

(toll

free).

Licensing

Agreements

Janus

Henderson

Indices

LLC

(“JH

Indices”)

is

the

Index

Provider

for

the

Underlying

Index.

The

Adviser

has

entered

into

a

license

agreement

with

JH

Indices

to

use

the

Underlying

Index.

JH

Indices

is

affiliated

with

the

Fund

and

the

Adviser.

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

the

Adviser

or

the

Fund.

JH

Indices

has

no

obligation

to

take

the

needs

of

the

Adviser

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

THE

ADVISER,

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

THE

ADVISER

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.

The

Adviser

does

not

guarantee

the

accuracy

and/or

the

completeness

of

the

Underlying

Index

or

any

data

included

therein,

and

the

Adviser

shall

have

no

liability

for

any

errors,

omissions

or

interruptions

therein.

The

Adviser

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

person

or

entity

from

the

use

of

the

Underlying

Index

or

any

data

included

therein.

The

Adviser

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

the

Adviser

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

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

28

April

30,

2023

The

Board

of

Trustees

(the

“Board”)

of

Janus

Detroit

Street

Trust

(the

“Trust”),

including

a

majority

of

the

Trustees

who

are

not

“interested

persons”

as

that

term

is

defined

in

the

Investment

Company

Act

of

1940,

as

amended

(the

“Independent

Trustees”),

met

on

April

19-20,

2023

to

consider

the

proposed

renewal

of

the

investment

management

agreement

between

Janus

Henderson

Investors

US

LLC

(the

“Adviser”)

and

the

Trust

(the

“Investment

Management

Agreement”),

on

behalf

of

Janus

Henderson

AAA

CLO

ETF

(“JAAA”),

Janus

Henderson

B-BBB

CLO

ETF

(“JBBB”),

Janus

Henderson

International

Sustainable

Equity

ETF

(“SXUS”),

Janus

Henderson

Mortgage-Backed

Securities

ETF

(“JMBS”),

Janus

Henderson

Net

Zero

Transition

Resources

ETF

(“JZRO”),

Janus

Henderson

Short

Duration

Income

ETF

(“VNLA”),

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

(“JSML”),

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

(“JSMD”),

Janus

Henderson

Sustainable

Corporate

Bond

ETF

(“SCRD”),

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

(“JIB”),

Janus

Henderson

U.S.

Real

Estate

ETF

(“JRE”)

and

Janus

Henderson

U.S.

Sustainable

Equity

ETF

(“SSPX”)

(collectively,

the

“Funds”).

In

the

course

of

their

consideration

of

the

renewal

of

the

Investment

Management

Agreement,

the

Independent

Trustees

met

in

executive

session

and

were

advised

by

their

independent

counsel.

In

this

regard,

the

Independent

Trustees

evaluated

the

terms

of

the

Investment

Management

Agreement

and

reviewed

the

duties

and

responsibilities

of

trustees

in

evaluating

and

approving

such

agreements.

In

considering

renewal

of

the

Investment

Management

Agreement,

the

Board

and

the

Independent

Trustees,

as

applicable,

reviewed

the

materials

provided

to

them

relating

to

the

consideration

of

the

renewal

of

the

Investment

Management

Agreement

for

the

Funds

and

other

information

provided

by

counsel

and

the

Adviser,

including:

(i)

information

regarding

the

nature,

quality

and

extent

of

the

services

provided

to

the

Funds

by

the

Adviser,

and

the

fees

charged

to

each

Fund

therefor;

(ii)

information

concerning

the

Adviser’s

financial

condition,

business,

operations,

portfolio

management

personnel,

compliance

programs,

and

profitability

with

respect

to

the

Trust

and

each

Fund;

(iii)

comparative

information

describing

each

Fund’s

advisory

fee

structures,

operating

expenses,

and

performance

information

as

compared

to

peer

fund

groups

compiled

by

an

independent

third

party;

(iv)

a

copy

of

the

Adviser’s

current

Form

ADV;

and

(v)

a

memorandum

from

counsel

to

the

Independent

Trustees

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

throughout

the

year.

The

Trustees

also

considered

information

received

and

reviewed

in

connection

with

a

meeting

held

on

March

13,

2023

via

videoconference

to

discuss

certain

information

provided

by

the

Adviser

related

to

the

Trustees’

consideration

of

the

renewal

of

the

Investment

Management

Agreement.

During

its

review

of

this

information,

the

Board

focused

on

and

analyzed

the

factors

that

it

deemed

relevant,

including,

among

other

factors:

(i)

the

nature,

extent

and

quality

of

the

services

provided

to

the

Funds

by

the

Adviser;

(ii)

the

Adviser’s

personnel

and

operations;

(iii)

each

Fund’s

expense

level;

(iv)

the

profitability

to

the

Adviser

under

the

Investment

Management

Agreement

with

respect

to

each

Fund;

(v)

any

“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);

(vi)

the

effect

of

asset

growth

on

each

Fund’s

expenses;

and

(vii)

potential

conflicts

of

interest.

The

Trustees

also

considered

benefits

that

accrue

to

the

Adviser

and

its

affiliates

from

their

relationships

with

the

Trust

and

each

Fund.

The

Trustees

also

considered

that,

other

than

the

services

provided

by

the

Adviser

and

its

affiliates

pursuant

to

agreements

with

the

Funds

and

the

fees

paid

by

the

Funds

therefor,

the

Funds

and

the

Adviser

may

potentially

benefit

from

their

relationship

with

each

other

in

other

ways.

The

Trustees

considered

that

the

success

of

the

Funds

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

Funds.

The

Board,

including

the

Independent

Trustees,

considered

the

following

in

respect

of

the

Funds:

(a)

The

nature,

extent

and

quality

of

services

provided

by

the

Adviser;

personnel

and

operations

of

the

Adviser.

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

Janus

Detroit

Street

Trust

29

The

Board

reviewed

the

services

that

the

Adviser

provides

to

the

Funds.

In

connection

with

the

investment

advisory

services

provided

by

the

Adviser,

the

Board

noted

the

responsibilities

that

the

Adviser

has

as

the

Funds’

investment

adviser,

including:

the

overall

supervisory

responsibility

for

the

general

management

and

investment

of

each

Fund’s

securities

portfolio;

providing

oversight

of

the

investment

performance

and

processes

and

compliance

with

each

Fund’s

investment

objectives,

policies

and

limitations;

the

implementation

of

the

investment

management

program

of

each

Fund;

the

management

of

the

day-to-day

investment

and

reinvestment

of

the

assets

of

each

Fund;

determining

daily

baskets

of

securities

and

cash

components

in

connection

with

creation

and

redemption

transactions

in

each

Fund’s

shares;

executing

portfolio

security

trades

for

purchases

and

redemptions

of

each

Fund’s

shares

conducted

on

a

cash-

in-lieu

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

Funds.

The

Board

reviewed

the

Adviser’s

experience,

resources

and

strengths

in

managing

the

Funds

and

other

pooled

investment

vehicles,

including

an

assessment

of

the

Adviser’s

personnel.

Based

on

its

consideration

and

review

of

the

foregoing

information,

the

Board

determined

that

each

Fund

was

likely

to

continue

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

rendered

and

fees

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

Funds;

“fall-out”

benefits.

The

Board

then

compared

both

the

services

rendered

and

the

fees

paid

under

other

contracts

of

the

Adviser

and

under

contracts

of

other

investment

advisers

with

respect

to

similar

ETFs.

In

particular,

the

Board

reviewed

a

report

compiled

by

an

independent

third

party

to

compare

each

Fund’s

contractual

management

fee

and

total

expense

ratio

to

other

investment

companies

within

each

Fund’s

respective

peer

grouping,

as

determined

by

the

independent

third

party.

The

information

provided

by

the

comparative

report

showed

how

the

total

expense

ratio

and

contractual

management

fee

for

each

of

the

Funds

compared

within

its

respective

peer

group

for

the

one-year

period

ended

December

31,

2022.

The

reporting

is

described

in

detail

below:

The

total

expense

ratio

and

the

contractual

management

fee

for

JAAA

was

each

reported

in

the

1st

quintile

of

its

respective

peer

group

(with

1st

quintile

being

the

lowest

fees/expenses

and

5th

quintile

being

the

highest

fees/

expenses).

The

total

expense

ratio

and

the

contractual

management

fee

for

JBBB

was

each

reported

in

the

2nd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

SXUS

was

each

reported

in

the

4th

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JMBS

was

each

reported

in

the

1st

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JZRO

was

each

reported

in

the

2nd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

VNLA

was

each

reported

in

the

1st

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JSML

was

each

reported

in

the

3rd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JSMD

was

each

reported

in

the

3rd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

SCRD

was

reported

in

the

3rd

and

2nd

quintiles,

respectively.

The

total

expense

ratio

and

the

contractual

management

fee

for

JIB

as

each

reported

in

the

3rd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JRE

was

each

at

median

as

compared

to

expense

group

peers.

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

30

April

30,

2023

The

total

expense

ratio

and

the

contractual

management

fee

for

SSPX

was

reported

in

the

4th

and

3rd

quintiles,

respectively.

The

Board

further

considered

that

the

Adviser

had

voluntarily

agreed

to

cap

the

expenses

of

JAAA,

JMBS

and

VNLA

to

the

extent

that

such

Funds’

total

expense

ratio

exceeded

0.22%,

0.28%

and

0.23%,

respectively,

for

the

period

February

28,

2023

through

February

29,

2024

in

the

case

of

JMBS

and

VNLA

and

for

the

period

of

January

20,

2023

through

February

29,

2024

in

the

case

of

JAAA.

The

Board

further

noted

the

Adviser’s

contractual

commitment

with

respect

to

the

Funds’

investments

in

affiliated

ETFs

to

waive

and/or

reimburse

a

portion

of

its

management

fee

in

an

amount

equal

to

a

portion

of

the

management

fee

it

earns

as

investment

adviser

to

affiliated

ETFs

in

which

a

Fund

invests

(if

any),

for

at

least

the

period

from

February 28,

2023

until

February 29,

2024.

The

Board

also

discussed

the

costs

incurred

by

the

Adviser

in

connection

with

its

serving

as

investment

adviser

to

the

Funds,

including

operational

costs.

After

comparing

each

Fund’s

fees

and

expenses

with

those

of

other

ETFs

in

the

Funds’

respective

peer

groups,

and

in

light

of

the

nature,

extent

and

quality

of

services

provided

by

the

Adviser

and

the

costs

incurred

by

the

Adviser

in

rendering

those

services,

as

well

as

the

profitability

of

the

Adviser

in

providing

these

services,

the

Board

concluded

that

the

level

of

fees

paid

to

the

Adviser

and

the

profitability

with

respect

to

each

Fund

was

fair

and

reasonable.

The

Board

also

considered

that

the

Adviser

may

experience

reputational

“fall-out”

benefits

based

on

the

success

of

the

Funds,

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.

In

its

review,

the

Board

considered

that

the

Funds

were

positioned

to

realize

potential

economies

of

scale

as

assets

grow

over

time,

given

the

inclusion

of

management

fee

breakpoints

for

each

Fund

in

the

current

investment

advisory

agreement

at

various

asset

levels.

(d)

Investment

performance

of

the

Fund

and

the

Adviser.

The

Board

next

discussed

the

annualized

returns

of

the

Funds

on

both

an

absolute

basis

and

relative

to

the

performance

of

funds

comprising

a

performance

universe

compiled

by

an

independent

third

party

for

each

Fund

for

the

three-month

period,

one-year

period,

two-year

period,

three-year

period,

four-year

period,

five-year

period,

and/or

since

inception

period

ended

December

31,

2022

(each

period

as

applicable).

The

Board

noted

the

following

for

each

Fund:

JAAA

was

reported

to

be

in

the

1st

and

3rd

quintiles

of

its

performance

universe

(with

the

1st

quintile

being

the

best

performer

and

the

5th

quintile

being

the

worst

performer)

for

its

one-

and

two-year

periods,

respectively;

JBBB

was

reported

to

be

in

the

1st

and

5th

quintiles

of

its

performance

universe

for

its

3-month

and

since

inception

periods,

respectively;

SXUS

was

reported

to

be

in

the

4th

quintile

of

its

performance

universe

for

each

of

its

three-month,

one-year,

and

since

inception

periods;

JMBS

was

reported

to

be

in

the

2nd,

2nd,

2nd

and

1st

quintiles

of

its

performance

universe

for

its

one-,

two-,

three-,

and

four-year

periods,

respectively;

JZRO

was

reported

to

be

in

the

2nd,

2nd,

and

1st

quintiles

of

its

performance

universe

for

its

three-month,

one-year,

and

since

inception

periods,

respectively;

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

Janus

Detroit

Street

Trust

31

VNLA

was

reported

to

be

in

the

1st

quintile

of

its

performance

universe

for

each

of

its

one-,

two-,

three-,

four-,

and

five-year

periods;

JSML

was

reported

to

be

in

the

4th,

4th,

5th,

5th,

and

4th

quintiles

of

its

performance

universe

for

its

one-,

two-,

three-,

four-,

and

five-year

periods,

respectively;

JSMD

was

reported

to

be

in

the

2nd,

3rd,

3rd,

3rd

and

3rd

quintiles

of

its

performance

universe

for

its

one-,

two-,

three-,

four-,

and

five-year

periods,

respectively;

SCRD

was

reported

to

be

in

the

4th,

3rd,

and

2nd

quintiles

of

its

performance

universe

for

its

three-month,

one-year,

and

since

inception

periods,

respectively;

JIB

was

reported

to

be

in

the

5th,

4th,

and

4th

quintiles

of

its

performance

universe

for

its

three-month,

one-year,

and

since

inception

periods,

respectively;

JRE

was

reported

to

be

in

the

1st

quintile

of

its

performance

universe

for

each

of

its

three-month,

one-year,

and

since

inception

periods;

and

SSPX

was

reported

to

be

in

its

3rd,

5th,

and

5th

quintiles

of

its

performance

universe

for

its

three-month,

one-year,

and

since

inception

periods,

respectively.

With

respect

to

JSML

and

JSMD,

the

Board

noted

that

these

Funds

are

index-based

and,

as

a

result,

passively

managed

to

seek

to

track

the

returns

of

specified

indices.

For

this

reason,

the

Board

also

considered

the

performance

of

these

Funds

in

relation

to

the

performance

of

each

Fund’s

respective

underlying

index

(i.e.

“tracking

error”),

and

considered

that

the

tracking

error

was

within

anticipated

ranges.

The

Board

considered

the

Adviser’s

explanation

of

performance

results

for

each

Fund

across

the

relevant

periods

provided

as

part

of

the

consideration

of

the

renewal

of

the

Investment

Advisory

Agreement,

and

during

the

course

of

the

previous

year.

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

management

fee

rates

and

total

expense

ratios

of

each

Fund

are

reasonable

in

relation

to

the

services

provided

by

the

Adviser

to

such

Fund,

as

well

as

the

costs

incurred

and

benefits

gained

by

the

Adviser

in

providing

such

services.

The

Board

also

found

the

management

fees

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

renewal

of

the

Investment

Management

Agreement

for

an

additional

one-year

period

was

in

the

best

interests

of

each

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

renewal

of

the

Investment

Management

Agreement

for

each

Fund.

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Liquidity

Risk

Management

Program

(unaudited)

32

April

30,

2023

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),

requires

open-end

funds

(but

not

money

market

funds)

to

adopt

and

implement

a

written

liquidity

risk

management

program

(the

“LRMP”)

that

is

reasonably

designed

to

assess

and

manage

liquidity

risk,

which

is

the

risk

that

a

fund

could

not

meet

redemption

requests

without

significant

dilution

of

remaining

investors’

interests

in

the

fund.

The

Funds

have

adopted

and

implemented

a

LRMP,

which

incorporates

the

following

elements:

(i)

assessment,

management,

and

periodic

review

of

liquidity

risk;

(ii)

classification

of

portfolio

investments;

(iii)

the

establishment

and

monitoring

of

a

highly

liquid

investment

minimum

(“HLIM”),

as

applicable;

(iv)

a

15%

limitation

on

a

Fund’s

illiquid

investments;

(v)

provisions

concerning

redemptions

in-

kind;

and

(vi)

board

oversight.

In

light

of

the

fact

that

each

Fund

operates

as

an

exchange-traded

fund

(“ETF”),

the

LRMP

also

takes

into

account

considerations

unique

to

ETFs,

including

(i)

the

relationship

between

the

ETF’s

portfolio

liquidity

and

the

way

in

which,

and

the

prices

and

spreads

at

which,

ETF

shares

trade,

including:

the

efficiency

of

the

arbitrage

function

and

the

level

of

active

participation

by

market

participants

(including

authorized

participants);

and

(ii)

the

effect

of

the

composition

of

baskets

on

the

overall

liquidity

of

the

ETF’s

portfolio.

The

LRMP

also

considers

whether

an

ETF

meets

redemptions

through

in-kind

transfers

of

securities,

positions,

and

assets

other

than

a

de

minimis

amount

of

cash.

The

Trustees

of

the

Funds

(the

“Trustees”)

have

designated

Janus

Henderson

Investors

US

LLC,

the

Funds’

investment

adviser

(the

“Adviser”),

as

the

Program

Administrator

for

the

LRMP

responsible

for

administering

the

LRMP

and

carrying

out

the

specific

responsibilities

of

the

LRMP.

A

working

group

comprised

of

various

teams

within

the

Adviser’s

business

is

responsible

for

administering

the

LRMP

and

carrying

out

the

specific

responsibilities

of

different

aspects

of

the

LRMP

(the

“Liquidity

Risk

Working

Group”).

In

assessing

each

Fund’s

liquidity

risk,

the

Liquidity

Risk

Working

Group

periodically

considers,

as

relevant,

specified

liquidity

factors,

including:

(i)

the

investment

strategy

and

liquidity

of

a

Fund’s

portfolio

investments

during

both

normal

and

reasonably

foreseeable

stressed

conditions;

(ii)

whether

a

Fund’s

investment

strategy

is

appropriate

for

an

open-end

fund;

(iii)

the

extent

to

which

a

Fund’s

strategy

involves

a

relatively

concentrated

portfolio

or

large

positions

in

any

issuer;

(iv)

a

Fund’s

use

of

borrowing

for

investment

purposes;

(v)

a

Fund’s

use

of

derivatives;

(vi)

short-term

and

long-term

cash

flow

projections

during

both

normal

and

reasonably

foreseeable

stressed

conditions;

and

(vii)

holdings

of

cash

and

cash

equivalents,

as

well

as

borrowing

arrangements

and

other

funding

sources.

The

Liquidity

Rule

requires

the

Trustees

to

review

at

least

annually

a

written

report

provided

by

the

Program

Administrator

that

addresses

the

operation

of

the

LRMP

and

assesses

its

adequacy

and

the

effectiveness

of

its

implementation,

including,

if

applicable,

the

operation

of

the

HLIM

and

any

material

changes

to

the

LRMP

(the

“Program

Administrator

Report”).

At

a

meeting

held

April

20,

2023,

the

Adviser

provided

to

the

Trustees

the

Program

Administrator

Report,

which

covered

the

operation

of

the

LRMP

from

January

1,

2022

through

December

31,

2022

(the

“Reporting

Period”).

Further,

at

a

meeting

held

on

June

26,

2023,

the

Adviser

provided

to

the

Trustees

an

update

regarding

the

Program

Administrator

Report

for

the

Reporting

Period.  

The

Program

Administrator

Report

discussed

the

operation

and

effectiveness

of

the

LRMP

during

the

Reporting

Period.

Among

other

things,

the

Program

Administrator

Report

indicated

that

there

were

no

material

changes

to

the

LRMP

during

the

Reporting

Period,

although

there

were

certain

methodology

adjustments

implemented

relating

to

a

change

in

data

provider

used

by

the

Program

Administrator.

Additionally,

the

findings

presented by

the

Program

Administrator

indicated

that

the

LRMP

operated

adequately

during

the

Reporting

Period.

These

findings

included

that

each

Fund

was

able

to

meet

redemptions

during

the

normal

course

of

business

during

the

Reporting

Period.

The

Program

Administrator

Report

also

stated

that

each

Fund

did

not

exceed

the

15%

limit

on

illiquid

assets

during

the

Reporting

Period,

that

each

Fund

held

primarily

highly

liquid

assets,

and

was

considered

to

be

a

primarily

highly

liquid

fund

during

the

Reporting

Period.

Also

included

among

the

Program

Administrator

Report’s

findings

was

the

determination

that

each

Fund’s

investment

strategy

remains

appropriate

for

an

open-end

fund.

In

addition,

the

Adviser

expressed

its

belief

that

the

LRMP

is

reasonably

designed

and

adequate

to

assess

and

manage

each

Fund’s

liquidity

risk,

considering

each

Fund’s

particular

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Liquidity

Risk

Management

Program

(unaudited)

Janus

Detroit

Street

Trust

33

risks

and

circumstances,

and

includes

policies

and

procedures

reasonably

designed

to

implement

each

required

component

of

the

Liquidity

Rule.

There

can

be

no

assurance

that

the

LRMP

will

achieve

its

objectives

in

the

future.

Please

refer

to

your

Fund’s

prospectus

for

more

information

regarding

the

risks

to

which

an

investment

in

the

Fund

may

be

subject.

125-24-93062

04-23

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

Henderson

Investors

US

LLC

is

the

investment

adviser

and

ALPS

Distributors,

Inc.

is

the

distributor.

ALPS

is

not

affiliated

with

Janus

Henderson

or

any

of

its

subsidiaries.

SEMIANNUAL

REPORT

April

30,

2023

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Fund

At

A

Glance

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

3

Disclosure

of

Fund

Expenses

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

5

Schedule

of

Investments

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

6

Statement

of

Assets

and

Liabilities

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

13

Statement

of

Operations

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

14

Statements

of

Changes

in

Net

Assets

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

15

Financial

Highlights

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

16

Notes

to

Financial

Statements

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

17

Additional

Information

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

24

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

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

25

Liquidity

Risk

Management

Program

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

29

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

(unaudited)

Fund

At

A

Glance

April

30,

2023

Janus

Detroit

Street

Trust

3

Holdings

are

subject

to

change

without

notice.

5

Largest

Equity

Holdings

–

(%

of

Net

Assets)

STAAR

Surgical

Co.

Health

Care

Equipment

&

Supplies

4.1%

Doximity,

Inc.

Health

Care

Technology

3.5%

Super

Micro

Computer,

Inc.

Technology

Hardware,

Storage

&

Peripherals

3.4%

Westlake

Corp.

Chemicals

3.1%

Onto

Innovation,

Inc.

Semiconductors

&

Semiconductor

Equipment

2.9%

17.0%

Sector

Allocation

–

(%

of

Net

Assets)

Consumer,

Non-cyclical

28.2%

Technology

26.0%

Industrial

14.4%

Consumer,

Cyclical

8.4%

Financial

7.5%

Communications

7.0%

Basic

Materials

5.0%

Energy

3.2%

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

2.6%

Investment

Company

0.6%

Utilities

0.4%

103.3%

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

(unaudited)

Performance

4

April

30,

2023

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.

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.

Janus

Henderson

Indices

maintains

the

indices

and

calculates

the

index

levels

and

performance

shown

or

discussed

but

does

not

manage

actual

assets.

Janus

Henderson

Indices

receives

compensation

in

connection

with

licensing

its

indices

to

third

parties

including

the

provision

of

any

related

data.

Average

Annual

Total

Return

for

the

periods

ended

April

30,

2023

Fiscal

Year-to-

Date

One

Year

Five

Years

Since

Inception

*

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

-

NAV

2.52%

-4.54%

5.87%

10.25%

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

-

Market

Price

2.41%

-4.52%

5.86%

10.25%

Janus

Henderson

Small

Cap

Growth

Alpha

Index

2.63%

-4.31%

6.21%

10.58%

Russell

2000

®

Growth

Index

-0.29%

0.72%

4.00%

9.79%

*

The

Fund

commenced

operations

on

February

23,

2016.

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

(unaudited)

Disclosure

of

Fund

Expenses

Janus

Detroit

Street

Trust

5

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

(11/1/22)

Ending

Account

Value

(4/30/23)

Expenses

Paid

During

Period

(11/1/22

-

4/30/23)

†

Beginning

Account

Value

(11/1/22)

Ending

Account

Value

(4/30/23)

Expenses

Paid

During

Period

(11/1/22

-

4/30/23)

†

Net

Annualized

Expense

Ratio

(11/1/22

-

4/30/23)

$1,000.00

$1,025.20

$1.51

$1,000.00

$1,023.31

$1.51

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

181/365

(to

reflect

the

one-half

year

period).

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Schedule

of

Investments

(unaudited)

April

30,

2023

6

April

30,

2023

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Common

Stocks

-

100.0%

Air

Freight

&

Logistics

-

1.4%

Forward

Air

Corp.

7,059

$

744,795

Hub

Group,

Inc.

-

Class

A*

8,694

655,527

Radiant

Logistics,

Inc.*

12,793

84,434

1,484,756

Automobile

Components

-

0.7%

ECARX

Holdings,

Inc.

-

Class

A

#

,*

32,841

160,921

LCI

Industries

2,317

261,728

Patrick

Industries,

Inc.

2,046

140,417

XPEL,

Inc.*

2,543

185,792

748,858

Automobiles

-

0.2%

Winnebago

Industries,

Inc.

2,810

163,373

Banks

-

3.3%

Amalgamated

Financial

Corp.

4,932

80,293

Bancorp,

Inc.

(The)*

8,966

286,105

Bank

First

Corp.

1,471

100,602

Bridgewater

Bancshares,

Inc.*

4,473

44,506

Business

First

Bancshares,

Inc.

4,042

62,328

Capstar

Financial

Holdings,

Inc.

3,523

47,138

Coastal

Financial

Corp.*

2,095

75,944

CrossFirst

Bankshares,

Inc.*

7,826

78,495

Customers

Bancorp,

Inc.*

5,216

113,917

Dime

Community

Bancshares,

Inc.

6,223

128,194

Enterprise

Financial

Services

Corp.

5,990

256,132

Esquire

Financial

Holdings,

Inc.

1,314

50,799

First

Bank

3,162

30,703

First

Business

Financial

Services,

Inc.

1,334

38,272

First

Foundation,

Inc.

9,069

57,044

Five

Star

Bancorp

2,757

58,614

Independent

Bank

Corp.

3,372

60,089

John

Marshall

Bancorp,

Inc.

2,275

41,451

Metropolitan

Bank

Holding

Corp.*

1,761

56,511

Mid

Penn

Bancorp,

Inc.

2,554

57,771

Midland

States

Bancorp,

Inc.

3,587

71,740

Nicolet

Bankshares,

Inc.*

2,368

135,710

Northeast

Bank

1,334

49,158

Old

Second

Bancorp,

Inc.

7,155

87,935

Origin

Bancorp,

Inc.

4,942

145,443

Pathward

Financial,

Inc.

4,421

196,867

Preferred

Bank

2,389

114,863

ServisFirst

Bancshares,

Inc.

8,792

443,996

SmartFinancial,

Inc.

2,722

58,632

Southern

Missouri

Bancorp,

Inc.

1,830

66,392

Stock

Yards

Bancorp,

Inc.

4,740

230,364

Summit

Financial

Group,

Inc.

2,044

39,715

Triumph

Financial,

Inc.*

3,708

192,668

3,558,391

Beverages

-

1.1%

Coca-Cola

Consolidated,

Inc.

1,408

829,960

MGP

Ingredients,

Inc.

3,699

365,017

1,194,977

Biotechnology

-

0.6%

iTeos

Therapeutics,

Inc.*

49,134

675,101

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Schedule

of

Investments

(unaudited)

April

30,

2023

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

-

1.2%

CSW

Industrials,

Inc.

4,123

$

555,245

Insteel

Industries,

Inc.

5,183

142,688

PGT

Innovations,

Inc.*

15,946

409,174

Quanex

Building

Products

Corp.

8,824

168,538

1,275,645

Capital

Markets

-

1.9%

Bridge

Investment

Group

Holdings,

Inc.

-

Class

A

4,690

46,853

Focus

Financial

Partners,

Inc.

-

Class

A*

10,591

550,096

Hamilton

Lane,

Inc.

-

Class

A

6,085

448,343

Open

Lending

Corp.

-

Class

A*

20,324

142,878

PJT

Partners,

Inc.

-

Class

A

3,875

266,484

StepStone

Group,

Inc.

-

Class

A

10,107

222,657

Victory

Capital

Holdings,

Inc.

-

Class

A

11,014

336,368

2,013,679

Chemicals

-

3.6%

Hawkins,

Inc.

8,107

327,036

Origin

Materials,

Inc.

#

,*

54,967

217,120

Westlake

Corp.

28,625

3,256,953

3,801,109

Commercial

Services

&

Supplies

-

1.6%

Aris

Water

Solutions,

Inc.

-

Class

A

7,126

51,806

Bridger

Aerospace

Group

Holdings,

Inc.

#

,*

11,631

52,107

Driven

Brands

Holdings,

Inc.*

44,491

1,365,874

Heritage-Crystal

Clean,

Inc.*

6,427

224,688

1,694,475

Communications

Equipment

-

0.5%

Clearfield,

Inc.

#

,*

11,972

522,937

Construction

&

Engineering

-

1.4%

Ameresco,

Inc.

-

Class

A*

9,003

374,525

IES

Holdings,

Inc.*

5,365

231,714

MYR

Group,

Inc.*

4,420

565,716

Sterling

Infrastructure,

Inc.*

8,077

298,203

1,470,158

Consumer

Staples

Distribution

&

Retail

-

0.2%

Ingles

Markets,

Inc.

-

Class

A

2,438

224,394

Diversified

Consumer

Services

-

0.2%

Stride,

Inc.*

3,960

170,122

Diversified

REITs

-

0.3%

Essential

Properties

Realty

Trust,

Inc.

14,703

363,899

Electrical

Equipment

-

1.3%

Encore

Wire

Corp.

4,863

760,233

Shoals

Technologies

Group,

Inc.

-

Class

A*

30,153

629,896

1,390,129

Electronic

Equipment,

Instruments

&

Components

-

6.6%

Badger

Meter,

Inc.

23,017

3,045,840

Insight

Enterprises,

Inc.*

25,462

3,079,629

Napco

Security

Technologies,

Inc.*

28,893

895,683

7,021,152

Entertainment

-

1.8%

Sciplay

Corp.

-

Class

A*

8,643

147,622

World

Wrestling

Entertainment,

Inc.

-

Class

A

16,535

1,772,056

1,919,678

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Schedule

of

Investments

(unaudited)

April

30,

2023

8

April

30,

2023

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Common

Stocks

-

(continued)

Financial

Services

-

1.2%

International

Money

Express,

Inc.*

29,148

$

751,436

Merchants

Bancorp

6,942

161,054

NMI

Holdings,

Inc.

-

Class

A*

13,462

315,011

1,227,501

Ground

Transportation

-

1.0%

ArcBest

Corp.

6,500

613,600

Marten

Transport

Ltd.

21,646

437,033

1,050,633

Health

Care

Equipment

&

Supplies

-

6.6%

Cue

Health,

Inc.

#

,*

206,327

162,359

Figs,

Inc.

-

Class

A*

219,682

1,581,710

iRadimed

Corp.

17,352

722,364

Semler

Scientific,

Inc.*

9,437

264,991

STAAR

Surgical

Co.*

61,570

4,338,838

7,070,262

Health

Care

Providers

&

Services

-

8.9%

AdaptHealth

Corp.

-

Class

A*

186,042

2,210,179

Clover

Health

Investments

Corp.

#

,*

529,606

391,167

Cross

Country

Healthcare,

Inc.*

51,511

1,132,212

DocGo,

Inc.*

141,401

1,201,908

Fulgent

Genetics,

Inc.*

40,633

1,201,518

Joint

Corp.

(The)*

20,070

316,905

Progyny,

Inc.*

90,803

3,018,292

9,472,181

Health

Care

Technology

-

3.5%

Doximity,

Inc.

-

Class

A*

101,399

3,726,412

Hotels,

Restaurants

&

Leisure

-

0.1%

Rush

Street

Interactive,

Inc.*

5,894

18,330

Xponential

Fitness,

Inc.

-

Class

A*

2,639

87,298

105,628

Household

Durables

-

3.4%

Cavco

Industries,

Inc.*

796

238,975

Century

Communities,

Inc.

2,913

196,161

Cricut,

Inc.

-

Class

A

#

3,990

36,429

Dream

Finders

Homes,

Inc.

-

Class

A

#

,*

2,981

45,460

Green

Brick

Partners,

Inc.*

4,228

157,578

Installed

Building

Products,

Inc.

2,632

327,079

KB

Home

7,727

338,597

Lovesac

Co.

(The)*

1,400

36,806

M/I

Homes,

Inc.*

2,546

172,211

MDC

Holdings,

Inc.

6,676

273,516

Meritage

Homes

Corp.

3,354

429,480

Skyline

Champion

Corp.*

5,223

387,390

Sonos,

Inc.*

11,702

247,380

Taylor

Morrison

Home

Corp.

-

Class

A*

9,951

428,789

Tri

Pointe

Homes,

Inc.*

9,267

265,777

3,581,628

Industrial

REITs

-

0.3%

Innovative

Industrial

Properties,

Inc.

2,892

198,247

Plymouth

Industrial

REIT,

Inc.

4,377

88,590

286,837

Insurance

-

0.2%

Palomar

Holdings,

Inc.*

4,055

203,804

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Schedule

of

Investments

(unaudited)

April

30,

2023

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)

Interactive

Media

&

Services

-

1.9%

Cargurus,

Inc.

-

Class

A*

39,220

$

644,777

Shutterstock,

Inc.

13,658

915,086

ZipRecruiter,

Inc.

-

Class

A*

30,411

515,162

2,075,025

IT

Services

-

3.9%

DigitalOcean

Holdings,

Inc.

#

,*

76,222

2,404,042

Perficient,

Inc.*

27,225

1,767,447

4,171,489

Leisure

Products

-

0.5%

Acushnet

Holdings

Corp.

6,441

322,887

AMMO,

Inc.

#

,*

10,827

21,329

Malibu

Boats,

Inc.

-

Class

A*

1,861

105,612

MasterCraft

Boat

Holdings,

Inc.*

1,647

48,208

498,036

Life

Sciences

Tools

&

Services

-

2.4%

Maravai

LifeSciences

Holdings,

Inc.

-

Class

A*

181,635

2,504,747

Machinery

-

3.2%

Alamo

Group,

Inc.

3,177

561,471

Franklin

Electric

Co.,

Inc.

12,263

1,097,171

Kadant,

Inc.

3,093

574,772

Mueller

Industries,

Inc.

15,168

1,089,821

Velo3D,

Inc.

#

,*

49,533

115,907

3,439,142

Marine

Transportation

-

0.8%

Eagle

Bulk

Shipping,

Inc.

#

3,627

162,200

Matson,

Inc.

10,042

683,157

845,357

Media

-

0.2%

PubMatic,

Inc.

-

Class

A*

16,461

224,857

Metals

&

Mining

-

2.9%

Alpha

Metallurgical

Resources,

Inc.

5,832

854,738

MP

Materials

Corp.*

68,375

1,481,686

Olympic

Steel,

Inc.

4,298

200,158

Ryerson

Holding

Corp.

14,256

538,449

3,075,031

Mortgage

Real

Estate

Investment

Trusts

(REITs)

-

0.0%

AFC

Gamma,

Inc.

3,429

41,559

Oil,

Gas

&

Consumable

Fuels

-

1.8%

Callon

Petroleum

Co.*

9,042

299,652

Evolution

Petroleum

Corp.

4,938

32,541

HighPeak

Energy,

Inc.

#

16,576

327,542

New

Fortress

Energy,

Inc.

-

Class

A

#

30,720

930,509

Viper

Energy

Partners

LP

11,018

324,370

1,914,614

Personal

Care

Products

-

0.8%

Beauty

Health

Co.

(The)*

22,223

254,676

Medifast,

Inc.

1,853

169,827

Olaplex

Holdings,

Inc.*

109,212

404,084

828,587

Pharmaceuticals

-

2.8%

Amphastar

Pharmaceuticals,

Inc.*

66,749

2,387,612

SIGA

Technologies,

Inc.

100,844

587,920

2,975,532

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Schedule

of

Investments

(unaudited)

April

30,

2023

10

April

30,

2023

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Common

Stocks

-

(continued)

Professional

Services

-

3.0%

CBIZ,

Inc.*

13,498

$

711,210

CRA

International,

Inc.

1,911

200,923

Heidrick

&

Struggles

International,

Inc.

5,281

132,606

Korn

Ferry

14,067

675,497

TriNet

Group,

Inc.*

15,943

1,479,191

3,199,427

Real

Estate

Management

&

Development

-

0.0%

Douglas

Elliman,

Inc.

8,302

26,483

Semiconductors

&

Semiconductor

Equipment

-

13.4%

ACM

Research,

Inc.

-

Class

A*

42,742

399,638

Alpha

&

Omega

Semiconductor

Ltd.*

21,738

519,104

Amkor

Technology,

Inc.

132,389

2,961,542

Axcelis

Technologies,

Inc.*

25,821

3,054,624

Diodes,

Inc.*

35,765

2,850,471

Navitas

Semiconductor

Corp.

#

,*

120,664

643,139

Onto

Innovation,

Inc.*

38,329

3,103,882

Photronics,

Inc.*

48,542

701,917

14,234,317

Specialized

REITs

-

0.3%

PotlatchDeltic

Corp.

8,019

370,718

Specialty

Retail

-

2.3%

America's

Car-Mart,

Inc.*

596

47,912

Arko

Corp.

11,021

92,136

Asbury

Automotive

Group,

Inc.*

2,030

392,724

Boot

Barn

Holdings,

Inc.*

2,735

198,206

Group

1

Automotive,

Inc.

1,311

294,293

Hibbett,

Inc.

1,162

63,132

Leslie's,

Inc.*

16,851

182,833

MarineMax,

Inc.*

2,014

58,648

OneWater

Marine,

Inc.

-

Class

A*

1,318

34,795

Penske

Automotive

Group,

Inc.

6,342

878,874

Revolve

Group,

Inc.

-

Class

A*

3,725

76,921

Shoe

Carnival,

Inc.

2,490

57,893

Sportsman's

Warehouse

Holdings,

Inc.*

3,451

21,465

2,399,832

Technology

Hardware,

Storage

&

Peripherals

-

3.4%

Super

Micro

Computer,

Inc.*

34,803

3,669,280

Trading

Companies

&

Distributors

-

3.3%

BlueLinx

Holdings,

Inc.*

2,392

167,583

Boise

Cascade

Co.

10,486

716,299

Custom

Truck

One

Source,

Inc.*

65,541

411,597

GMS,

Inc.*

11,076

643,073

Herc

Holdings,

Inc.

7,744

774,555

Rush

Enterprises,

Inc.

-

Class

A

14,648

777,955

3,491,062

Total

Common

Stocks

(cost

$112,887,649)

106,402,814

Investment

Companies

-

0.6%

Money

Market

Funds

-

0.6%

Invesco

Liquid

Assets

Portfolio,

Institutional

Class,

4.9181%

∞

(cost

$654,692)

654,561

654,758

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

2.7%

Investment

Companies

-

2.1%

Janus

Henderson

Cash

Collateral

Fund

LLC,

4.7254%

£,∞

2,242,267

2,242,267

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Schedule

of

Investments

(unaudited)

April

30,

2023

Janus

Detroit

Street

Trust

11

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Offsetting

of

Financial

Assets

and

Derivative

Assets

Shares/

Principal

Amounts

Value

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

(continued)

Time

Deposits

-

0.6%

Royal

Bank

of

Canada,

4.8100%,

5/1/23

$

560,567

$

560,567

Total

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

(cost

$2,802,834)

2,802,834

Total

Investments

(total

cost

$116,345,175

)

-

103.3%

109,860,406

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(3.3%)

(3,468,819)

Net

Assets

-

100.0%

$106,391,587

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

109,699,485

99.9%

China

160,921

0.1 

Total

$

109,860,406

100.0

%

Schedule

of

Affiliated

Investments

-

(%

of

Net

Assets)

Dividend

Income

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciatio

n/

(Depreciation)

Value

at

4/30/23

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

2.6%

Investment

Companies

-

2.1%

Janus

Henderson

Cash

Collateral

Fund

LLC,

4.7254%

∞

$

38,701

Δ

$

–

$

–

$

2,242,267

Market

Value

at

10/31/22

Purchases

Sales

Market

Value

at

4/30/23

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

2.6%

Investment

Companies

-

2.1%

Janus

Henderson

Cash

Collateral

Fund

LLC,

4.7254%

∞

$

1,753,591

$

23,771,625

$

(23,282,949)

$

2,242,267

Counterparty

Gross

Amounts

of

Recognized

Assets

Offsetting

Asset

or

Liability

(a)

Collateral

Pledged

(b)

Net

Amount

JPMorgan

Chase

Bank

NA

$

2,646,743

$

—

$

(2,646,743)

$

—

(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

Schedule

of

Investments

and

Other

Information

(unaudited)

April

30,

2023

12

April

30,

2023

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

LP

Limited

Partnership

REIT

Real

Estate

Investment

Trust

*

Non-income

producing

security.

#

Loaned

security;

a

portion

of

the

security

is

on

loan

at

April

30,

2023.

∞

Rate

shown

is

the

7-day

yield

as

of

April

30,

2023.

£

The

Fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

Investment

Company

Act

of

1940,

as

amended,

an

affiliated

company

is

one

in

which

the

Fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

which

is

under

common

ownership

or

control.

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

April

30,

2023

.

See

Notes

to

Financial

Statements

for

more

information.

Valuation

Inputs

Summary

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Assets

Investments

in

Securities:

Common

Stocks

$

106,402,814

$

—

$

—

Investment

Companies

654,758

—

—

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

—

2,802,834

—

Total

Assets

$

107,057,572

$

2,802,834

$

—

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Statement

of

Assets

and

Liabilities

(unaudited)

April

30,

2023

Janus

Detroit

Street

Trust

13

See

Notes

to

Financial

Statements.

Assets:

Unaffiliated

investments,

at

value

(cost

$114,102,908)

(1)

$

107,618,139

Affiliated

investments,

at

value

(cost

$2,242,267)

2,242,267

Receivables:

Dividends

5,295

Interest

615

Affiliated

securities

lending

income,

net

7,681

Total

Assets

109,873,997

Liabilities:

Collateral

on

securities

loaned

(Note

2)

2,802,834

Payables:

Investments

purchased

659,990

Management

fees

19,586

Total

Liabilities

3,482,410

Net

Assets

$

106,391,587

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

153,582,613

Total

distributable

earnings

(loss)

(

47,191,026

)

Total

Net

Assets

$

106,391,587

Net

Assets

$

106,391,587

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

2,202,000

Net

Asset

Value

Per

Share

$

48

.32

(1)

Includes

$2,646,743

of

securites

on

loan.

See

Note

2

in

Notes

to

Financial

Statements.

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Statement

of

Operations

(unaudited)

For

the

period

ended

April

30,

2023

14

April

30,

2023

See

Notes

to

Financial

Statements.

Investment

Income:

Dividends

$

259,129

Affiliated

securities

lending

income,

net    

38,701

Unaffiliated

securities

lending

income,

net

8,011

Total

Investment

Income

305,841

Expenses:

Management

Fees

113,037

Total

Expenses

113,037

Net

Investment

Income/(Loss)

192,804

Net

Realized

Gain/(Loss)

on

Investments:

Investments

$

(

4,441,092

)

Total

Net

Realized

Gain/(Loss)

on

Investments

$

(

4,441,092

)

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

5,021,109

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

5,021,109

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

772,821

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Statements

of

Changes

in

Net

Assets

Janus

Detroit

Street

Trust

15

See

Notes

to

Financial

Statements.

Period

Ended

April

30,

2023

(unaudited)

Year

Ended

October

31,

2022

Operations:

Net

investment

income/(loss)

$

192,804

$

537,828

Net

realized

gain/(loss)

on

investments

(4,441,092)

(25,808,275)

Change

in

unrealized

net

appreciation/depreciation

5,021,109

(16,065,773)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

772,821

(41,336,220)

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(354,370)

(392,153)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(354,370)

(392,153)

Capital

Share

Transactions

30,088,944

(30,093,810)

Net

Increase/(Decrease)

in

Net

Assets

30,507,395

(71,822,183)

Net

Assets:

—

—

Beginning

of

Period  

75,884,192

147,706,375

End

of

Period

$

106,391,587

$

75,884,192

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Financial

Highlights

16

April

30,

2023

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

the

period

ended

April

30,

2023

(unaudited)

and

each

year

or

period

ended

October

31

2023

2022

2021

2020

2019

2018

Net

Asset

Value,

Beginning

of

Period

$47.37

$67.08

$48.06

$43.10

$39.59

$36.05

Income/(Loss)

from

Investment

Operations:

—

—

—

—

—

—

Net

investment

income/(loss)

(1)

0.12

0.28

0.32

0.10

0.20

0.20

Net

realized

and

unrealized

gain/(loss)

1.06

(19.79)

19.03

4.97

3.51

3.57

Total

from

Investment

Operations

1.18

(19.51)

19.35

5.07

3.71

3.77

Less

Dividends

and

Distributions:

—

—

—

—

—

—

Dividends

(from

net

investment

income)

(0.23)

(0.20)

(0.33)

(0.11)

(0.20)

(0.23)

Total

Dividends

and

Distributions

(0.23)

(0.20)

(0.33)

(0.11)

(0.20)

(0.23)

Net

Asset

Value,

End

of

Period

$48.32

$47.37

$67.08

$48.06

$43.10

$39.59

Total

Return

*

2.52%

(29.11)%

40.30%

11.79%

9.43%

10.49%

(2)

Net

assets,

End

of

Period

(in

thousands)

$106,392

$75,884

$147,706

$52,958

$34,563

$25,816

Average

Net

Assets

for

the

Period

(in

thousands)

$76,168

$103,942

$123,640

$45,900

$30,102

$17,444

Ratios

to

Average

Net

Assets

**

Ratio

of

Gross

Expenses

0.30%

0.30%

0.30%

0.32%

0.35%

0.50%

Ratio

of

Net

Investment

Income/(Loss)

0.51%

0.52%

0.48%

0.23%

0.49%

0.50%

Portfolio

Turnover

Rate

(3)

49%

107%

135%

78%

104%

84%

*

Total

return

not

annualized

for

periods

of

less

than

one

full

year.

**

Annualized

for

periods

of

less

than

one

full

year.

(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

(unaudited)

Janus

Detroit

Street

Trust

17

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 twelve

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.

Janus

Henderson

Investors

US

LLC

is

the

investment

adviser

(the

“Adviser”)

to

the

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 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

ALPS

Distributors,

Inc.

(the

"Distributor"),

the

Adviser

or

an

affiliate

of

the

Adviser

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 

Fund holdings

are

valued

in

accordance

with

policies

and

procedures

established

by

the

Adviser

pursuant

to

Rule

2a-5

under

the

1940

Act

and

approved

by

and

subject

to

the

oversight

of

the

Trustees

(the

“Valuation

Procedures”).

Equity

securities,

including

shares

of

exchange-traded

funds,

traded

on

a

domestic

securities

exchange

are

generally

valued

at

readily

available

market

quotations,

which

are

(i)

the

official

close

prices

or

(ii)

last

sale

prices

on

the

primary

market

or

exchange

in

which

the

securities

trade.

If

such

price

is

lacking

for

the

trading

period

immediately

preceding

the

time

of

determination,

such

securities

are

generally

valued

at

their

current

bid

price.

Equity

securities

that

are

traded

on

a

foreign

exchange

are

generally

valued

at

the

closing

prices

on

such

markets.

In

the

event

that

there

is

no

current

trading

volume

on

a

particular

security

in

such

foreign

exchange,

the

bid

price

from

the

primary

exchange

is

generally

used

to

value

the

security.

Foreign

securities

and

currencies

are

converted

to

U.S.

dollars

using

the

current

spot

USD

dollar

exchange

rate

in

effect

at

the

close

of

the

London

Stock

Exchange.

The Fund will

determine

the

market

value

of

individual

securities

held

by

it

by

using

prices

provided

by

one

or

more

approved

professional

pricing

services

or,

as

needed,

by

obtaining

market

quotations

from

independent

broker-dealers.

Most

debt

securities

are

valued

in

accordance

with

the

evaluated

bid

price

supplied

by

the

Adviser-approved

pricing

service

that

is

intended

to

reflect

market

value.

The

evaluated

bid

price

supplied

by

the

pricing

service

is

an

evaluation

that

may

consider

factors

such

as

security

prices,

yields,

maturities

and

ratings.

Certain

short-term

securities

maturing

within

60

days

or

less

may

be

evaluated

and

valued

on

an

amortized

cost

basis

provided

that

the

amortized

cost

determined

approximates

market

value.

Securities

for

which

market

quotations

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

(unaudited)

18

April

30,

2023

or

evaluated

prices

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

determined

in

good

faith

by

the

Adviser

pursuant

to

the

Valuation

Procedures.

Shares

of

an

investment

company

that

are

not

traded

on

an

exchange,

including

money

market

funds,

are

valued

at

that

company's

net

asset

value

per

share.

Circumstances

in

which

fair

valuation

may

be

utilized

include,

but

are

not

limited

to:

(i)

a

significant

event

that

may

affect

the

securities

of

a

single

issuer,

such

as

a

merger,

bankruptcy,

or

significant

issuer-specific

development;

(ii)

an

event

that

may

affect

an

entire

market,

such

as

a

natural

disaster

or

significant

governmental

action;

(iii)

a

nonsignificant

event

such

as

a

market

closing

early

or

not

opening,

or

a

security

trading

halt;

and

(iv)

pricing

of

a

non-valued

security

and

a

restricted

or

nonpublic

security.

Special

valuation

considerations

may

apply

with

respect

to

“odd-lot”

fixed-income

transactions

which,

due

to

their

small

size,

may

receive

evaluated

prices

by

pricing

services

which

reflect

a

large

block

trade

and

not

what

actually

could

be

obtained

for

the

odd-lot

position.

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

April

30,

2023 to

fair

value

the

Fund’s

investments

in

securities

and

other

financial

instruments

is

included

in

the

“Valuation

Inputs

Summary”

in

the

Notes

to

Schedule

of

Investments

and

Other

Information.

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

Small

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

19

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

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 

Market Risk 

The

value

of

the

Fund's

portfolio

may

decrease

if

the

value

of

one

or

more

issuers

in

the

Fund's

portfolio

decreases.

Further,

regardless

of

how

well

individual

companies

or

securities

perform,

the

value

of

the

Fund's

portfolio

could

also

decrease

if

there

are

deteriorating

economic

or

market

conditions,

including,

but

not

limited

to,

a

general

decline

in

prices

on

the

stock

markets,

a

general

decline

in

real

estate

markets,

a

decline

in

commodities

prices,

or

if

the

market

favors

different

types

of

securities

than

the

types

of

securities

in

which

the

Fund

invests.

If

the

value

of

the

Fund's

portfolio

decreases,

the

Fund's

NAV

will

also

decrease,

which

means

if

you

sell

your

shares

in

the

Fund

you

may

lose

money.

Market

risk

may

affect

a

single

issuer,

industry,

economic

sector,

or

the

market

as

a

whole.

The

increasing

interconnectivity

between

global

economies

and

financial

markets

increases

the

likelihood

that

events

or

conditions

in

one

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

Social,

political,

economic

and

other

conditions

and

events,

such

as

natural

disasters,

health

emergencies

(e.g.,

epidemics

and

pandemics),

terrorism,

conflicts,

including

related

sanctions,

and

social

unrest,

could

reduce

consumer

demand

or

economic

output,

result

in

market

closures,

travel

restrictions

and/or

quarantines,

and

generally

have

a

significant

impact

on

the

global

economies

and

financial

markets.

COVID-19

Pandemic.

The

effects

of

COVID-19

have

contributed

to

increased

volatility

in

global

financial

markets

and

have

affected

and

may

continue

to

affect

certain

countries,

regions,

issuers,

industries

and

market

sectors

more

dramatically

than

others.

These

conditions

and

events

could

have

a

significant

impact

on

the

Fund

and

its

investments,

the

Fund's

ability

to

meet

redemption

requests,

and

the

processes

and

operations

of

the

Fund's

service

providers,

including

the

Adviser.

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

(unaudited)

20

April

30,

2023

Russia/Ukraine

Invasion.

Russia

launched

a

large-scale

invasion

of

Ukraine

on

February

24,

2022.

The

extent

and

duration

of

the

military

action,

resulting

sanctions

and

resulting

future

market

disruptions

in

the

region

are

impossible

to

predict,

but

could

be

significant

and

have

a

severe

adverse

effect

on

the

region,

including

significant

negative

impacts

on

the

economy

and

the

markets

for

certain

securities

and

commodities,

such

as

oil

and

natural

gas,

as

well

as

other

sectors. 

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.

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

derivatives,

including

various

types

of

swaps,

futures

and

options.

The

Fund

intends

to

enter

into

financial

transactions

with

counterparties

that

the

Adviser believes

to

be

creditworthy

at

the

time

of

the

transaction.

There

is

always

the

risk

that

the

Adviser'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. 

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,

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. 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, the

Adviser 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, the

Adviser 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.

The

Adviser

currently

intends

to

invest

the

cash

collateral

in

a

cash

management

vehicle

for

which the

Adviser serves

as

investment

adviser,

Janus

Henderson

Cash

Collateral

Fund

LLC,

or

in

time

deposits.

An

investment

in

Janus

Henderson

Cash

Collateral

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

21

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, the

Adviser

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,

the

Adviser 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 the

Adviser 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

the

Adviser 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

April

30,

2023,

securities

lending

transactions

accounted

for

as

secured

borrowings

with

an

overnight

and

continuous

contractual

maturity

are

$2,646,743

for

equity

securities.

Gross

amounts

of

recognized

liabilities

for

securities

lending

(collateral

received)

as

of

April

30,

2023 is $2,802,834,

resulting

in

the

net

amount

due

to

the

counterparty

of

$156,091.

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.

The

Offsetting

Assets

and

Liabilities

tables

located

in

the

Schedule

of

Investments

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).

3.

Investment

Advisory

Agreements

and

Other

Transactions

with

Affiliates 

Under

its

unitary

fee

structure,

the

Fund

pays

the

Adviser 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. The

Adviser'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: 

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

(unaudited)

22

April

30,

2023

For

the period

ended

April

30,

2023,

the

Fund’s

actual

management

fee

rate

(expressed

as

an

annual

rate)

was

0.30% 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

the

Adviser,

on

behalf

of

the

Fund.

As

compensation

for

such

services,

the

Adviser pays

JP

Morgan

a

fee

based

on

a

percentage

of

the

Fund’s

assets,

with

a

minimum

flat

fee,

for

certain

services. The

Adviser serves

as

administrator

to

the

Fund,

providing

oversight

and

coordination

of

the

Fund’s

service

providers,

recordkeeping

and

other

administrative

services.

The

Adviser 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

the

Adviser 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

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

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, the

Adviser does

not

intend

to

seek

shareholder

approval

for

implementation

of

the

Plan. 

As

of

April

30,

2023, the

Adviser

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

the

Adviser

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

and

amended 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

period

ended

April

30,

2023,

the

Fund

engaged

in

cross

trades

amounting

to

$1,831,046 in

purchases

and

$3,063,994 in

sales,

resulting

in

a

net

realized

gain

of

$437,812.

The

net

realized

gain/loss

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 period

ended

April

30,

2023 can

be

found

in

a

table

located

in

the

Schedule

of

Investments.

4.

Federal

Income

Tax

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.

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. 

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

23

Accumulated

capital

losses

noted

below

represent

net

capital

loss

carryovers,

as

of

October

31,

2022,

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 April

30,

2023 are

noted

below.

The

primary

differences

between

book

and

tax

appreciation

or

depreciation

of

investments are

wash

sale

loss

deferrals

and

investments

in

partnerships.

5.

Capital

Share

Transactions 

6.

Purchases

and

Sales

of

Investment

Securities 

For

the period ended

April

30,

2023,

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 period

ended

April

30,

2023,

the

cost

of

in-kind

purchases

and

proceeds

from

in-kind

sales,

were

as

follows: 

During

the

period ended

April

30,

2023,

the

Fund

had

net

realized

gain

of $1,716,229 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 April

30,

2023

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. 

Capital

Loss

Carryover

Schedule

For

the

year

ended

October

31,

2022

No

Expiration

Short-Term

Long-Term

Accumulated

Capital

Losses

$(34,714,173)

$(1,456,289)

$(36,170,462)

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$116,345,175

$6,142,959

$(12,627,728)

$(6,484,769)

Period

Ended

April

30,

2023

Year

Ended

October

31,

2022

Shares

Amount

Shares

Amount

Shares

sold

950,000

$

46,929,468

275,000

$

15,992,523

Shares

repurchased

(350,000)

(16,840,524

)

(875,000)

(46,086,333

)

Net

Increase/(Decrease)

600,000

$

30,088,944

(600,000)

$

(30,093,810

)

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

$39,089,907

$38,585,989

$—

$—

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

$46,268,584

$16,817,750

$—

$—

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Additional

Information

(unaudited)

24

April

30,

2023

Proxy

Voting

Policies

and

Voting

Record

Information

regarding

how

the

Fund

voted

proxies

related

to

portfolio

securities

during

the

most

recent

12-month

period

ended

June

30

and

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

1-800-525-1093

(toll

free);

(ii)

on

the

Fund’s

website

at

janushenderson.com/proxyvoting;

and

(iii)

on

the

SEC’s

website

at

http://www.sec.gov.

Portfolio

Holdings

The

Fund

files

its

complete

portfolio

holdings

(schedule

of

investments)

with

the

SEC

as

an

exhibit

to

Form

N-PORT

within

60

days

of

the

end

of

the

first

and

third

fiscal

quarters,

and

in

the

annual

report

and

semiannual

report

to

shareholders.

The

Fund’s

Form

N-PORT

filings

and

annual

and

semiannual

reports:

(i)

are

available

on

the

SEC’s

website

at

http://www.sec.gov;

and

(ii)

are

available

without

charge,

upon

request,

by

calling

a

Janus

Henderson

representative

at

1-800-668-0434

(toll

free).

Licensing

Agreements

Janus

Henderson

Indices

LLC

(“JH

Indices”)

is

the

Index

Provider

for

the

Underlying

Index.

The

Adviser

has

entered

into

a

license

agreement

with

JH

Indices

to

use

the

Underlying

Index.

JH

Indices

is

affiliated

with

the

Fund

and

the

Adviser.

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

the

Adviser

or

the

Fund.

JH

Indices

has

no

obligation

to

take

the

needs

of

the

Adviser

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

THE

ADVISER,

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

THE

ADVISER

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.

The

Adviser

does

not

guarantee

the

accuracy

and/or

the

completeness

of

the

Underlying

Index

or

any

data

included

therein,

and

the

Adviser

shall

have

no

liability

for

any

errors,

omissions

or

interruptions

therein.

The

Adviser

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

person

or

entity

from

the

use

of

the

Underlying

Index

or

any

data

included

therein.

The

Adviser

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

the

Adviser

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

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

Janus

Detroit

Street

Trust

25

The

Board

of

Trustees

(the

“Board”)

of

Janus

Detroit

Street

Trust

(the

“Trust”),

including

a

majority

of

the

Trustees

who

are

not

“interested

persons”

as

that

term

is

defined

in

the

Investment

Company

Act

of

1940,

as

amended

(the

“Independent

Trustees”),

met

on

April

19-20,

2023

to

consider

the

proposed

renewal

of

the

investment

management

agreement

between

Janus

Henderson

Investors

US

LLC

(the

“Adviser”)

and

the

Trust

(the

“Investment

Management

Agreement”),

on

behalf

of

Janus

Henderson

AAA

CLO

ETF

(“JAAA”),

Janus

Henderson

B-BBB

CLO

ETF

(“JBBB”),

Janus

Henderson

International

Sustainable

Equity

ETF

(“SXUS”),

Janus

Henderson

Mortgage-Backed

Securities

ETF

(“JMBS”),

Janus

Henderson

Net

Zero

Transition

Resources

ETF

(“JZRO”),

Janus

Henderson

Short

Duration

Income

ETF

(“VNLA”),

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

(“JSML”),

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

(“JSMD”),

Janus

Henderson

Sustainable

Corporate

Bond

ETF

(“SCRD”),

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

(“JIB”),

Janus

Henderson

U.S.

Real

Estate

ETF

(“JRE”)

and

Janus

Henderson

U.S.

Sustainable

Equity

ETF

(“SSPX”)

(collectively,

the

“Funds”).

In

the

course

of

their

consideration

of

the

renewal

of

the

Investment

Management

Agreement,

the

Independent

Trustees

met

in

executive

session

and

were

advised

by

their

independent

counsel.

In

this

regard,

the

Independent

Trustees

evaluated

the

terms

of

the

Investment

Management

Agreement

and

reviewed

the

duties

and

responsibilities

of

trustees

in

evaluating

and

approving

such

agreements.

In

considering

renewal

of

the

Investment

Management

Agreement,

the

Board

and

the

Independent

Trustees,

as

applicable,

reviewed

the

materials

provided

to

them

relating

to

the

consideration

of

the

renewal

of

the

Investment

Management

Agreement

for

the

Funds

and

other

information

provided

by

counsel

and

the

Adviser,

including:

(i)

information

regarding

the

nature,

quality

and

extent

of

the

services

provided

to

the

Funds

by

the

Adviser,

and

the

fees

charged

to

each

Fund

therefor;

(ii)

information

concerning

the

Adviser’s

financial

condition,

business,

operations,

portfolio

management

personnel,

compliance

programs,

and

profitability

with

respect

to

the

Trust

and

each

Fund;

(iii)

comparative

information

describing

each

Fund’s

advisory

fee

structures,

operating

expenses,

and

performance

information

as

compared

to

peer

fund

groups

compiled

by

an

independent

third

party;

(iv)

a

copy

of

the

Adviser’s

current

Form

ADV;

and

(v)

a

memorandum

from

counsel

to

the

Independent

Trustees

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

throughout

the

year.

The

Trustees

also

considered

information

received

and

reviewed

in

connection

with

a

meeting

held

on

March

13,

2023

via

videoconference

to

discuss

certain

information

provided

by

the

Adviser

related

to

the

Trustees’

consideration

of

the

renewal

of

the

Investment

Management

Agreement.

During

its

review

of

this

information,

the

Board

focused

on

and

analyzed

the

factors

that

it

deemed

relevant,

including,

among

other

factors:

(i)

the

nature,

extent

and

quality

of

the

services

provided

to

the

Funds

by

the

Adviser;

(ii)

the

Adviser’s

personnel

and

operations;

(iii)

each

Fund’s

expense

level;

(iv)

the

profitability

to

the

Adviser

under

the

Investment

Management

Agreement

with

respect

to

each

Fund;

(v)

any

“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);

(vi)

the

effect

of

asset

growth

on

each

Fund’s

expenses;

and

(vii)

potential

conflicts

of

interest.

The

Trustees

also

considered

benefits

that

accrue

to

the

Adviser

and

its

affiliates

from

their

relationships

with

the

Trust

and

each

Fund.

The

Trustees

also

considered

that,

other

than

the

services

provided

by

the

Adviser

and

its

affiliates

pursuant

to

agreements

with

the

Funds

and

the

fees

paid

by

the

Funds

therefor,

the

Funds

and

the

Adviser

may

potentially

benefit

from

their

relationship

with

each

other

in

other

ways.

The

Trustees

considered

that

the

success

of

the

Funds

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

Funds.

The

Board,

including

the

Independent

Trustees,

considered

the

following

in

respect

of

the

Funds:

(a)

The

nature,

extent

and

quality

of

services

provided

by

the

Adviser;

personnel

and

operations

of

the

Adviser.

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

26

April

30,

2023

The

Board

reviewed

the

services

that

the

Adviser

provides

to

the

Funds.

In

connection

with

the

investment

advisory

services

provided

by

the

Adviser,

the

Board

noted

the

responsibilities

that

the

Adviser

has

as

the

Funds’

investment

adviser,

including:

the

overall

supervisory

responsibility

for

the

general

management

and

investment

of

each

Fund’s

securities

portfolio;

providing

oversight

of

the

investment

performance

and

processes

and

compliance

with

each

Fund’s

investment

objectives,

policies

and

limitations;

the

implementation

of

the

investment

management

program

of

each

Fund;

the

management

of

the

day-to-day

investment

and

reinvestment

of

the

assets

of

each

Fund;

determining

daily

baskets

of

securities

and

cash

components

in

connection

with

creation

and

redemption

transactions

in

each

Fund’s

shares;

executing

portfolio

security

trades

for

purchases

and

redemptions

of

each

Fund’s

shares

conducted

on

a

cash-

in-lieu

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

Funds.

The

Board

reviewed

the

Adviser’s

experience,

resources

and

strengths

in

managing

the

Funds

and

other

pooled

investment

vehicles,

including

an

assessment

of

the

Adviser’s

personnel.

Based

on

its

consideration

and

review

of

the

foregoing

information,

the

Board

determined

that

each

Fund

was

likely

to

continue

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

rendered

and

fees

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

Funds;

“fall-out”

benefits.

The

Board

then

compared

both

the

services

rendered

and

the

fees

paid

under

other

contracts

of

the

Adviser

and

under

contracts

of

other

investment

advisers

with

respect

to

similar

ETFs.

In

particular,

the

Board

reviewed

a

report

compiled

by

an

independent

third

party

to

compare

each

Fund’s

contractual

management

fee

and

total

expense

ratio

to

other

investment

companies

within

each

Fund’s

respective

peer

grouping,

as

determined

by

the

independent

third

party.

The

information

provided

by

the

comparative

report

showed

how

the

total

expense

ratio

and

contractual

management

fee

for

each

of

the

Funds

compared

within

its

respective

peer

group

for

the

one-year

period

ended

December

31,

2022.

The

reporting

is

described

in

detail

below:

The

total

expense

ratio

and

the

contractual

management

fee

for

JAAA

was

each

reported

in

the

1st

quintile

of

its

respective

peer

group

(with

1st

quintile

being

the

lowest

fees/expenses

and

5th

quintile

being

the

highest

fees/

expenses).

The

total

expense

ratio

and

the

contractual

management

fee

for

JBBB

was

each

reported

in

the

2nd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

SXUS

was

each

reported

in

the

4th

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JMBS

was

each

reported

in

the

1st

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JZRO

was

each

reported

in

the

2nd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

VNLA

was

each

reported

in

the

1st

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JSML

was

each

reported

in

the

3rd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JSMD

was

each

reported

in

the

3rd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

SCRD

was

reported

in

the

3rd

and

2nd

quintiles,

respectively.

The

total

expense

ratio

and

the

contractual

management

fee

for

JIB

as

each

reported

in

the

3rd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JRE

was

each

at

median

as

compared

to

expense

group

peers.

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

Janus

Detroit

Street

Trust

27

The

total

expense

ratio

and

the

contractual

management

fee

for

SSPX

was

reported

in

the

4th

and

3rd

quintiles,

respectively.

The

Board

further

considered

that

the

Adviser

had

voluntarily

agreed

to

cap

the

expenses

of

JAAA,

JMBS

and

VNLA

to

the

extent

that

such

Funds’

total

expense

ratio

exceeded

0.22%,

0.28%

and

0.23%,

respectively,

for

the

period

February

28,

2023

through

February

29,

2024

in

the

case

of

JMBS

and

VNLA

and

for

the

period

of

January

20,

2023

through

February

29,

2024

in

the

case

of

JAAA.

The

Board

further

noted

the

Adviser’s

contractual

commitment

with

respect

to

the

Funds’

investments

in

affiliated

ETFs

to

waive

and/or

reimburse

a

portion

of

its

management

fee

in

an

amount

equal

to

a

portion

of

the

management

fee

it

earns

as

investment

adviser

to

affiliated

ETFs

in

which

a

Fund

invests

(if

any),

for

at

least

the

period

from

February 28,

2023

until

February 29,

2024.

The

Board

also

discussed

the

costs

incurred

by

the

Adviser

in

connection

with

its

serving

as

investment

adviser

to

the

Funds,

including

operational

costs.

After

comparing

each

Fund’s

fees

and

expenses

with

those

of

other

ETFs

in

the

Funds’

respective

peer

groups,

and

in

light

of

the

nature,

extent

and

quality

of

services

provided

by

the

Adviser

and

the

costs

incurred

by

the

Adviser

in

rendering

those

services,

as

well

as

the

profitability

of

the

Adviser

in

providing

these

services,

the

Board

concluded

that

the

level

of

fees

paid

to

the

Adviser

and

the

profitability

with

respect

to

each

Fund

was

fair

and

reasonable.

The

Board

also

considered

that

the

Adviser

may

experience

reputational

“fall-out”

benefits

based

on

the

success

of

the

Funds,

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.

In

its

review,

the

Board

considered

that

the

Funds

were

positioned

to

realize

potential

economies

of

scale

as

assets

grow

over

time,

given

the

inclusion

of

management

fee

breakpoints

for

each

Fund

in

the

current

investment

advisory

agreement

at

various

asset

levels.

(d)

Investment

performance

of

the

Fund

and

the

Adviser.

The

Board

next

discussed

the

annualized

returns

of

the

Funds

on

both

an

absolute

basis

and

relative

to

the

performance

of

funds

comprising

a

performance

universe

compiled

by

an

independent

third

party

for

each

Fund

for

the

three-month

period,

one-year

period,

two-year

period,

three-year

period,

four-year

period,

five-year

period,

and/or

since

inception

period

ended

December

31,

2022

(each

period

as

applicable).

The

Board

noted

the

following

for

each

Fund:

JAAA

was

reported

to

be

in

the

1st

and

3rd

quintiles

of

its

performance

universe

(with

the

1st

quintile

being

the

best

performer

and

the

5th

quintile

being

the

worst

performer)

for

its

one-

and

two-year

periods,

respectively;

JBBB

was

reported

to

be

in

the

1st

and

5th

quintiles

of

its

performance

universe

for

its

3-month

and

since

inception

periods,

respectively;

SXUS

was

reported

to

be

in

the

4th

quintile

of

its

performance

universe

for

each

of

its

three-month,

one-year,

and

since

inception

periods;

JMBS

was

reported

to

be

in

the

2nd,

2nd,

2nd

and

1st

quintiles

of

its

performance

universe

for

its

one-,

two-,

three-,

and

four-year

periods,

respectively;

JZRO

was

reported

to

be

in

the

2nd,

2nd,

and

1st

quintiles

of

its

performance

universe

for

its

three-month,

one-year,

and

since

inception

periods,

respectively;

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

28

April

30,

2023

VNLA

was

reported

to

be

in

the

1st

quintile

of

its

performance

universe

for

each

of

its

one-,

two-,

three-,

four-,

and

five-year

periods;

JSML

was

reported

to

be

in

the

4th,

4th,

5th,

5th,

and

4th

quintiles

of

its

performance

universe

for

its

one-,

two-,

three-,

four-,

and

five-year

periods,

respectively;

JSMD

was

reported

to

be

in

the

2nd,

3rd,

3rd,

3rd

and

3rd

quintiles

of

its

performance

universe

for

its

one-,

two-,

three-,

four-,

and

five-year

periods,

respectively;

SCRD

was

reported

to

be

in

the

4th,

3rd,

and

2nd

quintiles

of

its

performance

universe

for

its

three-month,

one-year,

and

since

inception

periods,

respectively;

JIB

was

reported

to

be

in

the

5th,

4th,

and

4th

quintiles

of

its

performance

universe

for

its

three-month,

one-year,

and

since

inception

periods,

respectively;

JRE

was

reported

to

be

in

the

1st

quintile

of

its

performance

universe

for

each

of

its

three-month,

one-year,

and

since

inception

periods;

and

SSPX

was

reported

to

be

in

its

3rd,

5th,

and

5th

quintiles

of

its

performance

universe

for

its

three-month,

one-year,

and

since

inception

periods,

respectively.

With

respect

to

JSML

and

JSMD,

the

Board

noted

that

these

Funds

are

index-based

and,

as

a

result,

passively

managed

to

seek

to

track

the

returns

of

specified

indices.

For

this

reason,

the

Board

also

considered

the

performance

of

these

Funds

in

relation

to

the

performance

of

each

Fund’s

respective

underlying

index

(i.e.

“tracking

error”),

and

considered

that

the

tracking

error

was

within

anticipated

ranges.

The

Board

considered

the

Adviser’s

explanation

of

performance

results

for

each

Fund

across

the

relevant

periods

provided

as

part

of

the

consideration

of

the

renewal

of

the

Investment

Advisory

Agreement,

and

during

the

course

of

the

previous

year.

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

management

fee

rates

and

total

expense

ratios

of

each

Fund

are

reasonable

in

relation

to

the

services

provided

by

the

Adviser

to

such

Fund,

as

well

as

the

costs

incurred

and

benefits

gained

by

the

Adviser

in

providing

such

services.

The

Board

also

found

the

management

fees

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

renewal

of

the

Investment

Management

Agreement

for

an

additional

one-year

period

was

in

the

best

interests

of

each

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

renewal

of

the

Investment

Management

Agreement

for

each

Fund.

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Liquidity

Risk

Management

Program

(unaudited)

Janus

Detroit

Street

Trust

29

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),

requires

open-end

funds

(but

not

money

market

funds)

to

adopt

and

implement

a

written

liquidity

risk

management

program

(the

“LRMP”)

that

is

reasonably

designed

to

assess

and

manage

liquidity

risk,

which

is

the

risk

that

a

fund

could

not

meet

redemption

requests

without

significant

dilution

of

remaining

investors’

interests

in

the

fund.

The

Funds

have

adopted

and

implemented

a

LRMP,

which

incorporates

the

following

elements:

(i)

assessment,

management,

and

periodic

review

of

liquidity

risk;

(ii)

classification

of

portfolio

investments;

(iii)

the

establishment

and

monitoring

of

a

highly

liquid

investment

minimum

(“HLIM”),

as

applicable;

(iv)

a

15%

limitation

on

a

Fund’s

illiquid

investments;

(v)

provisions

concerning

redemptions

in-

kind;

and

(vi)

board

oversight.

In

light

of

the

fact

that

each

Fund

operates

as

an

exchange-traded

fund

(“ETF”),

the

LRMP

also

takes

into

account

considerations

unique

to

ETFs,

including

(i)

the

relationship

between

the

ETF’s

portfolio

liquidity

and

the

way

in

which,

and

the

prices

and

spreads

at

which,

ETF

shares

trade,

including:

the

efficiency

of

the

arbitrage

function

and

the

level

of

active

participation

by

market

participants

(including

authorized

participants);

and

(ii)

the

effect

of

the

composition

of

baskets

on

the

overall

liquidity

of

the

ETF’s

portfolio.

The

LRMP

also

considers

whether

an

ETF

meets

redemptions

through

in-kind

transfers

of

securities,

positions,

and

assets

other

than

a

de

minimis

amount

of

cash.

The

Trustees

of

the

Funds

(the

“Trustees”)

have

designated

Janus

Henderson

Investors

US

LLC,

the

Funds’

investment

adviser

(the

“Adviser”),

as

the

Program

Administrator

for

the

LRMP

responsible

for

administering

the

LRMP

and

carrying

out

the

specific

responsibilities

of

the

LRMP.

A

working

group

comprised

of

various

teams

within

the

Adviser’s

business

is

responsible

for

administering

the

LRMP

and

carrying

out

the

specific

responsibilities

of

different

aspects

of

the

LRMP

(the

“Liquidity

Risk

Working

Group”).

In

assessing

each

Fund’s

liquidity

risk,

the

Liquidity

Risk

Working

Group

periodically

considers,

as

relevant,

specified

liquidity

factors,

including:

(i)

the

investment

strategy

and

liquidity

of

a

Fund’s

portfolio

investments

during

both

normal

and

reasonably

foreseeable

stressed

conditions;

(ii)

whether

a

Fund’s

investment

strategy

is

appropriate

for

an

open-end

fund;

(iii)

the

extent

to

which

a

Fund’s

strategy

involves

a

relatively

concentrated

portfolio

or

large

positions

in

any

issuer;

(iv)

a

Fund’s

use

of

borrowing

for

investment

purposes;

(v)

a

Fund’s

use

of

derivatives;

(vi)

short-term

and

long-term

cash

flow

projections

during

both

normal

and

reasonably

foreseeable

stressed

conditions;

and

(vii)

holdings

of

cash

and

cash

equivalents,

as

well

as

borrowing

arrangements

and

other

funding

sources.

The

Liquidity

Rule

requires

the

Trustees

to

review

at

least

annually

a

written

report

provided

by

the

Program

Administrator

that

addresses

the

operation

of

the

LRMP

and

assesses

its

adequacy

and

the

effectiveness

of

its

implementation,

including,

if

applicable,

the

operation

of

the

HLIM

and

any

material

changes

to

the

LRMP

(the

“Program

Administrator

Report”).

At

a

meeting

held

April

20,

2023,

the

Adviser

provided

to

the

Trustees

the

Program

Administrator

Report,

which

covered

the

operation

of

the

LRMP

from

January

1,

2022

through

December

31,

2022

(the

“Reporting

Period”).

Further,

at

a

meeting

held

on

June

26,

2023,

the

Adviser

provided

to

the

Trustees

an

update

regarding

the

Program

Administrator

Report

for

the

Reporting

Period.  

The

Program

Administrator

Report

discussed

the

operation

and

effectiveness

of

the

LRMP

during

the

Reporting

Period.

Among

other

things,

the

Program

Administrator

Report

indicated

that

there

were

no

material

changes

to

the

LRMP

during

the

Reporting

Period,

although

there

were

certain

methodology

adjustments

implemented

relating

to

a

change

in

data

provider

used

by

the

Program

Administrator.

Additionally,

the

findings

presented by

the

Program

Administrator

indicated

that

the

LRMP

operated

adequately

during

the

Reporting

Period.

These

findings

included

that

each

Fund

was

able

to

meet

redemptions

during

the

normal

course

of

business

during

the

Reporting

Period.

The

Program

Administrator

Report

also

stated

that

each

Fund

did

not

exceed

the

15%

limit

on

illiquid

assets

during

the

Reporting

Period,

that

each

Fund

held

primarily

highly

liquid

assets,

and

was

considered

to

be

a

primarily

highly

liquid

fund

during

the

Reporting

Period.

Also

included

among

the

Program

Administrator

Report’s

findings

was

the

determination

that

each

Fund’s

investment

strategy

remains

appropriate

for

an

open-end

fund.

In

addition,

the

Adviser

expressed

its

belief

that

the

LRMP

is

reasonably

designed

and

adequate

to

assess

and

manage

each

Fund’s

liquidity

risk,

considering

each

Fund’s

particular

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Liquidity

Risk

Management

Program

(unaudited)

30

April

30,

2023

risks

and

circumstances,

and

includes

policies

and

procedures

reasonably

designed

to

implement

each

required

component

of

the

Liquidity

Rule.

There

can

be

no

assurance

that

the

LRMP

will

achieve

its

objectives

in

the

future.

Please

refer

to

your

Fund’s

prospectus

for

more

information

regarding

the

risks

to

which

an

investment

in

the

Fund

may

be

subject.

125-24-93061

04-23

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

Henderson

Investors

US

LLC

is

the

investment

adviser

and

ALPS

Distributors,

Inc.

is

the

distributor.

ALPS

is

not

affiliated

with

Janus

Henderson

or

any

of

its

subsidiaries.

SEMIANNUAL

REPORT

April

30,

2023

Janus

Henderson

Short

Duration

Income

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

Short

Duration

Income

ETF

Fund

At

A

Glance

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

3

Disclosure

of

Fund

Expenses

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

5

Schedule

of

Investments

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

6

Statement

of

Assets

and

Liabilities

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

18

Statement

of

Operations

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

19

Statements

of

Changes

in

Net

Assets

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

20

Financial

Highlights

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

21

Notes

to

Financial

Statements

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

22

Additional

Information

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

36

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

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

37

Liquidity

Risk

Management

Program

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

41

Daniel

Siluk

Jason

England

co-portfolio

manager

co-portfolio

manager

Janus

Henderson

Short

Duration

Income

ETF

(unaudited)

Fund

At

A

Glance

April

30,

2023

Janus

Detroit

Street

Trust

3

Holdings

are

subject

to

change

without

notice.

Sector

Allocation

–

(%

of

Net

Assets)

Financial

44.7%

Commercial

Paper

21.7%

Consumer,

Non-cyclical

13.0%

Consumer,

Cyclical

7.1%

Utilities

4.0%

Technology

3.2%

Energy

2.8%

Industrial

2.0%

Communications

1.7%

Mortgage-Backed

Securities

1.6%

Basic

Materials

1.3%

Exchange

Traded

Fund

1.2%

104.3%

Janus

Henderson

Short

Duration

Income

ETF

(unaudited)

Performance

4

April

30,

2023

Total

annual

expense

ratio

as

stated

in

the

prospectus:

0.23%.

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

29,

2024.

This

contractual

waiver

may

be

terminated

or

modified

only

at

the

discretion

of

the

Board

of

Trustees.

Investing

involves

risk,

including

the

possible

loss

of

principal

and

fluctuation

of

value.

There

is

no

assurance

the

stated

objective(s)

will

be

met.

VNLA

is

not

a

money

market

fund

and

does

not

attempt

to

maintain

a

stable

net

asset

value.

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

April

30,

2023

Fiscal

Year-to-

Date

One

Year

Five

Years

Since

Inception

*

Janus

Henderson

Short

Duration

Income

ETF

-

NAV

2.82%

2.79%

1.98%

1.92%

Janus

Henderson

Short

Duration

Income

ETF

-

Market

Price

2.97%

2.81%

1.97%

1.93%

FTSE

3-Month

U.S.

Treasury

Bill

Index

2.16%

2.99%

1.45%

1.34%

*

The

Fund

commenced

operations

on

November

16,

2016.

Janus

Henderson

Short

Duration

Income

ETF

(unaudited)

Disclosure

of

Fund

Expenses

Janus

Detroit

Street

Trust

5

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

(11/1/22)

Ending

Account

Value

(4/30/23)

Expenses

Paid

During

Period

(11/1/22

-

4/30/23)

†

Beginning

Account

Value

(11/1/22)

Ending

Account

Value

(4/30/23)

Expenses

Paid

During

Period

(11/1/22

-

4/30/23)

†

Net

Annualized

Expense

Ratio

(11/1/22

-

4/30/23)

$1,000.00

$1,028.20

$1.16

$1,000.00

$1,023.65

$1.15

0.23%

†

Expenses

Paid

During

Period

is

equal

to

the

Net

Annualized

Expense

Ratio

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

181/365

(to

reflect

the

one-half

year

period).

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2023

6

April

30,

2023

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Corporate

Bonds

-

71.3%

Basic

Materials

-

1.3%

Celanese

US

Holdings

LLC,

5.9000%, 7/5/24

$

2,127,000

$

2,129,346

Celanese

US

Holdings

LLC,

6.0500%, 3/15/25

6,125,000

6,148,115

Georgia-Pacific

LLC,

0.6250%, 5/15/24

(144A)

24,000,000

22,904,043

31,181,504

Communications

-

1.7%

AT&T,

Inc.,

5.5390%, 2/20/26

22,700,000

22,727,020

Optus

Finance

Pty.

Ltd.,

3.2500%, 9/6/23

AUD

750,000

494,041

Optus

Finance

Pty.

Ltd.,

1.6000%, 7/1/25

1,000,000

623,962

Spark

Finance

Ltd.,

2.6000%, 3/18/30

1,200,000

684,475

Verizon

Communications,

Inc.,

0.7500%, 3/22/24

$

4,700,000

4,525,014

Verizon

Communications,

Inc.,

0.8500%, 11/20/25

6,770,000

6,170,695

Verizon

Communications,

Inc.,

1.4500%, 3/20/26

5,100,000

4,698,109

39,923,316

Consumer,

Cyclical

-

7.1%

BMW

US

Capital

LLC,

0.7500%, 8/12/24

(144A)

4,500,000

4,275,966

BMW

US

Capital

LLC,

SOFRINDX

+

0.8400%,

5.6572%, 4/1/25

(144A)

‡

7,025,000

7,004,677

BMW

US

Capital

LLC,

1.2500%, 8/12/26

(144A)

300,000

271,776

General

Motors

Financial

Co.,

Inc.,

1.0500%, 3/8/24

10,895,000

10,478,503

General

Motors

Financial

Co.,

Inc.,

1.2000%, 10/15/24

8,650,000

8,133,247

General

Motors

Financial

Co.,

Inc.,

6.0500%, 10/10/25

1,250,000

1,263,465

General

Motors

Financial

Co.,

Inc.,

5.4000%, 4/6/26

3,230,000

3,231,720

General

Motors

Financial

of

Canada

Ltd.,

3.2500%, 11/7/23

CAD

17,000,000

12,403,495

Hyundai

Capital

America,

1.2500%, 9/18/23

(144A)

$

4,270,000

4,195,751

Hyundai

Capital

America,

0.8000%, 1/8/24

(144A)

9,700,000

9,401,157

Hyundai

Capital

America,

0.8750%, 6/14/24

(144A)

2,960,000

2,818,124

Hyundai

Capital

America,

1.0000%, 9/17/24

(144A)

3,225,000

3,032,578

Hyundai

Capital

America,

5.5000%, 3/30/26

(144A)

10,125,000

10,168,984

Lowe's

Cos.,

Inc.,

4.4000%, 9/8/25

4,920,000

4,900,801

Lowe's

Cos.,

Inc.,

4.8000%, 4/1/26

6,575,000

6,622,178

McDonald's

Corp.,

3.0000%, 3/8/24

AUD

6,750,000

4,414,087

McDonald's

Corp.,

90

Day

Australian

Bank

Bill

Rate

+

1.1300%,

4.7632%, 3/8/24

‡

1,910,000

1,264,357

McDonald's

Corp.,

3.1250%, 3/4/25

CAD

17,080,000

12,280,272

Mercedes-Benz

Australia,

0.7500%, 1/22/24

AUD

810,000

522,292

Mercedes-Benz

Finance

North

America

LLC,

5.5000%, 11/27/24

(144A)

$

11,800,000

11,898,474

Mercedes-Benz

Finance

North

America

LLC,

4.9500%, 3/30/25

(144A)

9,350,000

9,359,929

Volkswagen

Financial

Services

Australia

Pty.

