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: October 31, 2023

Item 1. Report to Shareholders. [INSERT]

ANNUAL

REPORT

October

31,

2023

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Performance

Overview

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

1

Fund

At

A

Glance

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

2

Disclosure

of

Fund

Expenses

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

4

Report

of

Independent

Registered

Public

Accounting

Firm

...

5

Schedule

of

Investments

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

6

Statement

of

Assets

and

Liabilities

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

15

Statement

of

Operations

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

16

Statements

of

Changes

in

Net

Assets

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

17

Financial

Highlights

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

18

Notes

to

Financial

Statements

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

19

Additional

Information

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

27

Trustees

and

Officers

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

29

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

(unaudited)

Janus

Detroit

Street

Trust

1

INVESTMENT

OBJECTIVE

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

(JSMD)

seeks

investment

results

that

generally

correspond,

before

fees

and

expenses,

to

the

performance

of

its

underlying

index,

the

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

Index.

PERFORMANCE

OVERVIEW

U.S.

small-

and

mid-cap

equities

declined

over

the

twelve-month

period

ended

October

31,

2023,

as

soaring

inflation,

rising

interest

rates,

and

fears

of

a

recession

led

to

market

turbulence.

Stocks

rallied

in

the

fourth

quarter

of

2022

on

hopes

that

moderating

inflation

might

allow

the

Federal

Reserve

(Fed)

to

slow

interest

rate

hikes.

This

rally

extended

into

the

first

half

of

2023

despite

periods

of

market

volatility.

Economic

growth

appeared

resilient,

as

a

strong

job

market

supported

consumer

spending.

However,

there

were

signs

of

slowing

in

other

areas

of

the

economy,

especially

manufacturing

and

housing.

Corporations

also

reduced

earnings

outlooks

as

they

faced

weaker

demand

as

well

as

higher

input,

labor,

and

funding

costs.

The

Fed

continued

to

raise

rates

through

the

first

seven

months

of

2023,

though

the

pace

of

rate

hikes

moderated.

The

Fed

left

rates

unchanged

in

September,

but

policymakers

indicated

that

an

extended

period

of

higher

rates

might

be

needed

to

bring

inflation

under

control.

These

signals

put

upward

pressure

on

long-term

bond

yields

while

adding

to

fears

of

a

more

pronounced

economic

slowdown.

As

a

result,

stocks

suffered

downward

volatility

in

the

third

quarter,

with

declines

extending

through

October.

Against

this

backdrop,

the

small-

and

mid-cap

stocks

in

the

index

had

negative

returns

for

the

twelve-

month

period

while

underperforming

the

broader

U.S.

equity

market.

The

Janus

Henderson

Small/Mid-Cap

Growth

Alpha

ETF

returned

4.27%

(based

on

NAV).

Its

benchmark,

the

Janus

Henderson

Small/Mid-Cap

Growth

Alpha

Index

returned

4.57%.

Its

secondary

benchmark,

the

Russell

2500™

Growth

Index,

returned

-4.80%.

JSMD

seeks

investment

results

that

generally

correspond,

before

fees

and

expenses,

to

the

performance

of

its

primary

benchmark.

The

strategy

seeks

to

provide

risk-adjusted

outperformance

by

identifying

top-tier

small-

and

mid-cap

companies

with

some

of

the

strongest

fundamentals

that

the

adviser

believes

can

deliver

sustainable

growth

in

a

variety

of

market

environments.

The

Fund

uses

a

proprietary

methodology

that

evaluates

small/mid-cap

stocks

from

a

universe

of

2,500,

in

three

key

areas:

growth,

profitability

and

capital

efficiency.

The

process

systematically

identifies

companies

that

may

be

poised

for

long-run

sustainable

growth.

Each

stock

is

evaluated

on

fundamental

factors

to

identify

companies

that

can

exhibit

durable

growth.

Growth

measures

include

revenue

growth

rate;

profitability

measures

include

operating

profit

and

earnings

per-share;

and

capital

efficiency

measures

include

return

on

invested

capital.

Important

Notice

–

Tailored

Shareholder

Reports

Effective

January

24,

2023,

the

Securities

and

Exchange

Commission

(the

“SEC”)

adopted

rule

and

form

amendments

that

require

mutual

funds

and

exchange

traded

funds

to

provide

shareholders

with

streamlined

annual

and

semi-annual

shareholder

reports

that

highlight

key

information.

Other

information,

including

financial

statements,

that

currently

appears

in

shareholder

reports

will

be

made

available

online,

delivered

free

of

charge

to

shareholders

upon

request,

and

filed

with

the

SEC.

The

first

tailored

shareholder

report

for

the

Fund

will

be

for

the

reporting

period

ending

October

31,

2024.

Currently,

management

is

evaluating

the

impact

of

the

rule

and

form

amendments

on

the

content

of

the

Fund’s

current

shareholder

reports.

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

(unaudited)

Fund

At

A

Glance

October

31,

2023

2

October

31,

2023

Holdings

are

subject

to

change

without

notice.

5

Largest

Equity

Holdings

–

(%

of

Net

Assets)

Dell

Technologies,

Inc.

Technology

Hardware,

Storage

&

Peripherals

3.5%

Jabil,

Inc.

Electronic

Equipment,

Instruments

&

Components

3.3%

Shockwave

Medical,

Inc.

Health

Care

Equipment

&

Supplies

3.2%

Medpace

Holdings,

Inc.

Life

Sciences

Tools

&

Services

3.0%

Westlake

Corp.

Chemicals

2.8%

15.8%

Sector

Allocation

–

(%

of

Net

Assets)

Consumer,

Non-cyclical

32.1%

Industrial

19.6%

Technology

16.7%

Consumer,

Cyclical

12.9%

Financial

8.8%

Basic

Materials

4.5%

Energy

3.2%

Communications

1.4%

Utilities

0.8%

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

0.3%

Investment

Company

0.1%

100.4%

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

(unaudited)

Performance

Janus

Detroit

Street

Trust

3

Total

annual

expense

ratio

as

stated

in

the

prospectus:

0.30%.

See

Financial

Highlights

for

actual

expense

ratios

during

the

reporting

period.

Returns

quoted

are

past

performance

and

do

not

guarantee

future

results;

current

performance

may

be

lower

or

higher.

Investment

returns

and

principal

value

will

vary;

there

may

be

a

gain

or

loss

when

shares

are

sold.

For

the

most

recent

month-end

performance

call

800.668.0434

or

visit

janushenderson.com/performance.

Shares

of

ETFs

are

bought

and

sold

at

market

price

(not

NAV)

and

are

not

individually

redeemed

from

the

Fund.

Market

returns

are

based

upon

the

midpoint

of

the

bid/ask

spread

at

4:00

p.m.

Eastern

time

(when

NAV

is

normally

determined

for

most

ETFs),

and

do

not

represent

the

returns

you

would

receive

if

you

traded

shares

at

other

times.

Ordinary

brokerage

commissions

apply

and

will

reduce

returns.

Investing

involves

risk,

including

the

possible

loss

of

principal

and

fluctuation

of

value.

There

is

no

assurance

the

stated

objective(s)

will

be

met.

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.

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

October

31,

2023

One

Year

Five

Years

Since

Inception

*

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

-

NAV

4.27%

6.52%

11.33%

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

-

Market

Price

4.25%

6.49%

11.34%

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

Index

4.57%

6.86%

11.74%

Russell

2500

TM

Growth

Index

-4.80%

5.22%

9.62%

*

The

Fund

commenced

operations

on

February

23,

2016.

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

(unaudited)

Disclosure

of

Fund

Expenses

4

October

31,

2023

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1)

transaction

costs,

which

may

include

creation

and

redemption

fees

or

brokerage

charges

and

(2)

ongoing

costs,

including

management

fees

and

other

Fund

expenses.

This

example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

Funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

example

is

based

upon

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

six-months

indicated,

unless

noted

otherwise

in

the

table

and

footnotes

below. 

Actual

Expenses 

The

information

in

the

table

under

the

heading

“Actual”

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

these

columns,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

under

the

heading

entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

the

period.

Hypothetical

Example

for

Comparison

Purposes 

The

information

in

the

table

under

the

heading

“Hypothetical

(5%

return

before

expenses)”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

upon

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

determine

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Additionally,

for

an

analysis

of

the

fees

associated

with

an

investment

or

other

similar

funds,

please

visit 

www.finra.org/

fundanalyzer.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transaction

costs,

such

as

creation

and

redemption

fees,

or

brokerage

charges.

These

fees

are

fully

described

in

the

Fund’s

prospectus.

Therefore,

the

hypothetical

examples

are

useful

in

comparing

ongoing

costs

only

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

transaction

costs

were

included,

your

costs

would

have

been

higher.

Actual

Hypothetical

(5%

return

before

expenses)

Beginning

Account

Value

(5/1/23)

Ending

Account

Value

(10/31/23)

Expenses

Paid

During

Period

(5/1/23

-

10/31/23)

†

Beginning

Account

Value

(5/1/23)

Ending

Account

Value

(10/31/23)

Expenses

Paid

During

Period

(5/1/23

-

10/31/23)

†

Net

Annualized

Expense

Ratio

(5/1/23

-

10/31/23)

$1,000.00

$984.50

$1.50

$1,000.00

$1,023.69

$1.53

0.30%

†

Expenses

Paid

During

Period

is

equal

to

the

Net

Annualized

Expense

Ratio

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period).

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Report

of

Independent

Registered

Public

Accounting

Firm

Janus

Detroit

Street

Trust

5

To

the

Board

of

Trustees

of

Janus

Detroit

Street

Trust

and

Shareholders

of

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

(one

of

the

funds

constituting

Janus

Detroit

Street

Trust,

referred

to

hereafter

as

the

"Fund")

as

of

October

31,

2023,

the

related

statement

of

operations

for

the

year

ended

October

31,

2023,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2023,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

October

31,

2023

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

October

31,

2023,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2023

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

October

31,

2023

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

October

31,

2023

by

correspondence

with

the

custodian,

transfer

agent

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

Denver,

Colorado

December

15,

2023

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

Janus

Henderson

Funds

since

1990.

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Schedule

of

Investments

October

31,

2023

6

October

31,

2023

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Common

Stocks

-

100.0%

Aerospace

&

Defense

-

0.1%

AerSale

Corp.*

16,599

$

253,799

Air

Freight

&

Logistics

-

0.3%

Hub

Group,

Inc.

-

Class

A*

10,116

695,475

Radiant

Logistics,

Inc.*

15,573

91,258

786,733

Automobile

Components

-

0.4%

Fox

Factory

Holding

Corp.*

3,680

299,810

LCI

Industries

2,202

238,895

Patrick

Industries,

Inc.

1,940

145,791

Phinia,

Inc.

4,125

106,755

XPEL,

Inc.*

2,420

112,046

903,297

Automobiles

-

0.2%

Thor

Industries,

Inc.

4,649

408,787

Winnebago

Industries,

Inc.

2,638

152,872

561,659

Banks

-

4.9%

Amalgamated

Financial

Corp.

5,868

107,032

Bancorp,

Inc.

(The)*

10,339

368,585

Bank

First

Corp.

#

1,999

157,861

Bridgewater

Bancshares,

Inc.*

5,477

52,744

Business

First

Bancshares,

Inc.

4,890

95,551

Byline

Bancorp,

Inc.

8,370

158,779

Capstar

Financial

Holdings,

Inc.

4,057

61,585

Coastal

Financial

Corp.*

2,567

95,415

CrossFirst

Bankshares,

Inc.*

9,502

100,531

Customers

Bancorp,

Inc.*

5,974

240,215

Dime

Community

Bancshares,

Inc.

7,546

138,771

East

West

Bancorp,

Inc.

27,095

1,452,834

Enterprise

Financial

Services

Corp.

7,135

248,084

Esquire

Financial

Holdings,

Inc.

1,591

72,868

Fidelity

D&D

Bancorp,

Inc.

#

1,115

49,952

First

Bancorp

7,909

229,519

First

Bank

4,935

54,581

First

Citizens

BancShares,

Inc.

-

Class

A

2,734

3,774,943

First

Foundation,

Inc.

11,060

50,213

Five

Star

Bancorp

3,356

65,341

Guaranty

Bancshares,

Inc.

2,269

64,735

Independent

Bank

Corp.

4,055

80,897

John

Marshall

Bancorp,

Inc.

2,769

50,894

Metropolitan

Bank

Holding

Corp.*

2,147

69,584

Midland

States

Bancorp,

Inc.

4,210

91,862

Northeast

Community

Bancorp,

Inc.

#

2,955

45,034

Norwood

Financial

Corp.

#

1,612

41,283

Old

Second

Bancorp,

Inc.

8,622

116,914

Orange

County

Bancorp,

Inc.

1,108

48,863

Origin

Bancorp,

Inc.

5,907

174,788

Parke

Bancorp,

Inc.

2,390

40,248

Pathward

Financial,

Inc.

5,008

226,812

Plumas

Bancorp

1,167

39,853

Preferred

Bank

2,877

171,383

Red

River

Bancshares,

Inc.

1,396

64,886

ServisFirst

Bancshares,

Inc.

10,408

490,841

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Schedule

of

Investments

October

31,

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)

Banks

-

(continued)

SmartFinancial,

Inc.

3,303

$

68,868

Southern

States

Bancshares,

Inc.

1,746

40,542

Stock

Yards

Bancorp,

Inc.

5,601

219,055

Summit

Financial

Group,

Inc.

2,857

61,426

Triumph

Financial,

Inc.*

4,439

276,328

UMB

Financial

Corp.

9,224

578,529

United

Community

Banks,

Inc.

22,607

499,389

Unity

Bancorp,

Inc.

1,990

47,880

Western

Alliance

Bancorp

20,800

854,880

12,041,178

Beverages

-

1.4%

Coca-Cola

Consolidated,

Inc.

3,901

2,482,636

MGP

Ingredients,

Inc.

10,264

971,590

3,454,226

Biotechnology

-

1.3%

Catalyst

Pharmaceuticals,

Inc.*

130,352

1,617,668

Point

Biopharma

Global,

Inc.*

129,348

1,637,546

3,255,214

Building

Products

-

3.1%

Advanced

Drainage

Systems,

Inc.

25,297

2,702,479

CSW

Industrials,

Inc.

5,009

887,895

Insteel

Industries,

Inc.

6,304

175,945

Simpson

Manufacturing

Co.,

Inc.

13,747

1,830,825

UFP

Industries,

Inc.

19,892

1,893,122

7,490,266

Capital

Markets

-

1.3%

Bridge

Investment

Group

Holdings,

Inc.

-

Class

A

6,551

47,691

Hamilton

Lane,

Inc.

-

Class

A

7,336

617,104

Interactive

Brokers

Group,

Inc.

-

Class

A

20,302

1,625,581

Open

Lending

Corp.

-

Class

A*

23,154

138,693

PJT

Partners,

Inc.

-

Class

A

4,609

361,161

Victory

Capital

Holdings,

Inc.

-

Class

A

12,524

368,957

3,159,187

Chemicals

-

3.1%

Hawkins,

Inc.

9,852

565,800

Origin

Materials,

Inc.

#

,*

68,457

67,670

Westlake

Corp.

59,454

6,858,613

7,492,083

Commercial

Services

&

Supplies

-

2.7%

Driven

Brands

Holdings,

Inc.*

53,970

614,179

Rollins,

Inc.

158,371

5,956,333

6,570,512

Communications

Equipment

-

0.1%

Clearfield,

Inc.

#

,*

7,749

186,131

Construction

&

Engineering

-

2.2%

Ameresco,

Inc.

-

Class

A*

11,047

288,879

Comfort

Systems

USA,

Inc.

11,501

2,091,457

MYR

Group,

Inc.*

5,382

623,397

WillScot

Mobile

Mini

Holdings

Corp.*

63,429

2,499,737

5,503,470

Construction

Materials

-

1.0%

Eagle

Materials,

Inc.

16,505

2,540,285

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Schedule

of

Investments

October

31,

2023

8

October

31,

2023

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Common

Stocks

-

(continued)

Consumer

Staples

Distribution

&

Retail

-

1.9%

BJ's

Wholesale

Club

Holdings,

Inc.*

62,270

$

4,241,832

Ingles

Markets,

Inc.

-

Class

A

6,781

543,972

4,785,804

Diversified

REITs

-

0.1%

Essential

Properties

Realty

Trust,

Inc.

14,080

309,056

Electric

Utilities

-

0.5%

NRG

Energy,

Inc.

20,379

863,662

Otter

Tail

Corp.

3,693

284,139

1,147,801

Electrical

Equipment

-

2.1%

Atkore,

Inc.*

12,156

1,510,748

Encore

Wire

Corp.

5,410

967,470

Generac

Holdings,

Inc.*

20,017

1,682,829

Preformed

Line

Products

Co.

1,593

215,613

Shoals

Technologies

Group,

Inc.

-

Class

A*

54,704

840,253

5,216,913

Electronic

Equipment,

Instruments

&

Components

-

6.7%

Fabrinet*

18,216

2,823,480

Insight

Enterprises,

Inc.*

17,905

2,565,786

Jabil,

Inc.

65,849

8,086,257

Littelfuse,

Inc.

12,528

2,714,442

Napco

Security

Technologies,

Inc.

18,584

341,388

16,531,353

Energy

Equipment

&

Services

-

0.1%

Atlas

Energy

Solutions,

Inc.

11,452

208,541

ProFrac

Holding

Corp.

-

Class

A*

11,059

104,176

312,717

Entertainment

-

0.7%

Madison

Square

Garden

Entertainment

Corp.*

9,041

275,570

TKO

Group

Holdings,

Inc.

17,580

1,441,208

Vivid

Seats,

Inc.

-

Class

A*

19,881

116,900

1,833,678

Financial

Services

-

0.3%

International

Money

Express,

Inc.*

6,819

108,831

Merchants

Bancorp

8,252

246,652

NMI

Holdings,

Inc.

-

Class

A*

15,660

428,301

783,784

Food

Products

-

1.3%

Darling

Ingredients,

Inc.*

74,273

3,289,551

Gas

Utilities

-

0.2%

National

Fuel

Gas

Co.

8,187

417,128

Ground

Transportation

-

2.4%

ArcBest

Corp.

7,734

842,078

Landstar

System,

Inc.

11,558

1,904,528

Saia,

Inc.*

8,529

3,057,561

Universal

Logistics

Holdings,

Inc.

8,519

190,655

5,994,822

Health

Care

Equipment

&

Supplies

-

7.0%

QuidelOrtho

Corp.*

81,628

4,985,838

Shockwave

Medical,

Inc.*

37,804

7,797,453

STAAR

Surgical

Co.*

59,294

2,479,675

UFP

Technologies,

Inc.*

9,343

1,456,761

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Schedule

of

Investments

October

31,

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)

Health

Care

Equipment

&

Supplies

-

(continued)

Zynex,

Inc.*

44,082

$

391,448

17,111,175

Health

Care

Providers

&

Services

-

7.2%

AdaptHealth

Corp.

-

Class

A*

166,512

1,220,533

AMN

Healthcare

Services,

Inc.*

46,434

3,522,483

Cross

Country

Healthcare,

Inc.*

43,814

1,014,732

DocGo,

Inc.*

127,074

754,820

Ensign

Group,

Inc.

(The)

68,723

6,638,642

Fulgent

Genetics,

Inc.*

36,633

876,994

Joint

Corp.

(The)*

18,148

141,736

Progyny,

Inc.*

116,615

3,598,739

17,768,679

Health

Care

Technology

-

1.3%

Doximity,

Inc.

-

Class

A*

153,425

3,134,473

Hotels,

Restaurants

&

Leisure

-

0.2%

ONE

Group

Hospitality,

Inc.

(The)*

3,111

13,720

Wingstop,

Inc.

2,598

474,836

Xponential

Fitness,

Inc.

-

Class

A*

3,007

42,910

531,466

Household

Durables

-

1.9%

Cavco

Industries,

Inc.*

756

188,630

Century

Communities,

Inc.

2,793

171,769

Dream

Finders

Homes,

Inc.

-

Class

A

#

,*

2,927

57,633

Green

Brick

Partners,

Inc.*

3,963

153,368

Installed

Building

Products,

Inc.

2,470

275,825

KB

Home

7,002

309,488

Legacy

Housing

Corp.*

2,198

40,685

Lovesac

Co.

(The)*

1,412

23,242

M/I

Homes,

Inc.*

2,421

198,691

MDC

Holdings,

Inc.

6,483

246,030

Meritage

Homes

Corp.

3,190

363,724

Skyline

Champion

Corp.*

4,963

290,981

Taylor

Morrison

Home

Corp.

-

Class

A*

9,497

363,925

Tempur

Sealy

International,

Inc.

14,912

595,436

Toll

Brothers,

Inc.

9,496

671,462

TopBuild

Corp.*

2,750

629,090

4,579,979

Independent

Power

and

Renewable

Electricity

Producers

-

0.1%

Montauk

Renewables,

Inc.*

12,805

128,818

Industrial

REITs

-

0.6%

Innovative

Industrial

Properties,

Inc.

2,567

184,388

Rexford

Industrial

Realty,

Inc.

18,468

798,556

Terreno

Realty

Corp.

7,523

400,825

1,383,769

Insurance

-

1.5%

F&G

Annuities

&

Life,

Inc.

#

23,848

731,895

Hagerty,

Inc.

-

Class

A

#

,*

16,229

125,288

Kinsale

Capital

Group,

Inc.

4,397

1,468,202

Palomar

Holdings,

Inc.*

4,723

236,528

RLI

Corp.

8,656

1,153,325

3,715,238

Interactive

Media

&

Services

-

0.8%

Cargurus,

Inc.

-

Class

A*

19,926

343,325

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Schedule

of

Investments

October

31,

2023

10

October

31,

2023

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Common

Stocks

-

(continued)

Interactive

Media

&

Services

-

(continued)

Shutterstock,

Inc.

7,385

$

300,422

ZipRecruiter,

Inc.

-

Class

A*

15,099

160,804

ZoomInfo

Technologies,

Inc.

-

Class

A*

81,755

1,059,545

1,864,096

IT

Services

-

0.4%

Perficient,

Inc.*

17,543

1,020,827

Leisure

Products

-

0.2%

Brunswick

Corp.

6,057

420,780

Malibu

Boats,

Inc.

-

Class

A*

1,816

79,214

499,994

Life

Sciences

Tools

&

Services

-

6.1%

Maravai

LifeSciences

Holdings,

Inc.

-

Class

A*

161,411

1,107,279

Medpace

Holdings,

Inc.*

30,828

7,481,031

Repligen

Corp.*

47,912

6,447,039

15,035,349

Machinery

-

2.6%

Franklin

Electric

Co.,

Inc.

14,882

1,290,567

Kadant,

Inc.

3,774

830,280

Mueller

Industries,

Inc.

36,514

1,376,943

Toro

Co.

(The)

33,539

2,711,293

Velo3D,

Inc.

#

,*

64,495

85,133

6,294,216

Marine

Transportation

-

0.4%

Matson,

Inc.

11,355

988,453

Media

-

0.5%

Nexstar

Media

Group,

Inc.

-

Class

A

7,147

1,001,152

PubMatic,

Inc.

-

Class

A*

8,821

99,412

1,100,564

Metals

&

Mining

-

2.3%

Alpha

Metallurgical

Resources,

Inc.

6,379

1,403,125

Commercial

Metals

Co.

54,622

2,309,964

MP

Materials

Corp.*

82,796

1,357,854

Ramaco

Resources,

Inc.

-

Class

A

26,227

308,954

Ramaco

Resources,

Inc.

-

Class

B

#

19,001

237,703

5,617,600

Mortgage

Real

Estate

Investment

Trusts

(REITs)

-

0.0%

AFC

Gamma,

Inc.

4,187

44,298

Chicago

Atlantic

Real

Estate

Finance,

Inc.

3,675

51,781

96,079

Oil,

Gas

&

Consumable

Fuels

-

1.9%

Callon

Petroleum

Co.*

13,600

507,960

Civitas

Resources,

Inc.

18,670

1,408,278

Crescent

Energy

Co.

-

Class

A

15,241

185,635

Evolution

Petroleum

Corp.

6,991

44,952

HighPeak

Energy,

Inc.

#

25,634

453,978

Matador

Resources

Co.

23,724

1,463,534

VAALCO

Energy,

Inc.

21,546

96,311

Viper

Energy

Partners

LP

14,159

403,248

Vitesse

Energy,

Inc.

5,795

137,284

4,701,180

Personal

Care

Products

-

0.4%

Beauty

Health

Co.

(The)*

62,234

252,048

Medifast,

Inc.

5,197

359,424

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Schedule

of

Investments

October

31,

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)

Personal

Care

Products

-

(continued)

Olaplex

Holdings,

Inc.*

305,874

$

434,341

1,045,813

Professional

Services

-

4.7%

CBIZ,

Inc.*

16,039

833,386

Concentrix

Corp.

16,813

1,281,319

CRA

International,

Inc.

2,267

220,148

ExlService

Holdings,

Inc.*

53,305

1,391,793

Exponent,

Inc.

16,359

1,198,951

Heidrick

&

Struggles

International,

Inc.

6,497

158,137

Insperity,

Inc.

12,271

1,298,763

Paylocity

Holding

Corp.*

17,974

3,224,536

TriNet

Group,

Inc.*

19,189

1,971,670

11,578,703

Semiconductors

&

Semiconductor

Equipment

-

4.2%

ACM

Research,

Inc.

-

Class

A*

27,797

378,039

Amkor

Technology,

Inc.

123,685

2,580,069

Diodes,

Inc.*

23,132

1,505,431

Navitas

Semiconductor

Corp.

-

Class

A

#

,*

87,722

459,663

Onto

Innovation,

Inc.*

24,695

2,774,977

Photronics,

Inc.*

31,537

579,020

Power

Integrations,

Inc.

28,894

2,003,221

10,280,420

Software

-

2.5%

CoreCard

Corp.*

4,351

92,981

Digital

Turbine,

Inc.*

50,913

241,327

Qualys,

Inc.*

18,477

2,826,057

SPS

Commerce,

Inc.*

18,446

2,957,632

6,117,997

Specialized

REITs

-

0.1%

National

Storage

Affiliates

Trust

7,963

227,105

Specialty

Retail

-

2.8%

Academy

Sports

&

Outdoors,

Inc.

6,644

297,917

Arhaus,

Inc.

-

Class

A*

4,790

41,290

Asbury

Automotive

Group,

Inc.*

1,786

341,787

AutoNation,

Inc.*

3,818

496,645

Boot

Barn

Holdings,

Inc.*

2,615

181,742

Dick's

Sporting

Goods,

Inc.

5,324

569,402

Five

Below,

Inc.*

4,818

838,236

Floor

&

Decor

Holdings,

Inc.

-

Class

A*

9,215

759,316

Group

1

Automotive,

Inc.

1,221

308,095

Hibbett,

Inc.

1,138

52,428

Leslie's,

Inc.*

16,219

80,122

Lithia

Motors,

Inc.

-

Class

A

2,387

578,155

MarineMax,

Inc.*

1,952

53,446

OneWater

Marine,

Inc.

-

Class

A*

1,314

29,736

Penske

Automotive

Group,

Inc.

5,824

833,298

Revolve

Group,

Inc.

-

Class

A*

3,657

50,284

RH*

1,912

416,739

Williams-Sonoma,

Inc.

5,590

839,841

6,768,479

Technology

Hardware,

Storage

&

Peripherals

-

6.1%

Dell

Technologies,

Inc.

-

Class

C

128,214

8,578,799

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Schedule

of

Investments

October

31,

2023

12

October

31,

2023

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Common

Stocks

-

(continued)

Technology

Hardware,

Storage

&

Peripherals

-

(continued)

Super

Micro

Computer,

Inc.*

26,619

$

6,374,452

14,953,251

Textiles,

Apparel

&

Luxury

Goods

-

0.2%

Crocs,

Inc.*

5,344

477,326

Figs,

Inc.

-

Class

A*

14,182

78,143

555,469

Trading

Companies

&

Distributors

-

5.6%

BlueLinx

Holdings,

Inc.*

2,916

207,357

Boise

Cascade

Co.

12,737

1,194,094

Core

&

Main,

Inc.

-

Class

A*

53,391

1,606,001

Custom

Truck

One

Source,

Inc.*

79,404

458,161

GMS,

Inc.*

13,074

764,567

Hudson

Technologies,

Inc.*

14,712

189,491

Rush

Enterprises,

Inc.

-

Class

A

26,704

950,128

SiteOne

Landscape

Supply,

Inc.*

14,487

1,995,874

Watsco,

Inc.

12,603

4,397,061

WESCO

International,

Inc.

16,524

2,118,377

13,881,111

Water

Utilities

-

0.0%

Pure

Cycle

Corp.*

2,288

21,873

Total

Common

Stocks

(cost

$255,390,156)

245,822,823

Investment

Companies

-

0.1%

Money

Market

Funds

-

0.1%

Invesco

Liquid

Assets

Portfolio,

Institutional

Class,

5.4026%

∞

(cost

$163,510)

163,474

163,523

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

0.3%

Investment

Companies

-

0.2%

Janus

Henderson

Cash

Collateral

Fund

LLC,

5.2665%

£,∞

668,992

668,992

Time

Deposits

-

0.1%

Royal

Bank

of

Canada,

5.3100%,

11/1/23

$

197,110

197,110

Total

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

(cost

$866,102)

866,102

Total

Investments

(total

cost

$256,419,768

)

-

100.4%

246,852,448

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(0.4%)

(1,018,307)

Net

Assets

-

100.0%

$245,834,141

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

244,028,968

98.9

%

Thailand

2,823,480

1.1

Total

$

246,852,448

100.0

%

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Schedule

of

Investments

October

31,

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

Schedule

of

Affiliated

Investments

-

(%

of

Net

Assets)

Dividend

Income

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciatio

n/

(Depreciation)

Value

at

10/31/23

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

0.3%

Investment

Companies

-

0.2%

Janus

Henderson

Cash

Collateral

Fund

LLC,

5.2665%

∞

$

30,840

Δ

$

–

$

–

$

668,992

Value

at

10/31/22

Purchases

Sales

Value

at

10/31/23

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

0.3%

Investment

Companies

-

0.2%

Janus

Henderson

Cash

Collateral

Fund

LLC,

5.2665%

∞

$

1,722,783

$

49,176,321

$

(50,230,112)

$

668,992

Counterparty

Gross

Amounts

of

Recognized

Assets

Offsetting

Asset

or

Liability

(a)

Collateral

Pledged

(b)

Net

Amount

JPMorgan

Chase

Bank

NA

$

832,827

$

—

$

(832,827)

$

—

(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

October

31,

2023

14

October

31,

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

October

31,

2023.

∞

Rate

shown

is

the

7-day

yield

as

of

October

31,

2023.

£

The

Fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

Investment

Company

Act

of

1940,

as

amended,

an

affiliated

company

is

one

in

which

the

Fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

which

is

under

common

ownership

or

control.

Δ

Net

of

income

paid

to

the

securities

lending

agent

and

rebates

paid

to

the

borrowing

counterparties.

The

following

is

a

summary

of

the

inputs

that

were

used

to

value

the

Fund's

investments

in

securities

and

other

financial

instruments

as

of

October

31,

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

$

245,822,823

$

—

$

—

Investment

Companies

163,523

—

—

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

—

866,102

—

Total

Assets

$

245,986,346

$

866,102

$

—

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Statement

of

Assets

and

Liabilities

October

31,

2023

Janus

Detroit

Street

Trust

15

See

Notes

to

Financial

Statements.

Assets:

Unaffiliated

investments,

at

value

(cost

$255,750,776)

(1)

$

246,183,456

Affiliated

investments,

at

value

(cost

$668,992)

668,992

Receivables:

Investments

sold

447,615

Fund

units

sold

2,715,344

Dividends

101,791

Interest

340

Affiliated

securities

lending

income,

net

2,801

Total

Assets

250,120,339

Liabilities:

Collateral

on

securities

loaned

(Note

2)

866,102

Payables:

Investments

purchased

3,356,457

Management

fees

63,639

Total

Liabilities

4,286,198

Commitments

and

contingent

liabilities

Net

Assets

$

245,834,141

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

290,263,782

Total

distributable

earnings

(loss)

(44,429,641)

Total

Net

Assets

$

245,834,141

Net

Assets

$

245,834,141

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

4,477,000

Net

Asset

Value

Per

Share

$

54.91

(1)

Includes

$832,827

of

securities

on

loan.

See

Note

2

in

Notes

to

Financial

Statements.

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Statement

of

Operations

For

the

year

ended

October

31,

2023

16

October

31,

2023

See

Notes

to

Financial

Statements.

Investment

Income:

Dividends

$

1,628,462

Affiliated

securities

lending

income,

net    

30,840

Unaffiliated

securities

lending

income,

net

20,654

Interest

826

Total

Investment

Income

1,680,782

Expenses:

Management

Fees

618,049

Total

Expenses

618,049

Net

Investment

Income/(Loss)

1,062,733

Net

Realized

Gain/(Loss)

on

Investments:

Investments

$

582,903

Total

Net

Realized

Gain/(Loss)

on

Investments

$

582,903

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

(

2,698,339

)

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

(

2,698,339

)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

(

1,052,703

)

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Statements

of

Changes

in

Net

Assets

Janus

Detroit

Street

Trust

17

See

Notes

to

Financial

Statements.

Year

Ended

October

31,

2023

Year

Ended

October

31,

2022

Operations:

Net

investment

income/(loss)

$

1,062,733

$

634,178

Net

realized

gain/(loss)

on

investments

582,903

(

17,349,245

)

Change

in

unrealized

net

appreciation/depreciation

(

2,698,339

)

(

26,111,167

)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

(

1,052,703

)

(

42,826,234

)

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(

990,579

)

(

594,109

)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(

990,579

)

(

594,109

)

Capital

Share

Transactions

75,779,586

13,882,845

Net

Increase/(Decrease)

in

Net

Assets

73,736,304

(

29,537,498

)

Net

Assets:

—

—

Beginning

of

Year  

172,097,837

201,635,335

End

of

Year

$

245,834,141

$

172,097,837

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Financial

Highlights

18

October

31,

2023

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

each

year

or

period

ended

October

31

2023

2022

2021

2020

2019

Net

Asset

Value,

Beginning

of

Period

$52.92

$67.73

$52.35

$44.11

$40.81

Income/(Loss)

from

Investment

Operations:

—

—

—

—

—

Net

investment

income/(loss)

(1)

0.30

0.21

0.21

0.11

0.19

Net

realized

and

unrealized

gain/(loss)

1.97

(2)

(14.83)

15.38

8.26

3.30

Total

from

Investment

Operations

2.27

(2)

(14.62)

15.59

8.37

3.49

Less

Dividends

and

Distributions:

—

—

—

—

—

Dividends

(from

net

investment

income)

(0.28)

(0.19)

(0.21)

(0.13)

(0.19)

Total

Dividends

and

Distributions

(0.28)

(0.19)

(0.21)

(0.13)

(0.19)

Net

Asset

Value,

End

of

Period

$54.91

$52.92

$67.73

$52.35

$44.11

Total

Return

4.27%

(21.60)%

29.81%

19.01%

8.60%

Net

assets,

End

of

Period

(in

thousands)

$245,834

$172,098

$201,635

$115,268

$97,121

Average

Net

Assets

for

the

Period

(in

thousands)

$206,369

$175,280

$174,649

$105,905

$71,903

Ratios

to

Average

Net

Assets

Ratio

of

Gross

Expenses

0.30%

0.30%

0.30%

0.32%

0.35%

Ratio

of

Net

Investment

Income/(Loss)

0.51%

0.36%

0.33%

0.23%

0.43%

Portfolio

Turnover

Rate

(3)

91%

89%

102%

83%

80%

(1)

Per

share

amounts

are

calculated

based

on

average

shares

outstanding

during

the

year

or

period.

(2)

The

amount

shown

does

not

correlate

with

the

change

in

the

aggregate

gains

and

losses

in

the

Fund’s

securities

for

the

year

or

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

fluctuating

market

values

for

the

Fund’s

securities.

(3)

Portfolio

turnover

rate

excludes

securities

received

or

delivered

from

in-kind

processing

of

creation

or

redemptions.

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

19

1.

Organization

and

Significant

Accounting

Policies

Janus

Henderson Small/Mid

Cap

Growth

Alpha

ETF (the

“Fund”)

is

a

series

fund.

The

Fund

is

part

of

Janus

Detroit

Street

Trust

(the

“Trust”),

which

is

organized

as

a

Delaware

statutory

trust

and

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company,

and

therefore

has

applied

the

specialized

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

(“ASC”)

Topic

946.

As

of

the

date

of

this

report,

the

Trust

offers eleven

Funds

each

of

which

represent

shares

of

beneficial

interest

in

a

separate

portfolio

of

securities

and

other

assets

with

its

own

objective

and

policies. 

The

Fund

seeks

investment

results

that

correspond

generally,

before

fees

and

expenses,

to

the

performance

of

its

underlying

index,

the

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

Index

(the

“Underlying

Index”).

The

Fund

is

classified

as

diversified,

as

defined

in

the

1940

Act.

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

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

20

October

31,

2023

on

an

amortized

cost

basis

provided

that

the

amortized

cost

determined

approximates

market

value.

Securities

for

which

market

quotations

or

evaluated

prices

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

determined

in

good

faith

by

the

Adviser

pursuant

to

the

Valuation

Procedures. Circumstances

in

which

fair

valuation

may

be

utilized

include,

but

are

not

limited

to:

(i)

a

significant

event

that

may

affect

the

securities

of

a

single

issuer,

such

as

a

merger,

bankruptcy,

or

significant

issuer-specific

development;

(ii)

an

event

that

may

affect

an

entire

market,

such

as

a

natural

disaster

or

significant

governmental

action;

(iii)

a

nonsignificant

event

such

as

a

market

closing

early

or

not

opening,

or

a

security

trading

halt;

and

(iv)

pricing

of

a

non-valued

security

and

a

restricted

or

nonpublic

security.

Special

valuation

considerations

may

apply

with

respect

to

“odd-lot”

fixed-income

transactions

which,

due

to

their

small

size,

may

receive

evaluated

prices

by

pricing

services

which

reflect

a

large

block

trade

and

not

what

actually

could

be

obtained

for

the

odd-

lot

position.

The

value

of

the

securities

of

mutual

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

mutual

funds,

and

the

prospectuses

for

such

mutual

funds

explain

the

circumstances

under

which

they

use

fair

valuation

and

the

effects

of

using

fair

valuation.

The

value

of

the

securities

of

any

cash

management

pooled

investment

vehicles

that

operate

as

money

market

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

funds.

Valuation

Inputs

Summary 

FASB

ASC

820,

Fair

Value

Measurements

and

Disclosures

(“ASC

820”),

defines

fair

value,

establishes

a

framework

for

measuring

fair

value,

and

expands

disclosure

requirements

regarding

fair

value

measurements.

This

standard

emphasizes

that

fair

value

is

a

market-based

measurement

that

should

be

determined

based

on

the

assumptions

that

market

participants

would

use

in

pricing

an

asset

or

liability

and

establishes

a

hierarchy

that

prioritizes

inputs

to

valuation

techniques

used

to

measure

fair

value.

These

inputs

are

summarized

into

three

broad

levels: 

Level

1

–

Unadjusted

quoted

prices

in

active

markets

the

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities.

Level

2

–

Observable

inputs

other

than

unadjusted

quoted

prices

included

in

Level

1

that

are

observable

for

the

asset

or

liability

either

directly

or

indirectly.

These

inputs

may

include

quoted

prices

for

the

identical

instrument

on

an

inactive

market,

prices

for

similar

instruments,

interest

rates,

prepayment

speeds,

credit

risk,

yield

curves,

default

rates

and

similar

data.

Assets

or

liabilities

categorized

as

Level

2

in

the

hierarchy

generally

include:

debt

securities

fair

valued

in

accordance

with

the

evaluated

bid

or

ask

prices

supplied

by

a

pricing

service;

securities

traded

on

OTC

markets

and

listed

securities

for

which

no

sales

are

reported

that

are

fair

valued

at

the

latest

bid

price

(or

yield

equivalent

thereof)

obtained

from

one

or

more

dealers

transacting

in

a

market

for

such

securities

or

by

a

pricing

service

approved

by

the

Fund’s

Trustees;

and

certain

short-term

debt

securities

with

maturities

of

60

days

or

less

that

are

fair

valued

at

amortized

cost.

Other

securities

that

may

be

categorized

as

Level

2

in

the

hierarchy

include,

but

are

not

limited

to,

preferred

stocks,

bank

loans,

swaps,

investments

in

unregistered

investment

companies,

options,

and

forward

contracts.

Level

3

–

Unobservable

inputs

for

the

asset

or

liability

to

the

extent

that

relevant

observable

inputs

are

not

available,

representing

the

Fund’s

own

assumptions

about

the

assumptions

that

a

market

participant

would

use

in

valuing

the

asset

or

liability,

and

that

would

be

based

on

the

best

information

available.

There

have

been

no

significant

changes

in

valuation

techniques

used

in

valuing

any

such

positions

held

by

the

Fund

since

the

beginning

of

the

fiscal

year. 

The

inputs

or

methodology

used

for

fair

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

The

summary

of

inputs

used

as

of

October

31,

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

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

21

at

fair

value.

Interest

income

is

recorded

daily

on

an

accrual

basis

and

includes

amortization

of

premiums

and

accretion

of

discounts.

The

Fund

classifies

gains

and

losses

on

prepayments

received

as

an

adjustment

to

interest

income.

Debt

securities

may

be

placed

in

non-accrual

status

and

related

interest

income

may

be

reduced

by

stopping

current

accruals

and

writing

off

interest

receivables

when

collection

of

all

or

a

portion

of

interest

has

become

doubtful.

Gains

and

losses

are

determined

on

the

identified

cost

basis,

which

is

the

same

basis

used

for

federal

income

tax

purposes.  

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),

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

22

October

31,

2023

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.

Armed

Conflict.

Recent

such

examples

include

conflict,

loss

of

life,

and

disaster

connected

to

ongoing

armed

conflict

between

Russia

and

Ukraine

in

Europe

and

Hamas

and

Israel

in

the

Middle

East.

The

extent

and

duration

of

each

conflict,

resulting

sanctions

and

resulting

future

market

disruptions

in

each

region

are

impossible

to

predict,

but

could

be

significant

and

have

a

severe

adverse

effect,

including

significant

negative

impacts

on

the

U.S.

and

broader

global

economic

environment

and

the

markets

for

certain

securities

and

commodities.

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

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

23

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.

As

of

October

31,

2023,

securities

lending

transactions

accounted

for

as

secured

borrowings

with

an

overnight

and

continuous

contractual

maturity

are

$832,827

for

equity

securities.

Gross

amounts

of

recognized

liabilities

for

securities

lending

(collateral

received)

as

of

October

31,

2023 is $866,102,

resulting

in

the

net

amount

due

to

the

counterparty

of

$33,275.

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: 

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

24

October

31,

2023

For

the year

ended

October

31,

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

October

31,

2023, the

Adviser

owned 2,000

shares

or 0.04%

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

year

ended

October

31,

2023,

the

Fund

engaged

in

cross

trades

amounting

to

$6,370,647 in

purchases

and

$3,308,062 in

sales,

resulting

in

a

net

realized

loss

of

$616,718.

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 year

ended

October

31,

2023 can

be

found

in

a

table

located

in

the

Schedule

of

Investments.

Daily

Net

Assets

Fee

Rate

$0-$500

million

0.30%

Next

$500

million

0.25%

Over

$1

billion

0.20%

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

25

4.

Federal

Income

Tax

The

tax

components

of

capital

shown

in

the

table

below

represent:

(1)

distribution

requirements

the

Fund

must

satisfy

under

the

income

tax

regulations;

(2)

losses

or

deductions

the

Fund

may

be

able

to

offset

against

income

and

gains

realized

in

future

years;

and

(3)

unrealized

appreciation

or

depreciation

of

investments

for

federal

income

tax

purposes. 

The

Fund

has

elected

to

treat

gains

and

losses

on

forward

foreign

currency

contracts

as

capital

gains

and

losses,

if

applicable.

Other

foreign

currency

gains

and

losses

on

debt

instruments

are

treated

as

ordinary

income

for

federal

income

tax

purposes

pursuant

to

Section

988

of

the

Internal

Revenue

Code. 

Accumulated

capital

losses

noted

below

represent

net

capital

loss

carryovers,

as

of

October

31,

2023,

that

may

be

available

to

offset

future

realized

capital

gains

and

thereby

reduce

future

taxable

gains

distributions.

The

following

table

shows

these

capital

loss

carryovers. 

The

aggregate

cost

of

investments

and

the

composition

of

unrealized

appreciation

and

depreciation

of

investment

securities

for

federal

income

tax

purposes

as

of October

31,

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.

Income

and

capital

gains

distributions

are

determined

in

accordance

with

income

tax

regulations

that

may

differ

from

US

GAAP.

These

differences

are

due

to

differing

treatments

for

items

such

as

net

short-term

gains,

deferral

of

wash

sale

losses,

foreign

currency

transactions,

passive

foreign

investment

companies,

net

investment

losses,

in-kind

transactions

and

capital

loss

carryovers.

Certain

permanent

differences

such

as

tax

returns

of

capital

and

net

investment

losses

noted

below

have

been

reclassified

to

capital. 

Permanent

book

to

tax

basis

differences

may

result

in

reclassifications

between

the

components

of

net

assets.

These

differences

have

no

impact

on

the

results

of

operations

or

net

assets.

Loss

Deferrals

Undistributed

Ordinary

Income

Undistributed

Long-Term

Gains

Accumulated

Capital

Losses

Loss

Deferrals

Other

Book

to

Tax

Differences

Net

Tax

Appreciation/

(Depreciation)

$120,585

$—

$(34,723,238)

$—

$—

$(9,826,988)

Capital

Loss

Carryover

Schedule

For

the

year

ended

October

31,

2023

No

Expiration

Short-Term

Long-Term

Accumulated

Capital

Losses

$(29,226,586)

$(5,496,652)

$(34,723,238)

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$256,679,436

$23,071,538

$(32,898,526)

$(9,826,988)

For

the

year

ended

October

31,

2023

:

Distributions

From

Ordinary

Income

From

Long-Term

Capital

Gain

Tax

Return

of

Capital

Net

Investment

Loss

$990,579

$—

$—

$—

For

the

year

ended

October

31,

2022

:

Distributions

From

Ordinary

Income

From

Long-Term

Capital

Gain

Tax

Return

of

Capital

Net

Investment

Loss

$594,109

$—

$—

$—

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

26

October

31,

2023

5.

Capital

Share

Transactions 

6.

Purchases

and

Sales

of

Investment

Securities

For

the year ended

October

31,

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 year

ended

October

31,

2023,

the

cost

of

in-kind

purchases

and

proceeds

from

in-kind

sales,

were

as

follows: 

During

the

year ended

October

31,

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. 

7.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to October

31,

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. 

Year

Ended

October

31,

2023

Year

Ended

October

31,

2022

Shares

Amount

Shares

Amount

Shares

sold

1,550,000

$

93,679,373

950,000

$

55,380,934

Shares

repurchased

(325,000)

(17,899,787

)

(675,000)

(41,498,089

)

Net

Increase/(Decrease)

1,225,000

$

75,779,586

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

$188,541,129

$188,401,461

$—

$—

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

$94,949,400

$17,888,496

$—

$—

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).

Designation

Requirements

(unaudited)

For

federal

income

tax

purposes,

the

Fund

designated

the

following

for

the

year

ended

October

31,

2023.

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

Dividends

Received

Deduction

Percentage

100%

Qualified

Dividend

Income

Percentage

100%

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Additional

Information

(unaudited)

28

October

31,

2023

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

Trustees

and

Officers

(unaudited)

Janus

Detroit

Street

Trust

29

The

following

are

the

Trustees

and

officers

of

the

Trust

together

with

a

brief

description

of

their

principal

occupations

during

the

last

five

years

(principal

occupations

for

certain

Trustees

may

include

periods

over

five

years).

The

Fund’s

Statement

of

Additional

Information

includes

additional

information

about

the

Trustees

and

officers

and

is

available,

without

charge,

by

calling

1-877-335-2687.

Each

Trustee

has

served

in

that

capacity

since

he

or

she

was

originally

elected

or

appointed.

The

Trustees

do

not

serve

a

specified

term

of

office.

Each

Trustee

will

hold

office

until

the

termination

of

the

Trust

or

his

or

her

earlier

death,

resignation,

retirement,

incapacity,

or

removal.

Under

the

Fund’s

Governance

Procedures

and

Guidelines,

the

policy

is

for

Trustees

to

retire

no

later

than

the

end

of

the

calendar

year

in

which

the

Trustee

turns

75.

The

Trustees

review

the

Fund’s

Governance

Procedures

and

Guidelines

from

time

to

time

and

may

make

changes

they

deem

appropriate.

The

Fund’s

Nominating

and

Governance

Committee

will

consider

nominees

for

the

position

of

Trustee

recommended

by

shareholders.

Shareholders

may

submit

the

name

of

a

candidate

for

consideration

by

the

Committee

by

submitting

their

recommendations

to

the

Trust’s

Secretary.

Each

Trustee

is

currently

a

Trustee

of

one

other

registered

investment

company

advised

by

the

Adviser:

Clayton

Street

Trust.

As

of

the

date

of

this

report,

collectively,

the

two

registered

investment

companies

consist

of

14

series

or

funds.

The

Trust’s

officers

are

elected

annually

by

the

Trustees

for

a

one-year

term.

Certain

officers

also

serve

as

officers

of

Clayton

Street

Trust.

Certain

officers

of

the

Funds

may

also

be

officers

and/or

directors

of

the

Adviser.

Except

as

otherwise

disclosed,

Fund

officers

receive

no

compensation

from

the

Funds.

TRUSTEES

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Number

of

Portfolios/Funds

in

Fund

Complex

Overseen

by

Trustee*

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Independent

Trustees

Clifford

J.

Weber

151

Detroit

Street

Denver,

CO

80206

DOB:

1963

Chairman

Trustee

2/16-Present

Owner,

Financial

Products

Consulting

Group

LLC

(consulting

services

to

financial

institutions)

(since

2015).

14

Independent

Trustee,

Clough

Global

Dividend

and

Income

Fund (closed-end fund)

(since

2017),

Independent

Trustee,

Clough

Global

Opportunities

Fund (closed-

end fund)

(since

2017),

Independent

Trustee,

Clough

Global

Equity

Fund (closed-

end fund)

(since

2017),

and

Independent

Trustee,

Global

X

Funds

(investment

company)

(since

2018).

Formerly,

Chairman,

Clough

Funds

Trust

(investment

company)

(2015-2023),

and

Chairman,

Elevation

ETF

Trust

(investment

company)

(2016-

2018).

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Trustees

and

Officers

(unaudited)

30

October

31,

2023

*

Each

Trustee

also

serves

as

a

trustee

to

the

Clayton

Street

Trust,

which

is

currently

comprised

of

three

portfolios.

**

Ms.

Benz

is

an

Interested

Trustee

because

of

her

employment

with

Janus

Henderson

Investors.

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Number

of

Portfolios/Funds

in

Fund

Complex

Overseen

by

Trustee*

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Maureen

T.

Upton

151

Detroit

Street

Denver,

CO

80206

DOB:

1965

Trustee

2/16-Present

Principal,

Maureen

Upton

Ltd.

(consulting

services

to

multinational

companies

(since

2017).

14

Independent

Director,

Cascadia

Minerals

Ltd.

(mineral

exploration

company);

Independent

Director,

ATAC

Resources

Ltd.

(mineral

exploration

company)

(2022-

2023).

Jeffrey

B.

Weeden

151

Detroit

Street

Denver,

CO

80206

DOB:

1956

Trustee

2/16-Present

Senior

Advisor,

Bay

Boston

Capital

LP

(investment

fund

in

banks

and

bank

holdings

companies)

(since

2015).

14

Director,

West

Travis

County

Municipal

Utility

District

No. 6

(municipal

utility)

(since

2020).

Formerly,

Director,

State

Farm

Bank

(banking)

(2014-2021).

Interested

Trustee

Carrie

Benz**

151

Detroit

Street

Denver,

CO

80206

DOB:

1975

Trustee

1/21-Present

Global

Investment

COO

(since

2023).

Formerly,

Global

Head

of

Investment

Services,

Janus

Henderson

Investors

(2017-

2023).

14

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Trustees

and

Officers

(unaudited)

Janus

Detroit

Street

Trust

31

OFFICERS

*

Officers

are

elected

at

least

annually

by

the

Trustees

for

a

one-year

term

and

may

also

be

elected

from

time

to

time

by

the

Trustees

for

an

interim

period.

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Term

of

Office*

and

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Nicholas

Cherney

151

Detroit

Street

Denver,

CO

80206

DOB:

1981

President

and

Chief

Executive

Officer

10/22-Present

Head

of

Innovation

at

Janus

Henderson

(since

2023),

Head

of

Exchange

Traded

Products

at

Janus

Henderson

Distributors

US

LLC,

Janus

Henderson

Indices

LLC,

Velocity

Shares

Holdings

Inc.

(since

2019).

Formerly,

Senior

Vice

President,

Janus

Henderson

Distributors

US

LLC,

Janus

Henderson

Indices

LLC

(2015-2019),

Janus

Henderson

Investors

US

LLC

(2015-2017),

and

Velocity

Shares

Holdings

Inc.

(2014-2019).

Kristin

Mariani

151

Detroit

Street

Denver,

CO

80206

DOB:

1966

Vice

President

and

Chief

Compliance

Officer

7/20-Present

Head

of

Compliance,

North

America

at

Janus

Henderson

Investors

(since

September

2020)

and

Chief

Compliance

Officer

at

Janus

Henderson

Investors

US

LLC

(since

September

2017).

Formerly,

Anti-Money

Laundering

Officer

for

the

Trust

(July

2020-December

2022),

and

Global

Head

of

Investment

Management

Compliance

at

Janus

Henderson

Investors

(February

2019-August

2020).

Jesper

Nergaard

151

Detroit

Street

Denver,

CO

80206

DOB:

1962

Vice

President,

Chief

Financial

Officer,

Treasurer,

and

Principal

Accounting

Officer

2/16-Present

Head

of

U.S.

Fund

Administration,

Janus

Henderson

Investors

and

Janus

Henderson

Services

LLC.

Cara

Owen

151

Detroit

Street

Denver,

CO

80206

DOB:

1981

Vice

President,

Secretary,

and

Chief

Legal

Officer

1/23-Present

Senior

Legal

Counsel

of

Janus

Henderson

Investors

US

LLC

(since

2021).

Formerly,

Assistant

Secretary

of

the

Trust

and

Clayton

Street

Trust

(2021-2023);

Vice

President

and

Principal

Legal

Counsel,

ALPS

Fund

Services,

Inc.

(fund

administrator)

(2019-2021);

and

Senior

Counsel,

Corporate

&

Investments,

Great-West

Life

&

Annuity

Insurance

Company

(insurance

company)

(2014-2019).

Ciaran

Askin

151

Detroit

Street

Denver,

CO

80206

DOB:

1978

Anti-Money

Laundering

Officer

1/23-Present

Global

Head

of

Financial

Crime,

Janus

Henderson

Investors

(since

2022).

Formerly,

Global

Head

of

Financial

Crime

at

Invesco

Ltd.

(2017-2022).

125-02-93062

12-23

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.

ANNUAL

REPORT

October

31,

2023

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Performance

Overview

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

1

Fund

At

A

Glance

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

2

Disclosure

of

Fund

Expenses

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

4

Report

of

Independent

Registered

Public

Accounting

Firm

...

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

Trustees

and

Officers

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

27

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

(unaudited)

Janus

Detroit

Street

Trust

1

INVESTMENT

OBJECTIVE

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

(JSML)

seeks

investment

results

that

generally

correspond,

before

fees

and

expenses,

to

the

performance

of

its

underlying

index,

the

Janus

Henderson

Small

Cap

Growth

Alpha

Index.