Ltd.,

1.4000%, 8/25/25

AUD

13,370,000

8,204,970

Volkswagen

Group

of

America

Finance

LLC,

0.8750%, 11/22/23

(144A)

$

13,000,000

12,686,320

Warnermedia

Holdings,

Inc.,

3.4280%, 3/15/24

(144A)

12,375,000

12,104,358

Warnermedia

Holdings,

Inc.,

6.4120%, 3/15/26

4,950,000

4,992,689

165,930,170

Consumer,

Non-cyclical

-

13.0%

Amgen,

Inc.,

5.2500%, 3/2/25

4,650,000

4,690,246

Amgen,

Inc.,

5.5070%, 3/2/26

20,025,000

20,103,370

Avery

Dennison

Corp.,

0.8500%, 8/15/24

6,650,000

6,296,351

Cardinal

Health,

Inc.,

3.0790%, 6/15/24

21,500,000

20,998,696

Cargill,

Inc.,

3.5000%, 4/22/25

(144A)

4,675,000

4,593,088

Cargill,

Inc.,

4.8750%, 10/10/25

(144A)

7,375,000

7,428,177

Cargill,

Inc.,

4.5000%, 6/24/26

(144A)

5,750,000

5,783,231

Conagra

Brands,

Inc.,

0.5000%, 8/11/23

4,500,000

4,438,631

Constellation

Brands,

Inc.,

5.0000%, 2/2/26

6,600,000

6,578,396

CVS

Health

Corp.,

5.0000%, 2/20/26

6,675,000

6,753,400

Elevance

Health,

Inc.,

4.9000%, 2/8/26

13,500,000

13,474,268

GE

HealthCare

Technologies,

Inc.,

5.5500%, 11/15/24

(144A)

24,975,000

25,081,274

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2023

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)

Global

Payments,

Inc.,

3.7500%, 6/1/23

$

5,000,000

$

4,990,297

HCA,

Inc.,

5.8750%, 2/15/26

22,285,000

22,631,809

Humana,

Inc.,

5.7000%, 3/13/26

20,000,000

20,158,698

Humana,

Inc.,

1.3500%, 2/3/27

4,550,000

4,036,051

Illumina,

Inc.,

5.8000%, 12/12/25

22,875,000

23,246,250

Kenvue

,

Inc.,

5.5000%, 3/22/25

(144A)

6,775,000

6,889,426

Kenvue

,

Inc.,

5.3500%, 3/22/26

(144A)

4,735,000

4,861,106

Lonsdale

Finance

Pty.

Ltd.,

2.4500%, 11/20/26

AUD

5,310,000

3,267,394

Lonsdale

Finance

Pty.

Ltd.,

2.1000%, 10/15/27

3,800,000

2,242,897

Mondelez

International

Holdings

Netherlands

BV,

0.7500%, 9/24/24

(144A)

$

5,775,000

5,437,489

Mondelez

International

Holdings

Netherlands

BV,

4.2500%, 9/15/25

(144A)

7,400,000

7,302,881

Mondelez

International,

Inc.,

2.1250%, 3/17/24

3,275,000

3,189,719

Mondelez

International,

Inc.,

3.2500%, 3/7/25

CAD

4,650,000

3,336,803

PerkinElmer,

Inc.,

0.5500%, 9/15/23

$

4,825,000

4,741,804

PerkinElmer,

Inc.,

0.8500%, 9/15/24

10,050,000

9,458,686

Roche

Holdings,

Inc.,

1.8820%, 3/8/24

(144A)

17,700,000

17,224,411

Thermo

Fisher

Scientific,

Inc.,

0.7970%, 10/18/23

14,900,000

14,604,177

Thermo

Fisher

Scientific,

Inc.,

1.2150%, 10/18/24

14,250,000

13,570,224

Unilever

Capital

Corp.,

0.6260%, 8/12/24

6,775,000

6,418,032

303,827,282

Energy

-

2.8%

Enbridge,

Inc.,

4.0000%, 10/1/23

13,066,000

12,986,868

Enbridge,

Inc.,

2.1500%, 2/16/24

6,550,000

6,381,518

Enbridge,

Inc.,

SOFRINDX

+

0.6300%,

5.4852%, 2/16/24

‡

6,800,000

6,781,353

Energy

Transfer

LP,

4.2000%, 9/15/23

14,297,000

14,230,152

Energy

Transfer

LP,

4.9000%, 2/1/24

630,000

626,132

Energy

Transfer

LP,

4.2500%, 4/1/24

6,561,000

6,477,819

Harvest

Operations

Corp.,

4.2000%, 6/1/23

(144A)

2,900,000

2,897,179

Harvest

Operations

Corp.,

4.2000%, 6/1/23

200,000

199,806

Harvest

Operations

Corp.,

1.0000%, 4/26/24

(144A)

6,150,000

5,906,249

Williams

Cos.,

Inc.

(The),

5.4000%, 3/2/26

10,050,000

10,251,714

66,738,790

Financial

-

36.1%

AerCap

Ireland

Capital

DAC,

1.1500%, 10/29/23

20,700,000

20,217,166

AerCap

Ireland

Capital

DAC,

1.6500%, 10/29/24

14,925,000

13,955,606

AerCap

Ireland

Capital

DAC,

1.7500%, 10/29/24

16,000,000

14,994,149

AerCap

Ireland

Capital

DAC,

3.6500%, 7/21/27

3,095,000

2,879,834

Air

Lease

Corp.,

0.8000%, 8/18/24

16,350,000

15,352,482

Air

Lease

Corp.,

1.8750%, 8/15/26

6,235,000

5,540,646

American

Express

Co.,

SOFRINDX

+

0.7200%,

5.5832%, 5/3/24

‡

6,875,000

6,877,062

American

Express

Co.,

SOFR

+

0.9300%,

5.7647%, 3/4/25

‡

12,900,000

12,898,065

American

Express

Co.,

SOFR

+

0.9990%,

4.9900%, 5/1/26

‡

9,450,000

9,446,503

ANZ

New

Zealand

Int'l

Ltd.,

3.4000%, 3/19/24

(144A)

1,000,000

984,564

ANZ

New

Zealand

Int'l

Ltd.,

1.2500%, 6/22/26

(144A)

13,900,000

12,529,239

Athene

Global

Funding,

2.5140%, 3/8/24

(144A)

2,500,000

2,414,980

Athene

Global

Funding,

1.7160%, 1/7/25

(144A)

7,761,000

7,235,054

Athene

Global

Funding,

1.6080%, 6/29/26

(144A)

20,235,000

17,514,016

Athene

Global

Funding,

4.7600%, 4/21/27

AUD

1,000,000

636,976

Australia

&

New

Zealand

Banking

Group

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.0000%,

5.6761%, 7/26/29

‡

8,830,000

5,861,681

Australia

&

New

Zealand

Banking

Group

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.8500%,

5.4000%, 2/26/31

‡

150,000

98,696

Aviation

Capital

Group

LLC,

1.9500%, 1/30/26

(144A)

$

12,940,000

11,585,542

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2023

8

April

30,

2023

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Corporate

Bonds

-

(continued)

Financial

-

(continued)

Aviation

Capital

Group

LLC,

1.9500%, 9/20/26

(144A)

$

15,250,000

$

13,319,596

Banco

Santander

SA,

3.4960%, 3/24/25

28,400,000

27,421,012

Bank

of

America

Corp.,

ICE

LIBOR

USD

3

Month

+

0.9400%,

3.8640%, 7/23/24

‡

2,680,000

2,668,354

Bank

of

America

Corp.,

SOFR

+

1.1100%,

3.8410%, 4/25/25

‡

4,670,000

4,586,116

Bank

of

America

Corp.,

SOFR

+

1.1500%,

1.3190%, 6/19/26

‡

25,135,000

22,991,246

Bank

of

America

Corp.,

SOFR

+

1.6300%,

5.2020%, 4/25/29

‡

9,655,000

9,719,185

Bank

of

Queensland

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.8500%,

5.1917%, 5/1/28

‡

AUD

19,500,000

12,886,575

Bank

of

Queensland

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.6000%,

5.2781%, 7/29/31

‡

3,500,000

2,251,219

Bendigo

&

Adelaide

Bank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.4500%,

6.0128%, 11/30/28

‡

26,900,000

17,850,639

Bendigo

&

Adelaide

Bank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.4800%,

5.1343%, 10/14/31

‡

800,000

507,691

Charter

Hall

LWR

Pty.

Ltd.,

2.0860%, 3/3/28

3,270,000

1,816,044

Citigroup,

Inc.,

SOFR

+

1.3720%,

6.2223%, 5/24/25

‡

$

5,000,000

5,005,606

Citigroup,

Inc.,

SOFR

+

2.8420%,

3.1060%, 4/8/26

‡

100,000

96,202

Citigroup,

Inc.,

SOFR

+

1.5460%,

5.6100%, 9/29/26

‡

35,000,000

35,407,587

Commonwealth

Bank

of

Australia,

90

Day

Australian

Bank

Bill

Rate

+

1.1300%,

4.7827%, 1/11/24

‡

AUD

200,000

132,803

Commonwealth

Bank

of

Australia,

5.3160%, 3/13/26

$

14,875,000

15,174,396

Commonwealth

Bank

of

Australia,

90

Day

Australian

Bank

Bill

Rate

+

1.8000%,

5.4400%, 9/10/30

‡

AUD

12,500,000

8,247,408

Commonwealth

Bank

of

Australia,

90

Day

Australian

Bank

Bill

Rate

+

1.3200%,

4.7945%, 8/20/31

‡

16,600,000

10,708,912

Computershare

US,

Inc.,

3.1470%, 11/30/27

1,070,000

647,884

Corebridge

Financial,

Inc.,

3.5000%, 4/4/25

(144A)

$

11,975,000

11,505,724

DBS

Group

Holdings

Ltd.,

1.1690%, 11/22/24

(144A)

15,000,000

14,218,950

DBS

Group

Holdings

Ltd.,

USD

ICE

Swap

Rate

5

Year

+

1.5900%,

4.5200%, 12/11/28

‡

3,470,000

3,450,186

DBS

Group

Holdings

Ltd.,

USD

ICE

Swap

Rate

5

Year

+

1.5900%,

4.5200%, 12/11/28

(144A)

‡

3,600,000

3,579,444

Goldman

Sachs

Group,

Inc.

(The),

SOFR

+

0.5050%,

0.6570%, 9/10/24

‡

17,625,000

17,297,082

GPT

Wholesale

Shopping

Centre

Fund

No.

1,

3.9930%, 9/11/24

AUD

5,780,000

3,795,219

Heritage

and

People's

Choice

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.4000%,

6.0615%, 9/16/31

‡

1,000,000

632,230

Insurance

Australia

Group

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.4500%,

6.1083%, 12/15/36

‡

8,550,000

5,632,074

Insurance

Australia

Group

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.1000%,

5.7583%, 6/15/44

‡

17,350,000

11,423,898

Insurance

Australia

Group

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.3500%,

6.0083%, 6/15/45

‡

6,730,000

4,428,744

JPMorgan

Chase

&

Co.,

SOFR

+

0.9150%,

2.5950%, 2/24/26

‡

$

23,200,000

22,087,636

JPMorgan

Chase

&

Co.,

SOFR

+

1.5600%,

4.3230%, 4/26/28

‡

19,900,000

19,525,038

Liberty

Financial

Pty.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.3500%,

5.9000%, 2/26/24

‡

AUD

9,440,000

6,179,292

Liberty

Financial

Pty.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.4500%,

6.1357%, 3/17/25

‡

3,280,000

2,120,421

Liberty

Financial

Pty.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.5500%,

6.1000%, 5/25/26

‡

11,620,000

7,411,615

Lloyds

Banking

Group

plc,

3.9000%, 11/23/23

3,850,000

2,526,412

Lloyds

Banking

Group

plc,

3.9000%, 3/12/24

$

4,880,000

4,797,653

Lloyds

Banking

Group

plc,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.5500%,

0.6950%, 5/11/24

‡

6,200,000

6,192,448

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2023

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)

Macquarie

Bank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.9000%,

6.4628%, 5/28/30

‡

AUD

19,800,000

$

13,264,092

Macquarie

Bank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.5500%,

5.2357%, 6/17/31

‡

11,700,000

7,563,543

Macquarie

Group

Ltd.,

6.2070%, 11/22/24

(144A)

$

28,900,000

29,252,199

Macquarie

Group

Ltd.,

SOFR

+

0.6940%,

1.2010%, 10/14/25

(144A)

‡

6,725,000

6,310,146

Macquarie

Group

Ltd.,

SOFR

+

0.9100%,

1.6290%, 9/23/27

(144A)

‡

2,100,000

1,854,405

Morgan

Stanley,

SOFR

+

0.5090%,

0.7910%, 1/22/25

‡

17,600,000

16,974,611

Morgan

Stanley,

SOFR

+

0.5600%,

1.1640%, 10/21/25

‡

11,700,000

10,952,634

Morgan

Stanley,

SOFR

+

1.9900%,

2.1880%, 4/28/26

‡

1,400,000

1,317,976

Morgan

Stanley,

SOFR

+

1.7700%,

6.1380%, 10/16/26

‡

16,250,000

16,677,071

National

Australia

Bank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.1500%,

5.6152%, 5/17/29

‡

AUD

14,920,000

9,911,740

National

Australia

Bank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.7000%,

5.1745%, 11/18/30

‡

24,275,000

15,963,206

NatWest

Group

plc,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.3500%,

5.8470%, 3/2/27

‡

$

13,400,000

13,555,730

Nordea

Bank

Abp

,

SOFR

+

0.9600%,

5.7947%, 6/6/25

(144A)

‡

6,925,000

6,925,082

Royal

Bank

of

Canada,

5.6600%, 10/25/24

25,900,000

26,165,402

Santander

UK

Group

Holdings

plc,

SOFR

+

2.7490%,

6.8330%, 11/21/26

‡

14,190,000

14,441,943

Suncorp

Group

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.1500%,

5.7825%, 12/5/28

‡

AUD

18,590,000

12,324,146

Suncorp-

Metway

Ltd.,

3.3000%, 4/15/24

(144A)

$

9,990,000

9,814,311

Toronto-Dominion

Bank

(The),

4.2850%, 9/13/24

2,800,000

2,768,460

Toronto-Dominion

Bank

(The),

1.1500%, 6/12/25

7,200,000

6,652,668

Toronto-Dominion

Bank

(The),

2.6670%, 9/9/25

CAD

18,500,000

13,043,707

United

Overseas

Bank

Ltd.,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.5000%,

3.7500%, 4/15/29

(144A)

‡

$

4,230,000

4,161,196

VER

Finco

Pty.

Ltd.,

2.4000%, 9/21/28

AUD

2,230,000

1,233,145

Vicinity

Centres

Trust,

3.5000%, 4/26/24

5,700,000

3,735,994

Vicinity

Centres

Trust,

90

Day

Australian

Bank

Bill

Rate

+

1.4200%,

5.1150%, 6/27/25

‡

610,000

404,929

Vicinity

Centres

Trust,

4.0000%, 4/26/27

150,000

96,279

Wells

Fargo

&

Co.,

2.5090%, 10/27/23

CAD

15,000,000

10,911,966

Wells

Fargo

&

Co.,

SOFR

+

1.6000%,

1.6540%, 6/2/24

‡

$

8,940,000

8,910,104

Wells

Fargo

&

Co.,

SOFR

+

0.5100%,

0.8050%, 5/19/25

‡

6,880,000

6,545,557

Wells

Fargo

&

Co.,

ICE

LIBOR

USD

3

Month

+

0.7500%,

2.1640%, 2/11/26

‡

9,590,000

9,053,179

Wells

Fargo

&

Co.,

SOFR

+

1.3200%,

6.1232%, 4/25/26

‡

3,500,000

3,511,375

Wells

Fargo

&

Co.,

SOFR

+

2.0000%,

2.1880%, 4/30/26

‡

13,000,000

12,246,467

Westpac

Banking

Corp.,

90

Day

Australian

Bank

Bill

Rate

+

0.9500%,

4.4236%, 11/16/23

‡

AUD

14,600,000

9,675,317

Westpac

Banking

Corp.,

5.3500%, 10/18/24

$

8,000,000

8,070,150

Westpac

Banking

Corp.,

1.0190%, 11/18/24

6,000,000

5,668,535

Westpac

Banking

Corp.,

2.3500%, 2/19/25

1,800,000

1,726,989

Westpac

Banking

Corp.,

5-year

AUD

Swap

Offer

Rate

+

2.6500%,

4.8000%, 6/14/28

‡

AUD

1,240,000

818,512

Westpac

Banking

Corp.,

90

Day

Australian

Bank

Bill

Rate

+

1.8000%,

5.4884%, 6/22/28

‡

15,800,000

10,441,288

Westpac

Banking

Corp.,

5-year

AUD

Swap

Offer

Rate

+

1.8300%,

4.3340%, 8/16/29

‡

14,022,000

9,107,241

Westpac

Banking

Corp.,

90

Day

Australian

Bank

Bill

Rate

+

1.9800%,

5.5300%, 8/27/29

‡

6,700,000

4,448,638

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2023

10

April

30,

2023

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.,

90

Day

Australian

Bank

Bill

Rate

+

1.5500%,

5.2281%, 1/29/31

‡

AUD

1,800,000

$

1,175,541

846,940,276

Industrial

-

2.0%

Canadian

Pacific

Railway

Co.,

1.3500%, 12/2/24

$

10,175,000

9,614,432

DAE

Funding

LLC,

1.5500%, 8/1/24

(144A)

13,450,000

12,725,764

Martin

Marietta

Materials,

Inc.,

0.6500%, 7/15/23

6,525,000

6,458,006

New

Terminal

Financing

Co.

Pty.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.4500%,

5.0970%, 7/12/24

‡

AUD

8,980,000

5,900,457

Stanley

Black

&

Decker,

Inc.,

2.3000%, 2/24/25

$

12,039,000

11,496,214

46,194,873

Technology

-

3.3%

Fidelity

National

Information

Services,

Inc.,

4.5000%, 7/15/25

6,860,000

6,791,476

Fiserv,

Inc.,

3.8000%, 10/1/23

22,245,000

22,094,839

Intuit,

Inc.,

0.6500%, 7/15/23

14,710,000

14,559,898

NVIDIA

Corp.,

0.5840%, 6/14/24

16,725,000

15,997,534

VMware,

Inc.,

1.0000%, 8/15/24

11,867,000

11,235,071

VMware,

Inc.,

1.4000%, 8/15/26

6,550,000

5,848,795

76,527,613

Utilities

-

4.0%

Ausgrid

Finance

Pty.

Ltd.,

3.8500%, 5/1/23

(144A)

7,940,000

7,940,000

Ausgrid

Finance

Pty.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.1000%,

4.4649%, 2/5/24

‡

AUD

1,570,000

1,037,044

Ausgrid

Finance

Pty.

Ltd.,

3.7500%, 10/30/24

17,320,000

11,341,896

Ausgrid

Finance

Pty.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.2200%,

4.8981%, 10/30/24

‡

22,900,000

15,142,964

DTE

Energy

Co.,

4.2200%, 11/1/24

Ç

$

18,735,000

18,459,757

Duke

Energy

Corp.,

5.0000%, 12/8/25

10,325,000

10,391,841

ElectraNet

Pty.

Ltd.,

2.4737%, 12/15/28

AUD

1,930,000

1,100,833

ETSA

Utilities

Finance

Pty.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.0400%,

4.6846%, 12/13/23

‡

1,630,000

1,078,302

ETSA

Utilities

Finance

Pty.

Ltd.,

3.5000%, 8/29/24

5,480,000

3,580,210

Korea

East-West

Power

Co.

Ltd.,

3.8750%, 7/19/23

$

200,000

199,576

Korea

East-West

Power

Co.

Ltd.,

3.8750%, 7/19/23

(144A)

4,000,000

3,991,511

Korea

East-West

Power

Co.

Ltd.,

1.7500%, 5/6/25

6,454,000

6,059,657

Korea

Southern

Power

Co.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

0.9700%,

4.6481%, 10/30/24

‡

AUD

2,090,000

1,377,090

Network

Finance

Co.

Pty.

Ltd.,

3.5000%, 12/6/24

1,300,000

849,125

Network

Finance

Co.

Pty.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.2300%,

4.9291%, 12/6/24

‡

14,620,000

9,668,558

Network

Finance

Co.

Pty.

Ltd.,

2.2500%, 11/11/26

570,000

346,282

SGSP

Australia

Assets

Pty.

Ltd.,

3.7500%, 6/28/23

300,000

198,084

SGSP

Australia

Assets

Pty.

Ltd.,

3.2500%, 7/29/26

$

200,000

190,279

92,953,009

Total

Corporate

Bonds

(cost

$1,726,491,053)

1,670,216,833

Foreign

Government

Bonds

-

8.5%

Kiwibank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

0.7000%,

4.3960%, 9/23/25

‡

AUD

17,230,000

11,353,009

Korea

Hydro

&

Nuclear

Power

Co.

Ltd.,

3.7500%, 7/25/23

(144A)

$

8,050,000

8,025,448

Korea

National

Oil

Corp.,

0.8750%, 10/5/25

(144A)

7,100,000

6,449,900

New

South

Wales

Treasury

Corp.,

5.0000%, 8/20/24

AUD

23,000,000

15,479,495

New

Zealand

Government

Bond,

0.5000%, 5/15/24

NZD

204,355,000

120,308,989

Queensland

Treasury

Corp.,

4.2500%, 7/21/23

(144A)

AUD

10,000,000

6,616,791

Queensland

Treasury

Corp.,

4.7500%, 7/21/25

(144A)

20,000,000

13,583,240

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2023

Janus

Detroit

Street

Trust

11

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Foreign

Government

Bonds

-

(continued)

South

Australian

Government

Financing

Authority,

2.7500%, 4/16/25

AUD

13,000,000

$

8,481,438

Treasury

Corp.

of

Victoria,

5.5000%, 12/17/24

6,825,000

4,652,861

Western

Australian

Treasury

Corp.,

5.0000%, 7/23/25

8,000,000

5,462,981

Total

Foreign

Government

Bonds

(cost

$207,025,877)

200,414,152

Mortgage-Backed

Securities

-

1.6%

Connecticut

Avenue

Securities

Trust

SOFR30A

+

1.0000%,

5.8153%, 12/25/41

(144A)

‡

$

4,303,713

4,268,394

SOFR30A

+

2.5500%,

7.3653%, 7/25/42

(144A)

‡

3,061,163

3,089,007

SOFR30A

+

2.5000%,

7.3237%, 9/25/42

(144A)

‡

5,995,131

6,006,457

SOFR30A

+

2.4000%,

7.2237%, 12/25/42

(144A)

‡

6,092,087

6,109,911

SOFR30A

+

2.5000%,

0.0000%, 4/25/43

(144A)

‡

3,681,000

3,688,775

FHLMC

STACR

Debt

Notes

,

SOFR30A

+

2.1000%

,

6.8986

%

,

4/25/43

(144A)

‡

1,276,000

1,278,763

FHLMC

STACR

REMIC

Trust

SOFR30A

+

2.3000%,

7.1153%, 8/25/42

(144A)

‡

5,061,964

5,062,027

SOFR30A

+

2.1500%,

6.9653%, 9/25/42

(144A)

‡

2,071,664

2,081,694

SOFR30A

+

2.1000%,

6.9237%, 3/25/43

(144A)

‡

4,461,239

4,467,916

La

Trobe

Financial

Capital

Markets

Trust

30

Day

Australian

Bank

Bill

Rate

+

1.3500%,

4.9421%, 2/11/51

‡

AUD

244,021

161,288

30

Day

Australian

Bank

Bill

Rate

+

1.8500%,

5.4421%, 2/11/51

‡

1,072,049

707,817

Pepper

Residential

Securities

Trust

No.

22

,

ICE

LIBOR

USD

1

Month

+

1.0000%

,

5.9527

%

,

6/20/60

(144A)

‡

$

192,087

192,118

Pepper

Residential

Securities

Trust

No.

23

,

30

Day

Australian

Bank

Bill

Rate

+

2.2500%

,

5.8398

%

,

8/18/60

‡

AUD

600,689

397,091

Pepper

Residential

Securities

Trust

No.

24

,

ICE

LIBOR

USD

1

Month

+

0.9000%

,

5.8594

%

,

11/18/60

(144A)

‡

$

104,400

104,849

TORRENS

Trust

,

30

Day

Australian

Bank

Bill

Rate

+

1.6000%

,

5.1926

%

,

1/12/46

‡

AUD

750,903

496,499

Total

Mortgage-Backed

Securities

(cost

$38,272,413)

38,112,606

Exchange

Traded

Fund

-

1.2%

Janus

Henderson

AAA

CLO

ETF

£

(cost

$27,667,778)

550,000

27,368,000

Commercial

Paper

-

21.7%

AutoNation,

Inc.,

5.4024%, 5/1/23

(Section

4(2))

$

30,000,000

29,986,775

Energy

Transfer

LP,

5.5025%, 5/1/23

(Section

4(2))

50,750,000

50,727,628

Fidelity

National

Information,

5.0521%, 5/1/23

(Section

4(2))

54,450,000

54,427,204

FMC

Corp.,

5.5025%, 5/1/23

(Section

4(2))

29,550,000

29,536,890

General

Motors

Financial

Co.,

Inc.,

5.1522%, 5/1/23

(Section

4(2))

42,000,000

41,981,919

Global

Payments,

Inc.,

5.7275%, 5/1/23

(Section

4(2))

73,750,000

73,715,405

Jabil,

Inc.,

5.6527%, 5/1/23

(Section

4(2))

61,750,000

61,721,822

Jabil,

Inc.,

5.6509%, 5/2/23

(Section

4(2))

61,750,000

61,712,367

Targa

Resources

Corp.,

5.5025%, 5/1/23

(Section

4(2))

55,000,000

54,978,504

Targa

Resources

Corp.,

5.5008%, 5/2/23

(Section

4(2))

50,000,000

49,973,889

Total

Commercial

Paper

(cost

$508,982,670)

508,762,403

Total

Investments

(total

cost

$2,508,439,791

)

-

104.3%

2,444,873,994

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(4.3%)

(100,695,129)

Net

Assets

-

100.0%

$2,344,178,865

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2023

12

April

30,

2023

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

$

1,593,414,889

65.2%

Australia

394,911,565

16.2 

New

Zealand

132,346,473

5.4 

Canada

105,801,137

4.3 

United

Kingdom

55,027,989

2.3 

Ireland

52,046,755

2.1 

Spain

27,421,012

1.1 

South

Korea

26,103,182

1.1 

Singapore

25,409,776

1.0 

Netherlands

12,740,370

0.5 

United

Arab

Emirates

12,725,764

0.5 

Finland

6,925,082

0.3 

Total

$

2,444,873,994

100.0

%

Schedule

of

Affiliated

Investments

-

(%

of

Net

Assets)

Dividend

Income

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciatio

n/

(Depreciation)

Value

at

4/30/23

Investment

Company

-

1.2%

Exachange

Traded

Fund

-

1.2%

Janus

Henderson

AAA

CLO

ETF

$

703,379

$

–

$

506,000

$

27,368,000

Market

Value

at

10/31/22

Purchases

Sales

Market

Value

at

4/30/23

Investment

Company

-

1.2%

Exachange

Traded

Fund

-

1.2%

Janus

Henderson

AAA

CLO

ETF

$

26,862,000

$

–

$

–

$

27,368,000

Schedule

of

Forward

Foreign

Currency

Exchange

Contracts

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

7/31/23

551,400,000

$

(365,126,052)

$

(700,278)

Canadian

Dollar

7/31/23

71,500,000

(52,502,728)

(309,310)

(1,009,588)

Citibank

N.A.

New

Zealand

Dollar

7/31/23

195,500,000

(119,484,322)

(1,209,558)

–

Total

$(2,219,146)

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2023

Janus

Detroit

Street

Trust

13

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Fair

Value

of

Derivative

Instruments

(not

accounted

for

as

hedging

instruments)

as

of

April

30,

2023

Credit

Contracts

Interest

Rate

Contracts

Currency

Contracts

Total

Liability

Derivatives:

Forward

foreign

currency

exchange

contracts

$—

$—

$2,219,146

$2,219,146

*Swaps

-

centrally

cleared

355,962

159,952

—

515,914

*Futures

contracts

—

6,870,618

—

6,870,618

Total

Liability

Derivatives

$355,962

$7,030,570

$2,219,146

$9,605,678

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

April

30,

2023.

The

following

tables

provide

information

about

the

effect

of

derivatives

and

hedging

activities

on

the

Fund’s

Statement

of

Operations

for

the period

ended

April

30,

2023.

Schedule

of

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

and

Unrealized

Depreciation

Futures

Short:

U.S.

Treasury

2

Year

Notes

2,538

6/30/23

$

(523,244,389)

$

(5,428,313)

U.S.

Treasury

5

Year

Notes

613

6/30/23

(67,271,961)

(1,442,305)

Total

$(6,870,618)

Schedule

of

Centrally

Cleared

Credit

Default

Swaps

-

Buy

Protection

Referenced

Asset

Maturity

Date

Notional

Amount

Premiums

Paid/

(Received)

Unrealized

Appreciation

(Depreciation)

Value

CDX.NA.IG.40-V1,

Fixed

Rate

of

1.00%

Paid

Quarterly

6/20/28

$

131,900,000

$

1,276,770

$

(355,962)

$

(1,632,732)

Schedule

of

Centrally

Cleared

Interest

Rate

Swaps

Payments

made

by

F

und

Payments

received

by

Fund

Payment

Frequency

Maturity

Date

Notional

Amount

Premiums

Paid/

(Received)

Unrealized

Appreciation/

(Depreciation)

Value

3

Month

BBR

5.0250%

Fixed

Quarterly

4/24/25

63,306,000

NZD

$

–

$

(31,841)

$

(31,841)

3.6750%

Fixed

3

Month

BBR

Quarterly

4/24/25

58,621,000

AUD

–

(128,111)

(128,111)

Total

$–

$(159,952)

$(159,952)

*

The

fair

value

presented

includes

net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts

and

centrally

cleared

swaps.

In

the

Statement

of

Assets

and

Liabilities,

only

current

day's

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

total

distributable

earnings

(loss).

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2023

14

April

30,

2023

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.

The

Effect

of

Derivative

Instruments

(not

accounted

for

as

hedging

instruments)

on

the

Statement

of

Operations

for

the

Period

Ended

April

30,

2023

Amount

of

Realized

Gain/(Loss)

Recognized

on

Derivatives

Derivative

Credit

Contracts

Interest

Rate

Contracts

Currency

Contracts

Total

Forward

foreign

currency

exchange

contracts

$—

$—

$(12,390,001)

$(12,390,001)

Futures

contracts

—

22,091,909

—

22,091,909

Swap

contracts

(1,578,538)

128,488

—

(1,450,050)

Purchased

option

contracts

—

317,875

522,613

840,488

Written

options

contracts

—

(268,955)

(268,955)

Total

$(1,578,538)

$22,538,272

$(12,136,343)

$8,823,391

Amount

of

Change

in

Unrealized

Appreciation/(Depreciation)

Recognized

on

Derivatives

Derivative

Credit

Contracts

Interest

Rate

Contracts

Currency

Contracts

Total

Forward

foreign

currency

exchange

contracts

$—

$—

$(8,466,494)

$(8,466,494)

Futures

contracts

—

(28,848,315)

—

(28,848,315)

Swap

contracts

(487,337)

(159,952)

—

(647,289)

Purchased

options

contracts

—

—

225,640

225,640

Written

options

contracts

—

(134,597)

(134,597)

Total

$(487,337)

$(29,008,267)

$(8,375,451)

$(37,871,055)

Average

Ending

Monthly

Value

of

Derivative

Instruments

During

the

Period

Ended

April

30,

2023

Futures

contracts:

Average

notional

amount

of

contracts

-

short

$817,930,660

Forward

foreign

currency

exchange

contracts:

Average

amounts

purchased

-

in

USD

12,907,925

Average

amounts

sold

-

in

USD

595,359,982

Credit

default

swaps:

Average

notional

amount

-

buy

protection

203,800,000

Interest

rate

swaps:

Average

notional

amount

-

pay

fixed

rate/receive

floating

rate

6,456,615

Average

notional

amount

-

pay

floating

rate/receive

fixed

rate

6,516,825

Options:

Average

value

of

option

contracts

purchased

251,655

Average

value

of

option

contracts

written

133,112

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2023

Janus

Detroit

Street

Trust

15

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

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.

$

1,009,588

$

—

$

—

$

1,009,588

Citibank

N.A.

1,209,558

—

—

1,209,558

Total

$

2,219,146

$

—

$

—

$

2,219,146

Bank

of

America

N.A.

Liabilities

less

than

Assets?

0.00

Citibank

N.A.

Liabilities

less

than

Assets?

0.00

Citigroup,

Inc

Liabilities

less

than

Assets?

0.00

(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

Schedule

of

Investments

and

Other

Information

(unaudited)

April

30,

2023

16

April

30,

2023

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.

ETF

Exchange

Traded

Fund

FHLMC

Federal

Home

Loan

Mortgage

Corp.

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

SOFRINDX

Secured

Overnight

Financing

Rate

Compounded

Index

£

The

Fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

Investment

Company

Act

of

1940,

as

amended,

an

affiliated

company

is

one

in

which

the

Fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

which

is

under

common

ownership

or

control.

Ç

Step

bond.

The

coupon

rate

will

increase

or

decrease

periodically

based

upon

a

predetermined

schedule.

The

rate

shown

reflects

the

current

rate.

Section

4(2)

Securities

subject

to

legal

and/or

contractual

restrictions

on

resale

and

may

not

be

publicly

sold

without

registration

under

the

Securities

Act

of

1933,

as

amended.

The

total

value

of

Section

4(2)

securities

as

of

the

period

ended

April

30,

2023

is

$508,762,403

which

represents

21.7%

of

net

assets.

144A

Securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended,

are

subject

to

legal

and/or

contractual

restrictions

on

resale

and

may

not

be

publicly

sold

without

registration

under

the

1993

Act.

Unless

otherwise

noted,

these

securities

have

been

determined

to

be

liquid

in

accordance

with

the

requirements

of

Rule

22e-4,

under

the

1940

Act.

The

total

value

of

144A

securities

as

of

the

period

ended

April

30,

2023

is

$452,413,661

which

represents

19.3%

of

net

assets.

‡

Variable

or

floating

rate

security.

Rate

shown

is

the

current

rate

as

of

April

30,

2023.

Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread;

they

are

determined

by

the

issuer

or

agent

and

current

market

conditions.

Reference

rate

is

as

of

reset

date

and

may

vary

by

security,

which

may

not

indicate

a

reference

rate

and/or

spread

in

their

description.

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

April

30,

2023

Janus

Detroit

Street

Trust

17

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

April

30,

2023

.

See

Notes

to

Financial

Statements

for

more

information.

Valuation

Inputs

Summary

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Assets

Investments

in

Securities:

Corporate

Bonds

$

—

$

1,670,216,833

$

—

Foreign

Government

Bonds

—

200,414,152

—

Mortgage-Backed

Securities

—

38,112,606

—

Exchange

Traded

Fund

27,368,000

—

—

Commercial

Paper

—

508,762,403

—

Total

Investments

in

Securities

$

27,368,000

$

2,417,505,994

$

—

Total

Assets

$

27,368,000

$

2,417,505,994

$

—

Liabilities

Other

Financial

Instruments

(a)

:

Centrally

Cleared

Swaps

$

—

$

515,914

$

—

Forward

Foreign

Currency

Exchange

Contracts

—

2,219,146

—

Futures

Contracts

6,870,618

—

—

Total

Liabilities

$

6,870,618

$

2,735,060

$

—

(a)

Other

financial

instruments

include

forward

foreign

currency

exchange

contracts,

futures,

and

swap

contracts.

Forward

foreign

currency

exchange

contracts,

futures

contracts

and

swap

contracts

are

reported

at

their

unrealized

appreciation/(depreciation)

at

measurement

date,

which

represents

the

change

in

the

contract’s

value

from

trade

date.

Janus

Henderson

Short

Duration

Income

ETF

Statement

of

Assets

and

Liabilities

(unaudited)

April

30,

2023

18

April

30,

2023

See

Notes

to

Financial

Statements.

Assets:

Unaffiliated

investments,

at

value

(cost

$2,480,772,013)

$

2,417,505,994

Affiliated

investments,

at

value

(cost

$27,667,778)

27,368,000

Cash

denominated

in

foreign

currency

(cost

$12,117,048)

12,116,955

Due

from

broker

for

centrally

cleared

swaps

2,271,615

Due

from

broker

for

futures

5,250,000

Receivable

for

variation

margin

on

swaps

56,569

Receivables:

Investments

sold

14,494,000

Interest

12,368,120

Due

from

adviser

9,109

Total

Assets

2,491,440,362

Liabilities:

Payable

for

variation

margin

on

futures

contracts

412,305

Forward

foreign

currency

exchange

contracts

2,219,146

Payables:

Due

to

custodian

12,217,057

Investments

purchased

131,970,608

Management

fees

442,381

Total

Liabilities

147,261,497

Net

Assets

$

2,344,178,865

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

2,468,607,278

Total

distributable

earnings

(loss)

(

124,428,413

)

Total

Net

Assets

$

2,344,178,865

Net

Assets

$

2,344,178,865

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

49,000,000

Net

Asset

Value

Per

Share

$

47

.84

Janus

Henderson

Short

Duration

Income

ETF

Statement

of

Operations

(unaudited)

For

the

period

ended

April

30,

2023

Janus

Detroit

Street

Trust

19

See

Notes

to

Financial

Statements.

Investment

Income:

Interest

$

40,928,886

Dividends

from

affiliates

703,379

Foreign

tax

withheld

(

3

)

Total

Investment

Income

41,632,262

Expenses:

Management

Fees

2,690,380

Total

Expenses

2,690,380

Less:

Excess

Expense

Reimbursement

and

Waivers

(

52,167

)

Net

Expenses

2,638,213

Net

Investment

Income/(Loss)

38,994,049

Net

Realized

Gain/(Loss)

on

Investments:

Investments

and

foreign

currency

transactions

$

(

35,853,118

)

Forward

foreign

currency

exchange

contracts

(

12,390,001

)

Futures

contracts

22,091,909

Purchased

option

contracts

840,488

Swap

contracts

(

1,450,050

)

Written

options

contracts

(

268,955

)

Total

Net

Realized

Gain/(Loss)

on

Investments

$

(

27,029,727

)

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

and

foreign

currency

translations

$

90,784,773

Investments

in

affiliates

506,000

Forward

foreign

currency

exchange

contracts

(

8,466,494

)

Futures

contracts

(

28,848,315

)

Purchased

options

contracts

225,640

Swap

contracts

(

647,289

)

Written

options

contracts

(

134,597

)

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

53,419,718

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

65,384,040

Janus

Henderson

Short

Duration

Income

ETF

Statements

of

Changes

in

Net

Assets

20

April

30,

2023

See

Notes

to

Financial

Statements.

Period

Ended

April

30,

2023

(unaudited)

Year

Ended

October

31,

2022

Operations:

Net

investment

income/(loss)

$

38,994,049

$

36,620,492

Net

realized

gain/(loss)

on

investments

(27,029,727)

70,095,542

Change

in

unrealized

net

appreciation/depreciation

53,419,718

(137,516,853)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

65,384,040

(30,800,819)

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(95,465,973)

(50,154,283)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(95,465,973)

(50,154,283)

Capital

Share

Transactions

(165,535,588)

(156,749,220)

Net

Increase/(Decrease)

in

Net

Assets

(195,617,521)

(237,704,322)

Net

Assets:

—

—

Beginning

of

Period  

2,539,796,386

2,777,500,708

End

of

Period

$

2,344,178,865

$

2,539,796,386

Janus

Henderson

Short

Duration

Income

ETF

Financial

Highlights

Janus

Detroit

Street

Trust

21

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

the

period

ended

April

30,

2023

(unaudited)

and

each

year

or

period

ended

October

31

2023

2022

2021

2020

2019

2018

Net

Asset

Value,

Beginning

of

Period

$48.47

$50.00

$50.40

$49.89

$50.04

$50.35

Income/(Loss)

from

Investment

Operations:

—

—

—

—

—

—

Net

investment

income/(loss)

(1)

0.80

0.69

0.49

0.77

1.39

1.25

Net

realized

and

unrealized

gain/(loss)

0.53

(1.27)

(0.41)

0.70

0.53

(0.33)

Total

from

Investment

Operations

1.33

(0.58)

0.08

1.47

1.92

0.92

Less

Dividends

and

Distributions:

—

—

—

—

—

—

Dividends

(from

net

investment

income)

(1.96)

(0.95)

(0.48)

(0.96)

(1.43)

(1.23)

Distributions

(from

capital

gains)

—

—

—

—

(0.64)

—

Total

Dividends

and

Distributions

(1.96)

(0.95)

(0.48)

(0.96)

(2.07)

(1.23)

Net

Asset

Value,

End

of

Period

$47.84

$48.47

$50.00

$50.40

$49.89

$50.04

Total

Return

*

2.82%

(1.18)%

0.15%

2.99%

3.95%

1.86%

Net

assets,

End

of

Period

(in

thousands)

$2,344,179

$2,539,796

$2,777,501

$2,726,526

$1,037,735

$730,545

Average

Net

Assets

for

the

Period

(in

thousands)

$2,335,475

$2,600,154

$2,893,718

$1,601,333

$925,572

$406,711

Ratios

to

Average

Net

Assets

**

Ratio

of

Gross

Expenses

0.23%

0.23%

0.23%

0.26%

0.32%

0.35%

Ratio

of

Net

Expenses

(After

Waivers

and

Expense

Offsets)

0.23%

0.23%

0.23%

0.26%

0.32%

0.35%

Ratio

of

Net

Investment

Income/(Loss)

3.37%

1.41%

0.98%

1.54%

2.80%

2.51%

Portfolio

Turnover

Rate

(2)

24%

46%

74%

14%

23%

22%

*

Total

return

not

annualized

for

periods

of

less

than

one

full

year.

**

Annualized

for

periods

of

less

than

one

full

year.

(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

Short

Duration

Income

ETF

Notes

to

Financial

Statements

(unaudited)

22

April

30,

2023

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 twelve

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.

Janus

Henderson

Investors

US

LLC

is

the

investment

adviser

(the

“Adviser”)

to

the

Fund.

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.

(the

"Exchange"),

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

ALPS

Distributors,

Inc.

(the

"Distributor"),

the

Adviser

or

an

affiliate

of

the

Adviser

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 

Fund holdings

are

valued

in

accordance

with

policies

and

procedures

established

by

the

Adviser

pursuant

to

Rule

2a-5

under

the

1940

Act

and

approved

by

and

subject

to

the

oversight

of

the

Trustees

(the

“Valuation

Procedures”).

Equity

securities,

including

shares

of

exchange-traded

funds,

traded

on

a

domestic

securities

exchange

are

generally

valued

at

readily

available

market

quotations,

which

are

(i)

the

official

close

prices

or

(ii)

last

sale

prices

on

the

primary

market

or

exchange

in

which

the

securities

trade.

If

such

price

is

lacking

for

the

trading

period

immediately

preceding

the

time

of

determination,

such

securities

are

generally

valued

at

their

current

bid

price.

Equity

securities

that

are

traded

on

a

foreign

exchange

are

generally

valued

at

the

closing

prices

on

such

markets.

In

the

event

that

there

is

no

current

trading

volume

on

a

particular

security

in

such

foreign

exchange,

the

bid

price

from

the

primary

exchange

is

generally

used

to

value

the

security.

Foreign

securities

and

currencies

are

converted

to

U.S.

dollars

using

the

current

spot

USD

dollar

exchange

rate

in

effect

at

the

close

of

the

London

Stock

Exchange.

The Fund will

determine

the

market

value

of

individual

securities

held

by

it

by

using

prices

provided

by

one

or

more

approved

professional

pricing

services

or,

as

needed,

by

obtaining

market

quotations

from

independent

broker-dealers.

Most

debt

securities

are

valued

in

accordance

with

the

evaluated

bid

price

supplied

by

the

Adviser-approved

pricing

service

that

is

intended

to

reflect

market

value.

The

evaluated

bid

price

supplied

by

the

pricing

service

is

an

evaluation

that

may

consider

factors

such

as

security

prices,

yields,

maturities

and

ratings.

Certain

short-term

securities

maturing

within

60

days

or

less

may

be

evaluated

and

valued

on

an

amortized

cost

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

23

basis

provided

that

the

amortized

cost

determined

approximates

market

value.

Securities

for

which

market

quotations

or

evaluated

prices

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

determined

in

good

faith

by

the

Adviser

pursuant

to

the

Valuation

Procedures.

Shares

of

an

investment

company

that

are

not

traded

on

an

exchange,

including

money

market

funds,

are

valued

at

that

company's

net

asset

value

per

share.

Circumstances

in

which

fair

valuation

may

be

utilized

include,

but

are

not

limited

to:

(i)

a

significant

event

that

may

affect

the

securities

of

a

single

issuer,

such

as

a

merger,

bankruptcy,

or

significant

issuer-specific

development;

(ii)

an

event

that

may

affect

an

entire

market,

such

as

a

natural

disaster

or

significant

governmental

action;

(iii)

a

nonsignificant

event

such

as

a

market

closing

early

or

not

opening,

or

a

security

trading

halt;

and

(iv)

pricing

of

a

non-valued

security

and

a

restricted

or

nonpublic

security.

Special

valuation

considerations

may

apply

with

respect

to

“odd-lot”

fixed-income

transactions

which,

due

to

their

small

size,

may

receive

evaluated

prices

by

pricing

services

which

reflect

a

large

block

trade

and

not

what

actually

could

be

obtained

for

the

odd-lot

position.

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

April

30,

2023 to

fair

value

the

Fund’s

investments

in

securities

and

other

financial

instruments

is

included

in

the

“Valuation

Inputs

Summary”

in

the

Notes

to

Schedule

of

Investments

and

Other

Information.

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

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

(unaudited)

24

April

30,

2023

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.  

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 period

ended

April

30,

2023 

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

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

25

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.

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 the

Adviser 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

the

Adviser's ability

to

establish

and

maintain

appropriate

systems

and

trading. 

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

(unaudited)

26

April

30,

2023

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

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 London

Stock

Exchange 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

period,

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

period,

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

period,

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

period,

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 are

valued

at

the

settlement

price

on

valuation

date

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. 

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

27

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

sold

interest

rate

futures

to

decrease

exposure

to

interest

rate

risk. 

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

period,

the

Fund

purchased

put

options

on

foreign

exchange

rates

vs.

the

U.S.

dollar

in

order

to

decrease

foreign

currency

exposure

and

increase

U.S.

dollar

exposure

where

decreasing

this

exposure

via

the

options

market

was

most

attractive. 

There

were

no

purchased

options

held

at

April

30,

2023.

In

writing

an

option,

the

Fund

bears

the

risk

of

an

unfavorable

change

in

the

price

of

the

security

underlying

the

written

option.

When

an

option

is

written,

the

Fund

receives

a

premium

and

becomes

obligated

to

sell

or

purchase

the

underlying

security

at

a

fixed

price,

upon

exercise

of

the

option.

Options

written

are

reported

as

a

liability

on

the

Statement

of

Assets

and

Liabilities

as

“Options

written,

at

value”

(if

applicable).

The

risk

in

writing

call

options

is

that

the

Fund

gives

up

the

opportunity

for

profit

if

the

market

price

of

the

security

increases

and

the

options

are

exercised.

The

risk

in

writing

put

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

(unaudited)

28

April

30,

2023

options

is

that

the

Fund

may

incur

a

loss

if

the

market

price

of

the

security

decreases

and

the

options

are

exercised.

The

risk

in

buying

options

is

that

the

Fund

pays

a

premium

whether

or

not

the

options

are

exercised.

Exercise

of

an

option

written

by

the

Fund

could

result

in

the

Fund

buying

or

selling

a

security

at

a

price

different

from

the

current

market

value.

During

the

period,

the

Fund

wrote

put

options

on

foreign

exchange

rates

vs.

the

U.S.

dollar

in

order

to

decrease

foreign

currency

exposure

and

increase

U.S.

dollar

exposure

where

decreasing

this

exposure

via

the

options

market

was

most

attractive.

There

were

no

written

options

held

at April

30,

2023.

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

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

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

29

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

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. 

During

the

period,

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. 

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. 

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

(unaudited)

30

April

30,

2023

During

the

period,

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

period,

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 

Market Risk 

The

value

of

the

Fund's

portfolio

may

decrease

if

the

value

of

one

or

more

issuers

in

the

Fund's

portfolio

decreases.

Further,

regardless

of

how

well

individual

companies

or

securities

perform,

the

value

of

the

Fund's

portfolio

could

also

decrease

if

there

are

deteriorating

economic

or

market

conditions,

including,

but

not

limited

to,

a

general

decline

in

prices

on

the

stock

markets,

a

general

decline

in

real

estate

markets,

a

decline

in

commodities

prices,

or

if

the

market

favors

different

types

of

securities

than

the

types

of

securities

in

which

the

Fund

invests.

If

the

value

of

the

Fund's

portfolio

decreases,

the

Fund's

NAV

will

also

decrease,

which

means

if

you

sell

your

shares

in

the

Fund

you

may

lose

money.

Market

risk

may

affect

a

single

issuer,

industry,

economic

sector,

or

the

market

as

a

whole.

The

increasing

interconnectivity

between

global

economies

and

financial

markets

increases

the

likelihood

that

events

or

conditions

in

one

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

Social,

political,

economic

and

other

conditions

and

events,

such

as

natural

disasters,

health

emergencies

(e.g.,

epidemics

and

pandemics),

terrorism,

conflicts,

including

related

sanctions,

and

social

unrest,

could

reduce

consumer

demand

or

economic

output,

result

in

market

closures,

travel

restrictions

and/or

quarantines,

and

generally

have

a

significant

impact

on

the

global

economies

and

financial

markets.

COVID-19

Pandemic.

The

effects

of

COVID-19

have

contributed

to

increased

volatility

in

global

financial

markets

and

have

affected

and

may

continue

to

affect

certain

countries,

regions,

issuers,

industries

and

market

sectors

more

dramatically

than

others.

These

conditions

and

events

could

have

a

significant

impact

on

the

Fund

and

its

investments,

the

Fund's

ability

to

meet

redemption

requests,

and

the

processes

and

operations

of

the

Fund's

service

providers,

including

the

Adviser.

Russia/Ukraine

Invasion.

Russia

launched

a

large-scale

invasion

of

Ukraine

on

February

24,

2022.

The

extent

and

duration

of

the

military

action,

resulting

sanctions

and

resulting

future

market

disruptions

in

the

region

are

impossible

to

predict,

but

could

be

significant

and

have

a

severe

adverse

effect

on

the

region,

including

significant

negative

impacts

on

the

economy

and

the

markets

for

certain

securities

and

commodities,

such

as

oil

and

natural

gas,

as

well

as

other

sectors. 

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. 

Foreign

Exposure

Risk

The

Fund

normally

has

significant

exposure

to

foreign

markets

as

a

result

of

its

investments

in

foreign

securities,

including

investments

in

emerging

markets,

which

can

be

more

volatile

than

the

U.S.

markets.

As

a

result,

its

returns

and

net

asset

value

may

be

affected

by

fluctuations

in

currency

exchange

rates

or

political

or

economic

conditions

in

a

particular

country.

In

some

foreign

markets,

there

may

not

be

protection

against

failure

by

other

parties

to

complete

transactions.

It

may

not

be

possible

for

the

Fund

to

repatriate

capital,

dividends,

interest,

and

other

income

from

a

particular

country

or

governmental

entity.

In

addition,

a

market

swing

in

one

or

more

countries

or

regions

where

the

Fund

has

invested

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

31

a

significant

amount

of

its

assets

may

have

a

greater

effect

on

the

Fund’s

performance

than

it

would

in

a

more

geographically

diversified

portfolio.

The

Fund’s

investments

in

emerging

market

countries,

if

any,

may

involve

risks

greater

than,

or

in

addition

to,

the

risks

of

investing

in

more

developed

countries.

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

the

Fund's

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.

Exchange-Traded

Funds

Risk

The

Fund

may

invest

in

exchange-traded

funds

(“ETFs”),

including

affiliated

ETFs.

ETFs

are

typically

open-end

investment

companies

that

are

traded

on

a

national

securities

exchange.

ETFs

typically

incur

fees,

such

as

investment

advisory

fees

and

other

operating

expenses

that

are

separate

from

those

of

the

Fund,

which

will

be

indirectly

paid

by

the

Fund.

As

a

result,

the

cost

of

investing

in

the

Fund

may

be

higher

than

the

cost

of

investing

directly

in

ETFs

and

may

be

higher

than

other

mutual

funds

that

invest

directly

in

stocks

and

bonds.

Since

ETFs

are

traded

on

an

exchange

at

market

prices

that

may

vary

from

the

net

asset

value

of

their

underlying

investments,

there

may

be

times

when

ETFs

trade

at

a

premium

or

discount.

In

the

case

of

affiliated

ETFs,

unless

waived,

the

Adviser

will

earn

fees

both

from

the

Fund

and

from

the

underlying

ETF,

with

respect

to

assets

of

the

Fund

invested

in

the

underlying

ETF.

The

Fund

is

also

subject

to

the

risks

associated

with

the

securities

in

which

the

ETF

invests. 

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

Short

Duration

Income

ETF

Notes

to

Financial

Statements

(unaudited)

32

April

30,

2023

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. 

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

derivatives,

including

various

types

of

swaps,

futures

and

options.

The

Fund

intends

to

enter

into

financial

transactions

with

counterparties

that

the

Adviser believes

to

be

creditworthy

at

the

time

of

the

transaction.

There

is

always

the

risk

that

the

Adviser'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.

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.

The Offsetting

Assets

and

Liabilities

tables located

in

the

Schedule

of

Investments 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

(not

accounted

for

as

hedging

instruments) as

of

April

30,

2023"

table

located

in

the

Fund’s

Schedule

of

Investments.

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

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

33

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

the

Adviser 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. The

Adviser'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

April

30,

2023,

the

Fund’s

actual

management

fee

rate

(expressed

as

an

annual

rate)

was

0.23% of

the

Fund’s

average

daily

net

assets.

Additionally, the

Adviser has

contractually

agreed

to

waive

and/or

reimburse

the

management

fee

to

the

extent 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. The

Adviser has

agreed

to

continue

the

waiver

for

at

least

the

period

from

February

28,

2023

through

February

29,

2024.

If

applicable,

amounts

waived

and/or

reimbursed

to

the

Fund

by

the

Adviser are

disclosed

as

“Excess

Expense

Reimbursement

and

Waivers”

on

the

Statement

of

Operations. 

The

Adviser

has

also

contractually

agreed

to

waive

and/or

reimburse

a

portion

of

the

Fund's

management

fee

in

an

amount

equal

to

the

management

fee

it

earns

as

an

investment

adviser

to

any

of

the

affiliated

ETFs

in

which

the

Fund

invests.

The

fee

waiver

agreement

will

remain

in

effect

at

least

through

February

29,

2024.

The

Adviser

may

not

recover

amounts

previously

waived

or

reimbursed

under

this

agreement.

During

the period

ended April

30,

2023,

the

Adviser

waived

$28,018 of

the

Fund’s

management

fee,

attributable

to

the

Fund’s

investment

in

the

Janus

Henderson

AAA

CLO

ETF.

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

the

Adviser,

on

behalf

of

the

Fund.

As

compensation

for

such

services, the

Adviser pays

JP

Morgan

a

fee

based

on

a

percentage

of

the

Fund’s

assets,

with

a

minimum

flat

fee,

for

certain

services. The

Adviser serves

as

administrator

to

the

Fund,

providing

oversight

and

coordination

of

the

Fund’s

service

providers,

recordkeeping

and

other

administrative

services.

The

Adviser

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

the

Adviser 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

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

the

Distributor

or

its

designee,

a

fee

for

the

sale

and

distribution

and/or

shareholder

servicing

of

the

shares

at

an

annual

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

(unaudited)

34

April

30,

2023

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, the

Adviser does

not

intend

to

seek

shareholder

approval

for

implementation

of

the

Plan. 

As

of

April

30,

2023,

an

affiliate

of

the

Adviser

owned 100,999

shares

or 0.21%

of

the

Fund.

5.

Federal

Income

Tax

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.

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 April

30,

2023 are

noted

below.

The

primary

differences

between

book

and

tax

appreciation

or

depreciation

of

investments are

wash

sale

loss

deferrals

and

amortization

on

bonds.

6.

Capital

Share

Transactions 

7.

Purchases

and

Sales

of

Investment

Securities 

For

the period ended

April

30,

2023,

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)

$2,508,439,791

$9,757,280

$(73,323,077)

$(63,565,797)

Period

Ended

April

30,

2023

Year

Ended

October

31,

2022

Shares

Amount

Shares

Amount

Shares

sold

4,650,000

$

222,624,379

12,000,000

$

587,516,679

Shares

repurchased

(8,050,000)

(388,159,967

)

(15,150,000)

(744,265,899

)

Net

Increase/(Decrease)

(3,400,000)

$

(165,535,588

)

(3,150,000)

$

(156,749,220

)

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

$483,745,360

$700,931,251

$—

$—

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

35

8.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to April

30,

2023

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

Short

Duration

Income

ETF

Additional

Information

(unaudited)

36

April

30,

2023

Proxy

Voting

Policies

and

Voting

Record

Information

regarding

how

the

Fund

voted

proxies

related

to

portfolio

securities

during

the

most

recent

12-month

period

ended

June

30

and

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

1-800-525-1093

(toll

free);

(ii)

on

the

Fund’s

website

at

janushenderson.com/proxyvoting;

and

(iii)

on

the

SEC’s

website

at

http://www.sec.gov.

Portfolio

Holdings

The

Fund

files

its

complete

portfolio

holdings

(schedule

of

investments)

with

the

SEC

as

an

exhibit

to

Form

N-PORT

within

60

days

of

the

end

of

the

first

and

third

fiscal

quarters,

and

in

the

annual

report

and

semiannual

report

to

shareholders.

The

Fund’s

Form

N-PORT

filings

and

annual

and

semiannual

reports:

(i)

are

available

on

the

SEC’s

website

at

http://www.sec.gov;

and

(ii)

are

available

without

charge,

upon

request,

by

calling

a

Janus

Henderson

representative

at

1-800-668-0434

(toll

free).

Janus

Henderson

Short

Duration

Income

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

Janus

Detroit

Street

Trust

37

The

Board

of

Trustees

(the

“Board”)

of

Janus

Detroit

Street

Trust

(the

“Trust”),

including

a

majority

of

the

Trustees

who

are

not

“interested

persons”

as

that

term

is

defined

in

the

Investment

Company

Act

of

1940,

as

amended

(the

“Independent

Trustees”),

met

on

April

19-20,

2023

to

consider

the

proposed

renewal

of

the

investment

management

agreement

between

Janus

Henderson

Investors

US

LLC

(the

“Adviser”)

and

the

Trust

(the

“Investment

Management

Agreement”),

on

behalf

of

Janus

Henderson

AAA

CLO

ETF

(“JAAA”),

Janus

Henderson

B-BBB

CLO

ETF

(“JBBB”),

Janus

Henderson

International

Sustainable

Equity

ETF

(“SXUS”),

Janus

Henderson

Mortgage-Backed

Securities

ETF

(“JMBS”),

Janus

Henderson

Net

Zero

Transition

Resources

ETF

(“JZRO”),

Janus

Henderson

Short

Duration

Income

ETF

(“VNLA”),

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

(“JSML”),

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

(“JSMD”),

Janus

Henderson

Sustainable

Corporate

Bond

ETF

(“SCRD”),

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

(“JIB”),

Janus

Henderson

U.S.

Real

Estate

ETF

(“JRE”)

and

Janus

Henderson

U.S.

Sustainable

Equity

ETF

(“SSPX”)

(collectively,

the

“Funds”).

In

the

course

of

their

consideration

of

the

renewal

of

the

Investment

Management

Agreement,

the

Independent

Trustees

met

in

executive

session

and

were

advised

by

their

independent

counsel.

In

this

regard,

the

Independent

Trustees

evaluated

the

terms

of

the

Investment

Management

Agreement

and

reviewed

the

duties

and

responsibilities

of

trustees

in

evaluating

and

approving

such

agreements.

In

considering

renewal

of

the

Investment

Management

Agreement,

the

Board

and

the

Independent

Trustees,

as

applicable,

reviewed

the

materials

provided

to

them

relating

to

the

consideration

of

the

renewal

of

the

Investment

Management

Agreement

for

the

Funds

and

other

information

provided

by

counsel

and

the

Adviser,

including:

(i)

information

regarding

the

nature,

quality

and

extent

of

the

services

provided

to

the

Funds

by

the

Adviser,

and

the

fees

charged

to

each

Fund

therefor;

(ii)

information

concerning

the

Adviser’s

financial

condition,

business,

operations,

portfolio

management

personnel,

compliance

programs,

and

profitability

with

respect

to

the

Trust

and

each

Fund;

(iii)

comparative

information

describing

each

Fund’s

advisory

fee

structures,

operating

expenses,

and

performance

information

as

compared

to

peer

fund

groups

compiled

by

an

independent

third

party;

(iv)

a

copy

of

the

Adviser’s

current

Form

ADV;

and

(v)

a

memorandum

from

counsel

to

the

Independent

Trustees

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

throughout

the

year.

The

Trustees

also

considered

information

received

and

reviewed

in

connection

with

a

meeting

held

on

March

13,

2023

via

videoconference

to

discuss

certain

information

provided

by

the

Adviser

related

to

the

Trustees’

consideration

of

the

renewal

of

the

Investment

Management

Agreement.

During

its

review

of

this

information,

the

Board

focused

on

and

analyzed

the

factors

that

it

deemed

relevant,

including,

among

other

factors:

(i)

the

nature,

extent

and

quality

of

the

services

provided

to

the

Funds

by

the

Adviser;

(ii)

the

Adviser’s

personnel

and

operations;

(iii)

each

Fund’s

expense

level;

(iv)

the

profitability

to

the

Adviser

under

the

Investment

Management

Agreement

with

respect

to

each

Fund;

(v)

any

“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);

(vi)

the

effect

of

asset

growth

on

each

Fund’s

expenses;

and

(vii)

potential

conflicts

of

interest.

The

Trustees

also

considered

benefits

that

accrue

to

the

Adviser

and

its

affiliates

from

their

relationships

with

the

Trust

and

each

Fund.

The

Trustees

also

considered

that,

other

than

the

services

provided

by

the

Adviser

and

its

affiliates

pursuant

to

agreements

with

the

Funds

and

the

fees

paid

by

the

Funds

therefor,

the

Funds

and

the

Adviser

may

potentially

benefit

from

their

relationship

with

each

other

in

other

ways.

The

Trustees

considered

that

the

success

of

the

Funds

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

Funds.

The

Board,

including

the

Independent

Trustees,

considered

the

following

in

respect

of

the

Funds:

(a)

The

nature,

extent

and

quality

of

services

provided

by

the

Adviser;

personnel

and

operations

of

the

Adviser.

Janus

Henderson

Short

Duration

Income

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

38

April

30,

2023

The

Board

reviewed

the

services

that

the

Adviser

provides

to

the

Funds.

In

connection

with

the

investment

advisory

services

provided

by

the

Adviser,

the

Board

noted

the

responsibilities

that

the

Adviser

has

as

the

Funds’

investment

adviser,

including:

the

overall

supervisory

responsibility

for

the

general

management

and

investment

of

each

Fund’s

securities

portfolio;

providing

oversight

of

the

investment

performance

and

processes

and

compliance

with

each

Fund’s

investment

objectives,

policies

and

limitations;

the

implementation

of

the

investment

management

program

of

each

Fund;

the

management

of

the

day-to-day

investment

and

reinvestment

of

the

assets

of

each

Fund;

determining

daily

baskets

of

securities

and

cash

components

in

connection

with

creation

and

redemption

transactions

in

each

Fund’s

shares;

executing

portfolio

security

trades

for

purchases

and

redemptions

of

each

Fund’s

shares

conducted

on

a

cash-

in-lieu

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

Funds.

The

Board

reviewed

the

Adviser’s

experience,

resources

and

strengths

in

managing

the

Funds

and

other

pooled

investment

vehicles,

including

an

assessment

of

the

Adviser’s

personnel.

Based

on

its

consideration

and

review

of

the

foregoing

information,

the

Board

determined

that

each

Fund

was

likely

to

continue

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

rendered

and

fees

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

Funds;

“fall-out”

benefits.

The

Board

then

compared

both

the

services

rendered

and

the

fees

paid

under

other

contracts

of

the

Adviser

and

under

contracts

of

other

investment

advisers

with

respect

to

similar

ETFs.

In

particular,

the

Board

reviewed

a

report

compiled

by

an

independent

third

party

to

compare

each

Fund’s

contractual

management

fee

and

total

expense

ratio

to

other

investment

companies

within

each

Fund’s

respective

peer

grouping,

as

determined

by

the

independent

third

party.

The

information

provided

by

the

comparative

report

showed

how

the

total

expense

ratio

and

contractual

management

fee

for

each

of

the

Funds

compared

within

its

respective

peer

group

for

the

one-year

period

ended

December

31,

2022.

The

reporting

is

described

in

detail

below:

The

total

expense

ratio

and

the

contractual

management

fee

for

JAAA

was

each

reported

in

the

1st

quintile

of

its

respective

peer

group

(with

1st

quintile

being

the

lowest

fees/expenses

and

5th

quintile

being

the

highest

fees/

expenses).

The

total

expense

ratio

and

the

contractual

management

fee

for

JBBB

was

each

reported

in

the

2nd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

SXUS

was

each

reported

in

the

4th

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JMBS

was

each

reported

in

the

1st

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JZRO

was

each

reported

in

the

2nd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

VNLA

was

each

reported

in

the

1st

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JSML

was

each

reported

in

the

3rd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JSMD

was

each

reported

in

the

3rd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

SCRD

was

reported

in

the

3rd

and

2nd

quintiles,

respectively.

The

total

expense

ratio

and

the

contractual

management

fee

for

JIB

as

each

reported

in

the

3rd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JRE

was

each

at

median

as

compared

to

expense

group

peers.

Janus

Henderson

Short

Duration

Income

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

Janus

Detroit

Street

Trust

39

The

total

expense

ratio

and

the

contractual

management

fee

for

SSPX

was

reported

in

the

4th

and

3rd

quintiles,

respectively.

The

Board

further

considered

that

the

Adviser

had

voluntarily

agreed

to

cap

the

expenses

of

JAAA,

JMBS

and

VNLA

to

the

extent

that

such

Funds’

total

expense

ratio

exceeded

0.22%,

0.28%

and

0.23%,

respectively,

for

the

period

February

28,

2023

through

February

29,

2024

in

the

case

of

JMBS

and

VNLA

and

for

the

period

of

January

20,

2023

through

February

29,

2024

in

the

case

of

JAAA.

The

Board

further

noted

the

Adviser’s

contractual

commitment

with

respect

to

the

Funds’

investments

in

affiliated

ETFs

to

waive

and/or

reimburse

a

portion

of

its

management

fee

in

an

amount

equal

to

a

portion

of

the

management

fee

it

earns

as

investment

adviser

to

affiliated

ETFs

in

which

a

Fund

invests

(if

any),

for

at

least

the

period

from

February 28,

2023

until

February 29,

2024.

The

Board

also

discussed

the

costs

incurred

by

the

Adviser

in

connection

with

its

serving

as

investment

adviser

to

the

Funds,

including

operational

costs.

After

comparing

each

Fund’s

fees

and

expenses

with

those

of

other

ETFs

in

the

Funds’

respective

peer

groups,

and

in

light

of

the

nature,

extent

and

quality

of

services

provided

by

the

Adviser

and

the

costs

incurred

by

the

Adviser

in

rendering

those

services,

as

well

as

the

profitability

of

the

Adviser

in

providing

these

services,

the

Board

concluded

that

the

level

of

fees

paid

to

the

Adviser

and

the

profitability

with

respect

to

each

Fund

was

fair

and

reasonable.

The

Board

also

considered

that

the

Adviser

may

experience

reputational

“fall-out”

benefits

based

on

the

success

of

the

Funds,

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.

In

its

review,

the

Board

considered

that

the

Funds

were

positioned

to

realize

potential

economies

of

scale

as

assets

grow

over

time,

given

the

inclusion

of

management

fee

breakpoints

for

each

Fund

in

the

current

investment

advisory

agreement

at

various

asset

levels.

(d)

Investment

performance

of

the

Fund

and

the

Adviser.

The

Board

next

discussed

the

annualized

returns

of

the

Funds

on

both

an

absolute

basis

and

relative

to

the

performance

of

funds

comprising

a

performance

universe

compiled

by

an

independent

third

party

for

each

Fund

for

the

three-month

period,

one-year

period,

two-year

period,

three-year

period,

four-year

period,

five-year

period,

and/or

since

inception

period

ended

December

31,

2022

(each

period

as

applicable).

The

Board

noted

the

following

for

each

Fund:

JAAA

was

reported

to

be

in

the

1st

and

3rd

quintiles

of

its

performance

universe

(with

the

1st

quintile

being

the

best

performer

and

the

5th

quintile

being

the

worst

performer)

for

its

one-

and

two-year

periods,

respectively;

JBBB

was

reported

to

be

in

the

1st

and

5th

quintiles

of

its

performance

universe

for

its

3-month

and

since

inception

periods,

respectively;

SXUS

was

reported

to

be

in

the

4th

quintile

of

its

performance

universe

for

each

of

its

three-month,

one-year,

and

since

inception

periods;

JMBS

was

reported

to

be

in

the

2nd,

2nd,

2nd

and

1st

quintiles

of

its

performance

universe

for

its

one-,

two-,

three-,

and

four-year

periods,

respectively;

JZRO

was

reported

to

be

in

the

2nd,

2nd,

and

1st

quintiles

of

its

performance

universe

for

its

three-month,

one-year,

and

since

inception

periods,

respectively;

Janus

Henderson

Short

Duration

Income

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

40

April

30,

2023

VNLA

was

reported

to

be

in

the

1st

quintile

of

its

performance

universe

for

each

of

its

one-,

two-,

three-,

four-,

and

five-year

periods;

JSML

was

reported

to

be

in

the

4th,

4th,

5th,

5th,

and

4th

quintiles

of

its

performance

universe

for

its

one-,

two-,

three-,

four-,

and

five-year

periods,

respectively;

JSMD

was

reported

to

be

in

the

2nd,

3rd,

3rd,

3rd

and

3rd

quintiles

of

its

performance

universe

for

its

one-,

two-,

three-,

four-,

and

five-year

periods,

respectively;

SCRD

was

reported

to

be

in

the

4th,

3rd,

and

2nd

quintiles

of

its

performance

universe

for

its

three-month,

one-year,

and

since

inception

periods,

respectively;

JIB

was

reported

to

be

in

the

5th,

4th,

and

4th

quintiles

of

its

performance

universe

for

its

three-month,

one-year,

and

since

inception

periods,

respectively;

JRE

was

reported

to

be

in

the

1st

quintile

of

its

performance

universe

for

each

of

its

three-month,

one-year,

and

since

inception

periods;

and

SSPX

was

reported

to

be

in

its

3rd,

5th,

and

5th

quintiles

of

its

performance

universe

for

its

three-month,

one-year,

and

since

inception

periods,

respectively.

With

respect

to

JSML

and

JSMD,

the

Board

noted

that

these

Funds

are

index-based

and,

as

a

result,

passively

managed

to

seek

to

track

the

returns

of

specified

indices.

For

this

reason,

the

Board

also

considered

the

performance

of

these

Funds

in

relation

to

the

performance

of

each

Fund’s

respective

underlying

index

(i.e.

“tracking

error”),

and

considered

that

the

tracking

error

was

within

anticipated

ranges.

The

Board

considered

the

Adviser’s

explanation

of

performance

results

for

each

Fund

across

the

relevant

periods

provided

as

part

of

the

consideration

of

the

renewal

of

the

Investment

Advisory

Agreement,

and

during

the

course

of

the

previous

year.

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

management

fee

rates

and

total

expense

ratios

of

each

Fund

are

reasonable

in

relation

to

the

services

provided

by

the

Adviser

to

such

Fund,

as

well

as

the

costs

incurred

and

benefits

gained

by

the

Adviser

in

providing

such

services.

The

Board

also

found

the

management

fees

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

renewal

of

the

Investment

Management

Agreement

for

an

additional

one-year

period

was

in

the

best

interests

of

each

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

renewal

of

the

Investment

Management

Agreement

for

each

Fund.

Janus

Henderson

Short

Duration

Income

ETF

Liquidity

Risk

Management

Program

(unaudited)

Janus

Detroit

Street

Trust

41

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),

requires

open-end

funds

(but

not

money

market

funds)

to

adopt

and

implement

a

written

liquidity

risk

management

program

(the

“LRMP”)

that

is

reasonably

designed

to

assess

and

manage

liquidity

risk,

which

is

the

risk

that

a

fund

could

not

meet

redemption

requests

without

significant

dilution

of

remaining

investors’

interests

in

the

fund.

The

Funds

have

adopted

and

implemented

a

LRMP,

which

incorporates

the

following

elements:

(i)

assessment,

management,

and

periodic

review

of

liquidity

risk;

(ii)

classification

of

portfolio

investments;

(iii)

the

establishment

and

monitoring

of

a

highly

liquid

investment

minimum

(“HLIM”),

as

applicable;

(iv)

a

15%

limitation

on

a

Fund’s

illiquid

investments;

(v)

provisions

concerning

redemptions

in-

kind;

and

(vi)

board

oversight.

In

light

of

the

fact

that

each

Fund

operates

as

an

exchange-traded

fund

(“ETF”),

the

LRMP

also

takes

into

account

considerations

unique

to

ETFs,

including

(i)

the

relationship

between

the

ETF’s

portfolio

liquidity

and

the

way

in

which,

and

the

prices

and

spreads

at

which,

ETF

shares

trade,

including:

the

efficiency

of

the

arbitrage

function

and

the

level

of

active

participation

by

market

participants

(including

authorized

participants);

and

(ii)

the

effect

of

the

composition

of

baskets

on

the

overall

liquidity

of

the

ETF’s

portfolio.

The

LRMP

also

considers

whether

an

ETF

meets

redemptions

through

in-kind

transfers

of

securities,

positions,

and

assets

other

than

a

de

minimis

amount

of

cash.

The

Trustees

of

the

Funds

(the

“Trustees”)

have

designated

Janus

Henderson

Investors

US

LLC,

the

Funds’

investment

adviser

(the

“Adviser”),

as

the

Program

Administrator

for

the

LRMP

responsible

for

administering

the

LRMP

and

carrying

out

the

specific

responsibilities

of

the

LRMP.

A

working

group

comprised

of

various

teams

within

the

Adviser’s

business

is

responsible

for

administering

the

LRMP

and

carrying

out

the

specific

responsibilities

of

different

aspects

of

the

LRMP

(the

“Liquidity

Risk

Working

Group”).

In

assessing

each

Fund’s

liquidity

risk,

the

Liquidity

Risk

Working

Group

periodically

considers,

as

relevant,

specified

liquidity

factors,

including:

(i)

the

investment

strategy

and

liquidity

of

a

Fund’s

portfolio

investments

during

both

normal

and

reasonably

foreseeable

stressed

conditions;

(ii)

whether

a

Fund’s

investment

strategy

is

appropriate

for

an

open-end

fund;

(iii)

the

extent

to

which

a

Fund’s

strategy

involves

a

relatively

concentrated

portfolio

or

large

positions

in

any

issuer;

(iv)

a

Fund’s

use

of

borrowing

for

investment

purposes;

(v)

a

Fund’s

use

of

derivatives;

(vi)

short-term

and

long-term

cash

flow

projections

during

both

normal

and

reasonably

foreseeable

stressed

conditions;

and

(vii)

holdings

of

cash

and

cash

equivalents,

as

well

as

borrowing

arrangements

and

other

funding

sources.

The

Liquidity

Rule

requires

the

Trustees

to

review

at

least

annually

a

written

report

provided

by

the

Program

Administrator

that

addresses

the

operation

of

the

LRMP

and

assesses

its

adequacy

and

the

effectiveness

of

its

implementation,

including,

if

applicable,

the

operation

of

the

HLIM

and

any

material

changes

to

the

LRMP

(the

“Program

Administrator

Report”).

At

a

meeting

held

April

20,

2023,

the

Adviser

provided

to

the

Trustees

the

Program

Administrator

Report,

which

covered

the

operation

of

the

LRMP

from

January

1,

2022

through

December

31,

2022

(the

“Reporting

Period”).

Further,

at

a

meeting

held

on

June

26,

2023,

the

Adviser

provided

to

the

Trustees

an

update

regarding

the

Program

Administrator

Report

for

the

Reporting

Period.  

The

Program

Administrator

Report

discussed

the

operation

and

effectiveness

of

the

LRMP

during

the

Reporting

Period.

Among

other

things,

the

Program

Administrator

Report

indicated

that

there

were

no

material

changes

to

the

LRMP

during

the

Reporting

Period,

although

there

were

certain

methodology

adjustments

implemented

relating

to

a

change

in

data

provider

used

by

the

Program

Administrator.

Additionally,

the

findings

presented by

the

Program

Administrator

indicated

that

the

LRMP

operated

adequately

during

the

Reporting

Period.

These

findings

included

that

each

Fund

was

able

to

meet

redemptions

during

the

normal

course

of

business

during

the

Reporting

Period.

The

Program

Administrator

Report

also

stated

that

each

Fund

did

not

exceed

the

15%

limit

on

illiquid

assets

during

the

Reporting

Period,

that

each

Fund

held

primarily

highly

liquid

assets,

and

was

considered

to

be

a

primarily

highly

liquid

fund

during

the

Reporting

Period.

Also

included

among

the

Program

Administrator

Report’s

findings

was

the

determination

that

each

Fund’s

investment

strategy

remains

appropriate

for

an

open-end

fund.

In

addition,

the

Adviser

expressed

its

belief

that

the

LRMP

is

reasonably

designed

and

adequate

to

assess

and

manage

each

Fund’s

liquidity

risk,

considering

each

Fund’s

particular

Janus

Henderson

Short

Duration

Income

ETF

Liquidity

Risk

Management

Program

(unaudited)

42

April

30,

2023

risks

and

circumstances,

and

includes

policies

and

procedures

reasonably

designed

to

implement

each

required

component

of

the

Liquidity

Rule.

There

can

be

no

assurance

that

the

LRMP

will

achieve

its

objectives

in

the

future.

Please

refer

to

your

Fund’s

prospectus

for

more

information

regarding

the

risks

to

which

an

investment

in

the

Fund

may

be

subject.

125-24-93073

04-23

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

Henderson

Investors

US

LLC

is

the

investment

adviser

and

ALPS

Distributors,

Inc.

is

the

distributor.

ALPS

is

not

affiliated

with

Janus

Henderson

or

any

of

its

subsidiaries.

SEMIANNUAL

REPORT

April

30,

2023

Janus

Henderson

Mortgage-Backed

Securities

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

Mortgage-Backed

Securities

ETF

Fund

At

A

Glance

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

3

Disclosure

of

Fund

Expenses

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

5

Schedule

of

Investments

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

6

Statement

of

Assets

and

Liabilities

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

19

Statement

of

Operations

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

20

Statements

of

Changes

in

Net

Assets

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

21

Financial

Highlights

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

22

Notes

to

Financial

Statements

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

23

Additional

Information

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

34

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

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

35

Liquidity

Risk

Management

Program

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

39

John

Kerschner

Nick

Childs

co-portfolio

manager

co-portfolio

manager

Janus

Henderson

Mortgage-Backed

Securities

ETF

(unaudited)

Fund

At

A

Glance

April

30,

2023

Janus

Detroit

Street

Trust

3

Holdings

are

subject

to

change

without

notice.

Sector

Allocation

–

(%

of

Net

Assets)

Mortgage-Backed

Securities

155.0%^

Asset-Backed

Securities

6.8%

Investment

Company

5.2%

167.0%

^

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

4

April

30,

2023

Total

annual

expense

ratio

as

stated

in

the

prospectus:

0.28%.

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.

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

April

30,

2023

Fiscal

Year-to-

Date

One

Year

Since

Inception

*

Janus

Henderson

Mortgage-Backed

Securities

ETF

-

NAV

7.42%

-0.33%

1.11%

Janus

Henderson

Mortgage-Backed

Securities

ETF

-

Market

Price

7.41%

-0.16%

1.14%

Bloomberg

U.S.

Mortgage

Backed

Securities

(MBS)

Index

6.78%

-0.88%

0.26%

*

The

Fund

commenced

operations

on

September

12,

2018.

Janus

Henderson

Mortgage-Backed

Securities

ETF

(unaudited)

Disclosure

of

Fund

Expenses

Janus

Detroit

Street

Trust

5

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

(11/1/22)

Ending

Account

Value

(4/30/23)

Expenses

Paid

During

Period

(11/1/22

-

4/30/23)

†

Beginning

Account

Value

(11/1/22)

Ending

Account

Value

(4/30/23)

Expenses

Paid

During

Period

(11/1/22

-

4/30/23)

†

Net

Annualized

Expense

Ratio

(11/1/22

-

4/30/23)

$1,000.00

$1,074.20

$1.39

$1,000.00

$1,023.46

$1.35

0.27%

†

Expenses

Paid

During

Period

is

equal

to

the

Net

Annualized

Expense

Ratio

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

181/365

(to

reflect

the

one-half

year

period).

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

(unaudited)

April

30,

2023

6

April

30,

2023

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Asset-Backed

Securities

-

6.8%

ACHV

ABS

TRUST,

6.4200%,

5/20/30

(144A)

$

2,000,000

$

2,001,886

American

Credit

Acceptance

Receivables

Trust,

4.1200%,

2/13/26

(144A)

1,522,215

1,513,819

Arm

Master

Trust

LLC,

6.5620%,

2/17/25

(144A)

3,500,000

3,499,982

Consumer

Loan

Underlying

Bond

Club

Certificate

Issuer

Trust

I,

4.7000%,

12/15/26

(144A)

760,274

758,234

Consumer

Loan

Underlying

Bond

CLUB

Credit

Trust,

4.4100%,

10/15/26

(144A)

891,263

889,022

Exeter

Automobile

Receivables

Trust,

4.9400%,

3/15/24

5,002,733

5,002,783

Exeter

Automobile

Receivables

Trust,

5.6100%,

6/16/25

2,500,000

2,497,592

Exeter

Automobile

Receivables

Trust,

5.5800%,

4/15/26

5,910,000

5,909,450

Freed

ABS

Trust,

2.8300%,

3/20/28

(144A)

2,271,121

2,234,222

FREED

ABS

Trust,

6.9600%,

9/20/27

(144A)

1,104,405

1,104,574

FREED

ABS

Trust,

4.5000%,

8/20/29

(144A)

1,552,888

1,551,188

Lendbuzz

Securitization

Trust,

5.3830%,

3/15/24

(144A)

1,145,857

1,145,659

Lendbuzz

Securitization

Trust,

4.2200%,

5/17/27

(144A)

1,583,774

1,542,841

Lendingpoint

Asset

Securitization

Trust,

1.4600%,

12/15/28

(144A)

1,760,985

1,756,828

Lendingpoint

Asset

Securitization

Trust,

1.6800%,

6/15/29

(144A)

194,667

194,098

Marlette

Funding

Trust,

3.5400%,

3/15/30

(144A)

6,502,127

6,374,545

Marlette

Funding

Trust,

6.0700%,

4/15/33

(144A)

5,945,555

5,922,031

Mission

Lane

Credit

Card

Master

Trust,

1.5900%,

9/15/26

(144A)

2,500,000

2,446,782

NRZ

Excess

Spread-Collateralized

Notes,

3.8440%,

12/25/25

(144A)

1,453,284

1,356,166

NRZ

Excess

Spread-Collateralized

Notes,

3.1040%,

7/25/26

(144A)

4,475,438

4,060,722

Pagaya

AI

Debt

Trust,

2.0300%,

10/15/29

(144A)

1,108,697

1,068,245

Point

Securitization

Trust,

3.2282%,

2/25/52

(144A)

‡

1,973,658

1,868,239

Santander

Bank

Auto

Credit-Linked

Notes,

5.7210%,

8/16/32

(144A)

9,124,144

9,056,349

SoFi

Consumer

Loan

Program

Trust,

6.2100%,

4/15/31

(144A)

6,699,579

6,703,122

Upstart

Securitization

Trust,

3.0140%,

11/20/30

(144A)

224,340

223,982

Upstart

Securitization

Trust,

1.3100%,

11/20/31

(144A)

2,118,963

2,064,944

US

Auto

Funding,

2.2000%,

5/15/26

(144A)

7,000,000

6,798,999

Total

Asset-Backed

Securities

(cost

$80,172,881)

79,546,304

Mortgage-Backed

Securities

-

155.0%

A&D

Mortgage

Trust

,

6.1320

%

,

5/25/68

(144A)

Ç

2,900,000

2,888,036

Chase

Mortgage

Finance

Corp.