Performance

Overview

U.S.

small-cap

equities

declined

over

the

twelve-month

period

ended

October

31,

2023,

as

soaring

inflation,

rising

interest

rates,

and

fears

of

a

recession

led

to

market

turbulence.

Stocks

rallied

in

the

fourth

quarter

of

2022

on

hopes

that

moderating

inflation

might

allow

the

Federal

Reserve

(Fed)

to

slow

interest

rate

hikes.

This

rally

extended

into

the

first

half

of

2023

despite

periods

of

market

volatility.

Economic

growth

appeared

resilient,

as

a

strong

job

market

supported

consumer

spending.

However,

there

were

signs

of

slowing

in

other

areas

of

the

economy,

especially

manufacturing

and

housing.

Corporations

also

reduced

earnings

outlooks

as

they

faced

weaker

demand

as

well

as

higher

input,

labor,

and

funding

costs.

The

Fed

continued

to

raise

rates

through

the

first

seven

months

of

2023,

though

the

pace

of

rate

hikes

moderated.

The

Fed

left

rates

unchanged

in

September,

but

policymakers

indicated

that

an

extended

period

of

higher

rates

might

be

needed

to

bring

inflation

under

control.

These

signals

put

upward

pressure

on

long-term

bond

yields

while

adding

to

fears

of

a

more

pronounced

economic

slowdown.

As

a

result,

stocks

suffered

downward

volatility

in

the

third

quarter,

with

declines

extending

through

October.

Against

this

backdrop,

small-cap

stocks

in

the

index

had

negative

returns

for

the

twelve-month

period

while

underperforming

the

broader

U.S.

equity

market.

During

the

period,

the

Janus

Henderson

Small-Cap

Growth

Alpha

ETF

(JSML)

returned

2.21%

(based

on

NAV).

Its

primary

benchmark,

the

Janus

Small-Cap

Growth

Alpha

Index,

returned

2.51%.

Its

secondary

benchmark,

the

Russell

2000®

Growth

Index,

returned

-7.63%.

JSML

seeks

investment

results

that

generally

correspond,

before

fees

and

expenses,

to

the

performance

of

its

primary

benchmark.

The

strategy

seeks

to

provide

risk-adjusted

outperformance

by

identifying

top-tier

small-cap

companies

with

some

of

the

strongest

fundamentals

that

the

adviser

believes

can

deliver

sustainable

growth

in

a

variety

of

market

environments.

The

Fund

uses

a

proprietary

methodology

that

evaluates

small-cap

stocks

from

a

universe

of

2,000,

in

three

key

areas:

growth,

profitability,

and

capital

efficiency.

The

process

systematically

identifies

companies

that

may

be

poised

for

long-run

sustainable

growth.

Each

stock

is

evaluated

on

fundamental

factors

to

identify

companies

that

can

exhibit

durable

growth:

Growth

measures

include

revenue

growth

rate;

profitability

measures

include

operating

profit

and

earnings

per-share;

and

capital

efficiency

measures

include

return

on

invested

capital.

Important

Notice

–

Tailored

Shareholder

Reports

Effective

January

24,

2023,

the

Securities

and

Exchange

Commission

(the

“SEC”)

adopted

rule

and

form

amendments

that

require

mutual

funds

and

exchange

traded

funds

to

provide

shareholders

with

streamlined

annual

and

semi-annual

shareholder

reports

that

highlight

key

information.

Other

information,

including

financial

statements,

that

currently

appears

in

shareholder

reports

will

be

made

available

online,

delivered

free

of

charge

to

shareholders

upon

request,

and

filed

with

the

SEC.

The

first

tailored

shareholder

report

for

the

Fund

will

be

for

the

reporting

period

ending

October

31,

2024.

Currently,

management

is

evaluating

the

impact

of

the

rule

and

form

amendments

on

the

content

of

the

Fund’s

current

shareholder

reports.

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

(unaudited)

Fund

At

A

Glance

October

31,

2023

2

October

31,

2023

Holdings

are

subject

to

change

without

notice.

5

Largest

Equity

Holdings

–

(%

of

Net

Assets)

STAAR

Surgical

Co.

Health

Care

Equipment

&

Supplies

3.1%

Westlake

Corp.

Chemicals

3.1%

Amphastar

Pharmaceuticals,

Inc.

Pharmaceuticals

2.9%

Progyny,

Inc.

Health

Care

Providers

&

Services

2.9%

Fabrinet

Electronic

Equipment,

Instruments

&

Components

2.7%

14.7%

Sector

Allocation

–

(%

of

Net

Assets)

Consumer,

Non-cyclical

29.0%

Industrial

24.7%

Consumer,

Cyclical

12.0%

Financial

11.9%

Technology

9.3%

Communications

4.5%

Basic

Materials

4.3%

Energy

3.9%

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

1.1%

Utilities

0.4%

Investment

Company

0.0%

101.1%

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

(unaudited)

Performance

Janus

Detroit

Street

Trust

3

Total

annual

expense

ratio

as

stated

in

the

prospectus:

0.30%.

See

Financial

Highlights

for

actual

expense

ratios

during

the

reporting

period.

Returns

quoted

are

past

performance

and

do

not

guarantee

future

results;

current

performance

may

be

lower

or

higher.

Investment

returns

and

principal

value

will

vary;

there

may

be

a

gain

or

loss

when

shares

are

sold.

For

the

most

recent

month-end

performance

call

800.668.0434

or

visit

janushenderson.com/performance.

Shares

of

ETFs

are

bought

and

sold

at

market

price

(not

NAV)

and

are

not

individually

redeemed

from

the

Fund.

Market

returns

are

based

upon

the

midpoint

of

the

bid/ask

spread

at

4:00

p.m.

Eastern

time

(when

NAV

is

normally

determined

for

most

ETFs),

and

do

not

represent

the

returns

you

would

receive

if

you

traded

shares

at

other

times.

Ordinary

brokerage

commissions

apply

and

will

reduce

returns.

Investing

involves

risk,

including

the

possible

loss

of

principal

and

fluctuation

of

value.

There

is

no

assurance

the

stated

objective(s)

will

be

met.

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.

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

October

31,

2023

One

Year

Five

Years

Since

Inception

*

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

-

NAV

2.21%

4.46%

9.51%

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

-

Market

Price

2.15%

4.47%

9.51%

Janus

Henderson

Small

Cap

Growth

Alpha

Index

2.51%

4.82%

9.84%

Russell

2000

®

Growth

Index

-7.63%

2.68%

8.04%

*

The

Fund

commenced

operations

on

February

23,

2016.

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

(unaudited)

Disclosure

of

Fund

Expenses

4

October

31,

2023

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1)

transaction

costs,

which

may

include

creation

and

redemption

fees

or

brokerage

charges

and

(2)

ongoing

costs,

including

management

fees

and

other

Fund

expenses.

This

example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

Funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

example

is

based

upon

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

six-months

indicated,

unless

noted

otherwise

in

the

table

and

footnotes

below. 

Actual

Expenses 

The

information

in

the

table

under

the

heading

“Actual”

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

these

columns,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

under

the

heading

entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

the

period.

Hypothetical

Example

for

Comparison

Purposes 

The

information

in

the

table

under

the

heading

“Hypothetical

(5%

return

before

expenses)”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

upon

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

determine

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Additionally,

for

an

analysis

of

the

fees

associated

with

an

investment

or

other

similar

funds,

please

visit 

www.finra.org/

fundanalyzer.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transaction

costs,

such

as

creation

and

redemption

fees,

or

brokerage

charges.

These

fees

are

fully

described

in

the

Fund’s

prospectus.

Therefore,

the

hypothetical

examples

are

useful

in

comparing

ongoing

costs

only

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

transaction

costs

were

included,

your

costs

would

have

been

higher.

Actual

Hypothetical

(5%

return

before

expenses)

Beginning

Account

Value

(5/1/23)

Ending

Account

Value

(10/31/23)

Expenses

Paid

During

Period

(5/1/23

-

10/31/23)

†

Beginning

Account

Value

(5/1/23)

Ending

Account

Value

(10/31/23)

Expenses

Paid

During

Period

(5/1/23

-

10/31/23)

†

Net

Annualized

Expense

Ratio

(5/1/23

-

10/31/23)

$1,000.00

$997.00

$1.51

$1,000.00

$1,023.69

$1.53

0.30%

†

Expenses

Paid

During

Period

is

equal

to

the

Net

Annualized

Expense

Ratio

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period).

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Report

of

Independent

Registered

Public

Accounting

Firm

Janus

Detroit

Street

Trust

5

To

the

Board

of

Trustees

of

Janus

Detroit

Street

Trust

and

Shareholders

of

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

(one

of

the

funds

constituting

Janus

Detroit

Street

Trust,

referred

to

hereafter

as

the

"Fund")

as

of

October

31,

2023,

the

related

statement

of

operations

for

the

year

ended

October

31,

2023,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2023,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

October

31,

2023

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

October

31,

2023,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2023

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

October

31,

2023

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

October

31,

2023

by

correspondence

with

the

custodian,

transfer

agent

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

Denver,

Colorado

December

15,

2023

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

Janus

Henderson

Funds

since

1990.

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Schedule

of

Investments

October

31,

2023

6

October

31,

2023

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Common

Stocks

-

100.0%

Aerospace

&

Defense

-

0.4%

AerSale

Corp.*

35,207

$

538,315

Air

Freight

&

Logistics

-

2.0%

Forward

Air

Corp.

17,591

1,133,036

Hub

Group,

Inc.

-

Class

A*

21,509

1,478,744

Radiant

Logistics,

Inc.*

32,979

193,257

2,805,037

Automobile

Components

-

0.6%

LCI

Industries

3,982

432,007

Patrick

Industries,

Inc.

3,508

263,626

XPEL,

Inc.*

4,360

201,868

897,501

Automobiles

-

0.2%

Winnebago

Industries,

Inc.

4,767

276,248

Banks

-

6.9%

Amalgamated

Financial

Corp.

10,422

190,097

Bancorp,

Inc.

(The)*

18,328

653,393

Bridgewater

Bancshares,

Inc.*

9,773

94,114

Business

First

Bancshares,

Inc.

8,688

169,764

Capstar

Financial

Holdings,

Inc.

7,234

109,812

Coastal

Financial

Corp.*

4,542

168,826

CrossFirst

Bankshares,

Inc.*

16,877

178,559

Customers

Bancorp,

Inc.*

10,583

425,542

Dime

Community

Bancshares,

Inc.

13,349

245,488

Enterprise

Financial

Services

Corp.

12,636

439,354

Esquire

Financial

Holdings,

Inc.

2,831

129,660

Fidelity

D&D

Bancorp,

Inc.

#

1,991

89,197

First

Bank

8,790

97,217

First

Foundation,

Inc.

19,589

88,934

Five

Star

Bancorp

5,975

116,333

Independent

Bank

Corp.

7,222

144,079

John

Marshall

Bancorp,

Inc.

4,942

90,834

Metropolitan

Bank

Holding

Corp.*

3,822

123,871

Midland

States

Bancorp,

Inc.

7,480

163,214

Northeast

Bank

2,880

137,491

Northeast

Community

Bancorp,

Inc.

#

5,294

80,681

Norwood

Financial

Corp.

2,886

73,910

Old

Second

Bancorp,

Inc.

15,231

206,532

Orange

County

Bancorp,

Inc.

1,979

87,274

Origin

Bancorp,

Inc.

10,458

309,452

Parke

Bancorp,

Inc.

4,283

72,126

Pathward

Financial,

Inc.

8,866

401,541

Plumas

Bancorp

2,076

70,895

Preferred

Bank

5,090

303,211

ServisFirst

Bancshares,

Inc.

18,461

870,621

SmartFinancial,

Inc.

5,874

122,473

Southern

States

Bancshares,

Inc.

3,131

72,702

Stock

Yards

Bancorp,

Inc.

9,915

387,776

Summit

Financial

Group,

Inc.

5,080

109,220

Triumph

Financial,

Inc.*

7,864

489,534

UMB

Financial

Corp.

16,366

1,026,476

United

Community

Banks,

Inc.

40,101

885,831

Unity

Bancorp,

Inc.

3,559

85,630

9,511,664

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Schedule

of

Investments

October

31,

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)

Beverages

-

0.7%

Coca-Cola

Consolidated,

Inc.

1,038

$

660,593

MGP

Ingredients,

Inc.

2,739

259,274

919,867

Biotechnology

-

4.1%

Catalyst

Pharmaceuticals,

Inc.*

225,653

2,800,354

Point

Biopharma

Global,

Inc.*

223,919

2,834,814

5,635,168

Building

Products

-

2.1%

CSW

Industrials,

Inc.

10,652

1,888,173

Insteel

Industries,

Inc.

13,347

372,515

Quanex

Building

Products

Corp.

22,594

606,649

2,867,337

Capital

Markets

-

2.0%

Bridge

Investment

Group

Holdings,

Inc.

-

Class

A

11,634

84,696

Hamilton

Lane,

Inc.

-

Class

A

13,016

1,094,906

Open

Lending

Corp.

-

Class

A*

40,968

245,398

PJT

Partners,

Inc.

-

Class

A

8,169

640,123

Victory

Capital

Holdings,

Inc.

-

Class

A

22,203

654,100

2,719,223

Chemicals

-

3.5%

Hawkins,

Inc.

8,751

502,570

Origin

Materials,

Inc.

#

,*

62,704

61,983

Westlake

Corp.

36,604

4,222,637

4,787,190

Commercial

Services

&

Supplies

-

0.9%

Driven

Brands

Holdings,

Inc.*

114,720

1,305,514

Communications

Equipment

-

0.2%

Clearfield,

Inc.

#

,*

10,378

249,280

Construction

&

Engineering

-

2.5%

Ameresco,

Inc.

-

Class

A*

23,447

613,139

MYR

Group,

Inc.*

11,441

1,325,211

Sterling

Infrastructure,

Inc.*

21,099

1,537,062

3,475,412

Consumer

Staples

Distribution

&

Retail

-

1.2%

Albertsons

Cos.,

Inc.

-

Class

A

71,593

1,553,568

Ingles

Markets,

Inc.

-

Class

A

1,832

146,963

1,700,531

Diversified

REITs

-

0.2%

Alpine

Income

Property

Trust,

Inc.

1,515

23,331

Essential

Properties

Realty

Trust,

Inc.

14,529

318,912

342,243

Electrical

Equipment

-

3.9%

Encore

Wire

Corp.

11,504

2,057,261

NEXTracker,

Inc.

-

Class

A*

31,428

1,092,437

Preformed

Line

Products

Co.

3,377

457,077

Shoals

Technologies

Group,

Inc.

-

Class

A*

116,331

1,786,844

5,393,619

Electronic

Equipment,

Instruments

&

Components

-

6.2%

Badger

Meter,

Inc.

19,802

2,743,567

ePlus,

Inc.*

18,209

1,138,063

Fabrinet*

24,440

3,788,200

Kimball

Electronics,

Inc.*

16,748

438,798

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Schedule

of

Investments

October

31,

2023

8

October

31,

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

-

(continued)

Napco

Security

Technologies,

Inc.

24,901

$

457,431

8,566,059

Energy

Equipment

&

Services

-

0.2%

Atlas

Energy

Solutions,

Inc.

10,213

185,979

ProFrac

Holding

Corp.

-

Class

A

#

,*

10,016

94,350

280,329

Entertainment

-

1.0%

Madison

Square

Garden

Entertainment

Corp.*

30,744

937,077

Vivid

Seats,

Inc.

-

Class

A*

67,211

395,201

1,332,278

Financial

Services

-

1.0%

International

Money

Express,

Inc.*

12,082

192,829

Merchants

Bancorp

14,614

436,812

NMI

Holdings,

Inc.

-

Class

A*

27,770

759,510

1,389,151

Ground

Transportation

-

1.6%

ArcBest

Corp.

16,446

1,790,640

Universal

Logistics

Holdings,

Inc.

18,047

403,892

2,194,532

Health

Care

Equipment

&

Supplies

-

6.2%

iRadimed

Corp.

26,705

1,087,961

STAAR

Surgical

Co.*

102,662

4,293,325

UFP

Technologies,

Inc.*

16,173

2,521,694

Zynex,

Inc.*

76,194

676,603

8,579,583

Health

Care

Providers

&

Services

-

7.9%

AdaptHealth

Corp.

-

Class

A*

288,206

2,112,550

Cross

Country

Healthcare,

Inc.*

75,825

1,756,107

DocGo,

Inc.*

219,862

1,305,980

Fulgent

Genetics,

Inc.*

63,390

1,517,557

Joint

Corp.

(The)*

31,319

244,601

Progyny,

Inc.*

128,403

3,962,517

10,899,312

Hotels,

Restaurants

&

Leisure

-

0.1%

ONE

Group

Hospitality,

Inc.

(The)*

5,791

25,538

Xponential

Fitness,

Inc.

-

Class

A*

5,485

78,271

103,809

Household

Durables

-

2.6%

Cavco

Industries,

Inc.*

1,365

340,581

Century

Communities,

Inc.

5,045

310,268

Dream

Finders

Homes,

Inc.

-

Class

A

#

,*

5,306

104,475

Green

Brick

Partners,

Inc.*

7,159

277,053

Installed

Building

Products,

Inc.

4,466

498,718

KB

Home

12,666

559,837

Legacy

Housing

Corp.*

4,005

74,133

Lovesac

Co.

(The)*

2,601

42,813

M/I

Homes,

Inc.*

4,374

358,974

MDC

Holdings,

Inc.

11,722

444,850

Sonos,

Inc.*

20,304

218,877

Tri

Pointe

Homes,

Inc.*

15,573

390,259

3,620,838

Industrial

REITs

-

0.2%

Innovative

Industrial

Properties,

Inc.

2,656

190,781

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Schedule

of

Investments

October

31,

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)

Industrial

REITs

-

(continued)

Plymouth

Industrial

REIT,

Inc.

4,249

$

84,725

275,506

Insurance

-

1.4%

F&G

Annuities

&

Life,

Inc.

#

42,324

1,298,923

Hagerty,

Inc.

-

Class

A

#

,*

28,744

221,904

Palomar

Holdings,

Inc.*

8,364

418,869

1,939,696

Interactive

Media

&

Services

-

2.0%

Cargurus,

Inc.

-

Class

A*

67,818

1,168,504

Shutterstock,

Inc.

25,106

1,021,312

ZipRecruiter,

Inc.

-

Class

A*

51,189

545,163

2,734,979

IT

Services

-

1.9%

DigitalOcean

Holdings,

Inc.*

60,049

1,228,602

Perficient,

Inc.*

23,530

1,369,211

2,597,813

Life

Sciences

Tools

&

Services

-

1.4%

Maravai

LifeSciences

Holdings,

Inc.

-

Class

A*

279,365

1,916,444

Machinery

-

5.5%

Franklin

Electric

Co.,

Inc.

31,658

2,745,382

Kadant,

Inc.

8,023

1,765,060

Mueller

Industries,

Inc.

77,682

2,929,388

Velo3D,

Inc.

#

,*

136,301

179,917

7,619,747

Marine

Transportation

-

1.7%

Eagle

Bulk

Shipping,

Inc.

#

6,841

279,113

Matson,

Inc.

24,152

2,102,431

2,381,544

Media

-

0.2%

PubMatic,

Inc.

-

Class

A*

29,765

335,452

Metals

&

Mining

-

2.4%

Alpha

Metallurgical

Resources,

Inc.

5,666

1,246,293

MP

Materials

Corp.*

73,539

1,206,039

Ramaco

Resources,

Inc.

-

Class

A

23,411

275,782

Ramaco

Resources,

Inc.

-

Class

B

#

16,969

212,282

Ryerson

Holding

Corp.

14,273

414,631

3,355,027

Mortgage

Real

Estate

Investment

Trusts

(REITs)

-

0.1%

AFC

Gamma,

Inc.

7,462

78,948

Chicago

Atlantic

Real

Estate

Finance,

Inc.

6,540

92,149

171,097

Oil,

Gas

&

Consumable

Fuels

-

1.3%

Ardmore

Shipping

Corp.

7,867

104,552

Callon

Petroleum

Co.*

12,074

450,964

Crescent

Energy

Co.

-

Class

A

13,639

166,123

Evolution

Petroleum

Corp.

6,548

42,104

HighPeak

Energy,

Inc.

#

22,758

403,044

VAALCO

Energy,

Inc.

19,580

87,523

Viper

Energy

Partners

LP

12,570

357,994

Vitesse

Energy,

Inc.

5,215

123,543

1,735,847

Personal

Care

Products

-

0.2%

Beauty

Health

Co.

(The)

#

,*

17,079

69,170

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Schedule

of

Investments

October

31,

2023

10

October

31,

2023

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Common

Stocks

-

(continued)

Personal

Care

Products

-

(continued)

Medifast,

Inc.

1,417

$

98,000

Olaplex

Holdings,

Inc.*

82,708

117,445

284,615

Pharmaceuticals

-

2.9%

Amphastar

Pharmaceuticals,

Inc.*

89,938

4,071,493

Professional

Services

-

1.9%

CBIZ,

Inc.*

34,106

1,772,148

CRA

International,

Inc.

4,805

466,613

Heidrick

&

Struggles

International,

Inc.

13,747

334,602

2,573,363

Semiconductors

&

Semiconductor

Equipment

-

7.7%

ACM

Research,

Inc.

-

Class

A*

37,247

506,559

Allegro

MicroSystems,

Inc.*

125,359

3,254,320

Amkor

Technology,

Inc.

165,951

3,461,738

Diodes,

Inc.*

31,033

2,019,628

Navitas

Semiconductor

Corp.

-

Class

A

#

,*

117,579

616,114

Photronics,

Inc.*

42,284

776,334

10,634,693

Software

-

0.3%

CoreCard

Corp.*

5,889

125,848

Digital

Turbine,

Inc.*

68,176

323,154

449,002

Specialized

REITs

-

0.2%

PotlatchDeltic

Corp.

7,341

314,562

Specialty

Retail

-

2.1%

Arhaus,

Inc.

-

Class

A*

8,684

74,856

Boot

Barn

Holdings,

Inc.*

4,722

328,179

Group

1

Automotive,

Inc.

2,208

557,145

Hibbett,

Inc.

2,067

95,227

Leslie's,

Inc.*

29,348

144,979

MarineMax,

Inc.*

3,539

96,898

OneWater

Marine,

Inc.

-

Class

A*

2,398

54,267

Penske

Automotive

Group,

Inc.

10,556

1,510,352

Revolve

Group,

Inc.

-

Class

A*

6,623

91,066

2,952,969

Textiles,

Apparel

&

Luxury

Goods

-

0.1%

Figs,

Inc.

-

Class

A*

25,619

141,161

Trading

Companies

&

Distributors

-

8.3%

BlueLinx

Holdings,

Inc.*

6,180

439,460

Boise

Cascade

Co.

27,094

2,540,062

Core

&

Main,

Inc.

-

Class

A*

113,600

3,417,088

Custom

Truck

One

Source,

Inc.*

168,696

973,376

GMS,

Inc.*

27,799

1,625,686

Hudson

Technologies,

Inc.*

31,166

401,418

Rush

Enterprises,

Inc.

-

Class

A

56,795

2,020,766

11,417,856

Total

Common

Stocks

(cost

$156,354,023)

138,292,906

Investment

Companies

-

0.0%

Money

Market

Funds

-

0.0%

Invesco

Liquid

Assets

Portfolio,

Institutional

Class,

5.4026%

∞

(cost

$25,958)

25,953

25,961

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Schedule

of

Investments

October

31,

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

-

1.1%

Investment

Companies

-

0.9%

Janus

Henderson

Cash

Collateral

Fund

LLC,

5.2665%

£,∞

1,240,127

$

1,240,127

Time

Deposits

-

0.2%

Royal

Bank

of

Canada,

5.3100%,

11/1/23

$

311,296

311,296

Total

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

(cost

$1,551,423)

1,551,423

Total

Investments

(total

cost

$157,931,404

)

-

101.1%

139,870,290

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(1.1%)

(1,578,997)

Net

Assets

-

100.0%

$138,291,293

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

135,977,538

97.2

%

Thailand

3,788,200

2.7

Ireland

104,552

0.1

Total

$

139,870,290

100.0

%

Schedule

of

Affiliated

Investments

-

(%

of

Net

Assets)

Dividend

Income

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciatio

n/

(Depreciation)

Value

at

10/31/23

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

1.1%

Investment

Companies

-

0.9%

Janus

Henderson

Cash

Collateral

Fund

LLC,

5.2665%

∞

$

58,163

Δ

$

–

$

–

$

1,240,127

Value

at

10/31/22

Purchases

Sales

Value

at

10/31/23

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

1.1%

Investment

Companies

-

0.9%

Janus

Henderson

Cash

Collateral

Fund

LLC,

5.2665%

∞

$

1,753,591

$

58,709,380

$

(59,222,844)

$

1,240,127

Counterparty

Gross

Amounts

of

Recognized

Assets

Offsetting

Asset

or

Liability

(a)

Collateral

Pledged

(b)

Net

Amount

JPMorgan

Chase

Bank

NA

$

1,484,812

$

—

$

(1,484,812)

$

—

(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

October

31,

2023

12

October

31,

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

October

31,

2023.

∞

Rate

shown

is

the

7-day

yield

as

of

October

31,

2023.

£

The

Fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

Investment

Company

Act

of

1940,

as

amended,

an

affiliated

company

is

one

in

which

the

Fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

which

is

under

common

ownership

or

control.

Δ

Net

of

income

paid

to

the

securities

lending

agent

and

rebates

paid

to

the

borrowing

counterparties.

The

following

is

a

summary

of

the

inputs

that

were

used

to

value

the

Fund's

investments

in

securities

and

other

financial

instruments

as

of

October

31,

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

$

138,292,906

$

—

$

—

Investment

Companies

25,961

—

—

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

—

1,551,423

—

Total

Assets

$

138,318,867

$

1,551,423

$

—

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Statement

of

Assets

and

Liabilities

October

31,

2023

Janus

Detroit

Street

Trust

13

See

Notes

to

Financial

Statements.

Assets:

Unaffiliated

investments,

at

value

(cost

$156,691,277)

(1)

$

138,630,163

Affiliated

investments,

at

value

(cost

$1,240,127)

1,240,127

Cash

2,007

Receivables:

Investments

sold

398,221

Dividends

18,273

Interest

176

Affiliated

securities

lending

income,

net

4,051

Total

Assets

140,293,018

Liabilities:

Collateral

on

securities

loaned

(Note

2)

1,551,423

Payables:

Investments

purchased

414,493

Management

fees

35,809

Total

Liabilities

2,001,725

Commitments

and

contingent

liabilities

Net

Assets

$

138,291,293

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

192,032,924

Total

distributable

earnings

(loss)

(53,741,631)

Total

Net

Assets

$

138,291,293

Net

Assets

$

138,291,293

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

2,877,000

Net

Asset

Value

Per

Share

$

48.07

(1)

Includes

$1,484,812

of

securities

on

loan.

See

Note

2

in

Notes

to

Financial

Statements.

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Statement

of

Operations

For

the

year

ended

October

31,

2023

14

October

31,

2023

See

Notes

to

Financial

Statements.

Investment

Income:

Dividends

$

751,502

Affiliated

securities

lending

income,

net    

58,163

Unaffiliated

securities

lending

income,

net

26,591

Total

Investment

Income

836,256

Expenses:

Management

Fees

319,685

Total

Expenses

319,685

Net

Investment

Income/(Loss)

516,571

Net

Realized

Gain/(Loss)

on

Investments:

Investments

$

2,520,923

Total

Net

Realized

Gain/(Loss)

on

Investments

$

2,520,923

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

(6,555,236)

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

(6,555,236)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

(3,517,742)

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Statements

of

Changes

in

Net

Assets

Janus

Detroit

Street

Trust

15

See

Notes

to

Financial

Statements.