SOFR30A

+

1.2000%,

6.0153%, 2/25/50

(144A)

‡

3,626,094

3,272,460

SOFR30A

+

1.3500%,

6.1653%, 2/25/50

(144A)

‡

1,994,352

1,724,994

SOFR30A

+

1.5500%,

6.3653%, 2/25/50

(144A)

‡

2,364,818

2,011,333

CIM

Trust

,

2.5690

%

,

7/25/55

(144A)

Ç

1,158,475

1,105,631

Connecticut

Avenue

Securities

Trust

ICE

LIBOR

USD

1

Month

+

2.4000%,

7.4204%, 4/25/31

(144A)

‡

110,098

110,246

ICE

LIBOR

USD

1

Month

+

2.4500%,

7.4704%, 7/25/31

(144A)

‡

76,850

77,042

ICE

LIBOR

USD

1

Month

+

2.1500%,

7.1704%, 9/25/31

(144A)

‡

844,848

844,407

ICE

LIBOR

USD

1

Month

+

2.0000%,

7.0204%, 1/25/40

(144A)

‡

1,936,564

1,930,769

SOFR30A

+

1.5500%,

6.3653%, 10/25/41

(144A)

‡

4,507,308

4,400,065

SOFR30A

+

1.0000%,

5.8153%, 12/25/41

(144A)

‡

1,277,154

1,266,673

SOFR30A

+

1.2000%,

6.0153%, 1/25/42

(144A)

‡

9,154,648

9,047,966

SOFR30A

+

2.0000%,

6.8153%, 3/25/42

(144A)

‡

1,324,488

1,323,748

SOFR30A

+

2.1000%,

6.9153%, 3/25/42

(144A)

‡

5,070,607

5,075,883

SOFR30A

+

2.5000%,

0.0000%, 4/25/43

(144A)

‡

2,900,000

2,906,125

DBCCRE

Mortgage

Trust

,

4.5895

%

,

1/10/34

(144A)

1,750,000

1,684,533

Extended

Stay

America

Trust

,

ICE

LIBOR

USD

1

Month

+

2.2500%

,

7.1980

%

,

7/15/38

(144A)

‡

2,928,577

2,802,934

FHLMC

Gold

Pools,

Other

3.5000%, 8/1/42

59,924

56,994

3.5000%, 8/1/42

55,093

52,400

3.0000%, 3/1/43

3,125

2,885

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

(unaudited)

April

30,

2023

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

Gold

Pools,

Other

-

(continued)

3.0000%, 6/1/43

$

66,155

$

59,323

3.0000%, 11/1/43

1,071,588

989,900

FHLMC

STACR

Debt

Notes

SOFR30A

+

2.3000%,

7.1153%, 8/25/33

(144A)

‡

16,480,000

16,442,096

SOFR30A

+

2.6500%,

7.4653%, 7/25/42

(144A)

‡

320,543

323,184

FHLMC

STACR

REMIC

Trust

SOFR30A

+

0.7500%,

5.5653%, 10/25/33

(144A)

‡

2,112,576

2,097,458

SOFR30A

+

1.6500%,

6.4653%, 1/25/34

(144A)

‡

1,752,660

1,738,164

SOFR30A

+

1.8000%,

6.6153%, 11/25/41

(144A)

‡

12,000,000

11,477,051

SOFR30A

+

1.3000%,

6.1153%, 2/25/42

(144A)

‡

2,021,138

2,007,467

SOFR30A

+

2.1500%,

6.9653%, 9/25/42

(144A)

‡

2,172,078

2,182,594

ICE

LIBOR

USD

1

Month

+

5.1000%,

10.1204%, 6/25/50

(144A)

‡

1,720,194

1,838,250

SOFR30A

+

2.0000%,

6.8153%, 12/25/50

(144A)

‡

1,654,118

1,663,248

SOFR30A

+

1.8000%,

6.6153%, 1/25/51

(144A)

‡

1,253,893

1,237,716

FHLMC

STACR

Trust

,

ICE

LIBOR

USD

1

Month

+

1.9500%

,

6.9704

%

,

10/25/49

(144A)

‡

1,466,718

1,469,501

FHLMC

UMBS

3.0000%, 5/1/31

96,810

93,100

2.5000%, 12/1/31

12,496

11,817

3.0000%, 9/1/32

90,264

86,772

3.0000%, 1/1/33

52,180

50,161

2.5000%, 12/1/33

419,389

396,575

2.5000%, 11/1/34

873,146

814,496

3.0000%, 3/1/43

2,680,571

2,475,130

3.5000%, 12/1/44

535,910

509,673

3.0000%, 12/1/46

16,118

14,774

4.0000%, 3/1/47

152,851

149,189

3.0000%, 4/1/47

1,311,824

1,201,729

4.0000%, 11/1/47

402,423

394,095

3.0000%, 12/1/47

22,751

20,882

4.5000%, 8/1/48

126,641

125,674

4.0000%, 9/1/48

1,222,519

1,184,440

5.0000%, 9/1/48

82,412

83,100

4.0000%, 11/1/48

209,202

202,686

4.0000%, 12/1/48

2,562,204

2,482,396

4.5000%, 12/1/48

30,477

30,546

4.5000%, 12/1/48

4,675,358

4,639,661

4.5000%, 12/1/48

359,134

357,578

4.0000%, 5/1/49

463,991

449,035

4.0000%, 6/1/49

1,545,736

1,493,908

4.5000%, 6/1/49

171,586

169,757

4.0000%, 7/1/49

1,633,391

1,578,625

4.5000%, 7/1/49

229,672

227,224

4.5000%, 7/1/49

1,528,533

1,512,236

3.0000%, 8/1/49

2,234,169

2,044,127

3.0000%, 8/1/49

123,801

112,102

3.5000%, 8/1/49

312,957

294,358

4.5000%, 8/1/49

1,313,786

1,299,779

4.5000%, 12/1/49

350,234

346,500

4.5000%, 1/1/50

248,519

245,869

4.5000%, 1/1/50

887,381

877,920

4.5000%, 2/1/50

795,380

786,900

3.5000%, 3/1/50

410,324

384,541

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

(unaudited)

April

30,

2023

8

April

30,

2023

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)

4.0000%, 3/1/50

$

2,481,653

$

2,404,355

4.0000%, 6/1/50

4,114,711

4,017,968

4.5000%, 9/1/50

14,949,740

14,835,595

4.0000%, 10/1/50

698,694

675,268

3.0000%, 2/1/52

1,022,728

929,363

3.0000%, 3/1/52

1,817,760

1,651,180

4.5000%, 3/1/52

113,142

110,529

3.5000%, 4/1/52

1,011,370

945,862

3.5000%, 4/1/52

2,426,082

2,295,166

3.5000%, 4/1/52

2,923,536

2,735,002

3.5000%, 4/1/52

2,993,592

2,800,541

3.5000%, 4/1/52

884,354

826,964

3.5000%, 6/1/52

13,224,676

12,393,305

3.5000%, 7/1/52

4,977,468

4,661,470

4.0000%, 7/1/52

4,444,872

4,250,843

5.5000%, 7/1/52

4,420,107

4,501,514

4.0000%, 8/1/52

5,046,591

4,829,557

4.5000%, 8/1/52

5,357,490

5,238,421

5.0000%, 8/1/52

8,592,880

8,625,138

5.0000%, 8/1/52

42,716,295

43,197,245

5.5000%, 8/1/52

3,927,272

3,999,602

4.0000%, 9/1/52

6,289,388

6,022,972

5.5000%, 9/1/52

3,614,111

3,680,674

5.0000%, 10/1/52

7,455,386

7,494,360

5.0000%, 10/1/52

4,865,219

4,890,652

5.0000%, 10/1/52

147,590

148,361

5.5000%, 11/1/52

16,629,534

17,041,355

5.0000%, 12/1/52

19,831,258

19,782,922

5.0000%, 3/1/53

551,701

548,787

5.0000%, 3/1/53

3,080,125

3,063,859

5.0000%, 3/1/53

6,365,141

6,331,526

5.0000%, 3/1/53

5,998,118

5,966,441

5.0000%, 3/1/53

5,840,333

5,809,490

5.5000%, 3/1/53

2,666,874

2,693,331

5.5000%, 3/1/53

2,216,297

2,238,283

5.0000%, 4/1/53

3,324,140

3,306,585

5.0000%, 4/1/53

2,141,300

2,129,991

5.0000%, 4/1/53

1,340,488

1,331,875

5.5000%, 4/1/53

1,944,501

1,963,791

5.5000%, 4/1/53

1,874,349

1,892,943

5.5000%, 4/1/53

3,246,800

3,279,009

5.5000%, 4/1/53

2,981,090

3,010,664

5.5000%, 4/1/53

3,172,905

3,204,381

5.5000%, 4/1/53

2,261,740

2,284,177

5.0000%, 5/1/53

2,475,380

2,462,307

5.0000%, 5/1/53

6,244,451

6,211,474

5.0000%, 5/1/53

4,342,352

4,315,337

5.0000%, 5/1/53

2,079,100

2,068,120

5.0000%, 5/1/53

2,987,505

2,968,309

5.0000%, 5/1/53

2,439,250

2,423,577

5.0000%, 5/1/53

5,569,985

5,540,570

5.0000%, 5/1/53

2,855,110

2,836,765

5.0000%, 5/1/53

3,941,387

3,920,572

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

(unaudited)

April

30,

2023

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)

FHLMC

UMBS

-

(continued)

5.0000%, 5/1/53

$

2,465,700

$

2,450,360

5.5000%, 5/1/53

1,524,140

1,539,260

5.5000%, 5/1/53

2,417,694

2,441,678

5.5000%, 5/1/53

1,870,252

1,888,806

5.5000%, 5/1/53

3,628,275

3,656,810

5.5000%, 5/1/53

1,337,203

1,350,468

5.5000%, 5/1/53

1,666,984

1,680,094

6.0000%, 5/1/53

2,028,917

2,071,189

6.0000%, 5/1/53

1,157,002

1,181,108

6.5000%, 5/1/53

1,639,600

1,692,979

6.5000%, 5/1/53

4,015,377

4,166,337

6.5000%, 5/1/53

2,628,098

2,724,426

FHLMC,

REMIC

ICE

LIBOR

USD

1

Month

+

0.3500%,

5.2977%, 2/15/32

‡

22,163

22,035

ICE

LIBOR

USD

1

Month

+

0.6500%,

5.5977%, 3/15/32

‡

32,688

32,753

ICE

LIBOR

USD

1

Month

+

0.5000%,

5.4477%, 7/15/32

‡

15,784

15,868

ICE

LIBOR

USD

1

Month

+

0.4000%,

5.3477%, 1/15/33

‡

21,165

21,051

ICE

LIBOR

USD

1

Month

+

0.2500%,

5.1977%, 9/15/35

‡

18,044

17,960

ICE

LIBOR

USD

1

Month

+

0.5900%,

5.5377%, 10/15/37

‡

64,663

64,189

ICE

LIBOR

USD

1

Month

+

0.3000%,

5.2477%, 8/15/40

‡

24,923

24,978

ICE

LIBOR

USD

1

Month

+

0.5000%,

5.4477%, 9/15/40

‡

63,917

63,521

ICE

LIBOR

USD

1

Month

+

0.5500%,

5.4977%, 4/15/41

‡

209,808

209,202

FNMA

Connecticut

Avenue

Securities

ICE

LIBOR

USD

1

Month

+

4.9000%,

9.9204%, 11/25/24

‡

598,961

628,835

ICE

LIBOR

USD

1

Month

+

4.0000%,

9.0204%, 5/25/25

‡

5,369,293

5,595,303

ICE

LIBOR

USD

1

Month

+

5.0000%,

10.0204%, 7/25/25

‡

2,373,400

2,517,814

SOFR30A

+

2.0000%,

6.8153%, 11/25/41

(144A)

‡

2,386,000

2,276,148

FNMA

UMBS

2.5000%, 8/1/31

14,383

13,600

2.5000%, 10/1/31

16,456

15,560

2.5000%, 2/1/32

14,926

14,114

3.0000%, 11/1/34

65,222

62,306

3.0000%, 12/1/34

70,059

66,928

3.0000%, 1/1/43

200,069

184,815

3.0000%, 5/1/43

1,151,004

1,062,783

3.0000%, 5/1/43

1,485,268

1,371,426

3.0000%, 10/1/44

921,572

851,311

3.5000%, 12/1/45

509,563

481,990

3.0000%, 1/1/46

17,855

16,372

3.5000%, 1/1/46

47,305

44,745

3.0000%, 3/1/46

1,814,033

1,661,837

3.0000%, 1/1/47

86,130

79,057

3.0000%, 1/1/47

377,732

346,040

3.5000%, 3/1/47

446,220

422,075

4.0000%, 5/1/47

320,469

314,294

3.5000%, 7/1/47

395,286

373,897

3.5000%, 8/1/47

145,814

139,423

4.0000%, 10/1/47

1,619,178

1,571,500

3.5000%, 12/1/47

156,971

150,090

3.0000%, 2/1/48

523,400

480,432

5.0000%, 5/1/48

1,590,824

1,604,076

4.5000%, 6/1/48

1,792,123

1,778,446

3.5000%, 7/1/48

10,070,874

9,491,692

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

(unaudited)

April

30,

2023

10

April

30,

2023

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)

4.0000%, 7/1/48

$

1,994,368

$

1,932,239

4.0000%, 10/1/48

758,558

739,646

4.0000%, 11/1/48

2,313,394

2,241,327

4.0000%, 12/1/48

370,474

358,933

4.0000%, 2/1/49

1,333,309

1,291,773

4.0000%, 2/1/49

1,190,816

1,153,720

4.0000%, 6/1/49

305,375

295,133

4.5000%, 6/1/49

162,454

160,723

4.5000%, 7/1/49

6,266

6,199

3.0000%, 8/1/49

118,769

107,544

3.0000%, 8/1/49

110,972

100,483

4.5000%, 8/1/49

233,961

231,467

4.5000%, 8/1/49

61,739

61,081

3.0000%, 9/1/49

228,310

209,381

4.5000%, 9/1/49

238,467

235,926

4.0000%, 11/1/49

449,458

437,582

4.0000%, 11/1/49

4,984,590

4,829,309

4.5000%, 12/1/49

294,292

291,156

4.5000%, 1/1/50

7,923,826

7,863,351

4.5000%, 1/1/50

313,010

309,674

4.0000%, 3/1/50

1,493,690

1,447,159

4.0000%, 3/1/50

3,950,044

3,826,991

4.0000%, 3/1/50

7,297,495

7,115,561

3.0000%, 5/1/50

2,665,715

2,442,584

3.0000%, 9/1/50

4,749,711

4,295,003

4.0000%, 9/1/50

8,380,191

8,099,115

4.0000%, 10/1/50

7,993,453

7,782,252

4.5000%, 10/1/50

4,909,898

4,872,425

4.5000%, 12/1/50

1,641,534

1,621,445

4.0000%, 3/1/51

397,844

384,500

4.0000%, 3/1/51

194,546

188,486

4.0000%, 3/1/51

20,248,170

19,569,035

4.0000%, 10/1/51

2,834,922

2,739,837

4.0000%, 10/1/51

45,570,994

44,042,516

3.0000%, 12/1/51

48,126,119

43,546,745

3.5000%, 1/1/52

2,317,141

2,191,875

3.5000%, 2/1/52

5,887,813

5,567,691

3.5000%, 3/1/52

5,577,925

5,229,066

3.0000%, 4/1/52

4,362,918

3,961,616

3.5000%, 4/1/52

4,206,314

3,933,399

3.5000%, 4/1/52

3,737,385

3,496,414

3.5000%, 4/1/52

1,224,926

1,145,450

3.5000%, 4/1/52

1,243,529

1,163,351

3.5000%, 4/1/52

5,413,988

5,104,367

3.5000%, 4/1/52

1,522,463

1,423,869

4.0000%, 4/1/52

2,876,500

2,783,661

4.5000%, 4/1/52

238,870

233,354

4.5000%, 4/1/52

208,898

204,074

4.5000%, 4/1/52

596,021

582,257

4.5000%, 4/1/52

458,879

448,283

4.5000%, 4/1/52

263,142

257,066

4.5000%, 4/1/52

134,510

131,396

3.5000%, 5/1/52

24,331,444

22,932,398

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

(unaudited)

April

30,

2023

Janus

Detroit

Street

Trust

11

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)

3.5000%, 5/1/52

$

3,200,323

$

2,998,180

3.5000%, 5/1/52

4,065,318

3,802,574

4.5000%, 5/1/52

728,015

711,204

3.5000%, 6/1/52

13,271,290

12,531,913

3.5000%, 6/1/52

2,319,064

2,171,865

3.5000%, 6/1/52

22,763,832

21,440,796

4.0000%, 6/1/52

4,627,504

4,425,510

4.0000%, 6/1/52

1,240,255

1,186,117

3.5000%, 7/1/52

592,013

558,847

3.5000%, 7/1/52

11,600,969

10,864,614

3.5000%, 7/1/52

3,310,350

3,117,952

4.0000%, 7/1/52

1,978,211

1,891,861

4.5000%, 7/1/52

2,347,351

2,295,180

3.5000%, 8/1/52

1,056,391

994,666

3.5000%, 8/1/52

2,863,598

2,680,946

4.5000%, 8/1/52

22,139,395

21,647,340

5.0000%, 8/1/52

19,415,497

19,488,355

5.5000%, 8/1/52

7,242,009

7,375,432

5.0000%, 9/1/52

17,101,345

16,995,040

5.5000%, 9/1/52

14,506,935

14,679,640

5.0000%, 10/1/52

2,442,370

2,455,133

5.0000%, 10/1/52

1,073,830

1,079,442

5.5000%, 10/1/52

23,128,250

23,391,396

5.5000%, 10/1/52

21,978,320

22,522,775

4.5000%, 11/1/52

7,747,732

7,668,410

5.0000%, 11/1/52

6,118,667

6,150,642

5.0000%, 11/1/52

12,132,696

12,103,121

5.5000%, 11/1/52

5,424,222

5,558,593

5.5000%, 11/1/52

6,279,044

6,357,249

5.5000%, 11/1/52

15,768,698

16,059,213

4.5000%, 12/1/52

3,819,543

3,752,881

5.0000%, 1/1/53

11,799,599

11,770,836

5.5000%, 2/1/53

3,928,051

3,958,955

5.0000%, 3/1/53

1,956,022

1,945,692

5.0000%, 3/1/53

2,410,623

2,397,892

5.0000%, 3/1/53

3,790,271

3,770,254

5.0000%, 3/1/53

5,173,093

5,139,855

5.5000%, 3/1/53

8,271,080

8,353,161

5.5000%, 3/1/53

5,211,413

5,252,414

6.5000%, 3/1/53

1,636,306

1,689,600

5.0000%, 4/1/53

641,965

638,575

5.0000%, 4/1/53

512,573

509,866

5.0000%, 4/1/53

2,660,938

2,646,885

5.0000%, 4/1/53

2,269,387

2,257,402

5.5000%, 4/1/53

2,796,700

2,824,454

5.5000%, 4/1/53

3,595,761

3,631,446

6.0000%, 4/1/53

2,039,780

2,082,296

6.0000%, 4/1/53

2,468,810

2,520,269

6.0000%, 4/1/53

2,084,842

2,128,297

5.0000%, 5/1/53

1,561,250

1,551,219

5.0000%, 5/1/53

2,501,385

2,488,175

5.5000%, 5/1/53

4,389,462

4,433,023

5.5000%, 5/1/53

2,474,005

2,498,557

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

(unaudited)

April

30,

2023

12

April

30,

2023

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)

6.0000%, 5/1/53

$

4,404,745

$

4,487,007

6.5000%, 5/1/53

2,028,194

2,091,980

6.5000%, 5/1/53

3,144,696

3,260,007

6.5000%, 5/1/53

4,134,876

4,269,548

FNMA,

Other

3.0000%, 4/1/38

161,617

149,229

3.0000%, 9/1/42

255,994

236,477

3.0000%, 10/1/42

195,139

180,261

3.0000%, 1/1/43

329,690

304,554

3.0000%, 3/1/43

424,552

392,011

3.0000%, 5/1/43

98,165

90,641

3.0000%, 6/1/46

372,570

342,407

3.0000%, 11/1/46

77,646

71,192

3.0000%, 2/1/57

1,679,096

1,527,498

FNMA,

REMIC

3.0000%, 7/25/28

496,166

479,348

ICE

LIBOR

USD

1

Month

+

0.4000%,

5.4204%, 4/25/32

‡

29,178

29,014

ICE

LIBOR

USD

1

Month

+

0.5500%,

5.5704%, 4/25/32

‡

18,060

18,058

ICE

LIBOR

USD

1

Month

+

0.5000%,

5.5204%, 9/25/33

‡

27,081

27,089

ICE

LIBOR

USD

1

Month

+

0.3000%,

5.3204%, 10/25/35

‡

23,587

23,375

ICE

LIBOR

USD

1

Month

+

0.3500%,

5.3704%, 4/25/36

‡

80,257

79,580

ICE

LIBOR

USD

1

Month

+

0.5200%,

5.5404%, 9/25/37

‡

24,397

24,309

ICE

LIBOR

USD

1

Month

+

0.4000%,

5.4204%, 9/25/40

‡

13,657

13,641

ICE

LIBOR

USD

1

Month

+

55.0000%,

1.6767%, 10/25/40

‡

41,248

71,708

ICE

LIBOR

USD

1

Month

+

0.4300%,

5.4504%, 11/25/40

‡

15,549

15,416

ICE

LIBOR

USD

1

Month

+

0.4000%,

5.4204%, 9/25/42

‡

10,257

10,049

ICE

LIBOR

USD

1

Month

+

0.3500%,

5.3704%, 10/25/42

‡

134,842

133,019

ICE

LIBOR

USD

1

Month

+

4.0000%,

0.0000%, 11/25/42

‡

473,554

286,247

ICE

LIBOR

USD

1

Month

+

0.5000%,

5.5204%, 2/25/43

‡

40,491

40,235

3.5000%, 1/25/61

(a)

23,581,870

4,392,194

FNMA/FHLMC

UMBS,

15

Year,

Single

Family

3.0000%,

TBA, 15

Year

Maturity

(b)

11,027,503

10,490,684

3.5000%,

TBA, 15

Year

Maturity

(b)

39,895,329

38,626,378

4.0000%,

TBA, 15

Year

Maturity

(b)

36,067,500

35,425,210

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

2.5000%,

TBA, 30

Year

Maturity

(b)

435,637,700

376,825,304

3.0000%,

TBA, 30

Year

Maturity

(b)

66,838,098

60,027,229

FREMF

Mortgage

Trust

,

ICE

LIBOR

USD

1

Month

+

6.0000%

,

10.8577

%

,

9/25/29

(144A)

‡

1,061,276

1,034,097

GNMA

ICE

LIBOR

USD

1

Month

+

0.4000%,

5.3477%, 8/16/29

‡

15,907

15,989

ICE

LIBOR

USD

1

Month

+

0.4000%,

5.3527%, 7/20/34

‡

40,614

40,300

ICE

LIBOR

USD

1

Month

+

0.3000%,

5.2477%, 8/16/34

‡

30,926

30,599

ICE

LIBOR

USD

1

Month

+

0.2000%,

5.1527%, 6/20/35

‡

23,744

23,370

ICE

LIBOR

USD

1

Month

+

0.1500%,

5.1027%, 8/20/35

‡

29,351

28,859

ICE

LIBOR

USD

1

Month

+

0.3000%,

5.2527%, 4/20/37

‡

9,989

9,866

ICE

LIBOR

USD

1

Month

+

0.3100%,

5.2627%, 6/20/37

‡

27,405

27,103

ICE

LIBOR

USD

1

Month

+

0.3200%,

5.2727%, 7/20/37

‡

43,865

43,244

ICE

LIBOR

USD

1

Month

+

0.5000%,

5.4527%, 10/20/37

‡

33,685

33,019

ICE

LIBOR

USD

1

Month

+

0.5000%,

5.4527%, 10/20/37

‡

14,061

13,956

ICE

LIBOR

USD

1

Month

+

0.5000%,

5.4527%, 2/20/38

‡

55,896

55,690

ICE

LIBOR

USD

1

Month

+

0.5000%,

5.4527%, 2/20/38

‡

27,590

27,492

ICE

LIBOR

USD

1

Month

+

0.6000%,

5.5477%, 1/16/40

‡

9,129

9,127

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

(unaudited)

April

30,

2023

Janus

Detroit

Street

Trust

13

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Mortgage-Backed

Securities

-

(continued)

GNMA

-

(continued)

ICE

LIBOR

USD

1

Month

+

0.3500%,

5.3027%, 6/20/40

‡

$

613

$

610

ICE

LIBOR

USD

1

Month

+

0.4300%,

5.3777%, 10/16/40

‡

41,525

41,253

0.0000%, 5/16/41

¤

4,383,596

3,395,678

ICE

LIBOR

USD

1

Month

+

0.3000%,

5.2527%, 7/20/41

‡

19,411

19,274

GNMA

II,

30

Year

4.5000%, 2/20/48

1,263,004

1,254,913

4.0000%, 5/20/48

284,575

277,144

4.0000%, 6/20/48

959,440

934,085

4.5000%, 7/20/48

135,954

134,020

4.5000%, 11/20/48

171,415

170,324

5.0000%, 1/20/49

10,120

10,166

GNMA

II,

30

Year,

Single

Family

2.5000%,

TBA, 30

Year

Maturity

(b)

21,077,414

18,648,558

3.0000%,

TBA, 30

Year

Maturity

(b)

54,920,876

50,158,083

3.5000%,

TBA, 30

Year

Maturity

(b)

28,311,337

26,576,786

4.0000%,

TBA, 30

Year

Maturity

(b)

61,517,249

59,150,557

4.5000%,

TBA, 30

Year

Maturity

(b)

62,000,000

60,823,860

5.0000%,

TBA, 30

Year

Maturity

(b)

6,900,000

6,868,598

GNMA

II,

Other

4.0000%, 2/20/49

178,689

171,865

4.0000%, 4/20/49

156,467

150,492

JPMorgan

Chase

Bank

NA

ICE

LIBOR

USD

1

Month

+

2.2500%,

7.2704%, 10/25/57

(144A)

‡

10,034,253

9,752,717

ICE

LIBOR

USD

1

Month

+

2.5000%,

7.5204%, 10/25/57

(144A)

‡

2,737,343

2,649,812

JPMorgan

Mortgage

Trust

,

3.0000

%

,

6/25/45

(144A)

‡

599,454

533,599

PRPM

LLC

2.2370%, 10/25/51

(144A)

‡

2,000,000

1,576,738

2.4850%, 10/25/51

(144A)

‡

2,600,000

2,022,529

Sequoia

Mortgage

Trust

2.5000%, 5/25/43

(144A)

‡

825,726

709,604

4.0000%, 9/25/49

(144A)

‡

107,073

98,689

TPI

RE-REMIC

Trust

0.0000%, 7/25/46

(144A)

¤

5,274,000

5,189,768

0.0000%, 8/25/46

(144A)

¤

3,230,000

3,159,952

Total

Mortgage-Backed

Securities

(cost

$1,821,545,965)

1,810,357,942

Investment

Companies

-

5.2%

Money

Market

Funds

-

5.2%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

4.8708%

£,∞

(cost

$60,875,229)

60,864,154

60,876,327

Total

Investments

(total

cost

$1,962,594,075

)

-

167.0%

1,950,780,573

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(67.0%)

(782,320,488)

Net

Assets

-

100.0%

$1,168,460,085

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

1,950,780,573

100.0

%

$

–

–

%

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

(unaudited)

April

30,

2023

14

April

30,

2023

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

-

(41.4)%

Mortgage-Backed

Securities

-

(41.4)%

FNMA/FHLMC

UMBS,

30

Year,

Single

Family,

3.5000%,

TBA,

30

Year

Maturity

(b)

$

(72,042,055)

$

(66,947,385)

FNMA/FHLMC

UMBS,

30

Year,

Single

Family,

4.0000%,

TBA,

30

Year

Maturity

(b)

(23,803,329)

(22,743,867)

FNMA/FHLMC

UMBS,

30

Year,

Single

Family,

4.5000%,

TBA,

30

Year

Maturity

(b)

(59,032,382)

(57,691,580)

FNMA/FHLMC

UMBS,

30

Year,

Single

Family,

5.0000%,

TBA,

30

Year

Maturity

(b)

(177,136,913)

(176,073,029)

FNMA/FHLMC

UMBS,

30

Year,

Single

Family,

5.5000%,

TBA,

30

Year

Maturity

(b)

(158,300,412)

(159,609,556)

Total

Securities

Sold

Short

(proceeds

$483,476,354)

$

(483,065,417)

Summary

of

Investments

by

Country

-

(Short

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

(483,065,417)

100.0%

$–

–

%

Schedule

of

Affiliated

Investments

-

(%

of

Net

Assets)

Dividend

Income

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciatio

n/

(Depreciation)

Value

at

4/30/23

Investment

Company

-

5.2%

Money

Market

Funds

-

5.2%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

4.8708%

∞

$

857,779

$

(69)

$

1,042

$

60,876,327

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

N/A

Investment

Companies

-

N/A

Janus

Henderson

Cash

Collateral

Fund

LLC,

4.7254%

∞

59

Δ

–

–

–

Total

Affiliated

Investments

-

5.2%

$

857,838

$

(69)

$

1,042

$

60,876,327

Market

Value

at

10/31/22

Purchases

Sales

Market

Value

at

4/30/23

Investment

Company

-

5.2%

Money

Market

Funds

-

5.2%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

4.8708%

∞

$

7,789,100

$

672,682,430

$

(619,596,176)

$

60,876,327

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

N/A

Investment

Companies

-

N/A

Janus

Henderson

Cash

Collateral

Fund

LLC,

4.7254%

∞

–

72,508

(72,508)

–

Total

Affiliated

Investments

-

5.2%

$

7,789,100

$

672,754,938

$

(619,668,684)

$

60,876,327

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

(unaudited)

April

30,

2023

Janus

Detroit

Street

Trust

15

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

April

30,

2023.

The

following

tables

provide

information

about

the

effect

of

derivatives

and

hedging

activities

on

the

Fund’s

Statement

of

Operations

for

the period

ended

April

30,

2023.

Schedule

of

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

and

Unrealized

Appreciation

(Depreciation)

Futures

Short:

U.S.

Treasury

10

Year

Notes

32

6/21/23

$

(3,686,500)

$

10,574

U.S.

Treasury

10

Year

Ultra

Bonds

86

6/21/23

(10,444,969)

(82,471)

U.S.

Treasury

5

Year

Notes

212

6/30/23

(23,265,344)

36,741

Total

$(35,156)

Schedule

of

Centrally

Cleared

Credit

Default

Swaps

-

Buy

Protection

Referenced

Asset

Maturity

Date

Notional

Amount

Premiums

Paid/

(Received)

Unrealized

Appreciation

(Depreciation)

Value

CDX.NA.IG.40-V1,

Fixed

Rate

of

1.00%

Paid

Quarterly

6/20/28

$

36,450,000

$

335,137

$

(116,061)

$

(451,199)

Fair

Value

of

Derivative

Instruments

(not

accounted

for

as

hedging

instruments)

as

of

April

30,

2023

Credit

Contracts

Interest

Rate

Contracts

Total

Asset

Derivatives:

*Futures

contracts

$—

$47,315

$47,315

Liability

Derivatives:

*Swaps

-

centrally

cleared

116,061

—

116,061

*Futures

contracts

—

82,471

82,471

Total

Liability

Derivatives

$116,061

$82,471

$198,532

*

The

fair

value

presented

includes

net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts

and

centrally

cleared

swaps.

In

the

Statement

of

Assets

and

Liabilities,

only

current

day's

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

total

distributable

earnings

(loss).

The

Effect

of

Derivative

Instruments

(not

accounted

for

as

hedging

instruments)

on

the

Statement

of

Operations

for

the

Period

Ended

April

30,

2023

Amount

of

Realized

Gain/(Loss)

Recognized

on

Derivatives

Derivative

Credit

Contracts

Interest

Rate

Contracts

Total

Futures

contracts

$—

$173,908

$173,908

Swap

contracts

(1,036,914)

—

(1,036,914)

Total

$(1,036,914)

$173,908

$(863,006)

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

(unaudited)

April

30,

2023

16

April

30,

2023

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.

Amount

of

Change

in

Unrealized

Appreciation/(Depreciation)

Recognized

on

Derivatives

Derivative

Credit

Contracts

Interest

Rate

Contracts

Total

Futures

contracts

$—

$720,210

$720,210

Swap

contracts

474,135

—

474,135

Total

$474,135

$720,210

$1,194,345

Average

Ending

Monthly

Value

of

Derivative

Instruments

During

the

Period

Ended

April

30,

2023

Futures

contracts:

Average

notional

amount

of

contracts

-

long

$63,431,123

Average

notional

amount

of

contracts

-

short

104,834,271

Credit

default

swaps:

Average

notional

amount

-

buy

protection

49,558,333

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

April

30,

2023

Janus

Detroit

Street

Trust

17

Bloomberg

U.S.

MBS

Index

Bloomberg

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

SOFR30A

Secured

Overnight

Financing

Rate

30

Day

Average

TBA

(To

Be

Announced)

Secu

rities

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

April

30,

2023.

£

The

Fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

Investment

Company

Act

of

1940,

as

amended,

an

affiliated

company

is

one

in

which

the

Fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

which

is

under

common

ownership

or

control.

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

April

30,

2023.

¤

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

period

ended

April

30,

2023

is

$180,089,706

which

represents

15.4%

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

(unaudited)

April

30,

2023

18

April

30,

2023

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

April

30,

2023

.

See

Notes

to

Financial

Statements

for

more

information.

Valuation

Inputs

Summary

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Assets

Investments

in

Securities:

Asset-Backed

Securities

$

—

$

79,546,304

$

—

Mortgage-Backed

Securities

—

1,810,357,942

—

Investment

Companies

—

60,876,327

—

Other

Financial

Instruments

(a)

:

Futures

Contracts

$

47,315

$

—

$

—

Total

Assets

$

47,315

$

1,950,780,573

$

—

Liabilities

TBA

sales

commitments:

Mortgage-Backed

Securities

$

—

$

483,065,417

$

—

Other

Financial

Instruments

(a)

:

Centrally

Cleared

Swaps

$

—

$

116,061

$

—

Futures

Contracts

82,471

—

—

Total

Liabilities

$

82,471

$

483,181,478

$

—

(a)

Other

financial

instruments

include

futures

and

swap

contracts.

Futures

contracts

and

swap

contracts

are

reported

at

their

unrealized

appreciation/

(depreciation)

at

measurement

date,

which

represents

the

change

in

the

contract’s

value

from

trade

date.

Janus

Henderson

Mortgage-Backed

Securities

ETF

Statement

of

Assets

and

Liabilities

(unaudited)

April

30,

2023

Janus

Detroit

Street

Trust

19

See

Notes

to

Financial

Statements.

Assets:

Unaffiliated

investments,

at

value

(cost

$1,901,718,846)

$

1,889,904,246

Affiliated

investments,

at

value

(cost

$60,875,229)

60,876,327

Due

from

broker

for

centrally

cleared

swaps

568,722

Due

from

broker

for

futures

560,000

Receivable

for

variation

margin

on

swaps

14,656

Receivable

for

variation

margin

on

futures

contracts

78,989

Receivables:

Investments

sold

10,950,648

TBA

investments

sold

514,857,760

Fund

units

sold

4,637,069

Dividends

333,674

Interest

3,710,498

Total

Assets

2,486,492,589

Liabilities:

TBA

sales

commitments,

at

value

(proceeds

$483,476,354)

483,065,417

Payables:

Due

to

custodian

145,345

Investments

purchased

58,961,801

TBA

investments

purchased

775,609,619

Management

fees

250,322

Total

Liabilities

1,318,032,504

Net

Assets

$

1,168,460,085

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

1,271,026,947

Total

distributable

earnings

(loss)

(

102,566,862

)

Total

Net

Assets

$

1,168,460,085

Net

Assets

$

1,168,460,085

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

25,075,000

Net

Asset

Value

Per

Share

$

46

.60

Janus

Henderson

Mortgage-Backed

Securities

ETF

Statement

of

Operations

(unaudited)

For

the

period

ended

April

30,

2023

20

April

30,

2023

See

Notes

to

Financial

Statements.

Investment

Income:

Interest

$

20,856,583

Dividends

from

affiliates

857,779

Dividends

17,500

Affiliated

securities

lending

income,

net    

59

Unaffiliated

securities

lending

income,

net

3

Total

Investment

Income

21,731,924

Expenses:

Management

Fees

1,288,216

Total

Expenses

1,288,216

Net

Investment

Income/(Loss)

20,443,708

Net

Realized

Gain/(Loss)

on

Investments:

Investments

$

(

15,582,620

)

Investments

in

affiliates

(

69

)

TBA

sales

commitments

13,395,713

Futures

contracts

173,908

Swap

contracts

(

1,036,914

)

Total

Net

Realized

Gain/(Loss)

on

Investments

$

(

3,049,982

)

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

56,687,669

Investments

in

affiliates

1,042

TBA

sales

commitments

(

11,838,491

)

Futures

contracts

720,210

Swap

contracts

474,135

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

46,044,565

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

63,438,291

Janus

Henderson

Mortgage-Backed

Securities

ETF

Statements

of

Changes

in

Net

Assets

Janus

Detroit

Street

Trust

21

See

Notes

to

Financial

Statements.

Period

Ended

April

30,

2023

(unaudited)

Year

Ended

October

31,

2022

Operations:

Net

investment

income/(loss)

$

20,443,708

$

15,508,940

Net

realized

gain/(loss)

on

investments

(3,049,982)

(91,090,098)

Change

in

unrealized

net

appreciation/depreciation

46,044,565

(59,350,277)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

63,438,291

(134,931,435)

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(18,288,165)

(14,943,831)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(18,288,165)

(14,943,831)

Capital

Share

Transactions

346,706,958

78,104,500

Net

Increase/(Decrease)

in

Net

Assets

391,857,084

(71,770,766)

Net

Assets:

—

—

Beginning

of

Period  

776,603,001

848,373,767

End

of

Period

$

1,168,460,085

$

776,603,001

Janus

Henderson

Mortgage-Backed

Securities

ETF

Financial

Highlights

22

April

30,

2023

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

the

period

ended

April

30,

2023

(unaudited)

and

each

year

or

period

ended

October

31

2023

2022

2021

2020

2019

2018

(1)

Net

Asset

Value,

Beginning

of

Period

$44.25

$52.94

$53.58

$52.62

$49.53

$50.00

Income/(Loss)

from

Investment

Operations:

—

—

—

—

—

—

Net

investment

income/(loss)

(2)

0.99

0.92

0.66

1.22

1.56

0.17

Net

realized

and

unrealized

gain/(loss)

2.27

(8.73)

(0.19)

1.51

3.03

(0.64)

Total

from

Investment

Operations

3.26

(7.81)

0.47

2.73

4.59

(0.47)

Less

Dividends

and

Distributions:

—

—

—

—

—

—

Dividends

(from

net

investment

income)

(0.91)

(0.88)

(1.00)

(1.77)

(1.50)

—

Distributions

(from

capital

gains)

—

—

(0.11)

—

—

—

Total

Dividends

and

Distributions

(0.91)

(0.88)

(1.11)

(1.77)

(1.50)

—

Net

Asset

Value,

End

of

Period

$46.60

$44.25

$52.94

$53.58

$52.62

$49.53

Total

Return

*

7.42%

(14.89)%

0.88%

5.30%

(3)

9.40%

(3)

(0.94)%

Net

assets,

End

of

Period

(in

thousands)

$1,168,460

$776,603

$848,374

$578,645

$168,381

$32,193

Average

Net

Assets

for

the

Period

(in

thousands)

$949,490

$835,074

$712,596

$369,845

$78,797

$30,452

Ratios

to

Average

Net

Assets

**

Ratio

of

Gross

Expenses

0.27%

0.28%

0.28%

0.32%

0.35%

0.35%

Ratio

of

Net

Investment

Income/(Loss)

4.34%

1.86%

1.24%

2.31%

3.05%

2.67%

Portfolio

Turnover

Rate

(4)(5)

30%

143%

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

(unaudited)

Janus

Detroit

Street

Trust

23

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 twelve

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.

Janus

Henderson

Investors

US

LLC

is

the

investment

adviser

(the

“Adviser”)

to

the

Fund.

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.

(the

"Exchange"),

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

ALPS

Distributors,

Inc.

(the

"Distributor"),

the

Adviser

or

an

affiliate

of

the

Adviser

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 

Fund holdings

are

valued

in

accordance

with

policies

and

procedures

established

by

the

Adviser

pursuant

to

Rule

2a-5

under

the

1940

Act

and

approved

by

and

subject

to

the

oversight

of

the

Trustees

(the

“Valuation

Procedures”).

Equity

securities,

including

shares

of

exchange-traded

funds,

traded

on

a

domestic

securities

exchange

are

generally

valued

at

readily

available

market

quotations,

which

are

(i)

the

official

close

prices

or

(ii)

last

sale

prices

on

the

primary

market

or

exchange

in

which

the

securities

trade.

If

such

price

is

lacking

for

the

trading

period

immediately

preceding

the

time

of

determination,

such

securities

are

generally

valued

at

their

current

bid

price.

Equity

securities

that

are

traded

on

a

foreign

exchange

are

generally

valued

at

the

closing

prices

on

such

markets.

In

the

event

that

there

is

no

current

trading

volume

on

a

particular

security

in

such

foreign

exchange,

the

bid

price

from

the

primary

exchange

is

generally

used

to

value

the

security.

Foreign

securities

and

currencies

are

converted

to

U.S.

dollars

using

the

current

spot

USD

dollar

exchange

rate

in

effect

at

the

close

of

the

London

Stock

Exchange.

The Fund will

determine

the

market

value

of

individual

securities

held

by

it

by

using

prices

provided

by

one

or

more

approved

professional

pricing

services

or,

as

needed,

by

obtaining

market

quotations

from

independent

broker-dealers.

Most

debt

securities

are

valued

in

accordance

with

the

evaluated

bid

price

supplied

by

the

Adviser-approved

pricing

service

that

is

intended

to

reflect

market

value.

The

evaluated

bid

price

supplied

by

the

pricing

service

is

an

evaluation

that

may

consider

factors

such

as

security

prices,

yields,

maturities

and

ratings.

Certain

short-term

securities

maturing

within

60

days

or

less

may

be

evaluated

and

valued

on

an

amortized

cost

basis

provided

that

the

amortized

cost

determined

approximates

market

value.

Securities

for

which

market

quotations

or

evaluated

prices

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

determined

in

good

faith

by

the

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

(unaudited)

24

April

30,

2023

Adviser

pursuant

to

the

Valuation

Procedures.

Shares

of

an

investment

company

that

are

not

traded

on

an

exchange,

including

money

market

funds,

are

valued

at

that

company's

net

asset

value

per

share.

Circumstances

in

which

fair

valuation

may

be

utilized

include,

but

are

not

limited

to:

(i)

a

significant

event

that

may

affect

the

securities

of

a

single

issuer,

such

as

a

merger,

bankruptcy,

or

significant

issuer-specific

development;

(ii)

an

event

that

may

affect

an

entire

market,

such

as

a

natural

disaster

or

significant

governmental

action;

(iii)

a

nonsignificant

event

such

as

a

market

closing

early

or

not

opening,

or

a

security

trading

halt;

and

(iv)

pricing

of

a

non-valued

security

and

a

restricted

or

nonpublic

security.

Special

valuation

considerations

may

apply

with

respect

to

“odd-lot”

fixed-income

transactions

which,

due

to

their

small

size,

may

receive

evaluated

prices

by

pricing

services

which

reflect

a

large

block

trade

and

not

what

actually

could

be

obtained

for

the

odd-lot

position.

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

April

30,

2023 to

fair

value

the

Fund’s

investments

in

securities

and

other

financial

instruments

is

included

in

the

“Valuation

Inputs

Summary”

in

the

Notes

to

Schedule

of

Investments

and

Other

Information.

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

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

25

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

April

30,

2023 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 the

Adviser 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

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

(unaudited)

26

April

30,

2023

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

the

Adviser'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

are

valued

at

the

settlement

price

on

valuation

date

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

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

27

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.

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. 

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. 

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. 

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

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

(unaudited)

28

April

30,

2023

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

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

period,

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 

Market Risk 

The

value

of

the

Fund's

portfolio

may

decrease

if

the

value

of

one

or

more

issuers

in

the

Fund's

portfolio

decreases.

Further,

regardless

of

how

well

individual

companies

or

securities

perform,

the

value

of

the

Fund's

portfolio

could

also

decrease

if

there

are

deteriorating

economic

or

market

conditions,

including,

but

not

limited

to,

a

general

decline

in

prices

on

the

stock

markets,

a

general

decline

in

real

estate

markets,

a

decline

in

commodities

prices,

or

if

the

market

favors

different

types

of

securities

than

the

types

of

securities

in

which

the

Fund

invests.

If

the

value

of

the

Fund's

portfolio

decreases,

the

Fund's

NAV

will

also

decrease,

which

means

if

you

sell

your

shares

in

the

Fund

you

may

lose

money.

Market

risk

may

affect

a

single

issuer,

industry,

economic

sector,

or

the

market

as

a

whole.

The

increasing

interconnectivity

between

global

economies

and

financial

markets

increases

the

likelihood

that

events

or

conditions

in

one

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

Social,

political,

economic

and

other

conditions

and

events,

such

as

natural

disasters,

health

emergencies

(e.g.,

epidemics

and

pandemics),

terrorism,

conflicts,

including

related

sanctions,

and

social

unrest,

could

reduce

consumer

demand

or

economic

output,

result

in

market

closures,

travel

restrictions

and/or

quarantines,

and

generally

have

a

significant

impact

on

the

global

economies

and

financial

markets.

COVID-19

Pandemic.

The

effects

of

COVID-19

have

contributed

to

increased

volatility

in

global

financial

markets

and

have

affected

and

may

continue

to

affect

certain

countries,

regions,

issuers,

industries

and

market

sectors

more

dramatically

than

others.

These

conditions

and

events

could

have

a

significant

impact

on

the

Fund

and

its

investments,

the

Fund's

ability

to

meet

redemption

requests,

and

the

processes

and

operations

of

the

Fund's

service

providers,

including

the

Adviser.

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

29

Russia/Ukraine

Invasion.

Russia

launched

a

large-scale

invasion

of

Ukraine

on

February

24,

2022.

The

extent

and

duration

of

the

military

action,

resulting

sanctions

and

resulting

future

market

disruptions

in

the

region

are

impossible

to

predict,

but

could

be

significant

and

have

a

severe

adverse

effect

on

the

region,

including

significant

negative

impacts

on

the

economy

and

the

markets

for

certain

securities

and

commodities,

such

as

oil

and

natural

gas,

as

well

as

other

sectors. 

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

the

Fund's

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

delivery

of

a

specific

security,

the

characteristics

of

the

security

delivered

to

the

Fund

may

be

less

favorable

than

expected.

If

the

counterparty

to

a

transaction

fails

to

deliver

the

security,

the

Fund

could

suffer

a

loss.

To

facilitate

TBA

commitments,

the

Fund

will

segregate

or

otherwise

earmark

liquid

assets

marked

to

market

daily

in

an

amount

at

least

equal

to

such

TBA

commitments.

Proposed

rules

of

the

Financial

Industry

Regulatory

Authority

(“FINRA”)

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.

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

(unaudited)

30

April

30,

2023

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

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. 

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

the

Adviser believes

to

be

creditworthy

at

the

time

of

the

transaction.

There

is

always

the

risk

that

the

Adviser'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. 

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,

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. 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, the

Adviser 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

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

31

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, the

Adviser 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.

The

Adviser

currently

intends

to

invest

the

cash

collateral

in

a

cash

management

vehicle

for

which the

Adviser 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, the

Adviser 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, the

Adviser 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 the

Adviser 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

the

Adviser

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.

There

were

no

securities

on

loan

as

of

April

30,

2023.

4.

Investment

Advisory

Agreements

and

Other

Transactions

with

Affiliates 

Under

its

unitary

fee

structure,

the

Fund

pays

the

Adviser 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. The

Adviser'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

April

30,

2023,

the

Fund’s

actual

management

fee

rate

(expressed

as

an

annual

rate)

was

0.27% of

the

Fund’s

average

daily

net

assets.

Additionally, the

Adviser has

contractually

agreed

to

waive

and/or

reimburse

the

management

fee

to

the

extent

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

0.28%

of

the

Fund’s

average

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

(unaudited)

32

April

30,

2023

daily

net

assets. The

Adviser has

agreed

to

continue

the

waiver

for

at

least

the

period

from

February

28,

2023

through

February

29,

2024.

If

applicable,

amounts

waived

and/or

reimbursed

to

the

Fund

by the

Adviser are

disclosed

as

“Excess

Expense

Reimbursement

and

Waivers”

on

the

Statement

of

Operations. 

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

the

Adviser,

on

behalf

of

the

Fund.

As

compensation

for

such

services, the

Adviser pays

JP

Morgan

a

fee

based

on

a

percentage

of

the

Fund’s

assets,

with

a

minimum

flat

fee,

for

certain

services. The

Adviser serves

as

administrator

to

the

Fund,

providing

oversight

and

coordination

of

the

Fund’s

service

providers,

recordkeeping

and

other

administrative

services. The

Adviser

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

the

Adviser 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

t

he

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. 

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”).

The

Adviser

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 period

ended

April

30,

2023 can

be

found

in

a

table

located

in

the

Schedule

of

Investments.

5.

Federal

Income

Tax

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.

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

33

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,

2022,

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 April

30,

2023 are

noted

below.

The

primary

differences

between

book

and

tax

appreciation

or

depreciation

of

investments are

wash

sale

loss

deferrals

and

amortization

on

bonds.

6.

Capital

Share

Transactions 

7.

Purchases

and

Sales

of

Investment

Securities 

For

the

period ended

April

30,

2023,

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.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to April

30,

2023

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. 

Capital

Loss

Carryover

Schedule

For

the

year

ended

October

31,

2022

No

Expiration

Short-Term

Long-Term

Accumulated

Capital

Losses

$(82,296,117)

$(11,459,963)

$(93,756,080)

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$1,962,594,075

$9,282,447

$(21,095,949)

$(11,813,502)

Period

Ended

April

30,

2023

Year

Ended

October

31,

2022

Shares

Amount

Shares

Amount

Shares

sold

8,100,000

$

373,019,311

7,625,000

$

377,266,247

Shares

repurchased

(575,000)

(26,312,353

)

(6,100,000)

(299,161,747

)

Net

Increase/(Decrease)

7,525,000

$

346,706,958

1,525,000

$

78,104,500

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

$626,909,068

$282,732,812

$—

$—

Janus

Henderson

Mortgage-Backed

Securities

ETF

Additional

Information

(unaudited)

34

April

30,

2023

Proxy

Voting

Policies

and

Voting

Record

Information

regarding

how

the

Fund

voted

proxies

related

to

portfolio

securities

during

the

most

recent

12-month

period

ended

June

30

and

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

1-800-525-1093

(toll

free);

(ii)

on

the

Fund’s

website

at

janushenderson.com/proxyvoting;

and

(iii)

on

the

SEC’s

website

at

http://www.sec.gov.

Portfolio

Holdings

The

Fund

files

its

complete

portfolio

holdings

(schedule

of

investments)

with

the

SEC

as

an

exhibit

to

Form

N-PORT

within

60

days

of

the

end

of

the

first

and

third

fiscal

quarters,

and

in

the

annual

report

and

semiannual

report

to

shareholders.

The

Fund’s

Form

N-PORT

filings

and

annual

and

semiannual

reports:

(i)

are

available

on

the

SEC’s

website

at

http://www.sec.gov;

and

(ii)

are

available

without

charge,

upon

request,

by

calling

a

Janus

Henderson

representative

at

1-800-668-0434

(toll

free).

Janus

Henderson

Mortgage-Backed

Securities

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

Janus

Detroit

Street

Trust

35

The

Board

of

Trustees

(the

“Board”)

of

Janus

Detroit

Street

Trust

(the

“Trust”),

including

a

majority

of

the

Trustees

who

are

not

“interested

persons”

as

that

term

is

defined

in

the

Investment

Company

Act

of

1940,

as

amended

(the

“Independent

Trustees”),

met

on

April

19-20,

2023

to

consider

the

proposed

renewal

of

the

investment

management

agreement

between

Janus

Henderson

Investors

US

LLC

(the

“Adviser”)

and

the

Trust

(the

“Investment

Management

Agreement”),

on

behalf

of

Janus

Henderson

AAA

CLO

ETF

(“JAAA”),

Janus

Henderson

B-BBB

CLO

ETF

(“JBBB”),

Janus

Henderson

International

Sustainable

Equity

ETF

(“SXUS”),

Janus

Henderson

Mortgage-Backed

Securities

ETF

(“JMBS”),

Janus

Henderson

Net

Zero

Transition

Resources

ETF

(“JZRO”),

Janus

Henderson

Short

Duration

Income

ETF

(“VNLA”),

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

(“JSML”),

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

(“JSMD”),

Janus

Henderson

Sustainable

Corporate

Bond

ETF

(“SCRD”),

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

(“JIB”),

Janus

Henderson

U.S.

Real

Estate

ETF

(“JRE”)

and

Janus

Henderson

U.S.

Sustainable

Equity

ETF

(“SSPX”)

(collectively,

the

“Funds”).

In

the

course

of

their

consideration

of

the

renewal

of

the

Investment

Management

Agreement,

the

Independent

Trustees

met

in

executive

session

and

were

advised

by

their

independent

counsel.

In

this

regard,

the

Independent

Trustees

evaluated

the

terms

of

the

Investment

Management

Agreement

and

reviewed

the

duties

and

responsibilities

of

trustees

in

evaluating

and

approving

such

agreements.

In

considering

renewal

of

the

Investment

Management

Agreement,

the

Board

and

the

Independent

Trustees,

as

applicable,

reviewed

the

materials

provided

to

them

relating

to

the

consideration

of

the

renewal

of

the

Investment

Management

Agreement

for

the

Funds

and

other

information

provided

by

counsel

and

the

Adviser,

including:

(i)

information

regarding

the

nature,

quality

and

extent

of

the

services

provided

to

the

Funds

by

the

Adviser,

and

the

fees

charged

to

each

Fund

therefor;

(ii)

information

concerning

the

Adviser’s

financial

condition,

business,

operations,

portfolio

management

personnel,

compliance

programs,

and

profitability

with

respect

to

the

Trust

and

each

Fund;

(iii)

comparative

information

describing

each

Fund’s

advisory

fee

structures,

operating

expenses,

and

performance

information

as

compared

to

peer

fund

groups

compiled

by

an

independent

third

party;

(iv)

a

copy

of

the

Adviser’s

current

Form

ADV;

and

(v)

a

memorandum

from

counsel

to

the

Independent

Trustees

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

throughout

the

year.

The

Trustees

also

considered

information

received

and

reviewed

in

connection

with

a

meeting

held

on

March

13,

2023

via

videoconference

to

discuss

certain

information

provided

by

the

Adviser

related

to

the

Trustees’

consideration

of

the

renewal

of

the

Investment

Management

Agreement.

During

its

review

of

this

information,

the

Board

focused

on

and

analyzed

the

factors

that

it

deemed

relevant,

including,

among

other

factors:

(i)

the

nature,

extent

and

quality

of

the

services

provided

to

the

Funds

by

the

Adviser;

(ii)

the

Adviser’s

personnel

and

operations;

(iii)

each

Fund’s

expense

level;

(iv)

the

profitability

to

the

Adviser

under

the

Investment

Management

Agreement

with

respect

to

each

Fund;

(v)

any

“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);

(vi)

the

effect

of

asset

growth

on

each

Fund’s

expenses;

and

(vii)

potential

conflicts

of

interest.

The

Trustees

also

considered

benefits

that

accrue

to

the

Adviser

and

its

affiliates

from

their

relationships

with

the

Trust

and

each

Fund.

The

Trustees

also

considered

that,

other

than

the

services

provided

by

the

Adviser

and

its

affiliates

pursuant

to

agreements

with

the

Funds

and

the

fees

paid

by

the

Funds

therefor,

the

Funds

and

the

Adviser

may

potentially

benefit

from

their

relationship

with

each

other

in

other

ways.

The

Trustees

considered

that

the

success

of

the

Funds

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

Funds.

The

Board,

including

the

Independent

Trustees,

considered

the

following

in

respect

of

the

Funds:

(a)

The

nature,

extent

and

quality

of

services

provided

by

the

Adviser;

personnel

and

operations

of

the

Adviser.

Janus

Henderson

Mortgage-Backed

Securities

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

36

April

30,

2023

The

Board

reviewed

the

services

that

the

Adviser

provides

to

the

Funds.

In

connection

with

the

investment

advisory

services

provided

by

the

Adviser,

the

Board

noted

the

responsibilities

that

the

Adviser

has

as

the

Funds’

investment

adviser,

including:

the

overall

supervisory

responsibility

for

the

general

management

and

investment

of

each

Fund’s

securities

portfolio;

providing

oversight

of

the

investment

performance

and

processes

and

compliance

with

each

Fund’s

investment

objectives,

policies

and

limitations;

the

implementation

of

the

investment

management

program

of

each

Fund;

the

management

of

the

day-to-day

investment

and

reinvestment

of

the

assets

of

each

Fund;

determining

daily

baskets

of

securities

and

cash

components

in

connection

with

creation

and

redemption

transactions

in

each

Fund’s

shares;

executing

portfolio

security

trades

for

purchases

and

redemptions

of

each

Fund’s

shares

conducted

on

a

cash-

in-lieu

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

Funds.

The

Board

reviewed

the

Adviser’s

experience,

resources

and

strengths

in

managing

the

Funds

and

other

pooled

investment

vehicles,

including

an

assessment

of

the

Adviser’s

personnel.

Based

on

its

consideration

and

review

of

the

foregoing

information,

the

Board

determined

that

each

Fund

was

likely

to

continue

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

rendered

and

fees

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

Funds;

“fall-out”

benefits.

The

Board

then

compared

both

the

services

rendered

and

the

fees

paid

under

other

contracts

of

the

Adviser

and

under

contracts

of

other

investment

advisers

with

respect

to

similar

ETFs.

In

particular,

the

Board

reviewed

a

report

compiled

by

an

independent

third

party

to

compare

each

Fund’s

contractual

management

fee

and

total

expense

ratio

to

other

investment

companies

within

each

Fund’s

respective

peer

grouping,

as

determined

by

the

independent

third

party.

The

information

provided

by

the

comparative

report

showed

how

the

total

expense

ratio

and

contractual

management

fee

for

each

of

the

Funds

compared

within

its

respective

peer

group

for

the

one-year

period

ended

December

31,

2022.

The

reporting

is

described

in

detail

below:

The

total

expense

ratio

and

the

contractual

management

fee

for

JAAA

was

each

reported

in

the

1st

quintile

of

its

respective

peer

group

(with

1st

quintile

being

the

lowest

fees/expenses

and

5th

quintile

being

the

highest

fees/

expenses).

The

total

expense

ratio

and

the

contractual

management

fee

for

JBBB

was

each

reported

in

the

2nd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

SXUS

was

each

reported

in

the

4th

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JMBS

was

each

reported

in

the

1st

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JZRO

was

each

reported

in

the

2nd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

VNLA

was

each

reported

in

the

1st

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JSML

was

each

reported

in

the

3rd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JSMD

was

each

reported

in

the

3rd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

SCRD

was

reported

in

the

3rd

and

2nd

quintiles,

respectively.

The

total

expense

ratio

and

the

contractual

management

fee

for

JIB

as

each

reported

in

the

3rd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JRE

was

each

at

median

as

compared

to

expense

group

peers.

Janus

Henderson

Mortgage-Backed

Securities

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

Janus

Detroit

Street

Trust

37

The

total

expense

ratio

and

the

contractual

management

fee

for

SSPX

was

reported

in

the

4th

and

3rd

quintiles,

respectively.

The

Board

further

considered

that

the

Adviser

had

voluntarily

agreed

to

cap

the

expenses

of

JAAA,

JMBS

and

VNLA

to

the

extent

that

such

Funds’

total

expense

ratio

exceeded

0.22%,

0.28%

and

0.23%,

respectively,

for

the

period

February

28,

2023

through

February

29,

2024

in

the

case

of

JMBS

and

VNLA

and

for

the

period

of

January

20,

2023

through

February

29,

2024

in

the

case

of

JAAA.

The

Board

further

noted

the

Adviser’s

contractual

commitment

with

respect

to

the

Funds’

investments

in

affiliated

ETFs

to

waive

and/or

reimburse

a

portion

of

its

management

fee

in

an

amount

equal

to

a

portion

of

the

management

fee

it

earns

as

investment

adviser

to

affiliated

ETFs

in

which

a

Fund

invests

(if

any),

for

at

least

the

period

from

February 28,

2023

until

February 29,

2024.

The

Board

also

discussed

the

costs

incurred

by

the

Adviser

in

connection

with

its

serving

as

investment

adviser

to

the

Funds,

including

operational

costs.

After

comparing

each

Fund’s

fees

and

expenses

with

those

of

other

ETFs

in

the

Funds’

respective

peer

groups,

and

in

light

of

the

nature,

extent

and

quality

of

services

provided

by

the

Adviser

and

the

costs

incurred

by

the

Adviser

in

rendering

those

services,

as

well

as

the

profitability

of

the

Adviser

in

providing

these

services,

the

Board

concluded

that

the

level

of

fees

paid

to

the

Adviser

and

the

profitability

with

respect

to

each

Fund

was

fair

and

reasonable.

The

Board

also

considered

that

the

Adviser

may

experience

reputational

“fall-out”

benefits

based

on

the

success

of

the

Funds,

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.

In

its

review,

the

Board

considered

that

the

Funds

were

positioned

to

realize

potential

economies

of

scale

as

assets

grow

over

time,

given

the

inclusion

of

management

fee

breakpoints

for

each

Fund

in

the

current

investment

advisory

agreement

at

various

asset

levels.

(d)

Investment

performance

of

the

Fund

and

the

Adviser.

The

Board

next

discussed

the

annualized

returns

of

the

Funds

on

both

an

absolute

basis

and

relative

to

the

performance

of

funds

comprising

a

performance

universe

compiled

by

an

independent

third

party

for

each

Fund

for

the

three-month

period,

one-year

period,

two-year

period,

three-year

period,

four-year

period,

five-year

period,

and/or

since

inception

period

ended

December

31,

2022

(each

period

as

applicable).

The

Board

noted

the

following

for

each

Fund:

JAAA

was

reported

to

be

in

the

1st

and

3rd

quintiles

of

its

performance

universe

(with

the

1st

quintile

being

the

best

performer

and

the

5th

quintile

being

the

worst

performer)

for

its

one-

and

two-year

periods,

respectively;

JBBB

was

reported

to

be

in

the

1st

and

5th

quintiles

of

its

performance

universe

for

its

3-month

and

since

inception

periods,

respectively;

SXUS

was

reported

to

be

in

the

4th

quintile

of

its

performance

universe

for

each

of

its

three-month,

one-year,

and

since

inception

periods;

JMBS

was

reported

to

be

in

the

2nd,

2nd,

2nd

and

1st

quintiles

of

its

performance

universe

for

its

one-,

two-,

three-,

and

four-year

periods,

respectively;

JZRO

was

reported

to

be

in

the

2nd,

2nd,

and

1st

quintiles

of

its

performance

universe

for

its

three-month,

one-year,

and

since

inception

periods,

respectively;

Janus

Henderson

Mortgage-Backed

Securities

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

38

April

30,

2023

VNLA

was

reported

to

be

in

the

1st

quintile

of

its

performance

universe

for

each

of

its

one-,

two-,

three-,

four-,

and

five-year

periods;

JSML

was

reported

to

be

in

the

4th,

4th,

5th,

5th,

and

4th

quintiles

of

its

performance

universe

for

its

one-,

two-,

three-,

four-,

and

five-year

periods,

respectively;

JSMD

was

reported

to

be

in

the

2nd,

3rd,

3rd,

3rd

and

3rd

quintiles

of

its

performance

universe

for

its

one-,

two-,

three-,

four-,

and

five-year

periods,

respectively;

SCRD

was

reported

to

be

in

the

4th,

3rd,

and

2nd

quintiles

of

its

performance

universe

for

its

three-month,

one-year,

and

since

inception

periods,

respectively;

JIB

was

reported

to

be

in

the

5th,

4th,

and

4th

quintiles

of

its

performance

universe

for

its

three-month,

one-year,

and

since

inception

periods,

respectively;

JRE

was

reported

to

be

in

the

1st

quintile

of

its

performance

universe

for

each

of

its

three-month,

one-year,

and

since

inception

periods;

and

SSPX

was

reported

to

be

in

its

3rd,

5th,

and

5th

quintiles

of

its

performance

universe

for

its

three-month,

one-year,

and

since

inception

periods,

respectively.

With

respect

to

JSML

and

JSMD,

the

Board

noted

that

these

Funds

are

index-based

and,

as

a

result,

passively

managed

to

seek

to

track

the

returns

of

specified

indices.

For

this

reason,

the

Board

also

considered

the

performance

of

these

Funds

in

relation

to

the

performance

of

each

Fund’s

respective

underlying

index

(i.e.

“tracking

error”),

and

considered

that

the

tracking

error

was

within

anticipated

ranges.

The

Board

considered

the

Adviser’s

explanation

of

performance

results

for

each

Fund

across

the

relevant

periods

provided

as

part

of

the

consideration

of

the

renewal

of

the

Investment

Advisory

Agreement,

and

during

the

course

of

the

previous

year.

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

management

fee

rates

and

total

expense

ratios

of

each

Fund

are

reasonable

in

relation

to

the

services

provided

by

the

Adviser

to

such

Fund,

as

well

as

the

costs

incurred

and

benefits

gained

by

the

Adviser

in

providing

such

services.

The

Board

also

found

the

management

fees

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

renewal

of

the

Investment

Management

Agreement

for

an

additional

one-year

period

was

in

the

best

interests

of

each

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

renewal

of

the

Investment

Management

Agreement

for

each

Fund.

Janus

Henderson

Mortgage-Backed

Securities

ETF

Liquidity

Risk

Management

Program

(unaudited)

Janus

Detroit

Street

Trust

39

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),

requires

open-end

funds

(but

not

money

market

funds)

to

adopt

and

implement

a

written

liquidity

risk

management

program

(the

“LRMP”)

that

is

reasonably

designed

to

assess

and

manage

liquidity

risk,

which

is

the

risk

that

a

fund

could

not

meet

redemption

requests

without

significant

dilution

of

remaining

investors’

interests

in

the

fund.

The

Funds

have

adopted

and

implemented

a

LRMP,

which

incorporates

the

following

elements:

(i)

assessment,

management,

and

periodic

review

of

liquidity

risk;

(ii)

classification

of

portfolio

investments;

(iii)

the

establishment

and

monitoring

of

a

highly

liquid

investment

minimum

(“HLIM”),

as

applicable;

(iv)

a

15%

limitation

on

a

Fund’s

illiquid

investments;

(v)

provisions

concerning

redemptions

in-

kind;

and

(vi)

board

oversight.

In

light

of

the

fact

that

each

Fund

operates

as

an

exchange-traded

fund

(“ETF”),

the

LRMP

also

takes

into

account

considerations

unique

to

ETFs,

including

(i)

the

relationship

between

the

ETF’s

portfolio

liquidity

and

the

way

in

which,

and

the

prices

and

spreads

at

which,

ETF

shares

trade,

including:

the

efficiency

of

the

arbitrage

function

and

the

level

of

active

participation

by

market

participants

(including

authorized

participants);

and

(ii)

the

effect

of

the

composition

of

baskets

on

the

overall

liquidity

of

the

ETF’s

portfolio.

The

LRMP

also

considers

whether

an

ETF

meets

redemptions

through

in-kind

transfers

of

securities,

positions,

and

assets

other

than

a

de

minimis

amount

of

cash.

The

Trustees

of

the

Funds

(the

“Trustees”)

have

designated

Janus

Henderson

Investors

US

LLC,

the

Funds’

investment

adviser

(the

“Adviser”),

as

the

Program

Administrator

for

the

LRMP

responsible

for

administering

the

LRMP

and

carrying

out

the

specific

responsibilities

of

the

LRMP.

A

working

group

comprised

of

various

teams

within

the

Adviser’s

business

is

responsible

for

administering

the

LRMP

and

carrying

out

the

specific

responsibilities

of

different

aspects

of

the

LRMP

(the

“Liquidity

Risk

Working

Group”).

In

assessing

each

Fund’s

liquidity

risk,

the

Liquidity

Risk

Working

Group

periodically

considers,

as

relevant,

specified

liquidity

factors,

including:

(i)

the

investment

strategy

and

liquidity

of

a

Fund’s

portfolio

investments

during

both

normal

and

reasonably

foreseeable

stressed

conditions;

(ii)

whether

a

Fund’s

investment

strategy

is

appropriate

for

an

open-end

fund;

(iii)

the

extent

to

which

a

Fund’s

strategy

involves

a

relatively

concentrated

portfolio

or

large

positions

in

any

issuer;

(iv)

a

Fund’s

use

of

borrowing

for

investment

purposes;

(v)

a

Fund’s

use

of

derivatives;

(vi)

short-term

and

long-term

cash

flow

projections

during

both

normal

and

reasonably

foreseeable

stressed

conditions;

and

(vii)

holdings

of

cash

and

cash

equivalents,

as

well

as

borrowing

arrangements

and

other

funding

sources.

The

Liquidity

Rule

requires

the

Trustees

to

review

at

least

annually

a

written

report

provided

by

the

Program

Administrator

that

addresses

the

operation

of

the

LRMP

and

assesses

its

adequacy

and

the

effectiveness

of

its

implementation,

including,

if

applicable,

the

operation

of

the

HLIM

and

any

material

changes

to

the

LRMP

(the

“Program

Administrator

Report”).

At

a

meeting

held

April

20,

2023,

the

Adviser

provided

to

the

Trustees

the

Program

Administrator

Report,

which

covered

the

operation

of

the

LRMP

from

January

1,

2022

through

December

31,

2022

(the

“Reporting

Period”).

Further,

at

a

meeting

held

on

June

26,

2023,

the

Adviser

provided

to

the

Trustees

an

update

regarding

the

Program

Administrator

Report

for

the

Reporting

Period.  

The

Program

Administrator

Report

discussed

the

operation

and

effectiveness

of

the

LRMP

during

the

Reporting

Period.

Among

other

things,

the

Program

Administrator

Report

indicated

that

there

were

no

material

changes

to

the

LRMP

during

the

Reporting

Period,

although

there

were

certain

methodology

adjustments

implemented

relating

to

a

change

in

data

provider

used

by

the

Program

Administrator.

Additionally,

the

findings

presented by

the

Program

Administrator

indicated

that

the

LRMP

operated

adequately

during

the

Reporting

Period.

These

findings

included

that

each

Fund

was

able

to

meet

redemptions

during

the

normal

course

of

business

during

the

Reporting

Period.

The

Program

Administrator

Report

also

stated

that

each

Fund

did

not

exceed

the

15%

limit

on

illiquid

assets

during

the

Reporting

Period,

that

each

Fund

held

primarily

highly

liquid

assets,

and

was

considered

to

be

a

primarily

highly

liquid

fund

during

the

Reporting

Period.

Also

included

among

the

Program

Administrator

Report’s

findings

was

the

determination

that

each

Fund’s

investment

strategy

remains

appropriate

for

an

open-end

fund.

In

addition,

the

Adviser

expressed

its

belief

that

the

LRMP

is

reasonably

designed

and

adequate

to

assess

and

manage

each

Fund’s

liquidity

risk,

considering

each

Fund’s

particular

Janus

Henderson

Mortgage-Backed

Securities

ETF

Liquidity

Risk

Management

Program

(unaudited)

40

April

30,

2023

risks

and

circumstances,

and

includes

policies

and

procedures

reasonably

designed

to

implement

each

required

component

of

the

Liquidity

Rule.

There

can

be

no

assurance

that

the

LRMP

will

achieve

its

objectives

in

the

future.

Please

refer

to

your

Fund’s

prospectus

for

more

information

regarding

the

risks

to

which

an

investment

in

the

Fund

may

be

subject.

125-24-93085

04-23

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

Henderson

Investors

US

LLC

is

the

investment

adviser

and

ALPS

Distributors,

Inc.

is

the

distributor.

ALPS

is

not

affiliated

with

Janus

Henderson

or

any

of

its

subsidiaries.

SEMIANNUAL

REPORT

April

30,

2023

Janus

Henderson

AAA

CLO

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

AAA

CLO

ETF

Fund

At

A

Glance

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

3

Disclosure

of

Fund

Expenses

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

5

Schedule

of

Investments

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

6

Statement

of

Assets

and

Liabilities

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

13

Statement

of

Operations

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

14

Statements

of

Changes

in

Net

Assets

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

15

Financial

Highlights

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

16

Notes

to

Financial

Statements

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

17

Additional

Information

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

25

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

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

26

Liquidity

Risk

Management

Program

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

30

Jessica

Shill

John

Kerschner

Nick

Childs

co-portfolio

manager

co-portfolio

manager

co-portfolio

manager

Janus

Henderson

AAA

CLO

ETF

(unaudited)

Fund

At

A

Glance

April

30,

2023

Janus

Detroit

Street

Trust

3

Holdings

are

subject

to

change

without

notice.

Sector

Allocation

–

(%

of

Net

Assets)

Collateralized

Loan

Obligations

101.0%

Investment

Company

2.9%

103.9%

Ratings

†

Summary

–

(%

of

Total

Investments)

AAA

97.98%

A

3.69%

Other

(1.67)%

†

Credit

quality

ratings

reflect

the

middle

rating

received

from

Moody’s,

Standard

&

Poor's

and

Fitch,

where

all

three

agencies

have

provided

a

rating.

If

only

two

agencies

rate

a

security,

the

lowest

rating

is

used.

If

only

one

agency

rates

a

security,

that

rating

is

used.

Ratings

are

measured

on

a

scale

that

ranges

from

AAA

(highest)

to

D

(lowest).

“Other”

includes

cash

equivalents,

equity

securities,

and

certain

derivative

instruments.

Janus

Henderson

AAA

CLO

ETF

(unaudited)

Performance

4

April

30,

2023

Total

annual

expense

ratio

as

stated

in

the

prospectus:

0.24%

(gross),

0.22%

(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

29,

2024.

This

contractual

waiver

may

be

terminated

or

modified

only

at

the

discretion

of

the

Board

of

Trustees.

Investing

involves

risk,

including

the

possible

loss

of

principal

and

fluctuation

of

value.

There

is

no

assurance

the

stated

objective(s)

will

be

met.

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

April

30,

2023

Fiscal

Year-to-

Date

One

Year

Since

Inception

*

Janus

Henderson

AAA

CLO

ETF

-

NAV

4.39%

3.22%

1.95%

Janus

Henderson

AAA

CLO

ETF

-

Market

Price

4.56%

3.32%

2.02%

J.P.

Morgan

CLO

AAA

Index

4.67%

3.95%

2.34%

*

The

Fund

commenced

operations

on

October

16,

2020.

Janus

Henderson

AAA

CLO

ETF

(unaudited)

Disclosure

of

Fund

Expenses

Janus

Detroit

Street

Trust

5

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

(11/1/22)

Ending

Account

Value

(4/30/23)

Expenses

Paid

During

Period

(11/1/22

-

4/30/23)

†

Beginning

Account

Value

(11/1/22)

Ending

Account

Value

(4/30/23)

Expenses

Paid

During

Period

(11/1/22

-

4/30/23)

†

Net

Annualized

Expense

Ratio

(11/1/22

-

4/30/23)

$1,000.00

$1,043.90

$1.11

$1,000.00

$1,023.70

$1.10

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

181/365

(to

reflect

the

one-half

year

period).

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2023

6

April

30,

2023

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

100.9%

AGL

CLO

16

Ltd.

2021-16A

A,

ICE

LIBOR

USD

3

Month

+

1.1300%,

6.3804%,

1/20/35

(144A)

‡

$

19,391,220

$

18,975,744

AGL

Core

CLO

4

Ltd.

2020-4A

A1R,

ICE

LIBOR

USD

3

Month

+

1.0700%,

6.3204%,

4/20/33

(144A)

‡

5,500,000

5,434,803

Allegro

CLO

VIII

Ltd.

2018-2A

A,

ICE

LIBOR

USD

3

Month

+

1.1000%,

6.3603%,

7/15/31

(144A)

‡

16,317,000

16,089,459

Allegro

CLO

XII

Ltd.

2020-1A

A1,

ICE

LIBOR

USD

3

Month

+

1.2500%,

6.5114%,

1/21/32

(144A)

‡

33,125,000

32,751,516

Anchorage

Capital

CLO

9

Ltd.

2016-9A

AR2,

ICE

LIBOR

USD

3

Month

+

1.1400%,

6.4003%,

7/15/32

(144A)

‡

32,500,000

31,996,868

Anchorage

Capital

CLO

Ltd.

2014-4RA

A,

ICE

LIBOR

USD

3

Month

+

1.0500%,

6.3227%,

1/28/31

(144A)

‡

14,976,321

14,844,215

Apex

Credit

CLO

Ltd.

2021-1A

AN,

ICE

LIBOR

USD

3

Month

+

1.2100%,

6.4717%,

7/18/34

(144A)

‡

1,476,000

1,437,935

Apidos

CLO

XX

2015-20A

A1RA,

ICE

LIBOR

USD

3

Month

+

1.1000%,

6.3603%,

7/16/31

(144A)

‡

21,330,000

21,116,529

Apidos

CLO

XXIX

2018-29A

A1B,

ICE

LIBOR

USD

3

Month

+

1.3000%,

6.5551%,

7/25/30

(144A)

‡

2,000,000

1,957,056

Apidos

CLO

XXVI

2017-26A

A1AR,

ICE

LIBOR

USD

3

Month

+

0.9000%,

6.1617%,

7/18/29

(144A)

‡

30,624,064

30,325,633

Atrium

XIV

LLC

14A

A2A,

ICE

LIBOR

USD

3

Month

+

1.4500%,

6.7103%,

8/23/30

(144A)

‡

2,000,000

1,970,702

Bain

Capital

Credit

CLO

Ltd.

2021-6A

C,

ICE

LIBOR

USD

3

Month

+

2.0500%,

7.3114%,

10/21/34

(144A)

‡

10,700,000

10,044,154

Ballyrock

CLO

Ltd.

2019-2A

A1AR,

ICE

LIBOR

USD

3

Month

+

1.0000%,

5.9153%,

11/20/30

(144A)

‡

26,602,646

26,409,112

Ballyrock

CLO

Ltd.

2019-1A

A1R,

ICE

LIBOR

USD

3

Month

+

1.0300%,

6.2903%,

7/15/32

(144A)

‡

22,590,000

22,191,829

Battalion

CLO

VIII

Ltd.

2015-8A

A1R2,

ICE

LIBOR

USD

3

Month

+

1.0700%,

6.3317%,

7/18/30

(144A)

‡

14,058,046

13,877,864

Benefit

Street

Partners

CLO

VIII

Ltd.

2015-8A

A1AR,

ICE

LIBOR

USD

3

Month

+

1.1000%,

6.3504%,

1/20/31

(144A)

‡

2,910,997

2,880,749

Benefit

Street

Partners

CLO

XIX

Ltd.

2019-19A

A,

ICE

LIBOR

USD

3

Month

+

1.3500%,

6.6103%,

1/15/33

(144A)

‡

35,000,000

34,498,695

Bethpage

Park

CLO

Ltd.

2021-1A

A,

ICE

LIBOR

USD

3

Month

+

1.1300%,

6.3903%,

1/15/35

(144A)

‡

22,000,000

21,465,818

BlueMountain

CLO

XXXII

Ltd.

2021-32A

A,

ICE

LIBOR

USD

3

Month

+

1.1700%,

6.4303%,

10/15/34

(144A)

‡

12,150,000

11,876,163

BlueMountain

Fuji

US

CLO

III

Ltd.

2017-3A

A2,

ICE

LIBOR

USD

3

Month

+

1.1500%,

6.4103%,

1/15/30

(144A)

‡

3,500,000

3,387,160

Buckhorn

Park

CLO

Ltd.

2019-1A

AR,

ICE

LIBOR

USD

3

Month

+

1.1200%,

6.3817%,

7/18/34

(144A)

‡

32,090,000

31,412,227

Canyon

Capital

CLO

Ltd.

2014-1A

A1BR,

ICE

LIBOR

USD

3

Month

+

1.1700%,

5.9724%,

1/30/31

(144A)

‡

3,010,000

2,902,263

Carlyle

US

CLO

Ltd.

2016-4A

BR,

ICE

LIBOR

USD

3

Month

+

2.1000%,

7.3504%,

10/20/27

(144A)

‡

1,000,000

966,923

Carlyle

US

CLO

Ltd.

2017-5A

A1B,

ICE

LIBOR

USD

3

Month

+

1.2500%,

6.5004%,

1/20/30

(144A)

‡

12,527,000

12,220,777

Carlyle

US

CLO

Ltd.

2019-1A

A1AR,

ICE

LIBOR

USD

3

Month

+

1.0800%,

6.3304%,

4/20/31

(144A)

‡

25,170,000

24,824,164

Carlyle

US

CLO

Ltd.

2021-1A

A1,

ICE

LIBOR

USD

3

Month

+

1.1400%,

6.4003%,

4/15/34

(144A)

‡

23,830,000

23,444,883

Carlyle

US

CLO

Ltd.

2021-7A

A1,

ICE

LIBOR

USD

3

Month

+

1.1600%,

6.4203%,

10/15/35

(144A)

‡

24,000,000

23,543,448

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2023

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)

CBAM

Ltd.

2018-8A

A1,

ICE

LIBOR

USD

3

Month

+

1.1200%,

6.3704%,

10/20/29

(144A)

‡

$

10,385,291

$

10,275,965

CBAM

Ltd.

2018-5A

A,

ICE

LIBOR

USD

3

Month

+

1.0200%,

6.2803%,

4/17/31

(144A)

‡

41,375,000

40,735,632

CBAM

Ltd.

2019-10A

A1R,

ICE

LIBOR

USD

3

Month

+

1.1200%,

6.3704%,

4/20/32

(144A)

‡

29,000,000

28,560,853

CBAM

Ltd.

2021-14A

A,

ICE

LIBOR

USD

3

Month

+

1.1000%,

6.3504%,

4/20/34

(144A)

‡

20,000,000

19,491,320

CBAM

Ltd.

2019-11RA

A1,

ICE

LIBOR

USD

3

Month

+

1.1800%,

6.4304%,

1/20/35

(144A)

‡

16,897,000

16,531,974

CBAM

Ltd.

2019-11RA

A2,

ICE

LIBOR

USD

3

Month

+

1.5000%,

6.7504%,

1/20/35

(144A)

‡

13,889,000

13,090,508

CIFC

Funding

Ltd.

2017-1A

AR,

ICE

LIBOR

USD

3

Month

+

1.0100%,

6.2714%,

4/23/29

(144A)

‡

7,917,025

7,863,862

CIFC

Funding

Ltd.

2017-3A

A1,

ICE

LIBOR

USD

3

Month

+

1.2200%,

6.4704%,

7/20/30

(144A)

‡

9,288,135

9,212,483

CIFC

Funding

Ltd.

2013-2A

A3LR,

ICE

LIBOR

USD

3

Month

+

1.9500%,

7.2117%,

10/18/30

(144A)

‡

6,205,000

5,884,431

CIFC

Funding

Ltd.

2018-3A

A,

ICE

LIBOR

USD

3

Month

+

1.1000%,

6.3617%,

7/18/31

(144A)

‡

34,000,000

33,649,800

CIFC

Funding

Ltd.

2019-6A

C,

ICE

LIBOR

USD

3

Month

+

2.7000%,

7.9603%,

1/16/33

(144A)

‡

1,500,000

1,459,107

CIFC

Funding

Ltd.

2014-4RA

A1AR,

CME

Term

SOFR

3

Month

+

1.4316%,

6.4179%,

1/17/35

(144A)

‡

46,005,000

45,041,195

CIFC

Funding

Ltd.

2021-7A

A1,

ICE

LIBOR

USD

3

Month

+

1.1300%,

6.4027%,

1/23/35

(144A)

‡

35,826,000

35,108,441

Deer

Creek

CLO

Ltd.

2017-1A

A,

ICE

LIBOR

USD

3

Month

+

1.1800%,

6.4304%,

10/20/30

(144A)

‡

2,497,077

2,472,795

Dryden

105

CLO

Ltd.

2023-105A

C,

CME

Term

SOFR

3

Month

+

3.1000%,

7.9586%,

4/18/36

(144A)

‡

16,550,000

16,484,015

Dryden

41

Senior

Loan

Fund

2015-41A

AR,

ICE

LIBOR

USD

3

Month

+

0.9700%,

6.2303%,

4/15/31

(144A)

‡

52,305,000

51,664,159

Dryden

53

CLO

Ltd.

2017-53A

A,

ICE

LIBOR

USD

3

Month

+

1.1200%,

6.3803%,

1/15/31

(144A)

‡

31,796,443

31,496,189

Dryden

64

CLO

Ltd.

2018-64A

A,

ICE

LIBOR

USD

3

Month

+

0.9700%,

6.2317%,

4/18/31

(144A)

‡

60,039,000

59,201,756

Dryden

75

CLO

Ltd.

2019-75A

AR2,

ICE

LIBOR

USD

3

Month

+

1.0400%,

6.3003%,

4/15/34

(144A)

‡

27,500,000

26,783,240

Dryden

85

CLO

Ltd.

2020-85A

AR,

ICE

LIBOR

USD

3

Month

+

1.1500%,

6.4103%,

10/15/35

(144A)

‡

31,150,000

30,381,841

Eaton

Vance

CLO

Ltd.

2020-1A

AR,

ICE

LIBOR

USD

3

Month

+

1.1700%,

6.4303%,

10/15/34

(144A)

‡

25,850,000

25,398,918

Galaxy

XX

CLO

Ltd.

2015-20A

AR,

ICE

LIBOR

USD

3

Month

+

1.0000%,

6.2504%,

4/20/31

(144A)

‡

4,250,000

4,194,240

Galaxy

XXI

CLO

Ltd.

2015-21A

AR,

ICE

LIBOR

USD

3

Month

+

1.0200%,

6.2704%,

4/20/31

(144A)

‡

22,140,000

21,846,778

Golub

Capital

Partners

CLO

58B

Ltd.

2021-58A

A2,

ICE

LIBOR

USD

3

Month

+

1.4500%,

6.7051%,

1/25/35

(144A)

‡

10,000,000

9,758,380

Golub

Capital

Partners

CLO

66B

Ltd.

2023-66A

A,

CME

Term

SOFR

3

Month

+

1.9500%,

6.9259%,

4/25/36

(144A)

‡

47,500,000

47,350,897

Greywolf

CLO

VII

Ltd.

2018-2A

A1,

CME

Term

SOFR

3

Month

+

1.4400%,

6.4884%,

10/20/31

(144A)

‡

2,000,000

1,979,100

Hayfin

US

XIV

Ltd.

2021-14A

A1,

ICE

LIBOR

USD

3

Month

+

1.2300%,

6.4804%,

7/20/34

(144A)

‡

16,800,000

16,505,194

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2023

8

April

30,

2023

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

Highbridge

Loan

Management

Ltd.

7A-2015

A2R,

ICE

LIBOR

USD

3

Month

+

0.9000%,

5.7636%,

3/15/27

(144A)

‡

$

3,000,000

$

2,999,919

Jay

Park

CLO

Ltd.

2016-1A

A2R,

ICE

LIBOR

USD

3

Month

+

1.4500%,

6.7004%,

10/20/27

(144A)

‡

22,000,000

21,755,096

JMP

Credit

Advisors

CLO

IV

Ltd.

2017-1A

AR,

CME

Term

SOFR

3

Month

+

1.5416%,

6.5403%,

7/17/29

(144A)

‡

4,960,512

4,934,802

KKR

CLO

23

Ltd.

23

A1,

ICE

LIBOR

USD

3

Month

+

1.1500%,

6.4004%,

10/20/31

(144A)

‡

1,000,000

989,033

KKR

CLO

24

Ltd.

24

A1R,

ICE

LIBOR

USD

3

Month

+

1.0800%,

6.3304%,

4/20/32

(144A)

‡

7,110,000

7,011,214

KKR

CLO

25

Ltd.

25

CR,

ICE

LIBOR

USD

3

Month

+

2.3000%,

7.5603%,

7/15/34

(144A)

‡

1,300,000

1,242,638

KKR

CLO

35

Ltd.

35A

A,

ICE

LIBOR

USD

3

Month

+

1.1900%,

6.4404%,

10/20/34

(144A)

‡

31,345,000

30,642,276

KKR

CLO

Ltd.

22A

A,

ICE

LIBOR

USD

3

Month

+

1.1500%,

6.4004%,

7/20/31

(144A)

‡

3,000,000

2,961,582

LCM

Loan

Income

Fund

I

Income

Note

Issuer

Ltd.

27A

A2,

ICE

LIBOR

USD

3

Month

+

1.3000%,

6.5603%,

7/16/31

(144A)

‡

18,000,000

17,529,768

LCM

XXIII

Ltd.

23A

A1R,

ICE

LIBOR

USD

3

Month

+

1.0700%,

6.3204%,

10/20/29

(144A)

‡

19,703,908

19,511,933

LCM

XXIV

Ltd.

24A

AR,

ICE

LIBOR

USD

3

Month

+

0.9800%,

6.2304%,

3/20/30

(144A)

‡

34,139,945

33,712,138

Logan

CLO

I

Ltd.

2021-1A

A,

ICE

LIBOR

USD

3

Month

+

1.1600%,

6.4104%,

7/20/34

(144A)

‡

31,700,000

31,168,454

Logan

CLO

II

Ltd.

2021-2A

A,

ICE

LIBOR

USD

3

Month

+

1.1500%,

6.4004%,

1/20/35

(144A)

‡

24,196,521

23,716,293

Madison

Park

Funding

LXIII

Ltd.

2023-63A

A2,

CME

Term

SOFR

3

Month

+

2.2500%,

0.0000%,

4/21/35

(144A)

‡

15,000,000

14,998,710

Madison

Park

Funding

XVIII

Ltd.

2015-18A

ARR,

ICE

LIBOR

USD

3

Month

+

0.9400%,

6.2014%,

10/21/30

(144A)

‡

50,063,218

49,627,718

Madison

Park

Funding

XX

Ltd.

2016-20A

A2R,

ICE

LIBOR

USD

3

Month

+

1.3000%,

6.5916%,

7/27/30

(144A)

‡

4,750,000

4,652,022

Madison

Park

Funding

XXI

Ltd.

2016-21A

AARR,

ICE

LIBOR

USD

3

Month

+

1.0800%,

6.3403%,

10/15/32

(144A)

‡

50,750,000

50,140,949

Madison

Park

Funding

XXVI

Ltd.

2017-26A

AR,

ICE

LIBOR

USD

3

Month

+

1.2000%,

6.0024%,

7/29/30

(144A)

‡

24,615,357

24,486,988

Madison

Park

Funding

XXX

Ltd.

2018-30A

A,

ICE

LIBOR

USD

3

Month

+

0.7500%,

6.0103%,

4/15/29

(144A)

‡

26,351,454

25,970,571

Magnetite

XIV-R

Ltd.

2015-14RA

A1,

ICE

LIBOR

USD

3

Month

+

1.1200%,

6.3817%,

10/18/31

(144A)

‡

17,250,000

17,071,928

Magnetite

XV

Ltd.

2015-15A

CR,

CME

Term

SOFR

3

Month

+

2.0616%,

7.1294%,

7/25/31

(144A)

‡

6,950,000

6,602,987

Magnetite

XVII

Ltd.

2016-17A

AR,

ICE

LIBOR

USD

3

Month

+

1.1000%,

6.3504%,

7/20/31

(144A)

‡

25,400,000

25,151,613

Magnetite

Xxix

Ltd.

2021-29A

A,

ICE

LIBOR

USD

3

Month

+

0.9900%,

6.2503%,

1/15/34

(144A)

‡

18,306,000

18,045,030

Magnetite

XXV

Ltd.

2020-25A

A,

ICE

LIBOR

USD

3

Month

+

1.2000%,

6.4551%,

1/25/32

(144A)

‡

12,845,000

12,737,256

Magnetite

XXVI

Ltd.

2020-26A

A1R,

ICE

LIBOR

USD

3

Month

+

1.1200%,

6.3751%,

7/25/34

(144A)

‡

20,085,536

19,749,505

Marble

Point

CLO

XI

Ltd.

2017-2A

A,

ICE

LIBOR

USD

3

Month

+

1.1800%,

6.4417%,

12/18/30

(144A)

‡

2,918,162

2,868,230

Mountain

View

CLO

LLC

2017-2A

AR,

ICE

LIBOR

USD

3

Month

+

1.0400%,

6.3003%,

1/16/31

(144A)

‡

24,341,443

23,955,436

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2023

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)

MP

CLO

III

Ltd.

2013-1A

AR,

ICE

LIBOR

USD

3

Month

+

1.2500%,

6.5004%,

10/20/30

(144A)

‡

$

16,035,358

$

15,796,512

Neuberger

Berman

CLO

XVI-S

Ltd.

2017-16SA

CR,

ICE

LIBOR

USD

3

Month

+

1.9000%,

7.1603%,

4/15/34

(144A)

‡

8,000,000

7,508,320

Neuberger

Berman

Loan

Advisers

CLO

30

Ltd.

2018-30A

CR,

ICE

LIBOR

USD

3

Month

+

1.7500%,

7.0004%,

1/20/31

(144A)

‡

7,000,000

6,703,424

Neuberger

Berman

Loan

Advisers

CLO

33

Ltd.

2019-33A

AR,

ICE

LIBOR

USD

3

Month

+

1.0800%,

6.3403%,

10/16/33

(144A)

‡

23,000,000

22,762,893

Neuberger

Berman

Loan

Advisers

CLO

40

Ltd.

2021-40A

A,

ICE

LIBOR

USD

3

Month

+

1.0600%,

6.3203%,

4/16/33

(144A)

‡

4,500,000

4,446,738

Neuberger

Berman

Loan

Advisers

CLO

42

Ltd.

2021-42A

A,

ICE

LIBOR

USD

3

Month

+

1.1000%,

6.3603%,

7/16/35

(144A)

‡

11,368,725

11,149,195

Neuberger

Berman

Loan

Advisers

CLO

43

Ltd.

2021-43A

A,

ICE

LIBOR

USD

3

Month

+

1.1300%,

6.3903%,

7/17/35

(144A)

‡

15,060,000

14,781,315

Northwoods

Capital

XII-B

Ltd.

2018-12BA

A2,

ICE

LIBOR

USD

3

Month

+

1.6000%,

6.4663%,

6/15/31

(144A)

‡

25,890,000

25,649,171

NYACK

Park

CLO

Ltd.

2021-1A

A,

ICE

LIBOR

USD

3

Month

+

1.1200%,

6.3704%,

10/20/34

(144A)

‡

21,751,613

21,293,459

Oaktree

CLO

Ltd.

2019-2A

A1AR,

ICE

LIBOR

USD

3

Month

+

1.1200%,

6.3803%,

4/15/31

(144A)

‡

3,000,000

2,967,684

OCP

CLO

Ltd.

2014-5A

A1R,

ICE

LIBOR

USD

3

Month

+

1.0800%,

6.3481%,

4/26/31

(144A)

‡

2,250,000

2,227,768

OCP

CLO

Ltd.

2019-16A

AR,

ICE

LIBOR

USD

3

Month

+

1.0000%,

6.2110%,

4/10/33

(144A)

‡

14,750,000

14,516,699

Octagon

Investment

Partners

29

Ltd.

2016-1A

AR,

ICE

LIBOR

USD

3

Month

+

1.1800%,

6.4527%,

1/24/33

(144A)

‡

27,775,000

27,334,266

Octagon

Investment

Partners

34

Ltd.

2017-1A

A2,

ICE

LIBOR

USD

3

Month

+

1.2500%,

6.5004%,

1/20/30

(144A)

‡

2,000,000

1,940,186

Octagon

Investment

Partners

35

Ltd.

2018-1A

A1A,

ICE

LIBOR

USD

3

Month

+

1.0600%,

6.3104%,

1/20/31

(144A)

‡

20,959,271

20,776,191

Octagon

Investment

Partners

48

Ltd.

2020-3A

AR,

ICE

LIBOR

USD

3

Month

+

1.1500%,

6.4004%,

10/20/34

(144A)

‡

25,518,000

24,967,143

Octagon

Investment

Partners

49

Ltd.

2020-5A

A1,

ICE

LIBOR

USD

3

Month

+

1.2200%,

6.4803%,

1/15/33

(144A)

‡

35,000,000

34,625,745

Octagon

Investment

Partners

50

Ltd.

2020-4A

AR,

ICE

LIBOR

USD

3

Month

+

1.1500%,

6.4103%,

1/15/35

(144A)

‡

10,000,000

9,758,410

Octagon

Investment

Partners

XIV

Ltd.

2012-1A

ABRR,

ICE

LIBOR

USD

3

Month

+

1.2500%,

6.5103%,

7/15/29

(144A)

‡

20,000,000

19,428,100

Octagon

Investment

Partners

XV

Ltd.

2013-1A

A1RR,

ICE

LIBOR

USD

3

Month

+

0.9700%,

6.2350%,

7/19/30

(144A)

‡

22,683,807

22,488,295

Octagon

Investment

Partners

XVII

Ltd.

2013-1A

A1R2,

ICE

LIBOR

USD

3

Month

+

1.0000%,

6.2551%,

1/25/31

(144A)

‡

5,848,127

5,786,833

OHA

Credit

Funding

3

Ltd.

2019-3A

AR,

ICE

LIBOR

USD

3

Month

+

1.1400%,

6.3904%,

7/2/35

(144A)

‡

84,000,000

82,553,100

OHA

Credit

Funding

5

Ltd.

2020-5A

A2A,

ICE

LIBOR

USD

3

Month

+

1.4500%,

6.7117%,

4/18/33

(144A)

‡

1,350,000

1,325,888

OHA

Credit

Funding

8

Ltd.

2021-8A

A,

ICE

LIBOR

USD

3

Month

+

1.1900%,

6.4517%,

1/18/34

(144A)

‡

13,000,000

12,822,108

OHA

Credit

Partners

XIV

Ltd.

2017-14A

C,

ICE

LIBOR

USD

3

Month

+

1.8000%,

7.0614%,

1/21/30

(144A)

‡

1,000,000

948,068

Palmer

Square

CLO

Ltd.

2018-2A

A1A,

ICE

LIBOR

USD

3

Month

+

1.1000%,

6.3603%,

7/16/31

(144A)

‡

59,000,000

58,517,616

Palmer

Square

CLO

Ltd.

2020-3A

A1AR,

ICE

LIBOR

USD

3

Month

+

1.0800%,

5.9436%,

11/15/31

(144A)

‡

10,000,000

9,894,710

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2023

10

April

30,

2023

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

Palmer

Square

CLO

Ltd.

2021-4A

A,

ICE

LIBOR

USD

3

Month

+

1.1700%,

6.4303%,

10/15/34

(144A)

‡

$

26,400,000

$

25,850,035

Palmer

Square

Loan

Funding

Ltd.

2021-1A

A1,

ICE

LIBOR

USD

3

Month

+

0.9000%,

6.1504%,

4/20/29

(144A)

‡

11,203,990

11,127,691

Palmer

Square

Loan

Funding

Ltd.

2022-4A

B,

CME

Term

SOFR

3

Month

+

2.7500%,

7.5259%,

7/24/31

(144A)

‡

9,750,000

9,642,808

Pikes

Peak

CLO

1

2018-1A

A,

ICE

LIBOR

USD

3

Month

+

1.1800%,

6.4527%,

7/24/31

(144A)

‡

1,500,000

1,482,917

Rad

CLO

10

Ltd.

2021-10A

A,

ICE

LIBOR

USD

3

Month

+

1.1700%,

6.4427%,

4/23/34

(144A)

‡

5,000,000

4,914,295

Rad

CLO

19

Ltd.

2023-19A

C,

CME

Term

SOFR

3

Month

+

3.3500%,

0.0000%,

4/20/35

(144A)

‡

15,500,000

15,498,636

Regatta

Funding

LP

2013-2A

A1R3,

ICE

LIBOR

USD

3

Month

+

0.8500%,

6.1103%,

1/15/29

(144A)

‡

10,067,473

9,992,178

Regatta

XI

Funding

Ltd.

2018-1A

A,

ICE

LIBOR

USD

3

Month

+

1.0700%,

6.3303%,

7/17/31

(144A)

‡

15,000,000

14,844,315

Regatta

XXIII

Funding

Ltd.

2021-4A

A1,

ICE

LIBOR

USD

3

Month

+

1.1500%,

6.4004%,

1/20/35

(144A)

‡

16,008,000

15,686,543

Rockford

Tower

CLO

Ltd.

2017-3A

A,

ICE

LIBOR

USD

3

Month

+

1.1900%,

6.4404%,

10/20/30

(144A)

‡

24,292,013

24,029,950

Shackleton

CLO

Ltd.

2017-11A

AR,

ICE

LIBOR

USD

3

Month

+

1.0900%,

5.9536%,

8/15/30

(144A)

‡

52,129,922

51,598,145

Shackleton

CLO

Ltd.

2019-14A

A1R,

ICE

LIBOR

USD

3

Month

+

1.2000%,

6.4504%,

7/20/34

(144A)

‡

3,825,000

3,733,644

Signal

Peak

CLO

5

Ltd.

2018-5A

A,

ICE

LIBOR

USD

3

Month

+

1.1100%,

6.3651%,

4/25/31

(144A)

‡

15,750,000

15,641,246

Signal

Peak

CLO

8

Ltd.

2020-8A

C,

ICE

LIBOR

USD

3

Month

+

2.0000%,

7.2504%,

4/20/33

(144A)

‡

2,000,000

1,898,606

Sound

Point

CLO

VI-R

Ltd.

2014-2RA

A,

ICE

LIBOR

USD

3

Month

+

1.2500%,

6.5004%,

10/20/31

(144A)

‡

4,000,000

3,917,912

Sound

Point

CLO

XIX

Ltd.

2018-1A

A,

ICE

LIBOR

USD

3

Month

+

1.0000%,

6.2603%,

4/15/31

(144A)

‡

19,431,000

19,064,415

Sound

Point

CLO

XVI

Ltd.

2017-2A

AR,

ICE

LIBOR

USD

3

Month

+

0.9800%,

6.2351%,

7/25/30

(144A)

‡

17,861,671

17,663,782

Sound

Point

CLO

XVII

2017-3A

A1R,

ICE

LIBOR

USD

3

Month

+

0.9800%,

6.2304%,

10/20/30

(144A)

‡

57,840,887

57,196,771

Sounds

Point

CLO

IV-R

Ltd.

2013-3RA

A,

ICE

LIBOR

USD

3

Month

+

1.1500%,

6.4117%,

4/18/31

(144A)

‡

5,000,000

4,910,860

Steele

Creek

CLO

Ltd.

2014-1RA

A,

ICE

LIBOR

USD

3

Month

+

1.0700%,

6.3314%,

4/21/31

(144A)

‡

9,764,542

9,650,170

Steele

Creek

CLO

Ltd.

2018-2A

A,

ICE

LIBOR

USD

3

Month

+

1.2000%,

6.1153%,

8/18/31

(144A)

‡

13,000,000

12,778,168

Symphony

CLO

XXII

Ltd.

2020-22A

A1A,

ICE

LIBOR

USD

3

Month

+

1.2900%,

6.5517%,

4/18/33

(144A)

‡

2,650,000

2,624,282

TCW

CLO

Ltd.

2020-1A

A1RR,

ICE

LIBOR

USD

3

Month

+

1.1600%,

6.4104%,

4/20/34

(144A)

‡

15,000,000

14,617,890

THL

Credit

Wind

River

CLO

Ltd.

2014-2A

AR,

ICE

LIBOR

USD

3

Month

+

1.1400%,

6.4003%,

1/15/31

(144A)

‡

35,470,844

34,966,875

TICP

CLO

XII

Ltd.

2018-12A

AR,

ICE

LIBOR

USD

3

Month

+

1.1700%,

6.4303%,

7/15/34

(144A)

‡

11,080,000

10,858,311

Tikehau

US

CLO

I

Ltd.

2021-1A

A2,

ICE

LIBOR

USD

3

Month

+

1.4500%,

6.7117%,

1/18/35

(144A)

‡

8,000,000

7,711,752

Venture

32

CLO

Ltd.

2018-32A

A1,

ICE

LIBOR

USD

3

Month

+

1.1000%,

6.3617%,

7/18/31

(144A)

‡

3,766,000

3,693,998

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2023

Janus

Detroit

Street

Trust

11

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

Venture

XVIII

CLO

Ltd.

2014-18A

AR,

ICE

LIBOR

USD

3

Month

+

1.2200%,

6.4803%,

10/15/29

(144A)

‡

$

20,022,888

$

19,839,438

Voya

CLO

Ltd.

2014-2A

A1RR,

ICE

LIBOR

USD

3

Month

+

1.0200%,

6.2803%,

4/17/30

(144A)

‡

20,312,685

20,095,400

Voya

CLO

Ltd.

2019-1A

AR,

ICE

LIBOR

USD

3

Month

+

1.0600%,

6.3203%,

4/15/31

(144A)

‡

1,000,000

986,942

Voya

CLO

Ltd.

2014-1A

AAR2,

CME

Term

SOFR

3

Month

+

1.2516%,

6.2335%,

4/18/31

(144A)

‡

39,124,152

38,820,314

Voya

CLO

Ltd.

2018-1A

A1,

ICE

LIBOR

USD

3

Month

+

0.9500%,

6.2150%,

4/19/31

(144A)

‡

9,066,000

8,953,092

Voya

CLO

Ltd.

2013-3A

A1RR,

CME

Term

SOFR

3

Month

+

1.4112%,

6.3931%,

10/18/31

(144A)

‡

10,115,052

10,014,873

Whitebox

CLO

IV

Ltd.

2023-4A

A2,

CME

Term

SOFR

3

Month

+

2.3000%,

7.0797%,

4/20/36

(144A)

‡

20,000,000

20,042,160

Wind

River

CLO

Ltd.

2014-1A

ARR,

ICE

LIBOR

USD

3

Month

+

1.0500%,

6.3117%,

7/18/31

(144A)

‡

20,913,934

20,552,246

Wind

River

CLO

Ltd.

2021-2A

C,

ICE

LIBOR

USD

3

Month

+

1.9500%,

7.2004%,

7/20/34

(144A)

‡

2,000,000

1,854,520

Wind

River

CLO

Ltd.

2023-1A

C2,

CME

Term

SOFR

3

Month

+

3.7500%,

8.8209%,

4/25/36

(144A)

‡

7,500,000

7,463,955

Total

Collateralized

Loan

Obligations

(cost

$2,599,303,662)

2,586,692,823

Investment

Companies

-

2.9%

Money

Market

Funds

-

2.9%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

4.8708%

£,∞

(cost

$74,124,172)

74,110,904

74,125,726

Total

Investments

(total

cost

$2,673,427,834

)

-

103.8%

2,660,818,549

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(3.8%)

(98,557,971)

Net

Assets

-

100.0%

$2,562,260,578

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

2,660,818,549

100.0

%

–

–

Schedule

of

Affiliated

Investments

-

(%

of

Net

Assets)

Dividend

Income

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciatio

n/

(Depreciation)

Value

at

4/30/23

Investment

Company

-

2.9%

Money

Market

Funds

-

2.9%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

4.8708%

∞

$

1,234,973

$

12,606

$

(5,239)

$

74,125,726

Market

Value

at

10/31/22

Purchases

Sales

Market

Value

at

4/30/23

Investment

Company

-

2.9%

Money

Market

Funds

-

2.9%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

4.8708%

∞

$

117,098,991

$

1,229,344,325

$

(1,272,324,957)

$

74,125,726

Janus

Henderson

AAA

CLO

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

April

30,

2023

12

April

30,

2023

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

SOFR

Secured

Overnight

Financing

Rate

∞

Rate

shown

is

the

7-day

yield

as

of

April

30,

2023.

£

The

Fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

Investment

Company

Act

of

1940,

as

amended,

an

affiliated

company

is

one

in

which

the

Fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

which

is

under

common

ownership

or

control.

‡

The

interest

rate

on

floating

rate

notes

is

based

on

an

index

or

market

interest

rates

and

is

subject

to

change.

Rate

in

the

security

description

is

as

of

April

30,

2023.

144A

Securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended,

are

subject

to

legal

and/or

contractual

restrictions

on

resale

and

may

not

be

publicly

sold

without

registration

under

the

1993

Act.

Unless

otherwise

noted,

these

securities

have

been

determined

to

be

liquid

in

accordance

with

the

requirements

of

Rule

22e-4,

under

the

1940

Act.

The

total

value

of

144A

securities

as

of

the

period

ended

April

30,

2023

is

$2,586,692,823

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

April

30,

2023

.

See

Notes

to

Financial

Statements

for

more

information.

Valuation

Inputs

Summary

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Assets

Investments

in

Securities:

Collateralized

Loan

Obligations

$

—

$

2,586,692,823

$

—

Investment

Companies

—

74,125,726

—

Total

Assets

$

—

$

2,660,818,549

$

—

Janus

Henderson

AAA

CLO

ETF

Statement

of

Assets

and

Liabilities

(unaudited)

April

30,

2023

Janus

Detroit

Street

Trust

13

See

Notes

to

Financial

Statements.

Assets:

Unaffiliated

investments,

at

value

(cost

$2,599,303,662)

$

2,586,692,823

Affiliated

investments,

at

value

(cost

$74,124,172)

74,125,726

Cash

738,981

Receivables:

Investments

sold

9,870,896

Fund

units

sold

7,459,645

Dividends

258,032

Interest

7,246,951

Due

from

adviser

44

Total

Assets

2,686,393,098

Liabilities:

Payables:

Investments

purchased

123,680,903

Management

fees

451,617

Total

Liabilities

124,132,520

Net

Assets

$

2,562,260,578

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

2,575,243,177

Total

distributable

earnings

(loss)

(

12,982,599

)

Total

Net

Assets

$

2,562,260,578

Net

Assets

$

2,562,260,578

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

51,600,000

Net

Asset

Value

Per

Share

$

49

.66

Janus

Henderson

AAA

CLO

ETF

Statement

of

Operations

(unaudited)

For

the

period

ended

April

30,

2023

14

April

30,

2023

See

Notes

to

Financial

Statements.

Investment

Income:

Interest

$

60,640,113

Dividends

from

affiliates

1,234,973

Total

Investment

Income

61,875,086

Expenses:

Management

Fees

2,328,415

Total

Expenses

2,328,415

Less:

Excess

Expense

Reimbursement

and

Waivers

(

9,474

)

Net

Expenses

2,318,941

Net

Investment

Income/(Loss)

59,556,145

Net

Realized

Gain/(Loss)

on

Investments:

Investments

$

51,550

Investments

in

affiliates

12,606

Total

Net

Realized

Gain/(Loss)

on

Investments

$

64,156

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

24,164,408

Investments

in

affiliates

(

5,239

)

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

24,159,169

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

83,779,470

Janus

Henderson

AAA

CLO

ETF

Statements

of

Changes

in

Net

Assets

Janus

Detroit

Street

Trust

15

See

Notes

to

Financial

Statements.

Period

Ended

April

30,

2023

(unaudited)

Year

Ended

October

31,

2022

Operations:

Net

investment

income/(loss)

$

59,556,145

$

27,855,409

Net

realized

gain/(loss)

on

investments

64,156

(13,210,957)

Change

in

unrealized

net

appreciation/depreciation

24,159,169

(37,472,826)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

83,779,470

(22,828,374)

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(52,758,752)

(22,387,705)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(52,758,752)

(22,387,705)

Capital

Share

Transactions

868,870,335

1,447,583,838

Net

Increase/(Decrease)

in

Net

Assets

899,891,053

1,402,367,759

Net

Assets:

—

—

Beginning

of

Period  

1,662,369,525

260,001,766

End

of

Period

$

2,562,260,578

$

1,662,369,525

Janus

Henderson

AAA

CLO

ETF

Financial

Highlights

16

April

30,

2023

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

the

period

ended

April

30,

2023

(unaudited)

and

each

year

or

period

ended

October

31

2023

2022

2021

2020

(1)

Net

Asset

Value,

Beginning

of

Period

$48.82

$50.49

$49.79

$50.00

Income/(Loss)

from

Investment

Operations:

—

—

—

—

Net

investment

income/(loss)

(2)

1.40

1.26

0.58

0.02

Net

realized

and

unrealized

gain/(loss)

0.72

(2.00)

0.69

(0.23)

Total

from

Investment

Operations

2.12

(0.74)

1.27

(0.21)

Less

Dividends

and

Distributions:

—

—

—

—

Dividends

(from

net

investment

income)

(1.28)

(0.93)

(0.57)

—

Total

Dividends

and

Distributions

(1.28)

(0.93)

(0.57)

—

Net

Asset

Value,

End

of

Period

$49.66

$48.82

$50.49

$49.79

Total

Return

*

4.39%

(1.48)%

(3)

2.55%

(0.42)%

Net

assets,

End

of

Period

(in

thousands)

$2,562,261

$1,662,371

$260,002

$119,486

Average

Net

Assets

for

the

Period

(in

thousands)

$2,106,317

$1,097,168

$146,235

$95,755

Ratios

to

Average

Net

Assets

**

Ratio

of

Gross

Expenses

0.22%

0.24%

0.25%

0.25%

Ratio

of

Net

Expenses

(After

Waivers

and

Expense

Offsets)

0.22%

0.24%

0.25%

0.25%

Ratio

of

Net

Investment

Income/(Loss)

5.70%

2.54%

1.16%

1.29%

Portfolio

Turnover

Rate

(4)

9%

55%

42%

0%

(5)

*

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)

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)

Amount

is

less

than

0.5%.

Janus

Henderson

AAA

CLO

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

17

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

twelve 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.

Janus

Henderson

Investors

US

LLC is

the

investment

adviser

(the

“Adviser”)

to

the

Fund.

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.

(the

"Exchange"),

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

ALPS

Distributors,

Inc.

(the

"Distributor"),

the

Adviser

or

an

affiliate

of

the

Adviser

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 

Fund holdings

are

valued

in

accordance

with

policies

and

procedures

established

by

the

Adviser

pursuant

to

Rule

2a-5

under

the

1940

Act

and

approved

by

and

subject

to

the

oversight

of

the

Trustees

(the

“Valuation

Procedures”).

Equity

securities,

including

shares

of

exchange-traded

funds,

traded

on

a

domestic

securities

exchange

are

generally

valued

at

readily

available

market

quotations,

which

are

(i)

the

official

close

prices

or

(ii)

last

sale

prices

on

the

primary

market

or

exchange

in

which

the

securities

trade.

If

such

price

is

lacking

for

the

trading

period

immediately

preceding

the

time

of

determination,

such

securities

are

generally

valued

at

their

current

bid

price.

Equity

securities

that

are

traded

on

a

foreign

exchange

are

generally

valued

at

the

closing

prices

on

such

markets.

In

the

event

that

there

is

no

current

trading

volume

on

a

particular

security

in

such

foreign

exchange,

the

bid

price

from

the

primary

exchange

is

generally

used

to

value

the

security.

Foreign

securities

and

currencies

are

converted

to

U.S.

dollars

using

the

current

spot

USD

dollar

exchange

rate

in

effect

at

the

close

of

the

London

Stock

Exchange.

The Fund will

determine

the

market

value

of

individual

securities

held

by

it

by

using

prices

provided

by

one

or

more

approved

professional

pricing

services

or,

as

needed,

by

obtaining

market

quotations

from

independent

broker-dealers.

Most

debt

securities

are

valued

in

accordance

with

the

evaluated

bid

price

supplied

by

the

Adviser-approved

pricing

service

that

is

intended

to

reflect

market

value.

The

evaluated

bid

price

supplied

by

the

pricing

service

is

an

evaluation

that

may

consider

factors

such

as

security

prices,

yields,

maturities

and

ratings.

Certain

short-term

securities

maturing

within

60

days

or

less

may

be

evaluated

and

valued

on

an

amortized

cost

basis

provided

that

the

amortized

cost

determined

approximates

market

value.

Securities

for

which

market

quotations

Janus

Henderson

AAA

CLO

ETF

Notes

to

Financial

Statements

(unaudited)

18

April

30,

2023

or

evaluated

prices

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

determined

in

good

faith

by

the

Adviser

pursuant

to

the

Valuation

Procedures.

Shares

of

an

investment

company

that

are

not

traded

on

an

exchange,

including

money

market

funds,

are

valued

at

that

company's

net

asset

value

per

share.

Circumstances

in

which

fair

valuation

may

be

utilized

include,

but

are

not

limited

to:

(i)

a

significant

event

that

may

affect

the

securities

of

a

single

issuer,

such

as

a

merger,

bankruptcy,

or

significant

issuer-specific

development;

(ii)

an

event

that

may

affect

an

entire

market,

such

as

a

natural

disaster

or

significant

governmental

action;

(iii)

a

nonsignificant

event

such

as

a

market

closing

early

or

not

opening,

or

a

security

trading

halt;

and

(iv)

pricing

of

a

non-valued

security

and

a

restricted

or

nonpublic

security.

Special

valuation

considerations

may

apply

with

respect

to

“odd-lot”

fixed-income

transactions

which,

due

to

their

small

size,

may

receive

evaluated

prices

by

pricing

services

which

reflect

a

large

block

trade

and

not

what

actually

could

be

obtained

for

the

odd-lot

position.

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

April

30,

2023 to

fair

value

the

Fund’s

investments

in

securities

and

other

financial

instruments

is

included

in

the

“Valuation

Inputs

Summary”

in

the

Notes

to

Schedule

of

Investments

and

Other

Information.

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

AAA

CLO

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

19

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.

Other

Investments

and

Strategies 

Market Risk 

The

value

of

the

Fund's

portfolio

may

decrease

if

the

value

of

one

or

more

issuers

in

the

Fund's

portfolio

decreases.

Further,

regardless

of

how

well

individual

companies

or

securities

perform,

the

value

of

the

Fund's

portfolio

could

also

decrease

if

there

are

deteriorating

economic

or

market

conditions,

including,

but

not

limited

to,

a

general

decline

in

prices

on

the

stock

markets,

a

general

decline

in

real

estate

markets,

a

decline

in

commodities

prices,

or

if

the

market

favors

different

types

of

securities

than

the

types

of

securities

in

which

the

Fund

invests.

If

the

value

of

the

Fund's

portfolio

decreases,

the

Fund's

NAV

will

also

decrease,

which

means

if

you

sell

your

shares

in

the

Fund

you

may

lose

money.

Market

risk

may

affect

a

single

issuer,

industry,

economic

sector,

or

the

market

as

a

whole.

The

increasing

interconnectivity

between

global

economies

and

financial

markets

increases

the

likelihood

that

events

or

conditions

in

one

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

Social,

political,

economic

and

other

conditions

and

events,

such

as

natural

disasters,

health

emergencies

(e.g.,

epidemics

and

pandemics),

terrorism,

conflicts,

including

related

sanctions,

and

social

unrest,

could

reduce

consumer

demand

or

economic

output,

result

in

market

closures,

travel

restrictions

and/or

quarantines,

and

generally

have

a

significant

impact

on

the

global

economies

and

financial

markets.

COVID-19

Pandemic.

The

effects

of

COVID-19

have

contributed

to

increased

volatility

in

global

financial

markets

and

have

affected

and

may

continue

to

affect

certain

countries,

regions,

issuers,

industries

and

market

sectors

more

dramatically

than

others.

These

conditions

and

events

could

have

a

significant

impact

on

the

Fund

and

its

investments,

the

Fund's

ability

to

meet

redemption

requests,

and

the

processes

and

operations

of

the

Fund's

service

providers,

including

the

Adviser.

Janus

Henderson

AAA

CLO

ETF

Notes

to

Financial

Statements

(unaudited)

20

April

30,

2023

Russia/Ukraine

Invasion.

Russia

launched

a

large-scale

invasion

of

Ukraine

on

February

24,

2022.

The

extent

and

duration

of

the

military

action,

resulting

sanctions

and

resulting

future

market

disruptions

in

the

region

are

impossible

to

predict,

but

could

be

significant

and

have

a

severe

adverse

effect

on

the

region,

including

significant

negative

impacts

on

the

economy

and

the

markets

for

certain

securities

and

commodities,

such

as

oil

and

natural

gas,

as

well

as

other

sectors. 

CLO

Risk 

The

risks

of

investing

in

Collateralized

Loan

Obligations

("CLO")

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. 

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. 

Janus

Henderson

AAA

CLO

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

21

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")

or

other

interbank

offered

rates

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

reference

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 will

depend

on

(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. 

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. 

3.

Investment

Advisory

Agreements

and

Other

Transactions

with

Affiliates 

Under

its

unitary

fee

structure,

the

Fund

pays

the

Adviser 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. The

Adviser'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

April

30,

2023,

the

Fund’s

actual

management

fee

rate

(expressed

as

an

annual

rate)

was

0.22% of

the

Fund’s

average

daily

net

assets.

Additionally, the

Adviser has

contractually

agreed

to

waive

and/or

reimburse

the

management

fee

to

the

extent

that

the

Fund’s

total

annual

fund

operating

expenses

(excluding

distribution

fees

(if

any),

brokerage

expenses

or

commissions,

Daily

Net

Assets

Fee

Rate

$0-$1

Billion

0.25%

Over

$1

Billion

0.20%

Janus

Henderson

AAA

CLO

ETF

Notes

to

Financial

Statements

(unaudited)

22

April

30,

2023

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

0.22%

of

the

Fund’s

average

daily

net

assets. The

Adviser has

agreed

to

continue

the

waiver

for

at

least

the

period

from January

20,

2023 through

February

29,

2024.

If

applicable,

amounts

waived

and/or

reimbursed

to

the

Fund

by the

Adviser are

disclosed

as

“Excess

Expense

Reimbursement

and

Waivers”

on

the

Statement

of

Operations. 

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

the

Adviser,

on

behalf

of

the

Fund.

As

compensation

for

such

services, the

Adviser pays

JP

Morgan

a

fee

based

on

a

percentage

of

the

Fund’s

assets,

with

a

minimum

flat

fee,

for

certain

services. The

Adviser serves

as

administrator

to

the

Fund,

providing

oversight

and

coordination

of

the

Fund’s

service

providers,

recordkeeping

and

other

administrative

services. The

Adviser 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

the

Adviser 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

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. 

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”).

The

Adviser

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 period

ended

April

30,

2023 can

be

found

in

a

table

located

in

the

Schedule

of

Investments.

4.

Federal

Income

Tax

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.

Janus

Henderson

AAA

CLO

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

23

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,

2022,

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 April

30,

2023 are

noted

below.

The

primary

differences

between

book

and

tax

appreciation

or

depreciation

of

investments are

wash

sale

loss

deferrals

and

amortization

on

bonds.

5.

Capital

Share

Transactions

6.

Purchases

and

Sales

of

Investment

Securities

For

the period ended

April

30,

2023,

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.

The

FASB

has

extended

the

sunset

date

to

December,

31

2024. Management

is

currently

evaluating

the

impact,

if

any,

of

the

ASU's

adoption

to

the

Fund's

financial

statements. 

Capital

Loss

Carryover

Schedule

For

the

year

ended

October

31,

2022

No

Expiration

Short-Term

Long-Term

Accumulated

Capital

Losses

$(13,247,295)

$(31,042)

$(13,278,337)

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$2,673,427,834

$3,117,348

$(15,726,633)

$(12,609,285)

Period

Ended

April

30,

2023

Year

Ended

October

31,

2022

Shares

Amount

Shares

Amount

Shares

sold

17,550,000

$

868,870,335

29,300,000

$

1,467,286,269

Shares

repurchased

—

—

(400,000)

(19,702,431

)

Net

Increase/(Decrease)

17,550,000

$

868,870,335

28,900,000

$

1,447,583,838

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

$1,205,903,422

$193,617,982

$—

$—

Janus

Henderson

AAA

CLO

ETF

Notes

to

Financial

Statements

(unaudited)

24

April

30,

2023

8.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to April

30,

2023

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

AAA

CLO

ETF

Additional

Information

(unaudited)

Janus

Detroit

Street

Trust

25

Proxy

Voting

Policies

and

Voting

Record

Information

regarding

how

the

Fund

voted

proxies

related

to

portfolio

securities

during

the

most

recent

12-month

period

ended

June

30

and

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

1-800-525-1093

(toll

free);

(ii)

on

the

Fund’s

website

at

janushenderson.com/proxyvoting;

and

(iii)

on

the

SEC’s

website

at

http://www.sec.gov.

Portfolio

Holdings

The

Fund

files

its

complete

portfolio

holdings

(schedule

of

investments)

with

the

SEC

as

an

exhibit

to

Form

N-PORT

within

60

days

of

the

end

of

the

first

and

third

fiscal

quarters,

and

in

the

annual

report

and

semiannual

report

to

shareholders.

The

Fund’s

Form

N-PORT

filings

and

annual

and

semiannual

reports:

(i)

are

available

on

the

SEC’s

website

at

http://www.sec.gov;

and

(ii)

are

available

without

charge,

upon

request,

by

calling

a

Janus

Henderson

representative

at

1-800-668-0434

(toll

free).

Janus

Henderson

AAA

CLO

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

26

April

30,

2023

The

Board

of

Trustees

(the

“Board”)

of

Janus

Detroit

Street

Trust

(the

“Trust”),

including

a

majority

of

the

Trustees

who

are

not

“interested

persons”

as

that

term

is

defined

in

the

Investment

Company

Act

of

1940,

as

amended

(the

“Independent

Trustees”),

met

on

April

19-20,

2023

to

consider

the

proposed

renewal

of

the

investment

management

agreement

between

Janus

Henderson

Investors

US

LLC

(the

“Adviser”)

and

the

Trust

(the

“Investment

Management

Agreement”),

on

behalf

of

Janus

Henderson

AAA

CLO

ETF

(“JAAA”),

Janus

Henderson

B-BBB

CLO

ETF

(“JBBB”),

Janus

Henderson

International

Sustainable

Equity

ETF

(“SXUS”),

Janus

Henderson

Mortgage-Backed

Securities

ETF

(“JMBS”),

Janus

Henderson

Net

Zero

Transition

Resources

ETF

(“JZRO”),

Janus

Henderson

Short

Duration

Income

ETF

(“VNLA”),

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

(“JSML”),

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

(“JSMD”),

Janus

Henderson

Sustainable

Corporate

Bond

ETF

(“SCRD”),

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

(“JIB”),

Janus

Henderson

U.S.

Real

Estate

ETF

(“JRE”)

and

Janus

Henderson

U.S.

Sustainable

Equity

ETF

(“SSPX”)

(collectively,

the

“Funds”).

In

the

course

of

their

consideration

of

the

renewal

of

the

Investment

Management

Agreement,

the

Independent

Trustees

met

in

executive

session

and

were

advised

by

their

independent

counsel.

In

this

regard,

the

Independent

Trustees

evaluated

the

terms

of

the

Investment

Management

Agreement

and

reviewed

the

duties

and

responsibilities

of

trustees

in

evaluating

and

approving

such

agreements.

In

considering

renewal

of

the

Investment

Management

Agreement,

the

Board

and

the

Independent

Trustees,

as

applicable,

reviewed

the

materials

provided

to

them

relating

to

the

consideration

of

the

renewal

of

the

Investment

Management

Agreement

for

the

Funds

and

other

information

provided

by

counsel

and

the

Adviser,

including:

(i)

information

regarding

the

nature,

quality

and

extent

of

the

services

provided

to

the

Funds

by

the

Adviser,

and

the

fees

charged

to

each

Fund

therefor;

(ii)

information

concerning

the

Adviser’s

financial

condition,

business,

operations,

portfolio

management

personnel,

compliance

programs,

and

profitability

with

respect

to

the

Trust

and

each

Fund;

(iii)

comparative

information

describing

each

Fund’s

advisory

fee

structures,

operating

expenses,

and

performance

information

as

compared

to

peer

fund

groups

compiled

by

an

independent

third

party;

(iv)

a

copy

of

the

Adviser’s

current

Form

ADV;

and

(v)

a

memorandum

from

counsel

to

the

Independent

Trustees

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

throughout

the

year.

The

Trustees

also

considered

information

received

and

reviewed

in

connection

with

a

meeting

held

on

March

13,

2023

via

videoconference

to

discuss

certain

information

provided

by

the

Adviser

related

to

the

Trustees’

consideration

of

the

renewal

of

the

Investment

Management

Agreement.

During

its

review

of

this

information,

the

Board

focused

on

and

analyzed

the

factors

that

it

deemed

relevant,

including,

among

other

factors:

(i)

the

nature,

extent

and

quality

of

the

services

provided

to

the

Funds

by

the

Adviser;

(ii)

the

Adviser’s

personnel

and

operations;

(iii)

each

Fund’s

expense

level;

(iv)

the

profitability

to

the

Adviser

under

the

Investment

Management

Agreement

with

respect

to

each

Fund;

(v)

any

“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);

(vi)

the

effect

of

asset

growth

on

each

Fund’s

expenses;

and

(vii)

potential

conflicts

of

interest.

The

Trustees

also

considered

benefits

that

accrue

to

the

Adviser

and

its

affiliates

from

their

relationships

with

the

Trust

and

each

Fund.

The

Trustees

also

considered

that,

other

than

the

services

provided

by

the

Adviser

and

its

affiliates

pursuant

to

agreements

with

the

Funds

and

the

fees

paid

by

the

Funds

therefor,

the

Funds

and

the

Adviser

may

potentially

benefit

from

their

relationship

with

each

other

in

other

ways.

The

Trustees

considered

that

the

success

of

the

Funds

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

Funds.

The

Board,

including

the

Independent

Trustees,

considered

the

following

in

respect

of

the

Funds:

(a)

The

nature,

extent

and

quality

of

services

provided

by

the

Adviser;

personnel

and

operations

of

the

Adviser.

Janus

Henderson

AAA

CLO

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

Janus

Detroit

Street

Trust

27

The

Board

reviewed

the

services

that

the

Adviser

provides

to

the

Funds.

In

connection

with

the

investment

advisory

services

provided

by

the

Adviser,

the

Board

noted

the

responsibilities

that

the

Adviser

has

as

the

Funds’

investment

adviser,

including:

the

overall

supervisory

responsibility

for

the

general

management

and

investment

of

each

Fund’s

securities

portfolio;

providing

oversight

of

the

investment

performance

and

processes

and

compliance

with

each

Fund’s

investment

objectives,

policies

and

limitations;

the

implementation

of

the

investment

management

program

of

each

Fund;

the

management

of

the

day-to-day

investment

and

reinvestment

of

the

assets

of

each

Fund;

determining

daily

baskets

of

securities

and

cash

components

in

connection

with

creation

and

redemption

transactions

in

each

Fund’s

shares;

executing

portfolio

security

trades

for

purchases

and

redemptions

of

each

Fund’s

shares

conducted

on

a

cash-

in-lieu

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

Funds.

The

Board

reviewed

the

Adviser’s

experience,

resources

and

strengths

in

managing

the

Funds

and

other

pooled

investment

vehicles,

including

an

assessment

of

the

Adviser’s

personnel.

Based

on

its

consideration

and

review

of

the

foregoing

information,

the

Board

determined

that

each

Fund

was

likely

to

continue

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

rendered

and

fees

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

Funds;

“fall-out”

benefits.

The

Board

then

compared

both

the

services

rendered

and

the

fees

paid

under

other

contracts

of

the

Adviser

and

under

contracts

of

other

investment

advisers

with

respect

to

similar

ETFs.

In

particular,

the

Board

reviewed

a

report

compiled

by

an

independent

third

party

to

compare

each

Fund’s

contractual

management

fee

and

total

expense

ratio

to

other

investment

companies

within

each

Fund’s

respective

peer

grouping,

as

determined

by

the

independent

third

party.

The

information

provided

by

the

comparative

report

showed

how

the

total

expense

ratio

and

contractual

management

fee

for

each

of

the

Funds

compared

within

its

respective

peer

group

for

the

one-year

period

ended

December

31,

2022.

The

reporting

is

described

in

detail

below:

The

total

expense

ratio

and

the

contractual

management

fee

for

JAAA

was

each

reported

in

the

1st

quintile

of

its

respective

peer

group

(with

1st

quintile

being

the

lowest

fees/expenses

and

5th

quintile

being

the

highest

fees/

expenses).

The

total

expense

ratio

and

the

contractual

management

fee

for

JBBB

was

each

reported

in

the

2nd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

SXUS

was

each

reported

in

the

4th

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JMBS

was

each

reported

in

the

1st

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JZRO

was

each

reported

in

the

2nd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

VNLA

was

each

reported

in

the

1st

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JSML

was

each

reported

in

the

3rd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JSMD

was

each

reported

in

the

3rd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

SCRD

was

reported

in

the

3rd

and

2nd

quintiles,

respectively.

The

total

expense

ratio

and

the

contractual

management

fee

for

JIB

as

each

reported

in

the

3rd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JRE

was

each

at

median

as

compared

to

expense

group

peers.

Janus

Henderson

AAA

CLO

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

28

April

30,

2023

The

total

expense

ratio

and

the

contractual

management

fee

for

SSPX

was

reported

in

the

4th

and

3rd

quintiles,

respectively.

The

Board

further

considered

that

the

Adviser

had

voluntarily

agreed

to

cap

the

expenses

of

JAAA,

JMBS

and

VNLA

to

the

extent

that

such

Funds’

total

expense

ratio

exceeded

0.22%,

0.28%

and

0.23%,

respectively,

for

the

period

February

28,

2023

through

February

29,

2024

in

the

case

of

JMBS

and

VNLA

and

for

the

period

of

January

20,

2023

through

February

29,

2024

in

the

case

of

JAAA.

The

Board

further

noted

the

Adviser’s

contractual

commitment

with

respect

to

the

Funds’

investments

in

affiliated

ETFs

to

waive

and/or

reimburse

a

portion

of

its

management

fee

in

an

amount

equal

to

a

portion

of

the

management

fee

it

earns

as

investment

adviser

to

affiliated

ETFs

in

which

a

Fund

invests

(if

any),

for

at

least

the

period

from

February 28,

2023

until

February 29,

2024.

The

Board

also

discussed

the

costs

incurred

by

the

Adviser

in

connection

with

its

serving

as

investment

adviser

to

the

Funds,

including

operational

costs.

After

comparing

each

Fund’s

fees

and

expenses

with

those

of

other

ETFs

in

the

Funds’

respective

peer

groups,

and

in

light

of

the

nature,

extent

and

quality

of

services

provided

by

the

Adviser

and

the

costs

incurred

by

the

Adviser

in

rendering

those

services,

as

well

as

the

profitability

of

the

Adviser

in

providing

these

services,

the

Board

concluded

that

the

level

of

fees

paid

to

the

Adviser

and

the

profitability

with

respect

to

each

Fund

was

fair

and

reasonable.

The

Board

also

considered

that

the

Adviser

may

experience

reputational

“fall-out”

benefits

based

on

the

success

of

the

Funds,

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.

In

its

review,

the

Board

considered

that

the

Funds

were

positioned

to

realize

potential

economies

of

scale

as

assets

grow

over

time,

given

the

inclusion

of

management

fee

breakpoints

for

each

Fund

in

the

current

investment

advisory

agreement

at

various

asset

levels.

(d)

Investment

performance

of

the

Fund

and

the

Adviser.

The

Board

next

discussed

the

annualized

returns

of

the

Funds

on

both

an

absolute

basis

and

relative

to

the

performance

of

funds

comprising

a

performance

universe

compiled

by

an

independent

third

party

for

each

Fund

for

the

three-month

period,

one-year

period,

two-year

period,

three-year

period,

four-year

period,

five-year

period,

and/or

since

inception

period

ended

December

31,

2022

(each

period

as

applicable).

The

Board

noted

the

following

for

each

Fund:

JAAA

was

reported

to

be

in

the

1st

and

3rd

quintiles

of

its

performance

universe

(with

the

1st

quintile

being

the

best

performer

and

the

5th

quintile

being

the

worst

performer)

for

its

one-

and

two-year

periods,

respectively;

JBBB

was

reported

to

be

in

the

1st

and

5th

quintiles

of

its

performance

universe

for

its

3-month

and

since

inception

periods,

respectively;

SXUS

was

reported

to

be

in

the

4th

quintile

of

its

performance

universe

for

each

of

its

three-month,

one-year,

and

since

inception

periods;

JMBS

was

reported

to

be

in

the

2nd,

2nd,

2nd

and

1st

quintiles

of

its

performance

universe

for

its

one-,

two-,

three-,

and

four-year

periods,

respectively;

JZRO

was

reported

to

be

in

the

2nd,

2nd,

and

1st

quintiles

of

its

performance

universe

for

its

three-month,

one-year,

and

since

inception

periods,

respectively;

Janus

Henderson

AAA

CLO

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

Janus

Detroit

Street

Trust

29

VNLA

was

reported

to

be

in

the

1st

quintile

of

its

performance

universe

for

each

of

its

one-,

two-,

three-,

four-,

and

five-year

periods;

JSML

was

reported

to

be

in

the

4th,

4th,

5th,

5th,

and

4th

quintiles

of

its

performance

universe

for

its

one-,

two-,

three-,

four-,

and

five-year

periods,

respectively;

JSMD

was

reported

to

be

in

the

2nd,

3rd,

3rd,

3rd

and

3rd

quintiles

of

its

performance

universe

for

its

one-,

two-,

three-,

four-,

and

five-year

periods,

respectively;

SCRD

was

reported

to

be

in

the

4th,

3rd,

and

2nd

quintiles

of

its

performance

universe

for

its

three-month,

one-year,

and

since

inception

periods,

respectively;

JIB

was

reported

to

be

in

the

5th,

4th,

and

4th

quintiles

of

its

performance

universe

for

its

three-month,

one-year,

and

since

inception

periods,

respectively;

JRE

was

reported

to

be

in

the

1st

quintile

of

its

performance

universe

for

each

of

its

three-month,

one-year,

and

since

inception

periods;

and

SSPX

was

reported

to

be

in

its

3rd,

5th,

and

5th

quintiles

of

its

performance

universe

for

its

three-month,

one-year,

and

since

inception

periods,

respectively.

With

respect

to

JSML

and

JSMD,

the

Board

noted

that

these

Funds

are

index-based

and,

as

a

result,

passively

managed

to

seek

to

track

the

returns

of

specified

indices.

For

this

reason,

the

Board

also

considered

the

performance

of

these

Funds

in

relation

to

the

performance

of

each

Fund’s

respective

underlying

index

(i.e.

“tracking

error”),

and

considered

that

the

tracking

error

was

within

anticipated

ranges.

The

Board

considered

the

Adviser’s

explanation

of

performance

results

for

each

Fund

across

the

relevant

periods

provided

as

part

of

the

consideration

of

the

renewal

of

the

Investment

Advisory

Agreement,

and

during

the

course

of

the

previous

year.

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

management

fee

rates

and

total

expense

ratios

of

each

Fund

are

reasonable

in

relation

to

the

services

provided

by

the

Adviser

to

such

Fund,

as

well

as

the

costs

incurred

and

benefits

gained

by

the

Adviser

in

providing

such

services.

The

Board

also

found

the

management

fees

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

renewal

of

the

Investment

Management

Agreement

for

an

additional

one-year

period

was

in

the

best

interests

of

each

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

renewal

of

the

Investment

Management

Agreement

for

each

Fund.

Janus

Henderson

AAA

CLO

ETF

Liquidity

Risk

Management

Program

(unaudited)

30

April

30,

2023

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),

requires

open-end

funds

(but

not

money

market

funds)

to

adopt

and

implement

a

written

liquidity

risk

management

program

(the

“LRMP”)

that

is

reasonably

designed

to

assess

and

manage

liquidity

risk,

which

is

the

risk

that

a

fund

could

not

meet

redemption

requests

without

significant

dilution

of

remaining

investors’

interests

in

the

fund.

The

Funds

have

adopted

and

implemented

a

LRMP,

which

incorporates

the

following

elements:

(i)

assessment,

management,

and

periodic

review

of

liquidity

risk;

(ii)

classification

of

portfolio

investments;

(iii)

the

establishment

and

monitoring

of

a

highly

liquid

investment

minimum

(“HLIM”),

as

applicable;

(iv)

a

15%

limitation

on

a

Fund’s

illiquid

investments;

(v)

provisions

concerning

redemptions

in-

kind;

and

(vi)

board

oversight.

In

light

of

the

fact

that

each

Fund

operates

as

an

exchange-traded

fund

(“ETF”),

the

LRMP

also

takes

into

account

considerations

unique

to

ETFs,

including

(i)

the

relationship

between

the

ETF’s

portfolio

liquidity

and

the

way

in

which,

and

the

prices

and

spreads

at

which,

ETF

shares

trade,

including:

the

efficiency

of

the

arbitrage

function

and

the

level

of

active

participation

by

market

participants

(including

authorized

participants);

and

(ii)

the

effect

of

the

composition

of

baskets

on

the

overall

liquidity

of

the

ETF’s

portfolio.

The

LRMP

also

considers

whether

an

ETF

meets

redemptions

through

in-kind

transfers

of

securities,

positions,

and

assets

other

than

a

de

minimis

amount

of

cash.

The

Trustees

of

the

Funds

(the

“Trustees”)

have

designated

Janus

Henderson

Investors

US

LLC,

the

Funds’

investment

adviser

(the

“Adviser”),

as

the

Program

Administrator

for

the

LRMP

responsible

for

administering

the

LRMP

and

carrying

out

the

specific

responsibilities

of

the

LRMP.

A

working

group

comprised

of

various

teams

within

the

Adviser’s

business

is

responsible

for

administering

the

LRMP

and

carrying

out

the

specific

responsibilities

of

different

aspects

of

the

LRMP

(the

“Liquidity

Risk

Working

Group”).

In

assessing

each

Fund’s

liquidity

risk,

the

Liquidity

Risk

Working

Group

periodically

considers,

as

relevant,

specified

liquidity

factors,

including:

(i)

the

investment

strategy

and

liquidity

of

a

Fund’s

portfolio

investments

during

both

normal

and

reasonably

foreseeable

stressed

conditions;

(ii)

whether

a

Fund’s

investment

strategy

is

appropriate

for

an

open-end

fund;

(iii)

the

extent

to

which

a

Fund’s

strategy

involves

a

relatively

concentrated

portfolio

or

large

positions

in

any

issuer;

(iv)

a

Fund’s

use

of

borrowing

for

investment

purposes;

(v)

a

Fund’s

use

of

derivatives;

(vi)

short-term

and

long-term

cash

flow

projections

during

both

normal

and

reasonably

foreseeable

stressed

conditions;

and

(vii)

holdings

of

cash

and

cash

equivalents,

as

well

as

borrowing

arrangements

and

other

funding

sources.

The

Liquidity

Rule

requires

the

Trustees

to

review

at

least

annually

a

written

report

provided

by

the

Program

Administrator

that

addresses

the

operation

of

the

LRMP

and

assesses

its

adequacy

and

the

effectiveness

of

its

implementation,

including,

if

applicable,

the

operation

of

the

HLIM

and

any

material

changes

to

the

LRMP

(the

“Program

Administrator

Report”).

At

a

meeting

held

April

20,

2023,

the

Adviser

provided

to

the

Trustees

the

Program

Administrator

Report,

which

covered

the

operation

of

the

LRMP

from

January

1,

2022

through

December

31,

2022

(the

“Reporting

Period”).

Further,

at

a

meeting

held

on

June

26,

2023,

the

Adviser

provided

to

the

Trustees

an

update

regarding

the

Program

Administrator

Report

for

the

Reporting

Period.  

The

Program

Administrator

Report

discussed

the

operation

and

effectiveness

of

the

LRMP

during

the

Reporting

Period.

Among

other

things,

the

Program

Administrator

Report

indicated

that

there

were

no

material

changes

to

the

LRMP

during

the

Reporting

Period,

although

there

were

certain

methodology

adjustments

implemented

relating

to

a

change

in

data

provider

used

by

the

Program

Administrator.

Additionally,

the

findings

presented by

the

Program

Administrator

indicated

that

the

LRMP

operated

adequately

during

the

Reporting

Period.

These

findings

included

that

each

Fund

was

able

to

meet

redemptions

during

the

normal

course

of

business

during

the

Reporting

Period.

The

Program

Administrator

Report

also

stated

that

each

Fund

did

not

exceed

the

15%

limit

on

illiquid

assets

during

the

Reporting

Period,

that

each

Fund

held

primarily

highly

liquid

assets,

and

was

considered

to

be

a

primarily

highly

liquid

fund

during

the

Reporting

Period.

Also

included

among

the

Program

Administrator

Report’s

findings

was

the

determination

that

each

Fund’s

investment

strategy

remains

appropriate

for

an

open-end

fund.

In

addition,

the

Adviser

expressed

its

belief

that

the

LRMP

is

reasonably

designed

and

adequate

to

assess

and

manage

each

Fund’s

liquidity

risk,

considering

each

Fund’s

particular

Janus

Henderson

AAA

CLO

ETF

Liquidity

Risk

Management

Program

(unaudited)

Janus

Detroit

Street

Trust

31

risks

and

circumstances,

and

includes

policies

and

procedures

reasonably

designed

to

implement

each

required

component

of

the

Liquidity

Rule.

There

can

be

no

assurance

that

the

LRMP

will

achieve

its

objectives

in

the

future.

Please

refer

to

your

Fund’s

prospectus

for

more

information

regarding

the

risks

to

which

an

investment

in

the

Fund

may

be

subject.

125-24-93087

04-23

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

Henderson

Investors

US

LLC

is

the

investment

adviser

and

ALPS

Distributors,

Inc.

is

the

distributor.

ALPS

is

not

affiliated

with

Janus

Henderson

or

any

of

its

subsidiaries.

SEMIANNUAL

REPORT

April

30,

2023

Janus

Henderson

U.S.

Real

Estate

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

U.S.

Real

Estate

ETF

Fund

At

A

Glance

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

3

Disclosure

of

Fund

Expenses

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

5

Schedule

of

Investments

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

6

Statement

of

Assets

and

Liabilities

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

9

Statement

of

Operations

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

10

Statements

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

Liquidity

Risk

Management

Program

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

25

Greg

Kuhl

Danny

Greenberger

co-portfolio

manager

co-portfolio

manager

Janus

Henderson

U.S.

Real

Estate

ETF

(unaudited)

Fund

At

A

Glance

April

30,

2023

Janus

Detroit

Street

Trust

3

Holdings

are

subject

to

change

without

notice.

5

Largest

Equity

Holdings

–

(%

of

Net

Assets)

Prologis,

Inc.

Industrial

REITs

15.2%

VICI

Properties,

Inc.

Specialized

REITs

8.2%

Welltower,

Inc.

Health

Care

REITs

7.9%

Alexandria

Real

Estate

Equities,

Inc.

Office

REITs

6.0%

Camden

Property

Trust

Residential

REITs

5.5%

42.8%

Sector

Allocation

–

(%

of

Net

Assets)

Financial

94.8%

Consumer,

Cyclical

2.1%

Consumer,

Non-cyclical

1.9%

Investment

Company

1.1%

99.9%

Janus

Henderson

U.S.

Real

Estate

ETF

(unaudited)

Performance

4

April

30,

2023

Total

annual

expense

ratio

as

stated

in

the

prospectus:

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.

Investing

involves

risk,

including

the

possible

loss

of

principal

and

fluctuation

of

value.

There

is

no

assurance

the

stated

objective(s)

will

be

met.

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

April

30,

2023

Fiscal

Year-to-

Date

One

Year

Since

Inception

*

Janus

Henderson

U.S.

Real

Estate

ETF

-

NAV

6.73%

-13.42%

-3.58%

Janus

Henderson

U.S.

Real

Estate

ETF

-

Market

Price

6.93%

-13.39%

-3.61%

FTSE

Nareit

Equity

REITs

Index

3.88%

-14.80%

-5.00%

*

The

Fund

commenced

operations

on

June

22,

2021.

Janus

Henderson

U.S.

Real

Estate

ETF

(unaudited)

Disclosure

of

Fund

Expenses

Janus

Detroit

Street

Trust

5

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

(11/1/22)

Ending

Account

Value

(4/30/23)

Expenses

Paid

During

Period

(11/1/22

-

4/30/23)

†

Beginning

Account

Value

(11/1/22)

Ending

Account

Value

(4/30/23)

Expenses

Paid

During

Period

(11/1/22

-

4/30/23)

†

Net

Annualized

Expense

Ratio

(11/1/22

-

4/30/23)

$1,000.00

$1,067.30

$3.28

$1,000.00

$1,021.62

$3.21

0.65

%

†

Expenses

Paid

During

Period

is

equal

to

the

Net

Annualized

Expense

Ratio

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

181/365

(to

reflect

the

one-half

year

period).

Janus

Henderson

U.S.

Real

Estate

ETF

Schedule

of

Investments

(unaudited)

April

30,

2023

6

April

30,

2023

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares

Value

Common

Stocks

-

98.8%

Health

Care

Providers

&

Services

-

1.9%

Chartwell

Retirement

Residences

16,534

$

108,008

Health

Care

REITs

-

12.2%

Healthpeak

Properties,

Inc.

11,218

246,460

Welltower,

Inc.

5,558

440,305

686,765

Household

Durables

-

2.1%

NVR,

Inc.*

20

116,800

Industrial

REITs

-

23.4%

Prologis,

Inc.

6,810

852,953

Rexford

Industrial

Realty,

Inc.

3,782

210,922

STAG

Industrial,

Inc.

7,282

246,641

1,310,516

Office

REITs

-

5.9%

Alexandria

Real

Estate

Equities,

Inc.

2,690

334,044

Real

Estate

Management

&

Development

-

6.9%

CBRE

Group,

Inc.

-

Class

A*

2,727

209,052

Tricon

Residential,

Inc.

22,051

176,564

385,616

Residential

REITs

-

10.3%

Camden

Property

Trust

2,813

309,571

Sun

Communities,

Inc.

1,913

265,773

575,344

Retail

REITs

-

21.8%

Agree

Realty

Corp.

3,908

265,705

Brixmor

Property

Group,

Inc.

11,527

245,871

National

Retail

Properties,

Inc.

5,858

254,823

SITE

Centers

Corp.

18,243

225,118

Spirit

Realty

Capital,

Inc.

6,058

232,991

1,224,508

Specialized

REITs

-

14.3%

CubeSmart

3,794

172,589

SBA

Communications

Corp.

637

166,187

VICI

Properties,

Inc.

13,631

462,636

801,412

Total

Common

Stocks

(cost

$5,694,814)

5,543,013

Investment

Companies

-

1.1%

Money

Market

Funds

-

1.1%

Invesco

Government

&

Agency

Portfolio,

Institutional

Class,

4.7800%

∞

(cost

$61,570)

61,570

61,570

Total

Investments

(total

cost

$5,756,384

)

-

99.9%

5,604,583

Cash,

Receivables

and

Other

Assets,

net

of

Liabilities

-

0.1%

4,429

Net

Assets

-

100.0%

$5,609,012

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

5,320,011

94.9

%

Canada

284,572

5.1

Total

$

5,604,583

100.0

%

Janus

Henderson

U.S.

Real

Estate

ETF

Schedule

of

Investments

(unaudited)

April

30,

2023

Janus

Detroit

Street

Trust

7

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Schedule

of

Affiliated

Investments

-

(%

of

Net

Assets)

Dividend

Income

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciatio

n/

(Depreciation)

Value

at

4/30/23

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

–

N/A

Investment

Companies

–

N/A

Janus

Henderson

Cash

Collateral

Fund

LLC,

4.7254%

∞

$

61

Δ

$

–

$

–

$

–

Market

Value

at

10/31/22

Purchases

Sales

Market

Value

at

4/30/23

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

–

N/A

Investment

Companies

–

N/A

Janus

Henderson

Cash

Collateral

Fund

LLC,

4.7254%

∞

$

–

$

49,680

$

(49,680)

$

–

Janus

Henderson

U.S.

Real

Estate

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

April

30,

2023

8

April

30,

2023

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.

REIT

Real

Estate

Investment

Trust

*

Non-income

producing

security.

∞

Rate

shown

is

the

7-day

yield

as

of

April

30,

2023.

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

April

30,

2023

.

See

Notes

to

Financial

Statements

for

more

information.

Valuation

Inputs

Summary

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Assets

Investments

in

Securities:

Common

Stocks

$

5,543,013

$

—

$

—

Investment

Companies

61,570

—

—

Total

Assets

$

5,604,583

$

—

$

—

Janus

Henderson

U.S.

Real

Estate

ETF

Statement

of

Assets

and

Liabilities

(unaudited)

April

30,

2023

Janus

Detroit

Street

Trust

9

See

Notes

to

Financial

Statements.

Assets:

Investments,

at

value

(cost

$5,756,384)

$

5,604,583

Cash

denominated

in

foreign

currency

(cost

$1,597)

1,585

Receivables:

Dividends

5,771

Total

Assets

5,611,939

Liabilities:

Payables:

Management

fees

2,927

Total

Liabilities

2,927

Net

Assets

$

5,609,012

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

6,036,688

Total

distributable

earnings

(loss)

(

427,676

)

Total

Net

Assets

$

5,609,012

Net

Assets

$

5,609,012

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

250,001

Net

Asset

Value

Per

Share

$

22

.44

Janus

Henderson

U.S.

Real

Estate

ETF

Statement

of

Operations

(unaudited)

For

the

period

ended

April

30,

2023

10

April

30,

2023

See

Notes

to

Financial

Statements.

Investment

Income:

Dividends

$

88,767

Affiliated

securities

lending

income,

net    

61

Unaffiliated

securities

lending

income,

net

30

Foreign

tax

withheld

(

682

)

Total

Investment

Income

88,176

Expenses:

Management

Fees

15,267

Total

Expenses

15,267

Net

Investment

Income/(Loss)

72,909

Net

Realized

Gain/(Loss)

on

Investments:

Investments

and

foreign

currency

transactions

$

(

189,866

)

Total

Net

Realized

Gain/(Loss)

on

Investments

$

(

189,866

)

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

and

foreign

currency

translations

$

440,081

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

440,081

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

323,124

Janus

Henderson

U.S.

Real

Estate

ETF

Statements

of

Changes

in

Net

Assets

Janus

Detroit

Street

Trust

11

See

Notes

to

Financial

Statements.

Period

Ended

April

30,

2023

(unaudited)

Year

Ended

October

31,

2022

Operations:

Net

investment

income/(loss)

$

72,909

$

121,288

Net

realized

gain/(loss)

on

investments

(189,866)

13,213

Change

in

unrealized

net

appreciation/depreciation

440,081

(1,518,526)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

323,124

(1,384,025)

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(59,513)

(135,131)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(59,513)

(135,131)

Capital

Share

Transactions

2,137,470

(6,707,563)

Net

Increase/(Decrease)

in

Net

Assets

2,401,081

(8,226,719)

Net

Assets:

—

—

Beginning

of

Period  

3,207,931

11,434,650

End

of

Period

$

5,609,012

$

3,207,931

Janus

Henderson

U.S.

Real

Estate

ETF

Financial

Highlights

12

April

30,

2023

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

the

period

ended

April

30,

2023

(unaudited)

and

each

year

or

period

ended

October

31

2023

2022

2021

(1)

Net

Asset

Value,

Beginning

of

Period

$21.39

$26.90

$25.00

Income/(Loss)

from

Investment

Operations:

—

—

—

Net

investment

income/(loss)

(2)

0.34

0.38

0.17

Net

realized

and

unrealized

gain/(loss)

1.08

(5.41)

1.80

Total

from

Investment

Operations

1.42

(5.03)

1.97

Less

Dividends

and

Distributions:

—

—

—

Dividends

(from

net

investment

income)

(0.37)

(0.48)

(0.07)

Total

Dividends

and

Distributions

(0.37)

(0.48)

(0.07)

Net

Asset

Value,

End

of

Period

$22.44

$21.39

$26.90

Total

Return

*

6.73%

(18.85)%

7.90%

Net

assets,

End

of

Period

(in

thousands)

$5,609

$3,208

$11,435

Average

Net

Assets

for

the

Period

(in

thousands)

$4,774

$8,325

$10,790

Ratios

to

Average

Net

Assets

**

Ratio

of

Gross

Expenses

0.65

%

0.65%

0.65%

Ratio

of

Net

Investment

Income/(Loss)

3.08%

1.46%

1.84%

Portfolio

Turnover

Rate

(3)

38%

76%

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

(unaudited)

Janus

Detroit

Street

Trust

13

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. As

of

the

date

of

this

report,

the

Trust

offers twelve

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.

Janus

Henderson

Investors

US

LLC

is

the

investment

adviser

(the

“Adviser”)

to

the

Fund.

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.

(the

"Exchange"),

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

ALPS

Distributors,

Inc.

(the

"Distributor"),

the

Adviser

or

an

affiliate

of

the

Adviser

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 

Fund holdings

are

valued

in

accordance

with

policies

and

procedures

established

by

the

Adviser

pursuant

to

Rule

2a-5

under

the

1940

Act

and

approved

by

and

subject

to

the

oversight

of

the

Trustees

(the

“Valuation

Procedures”).

Equity

securities,

including

shares

of

exchange-traded

funds,

traded

on

a

domestic

securities

exchange

are

generally

valued

at

readily

available

market

quotations,

which

are

(i)

the

official

close

prices

or

(ii)

last

sale

prices

on

the

primary

market

or

exchange

in

which

the

securities

trade.

If

such

price

is

lacking

for

the

trading

period

immediately

preceding

the

time

of

determination,

such

securities

are

generally

valued

at

their

current

bid

price.

Equity

securities

that

are

traded

on

a

foreign

exchange

are

generally

valued

at

the

closing

prices

on

such

markets.

In

the

event

that

there

is

no

current

trading

volume

on

a

particular

security

in

such

foreign

exchange,

the

bid

price

from

the

primary

exchange

is

generally

used

to

value

the

security.

Foreign

securities

and

currencies

are

converted

to

U.S.

dollars

using

the

current

spot

USD

dollar

exchange

rate

in

effect

at

the

close

of

the

London

Stock

Exchange.

The Fund will

determine

the

market

value

of

individual

securities

held

by

it

by

using

prices

provided

by

one

or

more

approved

professional

pricing

services

or,

as

needed,

by

obtaining

market

quotations

from

independent

broker-dealers.

Most

debt

securities

are

valued

in

accordance

with

the

evaluated

bid

price

supplied

by

the

Adviser-approved

pricing

service

that

is

intended

to

reflect

market

value.

The

evaluated

bid

price

supplied

by

the

pricing

service

is

an

evaluation

that

may

consider

factors

such

as

security

prices,

yields,

maturities

and

ratings.

Certain

short-term

securities

maturing

within

60

days

or

less

may

be

evaluated

and

valued

on

an

amortized

cost

basis

provided

that

the

amortized

cost

determined

approximates

market

value.

Securities

for

which

market

quotations

Janus

Henderson

U.S.

Real

Estate

ETF

Notes

to

Financial

Statements

(unaudited)

14

April

30,

2023

or

evaluated

prices

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

determined

in

good

faith

by

the

Adviser

pursuant

to

the

Valuation

Procedures.

Shares

of

an

investment

company

that

are

not

traded

on

an

exchange,

including

money

market

funds,

are

valued

at

that

company's

net

asset

value

per

share.

Circumstances

in

which

fair

valuation

may

be

utilized

include,

but

are

not

limited

to:

(i)

a

significant

event

that

may

affect

the

securities

of

a

single

issuer,

such

as

a

merger,

bankruptcy,

or

significant

issuer-specific

development;

(ii)

an

event

that

may

affect

an

entire

market,

such

as

a

natural

disaster

or

significant

governmental

action;

(iii)

a

nonsignificant

event

such

as

a

market

closing

early

or

not

opening,

or

a

security

trading

halt;

and

(iv)

pricing

of

a

non-valued

security

and

a

restricted

or

nonpublic

security.

Special

valuation

considerations

may

apply

with

respect

to

“odd-lot”

fixed-income

transactions

which,

due

to

their

small

size,

may

receive

evaluated

prices

by

pricing

services

which

reflect

a

large

block

trade

and

not

what

actually

could

be

obtained

for

the

odd-lot

position.

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

April

30,

2023 to

fair

value

the

Fund’s

investments

in

securities

and

other

financial

instruments

is

included

in

the

“Valuation

Inputs

Summary”

in

the

Notes

to

Schedule

of

Investments

and

Other

Information.

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

U.S.

Real

Estate

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

15

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. 

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. 

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. 

Janus

Henderson

U.S.

Real

Estate

ETF

Notes

to

Financial

Statements

(unaudited)

16

April

30,

2023

2.

Other

Investments

and

Strategies 

Market Risk 

The

value

of

the

Fund's

portfolio

may

decrease

if

the

value

of

one

or

more

issuers

in

the

Fund's

portfolio

decreases.

Further,

regardless

of

how

well

individual

companies

or

securities

perform,

the

value

of

the

Fund's

portfolio

could

also

decrease

if

there

are

deteriorating

economic

or

market

conditions,

including,

but

not

limited

to,

a

general

decline

in

prices

on

the

stock

markets,

a

general

decline

in

real

estate

markets,

a

decline

in

commodities

prices,

or

if

the

market

favors

different

types

of

securities

than

the

types

of

securities

in

which

the

Fund

invests.

If

the

value

of

the

Fund's

portfolio

decreases,

the

Fund's

NAV

will

also

decrease,

which

means

if

you

sell

your

shares

in

the

Fund

you

may

lose

money.

Market

risk

may

affect

a

single

issuer,

industry,

economic

sector,

or

the

market

as

a

whole.

The

increasing

interconnectivity

between

global

economies

and

financial

markets

increases

the

likelihood

that

events

or

conditions

in

one

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

Social,

political,

economic

and

other

conditions

and

events,

such

as

natural

disasters,

health

emergencies

(e.g.,

epidemics

and

pandemics),

terrorism,

conflicts,

including

related

sanctions,

and

social

unrest,

could

reduce

consumer

demand

or

economic

output,

result

in

market

closures,

travel

restrictions

and/or

quarantines,

and

generally

have

a

significant

impact

on

the

global

economies

and

financial

markets.

COVID-19

Pandemic.

The

effects

of

COVID-19

have

contributed

to

increased

volatility

in

global

financial

markets

and

have

affected

and

may

continue

to

affect

certain

countries,

regions,

issuers,

industries

and

market

sectors

more

dramatically

than

others.

These

conditions

and

events

could

have

a

significant

impact

on

the

Fund

and

its

investments,

the

Fund's

ability

to

meet

redemption

requests,

and

the

processes

and

operations

of

the

Fund's

service

providers,

including

the

Adviser.

Russia/Ukraine

Invasion.

Russia

launched

a

large-scale

invasion

of

Ukraine

on

February

24,

2022.

The

extent

and

duration

of

the

military

action,

resulting

sanctions

and

resulting

future

market

disruptions

in

the

region

are

impossible

to

predict,

but

could

be

significant

and

have

a

severe

adverse

effect

on

the

region,

including

significant

negative

impacts

on

the

economy

and

the

markets

for

certain

securities

and

commodities,

such

as

oil

and

natural

gas,

as

well

as

other

sectors. 

Real

Estate

Investing 

The

Fund

may

invest

in

equity

and

debt

securities

of

real

estate-related

companies.

Such

companies

may

include

those

in

the

real

estate

industry

or

real

estate-related

industries.

These

securities

may

include

common

stocks,

corporate

bonds,

preferred

stocks,

and

other

equity

securities,

including,

but

not

limited

to,

mortgage-backed

securities,

real

estate-backed

securities,

securities

of

REITs

and

similar

REIT-like

entities.

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. 

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

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.

ESG

Investment

Risk 

Because

the

Fund

considers

environmental,

social,

and

governance

(“ESG”)

factors

in

selecting

securities,

the

Fund

may

perform

differently

than

funds

that

do

not

consider

ESG

factors.

Due

to

the

ESG

considerations

and

exclusionary

criteria

employed

by

the

Fund,

the

Fund

may

not

be

invested

in

certain

issuers

within

the

real

estate

industry

or

real

estate-

related

industries,

and

therefore

may

have

lower

performance

than

portfolios

that

do

not

apply

similar

criteria.

In

addition,

since

ESG

investing

takes

into

consideration

factors

beyond

traditional

financial

analysis,

the

investment

opportunities

for

Janus

Henderson

U.S.

Real

Estate

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

17

the

Fund

may

be

limited

at

times.

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

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

consider

their

environmental

or

social

practices

may

fall

out

of

favor,

which

could

potentially

limit

the

Fund’s

investment

universe.

There

is

also

a

risk

that

the

issuers

identified

through

the

investment

process

employed

by

the

Fund

may

fail

to

adhere

to

positive

ESG

practices,

which

may

result

in

selling

a

security

when

it

might

otherwise

be

disadvantageous

to

do

so.

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,

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. 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, the

Adviser 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, the

Adviser 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.

The

Adviser

currently

intends

to

invest

the

cash

collateral

in

a

cash

management

vehicle

for

which the

Adviser 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, the

Adviser 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, the

Adviser 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 the

Adviser 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

the

Adviser

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.

There

were

no

securities

on

loan

as

of

April

30,

2023.

Janus

Henderson

U.S.

Real

Estate

ETF

Notes

to

Financial

Statements

(unaudited)

18

April

30,

2023

3.

Investment

Advisory

Agreements

and

Other

Transactions

with

Affiliates 

Under

its

unitary

fee

structure,

the

Fund

pays

the

Adviser 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. The

Adviser'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

April

30,

2023,

the

Fund’s

actual

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

the

Adviser,

on

behalf

of

the

Fund.

As

compensation

for

such

services, the

Adviser pays

JP

Morgan

a

fee

based

on

a

percentage

of

the

Fund’s

assets,

with

a

minimum

flat

fee,

for

certain

services. The

Adviser serves

as

administrator

to

the

Fund,

providing

oversight

and

coordination

of

the

Fund’s

service

providers,

recordkeeping

and

other

administrative

services. The

Adviser 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

the

Adviser 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

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

April

30,

2023, the

Adviser

owned 1

share

or 0.00%

of

the

Fund.

Any

purchases

and

sales,

realized

gains/losses

and

recorded

dividends

from

affiliated

investments

during

the period

ended

April

30,

2023 can

be

found

in

a

table

located

in

the

Schedule

of

Investments.

4.

Federal

Income

Tax 

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.

Daily

Net

Assets

Fee

Rate

$0-$250

Million

0.65%

Next

$750

Million

0.60%

Over

$1

Billion

0.50%

Janus

Henderson

U.S.

Real

Estate

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

19

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,

2022,

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 April

30,

2023 are

noted

below.

The

primary

difference

between

book

and

tax

appreciation

or

depreciation

of

investments

is

wash

sale

loss

deferrals. 

5.

Capital

Share

Transactions 

6.

Purchases

and

Sales

of

Investment

Securities  

For

the period ended

April

30,

2023,

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.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to April

30,

2023

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. 

Capital

Loss

Carryover

Schedule

For

the

year

ended

October

31,

2022

No

Expiration

Short-Term

Long-Term

Accumulated

Capital

Losses

$(81,201)

$(32,560)

$(113,761)

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$5,756,384

$185,538

$(337,339)

$(151,801)

Period

Ended

April

30,

2023

Year

Ended

October

31,

2022

Shares

Amount

Shares

Amount

Shares

sold

100,000

$

2,137,470

50,000

$

1,357,429

Shares

repurchased

—

—

(325,000)

(8,064,992

)

Net

Increase/(Decrease)

100,000

$

2,137,470

(275,000)

$

(6,707,563

)

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

$1,830,811

$1,775,207

$—

$—

Janus

Henderson

U.S.

Real

Estate

ETF

Additional

Information

(unaudited)

20

April

30,

2023

Proxy

Voting

Policies

and

Voting

Record

Information

regarding

how

the

Fund

voted

proxies

related

to

portfolio

securities

during

the

most

recent

12-month

period

ended

June

30

and

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

1-800-525-1093

(toll

free);

(ii)

on

the

Fund’s

website

at

janushenderson.com/proxyvoting;

and

(iii)

on

the

SEC’s

website

at

http://www.sec.gov.

Portfolio

Holdings

The

Fund

files

its

complete

portfolio

holdings

(schedule

of

investments)

with

the

SEC

as

an

exhibit

to

Form

N-PORT

within

60

days

of

the

end

of

the

first

and

third

fiscal

quarters,

and

in

the

annual

report

and

semiannual

report

to

shareholders.

The

Fund’s

Form

N-PORT

filings

and

annual

and

semiannual

reports:

(i)

are

available

on

the

SEC’s

website

at

http://www.sec.gov;

and

(ii)

are

available

without

charge,

upon

request,

by

calling

a

Janus

Henderson

representative

at

1-800-668-0434

(toll

free).

Janus

Henderson

U.S.