Year

Ended

October

31,

2023

Year

Ended

October

31,

2022

Operations:

Net

investment

income/(loss)

$

516,571

$

537,828

Net

realized

gain/(loss)

on

investments

2,520,923

(25,808,275)

Change

in

unrealized

net

appreciation/depreciation

(6,555,236)

(16,065,773)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

(3,517,742)

(41,336,220)

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(668,752)

(392,153)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(668,752)

(392,153)

Capital

Share

Transactions

66,593,595

(30,093,810)

Net

Increase/(Decrease)

in

Net

Assets

62,407,101

(71,822,183)

Net

Assets:

—

—

Beginning

of

Year  

75,884,192

147,706,375

End

of

Year

$

138,291,293

$

75,884,192

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Financial

Highlights

16

October

31,

2023

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

each

year

or

period

ended

October

31

2023

2022

2021

2020

2019

Net

Asset

Value,

Beginning

of

Period

$47.37

$67.08

$48.06

$43.10

$39.59

Income/(Loss)

from

Investment

Operations:

—

—

—

—

—

Net

investment

income/(loss)

(1)

0.25

0.28

0.32

0.10

0.20

Net

realized

and

unrealized

gain/(loss)

0.80

(2)

(19.79)

19.03

4.97

3.51

Total

from

Investment

Operations

1.05

(2)

(19.51)

19.35

5.07

3.71

Less

Dividends

and

Distributions:

—

—

—

—

—

Dividends

(from

net

investment

income)

(0.35)

(0.20)

(0.33)

(0.11)

(0.20)

Total

Dividends

and

Distributions

(0.35)

(0.20)

(0.33)

(0.11)

(0.20)

Net

Asset

Value,

End

of

Period

$48.07

$47.37

$67.08

$48.06

$43.10

Total

Return

2.21%

(29.11)%

40.30%

11.79%

9.43%

Net

assets,

End

of

Period

(in

thousands)

$138,291

$75,884

$147,706

$52,958

$34,563

Average

Net

Assets

for

the

Period

(in

thousands)

$106,788

$103,942

$123,640

$45,900

$30,102

Ratios

to

Average

Net

Assets

Ratio

of

Gross

Expenses

0.30%

0.30%

0.30%

0.32%

0.35%

Ratio

of

Net

Investment

Income/(Loss)

0.48%

0.52%

0.48%

0.23%

0.49%

Portfolio

Turnover

Rate

(3)

105%

107%

135%

78%

104%

(1)

Per

share

amounts

are

calculated

based

on

average

shares

outstanding

during

the

year

or

period.

(2)

The

amount

shown

does

not

correlate

with

the

change

in

the

aggregate

gains

and

losses

in

the

Fund’s

securities

for

the

year

or

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

fluctuating

market

values

for

the

Fund’s

securities.

(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

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 eleven

Funds

each

of

which

represent

shares

of

beneficial

interest

in

a

separate

portfolio

of

securities

and

other

assets

with

its

own

objective

and

policies. 

The

Fund

seeks

investment

results

that

correspond

generally,

before

fees

and

expenses,

to

the

performance

of

its

underlying

index,

the

Janus

Henderson

Small

Cap

Growth

Alpha

Index

(the

“Underlying

Index”).

The

Fund

is

classified

as

diversified,

as

defined

in

the

1940

Act.

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

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

18

October

31,

2023

market

quotations

or

evaluated

prices

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

determined

in

good

faith

by

the

Adviser

pursuant

to

the

Valuation

Procedures. Circumstances

in

which

fair

valuation

may

be

utilized

include,

but

are

not

limited

to:

(i)

a

significant

event

that

may

affect

the

securities

of

a

single

issuer,

such

as

a

merger,

bankruptcy,

or

significant

issuer-specific

development;

(ii)

an

event

that

may

affect

an

entire

market,

such

as

a

natural

disaster

or

significant

governmental

action;

(iii)

a

nonsignificant

event

such

as

a

market

closing

early

or

not

opening,

or

a

security

trading

halt;

and

(iv)

pricing

of

a

non-valued

security

and

a

restricted

or

nonpublic

security.

Special

valuation

considerations

may

apply

with

respect

to

“odd-lot”

fixed-income

transactions

which,

due

to

their

small

size,

may

receive

evaluated

prices

by

pricing

services

which

reflect

a

large

block

trade

and

not

what

actually

could

be

obtained

for

the

odd-

lot

position.

The

value

of

the

securities

of

mutual

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

mutual

funds,

and

the

prospectuses

for

such

mutual

funds

explain

the

circumstances

under

which

they

use

fair

valuation

and

the

effects

of

using

fair

valuation.

The

value

of

the

securities

of

any

cash

management

pooled

investment

vehicles

that

operate

as

money

market

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

funds.

Valuation

Inputs

Summary 

FASB

ASC

820,

Fair

Value

Measurements

and

Disclosures

(“ASC

820”),

defines

fair

value,

establishes

a

framework

for

measuring

fair

value,

and

expands

disclosure

requirements

regarding

fair

value

measurements.

This

standard

emphasizes

that

fair

value

is

a

market-based

measurement

that

should

be

determined

based

on

the

assumptions

that

market

participants

would

use

in

pricing

an

asset

or

liability

and

establishes

a

hierarchy

that

prioritizes

inputs

to

valuation

techniques

used

to

measure

fair

value.

These

inputs

are

summarized

into

three

broad

levels: 

Level

1

–

Unadjusted

quoted

prices

in

active

markets

the

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities.

Level

2

–

Observable

inputs

other

than

unadjusted

quoted

prices

included

in

Level

1

that

are

observable

for

the

asset

or

liability

either

directly

or

indirectly.

These

inputs

may

include

quoted

prices

for

the

identical

instrument

on

an

inactive

market,

prices

for

similar

instruments,

interest

rates,

prepayment

speeds,

credit

risk,

yield

curves,

default

rates

and

similar

data.

Assets

or

liabilities

categorized

as

Level

2

in

the

hierarchy

generally

include:

debt

securities

fair

valued

in

accordance

with

the

evaluated

bid

or

ask

prices

supplied

by

a

pricing

service;

securities

traded

on

OTC

markets

and

listed

securities

for

which

no

sales

are

reported

that

are

fair

valued

at

the

latest

bid

price

(or

yield

equivalent

thereof)

obtained

from

one

or

more

dealers

transacting

in

a

market

for

such

securities

or

by

a

pricing

service

approved

by

the

Fund’s

Trustees;

and

certain

short-term

debt

securities

with

maturities

of

60

days

or

less

that

are

fair

valued

at

amortized

cost.

Other

securities

that

may

be

categorized

as

Level

2

in

the

hierarchy

include,

but

are

not

limited

to,

preferred

stocks,

bank

loans,

swaps,

investments

in

unregistered

investment

companies,

options,

and

forward

contracts.

Level

3

–

Unobservable

inputs

for

the

asset

or

liability

to

the

extent

that

relevant

observable

inputs

are

not

available,

representing

the

Fund’s

own

assumptions

about

the

assumptions

that

a

market

participant

would

use

in

valuing

the

asset

or

liability,

and

that

would

be

based

on

the

best

information

available.

There

have

been

no

significant

changes

in

valuation

techniques

used

in

valuing

any

such

positions

held

by

the

Fund

since

the

beginning

of

the

fiscal

year. 

The

inputs

or

methodology

used

for

fair

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

The

summary

of

inputs

used

as

of

October

31,

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

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

19

of

discounts.

The

Fund

classifies

gains

and

losses

on

prepayments

received

as

an

adjustment

to

interest

income.

Debt

securities

may

be

placed

in

non-accrual

status

and

related

interest

income

may

be

reduced

by

stopping

current

accruals

and

writing

off

interest

receivables

when

collection

of

all

or

a

portion

of

interest

has

become

doubtful.

Gains

and

losses

are

determined

on

the

identified

cost

basis,

which

is

the

same

basis

used

for

federal

income

tax

purposes.  

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,

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

20

October

31,

2023

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.

Armed

Conflict.

Recent

such

examples

include

conflict,

loss

of

life,

and

disaster

connected

to

ongoing

armed

conflict

between

Russia

and

Ukraine

in

Europe

and

Hamas

and

Israel

in

the

Middle

East.

The

extent

and

duration

of

each

conflict,

resulting

sanctions

and

resulting

future

market

disruptions

in

each

region

are

impossible

to

predict,

but

could

be

significant

and

have

a

severe

adverse

effect,

including

significant

negative

impacts

on

the

U.S.

and

broader

global

economic

environment

and

the

markets

for

certain

securities

and

commodities.

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

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

21

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.

As

of

October

31,

2023,

securities

lending

transactions

accounted

for

as

secured

borrowings

with

an

overnight

and

continuous

contractual

maturity

are

$1,484,812

for

equity

securities.

Gross

amounts

of

recognized

liabilities

for

securities

lending

(collateral

received)

as

of

October

31,

2023 is $1,551,423,

resulting

in

the

net

amount

due

to

the

counterparty

of

$66,611.

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: 

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

22

October

31,

2023

For

the year

ended

October

31,

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

October

31,

2023, the

Adviser

owned 2,000

shares

or 0.07%

of

the

Fund.

The

Fund

is

permitted

to

purchase

or

sell

securities

(“cross-trade”)

between

itself

and

other

funds

or

accounts

managed

by

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

year

ended

October

31,

2023,

the

Fund

engaged

in

cross

trades

amounting

to

$3,308,108 in

purchases

and

$6,370,582 in

sales,

resulting

in

a

net

realized

gain

of

$1,388,883.

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 year

ended

October

31,

2023 can

be

found

in

a

table

located

in

the

Schedule

of

Investments.

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

Janus

Detroit

Street

Trust

23

4.

Federal

Income

Tax

The

tax

components

of

capital

shown

in

the

table

below

represent:

(1)

distribution

requirements

the

Fund

must

satisfy

under

the

income

tax

regulations;

(2)

losses

or

deductions

the

Fund

may

be

able

to

offset

against

income

and

gains

realized

in

future

years;

and

(3)

unrealized

appreciation

or

depreciation

of

investments

for

federal

income

tax

purposes. 

The

Fund

has

elected

to

treat

gains

and

losses

on

forward

foreign

currency

contracts

as

capital

gains

and

losses,

if

applicable.

Other

foreign

currency

gains

and

losses

on

debt

instruments

are

treated

as

ordinary

income

for

federal

income

tax

purposes

pursuant

to

Section

988

of

the

Internal

Revenue

Code. 

Accumulated

capital

losses

noted

below

represent

net

capital

loss

carryovers,

as

of

October

31,

2023,

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. 

During

the

year ended

October

31,

2023,

capital

loss

carryovers

of

$700,039

were

utilized

by

the

Fund. 

The

aggregate

cost

of

investments

and

the

composition

of

unrealized

appreciation

and

depreciation

of

investment

securities

for

federal

income

tax

purposes

as

of October

31,

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.

Income

and

capital

gains

distributions

are

determined

in

accordance

with

income

tax

regulations

that

may

differ

from

US

GAAP.

These

differences

are

due

to

differing

treatments

for

items

such

as

net

short-term

gains,

deferral

of

wash

sale

losses,

foreign

currency

transactions,

passive

foreign

investment

companies,

net

investment

losses,

in-kind

transactions

and

capital

loss

carryovers.

Certain

permanent

differences

such

as

tax

returns

of

capital

and

net

investment

losses

noted

below

have

been

reclassified

to

capital. 

Loss

Deferrals

Undistributed

Ordinary

Income

Undistributed

Long-Term

Gains

Accumulated

Capital

Losses

Loss

Deferrals

Other

Book

to

Tax

Differences

Net

Tax

Appreciation/

(Depreciation)

$18,783

$—

$(35,455,626)

$—

$—

$(18,304,788)

Capital

Loss

Carryover

Schedule

For

the

year

ended

October

31,

2023

No

Expiration

Short-Term

Long-Term

Accumulated

Capital

Losses

$(29,689,736)

$(5,765,890)

$(35,455,626)

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$158,175,078

$6,051,051

$(24,355,839)

$(18,304,788)

For

the

year

ended

October

31,

2023

:

Distributions

From

Ordinary

Income

From

Long-Term

Capital

Gain

Tax

Return

of

Capital

Net

Investment

Loss

$668,752

$—

$—

$—

For

the

year

ended

October

31,

2022

:

Distributions

From

Ordinary

Income

From

Long-Term

Capital

Gain

Tax

Return

of

Capital

Net

Investment

Loss

$392,153

$—

$—

$—

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

24

October

31,

2023

Permanent

book

to

tax

basis

differences

may

result

in

reclassifications

between

the

components

of

net

assets.

These

differences

have

no

impact

on

the

results

of

operations

or

net

assets.

5.

Capital

Share

Transactions 

6.

Purchases

and

Sales

of

Investment

Securities

For

the year ended

October

31,

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 year

ended

October

31,

2023,

the

cost

of

in-kind

purchases

and

proceeds

from

in-kind

sales,

were

as

follows: 

During

the

year ended

October

31,

2023,

the

Fund

had

net

realized

gain of $1,945,428 from

in-kind

redemptions.

Gains

on

in-kind

transactions

are

not

considered

taxable

for

federal

income

tax

purposes. 

7.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to October

31,

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. 

Year

Ended

October

31,

2023

Year

Ended

October

31,

2022

Shares

Amount

Shares

Amount

Shares

sold

1,650,000

$

84,829,645

275,000

$

15,992,523

Shares

repurchased

(375,000)

(18,236,050

)

(875,000)

(46,086,333

)

Net

Increase/(Decrease)

1,275,000

$

66,593,595

(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

$113,744,332

$113,221,298

$—

$—

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

$84,176,093

$18,213,146

$—

$—

Janus

Henderson

Small

Cap

Growth

Alpha

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).

Designation

Requirements

(unaudited)

For

federal

income

tax

purposes,

the

Fund

designated

the

following

for

the

year

ended

October

31,

2023.

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

Dividends

Received

Deduction

Percentage

95.08%

Qualified

Dividend

Income

Percentage

92.04%

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Additional

Information

(unaudited)

26

October

31,

2023

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

Trustees

and

Officers

(unaudited)

Janus

Detroit

Street

Trust

27

The

following

are

the

Trustees

and

officers

of

the

Trust

together

with

a

brief

description

of

their

principal

occupations

during

the

last

five

years

(principal

occupations

for

certain

Trustees

may

include

periods

over

five

years).

The

Fund’s

Statement

of

Additional

Information

includes

additional

information

about

the

Trustees

and

officers

and

is

available,

without

charge,

by

calling

1-877-335-2687.

Each

Trustee

has

served

in

that

capacity

since

he

or

she

was

originally

elected

or

appointed.

The

Trustees

do

not

serve

a

specified

term

of

office.

Each

Trustee

will

hold

office

until

the

termination

of

the

Trust

or

his

or

her

earlier

death,

resignation,

retirement,

incapacity,

or

removal.

Under

the

Fund’s

Governance

Procedures

and

Guidelines,

the

policy

is

for

Trustees

to

retire

no

later

than

the

end

of

the

calendar

year

in

which

the

Trustee

turns

75.

The

Trustees

review

the

Fund’s

Governance

Procedures

and

Guidelines

from

time

to

time

and

may

make

changes

they

deem

appropriate.

The

Fund’s

Nominating

and

Governance

Committee

will

consider

nominees

for

the

position

of

Trustee

recommended

by

shareholders.

Shareholders

may

submit

the

name

of

a

candidate

for

consideration

by

the

Committee

by

submitting

their

recommendations

to

the

Trust’s

Secretary.

Each

Trustee

is

currently

a

Trustee

of

one

other

registered

investment

company

advised

by

the

Adviser:

Clayton

Street

Trust.

As

of

the

date

of

this

report,

collectively,

the

two

registered

investment

companies

consist

of

14

series

or

funds.

The

Trust’s

officers

are

elected

annually

by

the

Trustees

for

a

one-year

term.

Certain

officers

also

serve

as

officers

of

Clayton

Street

Trust.

Certain

officers

of

the

Funds

may

also

be

officers

and/or

directors

of

the

Adviser.

Except

as

otherwise

disclosed,

Fund

officers

receive

no

compensation

from

the

Funds.

TRUSTEES

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Number

of

Portfolios/Funds

in

Fund

Complex

Overseen

by

Trustee*

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Independent

Trustees

Clifford

J.

Weber

151

Detroit

Street

Denver,

CO

80206

DOB:

1963

Chairman

Trustee

2/16-Present

Owner,

Financial

Products

Consulting

Group

LLC

(consulting

services

to

financial

institutions)

(since

2015).

14

Independent

Trustee,

Clough

Global

Dividend

and

Income

Fund (closed-end fund)

(since

2017),

Independent

Trustee,

Clough

Global

Opportunities

Fund (closed-

end fund)

(since

2017),

Independent

Trustee,

Clough

Global

Equity

Fund (closed-

end fund)

(since

2017),

and

Independent

Trustee,

Global

X

Funds

(investment

company)

(since

2018).

Formerly,

Chairman,

Clough

Funds

Trust

(investment

company)

(2015-2023),

and

Chairman,

Elevation

ETF

Trust

(investment

company)

(2016-

2018).

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Trustees

and

Officers

(unaudited)

28

October

31,

2023

*

Each

Trustee

also

serves

as

a

trustee

to

the

Clayton

Street

Trust,

which

is

currently

comprised

of

three

portfolios.

**

Ms.

Benz

is

an

Interested

Trustee

because

of

her

employment

with

Janus

Henderson

Investors.

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Number

of

Portfolios/Funds

in

Fund

Complex

Overseen

by

Trustee*

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Maureen

T.

Upton

151

Detroit

Street

Denver,

CO

80206

DOB:

1965

Trustee

2/16-Present

Principal,

Maureen

Upton

Ltd.

(consulting

services

to

multinational

companies

(since

2017).

14

Independent

Director,

Cascadia

Minerals

Ltd.

(mineral

exploration

company);

Independent

Director,

ATAC

Resources

Ltd.

(mineral

exploration

company)

(2022-

2023).

Jeffrey

B.

Weeden

151

Detroit

Street

Denver,

CO

80206

DOB:

1956

Trustee

2/16-Present

Senior

Advisor,

Bay

Boston

Capital

LP

(investment

fund

in

banks

and

bank

holdings

companies)

(since

2015).

14

Director,

West

Travis

County

Municipal

Utility

District

No. 6

(municipal

utility)

(since

2020).

Formerly,

Director,

State

Farm

Bank

(banking)

(2014-2021).

Interested

Trustee

Carrie

Benz**

151

Detroit

Street

Denver,

CO

80206

DOB:

1975

Trustee

1/21-Present

Global

Investment

COO

(since

2023).

Formerly,

Global

Head

of

Investment

Services,

Janus

Henderson

Investors

(2017-

2023).

14

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Trustees

and

Officers

(unaudited)

Janus

Detroit

Street

Trust

29

OFFICERS

*

Officers

are

elected

at

least

annually

by

the

Trustees

for

a

one-year

term

and

may

also

be

elected

from

time

to

time

by

the

Trustees

for

an

interim

period.

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Term

of

Office*

and

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Nicholas

Cherney

151

Detroit

Street

Denver,

CO

80206

DOB:

1981

President

and

Chief

Executive

Officer

10/22-Present

Head

of

Innovation

at

Janus

Henderson

(since

2023),

Head

of

Exchange

Traded

Products

at

Janus

Henderson

Distributors

US

LLC,

Janus

Henderson

Indices

LLC,

Velocity

Shares

Holdings

Inc.

(since

2019).

Formerly,

Senior

Vice

President,

Janus

Henderson

Distributors

US

LLC,

Janus

Henderson

Indices

LLC

(2015-2019),

Janus

Henderson

Investors

US

LLC

(2015-2017),

and

Velocity

Shares

Holdings

Inc.

(2014-2019).

Kristin

Mariani

151

Detroit

Street

Denver,

CO

80206

DOB:

1966

Vice

President

and

Chief

Compliance

Officer

7/20-Present

Head

of

Compliance,

North

America

at

Janus

Henderson

Investors

(since

September

2020)

and

Chief

Compliance

Officer

at

Janus

Henderson

Investors

US

LLC

(since

September

2017).

Formerly,

Anti-Money

Laundering

Officer

for

the

Trust

(July

2020-December

2022),

and

Global

Head

of

Investment

Management

Compliance

at

Janus

Henderson

Investors

(February

2019-August

2020).

Jesper

Nergaard

151

Detroit

Street

Denver,

CO

80206

DOB:

1962

Vice

President,

Chief

Financial

Officer,

Treasurer,

and

Principal

Accounting

Officer

2/16-Present

Head

of

U.S.

Fund

Administration,

Janus

Henderson

Investors

and

Janus

Henderson

Services

LLC.

Cara

Owen

151

Detroit

Street

Denver,

CO

80206

DOB:

1981

Vice

President,

Secretary,

and

Chief

Legal

Officer

1/23-Present

Senior

Legal

Counsel

of

Janus

Henderson

Investors

US

LLC

(since

2021).

Formerly,

Assistant

Secretary

of

the

Trust

and

Clayton

Street

Trust

(2021-2023);

Vice

President

and

Principal

Legal

Counsel,

ALPS

Fund

Services,

Inc.

(fund

administrator)

(2019-2021);

and

Senior

Counsel,

Corporate

&

Investments,

Great-West

Life

&

Annuity

Insurance

Company

(insurance

company)

(2014-2019).

Ciaran

Askin

151

Detroit

Street

Denver,

CO

80206

DOB:

1978

Anti-Money

Laundering

Officer

1/23-Present

Global

Head

of

Financial

Crime,

Janus

Henderson

Investors

(since

2022).

Formerly,

Global

Head

of

Financial

Crime

at

Invesco

Ltd.

(2017-2022).

125-02-93061

12-23

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.

ANNUAL

REPORT

October

31,

2023

Janus

Henderson

Short

Duration

Income

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

Short

Duration

Income

ETF

Performance

Overview

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

1

Fund

At

A

Glance

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

2

Disclosure

of

Fund

Expenses

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

4

Report

of

Independent

Registered

Public

Accounting

Firm

...

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

Trustees

and

Officers

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

37

Janus

Henderson

Short

Duration

Income

ETF

(unaudited)

Janus

Detroit

Street

Trust

1

INVESTMENT

OBJECTIVE

Janus

Henderson

Short

Duration

Income

ETF

(VNLA)

seeks

to

provide

a

steady

income

stream

with

capital

preservation

across

various

market

cycles.

The

Fund

seeks

to

consistently

outperform

the

FTSE

3-Month

US

Treasury

Bill

Index

by

a

moderate

amount

through

various

market

cycles

while

at

the

same

time

providing

low

volatility.

PERFORMANCE

OVERVIEW

Global

bonds

generated

positive

returns

for

the

12-month

period,

despite

a

rise

in

interest

rates,

which

was

concentrated

in

the

final

few

months

of

the

fiscal

year.

During

the

period,

the

Janus

Henderson

Short

Duration

Income

ETF

(VNLA)

returned

5.24%

(based

on

NAV),

while

its

benchmark,

the

FTSE

3-Month

U.S.

Treasury

Bill

Index,

returned

4.94%.

The

primary

source

of

positive

returns

was

the

higher

level

of

income

–

or

carry

–

generated

by

the

Fund’s

core

of

shorter-duration

corporate

credits.

Also

contributing

was

a

narrowing

of

spreads

between

these

securities’

yields

and

that

of

their

risk-free

benchmark.

While

rising

interest

rates

represented

a

headwind

to

performance,

during

the

period

the

Fund

used

derivates

with

the

aim

of

hedging

this

risk,

and

this

positioning,

in

aggregate,

generated

positive

returns.

Janus

Henderson

Short

Duration

Income

ETF

is

an

actively

managed,

fixed

income

ETF

with

the

potential

to

deliver

returns

above

cash.

The

strategy

seeks

to

provide

a

steady

income

stream

with

low

volatility

and

capital

preservation

across

economic

cycles.

Rather

than

tracking

a

benchmark,

the

Fund

is

designed

to

move

beyond

conventional

benchmark

constraints

and

provide

positive

absolute

returns.

The

Fund

uses

derivates

such

as

futures,

forwards,

options

and

swaps

in

connection

with

its

strategies

for

various

purposes,

including

managing

interest

rate

and

credit

risk

across

the

portfolio

and

in

certain

situations

to

construct

positions

with

the

aim

of

enhancing

returns.

During

the

period,

the

Fund

used

options,

futures,

credit

default

swaps

(CDS),

other

swaps

and

forward

exchange

contracts.

In

aggregate,

derivatives’

impact

on

Fund

performance

was

positive.

Please

see

the

Derivative

Instruments

section

in

the

“Notes

to

Financial

Statements”

for

a

discussion

of

derivatives

used

by

the

Fund.

Important

Notice

–

Tailored

Shareholder

Reports

Effective

January

24,

2023,

the

Securities

and

Exchange

Commission

(the

“SEC”)

adopted

rule

and

form

amendments

that

require

mutual

funds

and

exchange

traded

funds

to

provide

shareholders

with

streamlined

annual

and

semi-annual

shareholder

reports

that

highlight

key

information.

Other

information,

including

financial

statements,

that

currently

appears

in

shareholder

reports

will

be

made

available

online,

delivered

free

of

charge

to

shareholders

upon

request,

and

filed

with

the

SEC.

The

first

tailored

shareholder

report

for

the

Fund

will

be

for

the

reporting

period

ending

October

31,

2024.

Currently,

management

is

evaluating

the

impact

of

the

rule

and

form

amendments

on

the

content

of

the

Fund’s

current

shareholder

reports.

Daniel

Siluk

Jason

England

co-portfolio

manager

co-portfolio

manager

Janus

Henderson

Short

Duration

Income

ETF

(unaudited)

Fund

At

A

Glance

October

31,

2023

2

October

31,

2023

Holdings

are

subject

to

change

without

notice.

Sector

Allocation

–

(%

of

Net

Assets)

Financial

44.1%

Commercial

Paper

19.7%

Consumer,

Non-cyclical

11.2%

Consumer,

Cyclical

7.6%

Utilities

3.9%

Energy

3.3%

Mortgage-Backed

Security

2.8%

Asset-Backed

Security

1.3%

Exchange

Traded

Fund

1.2%

Basic

Materials

1.2%

Technology

1.1%

Industrial

0.9%

Investment

Company

0.1%

98.4%

Janus

Henderson

Short

Duration

Income

ETF

(unaudited)

Performance

Janus

Detroit

Street

Trust

3

Total

annual

expense

ratio

as

stated

in

the

prospectus:

0.23%.

See

Financial

Highlights

for

actual

expense

ratios

during

the

reporting

period.

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.

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.

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.

Average

Annual

Total

Return

for

the

periods

ended

October

31,

2023

One

Year

Five

Years

Since

Inception

*

Janus

Henderson

Short

Duration

Income

ETF

-

NAV

5.24%

2.20%

2.12%

Janus

Henderson

Short

Duration

Income

ETF

-

Market

Price

5.44%

2.20%

2.13%

FTSE

3-Month

U.S.

Treasury

Bill

Index

4.94%

1.80%

1.63%

*

The

Fund

commenced

operations

on

November

16,

2016.

Janus

Henderson

Short

Duration

Income

ETF

(unaudited)

Disclosure

of

Fund

Expenses

4

October

31,

2023

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1)

transaction

costs,

which

may

include

creation

and

redemption

fees

or

brokerage

charges

and

(2)

ongoing

costs,

including

management

fees

and

other

Fund

expenses.

This

example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

Funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

example

is

based

upon

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

six-months

indicated,

unless

noted

otherwise

in

the

table

and

footnotes

below. 

Actual

Expenses 

The

information

in

the

table

under

the

heading

“Actual”

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

these

columns,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

under

the

heading

entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

the

period.

Hypothetical

Example

for

Comparison

Purposes 

The

information

in

the

table

under

the

heading

“Hypothetical

(5%

return

before

expenses)”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

upon

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

determine

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Additionally,

for

an

analysis

of

the

fees

associated

with

an

investment

or

other

similar

funds,

please

visit 

www.finra.org/

fundanalyzer.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transaction

costs,

such

as

creation

and

redemption

fees,

or

brokerage

charges.

These

fees

are

fully

described

in

the

Fund’s

prospectus.

Therefore,

the

hypothetical

examples

are

useful

in

comparing

ongoing

costs

only

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

transaction

costs

were

included,

your

costs

would

have

been

higher.

Actual

Hypothetical

(5%

return

before

expenses)

Beginning

Account

Value

(5/1/23)

Ending

Account

Value

(10/31/23)

Expenses

Paid

During

Period

(5/1/23

-

10/31/23)

†

Beginning

Account

Value

(5/1/23)

Ending

Account

Value

(10/31/23)

Expenses

Paid

During

Period

(5/1/23

-

10/31/23)

†

Net

Annualized

Expense

Ratio

(5/1/23

-

10/31/23)

$1,000.00

$1,023.50

$1.17

$1,000.00

$1,024.05

$1.17

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

184/365

(to

reflect

the

one-half

year

period).

Janus

Henderson

Short

Duration

Income

ETF

Report

of

Independent

Registered

Public

Accounting

Firm

Janus

Detroit

Street

Trust

5

To

the

Board

of

Trustees

of

Janus

Detroit

Street

Trust

and

Shareholders

of

Janus

Henderson

Short

Duration

Income

ETF

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Janus

Henderson

Short

Duration

Income

ETF

(one

of

the

funds

constituting

Janus

Detroit

Street

Trust,

referred

to

hereafter

as

the

"Fund")

as

of

October

31,

2023,

the

related

statement

of

operations

for

the

year

ended

October

31,

2023,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2023,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

October

31,

2023

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

October

31,

2023,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2023

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

October

31,

2023

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

October

31,

2023

by

correspondence

with

the

custodian

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

Denver,

Colorado

December

15,

2023

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

Janus

Henderson

Funds

since

1990.

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

October

31,

2023

6

October

31,

2023

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Asset-Backed

Securities

-

1.3%

Exeter

Automobile

Receivables

Trust,

6.1100%,

9/15/25

$

3,500,000

$

3,499,081

Santander

Drive

Auto

Receivables

Trust,

6.0800%,

8/17/26

6,500,000

6,494,818

Santander

Drive

Auto

Receivables

Trust,

6.3100%,

7/15/27

11,000,000

10,998,125

Westlake

Automobile

Receivables

Trust,

5.9600%,

10/15/26

(144A)

11,000,000

10,956,906

Total

Asset-Backed

Securities

(cost

$31,999,264)

31,948,930

Corporate

Bonds

-

67.7%

Basic

Materials

-

1.2%

Celanese

US

Holdings

LLC,

6.0500%, 3/15/25

4,117,000

4,104,304

Georgia-Pacific

LLC,

0.6250%, 5/15/24

(144A)

24,000,000

23,323,716

27,428,020

Consumer,

Cyclical

-

7.6%

BMW

US

Capital

LLC,

SOFRINDX

+

0.8400%,

6.1720%, 4/1/25

(144A)

‡

7,025,000

7,053,131

BMW

US

Capital

LLC,

5.3000%, 8/11/25

(144A)

6,250,000

6,225,535

General

Motors

Financial

Co.,

Inc.,

1.0500%, 3/8/24

10,895,000

10,701,424

General

Motors

Financial

Co.,

Inc.,

1.2000%, 10/15/24

8,650,000

8,238,490

General

Motors

Financial

Co.,

Inc.,

6.0500%, 10/10/25

1,250,000

1,244,858

General

Motors

Financial

Co.,

Inc.,

5.4000%, 4/6/26

3,230,000

3,161,049

General

Motors

Financial

of

Canada

Ltd.,

3.2500%, 11/7/23

CAD

17,000,000

12,239,878

Hyundai

Capital

America,

1.0000%, 9/17/24

(144A)

$

3,225,000

3,081,839

Hyundai

Capital

America,

5.5000%, 3/30/26

(144A)

10,125,000

9,959,587

Hyundai

Capital

America,

5.6500%, 6/26/26

(144A)

7,645,000

7,545,280

Hyundai

Capital

America,

5.9500%, 9/21/26

(144A)

12,525,000

12,415,720

Lowe's

Cos.,

Inc.,

4.4000%, 9/8/25

4,920,000

4,809,634

Lowe's

Cos.,

Inc.,

4.8000%, 4/1/26

6,575,000

6,439,862

Marriott

International,

Inc.,

5.4500%, 9/15/26

6,635,000

6,550,672

McDonald's

Corp.,

3.0000%, 3/8/24

AUD

6,750,000

4,245,163

McDonald's

Corp.,

90

Day

Australian

Bank

Bill

Rate

+

1.1300%,

5.2510%, 3/8/24

‡

1,910,000

1,210,469

McDonald's

Corp.,

3.1250%, 3/4/25

CAD

17,080,000

11,920,751

McDonald's

Corp.,

3.4500%, 9/8/26

AUD

1,000,000

602,481

Mercedes-Benz

Australia,

0.7500%, 1/22/24

810,000

508,239

Mercedes-Benz

Finance

North

America

LLC,

4.9500%, 3/30/25

(144A)

$

9,350,000

9,263,971

Mercedes-Benz

Finance

North

America

LLC,

5.2000%, 8/3/26

(144A)

12,100,000

11,937,645

Volkswagen

Financial

Services

Australia

Pty.

Ltd.,

1.4000%, 8/25/25

AUD

13,370,000

7,834,811

Volkswagen

Group

of

America

Finance

LLC,

0.8750%, 11/22/23

(144A)

$

13,000,000

12,964,046

Volkswagen

Group

of

America

Finance

LLC,

5.7000%, 9/12/26

(144A)

14,575,000

14,446,250

Warnermedia

Holdings,

Inc.,

6.4120%, 3/15/26

4,950,000

4,939,888

179,540,673

Consumer,

Non-cyclical

-

11.2%

Amgen,

Inc.,

5.2500%, 3/2/25

4,650,000

4,612,483

Amgen,

Inc.,

5.5070%, 3/2/26

20,025,000

19,919,449

Cardinal

Health,

Inc.,

3.0790%, 6/15/24

21,500,000

21,116,641

Cargill,

Inc.,

3.5000%, 4/22/25

(144A)

4,675,000

4,537,875

Cargill,

Inc.,

4.8750%, 10/10/25

(144A)

7,375,000

7,295,786

Cargill,

Inc.,

4.5000%, 6/24/26

(144A)

5,750,000

5,609,105

Constellation

Brands,

Inc.,

5.0000%, 2/2/26

6,600,000

6,484,224

CVS

Health

Corp.,

5.0000%, 2/20/26

6,675,000

6,548,314

Elevance

Health,

Inc.,

4.9000%, 2/8/26

13,500,000

13,248,364

GE

HealthCare

Technologies,

Inc.,

5.5500%, 11/15/24

24,975,000

24,855,242

HCA,

Inc.,

5.8750%, 2/15/26

22,285,000

22,088,925

Humana,

Inc.,

5.7000%, 3/13/26

20,000,000

19,877,272

Humana,

Inc.,

1.3500%, 2/3/27

4,550,000

3,944,432

Illumina,

Inc.,

5.8000%, 12/12/25

22,875,000

22,644,492

Lonsdale

Finance

Pty.

Ltd.,

2.4500%, 11/20/26

AUD

29,300,000

16,838,687

Lonsdale

Finance

Pty.

Ltd.,

2.1000%, 10/15/27

3,800,000

2,074,730

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

October

31,

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)

Mondelez

International

Holdings

Netherlands

BV,

0.7500%, 9/24/24

(144A)

$

5,775,000

$

5,512,579

Mondelez

International

Holdings

Netherlands

BV,

4.2500%, 9/15/25

(144A)

7,400,000

7,194,718

Mondelez

International,

Inc.,

2.1250%, 3/17/24

3,275,000

3,227,946

Mondelez

International,

Inc.,

3.2500%, 3/7/25

CAD

4,650,000

3,237,465

Pfizer

Investment

Enterprises

Pte.

Ltd.,

4.4500%, 5/19/26

$

26,550,000

25,920,148

Thermo

Fisher

Scientific,

Inc.,

1.2150%, 10/18/24

14,250,000

13,620,825

Universal

Health

Services,

Inc.,

1.6500%, 9/1/26

5,075,000

4,476,167

264,885,869

Energy

-

3.3%

Columbia

Pipelines

Holding

Co.

LLC,

6.0550%, 8/15/26

(144A)

3,535,000

3,529,806

Enbridge,

Inc.,

2.1500%, 2/16/24

6,550,000

6,471,728

Enbridge,

Inc.,

SOFRINDX

+

0.6300%,

5.9998%, 2/16/24

‡

6,800,000

6,804,467

Energy

Transfer

LP,

4.9000%, 2/1/24

14,630,000

14,578,456

Energy

Transfer

LP,

4.2500%, 4/1/24

6,561,000

6,505,258

Energy

Transfer

LP,

6.0500%, 12/1/26

13,440,000

13,412,543

Harvest

Operations

Corp.,

1.0000%, 4/26/24

(144A)

6,150,000

5,998,095

ONEOK,

Inc.,

5.5500%, 11/1/26

6,600,000

6,520,285

Williams

Cos.,

Inc.

(The),

5.4000%, 3/2/26

15,050,000

14,879,205

78,699,843

Financial

-

38.5%

AerCap

Ireland

Capital

DAC,

1.6500%, 10/29/24

7,460,000

7,113,457

AerCap

Ireland

Capital

DAC,

1.7500%, 10/29/24

16,000,000

15,277,325

AerCap

Ireland

Capital

DAC,

6.1000%, 1/15/27

8,375,000

8,237,627

AerCap

Ireland

Capital

DAC,

3.6500%, 7/21/27

3,095,000

2,778,384

Air

Lease

Corp.,

0.8000%, 8/18/24

16,350,000

15,634,367

Air

Lease

Corp.,

1.8750%, 8/15/26

6,235,000

5,516,479

American

Express

Co.,

SOFRINDX

+

0.7200%,

6.1001%, 5/3/24

‡

6,875,000

6,880,507

American

Express

Co.,

SOFR

+

0.9300%,

6.2840%, 3/4/25

‡

12,900,000

12,925,611

American

Express

Co.,

SOFR

+

0.9990%,

4.9900%, 5/1/26

‡

9,450,000

9,268,702

American

Express

Co.,

SOFR

+

1.3300%,

6.3380%, 10/30/26

‡

4,000,000

4,011,338

ANZ

New

Zealand

International

Ltd.,

1.2500%, 6/22/26

(144A)

13,900,000

12,359,342

ANZ

New

Zealand

Int'l

Ltd.,

3.4000%, 3/19/24

(144A)

1,000,000

990,570

Athene

Global

Funding,

2.5140%, 3/8/24

(144A)

2,500,000

2,465,686

Athene

Global

Funding,

1.7160%, 1/7/25

(144A)

5,156,000

4,855,605

Athene

Global

Funding,

1.6080%, 6/29/26

(144A)

20,235,000

17,684,513

Athene

Global

Funding,

4.7600%, 4/21/27

AUD

1,000,000

576,814

Australia

&

New

Zealand

Banking

Group

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

0.8300%,

4.9700%, 3/31/26

‡

15,500,000

9,824,280

Australia

&

New

Zealand

Banking

Group

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.0000%,

6.3326%, 7/26/29

‡

24,510,000

15,599,212

Australia

&

New

Zealand

Banking

Group

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.8500%,

5.9850%, 2/26/31

‡

150,000

95,172

Australia

&

New

Zealand

Banking

Group

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.7000%,

5.9060%, 8/12/32

‡

10,000,000

6,196,956

Aviation

Capital

Group

LLC,

1.9500%, 1/30/26

(144A)

$

12,940,000

11,635,808

Aviation

Capital

Group

LLC,

1.9500%, 9/20/26

(144A)

15,250,000

13,278,907

Banco

Santander

SA,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.6500%,

6.5270%, 11/7/27

‡

9,600,000

9,615,568

Bank

Australia

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.6000%,

5.7372%, 11/24/25

‡

AUD

8,150,000

5,181,665

Bank

of

America

Corp.,

CDOR

USD

3

Month

+

0.8980%,

2.9320%, 4/25/25

‡

CAD

9,950,000

7,065,020

Bank

of

America

Corp.,

SOFR

+

1.1100%,

3.8410%, 4/25/25

‡

$

4,670,000

4,611,485

Bank

of

America

Corp.,

SOFR

+

1.1500%,

1.3190%, 6/19/26

‡

25,135,000

23,099,575

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

October

31,

2023

8

October

31,

2023

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Corporate

Bonds

-

(continued)

Financial

-

(continued)

Bank

of

America

Corp.,

SOFR

+

1.6300%,

5.2020%, 4/25/29

‡

$

9,655,000

$

9,179,631

Bank

of

Queensland

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.6000%,

5.9418%, 7/29/31

‡

AUD

3,500,000

2,175,073

Bendigo

&

Adelaide

Bank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.2500%,

5.4216%, 5/15/26

‡

13,600,000

8,634,819

Bendigo

&

Adelaide

Bank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.4500%,

6.5803%, 11/30/28

‡

27,600,000

17,486,648

Bendigo

&

Adelaide

Bank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.4800%,

5.6317%, 10/14/31

‡

800,000

489,719

Capital

One

Financial

Corp.,

SOFR

+

2.4400%,

7.1490%, 10/29/27

‡

$

6,000,000

6,000,893

Charter

Hall

LWR

Pty.

Ltd.,

2.0860%, 3/3/28

AUD

3,270,000

1,693,165

Citigroup,

Inc.,

SOFR

+

1.3720%,

6.7355%, 5/24/25

‡

$

5,000,000

5,013,081

Citigroup,

Inc.,

SOFR

+

2.8420%,

3.1060%, 4/8/26

‡

100,000

95,438

Citigroup,

Inc.,

SOFR

+

1.5460%,

5.6100%, 9/29/26

‡

35,000,000

34,550,569

Commonwealth

Bank

of

Australia,

90

Day

Australian

Bank

Bill

Rate

+

1.1300%,

5.2696%, 1/11/24

‡

AUD

200,000

126,772

Commonwealth

Bank

of

Australia,

4.2000%, 8/18/25

600,000

373,198

Commonwealth

Bank

of

Australia,

5.3160%, 3/13/26

$

14,875,000

14,793,418

Commonwealth

Bank

of

Australia,

90

Day

Australian

Bank

Bill

Rate

+

1.8000%,

5.9270%, 9/10/30

‡

AUD

12,500,000

7,936,061

Commonwealth

Bank

of

Australia,

90

Day

Australian

Bank

Bill

Rate

+

1.3200%,

5.4643%, 8/20/31

‡

16,600,000

10,381,120

Commonwealth

Bank

of

Australia,

90

Day

Australian

Bank

Bill

Rate

+

2.7000%,

6.8780%, 11/9/32

‡

10,000,000

6,520,432

Commonwealth

Bank

of

Australia,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.0500%,

3.6100%, 9/12/34

‡

$

6,000,000

4,946,647

Computershare

US,

Inc.,

3.1470%, 11/30/27

AUD

1,070,000

598,811

Corebridge

Financial,

Inc.,

3.5000%, 4/4/25

$

11,975,000

11,513,422

DBS

Group

Holdings

Ltd.,

5.4790%, 9/12/25

(144A)

15,800,000

15,810,957

DBS

Group

Holdings

Ltd.,

USD

ICE

Swap

Rate

5

Year

+

1.5900%,

4.5200%, 12/11/28

(144A)

‡

3,600,000

3,593,412

DBS

Group

Holdings

Ltd.,

USD

ICE

Swap

Rate

5

Year

+

1.5900%,

4.5200%, 12/11/28

‡

3,470,000

3,463,650

Goldman

Sachs

Group,

Inc.

(The),

SOFR

+

0.5050%,

5.8543%, 9/10/24

‡

17,625,000

17,579,210

GPT

Wholesale

Shopping

Centre

Fund

No.

1,

3.9930%, 9/11/24

AUD

5,780,000

3,615,334

Heritage

and

People's

Choice

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.4000%,

6.5194%, 9/16/31

‡

1,000,000

616,701

Insurance

Australia

Group

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.4500%,

6.5773%, 12/15/36

‡

8,550,000

5,449,431

Insurance

Australia

Group

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.1000%,

6.2273%, 6/15/44

‡

17,350,000

10,999,956

Insurance

Australia

Group

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.3500%,

6.4773%, 6/15/45

‡

6,730,000

4,282,928

JPMorgan

Chase

&

Co.,

SOFR

+

0.9150%,

2.5950%, 2/24/26

‡

$

7,300,000

6,957,714

JPMorgan

Chase

&

Co.,

CME

Term

SOFR

3

Month

+

1.5066%,

3.9600%, 1/29/27

‡

13,450,000

12,820,579

JPMorgan

Chase

&

Co.,

SOFR

+

1.3300%,

6.0700%, 10/22/27

‡

19,050,000

19,009,731

JPMorgan

Chase

&

Co.,

SOFR

+

1.5600%,

4.3230%, 4/26/28

‡

19,900,000

18,692,898

Liberty

Financial

Pty.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.3500%,

6.4850%, 2/26/24

‡

AUD

11,440,000

7,215,112

Liberty

Financial

Pty.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.4500%,

6.5694%, 3/17/25

‡

3,280,000

2,048,032

Liberty

Financial

Pty.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.5500%,

6.6870%, 5/25/26

‡

19,100,000

11,752,899

Lloyds

Banking

Group

plc,

3.9000%, 11/23/23

3,850,000

2,435,193

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

October

31,

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)

Lloyds

Banking

Group

plc,

3.9000%, 3/12/24

$

4,880,000

$

4,839,761

Lloyds

Banking

Group

plc,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.4800%,

5.9850%, 8/7/27

‡

3,600,000

3,547,679

LPL

Holdings,

Inc.,

4.6250%, 11/15/27

(144A)

11,006,000

10,064,411

Macquarie

Bank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.9000%,

7.0350%, 5/28/30

‡

AUD

19,800,000

12,761,022

Macquarie

Bank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.5500%,

5.6694%, 6/17/31

‡

11,700,000

7,340,740

Macquarie

Group

Ltd.,

6.2070%, 11/22/24

(144A)

$

28,900,000

28,895,863

Macquarie

Group

Ltd.,

SOFR

+

0.6940%,

1.2010%, 10/14/25

(144A)

‡

6,725,000

6,397,425

Macquarie

Group

Ltd.,

SOFR

+

0.9100%,

1.6290%, 9/23/27

(144A)

‡

2,100,000

1,827,071

Morgan

Stanley,

SOFR

+

0.5090%,

0.7910%, 1/22/25

‡

17,600,000

17,335,884

Morgan

Stanley,

SOFR

+

0.5600%,

1.1640%, 10/21/25

‡

11,700,000

11,068,828

Morgan

Stanley,

SOFR

+

1.9900%,

2.1880%, 4/28/26

‡

1,400,000

1,316,830

Morgan

Stanley,

SOFR

+

1.7700%,

6.1380%, 10/16/26

‡

16,250,000

16,204,708

Morgan

Stanley

Bank

NA,

SOFR

+

0.7800%,

6.1010%, 7/16/25

‡

9,000,000

9,000,769

Nasdaq,

Inc.,

5.6500%, 6/28/25

4,940,000

4,922,059

National

Australia

Bank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

0.7800%,

4.9480%, 5/12/26

‡

AUD

10,000,000

6,331,412

National

Australia

Bank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.1500%,

6.3121%, 5/17/29

‡

14,920,000

9,489,013

National

Australia

Bank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.7000%,

5.8499%, 11/18/30

‡

24,275,000

15,378,125

NatWest

Group

plc,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.3500%,

5.8470%, 3/2/27

‡

$

13,400,000

13,175,667

Nordea

Bank

Abp

,

SOFR

+

0.9600%,

6.3133%, 6/6/25

(144A)

‡

6,925,000

6,952,225

Royal

Bank

of

Canada,

5.2000%, 7/20/26

22,100,000

21,739,717

Santander

UK

Group

Holdings

plc,

SOFR

+

2.7490%,

6.8330%, 11/21/26

‡

14,190,000

14,167,129

Suncorp

Group

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.1500%,

6.2751%, 12/5/28

‡

AUD

18,590,000

11,774,260

Suncorp

Group

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.3000%,

6.4335%, 6/1/37

‡

2,150,000

1,371,264

Suncorp-

Metway

Ltd.,

3.3000%, 4/15/24

(144A)

$

9,990,000

9,850,308

Toronto-Dominion

Bank

(The),

4.2850%, 9/13/24

2,800,000

2,760,335

Toronto-Dominion

Bank

(The),

2.6670%, 9/9/25

CAD

18,500,000

12,621,311

Toronto-Dominion

Bank

(The),

5.5320%, 7/17/26

$

6,650,000

6,581,180

VER

Finco

Pty.

Ltd.,

2.4000%, 9/21/28

AUD

2,230,000

1,165,125

Vicinity

Centres

Trust,

3.5000%, 4/26/24

5,700,000

3,578,459

Vicinity

Centres

Trust,

90

Day

Australian

Bank

Bill

Rate

+

1.4200%,

5.5598%, 6/27/25

‡

610,000

387,550

Vicinity

Centres

Trust,

4.0000%, 4/26/27

150,000

89,074

Wells

Fargo

&

Co.,

CME

Term

SOFR

3

Month

+

1.0116%,

2.1640%, 2/11/26

‡

$

9,590,000

9,071,185

Wells

Fargo

&

Co.,

SOFR

+

1.3200%,

6.6347%, 4/25/26

‡

3,500,000

3,517,510

Wells

Fargo

&

Co.,

CDOR

USD

3

Month

+

1.0650%,

4.1680%, 4/28/26

‡

CAD

16,000,000

11,204,552

Wells

Fargo

&

Co.,

SOFR

+

2.0000%,

2.1880%, 4/30/26

‡

$

13,000,000

12,229,088

Wells

Fargo

Bank

NA,

5.4500%, 8/7/26

7,000,000

6,934,221

Westpac

Banking

Corp.,

90

Day

Australian

Bank

Bill

Rate

+

0.9500%,

5.1043%, 11/16/23

‡

AUD

14,600,000

9,246,041

Westpac

Banking

Corp.,

5.3500%, 10/18/24

$

8,000,000

7,969,133

Westpac

Banking

Corp.,

4.6000%, 2/16/26

AUD

3,100,000

1,931,285

Westpac

Banking

Corp.,

90

Day

Australian

Bank

Bill

Rate

+

0.7500%,

4.9163%, 8/10/26

‡

20,000,000

12,649,914

Westpac

Banking

Corp.,

90

Day

Australian

Bank

Bill

Rate

+

1.2300%,

5.3979%, 11/11/27

‡

3,300,000

2,113,272

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

October

31,

2023

10

October

31,

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.,

5-year

AUD

Swap

Offer

Rate

+

1.8300%,

4.3340%, 8/16/29

‡

AUD

14,022,000

$

8,760,928

Westpac

Banking

Corp.,

90

Day

Australian

Bank

Bill

Rate

+

1.9800%,

6.1150%, 8/27/29

‡

6,700,000

4,265,903

Westpac

Banking

Corp.,

90

Day

Australian

Bank

Bill

Rate

+

1.5500%,

5.8918%, 1/29/31

‡

11,800,000

7,439,791

Willis

North

America,

Inc.,

3.6000%, 5/15/24

$

23,144,000

22,815,924

914,716,580

Industrial

-

0.9%

Canadian

Pacific

Railway

Co.,

1.3500%, 12/2/24

10,175,000

9,689,344

CNH

Industrial

Capital

Australia

Pty.

Ltd.,

1.7500%, 7/8/24

AUD

4,300,000

2,656,769

CNH

Industrial

Capital

Australia

Pty.

Ltd.,

5.8000%, 7/13/26

7,000,000

4,433,109

New

Terminal

Financing

Co.

Pty.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.4500%,

5.5850%, 7/12/24

‡

8,980,000

5,670,112

22,449,334

Technology

-

1.1%

Fidelity

National

Information

Services,

Inc.,

4.5000%, 7/15/25

$

6,860,000

6,699,203

VMware,

Inc.,

1.0000%, 8/15/24

11,867,000

11,397,584

VMware,

Inc.,

1.4000%, 8/15/26

8,050,000

7,091,005

25,187,792

Utilities

-

3.9%

Ausgrid

Finance

Pty.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.1000%,

5.2777%, 2/5/24

‡

AUD

1,570,000

994,760

Ausgrid

Finance

Pty.

Ltd.,

3.7500%, 10/30/24

17,320,000

10,790,222

Ausgrid

Finance

Pty.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.2200%,

5.5618%, 10/30/24

‡

22,900,000

14,534,156

DTE

Energy

Co.,

4.2200%, 11/1/24

Ç

$

18,735,000

18,369,478

DTE

Energy

Co.,

4.8750%, 6/1/28

5,085,000

4,836,762

Duke

Energy

Corp.,

5.0000%, 12/8/25

10,325,000

10,158,918

ElectraNet

Pty.

Ltd.,

2.4737%, 12/15/28

AUD

1,930,000

1,015,062

ETSA

Utilities

Finance

Pty.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.0400%,

5.1563%, 12/13/23

‡

1,630,000

1,031,972

ETSA

Utilities

Finance

Pty.

Ltd.,

3.5000%, 8/29/24

5,480,000

3,419,699

Network

Finance

Co.

Pty.

Ltd.,

3.5000%, 12/6/24

1,300,000

806,829

Network

Finance

Co.

Pty.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.2300%,

5.3871%, 12/6/24

‡

14,620,000

9,266,261

Network

Finance

Co.

Pty.

Ltd.,

2.2500%, 11/11/26

570,000

323,865

NRG

Energy,

Inc.,

2.0000%, 12/2/25

(144A)

$

5,600,000

5,092,607

Vistra

Operations

Co.

LLC,

4.8750%, 5/13/24

(144A)

13,118,000

12,969,598

93,610,189

Total

Corporate

Bonds

(cost

$1,673,823,751)

1,606,518,300

Foreign

Government

Bonds

-

5.6%

Kiwibank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

0.7000%,

4.8388%, 9/23/25

‡

AUD

17,230,000

10,878,962

Korea

National

Oil

Corp.,

0.8750%, 10/5/25

(144A)

$

7,100,000

6,468,005

New

Zealand

Government

Bond,

0.5000%, 5/15/24

NZD

204,355,000

115,653,782

Total

Foreign

Government

Bonds

(cost

$148,849,109)

133,000,749

Mortgage-Backed

Securities

-

2.8%

Connecticut

Avenue

Securities

Trust

SOFR30A

+

1.5500%,

6.8706%, 10/25/41

(144A)

‡

$

9,569,299

9,485,820

SOFR30A

+

1.0000%,

6.3206%, 12/25/41

(144A)

‡

3,662,549

3,637,385

SOFR30A

+

1.9000%,

7.2206%, 4/25/42

(144A)

‡

3,193,858

3,199,459

SOFR30A

+

2.5500%,

7.8706%, 7/25/42

(144A)

‡

2,809,578

2,856,330

SOFR30A

+

2.5000%,

7.8206%, 9/25/42

(144A)

‡

5,283,133

5,341,053

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

October

31,

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)

Connecticut

Avenue

Securities

Trust

-

(continued)

SOFR30A

+

2.4000%,

7.7206%, 12/25/42

(144A)

‡

$

5,595,705

$

5,656,977

SOFR30A

+

2.5000%,

7.8206%, 4/25/43

(144A)

‡

3,257,087

3,286,202

SOFR30A

+

2.3000%,

7.6206%, 5/25/43

(144A)

‡

3,963,386

3,996,566

SOFR30A

+

1.7000%,

7.0206%, 7/25/43

(144A)

‡

3,357,458

3,351,172

FHLMC

STACR

Debt

Notes

SOFR30A

+

2.3000%,

7.6206%, 8/25/33

(144A)

‡

2,621,377

2,633,436

SOFR30A

+

2.1000%,

7.4206%, 4/25/43

(144A)

‡

1,147,113

1,154,680

FHLMC

STACR

REMIC

Trust

SOFR30A

+

2.3000%,

7.6206%, 8/25/42

(144A)

‡

4,662,023

4,713,427

SOFR30A

+

2.1500%,

7.4706%, 9/25/42

(144A)

‡

1,747,437

1,761,957

SOFR30A

+

2.1000%,

7.4206%, 3/25/43

(144A)

‡

4,115,234

4,136,984

FHLMC

STACR

Trust

,

SOFR30A

+

2.0000%

,

7.3206

%

,

5/25/43

(144A)

‡

2,346,371

2,352,643

FHLMC

Structured

Agency

Credit

Risk

Debt

Notes

,

SOFR30A

+

2.0000%

,

7.3206

%

,

6/25/43

(144A)

‡

8,030,452

8,046,136

Pepper

Residential

Securities

Trust

No.