Real

Estate

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

Janus

Detroit

Street

Trust

21

The

Board

of

Trustees

(the

“Board”)

of

Janus

Detroit

Street

Trust

(the

“Trust”),

including

a

majority

of

the

Trustees

who

are

not

“interested

persons”

as

that

term

is

defined

in

the

Investment

Company

Act

of

1940,

as

amended

(the

“Independent

Trustees”),

met

on

April

19-20,

2023

to

consider

the

proposed

renewal

of

the

investment

management

agreement

between

Janus

Henderson

Investors

US

LLC

(the

“Adviser”)

and

the

Trust

(the

“Investment

Management

Agreement”),

on

behalf

of

Janus

Henderson

AAA

CLO

ETF

(“JAAA”),

Janus

Henderson

B-BBB

CLO

ETF

(“JBBB”),

Janus

Henderson

International

Sustainable

Equity

ETF

(“SXUS”),

Janus

Henderson

Mortgage-Backed

Securities

ETF

(“JMBS”),

Janus

Henderson

Net

Zero

Transition

Resources

ETF

(“JZRO”),

Janus

Henderson

Short

Duration

Income

ETF

(“VNLA”),

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

(“JSML”),

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

(“JSMD”),

Janus

Henderson

Sustainable

Corporate

Bond

ETF

(“SCRD”),

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

(“JIB”),

Janus

Henderson

U.S.

Real

Estate

ETF

(“JRE”)

and

Janus

Henderson

U.S.

Sustainable

Equity

ETF

(“SSPX”)

(collectively,

the

“Funds”).

In

the

course

of

their

consideration

of

the

renewal

of

the

Investment

Management

Agreement,

the

Independent

Trustees

met

in

executive

session

and

were

advised

by

their

independent

counsel.

In

this

regard,

the

Independent

Trustees

evaluated

the

terms

of

the

Investment

Management

Agreement

and

reviewed

the

duties

and

responsibilities

of

trustees

in

evaluating

and

approving

such

agreements.

In

considering

renewal

of

the

Investment

Management

Agreement,

the

Board

and

the

Independent

Trustees,

as

applicable,

reviewed

the

materials

provided

to

them

relating

to

the

consideration

of

the

renewal

of

the

Investment

Management

Agreement

for

the

Funds

and

other

information

provided

by

counsel

and

the

Adviser,

including:

(i)

information

regarding

the

nature,

quality

and

extent

of

the

services

provided

to

the

Funds

by

the

Adviser,

and

the

fees

charged

to

each

Fund

therefor;

(ii)

information

concerning

the

Adviser’s

financial

condition,

business,

operations,

portfolio

management

personnel,

compliance

programs,

and

profitability

with

respect

to

the

Trust

and

each

Fund;

(iii)

comparative

information

describing

each

Fund’s

advisory

fee

structures,

operating

expenses,

and

performance

information

as

compared

to

peer

fund

groups

compiled

by

an

independent

third

party;

(iv)

a

copy

of

the

Adviser’s

current

Form

ADV;

and

(v)

a

memorandum

from

counsel

to

the

Independent

Trustees

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

throughout

the

year.

The

Trustees

also

considered

information

received

and

reviewed

in

connection

with

a

meeting

held

on

March

13,

2023

via

videoconference

to

discuss

certain

information

provided

by

the

Adviser

related

to

the

Trustees’

consideration

of

the

renewal

of

the

Investment

Management

Agreement.

During

its

review

of

this

information,

the

Board

focused

on

and

analyzed

the

factors

that

it

deemed

relevant,

including,

among

other

factors:

(i)

the

nature,

extent

and

quality

of

the

services

provided

to

the

Funds

by

the

Adviser;

(ii)

the

Adviser’s

personnel

and

operations;

(iii)

each

Fund’s

expense

level;

(iv)

the

profitability

to

the

Adviser

under

the

Investment

Management

Agreement

with

respect

to

each

Fund;

(v)

any

“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);

(vi)

the

effect

of

asset

growth

on

each

Fund’s

expenses;

and

(vii)

potential

conflicts

of

interest.

The

Trustees

also

considered

benefits

that

accrue

to

the

Adviser

and

its

affiliates

from

their

relationships

with

the

Trust

and

each

Fund.

The

Trustees

also

considered

that,

other

than

the

services

provided

by

the

Adviser

and

its

affiliates

pursuant

to

agreements

with

the

Funds

and

the

fees

paid

by

the

Funds

therefor,

the

Funds

and

the

Adviser

may

potentially

benefit

from

their

relationship

with

each

other

in

other

ways.

The

Trustees

considered

that

the

success

of

the

Funds

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

Funds.

The

Board,

including

the

Independent

Trustees,

considered

the

following

in

respect

of

the

Funds:

(a)

The

nature,

extent

and

quality

of

services

provided

by

the

Adviser;

personnel

and

operations

of

the

Adviser.

Janus

Henderson

U.S.

Real

Estate

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

22

April

30,

2023

The

Board

reviewed

the

services

that

the

Adviser

provides

to

the

Funds.

In

connection

with

the

investment

advisory

services

provided

by

the

Adviser,

the

Board

noted

the

responsibilities

that

the

Adviser

has

as

the

Funds’

investment

adviser,

including:

the

overall

supervisory

responsibility

for

the

general

management

and

investment

of

each

Fund’s

securities

portfolio;

providing

oversight

of

the

investment

performance

and

processes

and

compliance

with

each

Fund’s

investment

objectives,

policies

and

limitations;

the

implementation

of

the

investment

management

program

of

each

Fund;

the

management

of

the

day-to-day

investment

and

reinvestment

of

the

assets

of

each

Fund;

determining

daily

baskets

of

securities

and

cash

components

in

connection

with

creation

and

redemption

transactions

in

each

Fund’s

shares;

executing

portfolio

security

trades

for

purchases

and

redemptions

of

each

Fund’s

shares

conducted

on

a

cash-

in-lieu

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

Funds.

The

Board

reviewed

the

Adviser’s

experience,

resources

and

strengths

in

managing

the

Funds

and

other

pooled

investment

vehicles,

including

an

assessment

of

the

Adviser’s

personnel.

Based

on

its

consideration

and

review

of

the

foregoing

information,

the

Board

determined

that

each

Fund

was

likely

to

continue

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

rendered

and

fees

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

Funds;

“fall-out”

benefits.

The

Board

then

compared

both

the

services

rendered

and

the

fees

paid

under

other

contracts

of

the

Adviser

and

under

contracts

of

other

investment

advisers

with

respect

to

similar

ETFs.

In

particular,

the

Board

reviewed

a

report

compiled

by

an

independent

third

party

to

compare

each

Fund’s

contractual

management

fee

and

total

expense

ratio

to

other

investment

companies

within

each

Fund’s

respective

peer

grouping,

as

determined

by

the

independent

third

party.

The

information

provided

by

the

comparative

report

showed

how

the

total

expense

ratio

and

contractual

management

fee

for

each

of

the

Funds

compared

within

its

respective

peer

group

for

the

one-year

period

ended

December

31,

2022.

The

reporting

is

described

in

detail

below:

The

total

expense

ratio

and

the

contractual

management

fee

for

JAAA

was

each

reported

in

the

1st

quintile

of

its

respective

peer

group

(with

1st

quintile

being

the

lowest

fees/expenses

and

5th

quintile

being

the

highest

fees/

expenses).

The

total

expense

ratio

and

the

contractual

management

fee

for

JBBB

was

each

reported

in

the

2nd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

SXUS

was

each

reported

in

the

4th

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JMBS

was

each

reported

in

the

1st

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JZRO

was

each

reported

in

the

2nd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

VNLA

was

each

reported

in

the

1st

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JSML

was

each

reported

in

the

3rd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JSMD

was

each

reported

in

the

3rd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

SCRD

was

reported

in

the

3rd

and

2nd

quintiles,

respectively.

The

total

expense

ratio

and

the

contractual

management

fee

for

JIB

as

each

reported

in

the

3rd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JRE

was

each

at

median

as

compared

to

expense

group

peers.

Janus

Henderson

U.S.

Real

Estate

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

Janus

Detroit

Street

Trust

23

The

total

expense

ratio

and

the

contractual

management

fee

for

SSPX

was

reported

in

the

4th

and

3rd

quintiles,

respectively.

The

Board

further

considered

that

the

Adviser

had

voluntarily

agreed

to

cap

the

expenses

of

JAAA,

JMBS

and

VNLA

to

the

extent

that

such

Funds’

total

expense

ratio

exceeded

0.22%,

0.28%

and

0.23%,

respectively,

for

the

period

February

28,

2023

through

February

29,

2024

in

the

case

of

JMBS

and

VNLA

and

for

the

period

of

January

20,

2023

through

February

29,

2024

in

the

case

of

JAAA.

The

Board

further

noted

the

Adviser’s

contractual

commitment

with

respect

to

the

Funds’

investments

in

affiliated

ETFs

to

waive

and/or

reimburse

a

portion

of

its

management

fee

in

an

amount

equal

to

a

portion

of

the

management

fee

it

earns

as

investment

adviser

to

affiliated

ETFs

in

which

a

Fund

invests

(if

any),

for

at

least

the

period

from

February 28,

2023

until

February 29,

2024.

The

Board

also

discussed

the

costs

incurred

by

the

Adviser

in

connection

with

its

serving

as

investment

adviser

to

the

Funds,

including

operational

costs.

After

comparing

each

Fund’s

fees

and

expenses

with

those

of

other

ETFs

in

the

Funds’

respective

peer

groups,

and

in

light

of

the

nature,

extent

and

quality

of

services

provided

by

the

Adviser

and

the

costs

incurred

by

the

Adviser

in

rendering

those

services,

as

well

as

the

profitability

of

the

Adviser

in

providing

these

services,

the

Board

concluded

that

the

level

of

fees

paid

to

the

Adviser

and

the

profitability

with

respect

to

each

Fund

was

fair

and

reasonable.

The

Board

also

considered

that

the

Adviser

may

experience

reputational

“fall-out”

benefits

based

on

the

success

of

the

Funds,

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.

In

its

review,

the

Board

considered

that

the

Funds

were

positioned

to

realize

potential

economies

of

scale

as

assets

grow

over

time,

given

the

inclusion

of

management

fee

breakpoints

for

each

Fund

in

the

current

investment

advisory

agreement

at

various

asset

levels.

(d)

Investment

performance

of

the

Fund

and

the

Adviser.

The

Board

next

discussed

the

annualized

returns

of

the

Funds

on

both

an

absolute

basis

and

relative

to

the

performance

of

funds

comprising

a

performance

universe

compiled

by

an

independent

third

party

for

each

Fund

for

the

three-month

period,

one-year

period,

two-year

period,

three-year

period,

four-year

period,

five-year

period,

and/or

since

inception

period

ended

December

31,

2022

(each

period

as

applicable).

The

Board

noted

the

following

for

each

Fund:

JAAA

was

reported

to

be

in

the

1st

and

3rd

quintiles

of

its

performance

universe

(with

the

1st

quintile

being

the

best

performer

and

the

5th

quintile

being

the

worst

performer)

for

its

one-

and

two-year

periods,

respectively;

JBBB

was

reported

to

be

in

the

1st

and

5th

quintiles

of

its

performance

universe

for

its

3-month

and

since

inception

periods,

respectively;

SXUS

was

reported

to

be

in

the

4th

quintile

of

its

performance

universe

for

each

of

its

three-month,

one-year,

and

since

inception

periods;

JMBS

was

reported

to

be

in

the

2nd,

2nd,

2nd

and

1st

quintiles

of

its

performance

universe

for

its

one-,

two-,

three-,

and

four-year

periods,

respectively;

JZRO

was

reported

to

be

in

the

2nd,

2nd,

and

1st

quintiles

of

its

performance

universe

for

its

three-month,

one-year,

and

since

inception

periods,

respectively;

Janus

Henderson

U.S.

Real

Estate

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

24

April

30,

2023

VNLA

was

reported

to

be

in

the

1st

quintile

of

its

performance

universe

for

each

of

its

one-,

two-,

three-,

four-,

and

five-year

periods;

JSML

was

reported

to

be

in

the

4th,

4th,

5th,

5th,

and

4th

quintiles

of

its

performance

universe

for

its

one-,

two-,

three-,

four-,

and

five-year

periods,

respectively;

JSMD

was

reported

to

be

in

the

2nd,

3rd,

3rd,

3rd

and

3rd

quintiles

of

its

performance

universe

for

its

one-,

two-,

three-,

four-,

and

five-year

periods,

respectively;

SCRD

was

reported

to

be

in

the

4th,

3rd,

and

2nd

quintiles

of

its

performance

universe

for

its

three-month,

one-year,

and

since

inception

periods,

respectively;

JIB

was

reported

to

be

in

the

5th,

4th,

and

4th

quintiles

of

its

performance

universe

for

its

three-month,

one-year,

and

since

inception

periods,

respectively;

JRE

was

reported

to

be

in

the

1st

quintile

of

its

performance

universe

for

each

of

its

three-month,

one-year,

and

since

inception

periods;

and

SSPX

was

reported

to

be

in

its

3rd,

5th,

and

5th

quintiles

of

its

performance

universe

for

its

three-month,

one-year,

and

since

inception

periods,

respectively.

With

respect

to

JSML

and

JSMD,

the

Board

noted

that

these

Funds

are

index-based

and,

as

a

result,

passively

managed

to

seek

to

track

the

returns

of

specified

indices.

For

this

reason,

the

Board

also

considered

the

performance

of

these

Funds

in

relation

to

the

performance

of

each

Fund’s

respective

underlying

index

(i.e.

“tracking

error”),

and

considered

that

the

tracking

error

was

within

anticipated

ranges.

The

Board

considered

the

Adviser’s

explanation

of

performance

results

for

each

Fund

across

the

relevant

periods

provided

as

part

of

the

consideration

of

the

renewal

of

the

Investment

Advisory

Agreement,

and

during

the

course

of

the

previous

year.

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

management

fee

rates

and

total

expense

ratios

of

each

Fund

are

reasonable

in

relation

to

the

services

provided

by

the

Adviser

to

such

Fund,

as

well

as

the

costs

incurred

and

benefits

gained

by

the

Adviser

in

providing

such

services.

The

Board

also

found

the

management

fees

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

renewal

of

the

Investment

Management

Agreement

for

an

additional

one-year

period

was

in

the

best

interests

of

each

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

renewal

of

the

Investment

Management

Agreement

for

each

Fund.

Janus

Henderson

U.S.

Real

Estate

ETF

Liquidity

Risk

Management

Program

(unaudited)

Janus

Detroit

Street

Trust

25

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),

requires

open-end

funds

(but

not

money

market

funds)

to

adopt

and

implement

a

written

liquidity

risk

management

program

(the

“LRMP”)

that

is

reasonably

designed

to

assess

and

manage

liquidity

risk,

which

is

the

risk

that

a

fund

could

not

meet

redemption

requests

without

significant

dilution

of

remaining

investors’

interests

in

the

fund.

The

Funds

have

adopted

and

implemented

a

LRMP,

which

incorporates

the

following

elements:

(i)

assessment,

management,

and

periodic

review

of

liquidity

risk;

(ii)

classification

of

portfolio

investments;

(iii)

the

establishment

and

monitoring

of

a

highly

liquid

investment

minimum

(“HLIM”),

as

applicable;

(iv)

a

15%

limitation

on

a

Fund’s

illiquid

investments;

(v)

provisions

concerning

redemptions

in-

kind;

and

(vi)

board

oversight.

In

light

of

the

fact

that

each

Fund

operates

as

an

exchange-traded

fund

(“ETF”),

the

LRMP

also

takes

into

account

considerations

unique

to

ETFs,

including

(i)

the

relationship

between

the

ETF’s

portfolio

liquidity

and

the

way

in

which,

and

the

prices

and

spreads

at

which,

ETF

shares

trade,

including:

the

efficiency

of

the

arbitrage

function

and

the

level

of

active

participation

by

market

participants

(including

authorized

participants);

and

(ii)

the

effect

of

the

composition

of

baskets

on

the

overall

liquidity

of

the

ETF’s

portfolio.

The

LRMP

also

considers

whether

an

ETF

meets

redemptions

through

in-kind

transfers

of

securities,

positions,

and

assets

other

than

a

de

minimis

amount

of

cash.

The

Trustees

of

the

Funds

(the

“Trustees”)

have

designated

Janus

Henderson

Investors

US

LLC,

the

Funds’

investment

adviser

(the

“Adviser”),

as

the

Program

Administrator

for

the

LRMP

responsible

for

administering

the

LRMP

and

carrying

out

the

specific

responsibilities

of

the

LRMP.

A

working

group

comprised

of

various

teams

within

the

Adviser’s

business

is

responsible

for

administering

the

LRMP

and

carrying

out

the

specific

responsibilities

of

different

aspects

of

the

LRMP

(the

“Liquidity

Risk

Working

Group”).

In

assessing

each

Fund’s

liquidity

risk,

the

Liquidity

Risk

Working

Group

periodically

considers,

as

relevant,

specified

liquidity

factors,

including:

(i)

the

investment

strategy

and

liquidity

of

a

Fund’s

portfolio

investments

during

both

normal

and

reasonably

foreseeable

stressed

conditions;

(ii)

whether

a

Fund’s

investment

strategy

is

appropriate

for

an

open-end

fund;

(iii)

the

extent

to

which

a

Fund’s

strategy

involves

a

relatively

concentrated

portfolio

or

large

positions

in

any

issuer;

(iv)

a

Fund’s

use

of

borrowing

for

investment

purposes;

(v)

a

Fund’s

use

of

derivatives;

(vi)

short-term

and

long-term

cash

flow

projections

during

both

normal

and

reasonably

foreseeable

stressed

conditions;

and

(vii)

holdings

of

cash

and

cash

equivalents,

as

well

as

borrowing

arrangements

and

other

funding

sources.

The

Liquidity

Rule

requires

the

Trustees

to

review

at

least

annually

a

written

report

provided

by

the

Program

Administrator

that

addresses

the

operation

of

the

LRMP

and

assesses

its

adequacy

and

the

effectiveness

of

its

implementation,

including,

if

applicable,

the

operation

of

the

HLIM

and

any

material

changes

to

the

LRMP

(the

“Program

Administrator

Report”).

At

a

meeting

held

April

20,

2023,

the

Adviser

provided

to

the

Trustees

the

Program

Administrator

Report,

which

covered

the

operation

of

the

LRMP

from

January

1,

2022

through

December

31,

2022

(the

“Reporting

Period”).

Further,

at

a

meeting

held

on

June

26,

2023,

the

Adviser

provided

to

the

Trustees

an

update

regarding

the

Program

Administrator

Report

for

the

Reporting

Period.  

The

Program

Administrator

Report

discussed

the

operation

and

effectiveness

of

the

LRMP

during

the

Reporting

Period.

Among

other

things,

the

Program

Administrator

Report

indicated

that

there

were

no

material

changes

to

the

LRMP

during

the

Reporting

Period,

although

there

were

certain

methodology

adjustments

implemented

relating

to

a

change

in

data

provider

used

by

the

Program

Administrator.

Additionally,

the

findings

presented by

the

Program

Administrator

indicated

that

the

LRMP

operated

adequately

during

the

Reporting

Period.

These

findings

included

that

each

Fund

was

able

to

meet

redemptions

during

the

normal

course

of

business

during

the

Reporting

Period.

The

Program

Administrator

Report

also

stated

that

each

Fund

did

not

exceed

the

15%

limit

on

illiquid

assets

during

the

Reporting

Period,

that

each

Fund

held

primarily

highly

liquid

assets,

and

was

considered

to

be

a

primarily

highly

liquid

fund

during

the

Reporting

Period.

Also

included

among

the

Program

Administrator

Report’s

findings

was

the

determination

that

each

Fund’s

investment

strategy

remains

appropriate

for

an

open-end

fund.

In

addition,

the

Adviser

expressed

its

belief

that

the

LRMP

is

reasonably

designed

and

adequate

to

assess

and

manage

each

Fund’s

liquidity

risk,

considering

each

Fund’s

particular

Janus

Henderson

U.S.

Real

Estate

ETF

Liquidity

Risk

Management

Program

(unaudited)

26

April

30,

2023

risks

and

circumstances,

and

includes

policies

and

procedures

reasonably

designed

to

implement

each

required

component

of

the

Liquidity

Rule.

There

can

be

no

assurance

that

the

LRMP

will

achieve

its

objectives

in

the

future.

Please

refer

to

your

Fund’s

prospectus

for

more

information

regarding

the

risks

to

which

an

investment

in

the

Fund

may

be

subject.

125-24-93088

04-23

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

Henderson

Investors

US

LLC

is

the

investment

adviser

and

ALPS

Distributors,

Inc.

is

the

distributor.

ALPS

is

not

affiliated

with

Janus

Henderson

or

any

of

its

subsidiaries.

SEMIANNUAL

REPORT

April

30,

2023

Janus

Henderson

International

Sustainable

Equity

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

International

Sustainable

Equity

ETF

Fund

At

A

Glance

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

3

Disclosure

of

Fund

Expenses

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

5

Schedule

of

Investments

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

6

Statement

of

Assets

and

Liabilities

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

9

Statement

of

Operations

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

10

Statements

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

Liquidity

Risk

Management

Program

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

25

Hamish

Chamberlayne

Aaron

Scully

co-portfolio

manager

co-portfolio

manager

Janus

Henderson

International

Sustainable

Equity

ETF

(unaudited)

Fund

At

A

Glance

April

30,

2023

Janus

Detroit

Street

Trust

3

Holdings

are

subject

to

change

without

notice.

5

Largest

Equity

Holdings

–

(%

of

Net

Assets)

Intact

Financial

Corp.

Insurance

5.0%

AIA

Group

Ltd.

Insurance

4.9%

Schneider

Electric

SE

Electrical

Equipment

4.9%

Boralex,

Inc.

Independent

Power

and

Renewable

Electricity

Producers

4.8%

SSE

plc

Electric

Utilities

4.6%

24.2%

Sector

Allocation

–

(%

of

Net

Assets)

Industrial

24.4%

Technology

19.0%

Financial

13.6%

Consumer,

Non-cyclical

12.7%

Utilities

11.4%

Consumer,

Cyclical

8.2%

Communications

4.7%

Investment

Company

3.2%

Energy

1.8%

Basic

Materials

0.7%

99.7%

Janus

Henderson

International

Sustainable

Equity

ETF

(unaudited)

Performance

4

April

30,

2023

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.

Investing

involves

risk,

including

the

possible

loss

of

principal

and

fluctuation

of

value.

There

is

no

assurance

the

stated

objective(s)

will

be

met.

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

April

30,

2023

Fiscal

Year-to-

Date

One

Year

Since

Inception

*

Janus

Henderson

International

Sustainable

Equity

ETF

-

NAV

20.15%

1.60%

-17.67%

Janus

Henderson

International

Sustainable

Equity

ETF

-

Market

Price

20.96%

3.67%

-17.19%

MSCI

All

Country

World

ex

USA

Index

SM

20.65%

3.05%

-6.69%

*

The

Fund

commenced

operations

on

September

8,

2021.

Janus

Henderson

International

Sustainable

Equity

ETF

(unaudited)

Disclosure

of

Fund

Expenses

Janus

Detroit

Street

Trust

5

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

(11/1/22)

Ending

Account

Value

(4/30/23)

Expenses

Paid

During

Period

(11/1/22

-

4/30/23)

†

Beginning

Account

Value

(11/1/22)

Ending

Account

Value

(4/30/23)

Expenses

Paid

During

Period

(11/1/22

-

4/30/23)

†

Net

Annualized

Expense

Ratio

(11/1/22

-

4/30/23)

$1,000.00

$1,201.50

$3.28

$1,000.00

$1,021.82

$3.01

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

181/365

(to

reflect

the

one-half

year

period).

Janus

Henderson

International

Sustainable

Equity

ETF

Schedule

of

Investments

(unaudited)

April

30,

2023

6

April

30,

2023

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares

Value

Common

Stocks

-

96.5%

Chemicals

-

0.7%

Calix

Ltd.*

28,930

$

90,239

Containers

&

Packaging

-

2.4%

DS

Smith

plc

79,686

310,588

Electric

Utilities

-

4.6%

SSE

plc

26,110

603,025

Electrical

Equipment

-

10.7%

Legrand

SA

4,314

408,160

Nidec

Corp.

2,300

113,239

Schneider

Electric

SE

3,619

630,550

Vestas

Wind

Systems

A/S*

8,632

238,402

1,390,351

Electronic

Equipment,

Instruments

&

Components

-

8.7%

Keyence

Corp.

500

224,360

Murata

Manufacturing

Co.

Ltd.

7,900

457,181

Shimadzu

Corp.

14,600

453,553

1,135,094

Entertainment

-

1.9%

Nintendo

Co.

Ltd.

5,800

243,688

Financial

Services

-

0.5%

Adyen

NV

(144A)*

43

68,929

Health

Care

Equipment

&

Supplies

-

8.2%

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

16,244

277,716

Nanosonics

Ltd.*

36,607

137,893

Olympus

Corp.

28,000

486,836

Siemens

Healthineers

AG

(144A)

2,606

162,322

1,064,767

Health

Care

Providers

&

Services

-

0.9%

New

Horizon

Health

Ltd.

(144A)*

31,696

113,057

Independent

Power

and

Renewable

Electricity

Producers

-

6.8%

Boralex,

Inc.

-

Class

A

21,378

622,599

Innergex

Renewable

Energy,

Inc.

24,761

253,762

876,361

Insurance

-

13.6%

AIA

Group

Ltd.

58,774

636,040

Allianz

SE

(Registered)

1,918

481,619

Intact

Financial

Corp.

4,325

653,517

1,771,176

Leisure

Products

-

3.8%

Shimano,

Inc.

1,700

262,432

Yamaha

Corp.

5,800

227,033

489,465

Machinery

-

4.4%

Alstom

SA

7,605

190,923

Knorr-Bremse

AG

5,390

377,504

568,427

Professional

Services

-

7.8%

SMS

Co.

Ltd.

8,200

190,901

TechnoPro

Holdings,

Inc.

15,000

407,594

Wolters

Kluwer

NV

3,150

417,833

1,016,328

Semiconductors

&

Semiconductor

Equipment

-

10.6%

ASML

Holding

NV

914

578,694

Infineon

Technologies

AG

15,919

578,291

Janus

Henderson

International

Sustainable

Equity

ETF

Schedule

of

Investments

(unaudited)

April

30,

2023

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)

2,671

$

225,165

1,382,150

Software

-

8.3%

Constellation

Software,

Inc.

217

424,276

Kinaxis,

Inc.*

2,034

279,028

Linklogis,

Inc.

-

Class

B

(144A)*

392,858

148,137

Lumine

Group,

Inc.*

673

9,056

Rakus

Co.

Ltd.

14,700

221,960

1,082,457

Textiles,

Apparel

&

Luxury

Goods

-

2.6%

adidas

AG

1,889

332,505

Total

Common

Stocks

(cost

$16,309,532)

12,538,607

Investment

Companies

-

3.2%

Money

Market

Funds

-

3.2%

Federated

Hermes

Government

Obligations

Tax-Managed

Fund,

Institutional

Class,

4.5900%

∞

(cost

$410,763)

410,763

410,763

Total

Investments

(total

cost

$16,720,295

)

-

99.7%

12,949,370

Cash,

Receivables

and

Other

Assets,

net

of

Liabilities

-

0.3%

43,415

Net

Assets

-

100.0%

$12,992,785

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

Japan

$

3,288,777

25.5

%

Canada

2,242,238

17.3

Germany

1,932,241

14.9

France

1,229,633

9.5

Netherlands

1,065,456

8.2

United

Kingdom

913,613

7.1

Hong

Kong

636,040

4.9

United

States

410,763

3.2

New

Zealand

277,716

2.1

China

261,194

2.0

Denmark

238,402

1.8

Australia

228,132

1.8

Taiwan

225,165

1.7

Total

$

12,949,370

100.0

%

Janus

Henderson

International

Sustainable

Equity

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

April

30,

2023

8

April

30,

2023

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

April

30,

2023.

144A

Securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended,

are

subject

to

legal

and/or

contractual

restrictions

on

resale

and

may

not

be

publicly

sold

without

registration

under

the

1993

Act.

Unless

otherwise

noted,

these

securities

have

been

determined

to

be

liquid

in

accordance

with

the

requirements

of

Rule

22e-4,

under

the

1940

Act.

The

total

value

of

144A

securities

as

of

the

period

ended

April

30,

2023

is

$492,445

which

represents

3.8%

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

April

30,

2023

.

See

Notes

to

Financial

Statements

for

more

information.

Valuation

Inputs

Summary

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Assets

Investments

in

Securities:

Common

Stocks

$

12,538,607

$

—

$

—

Investment

Companies

410,763

—

—

Total

Assets

$

12,949,370

$

—

$

—

Janus

Henderson

International

Sustainable

Equity

ETF

Statement

of

Assets

and

Liabilities

(unaudited)

April

30,

2023

Janus

Detroit

Street

Trust

9

See

Notes

to

Financial

Statements.

Assets:

Investments,

at

value

(cost

$16,720,295)

$

12,949,370

Cash

denominated

in

foreign

currency

(cost

$281)

277

Receivables:

Investments

sold

187,756

Dividends

52,656

Total

Assets

13,190,059

Liabilities:

Payables:

Due

to

custodian

187,756

Management

fees

9,518

Total

Liabilities

197,274

Net

Assets

$

12,992,785

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

24,179,377

Total

distributable

earnings

(loss)

(

11,186,592

)

Total

Net

Assets

$

12,992,785

Net

Assets

$

12,992,785

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

725,001

Net

Asset

Value

Per

Share

$

17

.92

Janus

Henderson

International

Sustainable

Equity

ETF

Statement

of

Operations

(unaudited)

For

the

period

ended

April

30,

2023

10

April

30,

2023

See

Notes

to

Financial

Statements.

Investment

Income:

Dividends

$

141,797

Income

from

non-cash

dividends

13,983

Foreign

tax

withheld

(

14,320

)

Total

Investment

Income

141,460

Expenses:

Management

Fees

63,373

Total

Expenses

63,373

Net

Investment

Income/(Loss)

78,087

Net

Realized

Gain/(Loss)

on

Investments:

Investments

and

foreign

currency

transactions

$

(

4,638,829

)

Total

Net

Realized

Gain/(Loss)

on

Investments

$

(

4,638,829

)

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

and

foreign

currency

translations

$

8,518,587

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

8,518,587

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

3,957,845

Janus

Henderson

International

Sustainable

Equity

ETF

Statements

of

Changes

in

Net

Assets

Janus

Detroit

Street

Trust

11

See

Notes

to

Financial

Statements.

Period

Ended

April

30,

2023

(unaudited)

Year

Ended

October

31,

2022

Operations:

Net

investment

income/(loss)

$

78,087

$

290,007

Net

realized

gain/(loss)

on

investments

(4,638,829)

(5,299,477)

Change

in

unrealized

net

appreciation/depreciation

8,518,587

(8,829,480)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

3,957,845

(13,838,950)

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(63,819)

(299,692)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(63,819)

(299,692)

Capital

Share

Transactions

(9,976,338)

(12,384,047)

Net

Increase/(Decrease)

in

Net

Assets

(6,082,312)

(26,522,689)

Net

Assets:

—

—

Beginning

of

Period  

19,075,097

45,597,786

End

of

Period

$

12,992,785

$

19,075,097

Janus

Henderson

International

Sustainable

Equity

ETF

Financial

Highlights

12

April

30,

2023

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

the

period

ended

April

30,

2023

(unaudited)

and

each

year

or

period

ended

October

31

2023

2022

2021

(1)

Net

Asset

Value,

Beginning

of

Period

$14.96

$23.38

$25.00

Income/(Loss)

from

Investment

Operations:

—

—

—

Net

investment

income/(loss)

(2)

0.06

0.18

0.02

Net

realized

and

unrealized

gain/(loss)

2.95

(8.42)

(1.64)

(3)

Total

from

Investment

Operations

3.01

(8.24)

(1.62)

Less

Dividends

and

Distributions:

—

—

—

Dividends

(from

net

investment

income)

(0.05)

(0.18)

—

Total

Dividends

and

Distributions

(0.05)

(0.18)

—

Net

Asset

Value,

End

of

Period

$17.92

$14.96

$23.38

Total

Return

*

20.15%

(35.31)%

(6.48)%

(4)

Net

assets,

End

of

Period

(in

thousands)

$12,993

$19,075

$45,598

Average

Net

Assets

for

the

Period

(in

thousands)

$21,272

$30,714

$42,044

Ratios

to

Average

Net

Assets

**

Ratio

of

Gross

Expenses

0.60%

0.60%

0.60%

Ratio

of

Net

Investment

Income/(Loss)

0.74%

0.94%

0.67%

Portfolio

Turnover

Rate

(5)

7%

7%

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)

Net

realized

and

unrealized

gain/

(loss)

includes

the

voluntary

reimbursement

made

by

Janus

Henderson

Investors

US

LLC.

The

impact

of

the

reimbursement

to

the

net

realized

and

unrealized

gain/

(loss)

is

$0.02.

(4)

0.08%

of

the

Fund’s

total

return

consists

of

a

voluntary

reimbursement

by

Janus

Henderson

Investors

US

LLC

for

realized

investment

losses.  Excluding

this

item,

total

return

would

have

been

(6.56)%.  

(5)

Portfolio

turnover

rate

excludes

securities

received

or

delivered

from

in-kind

processing

of

creation

or

redemptions.

Janus

Henderson

International

Sustainable

Equity

ETF

Notes

to

Financial

Statements

(unaudited)

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. As

of

the

date

of

this

report,

the

Trust

offers

twelve 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.

Janus

Henderson

Investors

US

LLC

is

the

investment

adviser

(the

“Adviser”)

to

the

Fund.

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.

(the

"Exchange"),

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

ALPS

Distributors,

Inc.

(the

"Distributor"),

the

Adviser

or

an

affiliate

of

the

Adviser

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 

Fund holdings

are

valued

in

accordance

with

policies

and

procedures

established

by

the

Adviser

pursuant

to

Rule

2a-5

under

the

1940

Act

and

approved

by

and

subject

to

the

oversight

of

the

Trustees

(the

“Valuation

Procedures”).

Equity

securities,

including

shares

of

exchange-traded

funds,

traded

on

a

domestic

securities

exchange

are

generally

valued

at

readily

available

market

quotations,

which

are

(i)

the

official

close

prices

or

(ii)

last

sale

prices

on

the

primary

market

or

exchange

in

which

the

securities

trade.

If

such

price

is

lacking

for

the

trading

period

immediately

preceding

the

time

of

determination,

such

securities

are

generally

valued

at

their

current

bid

price.

Equity

securities

that

are

traded

on

a

foreign

exchange

are

generally

valued

at

the

closing

prices

on

such

markets.

In

the

event

that

there

is

no

current

trading

volume

on

a

particular

security

in

such

foreign

exchange,

the

bid

price

from

the

primary

exchange

is

generally

used

to

value

the

security.

Foreign

securities

and

currencies

are

converted

to

U.S.

dollars

using

the

current

spot

USD

dollar

exchange

rate

in

effect

at

the

close

of

the

London

Stock

Exchange.

The Fund will

determine

the

market

value

of

individual

securities

held

by

it

by

using

prices

provided

by

one

or

more

approved

professional

pricing

services

or,

as

needed,

by

obtaining

market

quotations

from

independent

broker-dealers.

Most

debt

securities

are

valued

in

accordance

with

the

evaluated

bid

price

supplied

by

the

Adviser-approved

pricing

service

that

is

intended

to

reflect

market

value.

The

evaluated

bid

price

supplied

by

the

pricing

service

is

an

evaluation

that

may

consider

factors

such

as

security

prices,

yields,

maturities

and

ratings.

Certain

short-term

securities

maturing

within

60

days

or

less

may

be

evaluated

and

valued

on

an

amortized

cost

basis

provided

that

the

amortized

cost

determined

approximates

market

value.

Securities

for

which

market

quotations

or

evaluated

prices

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

determined

in

good

faith

by

the

Janus

Henderson

International

Sustainable

Equity

ETF

Notes

to

Financial

Statements

(unaudited)

14

April

30,

2023

Adviser

pursuant

to

the

Valuation

Procedures.

Shares

of

an

investment

company

that

are

not

traded

on

an

exchange,

including

money

market

funds,

are

valued

at

that

company's

net

asset

value

per

share.

Circumstances

in

which

fair

valuation

may

be

utilized

include,

but

are

not

limited

to:

(i)

a

significant

event

that

may

affect

the

securities

of

a

single

issuer,

such

as

a

merger,

bankruptcy,

or

significant

issuer-specific

development;

(ii)

an

event

that

may

affect

an

entire

market,

such

as

a

natural

disaster

or

significant

governmental

action;

(iii)

a

nonsignificant

event

such

as

a

market

closing

early

or

not

opening,

or

a

security

trading

halt;

and

(iv)

pricing

of

a

non-valued

security

and

a

restricted

or

nonpublic

security.

Special

valuation

considerations

may

apply

with

respect

to

“odd-lot”

fixed-income

transactions

which,

due

to

their

small

size,

may

receive

evaluated

prices

by

pricing

services

which

reflect

a

large

block

trade

and

not

what

actually

could

be

obtained

for

the

odd-lot

position.

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

April

30,

2023 to

fair

value

the

Fund’s

investments

in

securities

and

other

financial

instruments

is

included

in

the

“Valuation

Inputs

Summary”

in

the

Notes

to

Schedule

of

Investments

and

Other

Information.

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

International

Sustainable

Equity

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

15

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. 

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 

Market Risk 

The

value

of

the

Fund's

portfolio

may

decrease

if

the

value

of

one

or

more

issuers

in

the

Fund's

portfolio

decreases.

Further,

regardless

of

how

well

individual

companies

or

securities

perform,

the

value

of

the

Fund's

portfolio

could

also

decrease

if

there

are

deteriorating

economic

or

market

conditions,

including,

but

not

limited

to,

a

general

decline

in

prices

on

the

stock

markets,

a

general

decline

in

real

estate

markets,

a

decline

in

commodities

prices,

or

if

the

market

favors

different

types

of

securities

than

the

types

of

securities

in

which

the

Fund

invests.

If

the

value

of

the

Fund's

portfolio

decreases,

the

Fund's

NAV

will

also

decrease,

which

means

if

you

sell

your

shares

in

the

Fund

you

may

lose

money.

Market

risk

may

affect

a

single

issuer,

industry,

economic

sector,

or

the

market

as

a

whole.

The

increasing

interconnectivity

Janus

Henderson

International

Sustainable

Equity

ETF

Notes

to

Financial

Statements

(unaudited)

16

April

30,

2023

between

global

economies

and

financial

markets

increases

the

likelihood

that

events

or

conditions

in

one

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

Social,

political,

economic

and

other

conditions

and

events,

such

as

natural

disasters,

health

emergencies

(e.g.,

epidemics

and

pandemics),

terrorism,

conflicts,

including

related

sanctions,

and

social

unrest,

could

reduce

consumer

demand

or

economic

output,

result

in

market

closures,

travel

restrictions

and/or

quarantines,

and

generally

have

a

significant

impact

on

the

global

economies

and

financial

markets.

COVID-19

Pandemic.

The

effects

of

COVID-19

have

contributed

to

increased

volatility

in

global

financial

markets

and

have

affected

and

may

continue

to

affect

certain

countries,

regions,

issuers,

industries

and

market

sectors

more

dramatically

than

others.

These

conditions

and

events

could

have

a

significant

impact

on

the

Fund

and

its

investments,

the

Fund's

ability

to

meet

redemption

requests,

and

the

processes

and

operations

of

the

Fund's

service

providers,

including

the

Adviser.

Russia/Ukraine

Invasion.

Russia

launched

a

large-scale

invasion

of

Ukraine

on

February

24,

2022.

The

extent

and

duration

of

the

military

action,

resulting

sanctions

and

resulting

future

market

disruptions

in

the

region

are

impossible

to

predict,

but

could

be

significant

and

have

a

severe

adverse

effect

on

the

region,

including

significant

negative

impacts

on

the

economy

and

the

markets

for

certain

securities

and

commodities,

such

as

oil

and

natural

gas,

as

well

as

other

sectors. 

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

Janus

Henderson

International

Sustainable

Equity

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

17

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

the

Adviser 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. The

Adviser'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

April

30,

2023,

the

Fund’s

actual

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

the

Adviser,

on

behalf

of

the

Fund.

As

compensation

for

such

services, the

Adviser pays

JP

Morgan

a

fee

based

on

a

percentage

of

the

Fund’s

assets,

with

a

minimum

flat

fee,

for

certain

services. The

Adviser serves

as

administrator

to

the

Fund,

providing

oversight

and

coordination

of

the

Fund’s

service

providers,

recordkeeping

and

other

administrative

services. The

Adviser 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

the

Adviser 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

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

April

30,

2023, the

Adviser

owned 650,001

shares

or 89.66%

of

the

Fund.

4.

Federal

Income

Tax

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.

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

(unaudited)

18

April

30,

2023

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,

2022,

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 April

30,

2023 are

noted

below.

The

primary

difference

between

book

and

tax

appreciation

or

depreciation

of

investments

is

wash

sale

loss

deferrals. 

5.

Capital

Share

Transactions 

6.

Purchases

and

Sales

of

Investment

Securities 

For

the period ended

April

30,

2023,

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 period

ended

April

30,

2023,

the

cost

of

in-kind

purchases

and

proceeds

from

in-kind

sales,

were

as

follows: 

During

the

period ended

April

30,

2023,

the

Fund

had

net

realized

loss of $1,045,508 from

in-kind

redemptions.

Gains

on

in-kind

transactions

are

not

considered

taxable

for

federal

income

tax

purposes. 

Capital

Loss

Carryover

Schedule

For

the

year

ended

October

31,

2022

No

Expiration

Short-Term

Long-Term

Accumulated

Capital

Losses

$(2,505,008)

$(175,292)

$(2,680,300)

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$16,720,295

$246,528

$(4,017,453)

$(3,770,925)

Period

Ended

April

30,

2023

Year

Ended

October

31,

2022

Shares

Amount

Shares

Amount

Shares

sold

—

$

—

—

$

—

Shares

repurchased

(550,000)

(9,976,338

)

(675,000)

(12,384,047

)

Net

Increase/(Decrease)

(550,000)

$

(9,976,338

)

(675,000)

$

(12,384,047

)

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

$1,326,195

$4,129,887

$—

$—

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

$—

$7,094,342

$—

$—

Janus

Henderson

International

Sustainable

Equity

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

19

7.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to April

30,

2023

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

International

Sustainable

Equity

ETF

Additional

Information

(unaudited)

20

April

30,

2023

Proxy

Voting

Policies

and

Voting

Record

Information

regarding

how

the

Fund

voted

proxies

related

to

portfolio

securities

during

the

most

recent

12-month

period

ended

June

30

and

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

1-800-525-1093

(toll

free);

(ii)

on

the

Fund’s

website

at

janushenderson.com/proxyvoting;

and

(iii)

on

the

SEC’s

website

at

http://www.sec.gov.

Portfolio

Holdings

The

Fund

files

its

complete

portfolio

holdings

(schedule

of

investments)

with

the

SEC

as

an

exhibit

to

Form

N-PORT

within

60

days

of

the

end

of

the

first

and

third

fiscal

quarters,

and

in

the

annual

report

and

semiannual

report

to

shareholders.

The

Fund’s

Form

N-PORT

filings

and

annual

and

semiannual

reports:

(i)

are

available

on

the

SEC’s

website

at

http://www.sec.gov;

and

(ii)

are

available

without

charge,

upon

request,

by

calling

a

Janus

Henderson

representative

at

1-800-668-0434

(toll

free).

Janus

Henderson

International

Sustainable

Equity

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

Janus

Detroit

Street

Trust

21

The

Board

of

Trustees

(the

“Board”)

of

Janus

Detroit

Street

Trust

(the

“Trust”),

including

a

majority

of

the

Trustees

who

are

not

“interested

persons”

as

that

term

is

defined

in

the

Investment

Company

Act

of

1940,

as

amended

(the

“Independent

Trustees”),

met

on

April

19-20,

2023

to

consider

the

proposed

renewal

of

the

investment

management

agreement

between

Janus

Henderson

Investors

US

LLC

(the

“Adviser”)

and

the

Trust

(the

“Investment

Management

Agreement”),

on

behalf

of

Janus

Henderson

AAA

CLO

ETF

(“JAAA”),

Janus

Henderson

B-BBB

CLO

ETF

(“JBBB”),

Janus

Henderson

International

Sustainable

Equity

ETF

(“SXUS”),

Janus

Henderson

Mortgage-Backed

Securities

ETF

(“JMBS”),

Janus

Henderson

Net

Zero

Transition

Resources

ETF

(“JZRO”),

Janus

Henderson

Short

Duration

Income

ETF

(“VNLA”),

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

(“JSML”),

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

(“JSMD”),

Janus

Henderson

Sustainable

Corporate

Bond

ETF

(“SCRD”),

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

(“JIB”),

Janus

Henderson

U.S.

Real

Estate

ETF

(“JRE”)

and

Janus

Henderson

U.S.

Sustainable

Equity

ETF

(“SSPX”)

(collectively,

the

“Funds”).

In

the

course

of

their

consideration

of

the

renewal

of

the

Investment

Management

Agreement,

the

Independent

Trustees

met

in

executive

session

and

were

advised

by

their

independent

counsel.

In

this

regard,

the

Independent

Trustees

evaluated

the

terms

of

the

Investment

Management

Agreement

and

reviewed

the

duties

and

responsibilities

of

trustees

in

evaluating

and

approving

such

agreements.

In

considering

renewal

of

the

Investment

Management

Agreement,

the

Board

and

the

Independent

Trustees,

as

applicable,

reviewed

the

materials

provided

to

them

relating

to

the

consideration

of

the

renewal

of

the

Investment

Management

Agreement

for

the

Funds

and

other

information

provided

by

counsel

and

the

Adviser,

including:

(i)

information

regarding

the

nature,

quality

and

extent

of

the

services

provided

to

the

Funds

by

the

Adviser,

and

the

fees

charged

to

each

Fund

therefor;

(ii)

information

concerning

the

Adviser’s

financial

condition,

business,

operations,

portfolio

management

personnel,

compliance

programs,

and

profitability

with

respect

to

the

Trust

and

each

Fund;

(iii)

comparative

information

describing

each

Fund’s

advisory

fee

structures,

operating

expenses,

and

performance

information

as

compared

to

peer

fund

groups

compiled

by

an

independent

third

party;

(iv)

a

copy

of

the

Adviser’s

current

Form

ADV;

and

(v)

a

memorandum

from

counsel

to

the

Independent

Trustees

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

throughout

the

year.

The

Trustees

also

considered

information

received

and

reviewed

in

connection

with

a

meeting

held

on

March

13,

2023

via

videoconference

to

discuss

certain

information

provided

by

the

Adviser

related

to

the

Trustees’

consideration

of

the

renewal

of

the

Investment

Management

Agreement.

During

its

review

of

this

information,

the

Board

focused

on

and

analyzed

the

factors

that

it

deemed

relevant,

including,

among

other

factors:

(i)

the

nature,

extent

and

quality

of

the

services

provided

to

the

Funds

by

the

Adviser;

(ii)

the

Adviser’s

personnel

and

operations;

(iii)

each

Fund’s

expense

level;

(iv)

the

profitability

to

the

Adviser

under

the

Investment

Management

Agreement

with

respect

to

each

Fund;

(v)

any

“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);

(vi)

the

effect

of

asset

growth

on

each

Fund’s

expenses;

and

(vii)

potential

conflicts

of

interest.

The

Trustees

also

considered

benefits

that

accrue

to

the

Adviser

and

its

affiliates

from

their

relationships

with

the

Trust

and

each

Fund.

The

Trustees

also

considered

that,

other

than

the

services

provided

by

the

Adviser

and

its

affiliates

pursuant

to

agreements

with

the

Funds

and

the

fees

paid

by

the

Funds

therefor,

the

Funds

and

the

Adviser

may

potentially

benefit

from

their

relationship

with

each

other

in

other

ways.

The

Trustees

considered

that

the

success

of

the

Funds

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

Funds.

The

Board,

including

the

Independent

Trustees,

considered

the

following

in

respect

of

the

Funds:

(a)

The

nature,

extent

and

quality

of

services

provided

by

the

Adviser;

personnel

and

operations

of

the

Adviser.

Janus

Henderson

International

Sustainable

Equity

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

22

April

30,

2023

The

Board

reviewed

the

services

that

the

Adviser

provides

to

the

Funds.

In

connection

with

the

investment

advisory

services

provided

by

the

Adviser,

the

Board

noted

the

responsibilities

that

the

Adviser

has

as

the

Funds’

investment

adviser,

including:

the

overall

supervisory

responsibility

for

the

general

management

and

investment

of

each

Fund’s

securities

portfolio;

providing

oversight

of

the

investment

performance

and

processes

and

compliance

with

each

Fund’s

investment

objectives,

policies

and

limitations;

the

implementation

of

the

investment

management

program

of

each

Fund;

the

management

of

the

day-to-day

investment

and

reinvestment

of

the

assets

of

each

Fund;

determining

daily

baskets

of

securities

and

cash

components

in

connection

with

creation

and

redemption

transactions

in

each

Fund’s

shares;

executing

portfolio

security

trades

for

purchases

and

redemptions

of

each

Fund’s

shares

conducted

on

a

cash-

in-lieu

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

Funds.

The

Board

reviewed

the

Adviser’s

experience,

resources

and

strengths

in

managing

the

Funds

and

other

pooled

investment

vehicles,

including

an

assessment

of

the

Adviser’s

personnel.

Based

on

its

consideration

and

review

of

the

foregoing

information,

the

Board

determined

that

each

Fund

was

likely

to

continue

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

rendered

and

fees

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

Funds;

“fall-out”

benefits.

The

Board

then

compared

both

the

services

rendered

and

the

fees

paid

under

other

contracts

of

the

Adviser

and

under

contracts

of

other

investment

advisers

with

respect

to

similar

ETFs.

In

particular,

the

Board

reviewed

a

report

compiled

by

an

independent

third

party

to

compare

each

Fund’s

contractual

management

fee

and

total

expense

ratio

to

other

investment

companies

within

each

Fund’s

respective

peer

grouping,

as

determined

by

the

independent

third

party.

The

information

provided

by

the

comparative

report

showed

how

the

total

expense

ratio

and

contractual

management

fee

for

each

of

the

Funds

compared

within

its

respective

peer

group

for

the

one-year

period

ended

December

31,

2022.

The

reporting

is

described

in

detail

below:

The

total

expense

ratio

and

the

contractual

management

fee

for

JAAA

was

each

reported

in

the

1st

quintile

of

its

respective

peer

group

(with

1st

quintile

being

the

lowest

fees/expenses

and

5th

quintile

being

the

highest

fees/

expenses).

The

total

expense

ratio

and

the

contractual

management

fee

for

JBBB

was

each

reported

in

the

2nd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

SXUS

was

each

reported

in

the

4th

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JMBS

was

each

reported

in

the

1st

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JZRO

was

each

reported

in

the

2nd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

VNLA

was

each

reported

in

the

1st

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JSML

was

each

reported

in

the

3rd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JSMD

was

each

reported

in

the

3rd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

SCRD

was

reported

in

the

3rd

and

2nd

quintiles,

respectively.

The

total

expense

ratio

and

the

contractual

management

fee

for

JIB

as

each

reported

in

the

3rd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JRE

was

each

at

median

as

compared

to

expense

group

peers.

Janus

Henderson

International

Sustainable

Equity

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

Janus

Detroit

Street

Trust

23

The

total

expense

ratio

and

the

contractual

management

fee

for

SSPX

was

reported

in

the

4th

and

3rd

quintiles,

respectively.

The

Board

further

considered

that

the

Adviser

had

voluntarily

agreed

to

cap

the

expenses

of

JAAA,

JMBS

and

VNLA

to

the

extent

that

such

Funds’

total

expense

ratio

exceeded

0.22%,

0.28%

and

0.23%,

respectively,

for

the

period

February

28,

2023

through

February

29,

2024

in

the

case

of

JMBS

and

VNLA

and

for

the

period

of

January

20,

2023

through

February

29,

2024

in

the

case

of

JAAA.

The

Board

further

noted

the

Adviser’s

contractual

commitment

with

respect

to

the

Funds’

investments

in

affiliated

ETFs

to

waive

and/or

reimburse

a

portion

of

its

management

fee

in

an

amount

equal

to

a

portion

of

the

management

fee

it

earns

as

investment

adviser

to

affiliated

ETFs

in

which

a

Fund

invests

(if

any),

for

at

least

the

period

from

February 28,

2023

until

February 29,

2024.

The

Board

also

discussed

the

costs

incurred

by

the

Adviser

in

connection

with

its

serving

as

investment

adviser

to

the

Funds,

including

operational

costs.

After

comparing

each

Fund’s

fees

and

expenses

with

those

of

other

ETFs

in

the

Funds’

respective

peer

groups,

and

in

light

of

the

nature,

extent

and

quality

of

services

provided

by

the

Adviser

and

the

costs

incurred

by

the

Adviser

in

rendering

those

services,

as

well

as

the

profitability

of

the

Adviser

in

providing

these

services,

the

Board

concluded

that

the

level

of

fees

paid

to

the

Adviser

and

the

profitability

with

respect

to

each

Fund

was

fair

and

reasonable.

The

Board

also

considered

that

the

Adviser

may

experience

reputational

“fall-out”

benefits

based

on

the

success

of

the

Funds,

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.

In

its

review,

the

Board

considered

that

the

Funds

were

positioned

to

realize

potential

economies

of

scale

as

assets

grow

over

time,

given

the

inclusion

of

management

fee

breakpoints

for

each

Fund

in

the

current

investment

advisory

agreement

at

various

asset

levels.

(d)

Investment

performance

of

the

Fund

and

the

Adviser.

The

Board

next

discussed

the

annualized

returns

of

the

Funds

on

both

an

absolute

basis

and

relative

to

the

performance

of

funds

comprising

a

performance

universe

compiled

by

an

independent

third

party

for

each

Fund

for

the

three-month

period,

one-year

period,

two-year

period,

three-year

period,

four-year

period,

five-year

period,

and/or

since

inception

period

ended

December

31,

2022

(each

period

as

applicable).

The

Board

noted

the

following

for

each

Fund:

JAAA

was

reported

to

be

in

the

1st

and

3rd

quintiles

of

its

performance

universe

(with

the

1st

quintile

being

the

best

performer

and

the

5th

quintile

being

the

worst

performer)

for

its

one-

and

two-year

periods,

respectively;

JBBB

was

reported

to

be

in

the

1st

and

5th

quintiles

of

its

performance

universe

for

its

3-month

and

since

inception

periods,

respectively;

SXUS

was

reported

to

be

in

the

4th

quintile

of

its

performance

universe

for

each

of

its

three-month,

one-year,

and

since

inception

periods;

JMBS

was

reported

to

be

in

the

2nd,

2nd,

2nd

and

1st

quintiles

of

its

performance

universe

for

its

one-,

two-,

three-,

and

four-year

periods,

respectively;

JZRO

was

reported

to

be

in

the

2nd,

2nd,

and

1st

quintiles

of

its

performance

universe

for

its

three-month,

one-year,

and

since

inception

periods,

respectively;

Janus

Henderson

International

Sustainable

Equity

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

24

April

30,

2023

VNLA

was

reported

to

be

in

the

1st

quintile

of

its

performance

universe

for

each

of

its

one-,

two-,

three-,

four-,

and

five-year

periods;

JSML

was

reported

to

be

in

the

4th,

4th,

5th,

5th,

and

4th

quintiles

of

its

performance

universe

for

its

one-,

two-,

three-,

four-,

and

five-year

periods,

respectively;

JSMD

was

reported

to

be

in

the

2nd,

3rd,

3rd,

3rd

and

3rd

quintiles

of

its

performance

universe

for

its

one-,

two-,

three-,

four-,

and

five-year

periods,

respectively;

SCRD

was

reported

to

be

in

the

4th,

3rd,

and

2nd

quintiles

of

its

performance

universe

for

its

three-month,

one-year,

and

since

inception

periods,

respectively;

JIB

was

reported

to

be

in

the

5th,

4th,

and

4th

quintiles

of

its

performance

universe

for

its

three-month,

one-year,

and

since

inception

periods,

respectively;

JRE

was

reported

to

be

in

the

1st

quintile

of

its

performance

universe

for

each

of

its

three-month,

one-year,

and

since

inception

periods;

and

SSPX

was

reported

to

be

in

its

3rd,

5th,

and

5th

quintiles

of

its

performance

universe

for

its

three-month,

one-year,

and

since

inception

periods,

respectively.

With

respect

to

JSML

and

JSMD,

the

Board

noted

that

these

Funds

are

index-based

and,

as

a

result,

passively

managed

to

seek

to

track

the

returns

of

specified

indices.

For

this

reason,

the

Board

also

considered

the

performance

of

these

Funds

in

relation

to

the

performance

of

each

Fund’s

respective

underlying

index

(i.e.

“tracking

error”),

and

considered

that

the

tracking

error

was

within

anticipated

ranges.

The

Board

considered

the

Adviser’s

explanation

of

performance

results

for

each

Fund

across

the

relevant

periods

provided

as

part

of

the

consideration

of

the

renewal

of

the

Investment

Advisory

Agreement,

and

during

the

course

of

the

previous

year.

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

management

fee

rates

and

total

expense

ratios

of

each

Fund

are

reasonable

in

relation

to

the

services

provided

by

the

Adviser

to

such

Fund,

as

well

as

the

costs

incurred

and

benefits

gained

by

the

Adviser

in

providing

such

services.

The

Board

also

found

the

management

fees

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

renewal

of

the

Investment

Management

Agreement

for

an

additional

one-year

period

was

in

the

best

interests

of

each

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

renewal

of

the

Investment

Management

Agreement

for

each

Fund.

Janus

Henderson

International

Sustainable

Equity

ETF

Liquidity

Risk

Management

Program

(unaudited)

Janus

Detroit

Street

Trust

25

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),

requires

open-end

funds

(but

not

money

market

funds)

to

adopt

and

implement

a

written

liquidity

risk

management

program

(the

“LRMP”)

that

is

reasonably

designed

to

assess

and

manage

liquidity

risk,

which

is

the

risk

that

a

fund

could

not

meet

redemption

requests

without

significant

dilution

of

remaining

investors’

interests

in

the

fund.

The

Funds

have

adopted

and

implemented

a

LRMP,

which

incorporates

the

following

elements:

(i)

assessment,

management,

and

periodic

review

of

liquidity

risk;

(ii)

classification

of

portfolio

investments;

(iii)

the

establishment

and

monitoring

of

a

highly

liquid

investment

minimum

(“HLIM”),

as

applicable;

(iv)

a

15%

limitation

on

a

Fund’s

illiquid

investments;

(v)

provisions

concerning

redemptions

in-

kind;

and

(vi)

board

oversight.

In

light

of

the

fact

that

each

Fund

operates

as

an

exchange-traded

fund

(“ETF”),

the

LRMP

also

takes

into

account

considerations

unique

to

ETFs,

including

(i)

the

relationship

between

the

ETF’s

portfolio

liquidity

and

the

way

in

which,

and

the

prices

and

spreads

at

which,

ETF

shares

trade,

including:

the

efficiency

of

the

arbitrage

function

and

the

level

of

active

participation

by

market

participants

(including

authorized

participants);

and

(ii)

the

effect

of

the

composition

of

baskets

on

the

overall

liquidity

of

the

ETF’s

portfolio.

The

LRMP

also

considers

whether

an

ETF

meets

redemptions

through

in-kind

transfers

of

securities,

positions,

and

assets

other

than

a

de

minimis

amount

of

cash.

The

Trustees

of

the

Funds

(the

“Trustees”)

have

designated

Janus

Henderson

Investors

US

LLC,

the

Funds’

investment

adviser

(the

“Adviser”),

as

the

Program

Administrator

for

the

LRMP

responsible

for

administering

the

LRMP

and

carrying

out

the

specific

responsibilities

of

the

LRMP.

A

working

group

comprised

of

various

teams

within

the

Adviser’s

business

is

responsible

for

administering

the

LRMP

and

carrying

out

the

specific

responsibilities

of

different

aspects

of

the

LRMP

(the

“Liquidity

Risk

Working

Group”).

In

assessing

each

Fund’s

liquidity

risk,

the

Liquidity

Risk

Working

Group

periodically

considers,

as

relevant,

specified

liquidity

factors,

including:

(i)

the

investment

strategy

and

liquidity

of

a

Fund’s

portfolio

investments

during

both

normal

and

reasonably

foreseeable

stressed

conditions;

(ii)

whether

a

Fund’s

investment

strategy

is

appropriate

for

an

open-end

fund;

(iii)

the

extent

to

which

a

Fund’s

strategy

involves

a

relatively

concentrated

portfolio

or

large

positions

in

any

issuer;

(iv)

a

Fund’s

use

of

borrowing

for

investment

purposes;

(v)

a

Fund’s

use

of

derivatives;

(vi)

short-term

and

long-term

cash

flow

projections

during

both

normal

and

reasonably

foreseeable

stressed

conditions;

and

(vii)

holdings

of

cash

and

cash

equivalents,

as

well

as

borrowing

arrangements

and

other

funding

sources.

The

Liquidity

Rule

requires

the

Trustees

to

review

at

least

annually

a

written

report

provided

by

the

Program

Administrator

that

addresses

the

operation

of

the

LRMP

and

assesses

its

adequacy

and

the

effectiveness

of

its

implementation,

including,

if

applicable,

the

operation

of

the

HLIM

and

any

material

changes

to

the

LRMP

(the

“Program

Administrator

Report”).

At

a

meeting

held

April

20,

2023,

the

Adviser

provided

to

the

Trustees

the

Program

Administrator

Report,

which

covered

the

operation

of

the

LRMP

from

January

1,

2022

through

December

31,

2022

(the

“Reporting

Period”).

Further,

at

a

meeting

held

on

June

26,

2023,

the

Adviser

provided

to

the

Trustees

an

update

regarding

the

Program

Administrator

Report

for

the

Reporting

Period.  

The

Program

Administrator

Report

discussed

the

operation

and

effectiveness

of

the

LRMP

during

the

Reporting

Period.

Among

other

things,

the

Program

Administrator

Report

indicated

that

there

were

no

material

changes

to

the

LRMP

during

the

Reporting

Period,

although

there

were

certain

methodology

adjustments

implemented

relating

to

a

change

in

data

provider

used

by

the

Program

Administrator.

Additionally,

the

findings

presented by

the

Program

Administrator

indicated

that

the

LRMP

operated

adequately

during

the

Reporting

Period.

These

findings

included

that

each

Fund

was

able

to

meet

redemptions

during

the

normal

course

of

business

during

the

Reporting

Period.

The

Program

Administrator

Report

also

stated

that

each

Fund

did

not

exceed

the

15%

limit

on

illiquid

assets

during

the

Reporting

Period,

that

each

Fund

held

primarily

highly

liquid

assets,

and

was

considered

to

be

a

primarily

highly

liquid

fund

during

the

Reporting

Period.

Also

included

among

the

Program

Administrator

Report’s

findings

was

the

determination

that

each

Fund’s

investment

strategy

remains

appropriate

for

an

open-end

fund.

In

addition,

the

Adviser

expressed

its

belief

that

the

LRMP

is

reasonably

designed

and

adequate

to

assess

and

manage

each

Fund’s

liquidity

risk,

considering

each

Fund’s

particular

Janus

Henderson

International

Sustainable

Equity

ETF

Liquidity

Risk

Management

Program

(unaudited)

26

April

30,

2023

risks

and

circumstances,

and

includes

policies

and

procedures

reasonably

designed

to

implement

each

required

component

of

the

Liquidity

Rule.

There

can

be

no

assurance

that

the

LRMP

will

achieve

its

objectives

in

the

future.

Please

refer

to

your

Fund’s

prospectus

for

more

information

regarding

the

risks

to

which

an

investment

in

the

Fund

may

be

subject.

125-24-93089

04-23

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

Henderson

Investors

US

LLC

is

the

investment

adviser

and

ALPS

Distributors,

Inc.

is

the

distributor.

ALPS

is

not

affiliated

with

Janus

Henderson

or

any

of

its

subsidiaries.

SEMIANNUAL

REPORT

April

30,

2023

Janus

Henderson

Net

Zero

Transition

Resources

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

Net

Zero

Transition

Resources

ETF

Fund

At

A

Glance

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

3

Disclosure

of

Fund

Expenses

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

5

Schedule

of

Investments

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

6

Statement

of

Assets

and

Liabilities

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

9

Statement

of

Operations

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

10

Statements

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

Liquidity

Risk

Management

Program

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

25

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

April

30,

2023

Janus

Detroit

Street

Trust

3

Holdings

are

subject

to

change

without

notice.

5

Largest

Equity

Holdings

–

(%

of

Net

Assets)

Wheaton

Precious

Metals

Corp.

Metals

&

Mining

5.1%

Vestas

Wind

Systems

A/S

Electrical

Equipment

4.6%

Nexans

SA

Electrical

Equipment

3.9%

Air

Products

and

Chemicals,

Inc.

Chemicals

3.8%

Cameco

Corp.

Oil,

Gas

&

Consumable

Fuels

3.7%

21.1%

Sector

Allocation

–

(%

of

Net

Assets)

Basic

Materials

62.9%

Industrial

15.1%

Consumer,

Non-cyclical

8.4%

Energy

6.3%

Utilities

2.9%

Investment

Company

2.7%

Financial

1.9%

100.2%

Janus

Henderson

Net

Zero

Transition

Resources

ETF

(unaudited)

Performance

4

April

30,

2023

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.

Investing

involves

risk,

including

the

possible

loss

of

principal

and

fluctuation

of

value

.

There

is

no

assurance

the

stated

objective(s)

will

be

met.

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

April

30,

2023

Fiscal

Year-to-

Date

One

Year

Since

Inception

*

Janus

Henderson

Net

Zero

Transition

Resources

ETF

-

NAV

7.75%

-13.54%

-3.43%

Janus

Henderson

Net

Zero

Transition

Resources

ETF

-

Market

Price

7.44%

-12.99%

-3.41%

S&P

Global

Natural

Resources

Index

6.52%

-1.54%

9.86%

*

The

Fund

commenced

operations

on

September

8,

2021.

Janus

Henderson

Net

Zero

Transition

Resources

ETF

(unaudited)

Disclosure

of

Fund

Expenses

Janus

Detroit

Street

Trust

5

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

(11/1/22)

Ending

Account

Value

(4/30/23)

Expenses

Paid

During

Period

(11/1/22

-

4/30/23)

†

Beginning

Account

Value

(11/1/22)

Ending

Account

Value

(4/30/23)

Expenses

Paid

During

Period

(11/1/22

-

4/30/23)

†

Net

Annualized

Expense

Ratio

(11/1/22

-

4/30/23)

$1,000.00

$1,077.50

$3.09

$1,000.00

$1,021.82

$3.01

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

181/365

(to

reflect

the

one-half

year

period).

Janus

Henderson

Net

Zero

Transition

Resources

ETF

Schedule

of

Investments

(unaudited)

April

30,

2023

6

April

30,

2023

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares

Value

Common

Stocks

-

97.6%

Building

Products

-

0.8%

Johnson

Controls

International

plc

3,730

$

223,203

Chemicals

-

12.5%

Air

Products

and

Chemicals,

Inc.

3,817

1,123,572

Albemarle

Corp.

2,219

411,536

Calix

Ltd.*

110,914

345,964

FMC

Corp.

3,625

447,978

Linde

plc

1,267

468,093

Nutrien

Ltd.

12,328

854,316

3,651,459

Commercial

Services

&

Supplies

-

1.6%

Befesa

SA

(144A)

10,673

480,275

Containers

&

Packaging

-

4.3%

Graphic

Packaging

Holding

Co.

15,283

376,879

Smurfit

Kappa

Group

plc

23,912

885,417

1,262,296

Electric

Utilities

-

2.9%

NextEra

Energy,

Inc.

11,181

856,800

Electrical

Equipment

-

9.8%

Bloom

Energy

Corp.

-

Class

A*

21,040

350,316

Nexans

SA

13,441

1,155,206

Vestas

Wind

Systems

A/S*

48,950

1,351,920

2,857,442

Food

Products

-

6.1%

Archer-Daniels-Midland

Co.

10,233

798,993

Costa

Group

Holdings

Ltd.

184,247

303,181

Darling

Ingredients,

Inc.*

11,649

693,931

1,796,105

Machinery

-

4.6%

AGCO

Corp.

2,318

287,293

Deere

&

Co.

2,840

1,073,577

1,360,870

Metals

&

Mining

-

40.9%

Allkem

Ltd.*

131,595

1,065,316

AVZ

Minerals

Ltd.*

,¢

283,736

106,991

Champion

Iron

Ltd.

251,345

1,074,676

ERO

Copper

Corp.*

15,203

299,061

Filo

Mining

Corp.*

22,408

372,393

Foran

Mining

Corp.*

75,762

207,797

Freeport-McMoRan,

Inc.

18,399

697,506

IGO

Ltd.

76,982

699,511

Ivanhoe

Mines

Ltd.

-

Class

A*

74,120

642,122

Lundin

Mining

Corp.

38,292

292,208

Lynas

Rare

Earths

Ltd.*

116,936

496,892

Newcrest

Mining

Ltd.

32,565

622,375

NGEx

Minerals

Ltd.*

62,090

280,167

Norsk

Hydro

ASA

118,934

870,165

Nucor

Corp.

3,247

481,140

Pan

American

Silver

Corp.

50,670

901,099

Solaris

Resources,

Inc.*

132,718

682,035

SSAB

AB

-

Class

A

31,640

224,131

Talon

Metals

Corp.*

1,055,298

264,544

Teck

Resources

Ltd.

-

Class

B

4,736

220,698

Wheaton

Precious

Metals

Corp.

30,115

1,487,078

11,987,905

Janus

Henderson

Net

Zero

Transition

Resources

ETF

Schedule

of

Investments

(unaudited)

April

30,

2023

Janus

Detroit

Street

Trust

7

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares

Value

Common

Stocks

-

(continued)

Oil,

Gas

&

Consumable

Fuels

-

7.3%

Cameco

Corp.

39,955

$

1,097,341

NexGen

Energy

Ltd.*

268,836

1,044,582

2,141,923

Pharmaceuticals

-

2.3%

DSM-Firmenich

AG*

5,035

660,144

Professional

Services

-

1.7%

Jacobs

Solutions,

Inc.

4,235

488,973

Semiconductors

&

Semiconductor

Equipment

-

0.9%

SolarEdge

Technologies,

Inc.*

959

273,919

Specialized

REITs

-

1.9%

Weyerhaeuser

Co.

18,962

567,153

Total

Common

Stocks

(cost

$30,112,134)

28,608,467

Investment

Companies

-

2.7%

Money

Market

Funds

-

2.7%

JPMorgan

Prime

Money

Market

Fund,

Institutional

Class,

4.8790%

∞

(cost

$781,659)

781,092

781,717

Total

Investments

(total

cost

$30,893,793

)

-

100.3%

29,390,184

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(0.3%)

(73,592)

Net

Assets

-

100.0%

$29,316,592

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

10,128,660

34.5

%

Canada

8,645,441

29.4

Australia

4,714,906

16.0

Denmark

1,351,920

4.6

France

1,155,206

3.9

Ireland

885,417

3.0

Norway

870,165

3.0

Switzerland

660,144

2.3

Luxembourg

480,275

1.6

Israel

273,919

0.9

Sweden

224,131

0.8

Total

$

29,390,184

100.0

%

Janus

Henderson

Net

Zero

Transition

Resources

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

April

30,

2023

8

April

30,

2023

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.

plc

Public

Limited

Company

REIT

Real

Estate

Investment

Trust

*

Non-income

producing

security.

¢

Security

is

valued

using

significant

unobservable

inputs.

The

total

value

of

Level

3

securities

as

of

the

period

ended

April

30,

2023

is

$106,991,

which

represents

0.4%

of

net

assets.

∞

Rate

shown

is

the

7-day

yield

as

of

April

30,

2023.

144A

Securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended,

are

subject

to

legal

and/or

contractual

restrictions

on

resale

and

may

not

be

publicly

sold

without

registration

under

the

1993

Act.

Unless

otherwise

noted,

these

securities

have

been

determined

to

be

liquid

in

accordance

with

the

requirements

of

Rule

22e-4,

under

the

1940

Act.

The

total

value

of

144A

securities

as

of

the

period

ended

April

30,

2023

is

$480,275

which

represents

1.6%

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

April

30,

2023

.

See

Notes

to

Financial

Statements

for

more

information.

Valuation

Inputs

Summary

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Assets

Investments

in

Securities:

Common

Stocks

Metals

&

Mining

$

11,880,914

$

—

$

106,991

All

Other

16,620,562

—

—

Investment

Companies

781,717

—

—

Total

Assets

$

29,283,193

$

—

$

106,991

Janus

Henderson

Net

Zero

Transition

Resources

ETF

Statement

of

Assets

and

Liabilities

(unaudited)

April

30,

2023

Janus

Detroit

Street

Trust

9

See

Notes

to

Financial

Statements.

Assets:

Investments,

at

value

(cost

$30,893,793)

$

29,390,184

Receivables:

Investments

sold

585,843

Dividends

126,416

Total

Assets

30,102,443

Liabilities:

Foreign

cash

due

to

custodian

(cost

$136,178)

136,178

Payables:

Due

to

custodian

15,125

Investments

purchased

353,643

Fund

units

purchased

260,151

Management

fees

20,754

Total

Liabilities

785,851

Net

Assets

$

29,316,592

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

33,602,348

Total

distributable

earnings

(loss)

(

4,285,756

)

Total

Net

Assets

$

29,316,592

Net

Assets

$

29,316,592

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

1,275,001

Net

Asset

Value

Per

Share

$

22

.99

Janus

Henderson

Net

Zero

Transition

Resources

ETF

Statement

of

Operations

(unaudited)

For

the

period

ended

April

30,

2023

10

April

30,

2023

See

Notes

to

Financial

Statements.

Investment

Income:

Dividends

$

389,397

Foreign

tax

withheld

(14,173)

Total

Investment

Income

375,224

Expenses:

Management

Fees

145,898

Total

Expenses

145,898

Net

Investment

Income/(Loss)

229,326

Net

Realized

Gain/(Loss)

on

Investments:

Investments

and

foreign

currency

transactions

$

1,024,283

Total

Net

Realized

Gain/(Loss)

on

Investments

$

1,024,283

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

and

foreign

currency

translations

$

2,951,546

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

2,951,546

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

4,205,155

Janus

Henderson

Net

Zero

Transition

Resources

ETF

Statements

of

Changes

in

Net

Assets

Janus

Detroit

Street

Trust

11

See

Notes

to

Financial

Statements.

Period

Ended

April

30,

2023

(unaudited)

Year

Ended

October

31,

2022

Operations:

Net

investment

income/(loss)

$

229,326

$

483,724

Net

realized

gain/(loss)

on

investments

1,024,283

(3,168,543)

Change

in

unrealized

net

appreciation/depreciation

2,951,546

(5,278,644)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

4,205,155

(7,963,463)

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(260,534)

(1,005,664)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(260,534)

(1,005,664)

Capital

Share

Transactions

(20,241,158)

3,495,253

Net

Increase/(Decrease)

in

Net

Assets

(16,296,537)

(5,473,874)

Net

Assets:

—

—

Beginning

of

Period  

45,613,129

51,087,003

End

of

Period

$

29,316,592

$

45,613,129

Janus

Henderson

Net

Zero

Transition

Resources

ETF

Financial

Highlights

12

April

30,

2023

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

the

period

ended

April

30,

2023

(unaudited)

and

each

year

or

period

ended

October

31

2023

2022

2021

(1)

Net

Asset

Value,

Beginning

of

Period

$21.46

$25.54

$25.00

Income/(Loss)

from

Investment

Operations:

—

—

—

Net

investment

income/(loss)

(2)

0.11

0.24

0.06

Net

realized

and

unrealized

gain/(loss)

1.54

(3.82)

0.48

Total

from

Investment

Operations

1.65

(3.58)

0.54

Less

Dividends

and

Distributions:

—

—

—

Dividends

(from

net

investment

income)

(0.12)

(0.50)

—

Total

Dividends

and

Distributions

(0.12)

(0.50)

—

Net

Asset

Value,

End

of

Period

$22.99

$21.46

$25.54

Total

Return

*

7.70%

(3)

(14.22)%

2.16%

Net

assets,

End

of

Period

(in

thousands)

$29,317

$45,613

$51,087

Average

Net

Assets

for

the

Period

(in

thousands)

$48,970

$49,868

$44,399

Ratios

to

Average

Net

Assets

**

Ratio

of

Gross

Expenses

0.60%

0.60%

0.60%

Ratio

of

Net

Investment

Income/(Loss)

0.94%

0.97%

1.59%

Portfolio

Turnover

Rate

(4)

28%

74%

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)

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.

Janus

Henderson

Net

Zero

Transition

Resources

ETF

Notes

to

Financial

Statements

(unaudited)

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. As

of

the

date

of

this

report,

the

Trust

offers twelve

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.

Janus

Henderson

Investors

US

LLC

is

the

investment

adviser

(the

“Adviser”)

to

the

Fund.

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.

(the

"Exchange"),

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

ALPS

Distributors,

Inc.

(the

"Distributor"),

the

Adviser

or

an

affiliate

of

the

Adviser

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 

Fund holdings

are

valued

in

accordance

with

policies

and

procedures

established

by

the

Adviser

pursuant

to

Rule

2a-5

under

the

1940

Act

and

approved

by

and

subject

to

the

oversight

of

the

Trustees

(the

“Valuation

Procedures”).

Equity

securities,

including

shares

of

exchange-traded

funds,

traded

on

a

domestic

securities

exchange

are

generally

valued

at

readily

available

market

quotations,

which

are

(i)

the

official

close

prices

or

(ii)

last

sale

prices

on

the

primary

market

or

exchange

in

which

the

securities

trade.

If

such

price

is

lacking

for

the

trading

period

immediately

preceding

the

time

of

determination,

such

securities

are

generally

valued

at

their

current

bid

price.

Equity

securities

that

are

traded

on

a

foreign

exchange

are

generally

valued

at

the

closing

prices

on

such

markets.

In

the

event

that

there

is

no

current

trading

volume

on

a

particular

security

in

such

foreign

exchange,

the

bid

price

from

the

primary

exchange

is

generally

used

to

value

the

security.

Foreign

securities

and

currencies

are

converted

to

U.S.

dollars

using

the

current

spot

USD

dollar

exchange

rate

in

effect

at

the

close

of

the

London

Stock

Exchange.

The Fund will

determine

the

market

value

of

individual

securities

held

by

it

by

using

prices

provided

by

one

or

more

approved

professional

pricing

services

or,

as

needed,

by

obtaining

market

quotations

from

independent

broker-dealers.

Most

debt

securities

are

valued

in

accordance

with

the

evaluated

bid

price

supplied

by

the

Adviser-approved

pricing

service

that

is

intended

to

reflect

market

value.

The

evaluated

bid

price

supplied

by

the

pricing

service

is

an

evaluation

that

may

consider

factors

such

as

security

prices,

yields,

maturities

and

ratings.

Certain

short-term

securities

maturing

within

60

days

or

less

may

be

evaluated

and

valued

on

an

amortized

cost

basis

provided

that

the

amortized

cost

determined

approximates

market

value.

Securities

for

which

market

quotations

or

evaluated

prices

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

determined

in

good

faith

by

the

Janus

Henderson

Net

Zero

Transition

Resources

ETF

Notes

to

Financial

Statements

(unaudited)

14

April

30,

2023

Adviser

pursuant

to

the

Valuation

Procedures.

Shares

of

an

investment

company

that

are

not

traded

on

an

exchange,

including

money

market

funds,

are

valued

at

that

company's

net

asset

value

per

share.

Circumstances

in

which

fair

valuation

may

be

utilized

include,

but

are

not

limited

to:

(i)

a

significant

event

that

may

affect

the

securities

of

a

single

issuer,

such

as

a

merger,

bankruptcy,

or

significant

issuer-specific

development;

(ii)

an

event

that

may

affect

an

entire

market,

such

as

a

natural

disaster

or

significant

governmental

action;

(iii)

a

nonsignificant

event

such

as

a

market

closing

early

or

not

opening,

or

a

security

trading

halt;

and

(iv)

pricing

of

a

non-valued

security

and

a

restricted

or

nonpublic

security.

Special

valuation

considerations

may

apply

with

respect

to

“odd-lot”

fixed-income

transactions

which,

due

to

their

small

size,

may

receive

evaluated

prices

by

pricing

services

which

reflect

a

large

block

trade

and

not

what

actually

could

be

obtained

for

the

odd-lot

position.

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

April

30,

2023 to

fair

value

the

Fund’s

investments

in

securities

and

other

financial

instruments

is

included

in

the

“Valuation

Inputs

Summary”

in

the

Notes

to

Schedule

of

Investments

and

Other

Information.

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

Net

Zero

Transition

Resources

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

15

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. 

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 

Market Risk 

The

value

of

the

Fund's

portfolio

may

decrease

if

the

value

of

one

or

more

issuers

in

the

Fund's

portfolio

decreases.

Further,

regardless

of

how

well

individual

companies

or

securities

perform,

the

value

of

the

Fund's

portfolio

could

also

decrease

if

there

are

deteriorating

economic

or

market

conditions,

including,

but

not

limited

to,

a

general

decline

in

prices

on

the

stock

markets,

a

general

decline

in

real

estate

markets,

a

decline

in

commodities

prices,

or

if

the

market

favors

different

types

of

securities

than

the

types

of

securities

in

which

the

Fund

invests.

If

the

value

of

the

Fund's

portfolio

decreases,

the

Fund's

NAV

will

also

decrease,

which

means

if

you

sell

your

shares

in

the

Fund

you

may

lose

money.

Market

risk

may

affect

a

single

issuer,

industry,

economic

sector,

or

the

market

as

a

whole.

The

increasing

interconnectivity

Janus

Henderson

Net

Zero

Transition

Resources

ETF

Notes

to

Financial

Statements

(unaudited)

16

April

30,

2023

between

global

economies

and

financial

markets

increases

the

likelihood

that

events

or

conditions

in

one

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

Social,

political,

economic

and

other

conditions

and

events,

such

as

natural

disasters,

health

emergencies

(e.g.,

epidemics

and

pandemics),

terrorism,

conflicts,

including

related

sanctions,

and

social

unrest,

could

reduce

consumer

demand

or

economic

output,

result

in

market

closures,

travel

restrictions

and/or

quarantines,

and

generally

have

a

significant

impact

on

the

global

economies

and

financial

markets.

COVID-19

Pandemic.

The

effects

of

COVID-19

have

contributed

to

increased

volatility

in

global

financial

markets

and

have

affected

and

may

continue

to

affect

certain

countries,

regions,

issuers,

industries

and

market

sectors

more

dramatically

than

others.

These

conditions

and

events

could

have

a

significant

impact

on

the

Fund

and

its

investments,

the

Fund's

ability

to

meet

redemption

requests,

and

the

processes

and

operations

of

the

Fund's

service

providers,

including

the

Adviser.

Russia/Ukraine

Invasion.

Russia

launched

a

large-scale

invasion

of

Ukraine

on

February

24,

2022.

The

extent

and

duration

of

the

military

action,

resulting

sanctions

and

resulting

future

market

disruptions

in

the

region

are

impossible

to

predict,

but

could

be

significant

and

have

a

severe

adverse

effect

on

the

region,

including

significant

negative

impacts

on

the

economy

and

the

markets

for

certain

securities

and

commodities,

such

as

oil

and

natural

gas,

as

well

as

other

sectors. 

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. 

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

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

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.

Janus

Henderson

Net

Zero

Transition

Resources

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

17

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

the

Adviser 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. The

Adviser'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

April

30,

2023,

the

Fund’s

actual

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

the

Adviser,

on

behalf

of

the

Fund.

As

compensation

for

such

services, the

Adviser pays

JP

Morgan

a

fee

based

on

a

percentage

of

the

Fund’s

assets,

with

a

minimum

flat

fee,

for

certain

services. The

Adviser serves

as

administrator

to

the

Fund,

providing

oversight

and

coordination

of

the

Fund’s

service

providers,

recordkeeping

and

other

administrative

services. The

Adviser 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

the

Adviser on

behalf

of

the

Fund,

J.P.

Morgan

Securities

LLC,

an

affiliate

of

JP

Morgan,

may

execute

Daily

Net

Assets

Fee

Rate

$0-$250

Million

0.60%

Over

$250

Million

0.55%

Janus

Henderson

Net

Zero

Transition

Resources

ETF

Notes

to

Financial

Statements

(unaudited)

18

April

30,

2023

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

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

April

30,

2023, the

Adviser

owned 950,001

shares

or 74.51%

of

the

Fund.

4.

Federal

Income

Tax 

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.

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,

2022,

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 April

30,

2023

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.

Capital

Loss

Carryover

Schedule

For

the

year

ended

October

31,

2022

No

Expiration

Short-Term

Long-Term

Accumulated

Capital

Losses

$(3,192,812)

$(454,196)

$(3,647,008)

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$30,893,793

$2,030,089

$(3,533,698)

$(1,503,609)

Janus

Henderson

Net

Zero

Transition

Resources

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

19

5.

Capital

Share

Transactions 

6.

Purchases

and

Sales

of

Investment

Securities 

For

the

period ended

April

30,

2023,

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 period

ended

April

30,

2023,

the

cost

of

in-kind

purchases

and

proceeds

from

in-kind

sales,

were

as

follows: 

During

the

period ended

April

30,

2023,

the

Fund

had

net

realized

gain

of $2,138,194 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 April

30,

2023

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

April

30,

2023

Year

Ended

October

31,

2022

Shares

Amount

Shares

Amount

Shares

sold

—

$

—

250,000

$

6,732,068

Shares

repurchased

(850,000)

(20,241,158

)

(125,000)

(3,236,815

)

Net

Increase/(Decrease)

(850,000)

$

(20,241,158

)

125,000

$

3,495,253

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

$13,069,683

$12,923,162

$—

$—

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

$—

$19,759,556

$—

$—

Janus

Henderson

Net

Zero

Transition

Resources

ETF

Additional

Information

(unaudited)

20

April

30,

2023

Proxy

Voting

Policies

and

Voting

Record

Information

regarding

how

the

Fund

voted

proxies

related

to

portfolio

securities

during

the

most

recent

12-month

period

ended

June

30

and

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

1-800-525-1093

(toll

free);

(ii)

on

the

Fund’s

website

at

janushenderson.com/proxyvoting;

and

(iii)

on

the

SEC’s

website

at

http://www.sec.gov.

Portfolio

Holdings

The

Fund

files

its

complete

portfolio

holdings

(schedule

of

investments)

with

the

SEC

as

an

exhibit

to

Form

N-PORT

within

60

days

of

the

end

of

the

first

and

third

fiscal

quarters,

and

in

the

annual

report

and

semiannual

report

to

shareholders.

The

Fund’s

Form

N-PORT

filings

and

annual

and

semiannual

reports:

(i)

are

available

on

the

SEC’s

website

at

http://www.sec.gov;

and

(ii)

are

available

without

charge,

upon

request,

by

calling

a

Janus

Henderson

representative

at

1-800-668-0434

(toll

free).

Janus

Henderson

Net

Zero

Transition

Resources

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

Janus

Detroit

Street

Trust

21

The

Board

of

Trustees

(the

“Board”)

of

Janus

Detroit

Street

Trust

(the

“Trust”),

including

a

majority

of

the

Trustees

who

are

not

“interested

persons”

as

that

term

is

defined

in

the

Investment

Company

Act

of

1940,

as

amended

(the

“Independent

Trustees”),

met

on

April

19-20,

2023

to

consider

the

proposed

renewal

of

the

investment

management

agreement

between

Janus

Henderson

Investors

US

LLC

(the

“Adviser”)

and

the

Trust

(the

“Investment

Management

Agreement”),

on

behalf

of

Janus

Henderson

AAA

CLO

ETF

(“JAAA”),

Janus

Henderson

B-BBB

CLO

ETF

(“JBBB”),

Janus

Henderson

International

Sustainable

Equity

ETF

(“SXUS”),

Janus

Henderson

Mortgage-Backed

Securities

ETF

(“JMBS”),

Janus

Henderson

Net

Zero

Transition

Resources

ETF

(“JZRO”),

Janus

Henderson

Short

Duration

Income

ETF

(“VNLA”),

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

(“JSML”),

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

(“JSMD”),

Janus

Henderson

Sustainable

Corporate

Bond

ETF

(“SCRD”),

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

(“JIB”),

Janus

Henderson

U.S.

Real

Estate

ETF

(“JRE”)

and

Janus

Henderson

U.S.

Sustainable

Equity

ETF

(“SSPX”)

(collectively,

the

“Funds”).

In

the

course

of

their

consideration

of

the

renewal

of

the

Investment

Management

Agreement,

the

Independent

Trustees

met

in

executive

session

and

were

advised

by

their

independent

counsel.

In

this

regard,

the

Independent

Trustees

evaluated

the

terms

of

the

Investment

Management

Agreement

and

reviewed

the

duties

and

responsibilities

of

trustees

in

evaluating

and

approving

such

agreements.

In

considering

renewal

of

the

Investment

Management

Agreement,

the

Board

and

the

Independent

Trustees,

as

applicable,

reviewed

the

materials

provided

to

them

relating

to

the

consideration

of

the

renewal

of

the

Investment

Management

Agreement

for

the

Funds

and

other

information

provided

by

counsel

and

the

Adviser,

including:

(i)

information

regarding

the

nature,

quality

and

extent

of

the

services

provided

to

the

Funds

by

the

Adviser,

and

the

fees

charged

to

each

Fund

therefor;

(ii)

information

concerning

the

Adviser’s

financial

condition,

business,

operations,

portfolio

management

personnel,

compliance

programs,

and

profitability

with

respect

to

the

Trust

and

each

Fund;

(iii)

comparative

information

describing

each

Fund’s

advisory

fee

structures,

operating

expenses,

and

performance

information

as

compared

to

peer

fund

groups

compiled

by

an

independent

third

party;

(iv)

a

copy

of

the

Adviser’s

current

Form

ADV;

and

(v)

a

memorandum

from

counsel

to

the

Independent

Trustees

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

throughout

the

year.

The

Trustees

also

considered

information

received

and

reviewed

in

connection

with

a

meeting

held

on

March

13,

2023

via

videoconference

to

discuss

certain

information

provided

by

the

Adviser

related

to

the

Trustees’

consideration

of

the

renewal

of

the

Investment

Management

Agreement.

During

its

review

of

this

information,

the

Board

focused

on

and

analyzed

the

factors

that

it

deemed

relevant,

including,

among

other

factors:

(i)

the

nature,

extent

and

quality

of

the

services

provided

to

the

Funds

by

the

Adviser;

(ii)

the

Adviser’s

personnel

and

operations;

(iii)

each

Fund’s

expense

level;

(iv)

the

profitability

to

the

Adviser

under

the

Investment

Management

Agreement

with

respect

to

each

Fund;

(v)

any

“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);

(vi)

the

effect

of

asset

growth

on

each

Fund’s

expenses;

and

(vii)

potential

conflicts

of

interest.

The

Trustees

also

considered

benefits

that

accrue

to

the

Adviser

and

its

affiliates

from

their

relationships

with

the

Trust

and

each

Fund.

The

Trustees

also

considered

that,

other

than

the

services

provided

by

the

Adviser

and

its

affiliates

pursuant

to

agreements

with

the

Funds

and

the

fees

paid

by

the

Funds

therefor,

the

Funds

and

the

Adviser

may

potentially

benefit

from

their

relationship

with

each

other

in

other

ways.

The

Trustees

considered

that

the

success

of

the

Funds

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

Funds.

The

Board,

including

the

Independent

Trustees,

considered

the

following

in

respect

of

the

Funds:

(a)

The

nature,

extent

and

quality

of

services

provided

by

the

Adviser;

personnel

and

operations

of

the

Adviser.

Janus

Henderson

Net

Zero

Transition

Resources

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

22

April

30,

2023

The

Board

reviewed

the

services

that

the

Adviser

provides

to

the

Funds.

In

connection

with

the

investment

advisory

services

provided

by

the

Adviser,

the

Board

noted

the

responsibilities

that

the

Adviser

has

as

the

Funds’

investment

adviser,

including:

the

overall

supervisory

responsibility

for

the

general

management

and

investment

of

each

Fund’s

securities

portfolio;

providing

oversight

of

the

investment

performance

and

processes

and

compliance

with

each

Fund’s

investment

objectives,

policies

and

limitations;

the

implementation

of

the

investment

management

program

of

each

Fund;

the

management

of

the

day-to-day

investment

and

reinvestment

of

the

assets

of

each

Fund;

determining

daily

baskets

of

securities

and

cash

components

in

connection

with

creation

and

redemption

transactions

in

each

Fund’s

shares;

executing

portfolio

security

trades

for

purchases

and

redemptions

of

each

Fund’s

shares

conducted

on

a

cash-

in-lieu

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

Funds.

The

Board

reviewed

the

Adviser’s

experience,

resources

and

strengths

in

managing

the

Funds

and

other

pooled

investment

vehicles,

including

an

assessment

of

the

Adviser’s

personnel.

Based

on

its

consideration

and

review

of

the

foregoing

information,

the

Board

determined

that

each

Fund

was

likely

to

continue

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

rendered

and

fees

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

Funds;

“fall-out”

benefits.

The

Board

then

compared

both

the

services

rendered

and

the

fees

paid

under

other

contracts

of

the

Adviser

and

under

contracts

of

other

investment

advisers

with

respect

to

similar

ETFs.

In

particular,

the

Board

reviewed

a

report

compiled

by

an

independent

third

party

to

compare

each

Fund’s

contractual

management

fee

and

total

expense

ratio

to

other

investment

companies

within

each

Fund’s

respective

peer

grouping,

as

determined

by

the

independent

third

party.

The

information

provided

by

the

comparative

report

showed

how

the

total

expense

ratio

and

contractual

management

fee

for

each

of

the

Funds

compared

within

its

respective

peer

group

for

the

one-year

period

ended

December

31,

2022.

The

reporting

is

described

in

detail

below:

The

total

expense

ratio

and

the

contractual

management

fee

for

JAAA

was

each

reported

in

the

1st

quintile

of

its

respective

peer

group

(with

1st

quintile

being

the

lowest

fees/expenses

and

5th

quintile

being

the

highest

fees/

expenses).

The

total

expense

ratio

and

the

contractual

management

fee

for

JBBB

was

each

reported

in

the

2nd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

SXUS

was

each

reported

in

the

4th

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JMBS

was

each

reported

in

the

1st

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JZRO

was

each

reported

in

the

2nd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

VNLA

was

each

reported

in

the

1st

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JSML

was

each

reported

in

the

3rd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JSMD

was

each

reported

in

the

3rd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

SCRD

was

reported

in

the

3rd

and

2nd

quintiles,

respectively.

The

total

expense

ratio

and

the

contractual

management

fee

for

JIB

as

each

reported

in

the

3rd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JRE

was

each

at

median

as

compared

to

expense

group

peers.

Janus

Henderson

Net

Zero

Transition

Resources

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

Janus

Detroit

Street

Trust

23

The

total

expense

ratio

and

the

contractual

management

fee

for

SSPX

was

reported

in

the

4th

and

3rd

quintiles,

respectively.

The

Board

further

considered

that

the

Adviser

had

voluntarily

agreed

to

cap

the

expenses

of

JAAA,

JMBS

and

VNLA

to

the

extent

that

such

Funds’

total

expense

ratio

exceeded

0.22%,

0.28%

and

0.23%,

respectively,

for

the

period

February

28,

2023

through

February

29,

2024

in

the

case

of

JMBS

and

VNLA

and

for

the

period

of

January

20,

2023

through

February

29,

2024

in

the

case

of

JAAA.

The

Board

further

noted

the

Adviser’s

contractual

commitment

with

respect

to

the

Funds’

investments

in

affiliated

ETFs

to

waive

and/or

reimburse

a

portion

of

its

management

fee

in

an

amount

equal

to

a

portion

of

the

management

fee

it

earns

as

investment

adviser

to

affiliated

ETFs

in

which

a

Fund

invests

(if

any),

for

at

least

the

period

from

February 28,

2023

until

February 29,

2024.

The

Board

also

discussed

the

costs

incurred

by

the

Adviser

in

connection

with

its

serving

as

investment

adviser

to

the

Funds,

including

operational

costs.

After

comparing

each

Fund’s

fees

and

expenses

with

those

of

other

ETFs

in

the

Funds’

respective

peer

groups,

and

in

light

of

the

nature,

extent

and

quality

of

services

provided

by

the

Adviser

and

the

costs

incurred

by

the

Adviser

in

rendering

those

services,

as

well

as

the

profitability

of

the

Adviser

in

providing

these

services,

the

Board

concluded

that

the

level

of

fees

paid

to

the

Adviser

and

the

profitability

with

respect

to

each

Fund

was

fair

and

reasonable.

The

Board

also

considered

that

the

Adviser

may

experience

reputational

“fall-out”

benefits

based

on

the

success

of

the

Funds,

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.

In

its

review,

the

Board

considered

that

the

Funds

were

positioned

to

realize

potential

economies

of

scale

as

assets

grow

over

time,

given

the

inclusion

of

management

fee

breakpoints

for

each

Fund

in

the

current

investment

advisory

agreement

at

various

asset

levels.

(d)

Investment

performance

of

the

Fund

and

the

Adviser.

The

Board

next

discussed

the

annualized

returns

of

the

Funds

on

both

an

absolute

basis

and

relative

to

the

performance

of

funds

comprising

a

performance

universe

compiled

by

an

independent

third

party

for

each

Fund

for

the

three-month

period,

one-year

period,

two-year

period,

three-year

period,

four-year

period,

five-year

period,

and/or

since

inception

period

ended

December

31,

2022

(each

period

as

applicable).

The

Board

noted

the

following

for

each

Fund:

JAAA

was

reported

to

be

in

the

1st

and

3rd

quintiles

of

its

performance

universe

(with

the

1st

quintile

being

the

best

performer

and

the

5th

quintile

being

the

worst

performer)

for

its

one-

and

two-year

periods,

respectively;

JBBB

was

reported

to

be

in

the

1st

and

5th

quintiles

of

its

performance

universe

for

its

3-month

and

since

inception

periods,

respectively;

SXUS

was

reported

to

be

in

the

4th

quintile

of

its

performance

universe

for

each

of

its

three-month,

one-year,

and

since

inception

periods;

JMBS

was

reported

to

be

in

the

2nd,

2nd,

2nd

and

1st

quintiles

of

its

performance

universe

for

its

one-,

two-,

three-,

and

four-year

periods,

respectively;

JZRO

was

reported

to

be

in

the

2nd,

2nd,

and

1st

quintiles

of

its

performance

universe

for

its

three-month,

one-year,

and

since

inception

periods,

respectively;

Janus

Henderson

Net

Zero

Transition

Resources

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

24

April

30,

2023

VNLA

was

reported

to

be

in

the

1st

quintile

of

its

performance

universe

for

each

of

its

one-,

two-,

three-,

four-,

and

five-year

periods;

JSML

was

reported

to

be

in

the

4th,

4th,

5th,

5th,

and

4th

quintiles

of

its

performance

universe

for

its

one-,

two-,

three-,

four-,

and

five-year

periods,

respectively;

JSMD

was

reported

to

be

in

the

2nd,

3rd,

3rd,

3rd

and

3rd

quintiles

of

its

performance

universe

for

its

one-,

two-,

three-,

four-,

and

five-year

periods,

respectively;

SCRD

was

reported

to

be

in

the

4th,

3rd,

and

2nd

quintiles

of

its

performance

universe

for

its

three-month,

one-year,

and

since

inception

periods,

respectively;

JIB

was

reported

to

be

in

the

5th,

4th,

and

4th

quintiles

of

its

performance

universe

for

its

three-month,

one-year,

and

since

inception

periods,

respectively;

JRE

was

reported

to

be

in

the

1st

quintile

of

its

performance

universe

for

each

of

its

three-month,

one-year,

and

since

inception

periods;

and

SSPX

was

reported

to

be

in

its

3rd,

5th,

and

5th

quintiles

of

its

performance

universe

for

its

three-month,

one-year,

and

since

inception

periods,

respectively.

With

respect

to

JSML

and

JSMD,

the

Board

noted

that

these

Funds

are

index-based

and,

as

a

result,

passively

managed

to

seek

to

track

the

returns

of

specified

indices.

For

this

reason,

the

Board

also

considered

the

performance

of

these

Funds

in

relation

to

the

performance

of

each

Fund’s

respective

underlying

index

(i.e.

“tracking

error”),

and

considered

that

the

tracking

error

was

within

anticipated

ranges.

The

Board

considered

the

Adviser’s

explanation

of

performance

results

for

each

Fund

across

the

relevant

periods

provided

as

part

of

the

consideration

of

the

renewal

of

the

Investment

Advisory

Agreement,

and

during

the

course

of

the

previous

year.

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

management

fee

rates

and

total

expense

ratios

of

each

Fund

are

reasonable

in

relation

to

the

services

provided

by

the

Adviser

to

such

Fund,

as

well

as

the

costs

incurred

and

benefits

gained

by

the

Adviser

in

providing

such

services.

The

Board

also

found

the

management

fees

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

renewal

of

the

Investment

Management

Agreement

for

an

additional

one-year

period

was

in

the

best

interests

of

each

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

renewal

of

the

Investment

Management

Agreement

for

each

Fund.

Janus

Henderson

Net

Zero

Transition

Resources

ETF

Liquidity

Risk

Management

Program

(unaudited)

Janus

Detroit

Street

Trust

25

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),

requires

open-end

funds

(but

not

money

market

funds)

to

adopt

and

implement

a

written

liquidity

risk

management

program

(the

“LRMP”)

that

is

reasonably

designed

to

assess

and

manage

liquidity

risk,

which

is

the

risk

that

a

fund

could

not

meet

redemption

requests

without

significant

dilution

of

remaining

investors’

interests

in

the

fund.

The

Funds

have

adopted

and

implemented

a

LRMP,

which

incorporates

the

following

elements:

(i)

assessment,

management,

and

periodic

review

of

liquidity

risk;

(ii)

classification

of

portfolio

investments;

(iii)

the

establishment

and

monitoring

of

a

highly

liquid

investment

minimum

(“HLIM”),

as

applicable;

(iv)

a

15%

limitation

on

a

Fund’s

illiquid

investments;

(v)

provisions

concerning

redemptions

in-

kind;

and

(vi)

board

oversight.

In

light

of

the

fact

that

each

Fund

operates

as

an

exchange-traded

fund

(“ETF”),

the

LRMP

also

takes

into

account

considerations

unique

to

ETFs,

including

(i)

the

relationship

between

the

ETF’s

portfolio

liquidity

and

the

way

in

which,

and

the

prices

and

spreads

at

which,

ETF

shares

trade,

including:

the

efficiency

of

the

arbitrage

function

and

the

level

of

active

participation

by

market

participants

(including

authorized

participants);

and

(ii)

the

effect

of

the

composition

of

baskets

on

the

overall

liquidity

of

the

ETF’s

portfolio.

The

LRMP

also

considers

whether

an

ETF

meets

redemptions

through

in-kind

transfers

of

securities,

positions,

and

assets

other

than

a

de

minimis

amount

of

cash.

The

Trustees

of

the

Funds

(the

“Trustees”)

have

designated

Janus

Henderson

Investors

US

LLC,

the

Funds’

investment

adviser

(the

“Adviser”),

as

the

Program

Administrator

for

the

LRMP

responsible

for

administering

the

LRMP

and

carrying

out

the

specific

responsibilities

of

the

LRMP.

A

working

group

comprised

of

various

teams

within

the

Adviser’s

business

is

responsible

for

administering

the

LRMP

and

carrying

out

the

specific

responsibilities

of

different

aspects

of

the

LRMP

(the

“Liquidity

Risk

Working

Group”).

In

assessing

each

Fund’s

liquidity

risk,

the

Liquidity

Risk

Working

Group

periodically

considers,

as

relevant,

specified

liquidity

factors,

including:

(i)

the

investment

strategy

and

liquidity

of

a

Fund’s

portfolio

investments

during

both

normal

and

reasonably

foreseeable

stressed

conditions;

(ii)

whether

a

Fund’s

investment

strategy

is

appropriate

for

an

open-end

fund;

(iii)

the

extent

to

which

a

Fund’s

strategy

involves

a

relatively

concentrated

portfolio

or

large

positions

in

any

issuer;

(iv)

a

Fund’s

use

of

borrowing

for

investment

purposes;

(v)

a

Fund’s

use

of

derivatives;

(vi)

short-term

and

long-term

cash

flow

projections

during

both

normal

and

reasonably

foreseeable

stressed

conditions;

and

(vii)

holdings

of

cash

and

cash

equivalents,

as

well

as

borrowing

arrangements

and

other

funding

sources.

The

Liquidity

Rule

requires

the

Trustees

to

review

at

least

annually

a

written

report

provided

by

the

Program

Administrator

that

addresses

the

operation

of

the

LRMP

and

assesses

its

adequacy

and

the

effectiveness

of

its

implementation,

including,

if

applicable,

the

operation

of

the

HLIM

and

any

material

changes

to

the

LRMP

(the

“Program

Administrator

Report”).

At

a

meeting

held

April

20,

2023,

the

Adviser

provided

to

the

Trustees

the

Program

Administrator

Report,

which

covered

the

operation

of

the

LRMP

from

January

1,

2022

through

December

31,

2022

(the

“Reporting

Period”).

Further,

at

a

meeting

held

on

June

26,

2023,

the

Adviser

provided

to

the

Trustees

an

update

regarding

the

Program

Administrator

Report

for

the

Reporting

Period.  

The

Program

Administrator

Report

discussed

the

operation

and

effectiveness

of

the

LRMP

during

the

Reporting

Period.

Among

other

things,

the

Program

Administrator

Report

indicated

that

there

were

no

material

changes

to

the

LRMP

during

the

Reporting

Period,

although

there

were

certain

methodology

adjustments

implemented

relating

to

a

change

in

data

provider

used

by

the

Program

Administrator.

Additionally,

the

findings

presented by

the

Program

Administrator

indicated

that

the

LRMP

operated

adequately

during

the

Reporting

Period.

These

findings

included

that

each

Fund

was

able

to

meet

redemptions

during

the

normal

course

of

business

during

the

Reporting

Period.

The

Program

Administrator

Report

also

stated

that

each

Fund

did

not

exceed

the

15%

limit

on

illiquid

assets

during

the

Reporting

Period,

that

each

Fund

held

primarily

highly

liquid

assets,

and

was

considered

to

be

a

primarily

highly

liquid

fund

during

the

Reporting

Period.

Also

included

among

the

Program

Administrator

Report’s

findings

was

the

determination

that

each

Fund’s

investment

strategy

remains

appropriate

for

an

open-end

fund.

In

addition,

the

Adviser

expressed

its

belief

that

the

LRMP

is

reasonably

designed

and

adequate

to

assess

and

manage

each

Fund’s

liquidity

risk,

considering

each

Fund’s

particular

Janus

Henderson

Net

Zero

Transition

Resources

ETF

Liquidity

Risk

Management

Program

(unaudited)

26

April

30,

2023

risks

and

circumstances,

and

includes

policies

and

procedures

reasonably

designed

to

implement

each

required

component

of

the

Liquidity

Rule.

There

can

be

no

assurance

that

the

LRMP

will

achieve

its

objectives

in

the

future.

Please

refer

to

your

Fund’s

prospectus

for

more

information

regarding

the

risks

to

which

an

investment

in

the

Fund

may

be

subject.

125-24-93090

04-23

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

Henderson

Investors

US

LLC

is

the

investment

adviser

and

ALPS

Distributors,

Inc.

is

the

distributor.

ALPS

is

not

affiliated

with

Janus

Henderson

or

any

of

its

subsidiaries.

SEMIANNUAL

REPORT

April

30,

2023

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Fund

At

A

Glance

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

3

Disclosure

of

Fund

Expenses

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

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

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

28

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

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

29

Liquidity

Risk

Management

Program

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

33

Michael

Keough

Brad

Smith

co-portfolio

manager

co-portfolio

manager

Janus

Henderson

Sustainable

Corporate

Bond

ETF

(unaudited)

Fund

At

A

Glance

April

30,

2023

Janus

Detroit

Street

Trust

3

Holdings

are

subject

to

change

without

notice.

Sector

Allocation

–

(%

of

Net

Assets)

Financial

33.7%

Consumer,

Non-cyclical

29.4%

Technology

9.9%

Industrial

6.4%

Utilities

5.4%

Energy

4.0%

Consumer,

Cyclical

3.0%

Communications

1.9%

Asset-Backed

Securities

1.4%

Basic

Materials

1.2%

Investment

Company

1.0%

97.3%

Janus

Henderson

Sustainable

Corporate

Bond

ETF

(unaudited)

Performance

4

April

30,

2023

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.

Investing

involves

risk,

including

the

possible

loss

of

principal

and

fluctuation

of

value.

There

is

no

assurance

the

stated

objective(s)

will

be

met.

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

April

30,

2023

Fiscal

Year-to-

Date

One

Year

Since

Inception

*

Janus

Henderson

Sustainable

Corporate

Bond

ETF

-

NAV

8.54%

0.34%

-8.10%

Janus

Henderson

Sustainable

Corporate

Bond

ETF

-

Market

Price

8.37%

0.53%

-8.07%

Bloomberg

U.S.

Corporate

Bond

Index

9.21%

0.68%

-7.92%

*

The

Fund

commenced

operations

on

September

8,

2021.

Janus

Henderson

Sustainable

Corporate

Bond

ETF

(unaudited)

Disclosure

of

Fund

Expenses

Janus

Detroit

Street

Trust

5

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

(11/1/22)

Ending

Account

Value

(4/30/23)

Expenses

Paid

During

Period

(11/1/22

-

4/30/23)

†

Beginning

Account

Value

(11/1/22)

Ending

Account

Value

(4/30/23)

Expenses

Paid

During

Period

(11/1/22

-

4/30/23)

†

Net

Annualized

Expense

Ratio

(11/1/22

-

4/30/23)

$1,000.00

$1,085.40

$1.81

$1,000.00

$1,023.06

$1.76

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

181/365

(to

reflect

the

one-half

year

period).

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Schedule

of

Investments

(unaudited)

April

30,

2023

6

April

30,

2023

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Asset-Backed

Security

-

1.4%

CF

Hippolyta

Issuer

LLC,

1.9800%,

3/15/61

(144A)

(cost

$420,541)

$

510,807

$

437,750

Corporate

Bonds

-

94.9%

Basic

Materials

-

1.2%

Ecolab,

Inc.,

2.7000%, 11/1/26

410,000

391,066

Communications

-

1.9%

AT&T,

Inc.,

3.5000%, 6/1/41

290,000

228,487

Comcast

Corp.,

4.1500%, 10/15/28

87,000

86,289

Discovery

Communications

LLC,

4.0000%, 9/15/55

236,000

155,105

FactSet

Research

Systems,

Inc.,

3.4500%, 3/1/32

132,000

116,186

586,067

Consumer,

Cyclical

-

3.0%

Hasbro,

Inc.,

5.1000%, 5/15/44

122,000

106,899

Home

Depot,

Inc.

(The),

2.8750%, 4/15/27

27,000

25,866

Home

Depot,

Inc.

(The),

3.2500%, 4/15/32

46,000

42,455

Lithia

Motors,

Inc.,

4.3750%, 1/15/31

(144A)

176,000

151,148

Lowe's

Cos.,

Inc.,

3.7500%, 4/1/32

34,000

31,545

Lowe's

Cos.,

Inc.,

3.7000%, 4/15/46

260,000

202,686

Target

Corp.,

4.8000%, 1/15/53

201,000

198,147

Whirlpool

Corp.,

4.6000%, 5/15/50

213,000

177,963

936,709

Consumer,

Non-cyclical

-

29.4%

Abbott

Laboratories,

6.1500%, 11/30/37

93,000

107,540

AbbVie,

Inc.,

2.9500%, 11/21/26

114,000

108,216

AbbVie,

Inc.,

3.2000%, 11/21/29

113,000

104,421

AbbVie,

Inc.,

4.5500%, 3/15/35

158,000

154,762

AbbVie,

Inc.,

4.2500%, 11/21/49

120,000

105,188

Alcon

Finance

Corp.,

5.3750%, 12/6/32

(144A)

200,000

205,886

Alcon

Finance

Corp.,

5.7500%, 12/6/52

(144A)

140,000

149,954

Amgen,

Inc.,

2.3000%, 2/25/31

100,000

84,723

Amgen,

Inc.,

5.2500%, 3/2/33

65,000

66,878

Amgen,

Inc.,

5.1500%, 11/15/41

110,000

107,113

Amgen,

Inc.,

5.6000%, 3/2/43

77,000

79,233

Amgen,

Inc.,

5.6500%, 3/2/53

38,000

39,366

Amgen,

Inc.,

2.7700%, 9/1/53

151,000

96,699

Boston

Scientific

Corp.,

1.9000%, 6/1/25

110,000

104,189

Boston

Scientific

Corp.,

2.6500%, 6/1/30

150,000

132,681

Bristol-Myers

Squibb

Co.,

4.5500%, 2/20/48

183,000

174,109

Catalent

Pharma

Solutions,

Inc.,

3.1250%, 2/15/29

(144A)

51,000

43,402

Centene

Corp.,

2.6250%, 8/1/31

162,000

132,655

Cigna

Group

(The),

2.3750%, 3/15/31

141,000

119,497

Cigna

Group

(The),

3.4000%, 3/15/50

297,000

218,476

Coca-Cola

Co.

(The),

2.9000%, 5/25/27

131,000

125,498

Coca-Cola

Co.

(The),

2.8750%, 5/5/41

200,000

161,100

Coca-Cola

Femsa

SAB

de

CV,

1.8500%, 9/1/32

373,000

298,247

CoStar

Group,

Inc.,

2.8000%, 7/15/30

(144A)

185,000

154,810

CSL

Finance

plc,

3.8500%, 4/27/27

(144A)

45,000

44,005

CSL

Finance

plc,

4.2500%, 4/27/32

(144A)

112,000

109,163

CSL

Finance

plc,

4.6250%, 4/27/42

(144A)

210,000

198,758

CVS

Health

Corp.,

5.0500%, 3/25/48

150,000

140,029

Elevance

Health,

Inc.,

1.5000%, 3/15/26

80,000

73,612

Elevance

Health,

Inc.,

2.5500%, 3/15/31

140,000

120,740

Elevance

Health,

Inc.,

5.5000%, 10/15/32

145,000

153,149

Elevance

Health,

Inc.,

3.6000%, 3/15/51

90,000

70,189

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Schedule

of

Investments

(unaudited)

April

30,

2023

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)

Elevance

Health,

Inc.,

6.1000%, 10/15/52

$

100,000

$

111,540

GE

HealthCare

Technologies,

Inc.,

5.6500%, 11/15/27

(144A)

101,000

104,299

GE

HealthCare

Technologies,

Inc.,

5.8570%, 3/15/30

(144A)

101,000

106,285

GE

HealthCare

Technologies,

Inc.,

6.3770%, 11/22/52

(144A)

101,000

113,431

General

Mills,

Inc.,

2.2500%, 10/14/31

206,000

173,513

Haleon

US

Capital

LLC,

3.3750%, 3/24/29

250,000

232,736

HCA,

Inc.,

5.2500%, 6/15/26

87,000

87,314

HCA,

Inc.,

3.5000%, 9/1/30

172,000

154,816

Humana,

Inc.,

3.1250%, 8/15/29

95,000

86,271

Humana,

Inc.,

3.9500%, 8/15/49

180,000

148,190

Illumina,

Inc.,

5.7500%, 12/13/27

94,000

96,569

Illumina,

Inc.,

2.5500%, 3/23/31

162,000

135,911

JBS

USA

LUX

SA,

3.6250%, 1/15/32

(144A)

200,000

167,938

Kenvue,

Inc.,

5.5000%, 3/22/25

(144A)

300,000

305,067

Kenvue,

Inc.,

4.9000%, 3/22/33

(144A)

105,000

108,730

Laboratory

Corp.

of

America

Holdings,

2.7000%, 6/1/31

201,000

173,485

Medtronic,

Inc.,

4.0000%, 4/1/43

71,000

64,870

Moody's

Corp.,

4.2500%, 8/8/32

320,000

310,734

Novartis

Capital

Corp.,

2.2000%, 8/14/30

106,000

93,732

Novartis

Capital

Corp.,

2.7500%, 8/14/50

139,000

102,326

Owens

&

Minor,

Inc.,

4.5000%, 3/31/29

(144A)

158,000

126,721

PayPal

Holdings,

Inc.,

2.6500%, 10/1/26

194,000

183,646

PepsiCo,

Inc.,

3.9000%, 7/18/32

160,000

157,541

Pilgrim's

Pride

Corp.,

5.8750%, 9/30/27

(144A)

194,000

192,985

Pilgrim's

Pride

Corp.,

4.2500%, 4/15/31

295,000

256,594

Royalty

Pharma

plc,

3.5500%, 9/2/50

205,000

140,863

S&P

Global,

Inc.,

2.7000%, 3/1/29

112,000

102,489

S&P

Global,

Inc.,

3.7000%, 3/1/52

83,000

69,399

S&P

Global,

Inc.,

2.3000%, 8/15/60

181,000

106,293

UnitedHealth

Group,

Inc.,

3.7000%, 5/15/27

79,000

77,525

UnitedHealth

Group,

Inc.,

4.2000%, 5/15/32

79,000

77,461

UnitedHealth

Group,

Inc.,

5.3500%, 2/15/33

293,000

312,467

UnitedHealth

Group,

Inc.,

4.7500%, 5/15/52

79,000

76,789

Verisk

Analytics,

Inc.,

3.6250%, 5/15/50

248,000

182,460

Zoetis,

Inc.,

5.6000%, 11/16/32

248,000

266,260

9,191,538

Energy

-

4.0%

Cheniere

Corpus

Christi

Holdings

LLC,

3.7000%, 11/15/29

23,000

21,524

Enbridge,

Inc.,

5.7000%, 3/8/33

95,000

98,657

Enbridge,

Inc.,

2.5000%, 8/1/33

193,000

156,042

Kinder

Morgan,

Inc.,

5.2000%, 6/1/33

194,000

192,583

Sabine

Pass

Liquefaction

LLC,

5.8750%, 6/30/26

303,000

309,311

Venture

Global

Calcasieu

Pass

LLC,

6.2500%, 1/15/30

(144A)

199,000

201,787

Western

Midstream

Operating

LP,

6.1500%, 4/1/33

254,000

258,270

1,238,174

Financial

-

33.7%

AerCap

Ireland

Capital

DAC,

4.5000%, 9/15/23

303,000

301,142

AerCap

Ireland

Capital

DAC,

1.7500%, 1/30/26

310,000

278,121

Alexandria

Real

Estate

Equities,

Inc.,

2.9500%, 3/15/34

197,000

159,411

Alexandria

Real

Estate

Equities,

Inc.,

4.7500%, 4/15/35

99,000

94,237

American

Express

Co.,

5.8500%, 11/5/27

207,000

216,641

American

Express

Co.,

SOFR

+

2.2550%,

4.9890%, 5/26/33

‡

158,000

156,196

American

Express

Co.,

SOFR

+

1.8350%,

5.0430%, 5/1/34

‡

73,000

73,162

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Schedule

of

Investments

(unaudited)

April

30,

2023

8

April

30,

2023

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.,

2.4000%, 3/15/25

$

79,000

$

75,199

Aon

Corp.,

5.0000%, 9/12/32

467,000

472,320

Athene

Global

Funding,

1.0000%, 4/16/24

(144A)

485,000

458,370

Bank

of

America

Corp.,

SOFR

+

1.0600%,

2.0870%, 6/14/29

‡

145,000

125,302

Bank

of

America

Corp.,

SOFR

+

1.2200%,

2.2990%, 7/21/32

‡

191,000

154,088

Bank

of

America

Corp.,

SOFR

+

1.2100%,

2.5720%, 10/20/32

‡

203,000

166,695

Bank

of

America

Corp.,

SOFR

+

1.9300%,

2.6760%, 6/19/41

‡

218,000

154,664

Bank

of

New

York

Mellon

Corp.

(The),

SOFR

+

1.3450%,

4.4140%, 7/24/26

‡

314,000

310,240

Bank

of

New

York

Mellon

Corp.

(The),

SOFR

+

1.6060%,

4.9670%, 4/26/34

‡

123,000

123,957

Berkshire

Hathaway

Finance

Corp.,

3.8500%, 3/15/52

98,000

83,544

BlackRock,

Inc.,

3.2000%, 3/15/27

284,000

276,228

Boston

Properties

LP,

4.5000%, 12/1/28

85,000

77,339

Brown

&

Brown,

Inc.,

4.9500%, 3/17/52

95,000

81,900

Charles

Schwab

Corp.

(The),

3.2000%, 3/2/27

92,000

85,491

Citigroup,

Inc.,

SOFR

+

2.1070%,

2.5720%, 6/3/31

‡

202,000

170,931

Citigroup,

Inc.,

SOFR

+

1.3510%,

3.0570%, 1/25/33

‡

71,000

60,532

Citigroup,

Inc.,

CME

Term

SOFR

3

Month

+

1.4296%,

3.8780%, 1/24/39

‡

87,000

74,629

CME

Group,

Inc.,

3.7500%, 6/15/28

272,000

266,622

Corebridge

Financial,

Inc.,

3.8500%, 4/5/29

(144A)

34,000

31,000

Credit

Agricole

SA,

5.3010%, 7/12/28

(144A)

250,000

255,778

Digital

Realty

Trust

LP,

4.4500%, 7/15/28

124,000

118,088

Equinix,

Inc.,

1.5500%, 3/15/28

105,000

89,768

Equinix,

Inc.,

3.4000%, 2/15/52

138,000

97,999

Goldman

Sachs

Group,

Inc.

(The),

6.2500%, 2/1/41

126,000

139,083

JPMorgan

Chase

&

Co.,

CME

Term

SOFR

3

Month

+

3.1250%,

4.6000%, 2/1/25

‡,μ

205,000

190,137

JPMorgan

Chase

&

Co.,

SOFR

+

1.8900%,

2.1820%, 6/1/28

‡

381,000

342,232

JPMorgan

Chase

&

Co.,

SOFR

+

2.5150%,

2.9560%, 5/13/31

‡

167,000

144,731

JPMorgan

Chase

&

Co.,

SOFR

+

1.2600%,

2.9630%, 1/25/33

‡

231,000

197,544

Lloyds

Banking

Group

plc,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.6000%,

3.5110%, 3/18/26

‡

320,000

307,835

Lloyds

Banking

Group

plc,

4.6500%, 3/24/26

200,000

192,560

Mastercard,

Inc.,

3.5000%, 2/26/28

89,000

87,048

Metropolitan

Life

Global

Funding

I,

5.1500%, 3/28/33

(144A)

383,000

388,863

Mitsubishi

UFJ

Financial

Group,

Inc.,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.7000%,

4.7880%, 7/18/25

‡

234,000

231,890

Mitsubishi

UFJ

Financial

Group,

Inc.,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.6300%,

5.4410%, 2/22/34

‡

308,000

312,776

Morgan

Stanley,

SOFR

+

1.7300%,

5.1230%, 2/1/29

‡

47,000

47,230

Morgan

Stanley,

SOFR

+

1.2900%,

2.9430%, 1/21/33

‡

166,000

140,837

Morgan

Stanley,

SOFR

+

1.8700%,

5.2500%, 4/21/34

‡

76,000

76,847

Morgan

Stanley,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.4300%,

5.9480%, 1/19/38

‡

27,000

27,143

Nasdaq,

Inc.,

1.6500%, 1/15/31

222,000

176,780

National

Australia

Bank

Ltd.,

2.9900%, 5/21/31

(144A)

299,000

242,768

Nordea

Bank

Abp,

5.3750%, 9/22/27

(144A)

200,000

202,099

PNC

Financial

Services

Group,

Inc.

(The),

2.5500%, 1/22/30

98,000

83,975

PNC

Financial

Services

Group,

Inc.

(The),

SOFRINDX

+

2.1400%,

6.0370%, 10/28/33

‡

339,000

354,922

PNC

Financial

Services

Group,

Inc.

(The),

SOFR

+

1.9330%,

5.0680%, 1/24/34

‡

195,000

191,965

Raymond

James

Financial,

Inc.,

3.7500%, 4/1/51

182,000

135,915

State

Street

Corp.,

SOFR

+

0.6040%,

4.8570%, 1/26/26

‡

488,000

487,217

Sun

Communities

Operating

LP,

2.7000%, 7/15/31

266,000

214,802

Sun

Communities

Operating

LP,

5.7000%, 1/15/33

92,000

92,122

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Schedule

of

Investments

(unaudited)

April

30,

2023

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)

Truist

Financial

Corp.,

SOFR

+

1.4350%,

4.8730%, 1/26/29

‡

$

62,000

$

60,689

US

Bancorp,

2.4000%, 7/30/24

319,000

308,006

Visa,

Inc.,

2.0000%, 8/15/50

92,000

58,198

10,525,808

Industrial

-

6.4%

Ball

Corp.,

4.0000%, 11/15/23

299,000

295,977

Canadian

Pacific

Railway

Co.,

1.7500%, 12/2/26

207,000

189,010

FedEx

Corp.,

3.2500%, 5/15/41

200,000

152,670

Johnson

Controls

International

plc,

1.7500%, 9/15/30

323,000

267,996

Otis

Worldwide

Corp.,

2.0560%, 4/5/25

201,000

190,440

Otis

Worldwide

Corp.,

2.5650%, 2/15/30

2,000

1,761

Regal

Rexnord

Corp.,

6.3000%, 2/15/30

(144A)

32,000

32,602

Regal

Rexnord

Corp.,

6.4000%, 4/15/33

(144A)

199,000

202,937

Trane

Technologies

Financing

Ltd.,

5.2500%, 3/3/33

71,000

73,759

Trimble,

Inc.,

6.1000%, 3/15/33

119,000

121,857

Waste

Management,

Inc.,

2.5000%, 11/15/50

96,000

62,666

Westinghouse

Air

Brake

Technologies

Corp.,

3.4500%, 11/15/26

194,000

184,815

Xylem,

Inc.,

1.9500%, 1/30/28

125,000

111,948

Xylem,

Inc.,

4.3750%, 11/1/46

121,000

106,248

1,994,686

Technology

-

9.9%

Apple,

Inc.,

2.7000%, 8/5/51

254,000

179,703

Apple,

Inc.,

2.8500%, 8/5/61

226,000

155,669

Autodesk,

Inc.,

2.8500%, 1/15/30

96,000

85,690

Broadcom

Corp.,

3.8750%, 1/15/27

92,000

89,389

Broadcom,

Inc.,

3.1870%, 11/15/36

(144A)

144,000

109,585

Broadcom,

Inc.,

4.9260%, 5/15/37

(144A)

222,000

202,640

Hewlett

Packard

Enterprise

Co.,

5.9000%, 10/1/24

450,000

454,790

Micron

Technology,

Inc.,

3.3660%, 11/1/41

333,000

235,566

NXP

BV,

2.7000%, 5/1/25

138,000

131,334

Oracle

Corp.,

4.6500%, 5/6/30

157,000

153,909

Oracle

Corp.,

2.8750%, 3/25/31

38,000

32,749

Oracle

Corp.,

5.5500%, 2/6/53

39,000

37,469

Oracle

Corp.,

4.1000%, 3/25/61

202,000

150,396

QUALCOMM,

Inc.,

6.0000%, 5/20/53

200,000

227,420

Salesforce,

Inc.,

2.9000%, 7/15/51

161,000

114,309

Salesforce,

Inc.,

3.0500%, 7/15/61

98,000

67,319

Take-Two

Interactive

Software,

Inc.,

3.3000%, 3/28/24

335,000

328,645

VMware,

Inc.,

4.5000%, 5/15/25

167,000

165,326

VMware,

Inc.,

4.7000%, 5/15/30

84,000

80,946

Workday,

Inc.,

3.5000%, 4/1/27

37,000

35,509

Workday,

Inc.,

3.7000%, 4/1/29

28,000

26,394

Workday,

Inc.,

3.8000%, 4/1/32

43,000

39,251

3,104,008

Utilities

-

5.4%

American

Water

Capital

Corp.,

3.8500%, 3/1/24

618,000

612,416

American

Water

Capital

Corp.,

2.3000%, 6/1/31

8,000

6,821

American

Water

Capital

Corp.,

3.2500%, 6/1/51

135,000

99,607

Dominion

Energy,

Inc.,

2.2500%, 8/15/31

213,000

177,029

Duke

Energy

Progress

LLC,

5.2500%, 3/15/33

156,000

163,286

Duke

Energy

Progress

LLC,

5.3500%, 3/15/53

114,000

118,599

Southern

California

Edison

Co.,

5.3000%, 3/1/28

425,000

436,472

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Schedule

of

Investments

(unaudited)

April

30,

2023

10

April

30,

2023

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Corporate

Bonds

-

(continued)

Utilities

-

(continued)

Xcel

Energy,

Inc.,

4.6000%, 6/1/32

$

85,000

$

83,500

1,697,730

Total

Corporate

Bonds

(cost

$32,149,122)

29,665,786

Investment

Companies

-

1.0%

Money

Market

Funds

-

1.0%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

4.8708%

£,∞

(cost

$305,053)

304,993

305,054

Total

Investments

(total

cost

$32,874,716

)

-

97.3%

30,408,590

Cash,

Receivables

and

Other

Assets,

net

of

Liabilities

-

2.7%

843,132

Net

Assets

-

100.0%

$31,251,722

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

26,784,646

88.1

%

United

Kingdom

852,321

2.8

Ireland

653,022

2.1

Japan

544,666

1.8

Canada

443,709

1.5

Mexico

298,247

1.0

France

255,778

0.8

Australia

242,768

0.8

Finland

202,099

0.7

Netherlands

131,334

0.4

Total

$

30,408,590

100.0

%

Schedule

of

Affiliated

Investments

-

(%

of

Net

Assets)

Dividend

Income

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciatio

n/

(Depreciation)

Value

at

4/30/23

Investment

Company

-

1.0%

Money

Market

Funds

-

1.0%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

4.8708%

∞

$

16,958

$

111

$

(62)

$

305,054

Market

Value

at

10/31/22

Purchases

Sales

Market

Value

at

4/30/23

Investment

Company

-

1.0%

Money

Market

Funds

-

1.0%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

4.8708%

∞

$

1,125,433

$

23,157,888

$

(23,978,316)

$

305,054

Schedule

of

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

and

Unrealized

Appreciation

(Depreciation)

Futures

Long:

U.S.

Treasury

10

Year

Notes

5

6/21/23

$

576,016

$

2,400

U.S.

Treasury

2

Year

Notes

21

6/30/23

4,329,445

(11,067)

U.S.

Treasury

5

Year

Notes

15

6/30/23

1,646,133

2,984

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Schedule

of

Investments

(unaudited)

April

30,

2023

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

April

30,

2023.

The

following

tables

provide

information

about

the

effect

of

derivatives

and

hedging

activities

on

the

Fund’s

Statement

of

Operations

for

the period

ended

April

30,

2023.

Schedule

of

Futures

Contracts

(continued)

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

and

Unrealized

Appreciation

(Depreciation)

U.S.

Treasury

Long

Bonds

24

6/21/23

3,159,750

113,566

U.S.

Treasury

Ultra

Bonds

6

6/21/23

848,438

11,540

Total

-

Futures

Long

119,423

Futures

Short:

U.S.

Treasury

10

Year

Ultra

Bonds

41

6/21/23

(4,979,578)

(148,331)

Total

-

Futures

Short

(148,331)

Total

$(28,908)

Fair

Value

of

Derivative

Instruments

(not

accounted

for

as

hedging

instruments)

as

of

April

30,

2023

Interest

Rate

Contracts

Asset

Derivatives:

*Futures

contracts

$130,490

Liability

Derivatives:

*Futures

contracts

159,398

*

The

fair

value

presented

includes

net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts

and

centrally

cleared

swaps.

In

the

Statement

of

Assets

and

Liabilities,

only

current

day's

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

total

distributable

earnings

(loss).

The

Effect

of

Derivative

Instruments

(not

accounted

for

as

hedging

instruments)

on

the

Statement

of

Operations

for

the

Period

Ended

April

30,

2023

Amount

of

Realized

Gain/(Loss)

Recognized

on

Derivatives

Derivative

Credit

Contracts

Interest

Rate

Contracts

Total

Futures

contracts

$—

$(219,448)

$(219,448)

Swap

contracts

(78)

—

(78)

Total

$(78)

$(219,448)

$(219,526)

Amount

of

Change

in

Unrealized

Appreciation/(Depreciation)

Recognized

on

Derivatives

Derivative

Interest

Rate

Contracts

Futures

contracts

$278,345

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Schedule

of

Investments

(unaudited)

April

30,

2023

12

April

30,

2023

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

Period

Ended

April

30,

2023

Futures

contracts:

Average

notional

amount

of

contracts

-

long

$7,980,262

Average

notional

amount

of

contracts

-

short

7,215,935

Credit

default

swaps:

Average

notional

amount

-

sell

protection

325,000

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

April

30,

2023

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.

LLC

Limited

Liability

Company

LP

Limited

Partnership

plc

Public

Limited

Company

SOFR

Secured

Overnight

Financing

Rate

SOFRINDX

Secured

Overnight

Financing

Rate

Compounded

Index

∞

Rate

shown

is

the

7-day

yield

as

of

April

30,

2023.

£

The

Fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

Investment

Company

Act

of

1940,

as

amended,

an

affiliated

company

is

one

in

which

the

Fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

which

is

under

common

ownership

or

control.

‡

The

interest

rate

on

floating

rate

notes

is

based

on

an

index

or

market

interest

rates

and

is

subject

to

change.

Rate

in

the

security

description

is

as

of

April

30,

2023.

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

period

ended

April

30,

2023

is

$5,048,761

which

represents

16.2%

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

April

30,

2023

.

See

Notes

to

Financial

Statements

for

more

information.

Valuation

Inputs

Summary

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Assets

Investments

in

Securities:

Asset-Backed

Security

$

—

$

437,750

$

—

Corporate

Bonds

—

29,665,786

—

Investment

Companies

—

305,054

—

Total

Investments

in

Securities

$

—

$

30,408,590

$

—

Other

Financial

Instruments

(a)

:

Futures

Contracts

$

130,490

$

—

$

—

Total

Assets

$

130,490

$

30,408,590

$

—

Liabilities

Other

Financial

Instruments

(a)

:

Futures

Contracts

$

159,398

$

—

$

—

Total

Liabilities

$

159,398

$

—

$

—

(a)

Other

financial

instruments

include

futures

contracts.

Futures

contracts

are

reported

at

their

unrealized

appreciation/(depreciation)

at

measurement

date,

which

represents

the

change

in

the

contract’s

value

from

trade

date.

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Statement

of

Assets

and

Liabilities

(unaudited)

April

30,

2023

14

October

31,

2022

See

Notes

to

Financial

Statements.

Assets:

Unaffiliated

investments,

at

value

(cost

$32,569,663)

$

30,103,536

Affiliated

investments,

at

value

(cost

$305,053)

305,054

Due

from

broker

for

futures

180,000

Receivable

for

variation

margin

on

futures

contracts

20,099

Receivables:

Investments

sold

419,954

Dividends

1,100

Interest

303,928

Total

Assets

31,333,671

Liabilities:

Payables:

Investments

purchased

73,000

Management

fees

8,949

Total

Liabilities

81,949

Net

Assets

$

31,251,722

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

38,805,619

Total

distributable

earnings

(loss)

(7,553,897)

Total

Net

Assets

$

31,251,722

Net

Assets

$

31,251,722

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

750,001

Net

Asset

Value

Per

Share

$

41.67

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Statement

of

Operations

(unaudited)

For

the

period

ended

April

30,

2023

Janus

Detroit

Street

Trust

15

See

Notes

to

Financial

Statements.

Investment

Income:

Interest

$

572,909

Dividends

from

affiliates

16,958

Total

Investment

Income

589,867

Expenses:

Management

Fees

53,364

Total

Expenses

53,364

Net

Investment

Income/(Loss)

536,503

Net

Realized

Gain/(Loss)

on

Investments:

Investments

$

(1,278,203)

Investments

in

affiliates

111

Futures

contracts

(219,448)

Swap

contracts

(78)

Total

Net

Realized

Gain/(Loss)

on

Investments

$

(1,497,618)

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

3,171,354

Investments

in

affiliates

(62)

Futures

contracts

278,345

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

3,449,637

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

2,488,522

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Statements

of

Changes

in

Net

Assets

16

April

30,

2023

See

Notes

to

Financial

Statements.

Period

Ended

April

30,

2023

(unaudited)

Year

Ended

October

31,

2022

Operations:

Net

investment

income/(loss)

$

536,503

$

861,457

Net

realized

gain/(loss)

on

investments

(1,497,618)

(3,507,521)

Change

in

unrealized

net

appreciation/depreciation

3,449,637

(5,263,243)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

2,488,522

(7,909,307)

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(521,269)

(1,043,815)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(521,269)

(1,043,815)

Capital

Share

Transactions

—

(11,323,875)

Net

Increase/(Decrease)

in

Net

Assets

1,967,253

(20,276,997)

Net

Assets:

—

—

Beginning

of

Period  

29,284,469

49,561,466

End

of

Period

$

31,251,722

$

29,284,469

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Financial

Highlights

Janus

Detroit

Street

Trust

17

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

the

period

ended

April

30,

2023

(unaudited)

and

each

year

or

period

ended

October

31

2023

2022

2021

(1)

Net

Asset

Value,

Beginning

of

Period

$39.05

$49.56

$50.00

Income/(Loss)

from

Investment

Operations:

—

—

—

Net

investment

income/(loss)

(2)

0.72

1.02

0.13

Net

realized

and

unrealized

gain/(loss)

2.60

(10.33)

(0.57)

Total

from

Investment

Operations

3.32

(9.31)

(0.44)

Less

Dividends

and

Distributions:

—

—

—

Dividends

(from

net

investment

income)

(0.70)

(1.09)

—

Distributions

(from

capital

gains)

—

(0.11)

—

Total

Dividends

and

Distributions

(0.70)

(1.20)

—

Net

Asset

Value,

End

of

Period

$41.67

$39.05

$49.56

Total

Return

*

8.54%

(19.08)%

(0.88)%

Net

assets,

End

of

Period

(in

thousands)

$31,252

$29,284

$49,561

Average

Net

Assets

for

the

Period

(in

thousands)

$30,757

$37,765

$47,019

Ratios

to

Average

Net

Assets

**

Ratio

of

Gross

Expenses

0.35%

0.35%

0.35%

Ratio

of

Net

Investment

Income/(Loss)

3.52%

2.28%

1.81%

Portfolio

Turnover

Rate

(3)

75%

92%

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

(unaudited)

18

April

30,

2023

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. As

of

the

date

of

this

report,

the

Trust

offers twelve

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.

Janus

Henderson

Investors

US

LLC is

the

investment

adviser

(the

“Adviser”)

to

the

Fund.

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.

(the

"Exchange"),

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

ALPS

Distributors,

Inc.

(the

"Distributor"),

the

Adviser

or

an

affiliate

of

the

Adviser

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 

Fund holdings

are

valued

in

accordance

with

policies

and

procedures

established

by

the

Adviser

pursuant

to

Rule

2a-5

under

the

1940

Act

and

approved

by

and

subject

to

the

oversight

of

the

Trustees

(the

“Valuation

Procedures”).

Equity

securities,

including

shares

of

exchange-traded

funds,

traded

on

a

domestic

securities

exchange

are

generally

valued

at

readily

available

market

quotations,

which

are

(i)

the

official

close

prices

or

(ii)

last

sale

prices

on

the

primary

market

or

exchange

in

which

the

securities

trade.

If

such

price

is

lacking

for

the

trading

period

immediately

preceding

the

time

of

determination,

such

securities

are

generally

valued

at

their

current

bid

price.

Equity

securities

that

are

traded

on

a

foreign

exchange

are

generally

valued

at

the

closing

prices

on

such

markets.

In

the

event

that

there

is

no

current

trading

volume

on

a

particular

security

in

such

foreign

exchange,

the

bid

price

from

the

primary

exchange

is

generally

used

to

value

the

security.

Foreign

securities

and

currencies

are

converted

to

U.S.

dollars

using

the

current

spot

USD

dollar

exchange

rate

in

effect

at

the

close

of

the

London

Stock

Exchange.

The Fund will

determine

the

market

value

of

individual

securities

held

by

it

by

using

prices

provided

by

one

or

more

approved

professional

pricing

services

or,

as

needed,

by

obtaining

market

quotations

from

independent

broker-dealers.

Most

debt

securities

are

valued

in

accordance

with

the

evaluated

bid

price

supplied

by

the

Adviser-approved

pricing

service

that

is

intended

to

reflect

market

value.

The

evaluated

bid

price

supplied

by

the

pricing

service

is

an

evaluation

that

may

consider

factors

such

as

security

prices,

yields,

maturities

and

ratings.

Certain

short-term

securities

maturing

within

60

days

or

less

may

be

evaluated

and

valued

on

an

amortized

cost

basis

provided

that

the

amortized

cost

determined

approximates

market

value.

Securities

for

which

market

quotations

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

19

or

evaluated

prices

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

determined

in

good

faith

by

the

Adviser

pursuant

to

the

Valuation

Procedures.

Shares

of

an

investment

company

that

are

not

traded

on

an

exchange,

including

money

market

funds,

are

valued

at

that

company's

net

asset

value

per

share.

Circumstances

in

which

fair

valuation

may

be

utilized

include,

but

are

not

limited

to:

(i)

a

significant

event

that

may

affect

the

securities

of

a

single

issuer,

such

as

a

merger,

bankruptcy,

or

significant

issuer-specific

development;

(ii)

an

event

that

may

affect

an

entire

market,

such

as

a

natural

disaster

or

significant

governmental

action;

(iii)

a

nonsignificant

event

such

as

a

market

closing

early

or

not

opening,

or

a

security

trading

halt;

and

(iv)

pricing

of

a

non-valued

security

and

a

restricted

or

nonpublic

security.

Special

valuation

considerations

may

apply

with

respect

to

“odd-lot”

fixed-income

transactions

which,

due

to

their

small

size,

may

receive

evaluated

prices

by

pricing

services

which

reflect

a

large

block

trade

and

not

what

actually

could

be

obtained

for

the

odd-lot

position.

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

April

30,

2023 to

fair

value

the

Fund’s

investments

in

securities

and

other

financial

instruments

is

included

in

the

“Valuation

Inputs

Summary”

in

the

Notes

to

Schedule

of

Investments

and

Other

Information.

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

(unaudited)

20

April

30,

2023

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

April

30,

2023 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 the

Adviser 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

(unaudited)

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

the

Adviser'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

are

valued

at

the

settlement

price

on

valuation

date

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

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Notes

to

Financial

Statements

(unaudited)

22

April

30,

2023

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.

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. 

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. 

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. 

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

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

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

23

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

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

period,

the

Fund

sold

protection

via

the

credit

default

swap

market

in

order

to

gain

credit

risk

exposure

to

individual

corporates,

countries

and/or

credit

indices

where

gaining

this

exposure

via

the

cash

bond

market

was

less

attractive.

There

were

no

credit

default

swaps

held

as

of

April

30,

2023.

3.

Other

Investments

and

Strategies 

Market Risk 

The

value

of

the

Fund's

portfolio

may

decrease

if

the

value

of

one

or

more

issuers

in

the

Fund's

portfolio

decreases.

Further,

regardless

of

how

well

individual

companies

or

securities

perform,

the

value

of

the

Fund's

portfolio

could

also

decrease

if

there

are

deteriorating

economic

or

market

conditions,

including,

but

not

limited

to,

a

general

decline

in

prices

on

the

stock

markets,

a

general

decline

in

real

estate

markets,

a

decline

in

commodities

prices,

or

if

the

market

favors

different

types

of

securities

than

the

types

of

securities

in

which

the

Fund

invests.

If

the

value

of

the

Fund's

portfolio

decreases,

the

Fund's

NAV

will

also

decrease,

which

means

if

you

sell

your

shares

in

the

Fund

you

may

lose

money.

Market

risk

may

affect

a

single

issuer,

industry,

economic

sector,

or

the

market

as

a

whole.

The

increasing

interconnectivity

between

global

economies

and

financial

markets

increases

the

likelihood

that

events

or

conditions

in

one

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

Social,

political,

economic

and

other

conditions

and

events,

such

as

natural

disasters,

health

emergencies

(e.g.,

epidemics

and

pandemics),

terrorism,

conflicts,

including

related

sanctions,

and

social

unrest,

could

reduce

consumer

demand

or

economic

output,

result

in

market

closures,

travel

restrictions

and/or

quarantines,

and

generally

have

a

significant

impact

on

the

global

economies

and

financial

markets.

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Notes

to

Financial

Statements

(unaudited)

24

April

30,

2023

COVID-19

Pandemic.

The

effects

of

COVID-19

have

contributed

to

increased

volatility

in

global

financial

markets

and

have

affected

and

may

continue

to

affect

certain

countries,

regions,

issuers,

industries

and

market

sectors

more

dramatically

than

others.

These

conditions

and

events

could

have

a

significant

impact

on

the

Fund

and

its

investments,

the

Fund's

ability

to

meet

redemption

requests,

and

the

processes

and

operations

of

the

Fund's

service

providers,

including

the

Adviser.

Russia/Ukraine

Invasion.

Russia

launched

a

large-scale

invasion

of

Ukraine

on

February

24,

2022.

The

extent

and

duration

of

the

military

action,

resulting

sanctions

and

resulting

future

market

disruptions

in

the

region

are

impossible

to

predict,

but

could

be

significant

and

have

a

severe

adverse

effect

on

the

region,

including

significant

negative

impacts

on

the

economy

and

the

markets

for

certain

securities

and

commodities,

such

as

oil

and

natural

gas,

as

well

as

other

sectors. 

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. 

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.

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

25

4.

Investment

Advisory

Agreements

and

Other

Transactions

with

Affiliates 

Under

its

unitary

fee

structure,

the

Fund

pays

the

Adviser 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. The

Adviser'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

April

30,

2023,

the

Fund’s

actual

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

the

Adviser,

on

behalf

of

the

Fund.

As

compensation

for

such

services, the

Adviser pays

JP

Morgan

a

fee

based

on

a

percentage

of

the

Fund’s

assets,

with

a

minimum

flat

fee,

for

certain

services. The

Adviser serves

as

administrator

to

the

Fund,

providing

oversight

and

coordination

of

the

Fund’s

service

providers,

recordkeeping

and

other

administrative

services. The

Adviser 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

the

Adviser 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

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

April

30,

2023, the

Adviser

owned 550,001

shares

or 73.33%

of

the

Fund.

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”).

The

Adviser

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

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

(unaudited)

26

April

30,

2023

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 period

ended

April

30,

2023 can

be

found

in

a

table

located

in

the

Schedule

of

Investments.

5.

Federal

Income

Tax

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.

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,

2022,

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 April

30,

2023 are

noted

below.

The

primary

differences

between

book

and

tax

appreciation

or

depreciation

of

investments are

wash

sale

loss

deferrals

and

amortization

on

bonds.

6.

Capital

Share

Transactions 

Capital

Loss

Carryover

Schedule

For

the

year

ended

October

31,

2022

No

Expiration

Short-Term

Long-Term

Accumulated

Capital

Losses

$(3,382,566)

$(551,690)

$(3,934,256)

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$32,874,716

$275,142

$(2,741,268)

$(2,466,126)

Period

Ended

April

30,

2023

Year

Ended

October

31,

2022

Shares

Amount

Shares

Amount

Shares

sold

—

$

—

100,000

$

4,194,847

Shares

repurchased

—

—

(350,000)

(15,518,722

)

Net

Increase/(Decrease)

—

$

—

(250,000)

$

(11,323,875

)

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

27

7.

Purchases

and

Sales

of

Investment

Securities 

For

the period ended

April

30,

2023,

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 April

30,

2023

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

$22,064,769

$21,878,825

$—

$—

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Additional

Information

(unaudited)

28

April

30,

2023

Proxy

Voting

Policies

and

Voting

Record

Information

regarding

how

the

Fund

voted

proxies

related

to

portfolio

securities

during

the

most

recent

12-month

period

ended

June

30

and

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

1-800-525-1093

(toll

free);

(ii)

on

the

Fund’s

website

at

janushenderson.com/proxyvoting;

and

(iii)

on

the

SEC’s

website

at

http://www.sec.gov.

Portfolio

Holdings

The

Fund

files

its

complete

portfolio

holdings

(schedule

of

investments)

with

the

SEC

as

an

exhibit

to

Form

N-PORT

within

60

days

of

the

end

of

the

first

and

third

fiscal

quarters,

and

in

the

annual

report

and

semiannual

report

to

shareholders.

The

Fund’s

Form

N-PORT

filings

and

annual

and

semiannual

reports:

(i)

are

available

on

the

SEC’s

website

at

http://www.sec.gov;

and

(ii)

are

available

without

charge,

upon

request,

by

calling

a

Janus

Henderson

representative

at

1-800-668-0434

(toll

free).

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

Janus

Detroit

Street

Trust

29

The

Board

of

Trustees

(the

“Board”)

of

Janus

Detroit

Street

Trust

(the

“Trust”),

including

a

majority

of

the

Trustees

who

are

not

“interested

persons”

as

that

term

is

defined

in

the

Investment

Company

Act

of

1940,

as

amended

(the

“Independent

Trustees”),

met

on

April

19-20,

2023

to

consider

the

proposed

renewal

of

the

investment

management

agreement

between

Janus

Henderson

Investors

US

LLC

(the

“Adviser”)

and

the

Trust

(the

“Investment

Management

Agreement”),

on

behalf

of

Janus

Henderson

AAA

CLO

ETF

(“JAAA”),

Janus

Henderson

B-BBB

CLO

ETF

(“JBBB”),

Janus

Henderson

International

Sustainable

Equity

ETF

(“SXUS”),

Janus

Henderson

Mortgage-Backed

Securities

ETF

(“JMBS”),

Janus

Henderson

Net

Zero

Transition

Resources

ETF

(“JZRO”),

Janus

Henderson

Short

Duration

Income

ETF

(“VNLA”),

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

(“JSML”),

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

(“JSMD”),

Janus

Henderson

Sustainable

Corporate

Bond

ETF

(“SCRD”),

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

(“JIB”),

Janus

Henderson

U.S.

Real

Estate

ETF

(“JRE”)

and

Janus

Henderson

U.S.

Sustainable

Equity

ETF

(“SSPX”)

(collectively,

the

“Funds”).

In

the

course

of

their

consideration

of

the

renewal

of

the

Investment

Management

Agreement,

the

Independent

Trustees

met

in

executive

session

and

were

advised

by

their

independent

counsel.

In

this

regard,

the

Independent

Trustees

evaluated

the

terms

of

the

Investment

Management

Agreement

and

reviewed

the

duties

and

responsibilities

of

trustees

in

evaluating

and

approving

such

agreements.

In

considering

renewal

of

the

Investment

Management

Agreement,

the

Board

and

the

Independent

Trustees,

as

applicable,

reviewed

the

materials

provided

to

them

relating

to

the

consideration

of

the

renewal

of

the

Investment

Management

Agreement

for

the

Funds

and

other

information

provided

by

counsel

and

the

Adviser,

including:

(i)

information

regarding

the

nature,

quality

and

extent

of

the

services

provided

to

the

Funds

by

the

Adviser,

and

the

fees

charged

to

each

Fund

therefor;

(ii)

information

concerning

the

Adviser’s

financial

condition,

business,

operations,

portfolio

management

personnel,

compliance

programs,

and

profitability

with

respect

to

the

Trust

and

each

Fund;

(iii)

comparative

information

describing

each

Fund’s

advisory

fee

structures,

operating

expenses,

and

performance

information

as

compared

to

peer

fund

groups

compiled

by

an

independent

third

party;

(iv)

a

copy

of

the

Adviser’s

current

Form

ADV;

and

(v)

a

memorandum

from

counsel

to

the

Independent

Trustees

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

throughout

the

year.

The

Trustees

also

considered

information

received

and

reviewed

in

connection

with

a

meeting

held

on

March

13,

2023

via

videoconference

to

discuss

certain

information

provided

by

the

Adviser

related

to

the

Trustees’

consideration

of

the

renewal

of

the

Investment

Management

Agreement.

During

its

review

of

this

information,

the

Board

focused

on

and

analyzed

the

factors

that

it

deemed

relevant,

including,

among

other

factors:

(i)

the

nature,

extent

and

quality

of

the

services

provided

to

the

Funds

by

the

Adviser;

(ii)

the

Adviser’s

personnel

and

operations;

(iii)

each

Fund’s

expense

level;

(iv)

the

profitability

to

the

Adviser

under

the

Investment

Management

Agreement

with

respect

to

each

Fund;

(v)

any

“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);

(vi)

the

effect

of

asset

growth

on

each

Fund’s

expenses;

and

(vii)

potential

conflicts

of

interest.

The

Trustees

also

considered

benefits

that

accrue

to

the

Adviser

and

its

affiliates

from

their

relationships

with

the

Trust

and

each

Fund.

The

Trustees

also

considered

that,

other

than

the

services

provided

by

the

Adviser

and

its

affiliates

pursuant

to

agreements

with

the

Funds

and

the

fees

paid

by

the

Funds

therefor,

the

Funds

and

the

Adviser

may

potentially

benefit

from

their

relationship

with

each

other

in

other

ways.

The

Trustees

considered

that

the

success

of

the

Funds

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

Funds.

The

Board,

including

the

Independent

Trustees,

considered

the

following

in

respect

of

the

Funds:

(a)

The

nature,

extent

and

quality

of

services

provided

by

the

Adviser;

personnel

and

operations

of

the

Adviser.

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

30

April

30,

2023

The

Board

reviewed

the

services

that

the

Adviser

provides

to

the

Funds.

In

connection

with

the

investment

advisory

services

provided

by

the

Adviser,

the

Board

noted

the

responsibilities

that

the

Adviser

has

as

the

Funds’

investment

adviser,

including:

the

overall

supervisory

responsibility

for

the

general

management

and

investment

of

each

Fund’s

securities

portfolio;

providing

oversight

of

the

investment

performance

and

processes

and

compliance

with

each

Fund’s

investment

objectives,

policies

and

limitations;

the

implementation

of

the

investment

management

program

of

each

Fund;

the

management

of

the

day-to-day

investment

and

reinvestment

of

the

assets

of

each

Fund;

determining

daily

baskets

of

securities

and

cash

components

in

connection

with

creation

and

redemption

transactions

in

each

Fund’s

shares;

executing

portfolio

security

trades

for

purchases

and

redemptions

of

each

Fund’s

shares

conducted

on

a

cash-

in-lieu

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

Funds.

The

Board

reviewed

the

Adviser’s

experience,

resources

and

strengths

in

managing

the

Funds

and

other

pooled

investment

vehicles,

including

an

assessment

of

the

Adviser’s

personnel.

Based

on

its

consideration

and

review

of

the

foregoing

information,

the

Board

determined

that

each

Fund

was

likely

to

continue

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

rendered

and

fees

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

Funds;

“fall-out”

benefits.

The

Board

then

compared

both

the

services

rendered

and

the

fees

paid

under

other

contracts

of

the

Adviser

and

under

contracts

of

other

investment

advisers

with

respect

to

similar

ETFs.

In

particular,

the

Board

reviewed

a

report

compiled

by

an

independent

third

party

to

compare

each

Fund’s

contractual

management

fee

and

total

expense

ratio

to

other

investment

companies

within

each

Fund’s

respective

peer

grouping,

as

determined

by

the

independent

third

party.

The

information

provided

by

the

comparative

report

showed

how

the

total

expense

ratio

and

contractual

management

fee

for

each

of

the

Funds

compared

within

its

respective

peer

group

for

the

one-year

period

ended

December

31,

2022.

The

reporting

is

described

in

detail

below:

The

total

expense

ratio

and

the

contractual

management

fee

for

JAAA

was

each

reported

in

the

1st

quintile

of

its

respective

peer

group

(with

1st

quintile

being

the

lowest

fees/expenses

and

5th

quintile

being

the

highest

fees/

expenses).

The

total

expense

ratio

and

the

contractual

management

fee

for

JBBB

was

each

reported

in

the

2nd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

SXUS

was

each

reported

in

the

4th

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JMBS

was

each

reported

in

the

1st

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JZRO

was

each

reported

in

the

2nd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

VNLA

was

each

reported

in

the

1st

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JSML

was

each

reported

in

the

3rd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JSMD

was

each

reported

in

the

3rd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

SCRD

was

reported

in

the

3rd

and

2nd

quintiles,

respectively.

The

total

expense

ratio

and

the

contractual

management

fee

for

JIB

as

each

reported

in

the

3rd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JRE

was

each

at

median

as

compared

to

expense

group

peers.

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

Janus

Detroit

Street

Trust

31

The

total

expense

ratio

and

the

contractual

management

fee

for

SSPX

was

reported

in

the

4th

and

3rd

quintiles,

respectively.

The

Board

further

considered

that

the

Adviser

had

voluntarily

agreed

to

cap

the

expenses

of

JAAA,

JMBS

and

VNLA

to

the

extent

that

such

Funds’

total

expense

ratio

exceeded

0.22%,

0.28%

and

0.23%,

respectively,

for

the

period

February

28,

2023

through

February

29,

2024

in

the

case

of

JMBS

and

VNLA

and

for

the

period

of

January

20,

2023

through

February

29,

2024

in

the

case

of

JAAA.

The

Board

further

noted

the

Adviser’s

contractual

commitment

with

respect

to

the

Funds’

investments

in

affiliated

ETFs

to

waive

and/or

reimburse

a

portion

of

its

management

fee

in

an

amount

equal

to

a

portion

of

the

management

fee

it

earns

as

investment

adviser

to

affiliated

ETFs

in

which

a

Fund

invests

(if

any),

for

at

least

the

period

from

February 28,

2023

until

February 29,

2024.

The

Board

also

discussed

the

costs

incurred

by

the

Adviser

in

connection

with

its

serving

as

investment

adviser

to

the

Funds,

including

operational

costs.

After

comparing

each

Fund’s

fees

and

expenses

with

those

of

other

ETFs

in

the

Funds’

respective

peer

groups,

and

in

light

of

the

nature,

extent

and

quality

of

services

provided

by

the

Adviser

and

the

costs

incurred

by

the

Adviser

in

rendering

those

services,

as

well

as

the

profitability

of

the

Adviser

in

providing

these

services,

the

Board

concluded

that

the

level

of

fees

paid

to

the

Adviser

and

the

profitability

with

respect

to

each

Fund

was

fair

and

reasonable.

The

Board

also

considered

that

the

Adviser

may

experience

reputational

“fall-out”

benefits

based

on

the

success

of

the

Funds,

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.

In

its

review,

the

Board

considered

that

the

Funds

were

positioned

to

realize

potential

economies

of

scale

as

assets

grow

over

time,

given

the

inclusion

of

management

fee

breakpoints

for

each

Fund

in

the

current

investment

advisory

agreement

at

various

asset

levels.

(d)

Investment

performance

of

the

Fund

and

the

Adviser.

The

Board

next

discussed

the

annualized

returns

of

the

Funds

on

both

an

absolute

basis

and

relative

to

the

performance

of

funds

comprising

a

performance

universe

compiled

by

an

independent

third

party

for

each

Fund

for

the

three-month

period,

one-year

period,

two-year

period,

three-year

period,

four-year

period,

five-year

period,

and/or

since

inception

period

ended

December

31,

2022

(each

period

as

applicable).

The

Board

noted

the

following

for

each

Fund:

JAAA

was

reported

to

be

in

the

1st

and

3rd

quintiles

of

its

performance

universe

(with

the

1st

quintile

being

the

best

performer

and

the

5th

quintile

being

the

worst

performer)

for

its

one-

and

two-year

periods,

respectively;

JBBB

was

reported

to

be

in

the

1st

and

5th

quintiles

of

its

performance

universe

for

its

3-month

and

since

inception

periods,

respectively;

SXUS

was

reported

to

be

in

the

4th

quintile

of

its

performance

universe

for

each

of

its

three-month,

one-year,

and

since

inception

periods;

JMBS

was

reported

to

be

in

the

2nd,

2nd,

2nd

and

1st

quintiles

of

its

performance

universe

for

its

one-,

two-,

three-,

and

four-year

periods,

respectively;

JZRO

was

reported

to

be

in

the

2nd,

2nd,

and

1st

quintiles

of

its

performance

universe

for

its

three-month,

one-year,

and

since

inception

periods,

respectively;

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

32

April

30,

2023

VNLA

was

reported

to

be

in

the

1st

quintile

of

its

performance

universe

for

each

of

its

one-,

two-,

three-,

four-,

and

five-year

periods;

JSML

was

reported

to

be

in

the

4th,

4th,

5th,

5th,

and

4th

quintiles

of

its

performance

universe

for

its

one-,

two-,

three-,

four-,

and

five-year

periods,

respectively;

JSMD

was

reported

to

be

in

the

2nd,

3rd,

3rd,

3rd

and

3rd

quintiles

of

its

performance

universe

for

its

one-,

two-,

three-,

four-,

and

five-year

periods,

respectively;

SCRD

was

reported

to

be

in

the

4th,

3rd,

and

2nd

quintiles

of

its

performance

universe

for

its

three-month,

one-year,

and

since

inception

periods,

respectively;

JIB

was

reported

to

be

in

the

5th,

4th,

and

4th

quintiles

of

its

performance

universe

for

its

three-month,

one-year,

and

since

inception

periods,

respectively;

JRE

was

reported

to

be

in

the

1st

quintile

of

its

performance

universe

for

each

of

its

three-month,

one-year,

and

since

inception

periods;

and

SSPX

was

reported

to

be

in

its

3rd,

5th,

and

5th

quintiles

of

its

performance

universe

for

its

three-month,

one-year,

and

since

inception

periods,

respectively.

With

respect

to

JSML

and

JSMD,

the

Board

noted

that

these

Funds

are

index-based

and,

as

a

result,

passively

managed

to

seek

to

track

the

returns

of

specified

indices.

For

this

reason,

the

Board

also

considered

the

performance

of

these

Funds

in

relation

to

the

performance

of

each

Fund’s

respective

underlying

index

(i.e.

“tracking

error”),

and

considered

that

the

tracking

error

was

within

anticipated

ranges.

The

Board

considered

the

Adviser’s

explanation

of

performance

results

for

each

Fund

across

the

relevant

periods

provided

as

part

of

the

consideration

of

the

renewal

of

the

Investment

Advisory

Agreement,

and

during

the

course

of

the

previous

year.

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

management

fee

rates

and

total

expense

ratios

of

each

Fund

are

reasonable

in

relation

to

the

services

provided

by

the

Adviser

to

such

Fund,

as

well

as

the

costs

incurred

and

benefits

gained

by

the

Adviser

in

providing

such

services.

The

Board

also

found

the

management

fees

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

renewal

of

the

Investment

Management

Agreement

for

an

additional

one-year

period

was

in

the

best

interests

of

each

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

renewal

of

the

Investment

Management

Agreement

for

each

Fund.

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Liquidity

Risk

Management

Program

(unaudited)

Janus

Detroit

Street

Trust

33

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),

requires

open-end

funds

(but

not

money

market

funds)

to

adopt

and

implement

a

written

liquidity

risk

management

program

(the

“LRMP”)

that

is

reasonably

designed

to

assess

and

manage

liquidity

risk,

which

is

the

risk

that

a

fund

could

not

meet

redemption

requests

without

significant

dilution

of

remaining

investors’

interests

in

the

fund.

The

Funds

have

adopted

and

implemented

a

LRMP,

which

incorporates

the

following

elements:

(i)

assessment,

management,

and

periodic

review

of

liquidity

risk;

(ii)

classification

of

portfolio

investments;

(iii)

the

establishment

and

monitoring

of

a

highly

liquid

investment

minimum

(“HLIM”),

as

applicable;

(iv)

a

15%

limitation

on

a

Fund’s

illiquid

investments;

(v)

provisions

concerning

redemptions

in-

kind;

and

(vi)

board

oversight.

In

light

of

the

fact

that

each

Fund

operates

as

an

exchange-traded

fund

(“ETF”),

the

LRMP

also

takes

into

account

considerations

unique

to

ETFs,

including

(i)

the

relationship

between

the

ETF’s

portfolio

liquidity

and

the

way

in

which,

and

the

prices

and

spreads

at

which,

ETF

shares

trade,

including:

the

efficiency

of

the

arbitrage

function

and

the

level

of

active

participation

by

market

participants

(including

authorized

participants);

and

(ii)

the

effect

of

the

composition

of

baskets

on

the

overall

liquidity

of

the

ETF’s

portfolio.

The

LRMP

also

considers

whether

an

ETF

meets

redemptions

through

in-kind

transfers

of

securities,

positions,

and

assets

other

than

a

de

minimis

amount

of

cash.

The

Trustees

of

the

Funds

(the

“Trustees”)

have

designated

Janus

Henderson

Investors

US

LLC,

the

Funds’

investment

adviser

(the

“Adviser”),

as

the

Program

Administrator

for

the

LRMP

responsible

for

administering

the

LRMP

and

carrying

out

the

specific

responsibilities

of

the

LRMP.

A

working

group

comprised

of

various

teams

within

the

Adviser’s

business

is

responsible

for

administering

the

LRMP

and

carrying

out

the

specific

responsibilities

of

different

aspects

of

the

LRMP

(the

“Liquidity

Risk

Working

Group”).

In

assessing

each

Fund’s

liquidity

risk,

the

Liquidity

Risk

Working

Group

periodically

considers,

as

relevant,

specified

liquidity

factors,

including:

(i)

the

investment

strategy

and

liquidity

of

a

Fund’s

portfolio

investments

during

both

normal

and

reasonably

foreseeable

stressed

conditions;

(ii)

whether

a

Fund’s

investment

strategy

is

appropriate

for

an

open-end

fund;

(iii)

the

extent

to

which

a

Fund’s

strategy

involves

a

relatively

concentrated

portfolio

or

large

positions

in

any

issuer;

(iv)

a

Fund’s

use

of

borrowing

for

investment

purposes;

(v)

a

Fund’s

use

of

derivatives;

(vi)

short-term

and

long-term

cash

flow

projections

during

both

normal

and

reasonably

foreseeable

stressed

conditions;

and

(vii)

holdings

of

cash

and

cash

equivalents,

as

well

as

borrowing

arrangements

and

other

funding

sources.

The

Liquidity

Rule

requires

the

Trustees

to

review

at

least

annually

a

written

report

provided

by

the

Program

Administrator

that

addresses

the

operation

of

the

LRMP

and

assesses

its

adequacy

and

the

effectiveness

of

its

implementation,

including,

if

applicable,

the

operation

of

the

HLIM

and

any

material

changes

to

the

LRMP

(the

“Program

Administrator

Report”).

At

a

meeting

held

April

20,

2023,

the

Adviser

provided

to

the

Trustees

the

Program

Administrator

Report,

which

covered

the

operation

of

the

LRMP

from

January

1,

2022

through

December

31,

2022

(the

“Reporting

Period”).

Further,

at

a

meeting

held

on

June

26,

2023,

the

Adviser

provided

to

the

Trustees

an

update

regarding

the

Program

Administrator

Report

for

the

Reporting

Period.  

The

Program

Administrator

Report

discussed

the

operation

and

effectiveness

of

the

LRMP

during

the

Reporting

Period.

Among

other

things,

the

Program

Administrator

Report

indicated

that

there

were

no

material

changes

to

the

LRMP

during

the

Reporting

Period,

although

there

were

certain

methodology

adjustments

implemented

relating

to

a

change

in

data

provider

used

by

the

Program

Administrator.

Additionally,

the

findings

presented by

the

Program

Administrator

indicated

that

the

LRMP

operated

adequately

during

the

Reporting

Period.

These

findings

included

that

each

Fund

was

able

to

meet

redemptions

during

the

normal

course

of

business

during

the

Reporting

Period.

The

Program

Administrator

Report

also

stated

that

each

Fund

did

not

exceed

the

15%

limit

on

illiquid

assets

during

the

Reporting

Period,

that

each

Fund

held

primarily

highly

liquid

assets,

and

was

considered

to

be

a

primarily

highly

liquid

fund

during

the

Reporting

Period.

Also

included

among

the

Program

Administrator

Report’s

findings

was

the

determination

that

each

Fund’s

investment

strategy

remains

appropriate

for

an

open-end

fund.

In

addition,

the

Adviser

expressed

its

belief

that

the

LRMP

is

reasonably

designed

and

adequate

to

assess

and

manage

each

Fund’s

liquidity

risk,

considering

each

Fund’s

particular

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Liquidity

Risk

Management

Program

(unaudited)

34

April

30,

2023

risks

and

circumstances,

and

includes

policies

and

procedures

reasonably

designed

to

implement

each

required

component

of

the

Liquidity

Rule.

There

can

be

no

assurance

that

the

LRMP

will

achieve

its

objectives

in

the

future.

Please

refer

to

your

Fund’s

prospectus

for

more

information

regarding

the

risks

to

which

an

investment

in

the

Fund

may

be

subject.

125-24-93092

04-23

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

Henderson

Investors

US

LLC

is

the

investment

adviser

and

ALPS

Distributors,

Inc.

is

the

distributor.

ALPS

is

not

affiliated

with

Janus

Henderson

or

any

of

its

subsidiaries.

SEMIANNUAL

REPORT

April

30,

2023

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Fund

At

A

Glance

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

3

Disclosure

of

Fund

Expenses

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

5

Schedule

of

Investments

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

6

Statement

of

Assets

and

Liabilities

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

17

Statement

of

Operations

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

18

Statements

of

Changes

in

Net

Assets

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

19

Financial

Highlights

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

20

Notes

to

Financial

Statements

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

21

Additional

Information

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

33

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

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

34

Liquidity

Risk

Management

Program

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

38

Nick

Childs

Greg

Wilensky

co-portfolio

manager

co-portfolio

manager

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

(unaudited)

Fund

At

A

Glance

April

30,

2023

Janus

Detroit

Street

Trust

3

Holdings

are

subject

to

change

without

notice.