22

SOFR

+

1.1145%,

6.4231%, 6/20/60

(144A)

‡

34,231

34,238

30

Day

Australian

Bank

Bill

Rate

+

2.2500%,

6.3150%, 8/18/60

‡

AUD

391,433

248,403

Pepper

Residential

Securities

Trust

No.

24

,

SOFR

+

1.0145%

,

6.3246

%

,

11/18/60

(144A)

‡

$

36,600

36,600

TORRENS

Trust

,

30

Day

Australian

Bank

Bill

Rate

+

1.6000%

,

5.6550

%

,

1/12/46

‡

AUD

670,383

425,173

Total

Mortgage-Backed

Securities

(cost

$66,201,503)

66,354,641

Exchange

Traded

Fund

-

1.2%

Janus

Henderson

AAA

CLO

ETF

£

(cost

$27,667,778)

550,000

27,637,500

Investment

Companies

-

0.1%

Money

Market

Funds

-

0.1%

Federated

Hermes

Government

Obligations

Tax-Managed

Fund,

Institutional

Class,

5.2100%

∞

(cost

$1,216,630)

1,216,630

1,216,630

Commercial

Paper

-

19.7%

Arrow

Electronics,

Inc.,

5.9767%, 11/9/23

(Section

4(2))

$

25,000,000

24,963,878

AutoNation,

Inc.,

5.8510%, 11/1/23

(Section

4(2))

60,000,000

59,990,460

Cabot

Corp.,

5.4508%, 11/1/23

(Section

4(2))

25,000,000

24,996,225

Credit

Agricole

Corporate

and

Investment

Bank,

5.2708%, 11/1/23

(Section

4(2))

56,500,000

56,491,638

Darden

Restaurants,

Inc.,

5.4008%, 11/1/23

(Section

4(2))

55,250,000

55,241,657

Equifax,

Inc.,

5.4008%, 11/1/23

(Section

4(2))

34,750,000

34,744,753

Fiserv,

Inc.,

5.4208%, 11/1/23

(Section

4(2))

20,000,000

19,996,960

Global

Payments,

Inc.,

5.9610%, 11/1/23

(Section

4(2))

54,500,000

54,490,953

Humana,

Inc.,

5.4608%, 11/1/23

(Section

4(2))

47,000,000

46,992,668

Sysco

Corp.,

5.4508%, 11/1/23

(Section

4(2))

75,000,000

74,988,750

Targa

Resources

Corp.,

6.1806%, 11/10/23

(Section

4(2))

15,000,000

14,978,483

Total

Commercial

Paper

(cost

$467,943,882)

467,876,425

Total

Investments

(total

cost

$2,417,701,917

)

-

98.4%

2,334,553,175

Cash,

Receivables

and

Other

Assets,

net

of

Liabilities

-

1.6%

38,232,281

Net

Assets

-

100.0%

$2,372,785,456

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

October

31,

2023

12

October

31,

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

$

1,556,062,973

66.8

%

Australia

397,598,007

17.0

New

Zealand

126,532,744

5.4

Canada

84,906,055

3.6

United

Kingdom

51,515,341

2.2

Singapore

48,788,167

2.1

Ireland

33,406,793

1.4

Netherlands

12,707,297

0.5

Spain

9,615,568

0.4

Finland

6,952,225

0.3

South

Korea

6,468,005

0.3

Total

$

2,334,553,175

100.0

%

Schedule

of

Affiliated

Investments

-

(%

of

Net

Assets)

Dividend

Income

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciatio

n/

(Depreciation)

Value

at

10/31/23

Investment

Company

-

1.2%

Exchange

Traded

Fund

-

1.2%

Janus

Henderson

AAA

CLO

ETF

$

1,564,068

$

–

$

775,500

$

27,637,500

Value

at

10/31/22

Purchases

Sales

Value

at

10/31/23

Investment

Company

-

1.2%

Exchange

Traded

Fund

-

1.2%

Janus

Henderson

AAA

CLO

ETF

$

26,862,000

$

–

$

–

$

27,637,500

Schedule

of

Forward

Foreign

Currency

Exchange

Contracts

Counterparty/

Foreign

Currency

Settlement

Date

Foreign

Currency

Amount

Sold/

(Purchased)

USD

Currency

Amount

Sold/

(Purchased)

Value

and

Unrealized

Appreciation

(Depreciation)

Citibank

N.A.

New

Zealand

Dollar

1/25/24

209,770,000

$

(122,172,146)

$

125,023

–

Goldman

Sachs

Group,

Inc.

Canadian

Dollar

1/25/24

82,500,000

(59,735,643)

217,680

–

Morgan

Stanley

&

Co.

Australian

Dollar

1/25/24

584,600,000

(370,982,483)

(202,272)

–

Total

$140,431

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

October

31,

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

October

31,

2023

Credit

Contracts

Interest

Rate

Contracts

Currency

Contracts

Total

Asset

Derivatives:

Forward

foreign

currency

exchange

contracts

$—

$—

$342,703

$342,703

*

Swaps

-

centrally

cleared

100,375

1,009,104

—

1,109,479

*

Futures

contracts

—

1,320,867

—

1,320,867

Total

Asset

Derivatives

$100,375

$2,329,971

$342,703

$2,773,049

Liability

Derivatives:

Forward

foreign

currency

exchange

contracts

—

—

202,272

202,272

*

Swaps

-

centrally

cleared

—

40,769

—

40,769

Total

Liability

Derivatives

$—

$40,769

$202,272

$243,041

The

following

table,

grouped

by

derivative

type,

provides

information

about

the

fair

value

and

location

of

derivatives

within

the

Statement

of

Assets

and

Liabilities

as

of

October

31,

2023.

Schedule

of

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

and

Unrealized

Appreciation

Futures

Short:

U.S.

Treasury

2

Year

Notes

752

12/29/23

$

(152,221,251)

$

285,918

U.S.

Treasury

5

Year

Notes

436

12/29/23

(45,551,781)

1,034,949

Total

$1,320,867

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.41-V1,

Fixed

Rate

of

1.00%

Paid

Quarterly

12/20/28

$

119,000,000

$

1,351,830

$

100,375

$

(1,251,455)

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

5.4400%

Fixed

Quarterly

7/27/25

63,455,000

NZD

$

–

$

387,458

$

387,458

3

Month

BBR

5.6150%

Fixed

Quarterly

7/13/25

32,632,700

NZD

–

257,257

257,257

3

Month

BBR

5.3775%

Fixed

Quarterly

7/19/25

32,632,700

NZD

–

174,749

174,749

4.4063%

Fixed

3

Month

BBR

Quarterly

10/23/25

63,580,000

AUD

–

163,779

163,779

3

Month

BBR

5.6213%

Fixed

Quarterly

10/25/25

67,683,000

NZD

–

25,861

25,861

3

Month

BBR

5.5100%

Fixed

Quarterly

8/16/25

31,965,000

NZD

–

(40,769)

(40,769)

Total

$–

$968,335

$968,335

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

October

31,

2023

14

October

31,

2023

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

The

following

tables

provide

information

about

the

effect

of

derivatives

and

hedging

activities

on

the

Fund’s

Statement

of

Operations

for

the year

ended

October

31,

2023.

Please

see

the

“Net

realized

and

change

in

unrealized

gain/(loss)

on

investments”

sections

of

the

Fund’s

Statement

of

Operations.

*

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

year

ended

October

31,

2023

Amount

of

Realized

Gain/(Loss)

Recognized

on

Derivatives

Derivative

Credit

Contracts

Interest

Rate

Contracts

Currency

Contracts

Total

Forward

foreign

currency

exchange

contracts

$—

$—

$5,964,606

$5,964,606

Futures

contracts

—

23,463,393

—

23,463,393

Swap

contracts

(2,614,686)

(588,482)

—

(3,203,168)

Purchased

option

contracts

—

317,875

522,613

840,488

Written

options

contracts

—

—

(268,955)

(268,955)

Total

$(2,614,686)

$23,192,786

$6,218,264

$26,796,364

Amount

of

Change

in

Unrealized

Appreciation/(Depreciation)

Recognized

on

Derivatives

Derivative

Credit

Contracts

Interest

Rate

Contracts

Currency

Contracts

Total

Forward

foreign

currency

exchange

contracts

$—

$—

$(6,106,917)

$(6,106,917)

Futures

contracts

—

(20,656,830)

—

(20,656,830)

Swap

contracts

(31,000)

968,335

—

937,335

Purchased

options

contracts

—

—

225,640

225,640

Written

options

contracts

—

—

(134,597)

(134,597)

Total

$(31,000)

$(19,688,495)

$(6,015,874)

$(25,735,369)

Average

Ending

Monthly

Value

of

Derivative

Instruments

During

the

Year

Ended

October

31,

2023

Futures

contracts:

Average

notional

amount

of

contracts

-

short

$503,126,979

Forward

foreign

currency

exchange

contracts:

Average

amounts

purchased

-

in

USD

13,501,937

Average

amounts

sold

-

in

USD

574,842,797

Credit

default

swaps:

Average

notional

amount

-

buy

protection

165,700,000

Interest

rate

swaps:

Average

notional

amount

-

pay

fixed

rate/receive

floating

rate

49,928,576

Options:

Average

value

of

option

contracts

purchased

125,828

Average

value

of

option

contracts

written

66,556

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

October

31,

2023

Janus

Detroit

Street

Trust

15

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

Citibank

N.A.

$

125,023

$

—

$

—

$

125,023

Goldman

Sachs

Group,

Inc.

217,680

—

—

217,680

Total

$

342,703

$

—

$

—

$

342,703

Offsetting

of

Financial

Liabilities

and

Derivative

Liabilities

Counterparty

Gross

Amounts

of

Recognized

Liabilities

Offsetting

Asset

or

Liability(a)

Collateral

Pledged(b)

Net

Amount

Morgan

Stanley

&

Co.

202,272

—

—

202,272

Total

$

202,272

$

—

$

—

$

202,272

(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

October

31,

2023

16

October

31,

2023

AUD

Australian

Dollar

CAD

Canadian

Dollar

CDOR

Canadian

Dollar

Offered

Rate

ETF

Exchange

Traded

Fund

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FTSE

3-Month

U.S.

Treasury

Bill

Index

FTSE

3-Month

U.S.

Treasury

Bill

Index

tracks

the

performance

of

short-term

U.S.

government

debt

securities.

ICE

Intercontinental

Exchange

LLC

Limited

Liability

Company

LP

Limited

Partnership

NZD

New

Zealand

Dollar

plc

Public

Limited

Company

SOFR

Secured

Overnight

Financing

Rate

SOFR30A

Secured

Overnight

Financing

Rate

30

Day

Average

SOFRINDX

Secured

Overnight

Financing

Rate

Compounded

Index

∞

Rate

shown

is

the

7-day

yield

as

of

October

31,

2023.

£

The

Fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

Investment

Company

Act

of

1940,

as

amended,

an

affiliated

company

is

one

in

which

the

Fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

which

is

under

common

ownership

or

control.

Ç

Step

bond.

The

coupon

rate

will

increase

or

decrease

periodically

based

upon

a

predetermined

schedule.

The

rate

shown

reflects

the

current

rate.

Section

4(2)

Securities

subject

to

legal

and/or

contractual

restrictions

on

resale

and

may

not

be

publicly

sold

without

registration

under

the

Securities

Act

of

1933,

as

amended.

The

total

value

of

Section

4(2)

securities

as

of

the

year

ended

October

31,

2023

is

$467,876,425

which

represents

19.7%

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

year

ended

October

31,

2023

is

$405,724,968

which

represents

17.1%

of

net

assets.

‡

Variable

or

floating

rate

security.

Rate

shown

is

the

current

rate

as

of

October

31,

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

October

31,

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

October

31,

2023

.

See

Notes

to

Financial

Statements

for

more

information.

Valuation

Inputs

Summary

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Assets

Investments

in

Securities:

Asset-Backed

Securities

$

—

$

31,948,930

$

—

Corporate

Bonds

—

1,606,518,300

—

Foreign

Government

Bonds

—

133,000,749

—

Mortgage-Backed

Securities

—

66,354,641

—

Exchange

Traded

Fund

27,637,500

—

—

Investment

Companies

1,216,630

—

—

Commercial

Paper

—

467,876,425

—

Total

Investments

in

Securities

$

28,854,130

$

2,305,699,045

$

—

Other

Financial

Instruments

(a)

:

Centrally

Cleared

Swaps

$

—

$

1,109,479

$

—

Forward

Foreign

Currency

Exchange

Contracts

—

342,703

—

Futures

Contracts

1,320,867

—

—

Total

Other

Financial

Instruments

$

1,320,867

$

1,452,182

$

—

Total

Assets

$

30,174,997

$

2,307,151,227

$

—

Liabilities

Other

Financial

Instruments

(a)

:

Forward

Foreign

Currency

Exchange

Contracts

$

—

$

202,272

$

—

Centrally

Cleared

Swaps

—

40,769

—

Total

Liabilities

$

—

$

243,041

$

—

(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

October

31,

2023

18

October

31,

2023

See

Notes

to

Financial

Statements.

Assets:

Unaffiliated

investments,

at

value

(cost

$2,390,034,139)

$

2,306,915,675

Affiliated

investments,

at

value

(cost

$27,667,778)

27,637,500

Cash

561,702

Cash

denominated

in

foreign

currency

(cost

$12,278,480)

12,220,632

Forward

foreign

currency

exchange

contracts

342,703

Due

from

broker

for

centrally

cleared

swaps

2,430,829

Due

from

broker

for

futures

1,590,000

Receivable

for

variation

margin

on

futures

contracts

213,011

Receivables:

Investments

sold

22,126,690

Interest

15,718,481

Due

from

adviser

9,117

Total

Assets

2,389,766,340

Liabilities:

Payable

for

variation

margin

on

swaps

720,068

Forward

foreign

currency

exchange

contracts

202,272

Payables:

Investments

purchased

15,600,000

Management

fees

458,544

Total

Liabilities

16,980,884

Commitments

and

contingent

liabilities

Net

Assets

$

2,372,785,456

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

2,490,549,191

Total

distributable

earnings

(loss)

(117,763,735)

Total

Net

Assets

$

2,372,785,456

Net

Assets

$

2,372,785,456

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

49,450,000

Net

Asset

Value

Per

Share

$

47.98

Janus

Henderson

Short

Duration

Income

ETF

Statement

of

Operations

For

the

year

ended

October

31,

2023

Janus

Detroit

Street

Trust

19

See

Notes

to

Financial

Statements.

Investment

Income:

Interest

$

90,189,540

Dividends

from

affiliates

1,564,068

Dividends

197,422

Total

Investment

Income

91,951,030

Expenses:

Management

Fees

5,354,774

Total

Expenses

5,354,774

Less:

Excess

Expense

Reimbursement

and

Waivers

(114,968)

Net

Expenses

5,239,806

Net

Investment

Income/(Loss)

86,711,224

Net

Realized

Gain/(Loss)

on

Investments:

Investments

and

foreign

currency

transactions

$

(41,394,190)

Forward

foreign

currency

exchange

contracts

5,964,606

Futures

contracts

23,463,393

Purchased

option

contracts

840,488

Swap

contracts

(3,203,168)

Written

options

contracts

(268,955)

Total

Net

Realized

Gain/(Loss)

on

Investments

$

(14,597,826)

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

and

foreign

currency

translations

$

70,829,347

Investments

in

affiliates

775,500

Forward

foreign

currency

exchange

contracts

(6,106,917)

Futures

contracts

(20,656,830)

Purchased

options

contracts

225,640

Swap

contracts

937,335

Written

options

contracts

(134,597)

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

45,869,478

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

117,982,876

Janus

Henderson

Short

Duration

Income

ETF

Statements

of

Changes

in

Net

Assets

20

October

31,

2023

See

Notes

to

Financial

Statements.

Year

Ended

October

31,

2023

Year

Ended

October

31,

2022

Operations:

Net

investment

income/(loss)

$

86,711,224

$

36,620,492

Net

realized

gain/(loss)

on

investments

(14,597,826)

70,095,542

Change

in

unrealized

net

appreciation/depreciation

45,869,478

(137,516,853)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

117,982,876

(30,800,819)

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(141,400,131)

(50,154,283)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(141,400,131)

(50,154,283)

Capital

Share

Transactions

(143,593,675)

(156,749,220)

Net

Increase/(Decrease)

in

Net

Assets

(167,010,930)

(237,704,322)

Net

Assets:

—

—

Beginning

of

Year  

2,539,796,386

2,777,500,708

End

of

Year

$

2,372,785,456

$

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

each

year

or

period

ended

October

31

2023

2022

2021

2020

2019

Net

Asset

Value,

Beginning

of

Period

$48.47

$50.00

$50.40

$49.89

$50.04

Income/(Loss)

from

Investment

Operations:

—

—

—

—

—

Net

investment

income/(loss)

(1)

1.80

0.69

0.49

0.77

1.39

Net

realized

and

unrealized

gain/(loss)

0.65

(1.27)

(0.41)

0.70

0.53

Total

from

Investment

Operations

2.45

(0.58)

0.08

1.47

1.92

Less

Dividends

and

Distributions:

—

—

—

—

—

Dividends

(from

net

investment

income)

(2.94)

(0.95)

(0.48)

(0.96)

(1.43)

Distributions

(from

capital

gains)

—

—

—

—

(0.64)

Total

Dividends

and

Distributions

(2.94)

(0.95)

(0.48)

(0.96)

(2.07)

Net

Asset

Value,

End

of

Period

$47.98

$48.47

$50.00

$50.40

$49.89

Total

Return

5.24%

(1.18)%

0.15%

2.99%

3.95%

Net

assets,

End

of

Period

(in

thousands)

$2,372,785

$2,539,796

$2,777,501

$2,726,526

$1,037,735

Average

Net

Assets

for

the

Period

(in

thousands)

$2,301,490

$2,600,154

$2,893,718

$1,601,333

$925,572

Ratios

to

Average

Net

Assets

Ratio

of

Gross

Expenses

0.23%

0.23%

0.23%

0.26%

0.32%

Ratio

of

Net

Expenses

(After

Waivers

and

Expense

Offsets)

0.23%

0.23%

0.23%

0.26%

0.32%

Ratio

of

Net

Investment

Income/(Loss)

3.77%

1.41%

0.98%

1.54%

2.80%

Portfolio

Turnover

Rate

(2)

53%

46%

74%

14%

23%

(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

22

October

31,

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 eleven

Funds

each

of

which

represent

shares

of

beneficial

interest

in

a

separate

portfolio

of

securities

and

other

assets

with

its

own

objective

and

policies.

The

Fund

seeks

to

provide

a

steady

income

stream

with

capital

preservation

across

various

market

cycles.

The

Fund

seeks

to

consistently

outperform

the

FTSE

3-Month

U.S.

Treasury

Bill

Index

by

a

moderate

amount

through

various

market

cycles

while

at

the

same

time

providing

low

volatility.

The

Fund

is

classified

as

diversified,

as

defined

in

the

1940

Act.

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

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

23

on

an

amortized

cost

basis

provided

that

the

amortized

cost

determined

approximates

market

value.

Securities

for

which

market

quotations

or

evaluated

prices

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

determined

in

good

faith

by

the

Adviser

pursuant

to

the

Valuation

Procedures. Circumstances

in

which

fair

valuation

may

be

utilized

include,

but

are

not

limited

to:

(i)

a

significant

event

that

may

affect

the

securities

of

a

single

issuer,

such

as

a

merger,

bankruptcy,

or

significant

issuer-specific

development;

(ii)

an

event

that

may

affect

an

entire

market,

such

as

a

natural

disaster

or

significant

governmental

action;

(iii)

a

nonsignificant

event

such

as

a

market

closing

early

or

not

opening,

or

a

security

trading

halt;

and

(iv)

pricing

of

a

non-valued

security

and

a

restricted

or

nonpublic

security.

Special

valuation

considerations

may

apply

with

respect

to

“odd-lot”

fixed-income

transactions

which,

due

to

their

small

size,

may

receive

evaluated

prices

by

pricing

services

which

reflect

a

large

block

trade

and

not

what

actually

could

be

obtained

for

the

odd-

lot

position.

The

value

of

the

securities

of

mutual

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

mutual

funds,

and

the

prospectuses

for

such

mutual

funds

explain

the

circumstances

under

which

they

use

fair

valuation

and

the

effects

of

using

fair

valuation.

The

value

of

the

securities

of

any

cash

management

pooled

investment

vehicles

that

operate

as

money

market

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

funds.

Valuation

Inputs

Summary 

FASB

ASC

820,

Fair

Value

Measurements

and

Disclosures

(“ASC

820”),

defines

fair

value,

establishes

a

framework

for

measuring

fair

value,

and

expands

disclosure

requirements

regarding

fair

value

measurements.

This

standard

emphasizes

that

fair

value

is

a

market-based

measurement

that

should

be

determined

based

on

the

assumptions

that

market

participants

would

use

in

pricing

an

asset

or

liability

and

establishes

a

hierarchy

that

prioritizes

inputs

to

valuation

techniques

used

to

measure

fair

value.

These

inputs

are

summarized

into

three

broad

levels: 

Level

1

–

Unadjusted

quoted

prices

in

active

markets

the

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities.

Level

2

–

Observable

inputs

other

than

unadjusted

quoted

prices

included

in

Level

1

that

are

observable

for

the

asset

or

liability

either

directly

or

indirectly.

These

inputs

may

include

quoted

prices

for

the

identical

instrument

on

an

inactive

market,

prices

for

similar

instruments,

interest

rates,

prepayment

speeds,

credit

risk,

yield

curves,

default

rates

and

similar

data.

Assets

or

liabilities

categorized

as

Level

2

in

the

hierarchy

generally

include:

debt

securities

fair

valued

in

accordance

with

the

evaluated

bid

or

ask

prices

supplied

by

a

pricing

service;

securities

traded

on

OTC

markets

and

listed

securities

for

which

no

sales

are

reported

that

are

fair

valued

at

the

latest

bid

price

(or

yield

equivalent

thereof)

obtained

from

one

or

more

dealers

transacting

in

a

market

for

such

securities

or

by

a

pricing

service

approved

by

the

Fund’s

Trustees;

and

certain

short-term

debt

securities

with

maturities

of

60

days

or

less

that

are

fair

valued

at

amortized

cost.

Other

securities

that

may

be

categorized

as

Level

2

in

the

hierarchy

include,

but

are

not

limited

to,

preferred

stocks,

bank

loans,

swaps,

investments

in

unregistered

investment

companies,

options,

and

forward

contracts.

Level

3

–

Unobservable

inputs

for

the

asset

or

liability

to

the

extent

that

relevant

observable

inputs

are

not

available,

representing

the

Fund’s

own

assumptions

about

the

assumptions

that

a

market

participant

would

use

in

valuing

the

asset

or

liability,

and

that

would

be

based

on

the

best

information

available.

There

have

been

no

significant

changes

in

valuation

techniques

used

in

valuing

any

such

positions

held

by

the

Fund

since

the

beginning

of

the

fiscal

year. 

The

inputs

or

methodology

used

for

fair

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

The

summary

of

inputs

used

as

of

October

31,

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

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

24

October

31,

2023

at

fair

value.

Interest

income

is

recorded

daily

on

an

accrual

basis

and

includes

amortization

of

premiums

and

accretion

of

discounts.

The

Fund

classifies

gains

and

losses

on

prepayments

received

as

an

adjustment

to

interest

income.

Debt

securities

may

be

placed

in

non-accrual

status

and

related

interest

income

may

be

reduced

by

stopping

current

accruals

and

writing

off

interest

receivables

when

collection

of

all

or

a

portion

of

interest

has

become

doubtful.

Gains

and

losses

are

determined

on

the

identified

cost

basis,

which

is

the

same

basis

used

for

federal

income

tax

purposes.  

Estimates

The

preparation

of

financial

statements

in

conformity

with

US

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amount

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates. 

Indemnifications

In

the

normal

course

of

business,

the

Fund

may

enter

into

contracts

that

contain

provisions

for

indemnification

of

other

parties

against

certain

potential

liabilities.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

and

would

involve

future

claims

that

may

be

made

against

the

Fund

that

have

not

yet

occurred.

Currently,

the

risk

of

material

loss

from

such

claims

is

considered

remote. 

Foreign

Currency

Translations

The

Fund

does

not

isolate

that

portion

of

the

results

of

operations

resulting

from

the

effect

of

changes

in

foreign  exchange

rates

on

investments

from

the

fluctuations

arising

from

changes

in

market

prices

of

securities

held

at

the

date  of

the

financial

statements.

Net

unrealized

appreciation

or

depreciation

of

investments

and

foreign

currency

translations

arise

from

changes

in

the

value

of

assets

and

liabilities,

including

investments

in

securities

held

at

the

date

of

the

financial

statements,

resulting

from

changes

in

the

exchange

rates

and

changes

in

market

prices

of

securities

held.

Currency

gains

and

losses

are

also

calculated

on

payables

and

receivables

that

are

denominated

in

foreign

currencies.

The

payables

and

receivables

are

generally

related

to

foreign

security

transactions

and

income

translations.

Foreign

currency-denominated

assets

and

forward

currency

contracts

may

involve

more

risks

than

domestic

transactions,

including

currency

risk,

counterparty

risk,

political

and

economic

risk,

regulatory

risk

and

equity

risk.

Risks

may

arise

from

unanticipated

movements

in

the

value

of

foreign

currencies

relative

to

the

U.S.

dollar.

Dividends

and

Distributions

Dividends

from

net

investment

income

are

generally

declared

and

distributed

monthly.

Net

realized

capital

gains

(if

any)

are

distributed

annually.

The

Fund

may

treat

a

portion

of

the

amount

paid

to

redeem

shares

as

a

distribution

of

investment

company

taxable

income

and

realized

capital

gains

that

are

reflected

in

the

NAV.

This

practice,

commonly

referred

to

as

“equalization,”

has

no

effect

on

the

redeeming

shareholder

or

a

Fund’s

total

return

but

may

reduce

the

amounts

that

would

otherwise

be

required

to

be

paid

as

taxable

dividends

to

the

remaining

shareholders.

It

is

possible

that

the

Internal

Revenue

Service

(IRS)

could

challenge

the

Fund’s

equalization

methodology

or

calculations,

and

any

such

challenge

could

result

in

additional

tax,

interest,

or

penalties

to

be

paid

by

the

Fund. 

Federal

Income

Taxes

The

Fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

and

distribute

all

of

its

taxable

income

in

accordance

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code.

Management

has

analyzed

the

Fund’s

tax

positions

taken

for

all

open

federal

income

tax

years,

generally

a

three-year

period,

and

has

concluded

that

no

provision

for

federal

income

tax

is

required

in

the

Fund’s

financial

statements.

The

Fund

is

not

aware

of

any

tax

positions

for

which

it

is

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

benefits

will

significantly

change

in

the

next

twelve

months. 

2.

Derivative

Instruments 

The

Fund

may

invest

in

various

types

of

derivatives.

A

derivative

is

a

financial

instrument

whose

performance

is

derived

from

the

performance

of

another

asset.

The

Fund

may

invest

in

derivative

instruments

including,

but

not

limited

to

futures,

forwards,

options,

and

swaps.

Each

derivative

instrument

that

was

held

by

the

Fund

during

the year

ended

October

31,

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.

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

25

The

Fund

may

use

derivative

instruments

for

various

investment

purposes,

such

as

to

manage

or

hedge

portfolio

risk,

including

interest

rate

risk,

enhance

return

or

to

manage

duration.