Sector

Allocation

–

(%

of

Net

Assets)

Mortgage-Backed

Securities

55.1%^

Financial

29.3%

Asset-Backed

Securities

11.9%

Investment

Company

6.5%

Consumer,

Non-cyclical

4.3%

Consumer,

Cyclical

1.1%

Utilities

0.9%

Industrial

0.8%

Basic

Materials

0.7%

Technology

0.7%

Energy

0.2%

Communications

0.1%

111.6%

^

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

–

62.70%

of

Net

Assets

Environmental

and

Social

Impact

Investments

by

Themes*

–

(%

of

Net

Assets)

Transition

to

the

Green

Economy

16.79%

Economic

&

Community

Development

and

Inclusion

3.88%

Knowledge

&

Technology,

and

Innovation

0.65%

Health

&

Well-Being

0.66%

Affordable

Housing

9.37%

31.35%

*

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

4

April

30,

2023

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.

Investing

involves

risk,

including

the

possible

loss

of

principal

and

fluctuation

of

value.

There

is

no

assurance

the

stated

objective(s)

will

be

met.

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

April

30,

2023

Fiscal

Year-to-

Date

One

Year

Since

Inception

*

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

-

NAV

7.31%

-1.20%

-7.08%

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

-

Market

Price

6.84%

-1.49%

-7.16%

Bloomberg

U.S.

Aggregate

Bond

Index

6.91%

-0.43%

-6.56%

*

The

Fund

commenced

operations

on

September

8,

2021.

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

(unaudited)

Disclosure

of

Fund

Expenses

Janus

Detroit

Street

Trust

5

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

(11/1/22)

Ending

Account

Value

(4/30/23)

Expenses

Paid

During

Period

(11/1/22

-

4/30/23)

†

Beginning

Account

Value

(11/1/22)

Ending

Account

Value

(4/30/23)

Expenses

Paid

During

Period

(11/1/22

-

4/30/23)

†

Net

Annualized

Expense

Ratio

(11/1/22

-

4/30/23)

$1,000.00

$1,073.10

$2.00

$1,000.00

$1,022.86

$1.96

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

181/365

(to

reflect

the

one-half

year

period).

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Schedule

of

Investments

(unaudited)

April

30,

2023

6

April

30,

2023

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/Principal

Amounts

Value

Asset-Backed

Securities

-

11.9%

Affirm

Asset

Securitization

Trust,

3.4600%,

10/15/24

(144A)

$

50,739

$

50,547

Aligned

Data

Centers

Issuer

LLC,

1.9370%,

8/15/46

(144A)

500,000

442,579

Aqua

Finance

Trust,

1.5400%,

7/17/46

(144A)

203,122

184,415

Carvana

Auto

Receivables

Trust,

0.8200%,

4/10/25

9,754

9,710

CF

Hippolyta

Issuer

LLC,

1.9800%,

3/15/61

(144A)

547,562

469,248

FREED

ABS

Trust,

1.0100%,

11/20/28

(144A)

35,243

35,106

FREED

ABS

Trust,

3.0300%,

5/18/29

(144A)

20,892

20,836

FREED

ABS

Trust,

4.5000%,

8/20/29

(144A)

11,674

11,661

GoodLeap

Sustainable

Home

Solutions

Trust,

2.1000%,

5/20/48

(144A)

816,559

627,870

GoodLeap

Sustainable

Home

Solutions

Trust,

2.3100%,

10/20/48

(144A)

208,954

164,630

Jersey

Mike's

Funding,

4.4330%,

2/15/50

(144A)

124,063

115,808

JPMorgan

Chase

Bank

NA-CACLN,

0.8600%,

2/26/29

(144A)

202,483

192,302

Lendbuzz

Securitization

Trust,

4.2200%,

5/17/27

(144A)

63,351

61,714

Lendingpoint

Asset

Securitization

Trust,

1.1100%,

2/15/29

(144A)

2,343

2,339

Lendingpoint

Asset

Securitization

Trust,

1.6800%,

6/15/29

(144A)

20,252

20,193

LL

ABS

Trust,

3.7600%,

11/15/29

(144A)

83,447

82,130

Mosaic

Solar

Loan

Trust,

1.4400%,

6/20/52

(144A)

384,839

317,285

Mosaic

Solar

Loan

Trust,

1.9200%,

6/20/52

(144A)

384,839

295,388

Oasis

Securitization

Funding

LLC,

2.1430%,

10/15/33

(144A)

80,346

78,920

PACEWell

5

Trust,

2.6280%,

10/10/59

(144A)

241,458

199,200

Pagaya

AI

Debt

Trust,

2.0300%,

10/15/29

(144A)

53,681

51,722

Sunrun

Demeter

Issuer

LLC,

2.2700%,

1/30/57

(144A)

231,587

187,379

Tesla

Auto

Lease

Trust,

0.3600%,

9/22/25

(144A)

566,918

560,246

Tricolor

Auto

Securitization

Trust,

3.3000%,

2/18/25

(144A)

61,385

60,953

Upstart

Securitization

Trust,

0.8400%,

9/20/31

(144A)

106,285

103,921

Total

Asset-Backed

Securities

(cost

$4,910,198)

4,346,102

Corporate

Bonds

-

18.1%

Basic

Materials

-

0.7%

RPM

International,

Inc.,

2.9500%, 1/15/32

314,000

254,673

Communications

-

0.1%

FactSet

Research

Systems,

Inc.,

2.9000%, 3/1/27

60,000

56,088

Consumer,

Cyclical

-

1.1%

Hasbro,

Inc.,

3.9000%, 11/19/29

178,000

163,517

Hasbro,

Inc.,

5.1000%, 5/15/44

128,000

112,156

Marriott

International,

Inc.,

4.0000%, 4/15/28

50,000

48,378

Marriott

International,

Inc.,

3.5000%, 10/15/32

85,000

74,508

398,559

Consumer,

Non-cyclical

-

4.3%

AbbVie,

Inc.,

3.2000%, 11/21/29

59,000

54,521

Amgen,

Inc.,

5.2500%, 3/2/33

76,000

78,196

Amgen,

Inc.,

5.6500%, 3/2/53

64,000

66,301

Coca-Cola

Femsa

SAB

de

CV,

1.8500%, 9/1/32

150,000

119,938

CSL

Finance

plc,

4.2500%, 4/27/32

(144A)

89,000

86,745

HCA,

Inc.,

4.1250%, 6/15/29

80,000

75,848

HCA,

Inc.,

3.5000%, 9/1/30

264,000

237,624

Humana,

Inc.,

3.1250%, 8/15/29

51,000

46,314

Illumina,

Inc.,

2.5500%, 3/23/31

87,000

72,989

JBS

USA

LUX

SA,

3.0000%, 5/15/32

(144A)

113,000

88,701

Kenvue,

Inc.,

5.5000%, 3/22/25

(144A)

352,000

357,945

S&P

Global,

Inc.,

2.7000%, 3/1/29

82,000

75,036

S&P

Global,

Inc.,

3.7000%, 3/1/52

60,000

50,168

UnitedHealth

Group,

Inc.,

3.7000%, 5/15/27

88,000

86,357

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Schedule

of

Investments

(unaudited)

April

30,

2023

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)

UnitedHealth

Group,

Inc.,

4.2000%, 5/15/32

$

88,000

$

86,286

1,582,969

Energy

-

0.2%

Enbridge,

Inc.,

5.7000%, 3/8/33

61,000

63,348

Financial

-

9.3%

Alexandria

Real

Estate

Equities,

Inc.,

2.0000%, 5/18/32

146,000

112,591

Alexandria

Real

Estate

Equities,

Inc.,

4.7500%, 4/15/35

116,000

110,420

American

Express

Co.,

5.8500%, 11/5/27

259,000

271,063

American

Express

Co.,

4.0500%, 5/3/29

225,000

220,326

American

Express

Co.,

SOFR

+

1.8350%,

5.0430%, 5/1/34

‡

76,000

76,169

Bank

of

America

Corp.,

SOFR

+

1.2200%,

2.2990%, 7/21/32

‡

164,000

132,306

Bank

of

America

Corp.,

SOFR

+

1.2100%,

2.5720%, 10/20/32

‡

80,000

65,693

Bank

of

America

Corp.,

SOFR

+

1.3300%,

2.9720%, 2/4/33

‡

250,000

211,047

Boston

Properties

LP,

4.5000%, 12/1/28

168,000

152,858

Boston

Properties

LP,

2.5500%, 4/1/32

163,000

122,512

Citigroup,

Inc.,

SOFR

+

1.3510%,

3.0570%, 1/25/33

‡

139,000

118,507

Equinix,

Inc.,

1.5500%, 3/15/28

122,000

104,302

Equinix,

Inc.,

2.5000%, 5/15/31

108,000

89,216

JPMorgan

Chase

&

Co.,

CME

Term

SOFR

3

Month

+

3.1250%,

4.6000%, 2/1/25

‡,μ

114,000

105,735

JPMorgan

Chase

&

Co.,

SOFR

+

2.5150%,

2.9560%, 5/13/31

‡

171,000

148,197

JPMorgan

Chase

&

Co.,

SOFR

+

1.2600%,

2.9630%, 1/25/33

‡

192,000

164,192

Lloyds

Banking

Group

plc,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.8500%,

1.6270%, 5/11/27

‡

201,000

179,521

Morgan

Stanley,

3.9500%, 4/23/27

145,000

139,335

Morgan

Stanley,

SOFR

+

1.7300%,

5.1230%, 2/1/29

‡

45,000

45,220

Morgan

Stanley,

SOFR

+

1.2900%,

2.9430%, 1/21/33

‡

214,000

181,561

Morgan

Stanley,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.4300%,

5.9480%, 1/19/38

‡

26,000

26,138

NatWest

Group

plc,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.3500%,

3.0320%, 11/28/35

‡

239,000

187,372

PNC

Financial

Services

Group,

Inc.

(The),

SOFRINDX

+

2.1400%,

6.0370%, 10/28/33

‡

127,000

132,965

PNC

Financial

Services

Group,

Inc.

(The),

SOFR

+

1.9330%,

5.0680%, 1/24/34

‡

103,000

101,397

Sun

Communities

Operating

LP,

2.7000%, 7/15/31

94,000

75,907

Sun

Communities

Operating

LP,

5.7000%, 1/15/33

107,000

107,142

Truist

Financial

Corp.,

SOFR

+

1.4350%,

4.8730%, 1/26/29

‡

36,000

35,239

3,416,931

Industrial

-

0.8%

Regal

Rexnord

Corp.,

6.3000%, 2/15/30

(144A)

33,000

33,621

Regal

Rexnord

Corp.,

6.4000%, 4/15/33

(144A)

22,000

22,435

Trimble,

Inc.,

4.9000%, 6/15/28

60,000

60,105

Trimble,

Inc.,

6.1000%, 3/15/33

115,000

117,761

Xylem,

Inc.,

4.3750%, 11/1/46

50,000

43,904

277,826

Technology

-

0.7%

Broadcom

Corp.,

3.8750%, 1/15/27

86,000

83,559

Micron

Technology,

Inc.,

5.3270%, 2/6/29

70,000

69,705

Oracle

Corp.,

3.9500%, 3/25/51

64,000

48,320

VMware,

Inc.,

4.7000%, 5/15/30

46,000

44,328

245,912

Utilities

-

0.9%

AES

Corp.

(The),

2.4500%, 1/15/31

80,000

65,659

Southern

California

Edison

Co.,

5.8500%, 11/1/27

52,000

54,654

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Schedule

of

Investments

(unaudited)

April

30,

2023

8

April

30,

2023

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/Principal

Amounts

Value

Corporate

Bonds

-

(continued)

Utilities

-

(continued)

Southern

California

Edison

Co.,

5.9500%, 11/1/32

$

120,000

$

130,534

Xcel

Energy,

Inc.,

4.6000%, 6/1/32

74,000

72,694

323,541

Total

Corporate

Bonds

(cost

$7,412,424)

6,619,847

Mortgage-Backed

Securities

-

55.1%

Ajax

Mortgage

Loan

Trust

2.2500%, 6/25/60

(144A)

Ç

71,786

69,057

2.2500%, 9/27/60

(144A)

Ç

14,344

13,914

Angel

Oak

Mortgage

Trust

,

3.8600

%

,

1/26/65

(144A)

‡

23,687

22,231

BX

Commercial

Mortgage

Trust

ICE

LIBOR

USD

1

Month

+

0.7000%,

5.6477%, 9/15/36

(144A)

‡

1,000,000

966,373

ICE

LIBOR

USD

1

Month

+

1.6500%,

6.5977%, 9/15/36

(144A)

‡

250,000

236,647

CALI

Mortgage

Trust

,

3.9570

%

,

3/10/39

(144A)

250,000

219,430

COLT

Mortgage

Loan

Trust

,

1.8530

%

,

3/25/65

(144A)

‡

2,576

2,523

Connecticut

Avenue

Securities

Trust

ICE

LIBOR

USD

1

Month

+

4.1500%,

9.1704%, 8/25/31

(144A)

‡

500,000

518,044

SOFR30A

+

1.0000%,

5.8153%, 12/25/41

(144A)

‡

386,116

382,948

SOFR30A

+

1.2000%,

6.0153%, 1/25/42

(144A)

‡

431,695

426,664

SOFR30A

+

2.0000%,

6.8153%, 3/25/42

(144A)

‡

116,223

116,158

SOFR30A

+

2.1000%,

6.9153%, 3/25/42

(144A)

‡

138,817

138,962

FHLMC

Gold

Pools,

Other

3.5000%, 7/1/42

53,604

50,984

3.0000%, 2/1/43

1,031

952

3.5000%, 2/1/44

488,721

464,794

3.5000%, 1/1/47

298,738

284,404

FHLMC

STACR

REMIC

Trust

SOFR30A

+

1.3000%,

6.1153%, 2/25/42

(144A)

‡

189,352

188,071

SOFR30A

+

2.1000%,

6.9153%, 3/25/42

(144A)

‡

157,893

157,693

ICE

LIBOR

USD

1

Month

+

2.9500%,

7.9704%, 11/25/49

(144A)

‡

250,000

248,842

FHLMC

UMBS

3.5000%, 3/1/43

216

205

3.5000%, 6/1/43

21,697

20,634

4.0000%, 11/1/48

1,899

1,839

4.0000%, 12/1/48

22,755

22,046

4.5000%, 6/1/49

1,432

1,416

4.5000%, 7/1/49

1,916

1,896

4.5000%, 7/1/49

12,754

12,618

4.5000%, 8/1/49

10,962

10,845

4.5000%, 1/1/50

7,404

7,325

4.5000%, 1/1/50

2,074

2,052

4.0000%, 3/1/50

22,380

21,683

4.0000%, 6/1/50

36,543

35,684

4.5000%, 9/1/50

67,001

66,489

4.0000%, 10/1/50

6,200

5,992

3.0000%, 2/1/52

11,767

10,655

3.0000%, 2/1/52

8,717

7,921

3.0000%, 3/1/52

17,066

15,502

4.5000%, 3/1/52

1,008

984

3.5000%, 4/1/52

3,846

3,596

3.5000%, 4/1/52

4,398

4,113

3.5000%, 4/1/52

20,667

19,551

3.5000%, 6/1/52

138,293

130,788

3.5000%, 6/1/52

17,305

16,217

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Schedule

of

Investments

(unaudited)

April

30,

2023

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)

FHLMC

UMBS

-

(continued)

3.5000%, 7/1/52

$

216,827

$

203,062

4.0000%, 7/1/52

20,625

19,724

4.0000%, 8/1/52

23,417

22,410

4.5000%, 8/1/52

49,468

48,369

4.5000%, 8/1/52

95,586

93,683

4.5000%, 8/1/52

225,884

220,864

5.5000%, 9/1/52

34,122

34,750

5.5000%, 11/1/52

764,149

783,072

5.0000%, 3/1/53

3,922

3,901

5.0000%, 3/1/53

21,895

21,779

5.0000%, 3/1/53

208,269

207,169

FNMA

UMBS

4.0000%, 10/1/47

14,694

14,261

4.5000%, 6/1/48

14,953

14,839

4.0000%, 7/1/48

18,099

17,535

4.0000%, 10/1/48

6,737

6,569

4.0000%, 11/1/48

20,994

20,340

4.0000%, 12/1/48

3,362

3,257

3.5000%, 5/1/49

36,893

34,620

3.5000%, 6/1/49

99,861

94,049

4.0000%, 6/1/49

2,710

2,619

4.5000%, 6/1/49

1,355

1,341

4.5000%, 8/1/49

1,952

1,931

4.0000%, 11/1/49

3,991

3,886

4.0000%, 11/1/49

44,231

42,853

3.5000%, 12/1/49

113,615

107,003

4.5000%, 1/1/50

2,612

2,584

4.5000%, 1/1/50

35,511

35,240

4.0000%, 3/1/50

13,266

12,852

4.0000%, 3/1/50

64,809

63,193

4.0000%, 3/1/50

35,080

33,987

4.0000%, 9/1/50

75,503

72,971

4.0000%, 10/1/50

70,990

69,114

4.5000%, 10/1/50

43,629

43,296

3.5000%, 2/1/51

14,357

13,473

4.0000%, 3/1/51

3,530

3,412

4.0000%, 3/1/51

1,727

1,673

4.0000%, 3/1/51

182,031

175,926

4.0000%, 10/1/51

25,684

24,823

4.0000%, 10/1/51

359,847

347,777

3.0000%, 12/1/51

481,261

435,467

3.5000%, 1/1/52

19,607

18,547

3.5000%, 2/1/52

49,820

47,111

2.5000%, 3/1/52

585,549

510,856

2.5000%, 3/1/52

217,086

189,404

2.5000%, 3/1/52

126,706

110,474

3.0000%, 3/1/52

44,407

40,197

3.5000%, 3/1/52

109,810

103,795

3.5000%, 3/1/52

210,411

198,377

3.5000%, 3/1/52

64,704

60,657

3.0000%, 4/1/52

37,122

33,707

3.0000%, 4/1/52

31,983

28,942

3.5000%, 4/1/52

23,067

21,748

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Schedule

of

Investments

(unaudited)

April

30,

2023

10

April

30,

2023

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)

3.5000%, 4/1/52

$

6,620

$

6,191

3.5000%, 4/1/52

18,290

17,104

3.5000%, 4/1/52

32,465

30,372

3.5000%, 4/1/52

5,326

4,981

3.5000%, 4/1/52

10,802

10,105

4.0000%, 4/1/52

26,715

25,853

4.5000%, 4/1/52

2,126

2,077

4.5000%, 4/1/52

1,859

1,816

4.5000%, 4/1/52

5,304

5,181

4.5000%, 4/1/52

4,084

3,990

4.5000%, 4/1/52

1,197

1,169

4.5000%, 4/1/52

2,341

2,287

3.5000%, 5/1/52

17,528

16,395

3.5000%, 5/1/52

29,656

27,783

4.5000%, 5/1/52

6,478

6,329

3.5000%, 6/1/52

56,543

53,393

4.0000%, 6/1/52

21,472

20,534

4.0000%, 6/1/52

5,755

5,504

3.5000%, 7/1/52

134,572

126,030

3.5000%, 7/1/52

5,466

5,160

4.0000%, 7/1/52

9,179

8,779

4.5000%, 7/1/52

27,206

26,601

3.5000%, 8/1/52

26,441

24,754

3.5000%, 8/1/52

9,755

9,185

4.5000%, 8/1/52

102,729

100,446

5.0000%, 9/1/52

720,287

715,809

5.5000%, 9/1/52

128,909

130,444

5.5000%, 10/1/52

286,011

293,096

4.5000%, 11/1/52

68,787

68,083

5.0000%, 11/1/52

51,332

51,600

5.5000%, 11/1/52

247,080

253,201

4.5000%, 12/1/52

31,870

31,314

5.0000%, 1/1/53

43,762

43,734

5.0000%, 3/1/53

13,904

13,830

5.0000%, 4/1/53

3,300

3,282

5.0000%, 4/1/53

4,133

4,112

5.0000%, 4/1/53

17,006

16,916

FNMA,

Other

3.0000%, 2/1/43

8,726

8,058

3.0000%, 2/1/43

475,698

439,430

3.0000%, 3/1/43

118,531

109,446

4.0000%, 6/1/43

46,896

45,880

4.5000%, 6/1/45

5,318

5,331

3.0000%, 7/1/45

534,165

493,223

3.0000%, 9/1/46

240,050

221,749

3.0000%, 1/1/47

13,286

12,182

3.5000%, 8/1/56

42,684

40,315

3.0000%, 6/1/57

96,719

88,007

3.0000%, 9/1/57

169,825

154,528

3.0000%, 5/1/58

545,861

496,693

FNMA/FHLMC

UMBS,

15

Year,

Single

Family

2.0000%,

TBA, 15

Year

Maturity

(b)

356,690

321,935

2.5000%,

TBA, 15

Year

Maturity

(b)

420,646

390,619

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Schedule

of

Investments

(unaudited)

April

30,

2023

Janus

Detroit

Street

Trust

11

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/Principal

Amounts

Value

Mortgage-Backed

Securities

-

(continued)

FNMA/FHLMC

UMBS,

15

Year,

Single

Family

-

(continued)

3.0000%,

TBA, 15

Year

Maturity

(b)

$

547,502

$

520,850

3.5000%,

TBA, 15

Year

Maturity

(b)

455,414

440,929

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

,

5.0000

%

,

TBA

,

30

Year

Maturity

(b)

1,405,386

1,396,945

GNMA

II,

30

Year

3.0000%, 7/20/51

79,600

73,025

3.0000%, 8/20/51

338,578

310,516

GNMA

II,

30

Year,

Single

Family

2.5000%,

TBA, 30

Year

Maturity

(b)

183,400

162,266

3.0000%,

TBA, 30

Year

Maturity

(b)

32,516

29,696

3.5000%,

TBA, 30

Year

Maturity

(b)

230,577

216,450

4.0000%,

TBA, 30

Year

Maturity

(b)

193,300

185,863

4.5000%,

TBA, 30

Year

Maturity

(b)

950,000

931,978

5.0000%,

TBA, 30

Year

Maturity

(b)

85,094

84,707

GS

Mortgage-Backed

Securities

Trust

,

2.3520

%

,

9/27/60

(144A)

‡

29,449

27,248

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust

,

ICE

LIBOR

USD

1

Month

+

0.7600%

,

5.7080

%

,

6/15/38

(144A)

‡

500,000

481,499

JPMorgan

Mortgage

Trust

,

SOFR30A

+

0.9000%

,

5.4598

%

,

3/25/51

(144A)

‡

206,404

191,742

MKT

Mortgage

Trust

,

2.6940

%

,

2/12/40

(144A)

100,000

78,358

New

Residential

Mortgage

Loan

Trust

,

ICE

LIBOR

USD

1

Month

+

0.9000%

,

5.9204

%

,

1/25/48

(144A)

‡

110,097

106,934

SREIT

Trust

,

ICE

LIBOR

USD

1

Month

+

0.7308%

,

5.6785

%

,

11/15/38

(144A)

‡

179,000

172,786

TPI

RE-REMIC

Trust

0.0000%, 7/25/46

(144A)

¤

66,000

64,946

0.0000%, 8/25/46

(144A)

¤

41,000

40,111

Total

Mortgage-Backed

Securities

(cost

$20,936,940)

20,163,916

U.S.

Treasury

Notes/Bonds

-

19.8%

3.0000%,

7/31/24

1,697,000

1,664,585

0.3750%,

9/15/24

311,000

294,223

4.2500%,

12/31/24

520,000

519,756

3.7500%,

4/15/26

103,000

103,032

4.0000%,

2/29/28

804,000

821,713

3.6250%,

3/31/28

669,400

673,008

3.5000%,

4/30/28

709,000

709,166

3.5000%,

4/30/30

441,000

441,758

3.5000%,

2/15/33

1,117,900

1,124,538

4.0000%,

11/15/42

309,000

318,270

3.8750%,

2/15/43

133,000

134,413

4.0000%,

11/15/52

401,200

425,962

Total

U.S.

Treasury

Notes/Bonds

(cost

$7,189,544)

7,230,424

Preferred

Stock

-

0.2%

Mortgage

Real

Estate

Investment

Trusts

(REITs)

-

0.2%

Rithm

Capital

Corp.,

7.0000%, 11/15/26

(cost

$75,000)

3,000

59,910

Investment

Companies

-

6.5%

Money

Market

Funds

-

6.5%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

4.8708%

£,∞

(cost

$2,387,374)

2,386,897

2,387,374

Total

Investments

(total

cost

$42,911,480

)

-

111.6%

40,807,573

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(11.6%)

(4,233,870)

Net

Assets

-

100.0%

$36,573,703

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Schedule

of

Investments

(unaudited)

April

30,

2023

12

April

30,

2023

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

$

40,170,649

98.4

%

United

Kingdom

453,638

1.1

Mexico

119,938

0.3

Canada

63,348

0.2

Total

$

40,807,573

100.0

%

Schedule

of

Affiliated

Investments

-

(%

of

Net

Assets)

Dividend

Income

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciatio

n/

(Depreciation)

Value

at

4/30/23

Investment

Company

-

6.5%

Money

Market

Funds

-

6.5%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

4.8708%

∞

$

36,865

$

498

$

(241)

$

2,387,374

Market

Value

at

10/31/22

Purchases

Sales

Market

Value

at

4/30/23

Investment

Company

-

6.5%

Money

Market

Funds

-

6.5%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

4.8708%

∞

$

2,983,609

$

18,981,965

$

(19,578,457)

$

2,387,374

Schedule

of

TBA

sales

commitments

-

(%

of

Net

Assets)

Principal

Amounts

Value

Securities

Sold

Short

-

(9.5)%

Mortgage-Backed

Securities

-

(9.5)%

FNMA/FHLMC

UMBS,

30

Year,

Single

Family,

3.0000%,

TBA,

30

Year

Maturity

(b)

$

(648,494)

$

(582,412)

FNMA/FHLMC

UMBS,

30

Year,

Single

Family,

4.0000%,

TBA,

30

Year

Maturity

(b)

(141,000)

(134,724)

FNMA/FHLMC

UMBS,

30

Year,

Single

Family,

4.5000%,

TBA,

30

Year

Maturity

(b)

(1,482,156)

(1,448,492)

FNMA/FHLMC

UMBS,

30

Year,

Single

Family,

5.5000%,

TBA,

30

Year

Maturity

(b)

(1,305,338)

(1,316,133)

Total

Securities

Sold

Short

(proceeds

$3,486,781)

$

(3,481,761)

Schedule

of

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

and

Unrealized

Appreciation

(Depreciation)

Futures

Long:

U.S.

Treasury

2

Year

Notes

17

6/30/23

$

3,504,789

$

(7,694)

U.S.

Treasury

5

Year

Notes

44

6/30/23

4,828,656

47,787

U.S.

Treasury

Long

Bonds

16

6/21/23

2,106,500

81,388

U.S.

Treasury

Ultra

Bonds

17

6/21/23

2,403,906

87,464

Total

-

Futures

Long

208,945

Futures

Short:

U.S.

Treasury

10

Year

Notes

18

6/21/23

(2,073,656)

(37,037)

U.S.

Treasury

10

Year

Ultra

Bonds

13

6/21/23

(1,578,891)

(54,352)

Total

-

Futures

Short

(91,389)

Total

$117,556

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Schedule

of

Investments

(unaudited)

April

30,

2023

Janus

Detroit

Street

Trust

13

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

April

30,

2023.

The

following

tables

provide

information

about

the

effect

of

derivatives

and

hedging

activities

on

the

Fund’s

Statement

of

Operations

for

the period

ended

April

30,

2023.

Please

see

the

“Net

realized

and

change

in

unrealized

gain/(loss)

on

investments”

sections

of

the

Fund’s

Statement

of

Operations.

Schedule

of

Centrally

Cleared

Credit

Default

Swaps

-

Buy

Protection

Referenced

Asset

Maturity

Date

Notional

Amount

Premiums

Paid/

(Received)

Unrealized

Appreciation

(Depreciation)

Value

CDX.NA.HY.40-V1,

Fixed

Rate

of

5.00%

Paid

Quarterly

6/20/28

$

1,500,000

$

5,625

$

(24,156)

$

(29,781)

Fair

Value

of

Derivative

Instruments

(not

accounted

for

as

hedging

instruments)

as

of

April

30,

2023

Credit

Contracts

Interest

Rate

Contracts

Total

Asset

Derivatives:

*Futures

contracts

$—

$216,639

$216,639

Liability

Derivatives:

*Swaps

-

centrally

cleared

24,156

—

24,156

*Futures

contracts

—

99,083

99,083

Total

Liability

Derivatives

$24,156

$99,083

$123,239

*

The

fair

value

presented

includes

net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts

and

centrally

cleared

swaps.

In

the

Statement

of

Assets

and

Liabilities,

only

current

day's

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

total

distributable

earnings

(loss).

The

Effect

of

Derivative

Instruments

(not

accounted

for

as

hedging

instruments)

on

the

Statement

of

Operations

for

the

Period

Ended

April

30,

2023

Amount

of

Realized

Gain/(Loss)

Recognized

on

Derivatives

Derivative

Credit

Contracts

Interest

Rate

Contracts

Total

Futures

contracts

$—

$(228,668)

$(228,668)

Swap

contracts

(140,141)

—

(140,141)

Total

$(140,141)

$(228,668)

$(368,809)

Amount

of

Change

in

Unrealized

Appreciation/(Depreciation)

Recognized

on

Derivatives

Derivative

Credit

Contracts

Interest

Rate

Contracts

Total

Futures

contracts

$—

$720,897

$720,897

Swap

contracts

70,690

—

70,690

Total

$70,690

$720,897

$791,587

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Schedule

of

Investments

(unaudited)

April

30,

2023

14

April

30,

2023

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Average

Ending

Monthly

Value

of

Derivative

Instruments

During

the

Period

Ended

April

30,

2023

Futures

contracts:

Average

notional

amount

of

contracts

-

long

$10,920,408

Average

notional

amount

of

contracts

-

short

2,881,979

Credit

default

swaps:

Average

notional

amount

-

buy

protection

1,833,333

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

April

30,

2023

Janus

Detroit

Street

Trust

15

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

SOFRINDX

Secured

Overnight

Financing

Rate

Compounded

Index

TBA

(To

Be

Announced)

Securities

are

purchased/sold

on

a

forward

commitment

basis

with

an

approximate

principal

amount

and

no

defined

maturity

date.

The

actual

principal

and

maturity

date

will

be

determined

upon

settlement

when

specific

mortgage

pools

are

assigned.

UMBS

Uniform

Mortgage-Backed

Securities

∞

Rate

shown

is

the

7-day

yield

as

of

April

30,

2023.

£

The

Fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

Investment

Company

Act

of

1940,

as

amended,

an

affiliated

company

is

one

in

which

the

Fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

which

is

under

common

ownership

or

control.

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

April

30,

2023.

¤

Zero

coupon

bond.

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

period

ended

April

30,

2023

is

$9,797,020

which

represents

26.8%

of

net

assets.

(b)

Settlement

is

on

a

delayed

delivery

or

when-issued

basis

with

final

maturity

TBA

in

the

future.

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

April

30,

2023

16

April

30,

2023

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

April

30,

2023

.

See

Notes

to

Financial

Statements

for

more

information.

Valuation

Inputs

Summary

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Assets

Investments

in

Securities:

Asset-Backed

Securities

$

—

$

4,346,102

$

—

Corporate

Bonds

—

6,619,847

—

Mortgage-Backed

Securities

—

20,163,916

—

U.S.

Treasury

Notes/Bonds

—

7,230,424

—

Preferred

Stock

59,910

—

—

Investment

Companies

—

2,387,374

—

Total

Investments

in

Securities

$

59,910

$

40,747,663

$

—

Other

Financial

Instruments

(a)

:

Futures

Contracts

$

216,639

$

—

$

—

Total

Assets

$

276,549

$

40,747,663

$

—

Liabilities

TBA

sales

commitments:

Mortgage-Backed

Securities

$

—

$

3,481,761

$

—

Other

Financial

Instruments

(a)

:

Centrally

Cleared

Swaps

$

—

$

24,156

$

—

Futures

Contracts

99,083

—

—

Total

Liabilities

$

99,083

$

3,505,917

$

—

(a)

Other

financial

instruments

include

futures

and

swap

contracts.

Futures

contracts

and

swap

contracts

are

reported

at

their

unrealized

appreciation/

(depreciation)

at

measurement

date,

which

represents

the

change

in

the

contract’s

value

from

trade

date.

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Statement

of

Assets

and

Liabilities

(unaudited)

April

30,

2023

Janus

Detroit

Street

Trust

17

See

Notes

to

Financial

Statements.

Assets:

Unaffiliated

investments,

at

value

(cost

$40,524,106)

$

38,420,199

Affiliated

investments,

at

value

(cost

$2,387,374)

2,387,374

Cash

1,798

Due

from

broker

for

centrally

cleared

swaps

99,602

Due

from

broker

for

futures

280,000

Receivable

for

variation

margin

on

swaps

4,760

Receivable

for

variation

margin

on

futures

contracts

49,172

Receivables:

Investments

sold

1,169,648

TBA

investments

sold

3,490,808

Dividends

1,313

Interest

180,487

Total

Assets

46,085,161

Liabilities:

TBA

sales

commitments,

at

value

(proceeds

$3,486,781)

3,481,761

Payables:

Investments

purchased

1,316,874

TBA

investments

purchased

4,701,126

Management

fees

11,697

Total

Liabilities

9,511,458

Net

Assets

$

36,573,703

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

42,788,368

Total

distributable

earnings

(loss)

(

6,214,665

)

Total

Net

Assets

$

36,573,703

Net

Assets

$

36,573,703

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

850,001

Net

Asset

Value

Per

Share

$

43

.03

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Statement

of

Operations

(unaudited)

For

the

period

ended

April

30,

2023

18

April

30,

2023

See

Notes

to

Financial

Statements.

Investment

Income:

Interest

$

618,499

Dividends

from

affiliates

36,865

Dividends

2,625

Total

Investment

Income

657,989

Expenses:

Management

Fees

69,723

Total

Expenses

69,723

Net

Investment

Income/(Loss)

588,266

Net

Realized

Gain/(Loss)

on

Investments:

Investments

$

(

759,680

)

Investments

in

affiliates

498

TBA

sales

commitments

32,921

Futures

contracts

(

228,668

)

Swap

contracts

(

140,141

)

Total

Net

Realized

Gain/(Loss)

on

Investments

$

(

1,095,070

)

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

2,281,962

Investments

in

affiliates

(

241

)

TBA

sales

commitments

(

60,982

)

Futures

contracts

720,897

Swap

contracts

70,690

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

3,012,326

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

2,505,522

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Statements

of

Changes

in

Net

Assets

Janus

Detroit

Street

Trust

19

See

Notes

to

Financial

Statements.

Period

Ended

April

30,

2023

(unaudited)

Year

Ended

October

31,

2022

Operations:

Net

investment

income/(loss)

$

588,266

$

679,795

Net

realized

gain/(loss)

on

investments

(1,095,070)

(3,243,100)

Change

in

unrealized

net

appreciation/depreciation

3,012,326

(4,603,838)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

2,505,522

(7,167,143)

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(435,857)

(702,056)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(435,857)

(702,056)

Capital

Share

Transactions

4,393

(7,247,214)

Net

Increase/(Decrease)

in

Net

Assets

2,074,058

(15,116,413)

Net

Assets:

—

—

Beginning

of

Period  

34,499,645

49,616,058

End

of

Period

$

36,573,703

$

34,499,645

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Financial

Highlights

20

April

30,

2023

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

the

period

ended

April

30,

2023

(unaudited)

and

each

year

or

period

ended

October

31

2023

2022

2021

(1)

Net

Asset

Value,

Beginning

of

Period

$40.59

$49.62

$50.00

Income/(Loss)

from

Investment

Operations:

—

—

—

Net

investment

income/(loss)

(2)

0.69

0.77

0.07

Net

realized

and

unrealized

gain/(loss)

2.26

(9.00)

(0.45)

Total

from

Investment

Operations

2.95

(8.23)

(0.38)

Less

Dividends

and

Distributions:

—

—

—

Dividends

(from

net

investment

income)

(0.51)

(0.80)

—

Total

Dividends

and

Distributions

(0.51)

(0.80)

—

Net

Asset

Value,

End

of

Period

$43.03

$40.59

$49.62

Total

Return

*

7.31%

(16.76)%

(0.76)%

Net

assets,

End

of

Period

(in

thousands)

$36,574

$34,499

$49,616

Average

Net

Assets

for

the

Period

(in

thousands)

$36,063

$40,153

$48,400

Ratios

to

Average

Net

Assets

**

Ratio

of

Gross

Expenses

0.39%

0.39%

0.39%

Ratio

of

Net

Investment

Income/(Loss)

3.29%

1.69%

1.00%

Portfolio

Turnover

Rate

(3)(4)

65%

138%

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

(unaudited)

Janus

Detroit

Street

Trust

21

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.

As

of

the

date

of

this

report,

the

Trust

offers twelve

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.

Janus

Henderson

Investors

US

LLC is

the

investment

adviser

(the

“Adviser”)

to

the

Fund.

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.

(the

"Exchange"),

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

ALPS

Distributors,

Inc.

(the

"Distributor"),

the

Adviser

or

an

affiliate

of

the

Adviser

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 

Fund holdings

are

valued

in

accordance

with

policies

and

procedures

established

by

the

Adviser

pursuant

to

Rule

2a-5

under

the

1940

Act

and

approved

by

and

subject

to

the

oversight

of

the

Trustees

(the

“Valuation

Procedures”).

Equity

securities,

including

shares

of

exchange-traded

funds,

traded

on

a

domestic

securities

exchange

are

generally

valued

at

readily

available

market

quotations,

which

are

(i)

the

official

close

prices

or

(ii)

last

sale

prices

on

the

primary

market

or

exchange

in

which

the

securities

trade.

If

such

price

is

lacking

for

the

trading

period

immediately

preceding

the

time

of

determination,

such

securities

are

generally

valued

at

their

current

bid

price.

Equity

securities

that

are

traded

on

a

foreign

exchange

are

generally

valued

at

the

closing

prices

on

such

markets.

In

the

event

that

there

is

no

current

trading

volume

on

a

particular

security

in

such

foreign

exchange,

the

bid

price

from

the

primary

exchange

is

generally

used

to

value

the

security.

Foreign

securities

and

currencies

are

converted

to

U.S.

dollars

using

the

current

spot

USD

dollar

exchange

rate

in

effect

at

the

close

of

the

London

Stock

Exchange.

The Fund will

determine

the

market

value

of

individual

securities

held

by

it

by

using

prices

provided

by

one

or

more

approved

professional

pricing

services

or,

as

needed,

by

obtaining

market

quotations

from

independent

broker-dealers.

Most

debt

securities

are

valued

in

accordance

with

the

evaluated

bid

price

supplied

by

the

Adviser-approved

pricing

service

that

is

intended

to

reflect

market

value.

The

evaluated

bid

price

supplied

by

the

pricing

service

is

an

evaluation

that

may

consider

factors

such

as

security

prices,

yields,

maturities

and

ratings.

Certain

short-term

securities

maturing

within

60

days

or

less

may

be

evaluated

and

valued

on

an

amortized

cost

basis

provided

that

the

amortized

cost

determined

approximates

market

value.

Securities

for

which

market

quotations

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Notes

to

Financial

Statements

(unaudited)

22

April

30,

2023

or

evaluated

prices

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

determined

in

good

faith

by

the

Adviser

pursuant

to

the

Valuation

Procedures.

Shares

of

an

investment

company

that

are

not

traded

on

an

exchange,

including

money

market

funds,

are

valued

at

that

company's

net

asset

value

per

share.

Circumstances

in

which

fair

valuation

may

be

utilized

include,

but

are

not

limited

to:

(i)

a

significant

event

that

may

affect

the

securities

of

a

single

issuer,

such

as

a

merger,

bankruptcy,

or

significant

issuer-specific

development;

(ii)

an

event

that

may

affect

an

entire

market,

such

as

a

natural

disaster

or

significant

governmental

action;

(iii)

a

nonsignificant

event

such

as

a

market

closing

early

or

not

opening,

or

a

security

trading

halt;

and

(iv)

pricing

of

a

non-valued

security

and

a

restricted

or

nonpublic

security.

Special

valuation

considerations

may

apply

with

respect

to

“odd-lot”

fixed-income

transactions

which,

due

to

their

small

size,

may

receive

evaluated

prices

by

pricing

services

which

reflect

a

large

block

trade

and

not

what

actually

could

be

obtained

for

the

odd-lot

position.

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

April

30,

2023 to

fair

value

the

Fund’s

investments

in

securities

and

other

financial

instruments

is

included

in

the

“Valuation

Inputs

Summary”

in

the

Notes

to

Schedule

of

Investments

and

Other

Information.

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

(unaudited)

Janus

Detroit

Street

Trust

23

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

April

30,

2023 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 the

Adviser 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

(unaudited)

24

April

30,

2023

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

the

Adviser'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

are

valued

at

the

settlement

price

on

valuation

date

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

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

25

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.

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. 

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. 

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. 

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

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

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Notes

to

Financial

Statements

(unaudited)

26

April

30,

2023

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

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

period,

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 

Market Risk 

The

value

of

the

Fund's

portfolio

may

decrease

if

the

value

of

one

or

more

issuers

in

the

Fund's

portfolio

decreases.

Further,

regardless

of

how

well

individual

companies

or

securities

perform,

the

value

of

the

Fund's

portfolio

could

also

decrease

if

there

are

deteriorating

economic

or

market

conditions,

including,

but

not

limited

to,

a

general

decline

in

prices

on

the

stock

markets,

a

general

decline

in

real

estate

markets,

a

decline

in

commodities

prices,

or

if

the

market

favors

different

types

of

securities

than

the

types

of

securities

in

which

the

Fund

invests.

If

the

value

of

the

Fund's

portfolio

decreases,

the

Fund's

NAV

will

also

decrease,

which

means

if

you

sell

your

shares

in

the

Fund

you

may

lose

money.

Market

risk

may

affect

a

single

issuer,

industry,

economic

sector,

or

the

market

as

a

whole.

The

increasing

interconnectivity

between

global

economies

and

financial

markets

increases

the

likelihood

that

events

or

conditions

in

one

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

Social,

political,

economic

and

other

conditions

and

events,

such

as

natural

disasters,

health

emergencies

(e.g.,

epidemics

and

pandemics),

terrorism,

conflicts,

including

related

sanctions,

and

social

unrest,

could

reduce

consumer

demand

or

economic

output,

result

in

market

closures,

travel

restrictions

and/or

quarantines,

and

generally

have

a

significant

impact

on

the

global

economies

and

financial

markets.

COVID-19

Pandemic.

The

effects

of

COVID-19

have

contributed

to

increased

volatility

in

global

financial

markets

and

have

affected

and

may

continue

to

affect

certain

countries,

regions,

issuers,

industries

and

market

sectors

more

dramatically

than

others.

These

conditions

and

events

could

have

a

significant

impact

on

the

Fund

and

its

investments,

the

Fund's

ability

to

meet

redemption

requests,

and

the

processes

and

operations

of

the

Fund's

service

providers,

including

the

Adviser.

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

27

Russia/Ukraine

Invasion.

Russia

launched

a

large-scale

invasion

of

Ukraine

on

February

24,

2022.

The

extent

and

duration

of

the

military

action,

resulting

sanctions

and

resulting

future

market

disruptions

in

the

region

are

impossible

to

predict,

but

could

be

significant

and

have

a

severe

adverse

effect

on

the

region,

including

significant

negative

impacts

on

the

economy

and

the

markets

for

certain

securities

and

commodities,

such

as

oil

and

natural

gas,

as

well

as

other

sectors. 

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. 

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")

or

other

interbank

offered

rates

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

reference

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

will

depend

on

(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. 

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. 

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

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Notes

to

Financial

Statements

(unaudited)

28

April

30,

2023

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

the

Fund's

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,

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. 

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

delivery

of

a

specific

security,

the

characteristics

of

the

security

delivered

to

the

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

29

Fund

may

be

less

favorable

than

expected.

If

the

counterparty

to

a

transaction

fails

to

deliver

the

security,

the

Fund

could

suffer

a

loss.

To

facilitate

TBA

commitments,

the

Fund

will

segregate

or

otherwise

earmark

liquid

assets

marked

to

market

daily

in

an

amount

at

least

equal

to

such

TBA

commitments.

Proposed

rules

of

the

Financial

Industry

Regulatory

Authority

(“FINRA”)

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

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. 

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

the

Adviser 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. The

Adviser'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

Sustainable

&

Impact

Core

Bond

ETF

Notes

to

Financial

Statements

(unaudited)

30

April

30,

2023

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

April

30,

2023,

the

Fund’s

actual

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

the

Adviser,

on

behalf

of

the

Fund.

As

compensation

for

such

services, the

Adviser pays

JP

Morgan

a

fee

based

on

a

percentage

of

the

Fund’s

assets,

with

a

minimum

flat

fee,

for

certain

services. The

Adviser serves

as

administrator

to

the

Fund,

providing

oversight

and

coordination

of

the

Fund’s

service

providers,

recordkeeping

and

other

administrative

services. The

Adviser 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

the

Adviser 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

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

April

30,

2023, the

Adviser

owned 600,001

shares

or 70.59%

of

the

Fund.

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”).

The

Adviser

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. 

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

(unaudited)

Janus

Detroit

Street

Trust

31

Any

purchases

and

sales,

realized

gains/losses

and

recorded

dividends

from

affiliated

investments

during

the period

ended

April

30,

2023 can

be

found

in

a

table

located

in

the

Schedule

of

Investments.

5.

Federal

Income

Tax

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.

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,

2022,

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 April

30,

2023 are

noted

below.

The

primary

differences

between

book

and

tax

appreciation

or

depreciation

of

investments are

wash

sale

loss

deferrals

and

amortization

on

bonds.

6.

Capital

Share

Transactions 

7.

Purchases

and

Sales

of

Investment

Securities

For

the

period ended

April

30,

2023,

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

Capital

Loss

Carryover

Schedule

For

the

year

ended

October

31,

2022

No

Expiration

Short-Term

Long-Term

Accumulated

Capital

Losses

$(392,922)

$(3,512,503)

$(3,905,425)

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$42,911,480

$233,687

$(2,337,594)

$(2,103,907)

Period

Ended

April

30,

2023

Year

Ended

October

31,

2022

Shares

Amount

Shares

Amount

Shares

sold

50,000

$

2,142,848

350,000

$

15,363,756

Shares

repurchased

(50,000)

(2,138,455

)

(500,000)

(22,610,970

)

Net

Increase/(Decrease)

—

$

4,393

(150,000)

$

(7,247,214

)

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

$8,080,786

$6,409,750

$15,069,248

$15,452,900

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Notes

to

Financial

Statements

(unaudited)

32

April

30,

2023

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.

The

FASB

has

extended

the

sunset

date

to

December,

31

2024. 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 April

30,

2023

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)

Janus

Detroit

Street

Trust

33

Proxy

Voting

Policies

and

Voting

Record

Information

regarding

how

the

Fund

voted

proxies

related

to

portfolio

securities

during

the

most

recent

12-month

period

ended

June

30

and

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

1-800-525-1093

(toll

free);

(ii)

on

the

Fund’s

website

at

janushenderson.com/proxyvoting;

and

(iii)

on

the

SEC’s

website

at

http://www.sec.gov.

Portfolio

Holdings

The

Fund

files

its

complete

portfolio

holdings

(schedule

of

investments)

with

the

SEC

as

an

exhibit

to

Form

N-PORT

within

60

days

of

the

end

of

the

first

and

third

fiscal

quarters,

and

in

the

annual

report

and

semiannual

report

to

shareholders.

The

Fund’s

Form

N-PORT

filings

and

annual

and

semiannual

reports:

(i)

are

available

on

the

SEC’s

website

at

http://www.sec.gov;

and

(ii)

are

available

without

charge,

upon

request,

by

calling

a

Janus

Henderson

representative

at

1-800-668-0434

(toll

free).

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

34

April

30,

2023

The

Board

of

Trustees

(the

“Board”)

of

Janus

Detroit

Street

Trust

(the

“Trust”),

including

a

majority

of

the

Trustees

who

are

not

“interested

persons”

as

that

term

is

defined

in

the

Investment

Company

Act

of

1940,

as

amended

(the

“Independent

Trustees”),

met

on

April

19-20,

2023

to

consider

the

proposed

renewal

of

the

investment

management

agreement

between

Janus

Henderson

Investors

US

LLC

(the

“Adviser”)

and

the

Trust

(the

“Investment

Management

Agreement”),

on

behalf

of

Janus

Henderson

AAA

CLO

ETF

(“JAAA”),

Janus

Henderson

B-BBB

CLO

ETF

(“JBBB”),

Janus

Henderson

International

Sustainable

Equity

ETF

(“SXUS”),

Janus

Henderson

Mortgage-Backed

Securities

ETF

(“JMBS”),

Janus

Henderson

Net

Zero

Transition

Resources

ETF

(“JZRO”),

Janus

Henderson

Short

Duration

Income

ETF

(“VNLA”),

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

(“JSML”),

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

(“JSMD”),

Janus

Henderson

Sustainable

Corporate

Bond

ETF

(“SCRD”),

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

(“JIB”),

Janus

Henderson

U.S.

Real

Estate

ETF

(“JRE”)

and

Janus

Henderson

U.S.

Sustainable

Equity

ETF

(“SSPX”)

(collectively,

the

“Funds”).

In

the

course

of

their

consideration

of

the

renewal

of

the

Investment

Management

Agreement,

the

Independent

Trustees

met

in

executive

session

and

were

advised

by

their

independent

counsel.

In

this

regard,

the

Independent

Trustees

evaluated

the

terms

of

the

Investment

Management

Agreement

and

reviewed

the

duties

and

responsibilities

of

trustees

in

evaluating

and

approving

such

agreements.

In

considering

renewal

of

the

Investment

Management

Agreement,

the

Board

and

the

Independent

Trustees,

as

applicable,

reviewed

the

materials

provided

to

them

relating

to

the

consideration

of

the

renewal

of

the

Investment

Management

Agreement

for

the

Funds

and

other

information

provided

by

counsel

and

the

Adviser,

including:

(i)

information

regarding

the

nature,

quality

and

extent

of

the

services

provided

to

the

Funds

by

the

Adviser,

and

the

fees

charged

to

each

Fund

therefor;

(ii)

information

concerning

the

Adviser’s

financial

condition,

business,

operations,

portfolio

management

personnel,

compliance

programs,

and

profitability

with

respect

to

the

Trust

and

each

Fund;

(iii)

comparative

information

describing

each

Fund’s

advisory

fee

structures,

operating

expenses,

and

performance

information

as

compared

to

peer

fund

groups

compiled

by

an

independent

third

party;

(iv)

a

copy

of

the

Adviser’s

current

Form

ADV;

and

(v)

a

memorandum

from

counsel

to

the

Independent

Trustees

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

throughout

the

year.

The

Trustees

also

considered

information

received

and

reviewed

in

connection

with

a

meeting

held

on

March

13,

2023

via

videoconference

to

discuss

certain

information

provided

by

the

Adviser

related

to

the

Trustees’

consideration

of

the

renewal

of

the

Investment

Management

Agreement.

During

its

review

of

this

information,

the

Board

focused

on

and

analyzed

the

factors

that

it

deemed

relevant,

including,

among

other

factors:

(i)

the

nature,

extent

and

quality

of

the

services

provided

to

the

Funds

by

the

Adviser;

(ii)

the

Adviser’s

personnel

and

operations;

(iii)

each

Fund’s

expense

level;

(iv)

the

profitability

to

the

Adviser

under

the

Investment

Management

Agreement

with

respect

to

each

Fund;

(v)

any

“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);

(vi)

the

effect

of

asset

growth

on

each

Fund’s

expenses;

and

(vii)

potential

conflicts

of

interest.

The

Trustees

also

considered

benefits

that

accrue

to

the

Adviser

and

its

affiliates

from

their

relationships

with

the

Trust

and

each

Fund.

The

Trustees

also

considered

that,

other

than

the

services

provided

by

the

Adviser

and

its

affiliates

pursuant

to

agreements

with

the

Funds

and

the

fees

paid

by

the

Funds

therefor,

the

Funds

and

the

Adviser

may

potentially

benefit

from

their

relationship

with

each

other

in

other

ways.

The

Trustees

considered

that

the

success

of

the

Funds

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

Funds.

The

Board,

including

the

Independent

Trustees,

considered

the

following

in

respect

of

the

Funds:

(a)

The

nature,

extent

and

quality

of

services

provided

by

the

Adviser;

personnel

and

operations

of

the

Adviser.

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

Janus

Detroit

Street

Trust

35

The

Board

reviewed

the

services

that

the

Adviser

provides

to

the

Funds.

In

connection

with

the

investment

advisory

services

provided

by

the

Adviser,

the

Board

noted

the

responsibilities

that

the

Adviser

has

as

the

Funds’

investment

adviser,

including:

the

overall

supervisory

responsibility

for

the

general

management

and

investment

of

each

Fund’s

securities

portfolio;

providing

oversight

of

the

investment

performance

and

processes

and

compliance

with

each

Fund’s

investment

objectives,

policies

and

limitations;

the

implementation

of

the

investment

management

program

of

each

Fund;

the

management

of

the

day-to-day

investment

and

reinvestment

of

the

assets

of

each

Fund;

determining

daily

baskets

of

securities

and

cash

components

in

connection

with

creation

and

redemption

transactions

in

each

Fund’s

shares;

executing

portfolio

security

trades

for

purchases

and

redemptions

of

each

Fund’s

shares

conducted

on

a

cash-

in-lieu

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

Funds.

The

Board

reviewed

the

Adviser’s

experience,

resources

and

strengths

in

managing

the

Funds

and

other

pooled

investment

vehicles,

including

an

assessment

of

the

Adviser’s

personnel.

Based

on

its

consideration

and

review

of

the

foregoing

information,

the

Board

determined

that

each

Fund

was

likely

to

continue

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

rendered

and

fees

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

Funds;

“fall-out”

benefits.

The

Board

then

compared

both

the

services

rendered

and

the

fees

paid

under

other

contracts

of

the

Adviser

and

under

contracts

of

other

investment

advisers

with

respect

to

similar

ETFs.

In

particular,

the

Board

reviewed

a

report

compiled

by

an

independent

third

party

to

compare

each

Fund’s

contractual

management

fee

and

total

expense

ratio

to

other

investment

companies

within

each

Fund’s

respective

peer

grouping,

as

determined

by

the

independent

third

party.

The

information

provided

by

the

comparative

report

showed

how

the

total

expense

ratio

and

contractual

management

fee

for

each

of

the

Funds

compared

within

its

respective

peer

group

for

the

one-year

period

ended

December

31,

2022.

The

reporting

is

described

in

detail

below:

The

total

expense

ratio

and

the

contractual

management

fee

for

JAAA

was

each

reported

in

the

1st

quintile

of

its

respective

peer

group

(with

1st

quintile

being

the

lowest

fees/expenses

and

5th

quintile

being

the

highest

fees/

expenses).

The

total

expense

ratio

and

the

contractual

management

fee

for

JBBB

was

each

reported

in

the

2nd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

SXUS

was

each

reported

in

the

4th

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JMBS

was

each

reported

in

the

1st

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JZRO

was

each

reported

in

the

2nd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

VNLA

was

each

reported

in

the

1st

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JSML

was

each

reported

in

the

3rd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JSMD

was

each

reported

in

the

3rd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

SCRD

was

reported

in

the

3rd

and

2nd

quintiles,

respectively.

The

total

expense

ratio

and

the

contractual

management

fee

for

JIB

as

each

reported

in

the

3rd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JRE

was

each

at

median

as

compared

to

expense

group

peers.

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

36

April

30,

2023

The

total

expense

ratio

and

the

contractual

management

fee

for

SSPX

was

reported

in

the

4th

and

3rd

quintiles,

respectively.

The

Board

further

considered

that

the

Adviser

had

voluntarily

agreed

to

cap

the

expenses

of

JAAA,

JMBS

and

VNLA

to

the

extent

that

such

Funds’

total

expense

ratio

exceeded

0.22%,

0.28%

and

0.23%,

respectively,

for

the

period

February

28,

2023

through

February

29,

2024

in

the

case

of

JMBS

and

VNLA

and

for

the

period

of

January

20,

2023

through

February

29,

2024

in

the

case

of

JAAA.

The

Board

further

noted

the

Adviser’s

contractual

commitment

with

respect

to

the

Funds’

investments

in

affiliated

ETFs

to

waive

and/or

reimburse

a

portion

of

its

management

fee

in

an

amount

equal

to

a

portion

of

the

management

fee

it

earns

as

investment

adviser

to

affiliated

ETFs

in

which

a

Fund

invests

(if

any),

for

at

least

the

period

from

February 28,

2023

until

February 29,

2024.

The

Board

also

discussed

the

costs

incurred

by

the

Adviser

in

connection

with

its

serving

as

investment

adviser

to

the

Funds,

including

operational

costs.

After

comparing

each

Fund’s

fees

and

expenses

with

those

of

other

ETFs

in

the

Funds’

respective

peer

groups,

and

in

light

of

the

nature,

extent

and

quality

of

services

provided

by

the

Adviser

and

the

costs

incurred

by

the

Adviser

in

rendering

those

services,

as

well

as

the

profitability

of

the

Adviser

in

providing

these

services,

the

Board

concluded

that

the

level

of

fees

paid

to

the

Adviser

and

the

profitability

with

respect

to

each

Fund

was

fair

and

reasonable.

The

Board

also

considered

that

the

Adviser

may

experience

reputational

“fall-out”

benefits

based

on

the

success

of

the

Funds,

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.

In

its

review,

the

Board

considered

that

the

Funds

were

positioned

to

realize

potential

economies

of

scale

as

assets

grow

over

time,

given

the

inclusion

of

management

fee

breakpoints

for

each

Fund

in

the

current

investment

advisory

agreement

at

various

asset

levels.

(d)

Investment

performance

of

the

Fund

and

the

Adviser.

The

Board

next

discussed

the

annualized

returns

of

the

Funds

on

both

an

absolute

basis

and

relative

to

the

performance

of

funds

comprising

a

performance

universe

compiled

by

an

independent

third

party

for

each

Fund

for

the

three-month

period,

one-year

period,

two-year

period,

three-year

period,

four-year

period,

five-year

period,

and/or

since

inception

period

ended

December

31,

2022

(each

period

as

applicable).

The

Board

noted

the

following

for

each

Fund:

JAAA

was

reported

to

be

in

the

1st

and

3rd

quintiles

of

its

performance

universe

(with

the

1st

quintile

being

the

best

performer

and

the

5th

quintile

being

the

worst

performer)

for

its

one-

and

two-year

periods,

respectively;

JBBB

was

reported

to

be

in

the

1st

and

5th

quintiles

of

its

performance

universe

for

its

3-month

and

since

inception

periods,

respectively;

SXUS

was

reported

to

be

in

the

4th

quintile

of

its

performance

universe

for

each

of

its

three-month,

one-year,

and

since

inception

periods;

JMBS

was

reported

to

be

in

the

2nd,

2nd,

2nd

and

1st

quintiles

of

its

performance

universe

for

its

one-,

two-,

three-,

and

four-year

periods,

respectively;

JZRO

was

reported

to

be

in

the

2nd,

2nd,

and

1st

quintiles

of

its

performance

universe

for

its

three-month,

one-year,

and

since

inception

periods,

respectively;

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

Janus

Detroit

Street

Trust

37

VNLA

was

reported

to

be

in

the

1st

quintile

of

its

performance

universe

for

each

of

its

one-,

two-,

three-,

four-,

and

five-year

periods;

JSML

was

reported

to

be

in

the

4th,

4th,

5th,

5th,

and

4th

quintiles

of

its

performance

universe

for

its

one-,

two-,

three-,

four-,

and

five-year

periods,

respectively;

JSMD

was

reported

to

be

in

the

2nd,

3rd,

3rd,

3rd

and

3rd

quintiles

of

its

performance

universe

for

its

one-,

two-,

three-,

four-,

and

five-year

periods,

respectively;

SCRD

was

reported

to

be

in

the

4th,

3rd,

and

2nd

quintiles

of

its

performance

universe

for

its

three-month,

one-year,

and

since

inception

periods,

respectively;

JIB

was

reported

to

be

in

the

5th,

4th,

and

4th

quintiles

of

its

performance

universe

for

its

three-month,

one-year,

and

since

inception

periods,

respectively;

JRE

was

reported

to

be

in

the

1st

quintile

of

its

performance

universe

for

each

of

its

three-month,

one-year,

and

since

inception

periods;

and

SSPX

was

reported

to

be

in

its

3rd,

5th,

and

5th

quintiles

of

its

performance

universe

for

its

three-month,

one-year,

and

since

inception

periods,

respectively.

With

respect

to

JSML

and

JSMD,

the

Board

noted

that

these

Funds

are

index-based

and,

as

a

result,

passively

managed

to

seek

to

track

the

returns

of

specified

indices.

For

this

reason,

the

Board

also

considered

the

performance

of

these

Funds

in

relation

to

the

performance

of

each

Fund’s

respective

underlying

index

(i.e.

“tracking

error”),

and

considered

that

the

tracking

error

was

within

anticipated

ranges.

The

Board

considered

the

Adviser’s

explanation

of

performance

results

for

each

Fund

across

the

relevant

periods

provided

as

part

of

the

consideration

of

the

renewal

of

the

Investment

Advisory

Agreement,

and

during

the

course

of

the

previous

year.

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

management

fee

rates

and

total

expense

ratios

of

each

Fund

are

reasonable

in

relation

to

the

services

provided

by

the

Adviser

to

such

Fund,

as

well

as

the

costs

incurred

and

benefits

gained

by

the

Adviser

in

providing

such

services.

The

Board

also

found

the

management

fees

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

renewal

of

the

Investment

Management

Agreement

for

an

additional

one-year

period

was

in

the

best

interests

of

each

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

renewal

of

the

Investment

Management

Agreement

for

each

Fund.

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Liquidity

Risk

Management

Program

(unaudited)

38

April

30,

2023

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),

requires

open-end

funds

(but

not

money

market

funds)

to

adopt

and

implement

a

written

liquidity

risk

management

program

(the

“LRMP”)

that

is

reasonably

designed

to

assess

and

manage

liquidity

risk,

which

is

the

risk

that

a

fund

could

not

meet

redemption

requests

without

significant

dilution

of

remaining

investors’

interests

in

the

fund.

The

Funds

have

adopted

and

implemented

a

LRMP,

which

incorporates

the

following

elements:

(i)

assessment,

management,

and

periodic

review

of

liquidity

risk;

(ii)

classification

of

portfolio

investments;

(iii)

the

establishment

and

monitoring

of

a

highly

liquid

investment

minimum

(“HLIM”),

as

applicable;

(iv)

a

15%

limitation

on

a

Fund’s

illiquid

investments;

(v)

provisions

concerning

redemptions

in-

kind;

and

(vi)

board

oversight.

In

light

of

the

fact

that

each

Fund

operates

as

an

exchange-traded

fund

(“ETF”),

the

LRMP

also

takes

into

account

considerations

unique

to

ETFs,

including

(i)

the

relationship

between

the

ETF’s

portfolio

liquidity

and

the

way

in

which,

and

the

prices

and

spreads

at

which,

ETF

shares

trade,

including:

the

efficiency

of

the

arbitrage

function

and

the

level

of

active

participation

by

market

participants

(including

authorized

participants);

and

(ii)

the

effect

of

the

composition

of

baskets

on

the

overall

liquidity

of

the

ETF’s

portfolio.

The

LRMP

also

considers

whether

an

ETF

meets

redemptions

through

in-kind

transfers

of

securities,

positions,

and

assets

other

than

a

de

minimis

amount

of

cash.

The

Trustees

of

the

Funds

(the

“Trustees”)

have

designated

Janus

Henderson

Investors

US

LLC,

the

Funds’

investment

adviser

(the

“Adviser”),

as

the

Program

Administrator

for

the

LRMP

responsible

for

administering

the

LRMP

and

carrying

out

the

specific

responsibilities

of

the

LRMP.

A

working

group

comprised

of

various

teams

within

the

Adviser’s

business

is

responsible

for

administering

the

LRMP

and

carrying

out

the

specific

responsibilities

of

different

aspects

of

the

LRMP

(the

“Liquidity

Risk

Working

Group”).

In

assessing

each

Fund’s

liquidity

risk,

the

Liquidity

Risk

Working

Group

periodically

considers,

as

relevant,

specified

liquidity

factors,

including:

(i)

the

investment

strategy

and

liquidity

of

a

Fund’s

portfolio

investments

during

both

normal

and

reasonably

foreseeable

stressed

conditions;

(ii)

whether

a

Fund’s

investment

strategy

is

appropriate

for

an

open-end

fund;

(iii)

the

extent

to

which

a

Fund’s

strategy

involves

a

relatively

concentrated

portfolio

or

large

positions

in

any

issuer;

(iv)

a

Fund’s

use

of

borrowing

for

investment

purposes;

(v)

a

Fund’s

use

of

derivatives;

(vi)

short-term

and

long-term

cash

flow

projections

during

both

normal

and

reasonably

foreseeable

stressed

conditions;

and

(vii)

holdings

of

cash

and

cash

equivalents,

as

well

as

borrowing

arrangements

and

other

funding

sources.

The

Liquidity

Rule

requires

the

Trustees

to

review

at

least

annually

a

written

report

provided

by

the

Program

Administrator

that

addresses

the

operation

of

the

LRMP

and

assesses

its

adequacy

and

the

effectiveness

of

its

implementation,

including,

if

applicable,

the

operation

of

the

HLIM

and

any

material

changes

to

the

LRMP

(the

“Program

Administrator

Report”).

At

a

meeting

held

April

20,

2023,

the

Adviser

provided

to

the

Trustees

the

Program

Administrator

Report,

which

covered

the

operation

of

the

LRMP

from

January

1,

2022

through

December

31,

2022

(the

“Reporting

Period”).

Further,

at

a

meeting

held

on

June

26,

2023,

the

Adviser

provided

to

the

Trustees

an

update

regarding

the

Program

Administrator

Report

for

the

Reporting

Period.  

The

Program

Administrator

Report

discussed

the

operation

and

effectiveness

of

the

LRMP

during

the

Reporting

Period.

Among

other

things,

the

Program

Administrator

Report

indicated

that

there

were

no

material

changes

to

the

LRMP

during

the

Reporting

Period,

although

there

were

certain

methodology

adjustments

implemented

relating

to

a

change

in

data

provider

used

by

the

Program

Administrator.

Additionally,

the

findings

presented by

the

Program

Administrator

indicated

that

the

LRMP

operated

adequately

during

the

Reporting

Period.

These

findings

included

that

each

Fund

was

able

to

meet

redemptions

during

the

normal

course

of

business

during

the

Reporting

Period.

The

Program

Administrator

Report

also

stated

that

each

Fund

did

not

exceed

the

15%

limit

on

illiquid

assets

during

the

Reporting

Period,

that

each

Fund

held

primarily

highly

liquid

assets,

and

was

considered

to

be

a

primarily

highly

liquid

fund

during

the

Reporting

Period.

Also

included

among

the

Program

Administrator

Report’s

findings

was

the

determination

that

each

Fund’s

investment

strategy

remains

appropriate

for

an

open-end

fund.

In

addition,

the

Adviser

expressed

its

belief

that

the

LRMP

is

reasonably

designed

and

adequate

to

assess

and

manage

each

Fund’s

liquidity

risk,

considering

each

Fund’s

particular

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Liquidity

Risk

Management

Program

(unaudited)

Janus

Detroit

Street

Trust

39

risks

and

circumstances,

and

includes

policies

and

procedures

reasonably

designed

to

implement

each

required

component

of

the

Liquidity

Rule.

There

can

be

no

assurance

that

the

LRMP

will

achieve

its

objectives

in

the

future.

Please

refer

to

your

Fund’s

prospectus

for

more

information

regarding

the

risks

to

which

an

investment

in

the

Fund

may

be

subject.

125-24-93091

04-23

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

Henderson

Investors

US

LLC

is

the

investment

adviser

and

ALPS

Distributors,

Inc.

is

the

distributor.

ALPS

is

not

affiliated

with

Janus

Henderson

or

any

of

its

subsidiaries.

SEMIANNUAL

REPORT

April

30,

2023

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Fund

At

A

Glance

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

3

Disclosure

of

Fund

Expenses

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

5

Schedule

of

Investments

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

6

Statement

of

Assets

and

Liabilities

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

9

Statement

of

Operations

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

10

Statements

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

Liquidity

Risk

Management

Program

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

25

Hamish

Chamberlayne

Aaron

Scully

co-portfolio

manager

co-portfolio

manager

Janus

Henderson

U.S.

Sustainable

Equity

ETF

(unaudited)

Fund

At

A

Glance

April

30,

2023

Janus

Detroit

Street

Trust

3

Holdings

are

subject

to

change

without

notice.

5

Largest

Equity

Holdings

–

(%

of

Net

Assets)

Microsoft

Corp.

Software

7.8%

Humana,

Inc.

Health

Care

Providers

&

Services

4.8%

Progressive

Corp.

(The)

Insurance

4.4%

NVIDIA

Corp.

Semiconductors

&

Semiconductor

Equipment

4.0%

Xylem,

Inc.

Machinery

3.9%

24.9%

Sector

Allocation

–

(%

of

Net

Assets)

Technology

28.2%

Financial

20.8%

Consumer,

Non-cyclical

19.8%

Industrial

17.2%

Consumer,

Cyclical

7.7%

Communications

3.9%

Investment

Company

2.4%

100.0%

Janus

Henderson

U.S.

Sustainable

Equity

ETF

(unaudited)

Performance

4

April

30,

2023

Total

annual

expense

ratio

as

stated

in

the

prospectus:

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.

Investing

involves

risk,

including

the

possible

loss

of

principal

and

fluctuation

of

value.

There

is

no

assurance

the

stated

objective(s)

will

be

met.

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

April

30,

2023

Fiscal

Year-to-

Date

One

Year

Since

Inception

*

Janus

Henderson

U.S.

Sustainable

Equity

ETF

-

NAV

10.01%

2.22%

-10.10%

Janus

Henderson

U.S.

Sustainable

Equity

ETF

-

Market

Price

10.01%

2.17%

-10.10%

S&P

500

®

Index

8.63%

2.66%

-3.20%

*

The

Fund

commenced

operations

on

September

8,

2021.

Janus

Henderson

U.S.

Sustainable

Equity

ETF

(unaudited)

Disclosure

of

Fund

Expenses

Janus

Detroit

Street

Trust

5

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

(11/1/22)

Ending

Account

Value

(4/30/23)

Expenses

Paid

During

Period

(11/1/22

-

4/30/23)

†

Beginning

Account

Value

(11/1/22)

Ending

Account

Value

(4/30/23)

Expenses

Paid

During

Period

(11/1/22

-

4/30/23)

†

Net

Annualized

Expense

Ratio

(11/1/22

-

4/30/23)

$1,000.00

$1,100.10

$2.86

$1,000.00

$1,022.07

$2.76

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

181/365

(to

reflect

the

one-half

year

period).

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Schedule

of

Investments

(unaudited)

April

30,

2023

6

April

30,

2023

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares

Value

Common

Stocks

-

97.6%

Automobile

Components

-

2.3%

Aptiv

plc*

2,753

$

283,174

Biotechnology

-

0.2%

Moderna,

Inc.*

176

23,389

Building

Products

-

3.8%

Advanced

Drainage

Systems,

Inc.

2,452

210,185

Carrier

Global

Corp.

6,486

271,245

481,430

Electronic

Equipment,

Instruments

&

Components

-

8.2%

IPG

Photonics

Corp.*

2,841

326,658

Keysight

Technologies,

Inc.*

2,553

369,266

TE

Connectivity

Ltd.

2,748

336,273

1,032,197

Financial

Services

-

4.7%

Mastercard,

Inc.

-

Class

A

1,030

391,431

Walker

&

Dunlop,

Inc.

2,996

201,661

593,092

Food

Products

-

1.2%

McCormick

&

Co.,

Inc.

(Non-Voting)

1,763

154,879

Health

Care

Equipment

&

Supplies

-

2.3%

Edwards

Lifesciences

Corp.*

2,047

180,095

STAAR

Surgical

Co.*

1,457

102,675

282,770

Health

Care

Providers

&

Services

-

7.3%

Encompass

Health

Corp.

4,859

311,705

Humana,

Inc.

1,123

595,740

907,445

Health

Care

Technology

-

1.6%

Certara,

Inc.*

8,106

195,922

Industrial

REITs

-

2.3%

Prologis,

Inc.

2,276

285,069

Insurance

-

11.2%

Aon

plc

-

Class

A

1,321

429,563

Marsh

&

McLennan

Cos.,

Inc.

2,318

417,681

Progressive

Corp.

(The)

4,056

553,238

1,400,482

IT

Services

-

0.2%

Twilio,

Inc.

-

Class

A*

449

23,622

Life

Sciences

Tools

&

Services

-

7.3%

Bruker

Corp.

3,229

255,511

ICON

plc*

1,764

339,905

Illumina,

Inc.*

515

105,863

PerkinElmer,

Inc.

1,635

213,351

914,630

Machinery

-

7.7%

Westinghouse

Air

Brake

Technologies

Corp.

4,925

481,025

Xylem,

Inc.

4,672

485,140

966,165

Semiconductors

&

Semiconductor

Equipment

-

11.8%

Lam

Research

Corp.

552

289,292

Microchip

Technology,

Inc.

4,621

337,287

NVIDIA

Corp.

1,803

500,314

Texas

Instruments,

Inc.

2,084

348,445

1,475,338

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Schedule

of

Investments

(unaudited)

April

30,

2023

Janus

Detroit

Street

Trust

7

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares

Value

Common

Stocks

-

(continued)

Software

-

13.6%

Atlassian

Corp.

-

Class

A*

439

$

64,823

Autodesk,

Inc.*

1,343

261,603

Cadence

Design

Systems,

Inc.*

787

164,837

Microsoft

Corp.

3,190

980,159

Workday,

Inc.

-

Class

A*

1,206

224,485

1,695,907

Specialized

REITs

-

2.6%

Crown

Castle,

Inc.

1,137

139,953

Equinix,

Inc.

258

186,813

326,766

Specialty

Retail

-

2.2%

Home

Depot,

Inc.

(The)

937

281,606

Textiles,

Apparel

&

Luxury

Goods

-

2.2%

NIKE,

Inc.

-

Class

B

2,133

270,294

Trading

Companies

&

Distributors

-

1.0%

Core

&

Main,

Inc.

-

Class

A*

4,935

128,606

Wireless

Telecommunication

Services

-

3.9%

T-Mobile

US,

Inc.*

3,365

484,223

Total

Common

Stocks

(cost

$14,002,451)

12,207,006

Investment

Companies

-

2.4%

Money

Market

Funds

-

2.4%

Federated

Hermes

Government

Obligations

Tax-Managed

Fund,

Institutional

Class,

4.5900%

∞

(cost

$304,399)

304,399

304,399

Total

Investments

(total

cost

$14,306,850

)

-

100.0%

12,511,405

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

0.0%

(2,468)

Net

Assets

-

100.0%

$12,508,937

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

11,823,503

94.5

%

Ireland

623,079

5.0

Australia

64,823

0.5

Total

$

12,511,405

100.0

%

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

April

30,

2023

8

April

30,

2023

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

REIT

Real

Estate

Investment

Trust

*

Non-income

producing

security.

∞

Rate

shown

is

the

7-day

yield

as

of

April

30,

2023.

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

April

30,

2023

.

See

Notes

to

Financial

Statements

for

more

information.

Valuation

Inputs

Summary

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Assets

Investments

in

Securities:

Common

Stocks

$

12,207,006

$

—

$

—

Investment

Companies

304,399

—

—

Total

Assets

$

12,511,405

$

—

$

—

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Statement

of

Assets

and

Liabilities

(unaudited)

April

30,

2023

Janus

Detroit

Street

Trust

9

See

Notes

to

Financial

Statements.

Assets:

Investments,

at

value

(cost

$14,306,850)

$

12,511,405

Receivables:

Dividends

6,038

Total

Assets

12,517,443

Liabilities:

Payables:

Management

fees

8,506

Total

Liabilities

8,506

Net

Assets

$

12,508,937

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

17,101,574

Total

distributable

earnings

(loss)

(

4,592,637

)

Total

Net

Assets

$

12,508,937

Net

Assets

$

12,508,937

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

600,001

Net

Asset

Value

Per

Share

$

20

.85

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Statement

of

Operations

(unaudited)

For

the

period

ended

April

30,

2023

10

April

30,

2023

See

Notes

to

Financial

Statements.

Investment

Income:

Dividends

$

95,521

Total

Investment

Income

95,521

Expenses:

Management

Fees

57,366

Total

Expenses

57,366

Net

Investment

Income/(Loss)

38,155

Net

Realized

Gain/(Loss)

on

Investments:

Investments

$

(

1,093,669

)

Total

Net

Realized

Gain/(Loss)

on

Investments

$

(

1,093,669

)

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

3,190,761

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

3,190,761

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

2,135,247

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Statements

of

Changes

in

Net

Assets

Janus

Detroit

Street

Trust

11

See

Notes

to

Financial

Statements.

Period

Ended

April

30,

2023

(unaudited)

Year

Ended

October

31,

2022

Operations:

Net

investment

income/(loss)

$

38,155

$

66,186

Net

realized

gain/(loss)

on

investments

(1,093,669)

(5,799,653)

Change

in

unrealized

net

appreciation/depreciation

3,190,761

(6,157,764)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

2,135,247

(11,891,231)

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(42,388)

(207,757)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(42,388)

(207,757)

Capital

Share

Transactions

(9,519,283)

(19,360,054)

Net

Increase/(Decrease)

in

Net

Assets

(7,426,424)

(31,459,042)

Net

Assets:

—

—

Beginning

of

Period  

19,935,361

51,394,403

End

of

Period

$

12,508,937

$

19,935,361

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Financial

Highlights

12

April

30,

2023

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

the

period

ended

April

30,

2023

(unaudited)

and

each

year

or

period

ended

October

31

2023

2022

2021

(1)

Net

Asset

Value,

Beginning

of

Period

$18.99

$25.38

$25.00

Income/(Loss)

from

Investment

Operations:

—

—

—

Net

investment

income/(loss)

(2)

0.04

0.04

—

(3)

Net

realized

and

unrealized

gain/(loss)

1.86

(6.32)

0.38

Total

from

Investment

Operations

1.90

(6.28)

0.38

Less

Dividends

and

Distributions:

—

—

—

Dividends

(from

net

investment

income)

(0.04)

(0.11)

—

Total

Dividends

and

Distributions

(0.04)

(0.11)

—

Net

Asset

Value,

End

of

Period

$20.85

$18.99

$25.38

Total

Return

*

10.01%

(24.82)%

1.52%

Net

assets,

End

of

Period

(in

thousands)

$12,509

$19,935

$51,394

Average

Net

Assets

for

the

Period

(in

thousands)

$20,993

$35,742

$44,389

Ratios

to

Average

Net

Assets

**

Ratio

of

Gross

Expenses

0.55%

0.55%

0.55%

Ratio

of

Net

Investment

Income/(Loss)

0.37%

0.19%

(0.01)%

Portfolio

Turnover

Rate

(4)

10%

9%

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

(unaudited)

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.

As

of

the

date

of

this

report,

the

Trust

offers twelve

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.

Janus

Henderson

Investors

US

LLC

is

the

investment

adviser

(the

“Adviser”)

to

the

Fund.

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.

(the

"Exchange"),

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

ALPS

Distributors,

Inc.

(the

"Distributor"),

the

Adviser

or

an

affiliate

of

the

Adviser

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 

Fund holdings

are

valued

in

accordance

with

policies

and

procedures

established

by

the

Adviser

pursuant

to

Rule

2a-5

under

the

1940

Act

and

approved

by

and

subject

to

the

oversight

of

the

Trustees

(the

“Valuation

Procedures”).

Equity

securities,

including

shares

of

exchange-traded

funds,

traded

on

a

domestic

securities

exchange

are

generally

valued

at

readily

available

market

quotations,

which

are

(i)

the

official

close

prices

or

(ii)

last

sale

prices

on

the

primary

market

or

exchange

in

which

the

securities

trade.

If

such

price

is

lacking

for

the

trading

period

immediately

preceding

the

time

of

determination,

such

securities

are

generally

valued

at

their

current

bid

price.

Equity

securities

that

are

traded

on

a

foreign

exchange

are

generally

valued

at

the

closing

prices

on

such

markets.

In

the

event

that

there

is

no

current

trading

volume

on

a

particular

security

in

such

foreign

exchange,

the

bid

price

from

the

primary

exchange

is

generally

used

to

value

the

security.

Foreign

securities

and

currencies

are

converted

to

U.S.

dollars

using

the

current

spot

USD

dollar

exchange

rate

in

effect

at

the

close

of

the

London

Stock

Exchange.

The Fund will

determine

the

market

value

of

individual

securities

held

by

it

by

using

prices

provided

by

one

or

more

approved

professional

pricing

services

or,

as

needed,

by

obtaining

market

quotations

from

independent

broker-dealers.

Most

debt

securities

are

valued

in

accordance

with

the

evaluated

bid

price

supplied

by

the

Adviser-approved

pricing

service

that

is

intended

to

reflect

market

value.

The

evaluated

bid

price

supplied

by

the

pricing

service

is

an

evaluation

that

may

consider

factors

such

as

security

prices,

yields,

maturities

and

ratings.

Certain

short-term

securities

maturing

within

60

days

or

less

may

be

evaluated

and

valued

on

an

amortized

cost

basis

provided

that

the

amortized

cost

determined

approximates

market

value.

Securities

for

which

market

quotations

or

evaluated

prices

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

determined

in

good

faith

by

the

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Notes

to

Financial

Statements

(unaudited)

14

April

30,

2023

Adviser

pursuant

to

the

Valuation

Procedures.

Shares

of

an

investment

company

that

are

not

traded

on

an

exchange,

including

money

market

funds,

are

valued

at

that

company's

net

asset

value

per

share.

Circumstances

in

which

fair

valuation

may

be

utilized

include,

but

are

not

limited

to:

(i)

a

significant

event

that

may

affect

the

securities

of

a

single

issuer,

such

as

a

merger,

bankruptcy,

or

significant

issuer-specific

development;

(ii)

an

event

that

may

affect

an

entire

market,

such

as

a

natural

disaster

or

significant

governmental

action;

(iii)

a

nonsignificant

event

such

as

a

market

closing

early

or

not

opening,

or

a

security

trading

halt;

and

(iv)

pricing

of

a

non-valued

security

and

a

restricted

or

nonpublic

security.

Special

valuation

considerations

may

apply

with

respect

to

“odd-lot”

fixed-income

transactions

which,

due

to

their

small

size,

may

receive

evaluated

prices

by

pricing

services

which

reflect

a

large

block

trade

and

not

what

actually

could

be

obtained

for

the

odd-lot

position.

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

April

30,

2023 to

fair

value

the

Fund’s

investments

in

securities

and

other

financial

instruments

is

included

in

the

“Valuation

Inputs

Summary”

in

the

Notes

to

Schedule

of

Investments

and

Other

Information.

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

U.S.

Sustainable

Equity

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

15

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

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 

Market Risk 

The

value

of

the

Fund's

portfolio

may

decrease

if

the

value

of

one

or

more

issuers

in

the

Fund's

portfolio

decreases.

Further,

regardless

of

how

well

individual

companies

or

securities

perform,

the

value

of

the

Fund's

portfolio

could

also

decrease

if

there

are

deteriorating

economic

or

market

conditions,

including,

but

not

limited

to,

a

general

decline

in

prices

on

the

stock

markets,

a

general

decline

in

real

estate

markets,

a

decline

in

commodities

prices,

or

if

the

market

favors

different

types

of

securities

than

the

types

of

securities

in

which

the

Fund

invests.

If

the

value

of

the

Fund's

portfolio

decreases,

the

Fund's

NAV

will

also

decrease,

which

means

if

you

sell

your

shares

in

the

Fund

you

may

lose

money.

Market

risk

may

affect

a

single

issuer,

industry,

economic

sector,

or

the

market

as

a

whole.

The

increasing

interconnectivity

between

global

economies

and

financial

markets

increases

the

likelihood

that

events

or

conditions

in

one

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

Social,

political,

economic

and

other

conditions

and

events,

such

as

natural

disasters,

health

emergencies

(e.g.,

epidemics

and

pandemics),

terrorism,

conflicts,

including

related

sanctions,

and

social

unrest,

could

reduce

consumer

demand

or

economic

output,

result

in

market

closures,

travel

restrictions

and/or

quarantines,

and

generally

have

a

significant

impact

on

the

global

economies

and

financial

markets.

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Notes

to

Financial

Statements

(unaudited)

16

April

30,

2023

COVID-19

Pandemic.