The

Fund’s

use

of

derivative

instruments

involves

risks

different

from,

or

possibly

greater

than,

the

risks

associated

with

investing

directly

in

securities

and

other

traditional

investments.

Derivatives

are

subject

to

a

number

of

risks

including

liquidity

risk,

market

risk,

credit

risk,

default

risk,

counterparty

risk

and

management

risk.

They

also

involve

the

risk

of

mispricing

or

improper

valuation

and

the

risk

that

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

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

26

October

31,

2023

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. 

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

year,

the

Fund

entered

into

forward

currency

contracts

with

the

obligation

to

purchase

foreign

currencies

in

the

future

at

an

agreed

upon

rate

in

order

to

take

a

positive

outlook

on

the

related

currency.

These

forward

contracts

seek

to

increase

exposure

to

currency

risk. 

During

the

year,

the

Fund

entered

into

forward

currency

contracts

with

the

obligation

to

purchase

foreign

currencies

in

the

future

at

an

agreed

upon

rate

in

order

to

decrease

exposure

to

currency

risk

associated

with

foreign

currency

denominated

securities

held

by

the

Fund. 

During

the

year,

the

Fund

entered

into

forward

currency

contracts

with

the

obligation

to

sell

foreign

currencies

in

the

future

at

an

agreed

upon

rate

in

order

to

take

a

negative

outlook

on

the

related

currency.

These

forward

contracts

seek

to

increase

exposure

to

currency

risk. 

During

the

year,

the

Fund

entered

into

forward

currency

contracts

with

the

obligation

to

sell

foreign

currencies

in

the

future

at

an

agreed

upon

rate

in

order

to

decrease

exposure

to

currency

risk

associated

with

foreign

currency

denominated

securities

held

by

the

Fund. 

Futures

Contracts 

A

futures

contract

is

an

exchange-traded

agreement

to

take

or

make

delivery

of

an

underlying

asset

at

a

specific

time

in

the

future

for

a

specific

predetermined

negotiated

price.

The

Fund

may

enter

into

futures

contracts

for

the

purchase

or

sale

for

future

delivery

of

(i)

fixed-income

securities,

and

U.S.

government

securities

and

Treasuries,

or

(ii)

contracts

based

on

interest

rates.

The

Fund

is

subject

to

interest

rate

risk

and

equity

risk

in

the

normal

course

of

pursuing

its

investment

objective

through

its

investments

in

futures

contracts.

The

Fund

may

also

use

such

derivative

instruments

to

hedge

or

protect

from

adverse

movements

in

securities

prices

or

interest

rates.

The

use

of

futures

contracts

may

involve

risks

such

as

the

possibility

of

illiquid

markets

or

imperfect

correlation

between

the

values

of

the

contracts

and

the

underlying

securities,

or

that

the

counterparty

will

fail

to

perform

its

obligations.

Futures

contracts 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.

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

27

Securities

held

by

the

Fund

that

are

designated

as

collateral

for

market

value

on

futures

contracts

are

noted

on

the

Schedule

of

Investments

(if

applicable).

Such

collateral

is

in

the

possession

of

the

Fund's

futures

option

merchant. 

With

futures,

there

is

minimal

counterparty

credit

risk

to

the

Fund

since

futures

are

exchange-traded

and

the

exchange's

clearinghouse,

as

counterparty

to

all

exchange-traded

futures,

guarantees

the

futures

against

default. 

During

the

year,

the

Fund

purchased

interest

rate

futures

to

increase

exposure

to

interest

rate

risk.

During

the

year,

the

Fund

sold

interest

rate

futures

to

decrease

exposure

to

interest

rate

risk. 

Options

Contracts

An

options

contract

provides

the

purchaser

with

the

right,

but

not

the

obligation,

to

buy

(call

option)

or

sell

(put

option)

a

financial

instrument

at

an

agreed

upon

price

on

or

before

a

specified

date.

The

purchaser

pays

a

premium

to

the

seller

for

this

right.

The

seller

has

the

corresponding

obligation

to

sell

or

buy

a

financial

instrument

if

the

purchaser

(owner)

“exercises”

the

option.

When

an

option

is

exercised,

the

proceeds

on

sales

for

a

written

call

option,

the

purchase

cost

for

a

written

put

option,

or

the

cost

of

the

security

for

a

purchased

put

or

call

option

are

adjusted

by

the

amount

of

premium

received

or

paid.

Upon

expiration,

or

closing

of

the

option

transaction,

a

realized

gain

or

loss

is

reported

on

the

Statement

of

Operations

(if

applicable).

The

difference

between

the

premium

paid/received

and

the

market

value

of

the

option

is

recorded

as

unrealized

appreciation

or

depreciation.

The

net

change

in

unrealized

appreciation

or

depreciation

is

reported

on

the

Statement

of

Operations

(if

applicable).

Option

contracts

are

typically

valued

using

an

approved

vendor’s

option

valuation

model.

To

the

extent

reliable

market

quotations

are

available,

option

contracts

are

valued

using

market

quotations.

In

cases

when

an

approved

vendor

cannot

provide

coverage

for

an

option

and

there

is

no

reliable

market

quotation,

a

broker

quotation

or

an

internal

valuation

using

the

Black-Scholes

model,

the

Cox-Rubenstein

Binomial

Option

Pricing

Model,

or

other

appropriate

option

pricing

model

is

used.

Certain

options

contracts

are

marked-to-market

daily,

and

the

daily

variation

margin

is

recorded

as

a

receivable

or

payable

on

the

Statement

of

Assets

and

Liabilities

as

“Variation

margin

receivable”

or

“Variation

margin

payable”

(if

applicable).

The

Fund

may

use

options

contracts

to

hedge

against

changes

in

interest

rates,

the

values

of

securities,

or

foreign

currencies.

The

use

of

such

instruments

may

involve

certain

additional

risks

as

a

result

of

unanticipated

movements

in

the

market.

A

lack

of

correlation

between

the

value

of

an

instrument

underlying

an

option

and

the

asset

being

hedged,

or

unexpected

adverse

price

movements,

could

render

the

Fund’s

hedging

strategy

unsuccessful.

In

addition,

there

can

be

no

assurance

that

a

liquid

secondary

market

will

exist

for

any

option

purchased

or

sold.

The

Fund

may

be

subject

to

counterparty

risk,

interest

rate

risk,

liquidity

risk,

equity

risk,

commodity

risk,

and

currency

risk

in

the

normal

course

of

pursuing

its

investment

objective

through

its

investments

in

options

contracts.

Options

traded

on

an

exchange

are

regulated

and

the

terms

of

the

options

are

standardized.

Options

traded

OTC

expose

the

Fund

to

counterparty

risk

in

the

event

that

the

counterparty

does

not

perform.

This

risk

is

mitigated

by

having

a

netting

arrangement

between

the

Fund

and

the

counterparty

and

by

having

the

counterparty

post

collateral

to

cover

the

Fund’s

exposure

to

the

counterparty.

The

Fund

may

purchase

put

options

to

hedge

against

a

decline

in

the

value

of

its

portfolio.

By

using

put

options

in

this

way,

the

Fund

will

reduce

any

profit

it

might

otherwise

have

realized

in

the

underlying

security

by

the

amount

of

the

premium

paid

for

the

put

option

and

by

transaction

costs.

The

Fund

may

purchase

call

options

to

hedge

against

an

increase

in

the

price

of

securities

that

it

may

buy

in

the

future.

The

premium

paid

for

the

call

option

plus

any

transaction

costs

will

reduce

the

benefit,

if

any,

realized

by

the

Fund

upon

exercise

of

the

option,

and,

unless

the

price

of

the

underlying

security

rises

sufficiently,

the

option

may

expire

worthless

to

the

Fund.

The

risk

in

buying

options

is

that

the

Fund

pays

a

premium

whether

or

not

the

options

are

exercised.

Options

purchased

are

reported

in

the

Schedule

of

Investments

(if

applicable).

During

the

year,

the

Fund

purchased

put

options

on

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

October

31,

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

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

28

October

31,

2023

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

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

year,

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 October

31,

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

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

29

credit

exposure.

Credit

default

swaps

are

a

specific

kind

of

counterparty

agreement

that

allow

the

transfer

of

third-

party

credit

risk

from

one

party

to

the

other.

One

party

in

the

swap

is

a

lender

and

faces

credit

risk

from

a

third

party,

and

the

counterparty

in

the

credit

default

swap

agrees

to

insure

this

risk

in

exchange

for

regular

periodic

payments.

Credit

default

swaps

could

result

in

losses

if

the

Fund

does

not

correctly

evaluate

the

creditworthiness

of

the

company

or

companies

on

which

the

credit

default

swap

is

based.

Credit

default

swap

agreements

may

involve

greater

risks

than

if

the

Fund

had

invested

in

the

reference

obligation

directly

since,

in

addition

to

risks

relating

to

the

reference

obligation,

credit

default

swaps

are

subject

to

liquidity

risk,

counterparty

risk,

and

credit

risk.

The

Fund

will

generally

incur

a

greater

degree

of

risk

when

it

sells

a

credit

default

swap

than

when

it

purchases

a

credit

default

swap. 

As

a

buyer

of

a

credit

default

swap,

the

Fund

may

lose

its

investment

and

recover

nothing

should

no

credit

event

occur,

and

the

swap

is

held

to

its

termination

date.

As

seller

of

a

credit

default

swap,

if

a

credit

event

were

to

occur,

the

value

of

any

deliverable

obligation

received

by

the

Fund,

coupled

with

the

upfront

or

periodic

payments

previously

received,

may

be

less

than

what

it

pays

to

the

buyer,

resulting

in

a

loss

of

value

to

the

Fund.

If

the

Fund

is

the

seller

of

credit

protection

against

a

particular

security,

the

Fund

would

receive

an

up-front

or

periodic

payment

to

compensate

against

potential

credit

events.

As

the

seller

in

a

credit

default

swap

contract,

the

Fund

would

be

required

to

pay

the

par

value

(the

“notional

value”)

(or

other

agreed-upon

value)

of

a

referenced

debt

obligation

to

the

counterparty

in

the

event

of

a

default

by

a

third

party,

such

as

a

U.S.

or

foreign

corporate

issuer,

on

the

debt

obligation.

In

return,

the

Fund

would

receive

from

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract

provided

that

no

event

of

default

has

occurred.

If

no

default

occurs,

the

Fund

would

keep

the

stream

of

payments

and

would

have

no

payment

obligations.

As

the

seller,

the

Fund

would

effectively

add

leverage

to

its

portfolio

because,

in

addition

to

its

total

net

assets,

the

Fund

would

be

subject

to

investment

exposure

on

the

notional

value

of

the

swap.

The

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

year,

the

Fund

purchased

protection

via

the

credit

default

swap

market

in

order

to

reduce

credit

risk

exposure

to

individual

corporates,

countries

and/or

credit

indices

where

gaining

this

exposure

via

the

cash

bond

market

was

less

attractive. 

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.

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

30

October

31,

2023

Interest

rate

swaps

are

generally

entered

into

on

a

net

basis.

Accordingly,

the

risk

of

loss

with

respect

to

interest

rate

swaps

is

limited

to

the

net

amount

of

interest

payments

that

the

Fund

is

contractually

obligated

to

make. 

During

the

year,

the

Fund

entered

into

interest

rate

swaps

paying

a

fixed

interest

rate

and

receiving

a

floating

interest

rate

in

order

to decrease

interest

rate

risk

(duration)

exposure.

As

interest

rates

rise,

the

Fund

benefits

by

receiving

a

higher

future

floating

rate,

while

paying

a

fixed

rate

that

has

not

increased. 

During

the

year,

the

Fund

entered

into

interest

rate

swaps

paying

a

floating

interest

rate

and

receiving

a

fixed

interest

rate

in

order

to

increase

interest

rate

risk

(duration)

exposure.

As

interest

rates

fall,

the

Fund

benefits

by

paying

a

lower

future

floating

rate,

while

receiving

a

fixed

rate

that

has

not

decreased. 

3.

Other

Investments

and

Strategies 

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.

Armed

Conflict.

Recent

such

examples

include

conflict,

loss

of

life,

and

disaster

connected

to

ongoing

armed

conflict

between

Russia

and

Ukraine

in

Europe

and

Hamas

and

Israel

in

the

Middle

East.

The

extent

and

duration

of

each

conflict,

resulting

sanctions

and

resulting

future

market

disruptions

in

each

region

are

impossible

to

predict,

but

could

be

significant

and

have

a

severe

adverse

effect,

including

significant

negative

impacts

on

the

U.S.

and

broader

global

economic

environment

and

the

markets

for

certain

securities

and

commodities.

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

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

31

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

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

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

32

October

31,

2023

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. 

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

October

31,

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

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

33

commitment

with

respect

to

these

contracts.

Certain

securities

may

be

segregated

at

the

Fund’s

custodian.

These

segregated

securities

are

denoted

on

the

accompanying

Schedule

of

Investments

and

are

evaluated

daily

to

ensure

their

cover

and/or

market

value

equals

or

exceeds

the

Fund’s

corresponding

forward

foreign

currency

exchange

contract’s

obligation

value. 

4.

Investment

Advisory

Agreements

and

Other

Transactions

with

Affiliates 

Under

its

unitary

fee

structure,

the

Fund

pays

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 year

ended

October

31,

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 year

ended October

31,

2023,

the

Adviser

waived

$55,795 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

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

34

October

31,

2023

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

October

31,

2023,

an

affiliate

of

the

Adviser

owned 100,999

shares

or 0.2%

of

the

Fund.

5.

Federal

Income

Tax

The

tax

components

of

capital

shown

in

the

table

below

represent:

(1)

distribution

requirements

the

Fund

must

satisfy

under

the

income

tax

regulations;

(2)

losses

or

deductions

the

Fund

may

be

able

to

offset

against

income

and

gains

realized

in

future

years;

and

(3)

unrealized

appreciation

or

depreciation

of

investments

for

federal

income

tax

purposes. 

Other

book

to

tax

differences

primarily

consist

of

derivatives

and

foreign

currency

contract

adjustments.

The

Fund

has

elected

to

treat

gains

and

losses

on

forward

foreign

currency

contracts

as

capital

gains

and

losses,

if

applicable.

Other

foreign

currency

gains

and

losses

on

debt

instruments

are

treated

as

ordinary

income

for

federal

income

tax

purposes

pursuant

to

Section

988

of

the

Internal

Revenue

Code. 

Accumulated

capital

losses

noted

below

represent

net

capital

loss

carryovers,

as

of

October

31,

2023,

that

may

be

available

to

offset

future

realized

capital

gains

and

thereby

reduce

future

taxable

gains

distributions.

The

following

table

shows

these

capital

loss

carryovers. 

The

aggregate

cost

of

investments

and

the

composition

of

unrealized

appreciation

and

depreciation

of

investment

securities

for

federal

income

tax

purposes

as

of October

31,

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.

Information

on

the

tax

components

of

derivatives

as

of October

31,

2023

is

as

follows: 

Undistributed

Ordinary

Income

Undistributed

Long-Term

Gains

Accumulated

Capital

Losses

Loss

Deferrals

Other

Book

to

Tax

Differences

Net

Tax

Appreciation/

(Depreciation)

$7,465,597

$—

$(39,190,787)

$—

$(117,392)

$(85,921,153)

Capital

Loss

Carryover

Schedule

For

the

year

ended

October

31,

2023

No

Expiration

Short-Term

Long-Term

Accumulated

Capital

Losses

$—

$(39,190,787)

$(39,190,787)

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$2,420,421,363

$1,919,676

$(87,787,864)

$(85,868,188)

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

35

Income

and

capital

gains

distributions

are

determined

in

accordance

with

income

tax

regulations

that

may

differ

from

US

GAAP.

These

differences

are

due

to

differing

treatments

for

items

such

as

net

short-term

gains,

deferral

of

wash

sale

losses,

foreign

currency

transactions,

passive

foreign

investment

companies,

net

investment

losses,

in-kind

transactions

and

capital

loss

carryovers.

Certain

permanent

differences

such

as

tax

returns

of

capital

and

net

investment

losses

noted

below

have

been

reclassified

to

capital. 

Permanent

book

to

tax

basis

differences

may

result

in

reclassifications

between

the

components

of

net

assets.

These

differences

have

no

impact

on

the

results

of

operations

or

net

assets.

6.

Capital

Share

Transactions 

7.

Purchases

and

Sales

of

Investment

Securities

For

the year ended

October

31,

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 October

31,

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. 

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$1,231,143

$985,872

$(1,038,837)

$(52,965)

For

the

year

ended

October

31,

2023

:

Distributions

From

Ordinary

Income

From

Long-Term

Capital

Gain

Tax

Return

of

Capital

Net

Investment

Loss

$141,400,131

$—

$—

$—

For

the

year

ended

October

31,

2022

:

Distributions

From

Ordinary

Income

From

Long-Term

Capital

Gain

Tax

Return

of

Capital

Net

Investment

Loss

$50,154,283

$—

$—

$—

Year

Ended

October

31,

2023

Year

Ended

October

31,

2022

Shares

Amount

Shares

Amount

Shares

sold

8,800,000

$

421,353,536

12,000,000

$

587,516,679

Shares

repurchased

(11,750,000)

(564,947,211

)

(15,150,000)

(744,265,899

)

Net

Increase/(Decrease)

(2,950,000)

$

(143,593,675

)

(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

$1,013,544,105

$1,267,319,626

$—

$—

Janus

Henderson

Short

Duration

Income

ETF

Additional

Information

(unaudited)

36

October

31,

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

Trustees

and

Officers

(unaudited)

Janus

Detroit

Street

Trust

37

The

following

are

the

Trustees

and

officers

of

the

Trust

together

with

a

brief

description

of

their

principal

occupations

during

the

last

five

years

(principal

occupations

for

certain

Trustees

may

include

periods

over

five

years).

The

Fund’s

Statement

of

Additional

Information

includes

additional

information

about

the

Trustees

and

officers

and

is

available,

without

charge,

by

calling

1-877-335-2687.

Each

Trustee

has

served

in

that

capacity

since

he

or

she

was

originally

elected

or

appointed.

The

Trustees

do

not

serve

a

specified

term

of

office.

Each

Trustee

will

hold

office

until

the

termination

of

the

Trust

or

his

or

her

earlier

death,

resignation,

retirement,

incapacity,

or

removal.

Under

the

Fund’s

Governance

Procedures

and

Guidelines,

the

policy

is

for

Trustees

to

retire

no

later

than

the

end

of

the

calendar

year

in

which

the

Trustee

turns

75.

The

Trustees

review

the

Fund’s

Governance

Procedures

and

Guidelines

from

time

to

time

and

may

make

changes

they

deem

appropriate.

The

Fund’s

Nominating

and

Governance

Committee

will

consider

nominees

for

the

position

of

Trustee

recommended

by

shareholders.

Shareholders

may

submit

the

name

of

a

candidate

for

consideration

by

the

Committee

by

submitting

their

recommendations

to

the

Trust’s

Secretary.

Each

Trustee

is

currently

a

Trustee

of

one

other

registered

investment

company

advised

by

the

Adviser:

Clayton

Street

Trust.

As

of

the

date

of

this

report,

collectively,

the

two

registered

investment

companies

consist

of

14

series

or

funds.

The

Trust’s

officers

are

elected

annually

by

the

Trustees

for

a

one-year

term.

Certain

officers

also

serve

as

officers

of

Clayton

Street

Trust.

Certain

officers

of

the

Funds

may

also

be

officers

and/or

directors

of

the

Adviser.

Except

as

otherwise

disclosed,

Fund

officers

receive

no

compensation

from

the

Funds.

TRUSTEES

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Number

of

Portfolios/Funds

in

Fund

Complex

Overseen

by

Trustee*

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Independent

Trustees

Clifford

J.

Weber

151

Detroit

Street

Denver,

CO

80206

DOB:

1963

Chairman

Trustee

2/16-Present

Owner,

Financial

Products

Consulting

Group

LLC

(consulting

services

to

financial

institutions)

(since

2015).

14

Independent

Trustee,

Clough

Global

Dividend

and

Income

Fund (closed-end fund)

(since

2017),

Independent

Trustee,

Clough

Global

Opportunities

Fund (closed-

end fund)

(since

2017),

Independent

Trustee,

Clough

Global

Equity

Fund (closed-

end fund)

(since

2017),

and

Independent

Trustee,

Global

X

Funds

(investment

company)

(since

2018).

Formerly,

Chairman,

Clough

Funds

Trust

(investment

company)

(2015-2023),

and

Chairman,

Elevation

ETF

Trust

(investment

company)

(2016-

2018).

Janus

Henderson

Short

Duration

Income

ETF

Trustees

and

Officers

(unaudited)

38

October

31,

2023

*

Each

Trustee

also

serves

as

a

trustee

to

the

Clayton

Street

Trust,

which

is

currently

comprised

of

three

portfolios.

**

Ms.

Benz

is

an

Interested

Trustee

because

of

her

employment

with

Janus

Henderson

Investors.

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Number

of

Portfolios/Funds

in

Fund

Complex

Overseen

by

Trustee*

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Maureen

T.

Upton

151

Detroit

Street

Denver,

CO

80206

DOB:

1965

Trustee

2/16-Present

Principal,

Maureen

Upton

Ltd.

(consulting

services

to

multinational

companies

(since

2017).

14

Independent

Director,

Cascadia

Minerals

Ltd.

(mineral

exploration

company);

Independent

Director,

ATAC

Resources

Ltd.

(mineral

exploration

company)

(2022-

2023).

Jeffrey

B.

Weeden

151

Detroit

Street

Denver,

CO

80206

DOB:

1956

Trustee

2/16-Present

Senior

Advisor,

Bay

Boston

Capital

LP

(investment

fund

in

banks

and

bank

holdings

companies)

(since

2015).

14

Director,

West

Travis

County

Municipal

Utility

District

No. 6

(municipal

utility)

(since

2020).

Formerly,

Director,

State

Farm

Bank

(banking)

(2014-2021).

Interested

Trustee

Carrie

Benz**

151

Detroit

Street

Denver,

CO

80206

DOB:

1975

Trustee

1/21-Present

Global

Investment

COO

(since

2023).

Formerly,

Global

Head

of

Investment

Services,

Janus

Henderson

Investors

(2017-

2023).

14

Janus

Henderson

Short

Duration

Income

ETF

Trustees

and

Officers

(unaudited)

Janus

Detroit

Street

Trust

39

OFFICERS

*

Officers

are

elected

at

least

annually

by

the

Trustees

for

a

one-year

term

and

may

also

be

elected

from

time

to

time

by

the

Trustees

for

an

interim

period.

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Term

of

Office*

and

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Nicholas

Cherney

151

Detroit

Street

Denver,

CO

80206

DOB:

1981

President

and

Chief

Executive

Officer

10/22-Present

Head

of

Innovation

at

Janus

Henderson

(since

2023),

Head

of

Exchange

Traded

Products

at

Janus

Henderson

Distributors

US

LLC,

Janus

Henderson

Indices

LLC,

Velocity

Shares

Holdings

Inc.

(since

2019).

Formerly,

Senior

Vice

President,

Janus

Henderson

Distributors

US

LLC,

Janus

Henderson

Indices

LLC

(2015-2019),

Janus

Henderson

Investors

US

LLC

(2015-2017),

and

Velocity

Shares

Holdings

Inc.

(2014-2019).

Kristin

Mariani

151

Detroit

Street

Denver,

CO

80206

DOB:

1966

Vice

President

and

Chief

Compliance

Officer

7/20-Present

Head

of

Compliance,

North

America

at

Janus

Henderson

Investors

(since

September

2020)

and

Chief

Compliance

Officer

at

Janus

Henderson

Investors

US

LLC

(since

September

2017).

Formerly,

Anti-Money

Laundering

Officer

for

the

Trust

(July

2020-December

2022),

and

Global

Head

of

Investment

Management

Compliance

at

Janus

Henderson

Investors

(February

2019-August

2020).

Jesper

Nergaard

151

Detroit

Street

Denver,

CO

80206

DOB:

1962

Vice

President,

Chief

Financial

Officer,

Treasurer,

and

Principal

Accounting

Officer

2/16-Present

Head

of

U.S.

Fund

Administration,

Janus

Henderson

Investors

and

Janus

Henderson

Services

LLC.

Cara

Owen

151

Detroit

Street

Denver,

CO

80206

DOB:

1981

Vice

President,

Secretary,

and

Chief

Legal

Officer

1/23-Present

Senior

Legal

Counsel

of

Janus

Henderson

Investors

US

LLC

(since

2021).

Formerly,

Assistant

Secretary

of

the

Trust

and

Clayton

Street

Trust

(2021-2023);

Vice

President

and

Principal

Legal

Counsel,

ALPS

Fund

Services,

Inc.

(fund

administrator)

(2019-2021);

and

Senior

Counsel,

Corporate

&

Investments,

Great-West

Life

&

Annuity

Insurance

Company

(insurance

company)

(2014-2019).

Ciaran

Askin

151

Detroit

Street

Denver,

CO

80206

DOB:

1978

Anti-Money

Laundering

Officer

1/23-Present

Global

Head

of

Financial

Crime,

Janus

Henderson

Investors

(since

2022).

Formerly,

Global

Head

of

Financial

Crime

at

Invesco

Ltd.

(2017-2022).

125-02-93073

12-23

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.

ANNUAL

REPORT

October

31,

2023

Janus

Henderson

Mortgage-Backed

Securities

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

Mortgage-Backed

Securities

ETF

Performance

Overview

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

1

Fund

At

A

Glance

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

3

Disclosure

of

Fund

Expenses

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

5

Report

of

Independent

Registered

Public

Accounting

Firm

...

6

Schedule

of

Investments

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

7

Statement

of

Assets

and

Liabilities

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

23

Statement

of

Operations

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

24

Statements

of

Changes

in

Net

Assets

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

25

Financial

Highlights

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

26

Notes

to

Financial

Statements

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

27

Additional

Information

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

39

Trustees

and

Officers

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

40

Janus

Henderson

Mortgage-Backed

Securities

ETF

(unaudited)

Janus

Detroit

Street

Trust

1

INVESTMENT

OBJECTIVE

Janus

Henderson

Mortgage-Backed

Securities

ETF

(JMBS)

seeks

a

high

level

of

total

return

consisting

of

income

and

capital

appreciation.

PERFORMANCE

OVERVIEW

For

the

12-month

period

ended

October

31,

2023,

the

Janus

Henderson

Mortgage-Backed

Securities

ETF

returned

-0.57%

net

of

fees

(based

on

NAV),

outperforming

its

benchmark,

the

Bloomberg

U.S.

Mortgage-Backed

Securities

Index,

which

returned

-0.82%.

Various

headwinds

continued

to

pressure

returns

on

U.S.

agency

mortgage-backed

securities

(MBS).

In

its

fight

against

inflation,

the

Federal

Reserve

(Fed)

hiked

rates

by

2.25%

over

the

period,

while

the

yield

on

10-year

U.S.

Treasuries

increased

from

4.04%

to

4.93%.

Higher

yields

negatively

affected

price

returns

on

MBS.

Persisently

high

interest

rate

volatility

(resulting

from

uncertainty

regarding

the

extent

and

magnitude

of

Fed

rate

hikes)

further

pressured

MBS

valuations,

as

higher

rate

volatility

increases

the

value

of

the

borrower’s

prepay

option,

thereby

reducing

the

value

of

the

bonds.

Spreads

on

the

Bloomberg

U.S.

Mortgage-Backed

Securities

Index

ended

the

period

at

74

basis

points

(bps),

6

bps

wider

than

where

they

began.

Spreads

were

volatile

during

the

period

as

market

participants

grappled

with

supply

concerns.

Following

the

failure

of

Silicon

Valley

Bank,

investors

were

concerned

that

the

FDIC’s

liquidation

of

the

bank’s

portfolio

of

MBS

would

flood

the

market

with

excess

supply.

These

fears

ultimately

proved

unwarranted,

as

the

market

absorbed

the

extra

supply

and

spreads

retraced

some

of

their

prior

widening.

Late

in

the

period,

spreads

widened

again,

as

fixed

income

markets

were

pressured

by

concerns

around

unsustainable

fiscal

deficits

and

potential

future

excess

supply

of

government-

and

agency-issued

bonds.