The

effects

of

COVID-19

have

contributed

to

increased

volatility

in

global

financial

markets

and

have

affected

and

may

continue

to

affect

certain

countries,

regions,

issuers,

industries

and

market

sectors

more

dramatically

than

others.

These

conditions

and

events

could

have

a

significant

impact

on

the

Fund

and

its

investments,

the

Fund's

ability

to

meet

redemption

requests,

and

the

processes

and

operations

of

the

Fund's

service

providers,

including

the

Adviser.

Russia/Ukraine

Invasion.

Russia

launched

a

large-scale

invasion

of

Ukraine

on

February

24,

2022.

The

extent

and

duration

of

the

military

action,

resulting

sanctions

and

resulting

future

market

disruptions

in

the

region

are

impossible

to

predict,

but

could

be

significant

and

have

a

severe

adverse

effect

on

the

region,

including

significant

negative

impacts

on

the

economy

and

the

markets

for

certain

securities

and

commodities,

such

as

oil

and

natural

gas,

as

well

as

other

sectors. 

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

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

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

17

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

the

Adviser 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. The

Adviser'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

April

30,

2023,

the

Fund’s

actual

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

the

Adviser,

on

behalf

of

the

Fund.

As

compensation

for

such

services, the

Adviser pays

JP

Morgan

a

fee

based

on

a

percentage

of

the

Fund’s

assets,

with

a

minimum

flat

fee,

for

certain

services. The

Adviser serves

as

administrator

to

the

Fund,

providing

oversight

and

coordination

of

the

Fund’s

service

providers,

recordkeeping

and

other

administrative

services. The

Adviser 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

the

Adviser 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

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

April

30,

2023, the

Adviser

owned 500,001

shares

or 83.33%

of

the

Fund.

4.

Federal

Income

Tax 

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.

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

(unaudited)

18

April

30,

2023

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,

2022,

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 April

30,

2023 are

noted

below.

5.

Capital

Share

Transactions 

6.

Purchases

and

Sales

of

Investment

Securities

For

the period ended

April

30,

2023,

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 period

ended

April

30,

2023,

the

cost

of

in-kind

purchases

and

proceeds

from

in-kind

sales,

were

as

follows: 

During

the

period ended

April

30,

2023,

the

Fund

had

net

realized

loss of $414,392 from

in-kind

redemptions.

Gains

on

in-kind

transactions

are

not

considered

taxable

for

federal

income

tax

purposes. 

Capital

Loss

Carryover

Schedule

For

the

year

ended

October

31,

2022

No

Expiration

Short-Term

Long-Term

Accumulated

Capital

Losses

$(1,330,022)

$(378,636)

$(1,708,658)

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$14,306,850

$525,130

$(2,320,575)

$(1,795,445)

Period

Ended

April

30,

2023

Year

Ended

October

31,

2022

Shares

Amount

Shares

Amount

Shares

sold

25,000

$

474,907

75,000

$

1,486,411

Shares

repurchased

(475,000)

(9,994,190

)

(1,050,000)

(20,846,465

)

Net

Increase/(Decrease)

(450,000)

$

(9,519,283

)

(975,000)

$

(19,360,054

)

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

$1,932,368

$2,065,937

$—

$—

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

$452,412

$9,763,441

$—

$—

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

19

7.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to April

30,

2023

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

U.S.

Sustainable

Equity

ETF

Additional

Information

(unaudited)

20

April

30,

2023

Proxy

Voting

Policies

and

Voting

Record

Information

regarding

how

the

Fund

voted

proxies

related

to

portfolio

securities

during

the

most

recent

12-month

period

ended

June

30

and

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

1-800-525-1093

(toll

free);

(ii)

on

the

Fund’s

website

at

janushenderson.com/proxyvoting;

and

(iii)

on

the

SEC’s

website

at

http://www.sec.gov.

Portfolio

Holdings

The

Fund

files

its

complete

portfolio

holdings

(schedule

of

investments)

with

the

SEC

as

an

exhibit

to

Form

N-PORT

within

60

days

of

the

end

of

the

first

and

third

fiscal

quarters,

and

in

the

annual

report

and

semiannual

report

to

shareholders.

The

Fund’s

Form

N-PORT

filings

and

annual

and

semiannual

reports:

(i)

are

available

on

the

SEC’s

website

at

http://www.sec.gov;

and

(ii)

are

available

without

charge,

upon

request,

by

calling

a

Janus

Henderson

representative

at

1-800-668-0434

(toll

free).

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

Janus

Detroit

Street

Trust

21

The

Board

of

Trustees

(the

“Board”)

of

Janus

Detroit

Street

Trust

(the

“Trust”),

including

a

majority

of

the

Trustees

who

are

not

“interested

persons”

as

that

term

is

defined

in

the

Investment

Company

Act

of

1940,

as

amended

(the

“Independent

Trustees”),

met

on

April

19-20,

2023

to

consider

the

proposed

renewal

of

the

investment

management

agreement

between

Janus

Henderson

Investors

US

LLC

(the

“Adviser”)

and

the

Trust

(the

“Investment

Management

Agreement”),

on

behalf

of

Janus

Henderson

AAA

CLO

ETF

(“JAAA”),

Janus

Henderson

B-BBB

CLO

ETF

(“JBBB”),

Janus

Henderson

International

Sustainable

Equity

ETF

(“SXUS”),

Janus

Henderson

Mortgage-Backed

Securities

ETF

(“JMBS”),

Janus

Henderson

Net

Zero

Transition

Resources

ETF

(“JZRO”),

Janus

Henderson

Short

Duration

Income

ETF

(“VNLA”),

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

(“JSML”),

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

(“JSMD”),

Janus

Henderson

Sustainable

Corporate

Bond

ETF

(“SCRD”),

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

(“JIB”),

Janus

Henderson

U.S.

Real

Estate

ETF

(“JRE”)

and

Janus

Henderson

U.S.

Sustainable

Equity

ETF

(“SSPX”)

(collectively,

the

“Funds”).

In

the

course

of

their

consideration

of

the

renewal

of

the

Investment

Management

Agreement,

the

Independent

Trustees

met

in

executive

session

and

were

advised

by

their

independent

counsel.

In

this

regard,

the

Independent

Trustees

evaluated

the

terms

of

the

Investment

Management

Agreement

and

reviewed

the

duties

and

responsibilities

of

trustees

in

evaluating

and

approving

such

agreements.

In

considering

renewal

of

the

Investment

Management

Agreement,

the

Board

and

the

Independent

Trustees,

as

applicable,

reviewed

the

materials

provided

to

them

relating

to

the

consideration

of

the

renewal

of

the

Investment

Management

Agreement

for

the

Funds

and

other

information

provided

by

counsel

and

the

Adviser,

including:

(i)

information

regarding

the

nature,

quality

and

extent

of

the

services

provided

to

the

Funds

by

the

Adviser,

and

the

fees

charged

to

each

Fund

therefor;

(ii)

information

concerning

the

Adviser’s

financial

condition,

business,

operations,

portfolio

management

personnel,

compliance

programs,

and

profitability

with

respect

to

the

Trust

and

each

Fund;

(iii)

comparative

information

describing

each

Fund’s

advisory

fee

structures,

operating

expenses,

and

performance

information

as

compared

to

peer

fund

groups

compiled

by

an

independent

third

party;

(iv)

a

copy

of

the

Adviser’s

current

Form

ADV;

and

(v)

a

memorandum

from

counsel

to

the

Independent

Trustees

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

throughout

the

year.

The

Trustees

also

considered

information

received

and

reviewed

in

connection

with

a

meeting

held

on

March

13,

2023

via

videoconference

to

discuss

certain

information

provided

by

the

Adviser

related

to

the

Trustees’

consideration

of

the

renewal

of

the

Investment

Management

Agreement.

During

its

review

of

this

information,

the

Board

focused

on

and

analyzed

the

factors

that

it

deemed

relevant,

including,

among

other

factors:

(i)

the

nature,

extent

and

quality

of

the

services

provided

to

the

Funds

by

the

Adviser;

(ii)

the

Adviser’s

personnel

and

operations;

(iii)

each

Fund’s

expense

level;

(iv)

the

profitability

to

the

Adviser

under

the

Investment

Management

Agreement

with

respect

to

each

Fund;

(v)

any

“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);

(vi)

the

effect

of

asset

growth

on

each

Fund’s

expenses;

and

(vii)

potential

conflicts

of

interest.

The

Trustees

also

considered

benefits

that

accrue

to

the

Adviser

and

its

affiliates

from

their

relationships

with

the

Trust

and

each

Fund.

The

Trustees

also

considered

that,

other

than

the

services

provided

by

the

Adviser

and

its

affiliates

pursuant

to

agreements

with

the

Funds

and

the

fees

paid

by

the

Funds

therefor,

the

Funds

and

the

Adviser

may

potentially

benefit

from

their

relationship

with

each

other

in

other

ways.

The

Trustees

considered

that

the

success

of

the

Funds

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

Funds.

The

Board,

including

the

Independent

Trustees,

considered

the

following

in

respect

of

the

Funds:

(a)

The

nature,

extent

and

quality

of

services

provided

by

the

Adviser;

personnel

and

operations

of

the

Adviser.

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

22

April

30,

2023

The

Board

reviewed

the

services

that

the

Adviser

provides

to

the

Funds.

In

connection

with

the

investment

advisory

services

provided

by

the

Adviser,

the

Board

noted

the

responsibilities

that

the

Adviser

has

as

the

Funds’

investment

adviser,

including:

the

overall

supervisory

responsibility

for

the

general

management

and

investment

of

each

Fund’s

securities

portfolio;

providing

oversight

of

the

investment

performance

and

processes

and

compliance

with

each

Fund’s

investment

objectives,

policies

and

limitations;

the

implementation

of

the

investment

management

program

of

each

Fund;

the

management

of

the

day-to-day

investment

and

reinvestment

of

the

assets

of

each

Fund;

determining

daily

baskets

of

securities

and

cash

components

in

connection

with

creation

and

redemption

transactions

in

each

Fund’s

shares;

executing

portfolio

security

trades

for

purchases

and

redemptions

of

each

Fund’s

shares

conducted

on

a

cash-

in-lieu

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

Funds.

The

Board

reviewed

the

Adviser’s

experience,

resources

and

strengths

in

managing

the

Funds

and

other

pooled

investment

vehicles,

including

an

assessment

of

the

Adviser’s

personnel.

Based

on

its

consideration

and

review

of

the

foregoing

information,

the

Board

determined

that

each

Fund

was

likely

to

continue

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

rendered

and

fees

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

Funds;

“fall-out”

benefits.

The

Board

then

compared

both

the

services

rendered

and

the

fees

paid

under

other

contracts

of

the

Adviser

and

under

contracts

of

other

investment

advisers

with

respect

to

similar

ETFs.

In

particular,

the

Board

reviewed

a

report

compiled

by

an

independent

third

party

to

compare

each

Fund’s

contractual

management

fee

and

total

expense

ratio

to

other

investment

companies

within

each

Fund’s

respective

peer

grouping,

as

determined

by

the

independent

third

party.

The

information

provided

by

the

comparative

report

showed

how

the

total

expense

ratio

and

contractual

management

fee

for

each

of

the

Funds

compared

within

its

respective

peer

group

for

the

one-year

period

ended

December

31,

2022.

The

reporting

is

described

in

detail

below:

The

total

expense

ratio

and

the

contractual

management

fee

for

JAAA

was

each

reported

in

the

1st

quintile

of

its

respective

peer

group

(with

1st

quintile

being

the

lowest

fees/expenses

and

5th

quintile

being

the

highest

fees/

expenses).

The

total

expense

ratio

and

the

contractual

management

fee

for

JBBB

was

each

reported

in

the

2nd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

SXUS

was

each

reported

in

the

4th

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JMBS

was

each

reported

in

the

1st

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JZRO

was

each

reported

in

the

2nd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

VNLA

was

each

reported

in

the

1st

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JSML

was

each

reported

in

the

3rd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JSMD

was

each

reported

in

the

3rd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

SCRD

was

reported

in

the

3rd

and

2nd

quintiles,

respectively.

The

total

expense

ratio

and

the

contractual

management

fee

for

JIB

as

each

reported

in

the

3rd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JRE

was

each

at

median

as

compared

to

expense

group

peers.

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

Janus

Detroit

Street

Trust

23

The

total

expense

ratio

and

the

contractual

management

fee

for

SSPX

was

reported

in

the

4th

and

3rd

quintiles,

respectively.

The

Board

further

considered

that

the

Adviser

had

voluntarily

agreed

to

cap

the

expenses

of

JAAA,

JMBS

and

VNLA

to

the

extent

that

such

Funds’

total

expense

ratio

exceeded

0.22%,

0.28%

and

0.23%,

respectively,

for

the

period

February

28,

2023

through

February

29,

2024

in

the

case

of

JMBS

and

VNLA

and

for

the

period

of

January

20,

2023

through

February

29,

2024

in

the

case

of

JAAA.

The

Board

further

noted

the

Adviser’s

contractual

commitment

with

respect

to

the

Funds’

investments

in

affiliated

ETFs

to

waive

and/or

reimburse

a

portion

of

its

management

fee

in

an

amount

equal

to

a

portion

of

the

management

fee

it

earns

as

investment

adviser

to

affiliated

ETFs

in

which

a

Fund

invests

(if

any),

for

at

least

the

period

from

February 28,

2023

until

February 29,

2024.

The

Board

also

discussed

the

costs

incurred

by

the

Adviser

in

connection

with

its

serving

as

investment

adviser

to

the

Funds,

including

operational

costs.

After

comparing

each

Fund’s

fees

and

expenses

with

those

of

other

ETFs

in

the

Funds’

respective

peer

groups,

and

in

light

of

the

nature,

extent

and

quality

of

services

provided

by

the

Adviser

and

the

costs

incurred

by

the

Adviser

in

rendering

those

services,

as

well

as

the

profitability

of

the

Adviser

in

providing

these

services,

the

Board

concluded

that

the

level

of

fees

paid

to

the

Adviser

and

the

profitability

with

respect

to

each

Fund

was

fair

and

reasonable.

The

Board

also

considered

that

the

Adviser

may

experience

reputational

“fall-out”

benefits

based

on

the

success

of

the

Funds,

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.

In

its

review,

the

Board

considered

that

the

Funds

were

positioned

to

realize

potential

economies

of

scale

as

assets

grow

over

time,

given

the

inclusion

of

management

fee

breakpoints

for

each

Fund

in

the

current

investment

advisory

agreement

at

various

asset

levels.

(d)

Investment

performance

of

the

Fund

and

the

Adviser.

The

Board

next

discussed

the

annualized

returns

of

the

Funds

on

both

an

absolute

basis

and

relative

to

the

performance

of

funds

comprising

a

performance

universe

compiled

by

an

independent

third

party

for

each

Fund

for

the

three-month

period,

one-year

period,

two-year

period,

three-year

period,

four-year

period,

five-year

period,

and/or

since

inception

period

ended

December

31,

2022

(each

period

as

applicable).

The

Board

noted

the

following

for

each

Fund:

JAAA

was

reported

to

be

in

the

1st

and

3rd

quintiles

of

its

performance

universe

(with

the

1st

quintile

being

the

best

performer

and

the

5th

quintile

being

the

worst

performer)

for

its

one-

and

two-year

periods,

respectively;

JBBB

was

reported

to

be

in

the

1st

and

5th

quintiles

of

its

performance

universe

for

its

3-month

and

since

inception

periods,

respectively;

SXUS

was

reported

to

be

in

the

4th

quintile

of

its

performance

universe

for

each

of

its

three-month,

one-year,

and

since

inception

periods;

JMBS

was

reported

to

be

in

the

2nd,

2nd,

2nd

and

1st

quintiles

of

its

performance

universe

for

its

one-,

two-,

three-,

and

four-year

periods,

respectively;

JZRO

was

reported

to

be

in

the

2nd,

2nd,

and

1st

quintiles

of

its

performance

universe

for

its

three-month,

one-year,

and

since

inception

periods,

respectively;

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

24

April

30,

2023

VNLA

was

reported

to

be

in

the

1st

quintile

of

its

performance

universe

for

each

of

its

one-,

two-,

three-,

four-,

and

five-year

periods;

JSML

was

reported

to

be

in

the

4th,

4th,

5th,

5th,

and

4th

quintiles

of

its

performance

universe

for

its

one-,

two-,

three-,

four-,

and

five-year

periods,

respectively;

JSMD

was

reported

to

be

in

the

2nd,

3rd,

3rd,

3rd

and

3rd

quintiles

of

its

performance

universe

for

its

one-,

two-,

three-,

four-,

and

five-year

periods,

respectively;

SCRD

was

reported

to

be

in

the

4th,

3rd,

and

2nd

quintiles

of

its

performance

universe

for

its

three-month,

one-year,

and

since

inception

periods,

respectively;

JIB

was

reported

to

be

in

the

5th,

4th,

and

4th

quintiles

of

its

performance

universe

for

its

three-month,

one-year,

and

since

inception

periods,

respectively;

JRE

was

reported

to

be

in

the

1st

quintile

of

its

performance

universe

for

each

of

its

three-month,

one-year,

and

since

inception

periods;

and

SSPX

was

reported

to

be

in

its

3rd,

5th,

and

5th

quintiles

of

its

performance

universe

for

its

three-month,

one-year,

and

since

inception

periods,

respectively.

With

respect

to

JSML

and

JSMD,

the

Board

noted

that

these

Funds

are

index-based

and,

as

a

result,

passively

managed

to

seek

to

track

the

returns

of

specified

indices.

For

this

reason,

the

Board

also

considered

the

performance

of

these

Funds

in

relation

to

the

performance

of

each

Fund’s

respective

underlying

index

(i.e.

“tracking

error”),

and

considered

that

the

tracking

error

was

within

anticipated

ranges.

The

Board

considered

the

Adviser’s

explanation

of

performance

results

for

each

Fund

across

the

relevant

periods

provided

as

part

of

the

consideration

of

the

renewal

of

the

Investment

Advisory

Agreement,

and

during

the

course

of

the

previous

year.

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

management

fee

rates

and

total

expense

ratios

of

each

Fund

are

reasonable

in

relation

to

the

services

provided

by

the

Adviser

to

such

Fund,

as

well

as

the

costs

incurred

and

benefits

gained

by

the

Adviser

in

providing

such

services.

The

Board

also

found

the

management

fees

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

renewal

of

the

Investment

Management

Agreement

for

an

additional

one-year

period

was

in

the

best

interests

of

each

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

renewal

of

the

Investment

Management

Agreement

for

each

Fund.

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Liquidity

Risk

Management

Program

(unaudited)

Janus

Detroit

Street

Trust

25

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),

requires

open-end

funds

(but

not

money

market

funds)

to

adopt

and

implement

a

written

liquidity

risk

management

program

(the

“LRMP”)

that

is

reasonably

designed

to

assess

and

manage

liquidity

risk,

which

is

the

risk

that

a

fund

could

not

meet

redemption

requests

without

significant

dilution

of

remaining

investors’

interests

in

the

fund.

The

Funds

have

adopted

and

implemented

a

LRMP,

which

incorporates

the

following

elements:

(i)

assessment,

management,

and

periodic

review

of

liquidity

risk;

(ii)

classification

of

portfolio

investments;

(iii)

the

establishment

and

monitoring

of

a

highly

liquid

investment

minimum

(“HLIM”),

as

applicable;

(iv)

a

15%

limitation

on

a

Fund’s

illiquid

investments;

(v)

provisions

concerning

redemptions

in-

kind;

and

(vi)

board

oversight.

In

light

of

the

fact

that

each

Fund

operates

as

an

exchange-traded

fund

(“ETF”),

the

LRMP

also

takes

into

account

considerations

unique

to

ETFs,

including

(i)

the

relationship

between

the

ETF’s

portfolio

liquidity

and

the

way

in

which,

and

the

prices

and

spreads

at

which,

ETF

shares

trade,

including:

the

efficiency

of

the

arbitrage

function

and

the

level

of

active

participation

by

market

participants

(including

authorized

participants);

and

(ii)

the

effect

of

the

composition

of

baskets

on

the

overall

liquidity

of

the

ETF’s

portfolio.

The

LRMP

also

considers

whether

an

ETF

meets

redemptions

through

in-kind

transfers

of

securities,

positions,

and

assets

other

than

a

de

minimis

amount

of

cash.

The

Trustees

of

the

Funds

(the

“Trustees”)

have

designated

Janus

Henderson

Investors

US

LLC,

the

Funds’

investment

adviser

(the

“Adviser”),

as

the

Program

Administrator

for

the

LRMP

responsible

for

administering

the

LRMP

and

carrying

out

the

specific

responsibilities

of

the

LRMP.

A

working

group

comprised

of

various

teams

within

the

Adviser’s

business

is

responsible

for

administering

the

LRMP

and

carrying

out

the

specific

responsibilities

of

different

aspects

of

the

LRMP

(the

“Liquidity

Risk

Working

Group”).

In

assessing

each

Fund’s

liquidity

risk,

the

Liquidity

Risk

Working

Group

periodically

considers,

as

relevant,

specified

liquidity

factors,

including:

(i)

the

investment

strategy

and

liquidity

of

a

Fund’s

portfolio

investments

during

both

normal

and

reasonably

foreseeable

stressed

conditions;

(ii)

whether

a

Fund’s

investment

strategy

is

appropriate

for

an

open-end

fund;

(iii)

the

extent

to

which

a

Fund’s

strategy

involves

a

relatively

concentrated

portfolio

or

large

positions

in

any

issuer;

(iv)

a

Fund’s

use

of

borrowing

for

investment

purposes;

(v)

a

Fund’s

use

of

derivatives;

(vi)

short-term

and

long-term

cash

flow

projections

during

both

normal

and

reasonably

foreseeable

stressed

conditions;

and

(vii)

holdings

of

cash

and

cash

equivalents,

as

well

as

borrowing

arrangements

and

other

funding

sources.

The

Liquidity

Rule

requires

the

Trustees

to

review

at

least

annually

a

written

report

provided

by

the

Program

Administrator

that

addresses

the

operation

of

the

LRMP

and

assesses

its

adequacy

and

the

effectiveness

of

its

implementation,

including,

if

applicable,

the

operation

of

the

HLIM

and

any

material

changes

to

the

LRMP

(the

“Program

Administrator

Report”).

At

a

meeting

held

April

20,

2023,

the

Adviser

provided

to

the

Trustees

the

Program

Administrator

Report,

which

covered

the

operation

of

the

LRMP

from

January

1,

2022

through

December

31,

2022

(the

“Reporting

Period”).

Further,

at

a

meeting

held

on

June

26,

2023,

the

Adviser

provided

to

the

Trustees

an

update

regarding

the

Program

Administrator

Report

for

the

Reporting

Period.  

The

Program

Administrator

Report

discussed

the

operation

and

effectiveness

of

the

LRMP

during

the

Reporting

Period.

Among

other

things,

the

Program

Administrator

Report

indicated

that

there

were

no

material

changes

to

the

LRMP

during

the

Reporting

Period,

although

there

were

certain

methodology

adjustments

implemented

relating

to

a

change

in

data

provider

used

by

the

Program

Administrator.

Additionally,

the

findings

presented by

the

Program

Administrator

indicated

that

the

LRMP

operated

adequately

during

the

Reporting

Period.

These

findings

included

that

each

Fund

was

able

to

meet

redemptions

during

the

normal

course

of

business

during

the

Reporting

Period.

The

Program

Administrator

Report

also

stated

that

each

Fund

did

not

exceed

the

15%

limit

on

illiquid

assets

during

the

Reporting

Period,

that

each

Fund

held

primarily

highly

liquid

assets,

and

was

considered

to

be

a

primarily

highly

liquid

fund

during

the

Reporting

Period.

Also

included

among

the

Program

Administrator

Report’s

findings

was

the

determination

that

each

Fund’s

investment

strategy

remains

appropriate

for

an

open-end

fund.

In

addition,

the

Adviser

expressed

its

belief

that

the

LRMP

is

reasonably

designed

and

adequate

to

assess

and

manage

each

Fund’s

liquidity

risk,

considering

each

Fund’s

particular

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Liquidity

Risk

Management

Program

(unaudited)

26

April

30,

2023

risks

and

circumstances,

and

includes

policies

and

procedures

reasonably

designed

to

implement

each

required

component

of

the

Liquidity

Rule.

There

can

be

no

assurance

that

the

LRMP

will

achieve

its

objectives

in

the

future.

Please

refer

to

your

Fund’s

prospectus

for

more

information

regarding

the

risks

to

which

an

investment

in

the

Fund

may

be

subject.

125-24-93093

04-23

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

Henderson

Investors

US

LLC

is

the

investment

adviser

and

ALPS

Distributors,

Inc.

is

the

distributor.

ALPS

is

not

affiliated

with

Janus

Henderson

or

any

of

its

subsidiaries.

SEMIANNUAL

REPORT

April

30,

2023

Janus

Henderson

B-BBB

CLO

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

B-BBB

CLO

ETF

Fund

At

A

Glance

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

3

Disclosure

of

Fund

Expenses

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

5

Schedule

of

Investments

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

6

Statement

of

Assets

and

Liabilities

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

10

Statement

of

Operations

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

11

Statements

of

Changes

in

Net

Assets

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

12

Financial

Highlights

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

13

Notes

to

Financial

Statements

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

14

Additional

Information

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

22

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

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

23

Liquidity

Risk

Management

Program

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

27

Jessica

Shill

John

Kerschner

Nick

Childs

co-portfolio

manager

co-portfolio

manager

co-portfolio

manager

Janus

Henderson

B-BBB

CLO

ETF

(unaudited)

Fund

At

A

Glance

April

30,

2023

Janus

Detroit

Street

Trust

3

Holdings

are

subject

to

change

without

notice.

Sector

Allocation

–

(%

of

Net

Assets)

Collateralized

Loan

Obligations

98.7%

Exchange

Traded

Fund

1.3%

Investment

Company

0.8%

100.8%

Ratings

†

Summary

–

(%

of

Total

Investments)

A

4.22%

Baa

95.2%

Other

(0.69)%

Aaa/Aa1

1.27%

†

Credit

quality

ratings

reflect

the

middle

rating

received

from

Moody’s,

Standard

&

Poor's

and

Fitch,

where

all

three

agencies

have

provided

a

rating.

If

only

two

agencies

rate

a

security,

the

lowest

rating

is

used.

If

only

one

agency

rates

a

security,

that

rating

is

used.

Ratings

are

measured

on

a

scale

that

ranges

from

AAA

(highest)

to

D

(lowest).

“Other”

includes

cash

equivalents,

equity

securities,

and

certain

derivative

instruments.

Janus

Henderson

B-BBB

CLO

ETF

(unaudited)

Performance

4

April

30,

2023

Total

annual

expense

ratio

as

stated

in

the

prospectus:

0.51%

(gross),

0.50%

(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

29,

2024.

This

contractual

waiver

may

be

terminated

or

modified

only

at

the

discretion

of

the

Board

of

Trustees.

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.

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

April

30,

2023

Fiscal

Year-to-

Date

One

Year

Since

Inception

*

Janus

Henderson

B-BBB

CLO

ETF

-

NAV

8.28%

-1.42%

-1.92%

Janus

Henderson

B-BBB

CLO

ETF

-

Market

Price

8.19%

-1.45%

-1.61%

J.P.

Morgan

CLO

High

Quality

Mezzanine

Index

9.48%

1.05%

0.39%

*

The

Fund

commenced

operations

on

January

11,

2022.

Janus

Henderson

B-BBB

CLO

ETF

(unaudited)

Disclosure

of

Fund

Expenses

Janus

Detroit

Street

Trust

5

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

(11/1/22)

Ending

Account

Value

(4/30/23)

Expenses

Paid

During

Period

(11/1/22

-

4/30/23)

†

Beginning

Account

Value

(11/1/22)

Ending

Account

Value

(4/30/23)

Expenses

Paid

During

Period

(11/1/22

-

4/30/23)

†

Net

Annualized

Expense

Ratio

(11/1/22

-

4/30/23)

$1,000.00

$1,082.80

$2.48

$1,000.00

$1,022.41

$2.41

0.48%

†

Expenses

Paid

During

Period

is

equal

to

the

Net

Annualized

Expense

Ratio

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

181/365

(to

reflect

the

one-half

year

period).

Janus

Henderson

B-BBB

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2023

6

April

30,

2023

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

98.7%

AGL

CLO

10

Ltd.

2021-10A

D,

ICE

LIBOR

USD

3

Month

+

2.9000%,

8.1603%,

4/15/34

(144A)

‡

$

2,000,000

$

1,805,490

AGL

CLO

6

Ltd.

2020-6A

DR,

ICE

LIBOR

USD

3

Month

+

3.2500%,

8.5004%,

7/20/34

(144A)

‡

2,000,000

1,837,950

AGL

CLO

7

Ltd.

2020-7A

DR,

ICE

LIBOR

USD

3

Month

+

3.1000%,

8.3603%,

7/15/34

(144A)

‡

250,000

232,673

Annisa

CLO

Ltd.

2016-2A

DR,

ICE

LIBOR

USD

3

Month

+

3.0000%,

8.2504%,

7/20/31

(144A)

‡

1,500,000

1,399,775

Apidos

CLO

XXIII

2015-23A

DR,

ICE

LIBOR

USD

3

Month

+

2.9500%,

8.2103%,

4/15/33

(144A)

‡

950,000

883,114

Ares

XLI

CLO

Ltd.

2016-41A

DR,

ICE

LIBOR

USD

3

Month

+

3.0000%,

8.2603%,

4/15/34

(144A)

‡

1,250,000

1,126,090

BlueMountain

CLO

XXVI

Ltd.

2019-26A

D2R,

ICE

LIBOR

USD

3

Month

+

4.3700%,

9.6204%,

10/20/34

(144A)

‡

1,250,000

1,143,117

BlueMountain

CLO

XXVIII

Ltd.

2021-28A

D,

ICE

LIBOR

USD

3

Month

+

2.9000%,

8.1603%,

4/15/34

(144A)

‡

3,500,000

3,100,839

BlueMountain

CLO

XXX

Ltd.

2020-30A

DR,

CME

Term

SOFR

3

Month

+

3.3000%,

8.2863%,

4/15/35

(144A)

‡

1,500,000

1,343,233

BlueMountain

CLO

XXXI

Ltd.

2021-31A

D,

ICE

LIBOR

USD

3

Month

+

3.0000%,

8.2650%,

4/19/34

(144A)

‡

1,250,000

1,129,347

Boyce

Park

CLO

Ltd.

2022-1A

D,

CME

Term

SOFR

3

Month

+

3.1000%,

8.1555%,

4/21/35

(144A)

‡

1,500,000

1,323,498

Carlyle

US

CLO

Ltd.

2021-10A

D,

ICE

LIBOR

USD

3

Month

+

3.3000%,

8.5504%,

10/20/34

(144A)

‡

3,000,000

2,761,722

Carlyle

US

CLO

Ltd.

2021-7A

C,

ICE

LIBOR

USD

3

Month

+

3.1000%,

8.3603%,

10/15/35

(144A)

‡

2,000,000

1,803,654

CARLYLE

US

CLO

Ltd.

2022-2A

C,

CME

Term

SOFR

3

Month

+

3.5500%,

8.5984%,

4/20/35

(144A)

‡

2,500,000

2,347,548

Cedar

Funding

VI

CLO

Ltd.

2016-6A

DRR,

ICE

LIBOR

USD

3

Month

+

3.3100%,

8.5604%,

4/20/34

(144A)

‡

1,000,000

903,782

Cedar

Funding

X

CLO

Ltd.

2019-10A

DR,

ICE

LIBOR

USD

3

Month

+

3.2000%,

8.4504%,

10/20/32

(144A)

‡

2,000,000

1,856,134

CIFC

Funding

Ltd.

2015-3A

DR,

ICE

LIBOR

USD

3

Month

+

2.5000%,

7.7650%,

4/19/29

(144A)

‡

1,500,000

1,392,187

CIFC

Funding

Ltd.

2017-4A

CR,

ICE

LIBOR

USD

3

Month

+

3.1500%,

8.4227%,

10/24/30

(144A)

‡

1,500,000

1,403,315

CIFC

Funding

Ltd.

2017-5A

C,

ICE

LIBOR

USD

3

Month

+

2.8500%,

8.1103%,

11/16/30

(144A)

‡

2,000,000

1,862,426

CIFC

Funding

Ltd.

2019-1A

DR,

ICE

LIBOR

USD

3

Month

+

3.1000%,

8.3504%,

4/20/32

(144A)

‡

1,000,000

950,125

Dryden

105

CLO

Ltd.

2023-105A

D,

CME

Term

SOFR

3

Month

+

5.2000%,

10.0586%,

4/18/36

(144A)

‡

1,500,000

1,489,670

Dryden

37

Senior

Loan

Fund

2015-37A

DR,

ICE

LIBOR

USD

3

Month

+

2.5000%,

7.7603%,

1/15/31

(144A)

‡

1,500,000

1,319,860

Dryden

54

Senior

Loan

Fund

2017-54A

C,

ICE

LIBOR

USD

3

Month

+

2.1500%,

7.4150%,

10/19/29

(144A)

‡

1,000,000

958,599

Dryden

58

CLO

Ltd.

2018-58A

D,

ICE

LIBOR

USD

3

Month

+

2.7000%,

7.9603%,

7/17/31

(144A)

‡

1,500,000

1,358,130

Dryden

60

CLO

Ltd.

2018-60A

D,

ICE

LIBOR

USD

3

Month

+

3.0000%,

8.2603%,

7/15/31

(144A)

‡

3,250,000

3,014,567

Dryden

80

CLO

Ltd.

2019-80A

DR,

CME

Term

SOFR

3

Month

+

3.1000%,

8.0863%,

1/17/33

(144A)

‡

1,000,000

890,504

Dryden

90

CLO

Ltd.

2021-90A

D,

ICE

LIBOR

USD

3

Month

+

3.0000%,

7.9153%,

2/20/35

(144A)

‡

1,000,000

886,945

Janus

Henderson

B-BBB

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2023

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)

Gilbert

Park

CLO

Ltd.

2017-1A

D,

ICE

LIBOR

USD

3

Month

+

2.9500%,

8.2103%,

10/15/30

(144A)

‡

$

1,000,000

$

924,661

Jamestown

CLO

XI

Ltd.

2018-11A

C,

ICE

LIBOR

USD

3

Month

+

3.2500%,

8.5013%,

7/14/31

(144A)

‡

1,000,000

927,565

KKR

CLO

27

Ltd.

27A

DR,

CME

Term

SOFR

3

Month

+

3.2500%,

8.2363%,

10/15/32

(144A)

‡

1,250,000

1,137,045

KKR

Static

CLO

2

Ltd.

2022-2A

D,

CME

Term

SOFR

3

Month

+

5.5300%,

10.0484%,

10/20/31

(144A)

‡

2,000,000

2,004,294

LCM

30

Ltd.

30A

DR,

ICE

LIBOR

USD

3

Month

+

3.0000%,

8.2504%,

4/20/31

(144A)

‡

435,000

385,123

LCM

31

Ltd.

31A

D,

ICE

LIBOR

USD

3

Month

+

3.6000%,

8.8504%,

1/20/32

(144A)

‡

3,000,000

2,704,539

LCM

36

Ltd.

36A

D,

ICE

LIBOR

USD

3

Month

+

3.4000%,

8.6603%,

1/15/34

(144A)

‡

2,000,000

1,760,200

Madison

Park

Funding

XVII

Ltd.

2015-17A

DR,

ICE

LIBOR

USD

3

Month

+

3.6000%,

8.8614%,

7/21/30

(144A)

‡

2,000,000

1,926,716

Madison

Park

Funding

XXI

Ltd.

2016-21A

C2RR,

ICE

LIBOR

USD

3

Month

+

5.1500%,

10.4103%,

10/15/32

(144A)

‡

1,000,000

968,281

Madison

Park

Funding

XXX

Ltd.

2018-30A

D,

ICE

LIBOR

USD

3

Month

+

2.5000%,

7.7603%,

4/15/29

(144A)

‡

622,900

584,508

Nassau

Ltd.

2019-IA

BR,

ICE

LIBOR

USD

3

Month

+

2.6000%,

7.8603%,

4/15/31

(144A)

‡

1,500,000

1,438,169

Neuberger

Berman

Loan

Advisers

CLO

33

Ltd.

2019-33A

DR,

ICE

LIBOR

USD

3

Month

+

2.9000%,

8.1603%,

10/16/33

(144A)

‡

2,500,000

2,317,708

Oaktree

CLO

Ltd.

2019-3A

D1R,

ICE

LIBOR

USD

3

Month

+

3.2100%,

8.4604%,

10/20/34

(144A)

‡

2,500,000

2,325,248

OCP

CLO

Ltd.

2020-19A

DR,

ICE

LIBOR

USD

3

Month

+

3.1500%,

8.4004%,

10/20/34

(144A)

‡

2,000,000

1,810,338

Octagon

54

Ltd.

2021-1A

D,

ICE

LIBOR

USD

3

Month

+

3.0500%,

8.3103%,

7/15/34

(144A)

‡

1,750,000

1,579,401

Rad

CLO

18

Ltd.

2023-18A

D,

CME

Term

SOFR

3

Month

+

5.2500%,

9.9652%,

4/15/36

(144A)

‡

2,412,000

2,381,623

Rad

CLO

19

Ltd.

2023-19A

D,

CME

Term

SOFR

3

Month

+

5.7500%,

0.0000%,

4/20/35

(144A)

‡

1,000,000

999,824

Regatta

XX

Funding

Ltd.

2021-2A

D,

ICE

LIBOR

USD

3

Month

+

3.1000%,

8.3603%,

10/15/34

(144A)

‡

250,000

233,641

Sandstone

Peak

Ltd.

2021-1A

D,

ICE

LIBOR

USD

3

Month

+

3.5500%,

8.8103%,

10/15/34

(144A)

‡

2,000,000

1,802,854

Sixth

Street

CLO

XIX

Ltd.

2021-19A

D,

ICE

LIBOR

USD

3

Month

+

3.0000%,

8.2504%,

7/20/34

(144A)

‡

2,500,000

2,286,560

TCI-Flatiron

CLO

Ltd.

2017-1A

D,

ICE

LIBOR

USD

3

Month

+

2.7500%,

7.6266%,

11/18/30

(144A)

‡

1,000,000

932,730

TCW

CLO

Ltd.

2020-1A

DRR,

ICE

LIBOR

USD

3

Month

+

3.4000%,

8.6504%,

4/20/34

(144A)

‡

1,500,000

1,335,271

THL

Credit

Wind

River

CLO

Ltd.

2018-3A

D,

ICE

LIBOR

USD

3

Month

+

2.9500%,

8.2004%,

1/20/31

(144A)

‡

500,000

441,442

TICP

CLO

VIII

Ltd.

2017-8A

CR,

ICE

LIBOR

USD

3

Month

+

3.4000%,

8.6504%,

10/20/34

(144A)

‡

2,000,000

1,902,330

Upland

CLO

Ltd.

2016-1A

BR,

ICE

LIBOR

USD

3

Month

+

1.8500%,

7.1004%,

4/20/31

(144A)

‡

1,000,000

948,649

Venture

44

CLO

Ltd.

2021-44A

D1,

ICE

LIBOR

USD

3

Month

+

3.2300%,

8.4804%,

10/20/34

(144A)

‡

2,000,000

1,787,398

Whitebox

CLO

II

Ltd.

2020-2A

DR,

ICE

LIBOR

USD

3

Month

+

3.3500%,

8.6227%,

10/24/34

(144A)

‡

250,000

238,074

Total

Collateralized

Loan

Obligations

(cost

$83,088,343)

78,608,486

Janus

Henderson

B-BBB

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2023

8

April

30,

2023

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Exchange

Traded

Fund

-

1.3%

Janus

Henderson

AAA

CLO

ETF

£

(cost

$1,001,160)

20,250

$

1,007,640

Investment

Companies

-

0.8%

Money

Market

Funds

-

0.8%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

4.8708%

£,∞

(cost

$661,000)

660,867

661,000

Total

Investments

(total

cost

$84,750,503

)

-

100.8%

80,277,126

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(0.8%)

(633,835)

Net

Assets

-

100.0%

$79,643,291

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

80,277,126

100.0%

–

–

Schedule

of

Affiliated

Investments

-

(%

of

Net

Assets)

Dividend

Income

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciatio

n/

(Depreciation)

Value

at

4/30/23

Exchange

Traded

Fund

-

1.3%

Janus

Henderson

AAA

CLO

ETF

$

51,910

$

75,823

$

1,931

$

1,007,640

Investment

Company

-

0.8%

Money

Market

Funds

-

0.8%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

4.8708%

∞

59,649

602

(124)

661,000

Total

Affiliated

Investments

-

2.1%

$

111,559

$

76,425

$

1,807

$

1,668,640

Market

Value

at

10/31/22

Purchases

Sales

Market

Value

at

4/30/23

Exchange

Traded

Fund

-

1.3%

Janus

Henderson

AAA

CLO

ETF

$

3,783,439

$

1,001,160

$

(3,854,713)

$

1,007,640

Investment

Company

-

0.8%

Money

Market

Funds

-

0.8%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

4.8708%

∞

7,585,792

33,588,352

(40,513,622)

661,000

Total

Affiliated

Investments

-

2.1%

$

11,369,231

$

34,589,512

$

(44,368,335)

$

1,668,640

Janus

Henderson

B-BBB

CLO

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

April

30,

2023

Janus

Detroit

Street

Trust

9

J.P.

Morgan

CLO

High

Quality

Mezzanine

Index

J.P.

Morgan

CLO

High

Quality

Mezzanine

Index

is

designed

to

track

the

performance

of

high-quality

mezzanine

tranches

of

the

USD-denominated,

broadly

syndicated

CLO

market,

representing

90%

BBB-rated

and

10%

BB/B-

rated

CLOs.

ETF

Exchange

Traded

Fund

ICE

Intercontinental

Exchange

LIBOR

LIBOR

(London

Interbank

Offered

Rate)

is

a

short-term

interest

rate

that

banks

offer

one

another

and

generally

represents

current

cash

rates.

LLC

Limited

Liability

Company

SOFR

Secured

Overnight

Financing

Rate

∞

Rate

shown

is

the

7-day

yield

as

of

April

30,

2023.

£

The

Fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

Investment

Company

Act

of

1940,

as

amended,

an

affiliated

company

is

one

in

which

the

Fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

which

is

under

common

ownership

or

control.

‡

The

interest

rate

on

floating

rate

notes

is

based

on

an

index

or

market

interest

rates

and

is

subject

to

change.

Rate

in

the

security

description

is

as

of

April

30,

2023.

144A

Securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended,

are

subject

to

legal

and/or

contractual

restrictions

on

resale

and

may

not

be

publicly

sold

without

registration

under

the

1993

Act.

Unless

otherwise

noted,

these

securities

have

been

determined

to

be

liquid

in

accordance

with

the

requirements

of

Rule

22e-4,

under

the

1940

Act.

The

total

value

of

144A

securities

as

of

the

period

ended

April

30,

2023

is

$78,608,486

which

represents

98.7%

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

April

30,

2023

.

See

Notes

to

Financial

Statements

for

more

information.

Valuation

Inputs

Summary

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Assets

Investments

in

Securities:

Collateralized

Loan

Obligations

$

—

$

78,608,486

$

—

Exchange

Traded

Fund

1,007,640

—

—

Investment

Companies

—

661,000

—

Total

Assets

$

1,007,640

$

79,269,486

$

—

Janus

Henderson

B-BBB

CLO

ETF

Statement

of

Assets

and

Liabilities

(unaudited)

April

30,

2023

10

April

30,

2023

See

Notes

to

Financial

Statements.

Assets:

Unaffiliated

investments,

at

value

(cost

$83,088,343)

$

78,608,486

Affiliated

investments,

at

value

(cost

$1,662,160)

1,668,640

Receivables:

Dividends

4,093

Interest

399,740

Due

from

adviser

168

Total

Assets

80,681,127

Liabilities:

Payables:

Due

to

custodian

6,830

Investments

purchased

1,000,000

Management

fees

31,006

Total

Liabilities

1,037,836

Net

Assets

$

79,643,291

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

88,245,604

Total

distributable

earnings

(loss)

(

8,602,313

)

Total

Net

Assets

$

79,643,291

Net

Assets

$

79,643,291

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

1,750,000

Net

Asset

Value

Per

Share

$

45

.51

Janus

Henderson

B-BBB

CLO

ETF

Statement

of

Operations

(unaudited)

For

the

period

ended

April

30,

2023

Janus

Detroit

Street

Trust

11

See

Notes

to

Financial

Statements.

Investment

Income:

Interest

$

3,266,510

Dividends

from

affiliates

111,559

Total

Investment

Income

3,378,069

Expenses:

Management

Fees

195,617

Total

Expenses

195,617

Less:

Excess

Expense

Reimbursement

and

Waivers

(

2,190

)

Net

Expenses

193,427

Net

Investment

Income/(Loss)

3,184,642

Net

Realized

Gain/(Loss)

on

Investments:

Investments

$

(

2,730,986

)

Investments

in

affiliates

76,425

Total

Net

Realized

Gain/(Loss)

on

Investments

$

(

2,654,561

)

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

5,594,702

Investments

in

affiliates

1,807

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

5,596,509

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

6,126,590

Janus

Henderson

B-BBB

CLO

ETF

Statements

of

Changes

in

Net

Assets

12

April

30,

2023

See

Notes

to

Financial

Statements.

Period

Ended

April

30,

2023

(unaudited)

Period

Ended

October

31,

2022

(1)

Operations:

Net

investment

income/(loss)

$

3,184,642

$

2,938,646

Net

realized

gain/(loss)

on

investments

(

2,654,561

)

(

1,994,823

)

Change

in

unrealized

net

appreciation/depreciation

5,596,509

(

10,069,886

)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

6,126,590

(

9,126,063

)

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(

3,109,784

)

(

2,493,056

)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(

3,109,784

)

(

2,493,056

)

Capital

Share

Transactions

(

1,983,397

)

90,229,001

Net

Increase/(Decrease)

in

Net

Assets

1,033,409

78,609,882

Net

Assets:

—

—

Beginning

of

Period  

78,609,882

—

End

of

Period

$

79,643,291

$

78,609,882

(1)

Period

from

January

11,

2022

(commencement

of

operations)

through

October

31,

2022.

Janus

Henderson

B-BBB

CLO

ETF

Financial

Highlights

Janus

Detroit

Street

Trust

13

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

the

period

ended

April

30,

2023

(unaudited)

and

each

year

or

period

ended

October

31

2023

2022

(1)

Net

Asset

Value,

Beginning

of

Period

$43.67

$50.00

Income/(Loss)

from

Investment

Operations:

—

—

Net

investment

income/(loss)

(2)

1.79

1.80

Net

realized

and

unrealized

gain/(loss)

1.79

(6.71)

Total

from

Investment

Operations

3.58

(4.91)

Less

Dividends

and

Distributions:

—

—

Dividends

(from

net

investment

income)

(1.74)

(1.42)

Total

Dividends

and

Distributions

(1.74)

(1.42)

Net

Asset

Value,

End

of

Period

$45.51

$43.67

Total

Return

*

8.31%

(3)

(9.96)%

(3)

Net

assets,

End

of

Period

(in

thousands)

$79,643

$78,610

Average

Net

Assets

for

the

Period

(in

thousands)

$80,557

$77,145

Ratios

to

Average

Net

Assets

**

Ratio

of

Gross

Expenses

0.49%

0.49%

Ratio

of

Net

Expenses

(After

Waivers

and

Expense

Offsets)

0.48%

0.48%

Ratio

of

Net

Investment

Income/(Loss)

7.97%

4.75%

Portfolio

Turnover

Rate

(4)

35%

25%

*

Total

return

not

annualized

for

periods

of

less

than

one

full

year.

**

Annualized

for

periods

of

less

than

one

full

year.

(1)

Period

from

January

11,

2022

(commencement

of

operations)

through

October

31,

2022.

(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.

Janus

Henderson

B-BBB

CLO

ETF

Notes

to

Financial

Statements

(unaudited)

14

April

30,

2023

1.

Organization

and

Significant

Accounting

Policies

Janus

Henderson B-BBB

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

twelve 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 collateralized

loan

obligations

("CLOs")

generally

rated

between

and

inclusive

of

BBB+

and

B-.

The

Fund

is

classified

as

diversified,

as

defined

in

the

1940

Act.

Janus

Henderson

Investors

US

LLC

is

the

investment

adviser

(the

“Adviser”)

to

the

Fund.

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

the

Cboe

BZX

Exchange,

Inc. (the

"Exchange"),

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

ALPS

Distributors,

Inc.

(the

"Distributor"),

the

Adviser

or

an

affiliate

of

the

Adviser

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 

Fund holdings

are

valued

in

accordance

with

policies

and

procedures

established

by

the

Adviser

pursuant

to

Rule

2a-5

under

the

1940

Act

and

approved

by

and

subject

to

the

oversight

of

the

Trustees

(the

“Valuation

Procedures”).

Equity

securities,

including

shares

of

exchange-traded

funds,

traded

on

a

domestic

securities

exchange

are

generally

valued

at

readily

available

market

quotations,

which

are

(i)

the

official

close

prices

or

(ii)

last

sale

prices

on

the

primary

market

or

exchange

in

which

the

securities

trade.

If

such

price

is

lacking

for

the

trading

period

immediately

preceding

the

time

of

determination,

such

securities

are

generally

valued

at

their

current

bid

price.

Equity

securities

that

are

traded

on

a

foreign

exchange

are

generally

valued

at

the

closing

prices

on

such

markets.

In

the

event

that

there

is

no

current

trading

volume

on

a

particular

security

in

such

foreign

exchange,

the

bid

price

from

the

primary

exchange

is

generally

used

to

value

the

security.

Foreign

securities

and

currencies

are

converted

to

U.S.

dollars

using

the

current

spot

USD

dollar

exchange

rate

in

effect

at

the

close

of

the

London

Stock

Exchange.

The Fund will

determine

the

market

value

of

individual

securities

held

by

it

by

using

prices

provided

by

one

or

more

approved

professional

pricing

services

or,

as

needed,

by

obtaining

market

quotations

from

independent

broker-dealers.

Most

debt

securities

are

valued

in

accordance

with

the

evaluated

bid

price

supplied

by

the

Adviser-approved

pricing

service

that

is

intended

to

reflect

market

value.

The

evaluated

bid

price

supplied

by

the

pricing

service

is

an

evaluation

that

may

consider

factors

such

as

security

prices,

yields,

maturities

and

ratings.

Certain

short-term

securities

maturing

within

60

days

or

less

may

be

evaluated

and

valued

on

an

amortized

cost

basis

provided

that

the

amortized

cost

determined

approximates

market

value.

Securities

for

which

market

quotations

Janus

Henderson

B-BBB

CLO

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

15

or

evaluated

prices

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

determined

in

good

faith

by

the

Adviser

pursuant

to

the

Valuation

Procedures.

Shares

of

an

investment

company

that

are

not

traded

on

an

exchange,

including

money

market

funds,

are

valued

at

that

company's

net

asset

value

per

share.

Circumstances

in

which

fair

valuation

may

be

utilized

include,

but

are

not

limited

to:

(i)

a

significant

event

that

may

affect

the

securities

of

a

single

issuer,

such

as

a

merger,

bankruptcy,

or

significant

issuer-specific

development;

(ii)

an

event

that

may

affect

an

entire

market,

such

as

a

natural

disaster

or

significant

governmental

action;

(iii)

a

nonsignificant

event

such

as

a

market

closing

early

or

not

opening,

or

a

security

trading

halt;

and

(iv)

pricing

of

a

non-valued

security

and

a

restricted

or

nonpublic

security.

Special

valuation

considerations

may

apply

with

respect

to

“odd-lot”

fixed-income

transactions

which,

due

to

their

small

size,

may

receive

evaluated

prices

by

pricing

services

which

reflect

a

large

block

trade

and

not

what

actually

could

be

obtained

for

the

odd-lot

position.

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

April

30,

2023 to

fair

value

the

Fund’s

investments

in

securities

and

other

financial

instruments

is

included

in

the

“Valuation

Inputs

Summary”

in

the

Notes

to

Schedule

of

Investments

and

Other

Information.

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

B-BBB

CLO

ETF

Notes

to

Financial

Statements

(unaudited)

16

April

30,

2023

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.

Other

Investments

and

Strategies 

Market Risk 

The

value

of

the

Fund's

portfolio

may

decrease

if

the

value

of

one

or

more

issuers

in

the

Fund's

portfolio

decreases.

Further,

regardless

of

how

well

individual

companies

or

securities

perform,

the

value

of

the

Fund's

portfolio

could

also

decrease

if

there

are

deteriorating

economic

or

market

conditions,

including,

but

not

limited

to,

a

general

decline

in

prices

on

the

stock

markets,

a

general

decline

in

real

estate

markets,

a

decline

in

commodities

prices,

or

if

the

market

favors

different

types

of

securities

than

the

types

of

securities

in

which

the

Fund

invests.

If

the

value

of

the

Fund's

portfolio

decreases,

the

Fund's

NAV

will

also

decrease,

which

means

if

you

sell

your

shares

in

the

Fund

you

may

lose

money.

Market

risk

may

affect

a

single

issuer,

industry,

economic

sector,

or

the

market

as

a

whole.

The

increasing

interconnectivity

between

global

economies

and

financial

markets

increases

the

likelihood

that

events

or

conditions

in

one

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

Social,

political,

economic

and

other

conditions

and

events,

such

as

natural

disasters,

health

emergencies

(e.g.,

epidemics

and

pandemics),

terrorism,

conflicts,

including

related

sanctions,

and

social

unrest,

could

reduce

consumer

demand

or

economic

output,

result

in

market

closures,

travel

restrictions

and/or

quarantines,

and

generally

have

a

significant

impact

on

the

global

economies

and

financial

markets.

COVID-19

Pandemic.

The

effects

of

COVID-19

have

contributed

to

increased

volatility

in

global

financial

markets

and

have

affected

and

may

continue

to

affect

certain

countries,

regions,

issuers,

industries

and

market

sectors

more

dramatically

than

others.

These

conditions

and

events

could

have

a

significant

impact

on

the

Fund

and

its

investments,

the

Fund's

ability

to

meet

redemption

requests,

and

the

processes

and

operations

of

the

Fund's

service

providers,

including

the

Adviser.

Janus

Henderson

B-BBB

CLO

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

17

Russia/Ukraine

Invasion.

Russia

launched

a

large-scale

invasion

of

Ukraine

on

February

24,

2022.

The

extent

and

duration

of

the

military

action,

resulting

sanctions

and

resulting

future

market

disruptions

in

the

region

are

impossible

to

predict,

but

could

be

significant

and

have

a

severe

adverse

effect

on

the

region,

including

significant

negative

impacts

on

the

economy

and

the

markets

for

certain

securities

and

commodities,

such

as

oil

and

natural

gas,

as

well

as

other

sectors. 

CLO

Risk 

The

risks

of

investing

in

Collateralized

Loan

Obligations

("CLO")

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

BBB-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. 

Mezzanine

CLO

Risk

The

Fund

intends

to

invest

primarily

in

BBB

rated

CLO

tranches.

Such

securities

are

often

subordinate

to

higher-rated

tranches

in

terms

of

payment

priority.

Subordinated

CLO

tranches

are

subject

to

higher

credit

risk

and

liquidity

risk

relative

to

more

senior

CLO

tranches.

To

the

extent

a

CLO

or

its

underlying

loans

experience

default

or

are

having

difficulty

making

principal

and/or

interest

payments,

such

subordinate

CLO

tranches

will

be

more

likely

to

experience

adverse

impacts,

and

such

impacts

will

be

more

severe,

relative

to

more

senior

and/or

higher-rated

CLO

securities,

which

in

turn

will

adversely

affect

the

performance

of

the

Fund. 

Exchange-Traded

Funds

Risk

The

Fund

may

invest

in

exchange-traded

funds

(“ETFs”),

including

affiliated

ETFs.

ETFs

are

typically

open-end

investment

companies

that

are

traded

on

a

national

securities

exchange.

ETFs

typically

incur

fees,

such

as

investment

advisory

fees

and

other

operating

expenses

that

are

separate

from

those

of

the

Fund,

which

will

be

indirectly

paid

by

the

Fund.

As

a

result,

the

cost

of

investing

in

the

Fund

may

be

higher

than

the

cost

of

investing

directly

in

ETFs

and

may

be

higher

than

other

mutual

funds

that

invest

directly

in

stocks

and

bonds.

Since

ETFs

are

traded

on

an

exchange

at

market

prices

that

may

vary

from

the

net

asset

value

of

their

underlying

investments,

there

may

be

times

when

ETFs

trade

at

a

premium

or

discount.

In

the

case

of

affiliated

ETFs,

unless

waived,

the

Adviser

will

earn

fees

both

from

the

Fund

and

from

the

underlying

ETF,

with

respect

to

assets

of

the

Fund

invested

in

the

underlying

ETF.

The

Fund

is

also

subject

to

the

risks

associated

with

the

securities

in

which

the

ETF

invests. 

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

Janus

Henderson

B-BBB

CLO

ETF

Notes

to

Financial

Statements

(unaudited)

18

April

30,

2023

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.

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. 

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")

or

other

interbank

offered

rates

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

reference

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 will

depend

on

(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. 

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. 

3.

Investment

Advisory

Agreements

and

Other

Transactions

with

Affiliates 

Under

its

unitary

fee

structure,

the

Fund

pays

the

Adviser 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. The

Adviser'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

Janus

Henderson

B-BBB

CLO

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

19

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

April

30,

2023,

the

Fund’s

actual

management

fee

rate

(expressed

as

an

annual

rate)

was

0.49% of

the

Fund’s

average

daily

net

assets.

The

Adviser

has

also

contractually

agreed

to

waive

and/or

reimburse

a

portion

of

the

Fund's

management

fee

in

an

amount

equal

to

the

management

fee

it

earns

as

an

investment

adviser

to

any

of

the

affiliated

ETFs

in

which

the

Fund

invests.

The

fee

waiver

agreement

will

remain

in

effect

at

least

through

February

29,

2024.

The

Adviser

may

not

recover

amounts

previously

waived

or

reimbursed

under

this

agreement.

During

the period

ended April

30,

2023,

the

Adviser

waived

$2,190 of

the

Fund’s

management

fee,

attributable

to

the

Fund’s

investment

in

the

Janus

Henderson

AAA

CLO

ETF.

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

the

Adviser,

on

behalf

of

the

Fund.

As

compensation

for

such

services, the

Adviser pays

JP

Morgan

a

fee

based

on

a

percentage

of

the

Fund’s

assets,

with

a

minimum

flat

fee,

for

certain

services. The

Adviser serves

as

administrator

to

the

Fund,

providing

oversight

and

coordination

of

the

Fund’s

service

providers,

recordkeeping

and

other

administrative

services.

The

Adviser

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

the

Adviser 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

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. 

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”).

The

Adviser

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

Daily

Net

Assets

Fee

Rate

$0-$500

Million

0.49%

Over

$500

Million

0.45%

Janus

Henderson

B-BBB

CLO

ETF

Notes

to

Financial

Statements

(unaudited)

20

April

30,

2023

“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 period

ended

April

30,

2023 can

be

found

in

a

table

located

in

the

Schedule

of

Investments.

4.

Federal

Income

Tax

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.

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,

2022,

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 April

30,

2023 are

noted

below.

The

primary

differences

between

book

and

tax

appreciation

or

depreciation

of

investments are

wash

sale

loss

deferrals

and

amortization

on

bonds.

5.

Capital

Share

Transactions 

Capital

Loss

Carryover

Schedule

For

the

year

ended

October

31,

2022

No

Expiration

Short-Term

Long-Term

Accumulated

Capital

Losses

$(1,995,196)

$—

$(1,995,196)

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$84,750,503

$166,878

$(4,640,255)

$(4,473,377)

Period

Ended

April

30,

2023

Period

Ended

October

31,

2022

(1)

Shares

Amount

Shares

Amount

Shares

sold

150,000

$

6,911,194

2,000,000

$

99,654,523

Shares

repurchased

(200,000)

(8,894,591)

(200,000)

(9,425,522)

Net

Increase/(Decrease)

(50,000)

$

(1,983,397)

1,800,000

$

90,229,001

(1)

Period

from

January

11,

2022

(commencement

of

operations)

through

October

31,

2022.

Janus

Henderson

B-BBB

CLO

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

21

6.

Purchases

and

Sales

of

Investment

Securities 

For

the period ended

April

30,

2023,

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.

The

FASB

has

extended

the

sunset

date

to

December,

31

2024. 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 April

30,

2023

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

$31,634,560

$27,699,323

$—

$—

Janus

Henderson

B-BBB

CLO

ETF

Additional

Information

(unaudited)

22

April

30,

2023

Proxy

Voting

Policies

and

Voting

Record

Information

regarding

how

the

Fund

voted

proxies

related

to

portfolio

securities

during

the

most

recent

12-month

period

ended

June

30

and

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

1-800-525-1093

(toll

free);

(ii)

on

the

Fund’s

website

at

janushenderson.com/proxyvoting;

and

(iii)

on

the

SEC’s

website

at

http://www.sec.gov.

Portfolio

Holdings

The

Fund

files

its

complete

portfolio

holdings

(schedule

of

investments)

with

the

SEC

as

an

exhibit

to

Form

N-PORT

within

60

days

of

the

end

of

the

first

and

third

fiscal

quarters,

and

in

the

annual

report

and

semiannual

report

to

shareholders.

The

Fund’s

Form

N-PORT

filings

and

annual

and

semiannual

reports:

(i)

are

available

on

the

SEC’s

website

at

http://www.sec.gov;

and

(ii)

are

available

without

charge,

upon

request,

by

calling

a

Janus

Henderson

representative

at

1-800-668-0434

(toll

free).

Janus

Henderson

B-BBB

CLO

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

Janus

Detroit

Street

Trust

23

The

Board

of

Trustees

(the

“Board”)

of

Janus

Detroit

Street

Trust

(the

“Trust”),

including

a

majority

of

the

Trustees

who

are

not

“interested

persons”

as

that

term

is

defined

in

the

Investment

Company

Act

of

1940,

as

amended

(the

“Independent

Trustees”),

met

on

April

19-20,

2023

to

consider

the

proposed

renewal

of

the

investment

management

agreement

between

Janus

Henderson

Investors

US

LLC

(the

“Adviser”)

and

the

Trust

(the

“Investment

Management

Agreement”),

on

behalf

of

Janus

Henderson

AAA

CLO

ETF

(“JAAA”),

Janus

Henderson

B-BBB

CLO

ETF

(“JBBB”),

Janus

Henderson

International

Sustainable

Equity

ETF

(“SXUS”),

Janus

Henderson

Mortgage-Backed

Securities

ETF

(“JMBS”),

Janus

Henderson

Net

Zero

Transition

Resources

ETF

(“JZRO”),

Janus

Henderson

Short

Duration

Income

ETF

(“VNLA”),

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

(“JSML”),

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

(“JSMD”),

Janus

Henderson

Sustainable

Corporate

Bond

ETF

(“SCRD”),

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

(“JIB”),

Janus

Henderson

U.S.

Real

Estate

ETF

(“JRE”)

and

Janus

Henderson

U.S.

Sustainable

Equity

ETF

(“SSPX”)

(collectively,

the

“Funds”).

In

the

course

of

their

consideration

of

the

renewal

of

the

Investment

Management

Agreement,

the

Independent

Trustees

met

in

executive

session

and

were

advised

by

their

independent

counsel.

In

this

regard,

the

Independent

Trustees

evaluated

the

terms

of

the

Investment

Management

Agreement

and

reviewed

the

duties

and

responsibilities

of

trustees

in

evaluating

and

approving

such

agreements.

In

considering

renewal

of

the

Investment

Management

Agreement,

the

Board

and

the

Independent

Trustees,

as

applicable,

reviewed

the

materials

provided

to

them

relating

to

the

consideration

of

the

renewal

of

the

Investment

Management

Agreement

for

the

Funds

and

other

information

provided

by

counsel

and

the

Adviser,

including:

(i)

information

regarding

the

nature,

quality

and

extent

of

the

services

provided

to

the

Funds

by

the

Adviser,

and

the

fees

charged

to

each

Fund

therefor;

(ii)

information

concerning

the

Adviser’s

financial

condition,

business,

operations,

portfolio

management

personnel,

compliance

programs,

and

profitability

with

respect

to

the

Trust

and

each

Fund;

(iii)

comparative

information

describing

each

Fund’s

advisory

fee

structures,

operating

expenses,

and

performance

information

as

compared

to

peer

fund

groups

compiled

by

an

independent

third

party;

(iv)

a

copy

of

the

Adviser’s

current

Form

ADV;

and

(v)

a

memorandum

from

counsel

to

the

Independent

Trustees

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

throughout

the

year.

The

Trustees

also

considered

information

received

and

reviewed

in

connection

with

a

meeting

held

on

March

13,

2023

via

videoconference

to

discuss

certain

information

provided

by

the

Adviser

related

to

the

Trustees’

consideration

of

the

renewal

of

the

Investment

Management

Agreement.

During

its

review

of

this

information,

the

Board

focused

on

and

analyzed

the

factors

that

it

deemed

relevant,

including,

among

other

factors:

(i)

the

nature,

extent

and

quality

of

the

services

provided

to

the

Funds

by

the

Adviser;

(ii)

the

Adviser’s

personnel

and

operations;

(iii)

each

Fund’s

expense

level;

(iv)

the

profitability

to

the

Adviser

under

the

Investment

Management

Agreement

with

respect

to

each

Fund;

(v)

any

“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);

(vi)

the

effect

of

asset

growth

on

each

Fund’s

expenses;

and

(vii)

potential

conflicts

of

interest.

The

Trustees

also

considered

benefits

that

accrue

to

the

Adviser

and

its

affiliates

from

their

relationships

with

the

Trust

and

each

Fund.

The

Trustees

also

considered

that,

other

than

the

services

provided

by

the

Adviser

and

its

affiliates

pursuant

to

agreements

with

the

Funds

and

the

fees

paid

by

the

Funds

therefor,

the

Funds

and

the

Adviser

may

potentially

benefit

from

their

relationship

with

each

other

in

other

ways.

The

Trustees

considered

that

the

success

of

the

Funds

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

Funds.

The

Board,

including

the

Independent

Trustees,

considered

the

following

in

respect

of

the

Funds:

(a)

The

nature,

extent

and

quality

of

services

provided

by

the

Adviser;

personnel

and

operations

of

the

Adviser.

Janus

Henderson

B-BBB

CLO

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

24

April

30,

2023

The

Board

reviewed

the

services

that

the

Adviser

provides

to

the

Funds.

In

connection

with

the

investment

advisory

services

provided

by

the

Adviser,

the

Board

noted

the

responsibilities

that

the

Adviser

has

as

the

Funds’

investment

adviser,

including:

the

overall

supervisory

responsibility

for

the

general

management

and

investment

of

each

Fund’s

securities

portfolio;

providing

oversight

of

the

investment

performance

and

processes

and

compliance

with

each

Fund’s

investment

objectives,

policies

and

limitations;

the

implementation

of

the

investment

management

program

of

each

Fund;

the

management

of

the

day-to-day

investment

and

reinvestment

of

the

assets

of

each

Fund;

determining

daily

baskets

of

securities

and

cash

components

in

connection

with

creation

and

redemption

transactions

in

each

Fund’s

shares;

executing

portfolio

security

trades

for

purchases

and

redemptions

of

each

Fund’s

shares

conducted

on

a

cash-

in-lieu

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

Funds.

The

Board

reviewed

the

Adviser’s

experience,

resources

and

strengths

in

managing

the

Funds

and

other

pooled

investment

vehicles,

including

an

assessment

of

the

Adviser’s

personnel.

Based

on

its

consideration

and

review

of

the

foregoing

information,

the

Board

determined

that

each

Fund

was

likely

to

continue

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

rendered

and

fees

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

Funds;

“fall-out”

benefits.

The

Board

then

compared

both

the

services

rendered

and

the

fees

paid

under

other

contracts

of

the

Adviser

and

under

contracts

of

other

investment

advisers

with

respect

to

similar

ETFs.

In

particular,

the

Board

reviewed

a

report

compiled

by

an

independent

third

party

to

compare

each

Fund’s

contractual

management

fee

and

total

expense

ratio

to

other

investment

companies

within

each

Fund’s

respective

peer

grouping,

as

determined

by

the

independent

third

party.

The

information

provided

by

the

comparative

report

showed

how

the

total

expense

ratio

and

contractual

management

fee

for

each

of

the

Funds

compared

within

its

respective

peer

group

for

the

one-year

period

ended

December

31,

2022.

The

reporting

is

described

in

detail

below:

The

total

expense

ratio

and

the

contractual

management

fee

for

JAAA

was

each

reported

in

the

1st

quintile

of

its

respective

peer

group

(with

1st

quintile

being

the

lowest

fees/expenses

and

5th

quintile

being

the

highest

fees/

expenses).

The

total

expense

ratio

and

the

contractual

management

fee

for

JBBB

was

each

reported

in

the

2nd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

SXUS

was

each

reported

in

the

4th

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JMBS

was

each

reported

in

the

1st

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JZRO

was

each

reported

in

the

2nd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

VNLA

was

each

reported

in

the

1st

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JSML

was

each

reported

in

the

3rd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JSMD

was

each

reported

in

the

3rd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

SCRD

was

reported

in

the

3rd

and

2nd

quintiles,

respectively.

The

total

expense

ratio

and

the

contractual

management

fee

for

JIB

as

each

reported

in

the

3rd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JRE

was

each

at

median

as

compared

to

expense

group

peers.

Janus

Henderson

B-BBB

CLO

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

Janus

Detroit

Street

Trust

25

The

total

expense

ratio

and

the

contractual

management

fee

for

SSPX

was

reported

in

the

4th

and

3rd

quintiles,

respectively.

The

Board

further

considered

that

the

Adviser

had

voluntarily

agreed

to

cap

the

expenses

of

JAAA,

JMBS

and

VNLA

to

the

extent

that

such

Funds’

total

expense

ratio

exceeded

0.22%,

0.28%

and

0.23%,

respectively,

for

the

period

February

28,

2023

through

February

29,

2024

in

the

case

of

JMBS

and

VNLA

and

for

the

period

of

January

20,

2023

through

February

29,

2024

in

the

case

of

JAAA.

The

Board

further

noted

the

Adviser’s

contractual

commitment

with

respect

to

the

Funds’

investments

in

affiliated

ETFs

to

waive

and/or

reimburse

a

portion

of

its

management

fee

in

an

amount

equal

to

a

portion

of

the

management

fee

it

earns

as

investment

adviser

to

affiliated

ETFs

in

which

a

Fund

invests

(if

any),

for

at

least

the

period

from

February 28,

2023

until

February 29,

2024.

The

Board

also

discussed

the

costs

incurred

by

the

Adviser

in

connection

with

its

serving

as

investment

adviser

to

the

Funds,

including

operational

costs.

After

comparing

each

Fund’s

fees

and

expenses

with

those

of

other

ETFs

in

the

Funds’

respective

peer

groups,

and

in

light

of

the

nature,

extent

and

quality

of

services

provided

by

the

Adviser

and

the

costs

incurred

by

the

Adviser

in

rendering

those

services,

as

well

as

the

profitability

of

the

Adviser

in

providing

these

services,

the

Board

concluded

that

the

level

of

fees

paid

to

the

Adviser

and

the

profitability

with

respect

to

each

Fund

was

fair

and

reasonable.

The

Board

also

considered

that

the

Adviser

may

experience

reputational

“fall-out”

benefits

based

on

the

success

of

the

Funds,

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.

In

its

review,

the

Board

considered

that

the

Funds

were

positioned

to

realize

potential

economies

of

scale

as

assets

grow

over

time,

given

the

inclusion

of

management

fee

breakpoints

for

each

Fund

in

the

current

investment

advisory

agreement

at

various

asset

levels.

(d)

Investment

performance

of

the

Fund

and

the

Adviser.

The

Board

next

discussed

the

annualized

returns

of

the

Funds

on

both

an

absolute

basis

and

relative

to

the

performance

of

funds

comprising

a

performance

universe

compiled

by

an

independent

third

party

for

each

Fund

for

the

three-month

period,

one-year

period,

two-year

period,

three-year

period,

four-year

period,

five-year

period,

and/or

since

inception

period

ended

December

31,

2022

(each

period

as

applicable).

The

Board

noted

the

following

for

each

Fund:

JAAA

was

reported

to

be

in

the

1st

and

3rd

quintiles

of

its

performance

universe

(with

the

1st

quintile

being

the

best

performer

and

the

5th

quintile

being

the

worst

performer)

for

its

one-

and

two-year

periods,

respectively;

JBBB

was

reported

to

be

in

the

1st

and

5th

quintiles

of

its

performance

universe

for

its

3-month

and

since

inception

periods,

respectively;

SXUS

was

reported

to

be

in

the

4th

quintile

of

its

performance

universe

for

each

of

its

three-month,

one-year,

and

since

inception

periods;

JMBS

was

reported

to

be

in

the

2nd,

2nd,

2nd

and

1st

quintiles

of

its

performance

universe

for

its

one-,

two-,

three-,

and

four-year

periods,

respectively;

JZRO

was

reported

to

be

in

the

2nd,

2nd,

and

1st

quintiles

of

its

performance

universe

for

its

three-month,

one-year,

and

since

inception

periods,

respectively;

Janus

Henderson

B-BBB

CLO

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

26

April

30,

2023

VNLA

was

reported

to

be

in

the

1st

quintile

of

its

performance

universe

for

each

of

its

one-,

two-,

three-,

four-,

and

five-year

periods;

JSML

was

reported

to

be

in

the

4th,

4th,

5th,

5th,

and

4th

quintiles

of

its

performance

universe

for

its

one-,

two-,

three-,

four-,

and

five-year

periods,

respectively;

JSMD

was

reported

to

be

in

the

2nd,

3rd,

3rd,

3rd

and

3rd

quintiles

of

its

performance

universe

for

its

one-,

two-,

three-,

four-,

and

five-year

periods,

respectively;

SCRD

was

reported

to

be

in

the

4th,

3rd,

and

2nd

quintiles

of

its

performance

universe

for

its

three-month,

one-year,

and

since

inception

periods,

respectively;

JIB

was

reported

to

be

in

the

5th,

4th,

and

4th

quintiles

of

its

performance

universe

for

its

three-month,

one-year,

and

since

inception

periods,

respectively;

JRE

was

reported

to

be

in

the

1st

quintile

of

its

performance

universe

for

each

of

its

three-month,

one-year,

and

since

inception

periods;

and

SSPX

was

reported

to

be

in

its

3rd,

5th,

and

5th

quintiles

of

its

performance

universe

for

its

three-month,

one-year,

and

since

inception

periods,

respectively.

With

respect

to

JSML

and

JSMD,

the

Board

noted

that

these

Funds

are

index-based

and,

as

a

result,

passively

managed

to

seek

to

track

the

returns

of

specified

indices.

For

this

reason,

the

Board

also

considered

the

performance

of

these

Funds

in

relation

to

the

performance

of

each

Fund’s

respective

underlying

index

(i.e.

“tracking

error”),

and

considered

that

the

tracking

error

was

within

anticipated

ranges.

The

Board

considered

the

Adviser’s

explanation

of

performance

results

for

each

Fund

across

the

relevant

periods

provided

as

part

of

the

consideration

of

the

renewal

of

the

Investment

Advisory

Agreement,

and

during

the

course

of

the

previous

year.

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

management

fee

rates

and

total

expense

ratios

of

each

Fund

are

reasonable

in

relation

to

the

services

provided

by

the

Adviser

to

such

Fund,

as

well

as

the

costs

incurred

and

benefits

gained

by

the

Adviser

in

providing

such

services.

The

Board

also

found

the

management

fees

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

renewal

of

the

Investment

Management

Agreement

for

an

additional

one-year

period

was

in

the

best

interests

of

each

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

renewal

of

the

Investment

Management

Agreement

for

each

Fund.

Janus

Henderson

B-BBB

CLO

ETF

Liquidity

Risk

Management

Program

(unaudited)

Janus

Detroit

Street

Trust

27

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),

requires

open-end

funds

(but

not

money

market

funds)

to

adopt

and

implement

a

written

liquidity

risk

management

program

(the

“LRMP”)

that

is

reasonably

designed

to

assess

and

manage

liquidity

risk,

which

is

the

risk

that

a

fund

could

not

meet

redemption

requests

without

significant

dilution

of

remaining

investors’

interests

in

the

fund.

The

Funds

have

adopted

and

implemented

a

LRMP,

which

incorporates

the

following

elements:

(i)

assessment,

management,

and

periodic

review

of

liquidity

risk;

(ii)

classification

of

portfolio

investments;

(iii)

the

establishment

and

monitoring

of

a

highly

liquid

investment

minimum

(“HLIM”),

as

applicable;

(iv)

a

15%

limitation

on

a

Fund’s

illiquid

investments;

(v)

provisions

concerning

redemptions

in-

kind;

and

(vi)

board

oversight.

In

light

of

the

fact

that

each

Fund

operates

as

an

exchange-traded

fund

(“ETF”),

the

LRMP

also

takes

into

account

considerations

unique

to

ETFs,

including

(i)

the

relationship

between

the

ETF’s

portfolio

liquidity

and

the

way

in

which,

and

the

prices

and

spreads

at

which,

ETF

shares

trade,

including:

the

efficiency

of

the

arbitrage

function

and

the

level

of

active

participation

by

market

participants

(including

authorized

participants);

and

(ii)

the

effect

of

the

composition

of

baskets

on

the

overall

liquidity

of

the

ETF’s

portfolio.

The

LRMP

also

considers

whether

an

ETF

meets

redemptions

through

in-kind

transfers

of

securities,

positions,

and

assets

other

than

a

de

minimis

amount

of

cash.

The

Trustees

of

the

Funds

(the

“Trustees”)

have

designated

Janus

Henderson

Investors

US

LLC,

the

Funds’

investment

adviser

(the

“Adviser”),

as

the

Program

Administrator

for

the

LRMP

responsible

for

administering

the

LRMP

and

carrying

out

the

specific

responsibilities

of

the

LRMP.

A

working

group

comprised

of

various

teams

within

the

Adviser’s

business

is

responsible

for

administering

the

LRMP

and

carrying

out

the

specific

responsibilities

of

different

aspects

of

the

LRMP

(the

“Liquidity

Risk

Working

Group”).

In

assessing

each

Fund’s

liquidity

risk,

the

Liquidity

Risk

Working

Group

periodically

considers,

as

relevant,

specified

liquidity

factors,

including:

(i)

the

investment

strategy

and

liquidity

of

a

Fund’s

portfolio

investments

during

both

normal

and

reasonably

foreseeable

stressed

conditions;

(ii)

whether

a

Fund’s

investment

strategy

is

appropriate

for

an

open-end

fund;

(iii)

the

extent

to

which

a

Fund’s

strategy

involves

a

relatively

concentrated

portfolio

or

large

positions

in

any

issuer;

(iv)

a

Fund’s

use

of

borrowing

for

investment

purposes;

(v)

a

Fund’s

use

of

derivatives;

(vi)

short-term

and

long-term

cash

flow

projections

during

both

normal

and

reasonably

foreseeable

stressed

conditions;

and

(vii)

holdings

of

cash

and

cash

equivalents,

as

well

as

borrowing

arrangements

and

other

funding

sources.

The

Liquidity

Rule

requires

the

Trustees

to

review

at

least

annually

a

written

report

provided

by

the

Program

Administrator

that

addresses

the

operation

of

the

LRMP

and

assesses

its

adequacy

and

the

effectiveness

of

its

implementation,

including,

if

applicable,

the

operation

of

the

HLIM

and

any

material

changes

to

the

LRMP

(the

“Program

Administrator

Report”).

At

a

meeting

held

April

20,

2023,

the

Adviser

provided

to

the

Trustees

the

Program

Administrator

Report,

which

covered

the

operation

of

the

LRMP

from

January

1,

2022

through

December

31,

2022

(the

“Reporting

Period”).

Further,

at

a

meeting

held

on

June

26,

2023,

the

Adviser

provided

to

the

Trustees

an

update

regarding

the

Program

Administrator

Report

for

the

Reporting

Period.  

The

Program

Administrator

Report

discussed

the

operation

and

effectiveness

of

the

LRMP

during

the

Reporting

Period.

Among

other

things,

the

Program

Administrator

Report

indicated

that

there

were

no

material

changes

to

the

LRMP

during

the

Reporting

Period,

although

there

were

certain

methodology

adjustments

implemented

relating

to

a

change

in

data

provider

used

by

the

Program

Administrator.

Additionally,

the

findings

presented by

the

Program

Administrator

indicated

that

the

LRMP

operated

adequately

during

the

Reporting

Period.

These

findings

included

that

each

Fund

was

able

to

meet

redemptions

during

the

normal

course

of

business

during

the

Reporting

Period.

The

Program

Administrator

Report

also

stated

that

each

Fund

did

not

exceed

the

15%

limit

on

illiquid

assets

during

the

Reporting

Period,

that

each

Fund

held

primarily

highly

liquid

assets,

and

was

considered

to

be

a

primarily

highly

liquid

fund

during

the

Reporting

Period.

Also

included

among

the

Program

Administrator

Report’s

findings

was

the

determination

that

each

Fund’s

investment

strategy

remains

appropriate

for

an

open-end

fund.

In

addition,

the

Adviser

expressed

its

belief

that

the

LRMP

is

reasonably

designed

and

adequate

to

assess

and

manage

each

Fund’s

liquidity

risk,

considering

each

Fund’s

particular

Janus

Henderson

B-BBB

CLO

ETF

Liquidity

Risk

Management

Program

(unaudited)

28

April

30,

2023

risks

and

circumstances,

and

includes

policies

and

procedures

reasonably

designed

to

implement

each

required

component

of

the

Liquidity

Rule.

There

can

be

no

assurance

that

the

LRMP

will

achieve

its

objectives

in

the

future.

Please

refer

to

your

Fund’s

prospectus

for

more

information

regarding

the

risks

to

which

an

investment

in

the

Fund

may

be

subject.

125-24-93094

04-23

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

Henderson

Investors

US

LLC

is

the

investment

adviser

and

ALPS

Distributors,

Inc.

is

the

distributor.

ALPS

is

not

affiliated

with

Janus

Henderson

or

any

of

its

subsidiaries.

(b) Not applicable.

Item 2. Code of Ethics.

Not applicable to semiannual reports.

Item 3. Audit Committee Financial Expert.

Not applicable to semiannual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable to semiannual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable to semiannual reports.

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.
(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/ Nick Cherney
	Nick Cherney
	President and Chief Executive Officer (Principal Executive Officer)
Date: June 28, 2023

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/ Nick Cherney
	Nick Cherney
	President and Chief Executive Officer (Principal Executive Officer)
Date: June 28, 2023

By:	/s/ Jesper Nergaard
	Jesper Nergaard
	Vice President, Chief Financial Officer, Treasurer and Principal Accounting Officer (Principal Financial Officer and Principal Accounting Officer)
Date: June 28, 2023

EX-99.CERT

Exhibit 13(a)(2)

Section 302 Certification

I, Nick Cherney, certify that:

1. I have reviewed this report on Form N-CSR of Janus Detroit Street Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: June 28, 2023
By:	/s/ Nick Cherney
	Nick Cherney
	President and Chief Executive Officer (Principal Executive Officer)

Section 302 Certification

I, Jesper Nergaard, certify that:

1. I have reviewed this report on Form N-CSR of Janus Detroit Street Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: June 28, 2023
By:	/s/ Jesper Nergaard
	Jesper Nergaard
	Vice President, Chief Financial Officer, Treasurer and Principal Accounting Officer (Principal Financial Officer and Principal Accounting Officer)

EX-99.906 CERT

Exhibit 13(b)

Section 906 Certification

The following certification is provided by the undersigned Principal Executive Officer and Principal Financial Officer of Registrant on the basis of such officers’ knowledge and belief for the sole purpose of complying with 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(b) under the Investment Company Act of 1940.

Certification

In connection with the Annual Reports of Janus Detroit Street Trust (the “Registrant”) on Form N-CSR for the period ended April 30, 2023, as filed with the Securities and Exchange Commission on June 28, 2023 (the “Report”), we, Nick Cherney, Principal Executive Officer of the Registrant, and Jesper Nergaard, Principal Accounting Officer and Principal Financial Officer of the Registrant, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(b) under the Investment Company Act of 1940, that:

(1) The Report fully complies with the requirements of Sections 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

By:   /s/ Nick Cherney

        Nick Cherney

President and Chief Executive Officer (Principal Executive Officer)

Date: June 28, 2023

By:  /s/ Jesper Nergaard

        Jesper Nergaard

Vice President, Chief Financial Officer, Treasurer and Principal Accounting Officer (Principal Financial Officer and Principal Accounting Officer)

Date: June 28, 2023

This certification is being furnished to the Commission solely pursuant to the requirements of Form N-CSR and is not being “filed” as part of this report. A signed original of this written statement required by Section 906, or other documents authenticating, acknowledging, or otherwise adopting the signatures that appear in typed form within the electronic version of this written statement required by Section 906, has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.