Mortgage

rates

were

much

higher

during

the

period,

with

the

rate

on

a

30-year

fixed-rate

mortgage

averaging

7.1%,

and

ending

at

8.1%,

a

level

not

seen

since

2000.

Existing

home

sales

continued

to

fall

to

levels

not

seen

since

the

Global

Financial

Crisis,

led

by

a

combination

of

high

prices,

high

interest

rates,

and

low

inventory.

Despite

the

decline

in

existing

home

sales,

historically

low

levels

of

housing

stock,

coupled

with

high

demand

resulted

in

house

prices

continuing

to

rise,

with

the

S&P

CoreLogic

Case-Shiller

U.S.

National

Home

Price

Index

setting

a

new

all-time

high

in

August

2023.

Mortgage

refinancing

hovered

near

historical

lows

for

the

entire

period

due

to

current

mortgage

rates

being

significantly

higher

than

the

rate

on

the

majority

of

existing

mortgages.

As

a

result,

refinancing

risk

in

MBS

is

at

all-

time

lows

–

a

positive

for

the

asset

class.

Active

security

selection

within

the

agency

MBS

market

helped

the

Fund’s

relative

returns.

Generally,

lower

coupon

bonds

were

more

adversely

affected

during

the

period

due

to

their

relatively

higher

sensitivity

to

changes

in

interest

rates.

The

Fund

held

a

greater

proportion

of

higher

coupon

bonds

(which

were

less

impacted

by

rate

volatility)

compared

to

its

benchmark,

and

this

contributed.

Our

overall

spread

risk

positioning

remained

slightly

above

that

of

the

benchmark,

and

as

spreads

ended

slightly

higher,

this

somewhat

offset

relative

outperformance.

Please

see

the

Derivative

Instruments

section

in

the

“Notes

to

Financial

Statements”

for

a

discussion

of

derivatives

used

by

the

Fund.

Janus

Henderson

Mortgage-Backed

Securities

ETF

is

an

actively

managed,

high-quality

MBS

ETF

that

offers

potential

for

broad

portfolio

diversification

benefits

with

little

to

no

corporate

credit

risk.

The

Fund

seeks

to

provide

total

returns

in

excess

of

the

Bloomberg

U.S.

MBS

Index

without

taking

additional

risk

and

differentiates

itself

by

employing

fundamental

loan-level

analysis

and

quantitative

modeling

in

an

effort

to

identify

mispriced

assets

with

attractive

borrower

behavior.

John

Kerschner

Nick

Childs

co-portfolio

manager

co-portfolio

manager

Janus

Henderson

Mortgage-Backed

Securities

ETF

(unaudited)

2

October

31,

2023

Important

Notice

–

Tailored

Shareholder

Reports

Effective

January

24,

2023,

the

Securities

and

Exchange

Commission

(the

“SEC”)

adopted

rule

and

form

amendments

that

require

mutual

funds

and

exchange

traded

funds

to

provide

shareholders

with

streamlined

annual

and

semi-annual

shareholder

reports

that

highlight

key

information.

Other

information,

including

financial

statements,

that

currently

appears

in

shareholder

reports

will

be

made

available

online,

delivered

free

of

charge

to

shareholders

upon

request,

and

filed

with

the

SEC.

The

first

tailored

shareholder

report

for

the

Fund

will

be

for

the

reporting

period

ending

October

31,

2024.

Currently,

management

is

evaluating

the

impact

of

the

rule

and

form

amendments

on

the

content

of

the

Fund’s

current

shareholder

reports.

Janus

Henderson

Mortgage-Backed

Securities

ETF

(unaudited)

Fund

At

A

Glance

October

31,

2023

Janus

Detroit

Street

Trust

3

Holdings

are

subject

to

change

without

notice.

Sector

Allocation

–

(%

of

Net

Assets)

Mortgage-Backed

Security

169.8%^

Asset-Backed

Security

8.0%

Investment

Company

4.6%

182.4%

^

Percentage

includes

amounts

allocated

to

certain

Forward

Commitment

Transactions,

including

“to-be

announced”

mortgage-backed

securities.

Please

see

the

Schedule

of

Investments

and

Notes

to

Financial

Statements

for

additional

information.

Janus

Henderson

Mortgage-Backed

Securities

ETF

(unaudited)

Performance

4

October

31,

2023

Total

annual

expense

ratio

as

stated

in

the

prospectus:

0.28%.

See

Financial

Highlights

for

actual

expense

ratios

during

the

reporting

period.

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.

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.

Average

Annual

Total

Return

for

the

periods

ended

October

31,

2023

One

Year

Five

Years

Since

Inception

*

Janus

Henderson

Mortgage-Backed

Securities

ETF

-

NAV

-0.57%

-0.33%

-0.51%

Janus

Henderson

Mortgage-Backed

Securities

ETF

-

Market

Price

-0.61%

-0.32%

-0.49%

Bloomberg

U.S.

Mortgage

Backed

Securities

(MBS)

Index

-0.82%

-1.06%

-1.20%

*

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

(5/1/23)

Ending

Account

Value

(10/31/23)

Expenses

Paid

During

Period

(5/1/23

-

10/31/23)

†

Beginning

Account

Value

(5/1/23)

Ending

Account

Value

(10/31/23)

Expenses

Paid

During

Period

(5/1/23

-

10/31/23)

†

Net

Annualized

Expense

Ratio

(5/1/23

-

10/31/23)

$1,000.00

$925.60

$1.16

$1,000.00

$1,024.00

$1.22

0.24%

†

Expenses

Paid

During

Period

is

equal

to

the

Net

Annualized

Expense

Ratio

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period).

Janus

Henderson

Mortgage-Backed

Securities

ETF

Report

of

Independent

Registered

Public

Accounting

Firm

6

October

31,

2023

To

the

Board

of

Trustees

of

Janus

Detroit

Street

Trust

and

Shareholders

of

Janus

Henderson

Mortgage-Backed

Securities

ETF

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Janus

Henderson

Mortgage-Backed

Securities

ETF

(one

of

the

funds

constituting

Janus

Detroit

Street

Trust,

referred

to

hereafter

as

the

"Fund")

as

of

October

31,

2023,

the

related

statement

of

operations

for

the

year

ended

October

31,

2023,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2023,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

October

31,

2023

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

October

31,

2023,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2023

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

October

31,

2023

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

October

31,

2023

by

correspondence

with

the

custodian,

transfer

agent

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

Denver,

Colorado

December

15,

2023

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

Janus

Henderson

Funds

since

1990.

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

October

31,

2023

Janus

Detroit

Street

Trust

7

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Asset-Backed

Securities

-

8.0%

ACHV

ABS

TRUST,

6.4200%,

5/20/30

(144A)

$

399,061

$

398,940

ACHV

ABS

TRUST,

6.6000%,

8/19/30

(144A)

2,599,384

2,599,280

ACHV

ABS

TRUST,

7.1700%,

8/19/30

(144A)

1,000,000

999,942

American

Credit

Acceptance

Receivables

Trust,

4.1200%,

2/13/26

(144A)

54,571

54,536

American

Credit

Acceptance

Receivables

Trust,

6.0000%,

3/12/27

(144A)

6,544,825

6,538,771

Arm

Master

Trust

LLC,

6.5620%,

2/17/25

(144A)

2,975,000

2,971,225

BHG

Securitization

Trust,

0.9000%,

10/17/34

(144A)

1,288,299

1,243,590

CIM

Trust,

2.5690%,

7/25/55

(144A)

Ç

2,108,774

2,042,780

Exeter

Automobile

Receivables

Trust,

5.6100%,

6/16/25

2,349,626

2,347,762

Exeter

Automobile

Receivables

Trust,

6.1100%,

9/15/25

3,500,000

3,499,081

Exeter

Automobile

Receivables

Trust,

5.5800%,

4/15/26

5,910,000

5,888,909

Foundation

Finance

Trust,

6.5300%,

6/15/49

(144A)

3,500,000

3,498,344

Freed

ABS

Trust,

2.8300%,

3/20/28

(144A)

894,073

887,515

JPMorgan

Chase

Bank

NA,

0.8890%,

12/26/28

(144A)

303,484

294,113

LAD

Auto

Receivables

Trust,

5.9300%,

6/15/27

(144A)

4,316,390

4,300,578

Lendbuzz

Securitization

Trust,

5.8350%,

5/15/24

(144A)

409,960

409,907

Lendbuzz

Securitization

Trust,

6.0300%,

10/15/24

(144A)

8,000,000

7,999,206

Lendbuzz

Securitization

Trust,

4.2200%,

5/17/27

(144A)

1,188,612

1,149,123

Lendbuzz

Securitization

Trust,

7.0900%,

10/16/28

(144A)

3,000,000

2,986,124

Lendingpoint

Asset

Securitization

Trust,

6.5600%,

2/15/30

(144A)

4,275,677

4,270,666

LL

ABS

Trust,

6.6300%,

5/15/30

(144A)

1,872,732

1,871,765

M&T

Equipment

Notes,

5.7420%,

8/15/24

(144A)

4,318,684

4,315,946

M&T

Equipment

Notes,

6.0900%,

7/15/30

(144A)

4,000,000

3,980,958

Marlette

Funding

Trust,

3.5400%,

3/15/30

(144A)

3,382,789

3,341,764

Marlette

Funding

Trust,

5.1800%,

11/15/32

(144A)

2,245,535

2,233,330

Marlette

Funding

Trust,

6.0700%,

4/15/33

(144A)

3,537,336

3,527,294

Mission

Lane

Credit

Card

Master

Trust,

7.2300%,

7/17/28

(144A)

7,565,000

7,488,936

NRZ

Excess

Spread-Collateralized

Notes,

3.8440%,

12/25/25

(144A)

1,236,688

1,154,482

NRZ

Excess

Spread-Collateralized

Notes,

3.1040%,

7/25/26

(144A)

3,584,107

3,226,386

Pagaya

AI

Debt

Selection

Trust,

2.1300%,

11/15/27

(144A)

6,605,557

6,531,568

Pagaya

AI

Debt

Trust,

2.0300%,

10/15/29

(144A)

3,941,840

3,865,630

Point

Securitization

Trust,

3.2282%,

2/25/52

(144A)

‡

1,835,038

1,623,896

Prosper

Marketplace

Issuance

Trust,

7.0600%,

7/16/29

(144A)

2,043,976

2,044,618

Reach

ABS

Trust,

7.0500%,

2/18/31

(144A)

2,997,021

3,000,438

Santander

Bank

Auto

Credit-Linked

Notes,

5.2810%,

5/15/32

(144A)

4,343,373

4,291,937

Santander

Bank

Auto

Credit-Linked

Notes,

5.7210%,

8/16/32

(144A)

5,841,333

5,786,591

Santander

Bank

Auto

Credit-Linked

Notes,

6.4930%,

6/15/33

(144A)

1,636,267

1,639,712

Santander

Drive

Auto

Receivables

Trust,

6.0800%,

8/17/26

4,500,000

4,496,413

Santander

Drive

Auto

Receivables

Trust,

1.1300%,

11/16/26

6,245,000

6,059,489

Santander

Drive

Auto

Receivables

Trust,

1.2600%,

2/16/27

7,000,000

6,805,205

SoFi

Consumer

Loan

Program

Trust,

6.2100%,

4/15/31

(144A)

2,667,267

2,666,758

Towd

Point

Mortgage

Trust,

7.2940%,

10/25/63

(144A)

‡

4,334,000

4,355,670

Upstart

Securitization

Trust,

1.3100%,

11/20/31

(144A)

910,029

899,266

US

Auto

Funding,

2.2000%,

5/15/26

(144A)

7,000,000

6,782,325

Westlake

Automobile

Receivables

Trust,

5.6440%,

8/15/24

(144A)

4,966,042

4,961,570

Westlake

Automobile

Receivables

Trust,

5.8900%,

2/16/27

(144A)

9,000,000

8,961,270

Total

Asset-Backed

Securities

(cost

$160,998,528)

160,293,609

Mortgage-Backed

Securities

-

169.8%

A&D

Mortgage

Trust

,

6.1320

%

,

5/25/68

(144A)

Ç

2,668,337

2,609,780

BX

Trust

,

CME

Term

SOFR

1

Month

+

1.0440%

,

6.3780

%

,

8/15/36

(144A)

‡

6,943,255

6,851,739

Chase

Mortgage

Finance

Corp.

SOFR30A

+

1.2000%,

6.5206%, 2/25/50

(144A)

‡

3,506,509

3,277,622

SOFR30A

+

1.3500%,

6.6706%, 2/25/50

(144A)

‡

2,060,074

1,897,720

SOFR30A

+

1.5500%,

6.8706%, 2/25/50

(144A)

‡

2,286,828

2,042,246

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

October

31,

2023

8

October

31,

2023

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Mortgage-Backed

Securities

-

(continued)

Connecticut

Avenue

Securities

Trust

SOFR30A

+

2.5145%,

7.8351%, 4/25/31

(144A)

‡

$

42,786

$

42,786

SOFR30A

+

2.5645%,

7.8851%, 7/25/31

(144A)

‡

43,369

43,423

SOFR30A

+

2.1145%,

7.4351%, 1/25/40

(144A)

‡

6,488,342

6,496,426

SOFR30A

+

2.1645%,

7.4851%, 1/25/40

(144A)

‡

1,166,052

1,175,586

SOFR30A

+

1.5500%,

6.8706%, 10/25/41

(144A)

‡

4,507,308

4,467,988

SOFR30A

+

0.8500%,

6.1706%, 12/25/41

(144A)

‡

1,310,459

1,300,128

SOFR30A

+

1.0000%,

6.3206%, 12/25/41

(144A)

‡

1,086,885

1,079,417

SOFR30A

+

1.6500%,

6.9706%, 12/25/41

(144A)

‡

2,885,000

2,831,359

SOFR30A

+

1.2000%,

6.5206%, 1/25/42

(144A)

‡

7,152,944

7,115,082

SOFR30A

+

3.0000%,

8.3206%, 1/25/42

(144A)

‡

6,250,000

6,217,608

SOFR30A

+

2.0000%,

7.3206%, 3/25/42

(144A)

‡

1,158,370

1,164,477

SOFR30A

+

2.1000%,

7.4206%, 3/25/42

(144A)

‡

4,472,678

4,511,814

SOFR30A

+

2.5000%,

7.8206%, 4/25/43

(144A)

‡

2,566,029

2,588,966

SOFR30A

+

2.7000%,

8.0206%, 7/25/43

(144A)

‡

4,104,000

4,109,111

DBCCRE

Mortgage

Trust

4.5895%, 1/10/34

(144A)

1,750,000

1,728,516

4.9345%, 1/10/34

(144A)

‡

9,709,000

9,498,420

Extended

Stay

America

Trust

,

CME

Term

SOFR

1

Month

+

2.3645%

,

7.6985

%

,

7/15/38

(144A)

‡

2,842,050

2,774,759

FHLMC

Gold

Pool,

30

Year

4.0000%, 8/1/48

3,331,515

2,938,092

4.0000%, 9/1/48

1,897,112

1,673,325

FHLMC

Gold

Pools,

Other

3.5000%, 8/1/42

57,218

49,400

3.5000%, 8/1/42

53,320

46,034

3.0000%, 3/1/43

3,071

2,571

3.0000%, 6/1/43

64,240

52,984

3.0000%, 11/1/43

986,494

825,802

FHLMC

STACR

Debt

Notes

SOFR30A

+

2.3000%,

7.6206%, 8/25/33

(144A)

‡

17,879,528

17,961,780

SOFR30A

+

2.6500%,

7.9706%, 7/25/42

(144A)

‡

291,380

296,462

FHLMC

STACR

REMIC

Trust

SOFR30A

+

2.2500%,

7.5706%, 8/25/33

(144A)

‡

12,150,654

12,018,485

SOFR30A

+

0.7500%,

6.0706%, 10/25/33

(144A)

‡

1,202,837

1,199,586

SOFR30A

+

2.1000%,

7.4206%, 10/25/33

(144A)

‡

4,200,000

4,186,944

SOFR30A

+

1.6500%,

6.9706%, 1/25/34

(144A)

‡

2,098,183

2,093,407

SOFR30A

+

2.1000%,

7.4206%, 9/25/41

(144A)

‡

8,235,000

7,997,252

SOFR30A

+

0.8000%,

6.1206%, 10/25/41

(144A)

‡

3,863,851

3,846,445

SOFR30A

+

0.8500%,

6.1706%, 11/25/41

(144A)

‡

5,395,223

5,344,955

SOFR30A

+

1.8000%,

7.1206%, 11/25/41

(144A)

‡

14,000,000

13,753,118

SOFR30A

+

1.3000%,

6.6206%, 2/25/42

(144A)

‡

1,690,414

1,684,356

SOFR30A

+

2.1000%,

7.4206%, 3/25/42

(144A)

‡

7,753,868

7,789,274

SOFR30A

+

2.1500%,

7.4706%, 9/25/42

(144A)

‡

1,832,135

1,847,359

SOFR30A

+

5.2145%,

10.5351%, 6/25/50

(144A)

‡

1,572,261

1,690,829

SOFR30A

+

2.0000%,

7.3206%, 12/25/50

(144A)

‡

3,012,139

3,031,347

SOFR30A

+

1.8000%,

7.1206%, 1/25/51

(144A)

‡

10,632,627

10,579,502

FHLMC

STACR

Trust

,

SOFR30A

+

2.0645%

,

7.3851

%

,

10/25/49

(144A)

‡

463,776

464,346

FHLMC

UMBS

3.0000%, 5/1/31

86,426

81,098

2.5000%, 12/1/31

11,277

10,319

3.0000%, 9/1/32

84,854

78,589

3.0000%, 1/1/33

46,046

42,582

2.5000%, 12/1/33

377,815

346,387

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

October

31,

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)

2.5000%, 11/1/34

$

753,090

$

661,640

3.0000%, 3/1/43

2,547,556

2,134,029

3.5000%, 12/1/44

511,556

442,263

3.0000%, 12/1/46

15,466

12,731

4.0000%, 3/1/47

149,261

132,243

3.0000%, 4/1/47

1,294,500

1,065,608

4.0000%, 11/1/47

374,224

331,485

3.0000%, 12/1/47

21,221

17,475

4.5000%, 8/1/48

117,724

107,224

4.0000%, 9/1/48

1,128,738

993,983

5.0000%, 9/1/48

81,551

76,534

4.0000%, 11/1/48

197,646

174,050

4.0000%, 12/1/48

2,448,168

2,155,893

4.5000%, 12/1/48

4,438,232

4,042,390

4.5000%, 12/1/48

290,786

265,297

4.5000%, 12/1/48

27,603

25,041

4.0000%, 5/1/49

440,411

386,647

4.0000%, 6/1/49

1,456,699

1,280,687

4.5000%, 6/1/49

168,874

153,215

4.0000%, 7/1/49

1,527,682

1,343,093

4.0000%, 7/1/49

5,870,843

5,161,783

4.5000%, 7/1/49

1,394,152

1,264,883

4.5000%, 7/1/49

214,455

194,627

3.0000%, 8/1/49

2,127,089

1,731,818

3.0000%, 8/1/49

102,431

82,012

3.5000%, 8/1/49

308,217

260,528

4.5000%, 8/1/49

1,259,693

1,142,891

4.5000%, 12/1/49

346,533

314,411

4.5000%, 1/1/50

237,170

215,253

4.5000%, 1/1/50

858,763

779,136

4.5000%, 2/1/50

754,589

684,860

3.5000%, 3/1/50

406,415

340,841

4.0000%, 3/1/50

2,343,785

2,063,971

4.0000%, 6/1/50

3,881,586

3,423,218

4.5000%, 9/1/50

14,021,153

12,770,618

4.0000%, 10/1/50

687,427

604,365

4.5000%, 10/1/50

8,296,976

7,530,276

4.5000%, 2/1/51

13,354,849

12,046,905

4.5000%, 9/1/51

6,924,505

6,246,334

3.0000%, 2/1/52

934,911

757,792

3.0000%, 3/1/52

1,703,343

1,380,248

4.5000%, 3/1/52

112,243

100,298

3.5000%, 4/1/52

826,457

694,053

3.5000%, 4/1/52

836,212

702,296

3.5000%, 4/1/52

2,665,247

2,239,611

3.5000%, 4/1/52

2,260,155

1,919,574

3.5000%, 4/1/52

2,760,579

2,319,718

5.5000%, 7/1/52

4,072,200

3,881,660

4.5000%, 8/1/52

5,243,244

4,688,067

5.0000%, 8/1/52

40,823,858

37,936,228

5.0000%, 8/1/52

7,745,213

7,174,863

5.5000%, 8/1/52

3,800,859

3,623,016

5.5000%, 9/1/52

3,222,217

3,071,240

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

October

31,

2023

10

October

31,

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)

5.5000%, 11/1/52

$

1,432,824

$

1,362,125

5.5000%, 11/1/52

16,097,525

15,315,431

5.5000%, 1/1/53

4,620,835

4,394,610

5.5000%, 1/1/53

3,689,442

3,507,441

5.0000%, 3/1/53

546,921

504,362

5.0000%, 3/1/53

6,317,622

5,826,014

5.0000%, 3/1/53

5,460,050

5,035,175

5.0000%, 3/1/53

5,956,005

5,492,537

5.0000%, 3/1/53

2,946,627

2,717,335

5.5000%, 3/1/53

2,643,163

2,508,120

5.5000%, 3/1/53

1,810,561

1,718,057

5.5000%, 3/1/53

4,948,704

4,700,807

5.5000%, 3/1/53

2,643,019

2,511,638

6.0000%, 3/1/53

8,131,134

7,950,580

5.0000%, 4/1/53

2,128,321

1,962,705

5.0000%, 4/1/53

1,332,415

1,228,700

5.0000%, 4/1/53

3,048,065

2,810,879

5.5000%, 4/1/53

3,162,774

3,001,183

5.5000%, 4/1/53

3,154,555

2,993,385

5.5000%, 4/1/53

1,856,911

1,762,039

5.5000%, 4/1/53

2,248,931

2,134,030

5.5000%, 4/1/53

2,964,520

2,813,059

5.5000%, 4/1/53

1,850,786

1,756,227

5.0000%, 5/1/53

2,837,805

2,616,909

5.0000%, 5/1/53

2,459,578

2,268,185

5.0000%, 5/1/53

2,451,452

2,261,788

5.0000%, 5/1/53

2,426,562

2,237,678

5.0000%, 5/1/53

2,068,541

1,907,577

5.0000%, 5/1/53

2,971,078

2,739,809

5.0000%, 5/1/53

6,210,542

5,727,267

5.0000%, 5/1/53

5,536,894

5,106,040

5.0000%, 5/1/53

3,916,694

3,611,915

5.0000%, 5/1/53

4,318,934

3,984,786

5.5000%, 5/1/53

1,330,924

1,262,926

5.5000%, 5/1/53

1,516,596

1,439,111

5.5000%, 5/1/53

3,581,155

3,398,133

5.5000%, 5/1/53

1,264,999

1,200,349

5.5000%, 5/1/53

2,301,648

2,184,054

5.5000%, 5/1/53

1,816,722

1,723,903

5.5000%, 5/1/53

3,300,263

3,133,672

5.5000%, 5/1/53

3,995,857

3,806,445

6.0000%, 5/1/53

2,016,794

1,963,777

6.0000%, 5/1/53

1,684,434

1,640,154

6.0000%, 5/1/53

1,148,493

1,118,302

6.5000%, 5/1/53

2,617,349

2,607,762

6.5000%, 5/1/53

1,633,059

1,624,443

6.5000%, 5/1/53

3,993,352

3,976,256

5.0000%, 6/1/53

7,592,368

7,004,960

5.0000%, 6/1/53

6,465,479

5,962,367

5.0000%, 6/1/53

1,342,391

1,239,376

5.0000%, 6/1/53

2,649,792

2,443,597

5.0000%, 6/1/53

7,511,308

6,926,814

5.0000%, 6/1/53

2,370,402

2,188,499

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

October

31,

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)

FHLMC

UMBS

-

(continued)

5.0000%, 6/1/53

$

1,204,821

$

1,111,715

5.0000%, 6/1/53

4,050,099

3,734,939

5.0000%, 6/1/53

1,764,844

1,628,301

5.5000%, 6/1/53

12,959,060

12,314,879

5.5000%, 6/1/53

2,772,197

2,630,562

5.5000%, 6/1/53

3,028,041

2,873,287

5.5000%, 6/1/53

7,313,570

6,944,397

5.5000%, 6/1/53

1,854,418

1,759,674

5.5000%, 6/1/53

2,017,672

1,914,586

5.5000%, 6/1/53

6,844,443

6,494,752

5.5000%, 6/1/53

29,745,844

28,267,210

6.0000%, 6/1/53

2,415,981

2,352,471

6.5000%, 6/1/53

2,251,973

2,242,332

6.5000%, 6/1/53

1,580,104

1,573,340

6.5000%, 6/1/53

1,609,245

1,600,755

5.0000%, 7/1/53

5,614,777

5,227,142

5.5000%, 7/1/53

1,128,372

1,072,282

5.5000%, 7/1/53

1,442,502

1,370,797

6.0000%, 8/1/53

17,029,709

16,651,561

5.5000%, 9/1/53

3,979,595

3,781,773

5.5000%, 9/1/53

4,325,007

4,110,016

6.0000%, 9/1/53

10,183,001

9,945,508

6.0000%, 9/1/53

17,682,996

17,290,341

6.0000%, 9/1/53

25,270,345

24,709,212

6.0000%, 9/1/53

11,937,491

11,634,216

6.0000%, 10/1/53

5,337,576

5,219,054

FHLMC,

REMIC

SOFR30A

+

0.4645%,

5.7848%, 2/15/32

‡

16,701

16,659

SOFR30A

+

0.7645%,

6.0848%, 3/15/32

‡

29,764

29,783

SOFR30A

+

0.6145%,

5.9348%, 7/15/32

‡

11,582

11,648

SOFR30A

+

0.5145%,

5.8348%, 1/15/33

‡

19,284

19,135

SOFR30A

+

0.3645%,

5.6848%, 9/15/35

‡

15,669

15,632

SOFR30A

+

0.7045%,

6.0248%, 10/15/37

‡

58,203

56,968

SOFR30A

+

0.4145%,

5.7348%, 8/15/40

‡

20,993

21,091

SOFR30A

+

0.6145%,

5.9348%, 9/15/40

‡

59,730

58,234

SOFR30A

+

0.6645%,

5.9848%, 4/15/41

‡

199,723

194,565

FHLMC,

STRIPS

2.0000%, 1/25/51

(a)

32,775,557

4,261,947

2.5000%, 1/25/51

(a)

103,238,412

15,627,973

FNMA

,

SOFR30A

+

0.9000%

,

6.2206

%

,

11/25/41

(144A)

‡

6,233,865

6,207,837

FNMA

Connecticut

Avenue

Securities

,

SOFR30A

+

2.0000%

,

7.3206

%

,

11/25/41

(144A)

‡

5,562,016

5,427,687

FNMA

UMBS

2.5000%, 8/1/31

13,080

12,005

2.5000%, 10/1/31

14,967

13,747

2.5000%, 2/1/32

13,469

12,373

3.0000%, 11/1/34

60,119

54,481

3.0000%, 12/1/34

59,791

54,188

2.5000%, 9/1/36

42,488,121

37,300,728

2.5000%, 2/1/37

10,484,435

9,194,702

3.0000%, 1/1/43

193,987

162,672

3.0000%, 5/1/43

1,090,254

913,490

3.0000%, 5/1/43

1,414,406

1,184,816

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

October

31,

2023

12

October

31,

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)

3.0000%, 10/1/44

$

870,610

$

729,915

4.0000%, 5/1/45

721,186

641,062

4.0000%, 7/1/45

611,406

541,765

3.5000%, 12/1/45

489,357

418,172

3.0000%, 1/1/46

17,549

14,458

3.5000%, 1/1/46

43,542

37,204

3.0000%, 3/1/46

1,752,468

1,442,969

4.0000%, 7/1/46

1,205,613

1,065,732

3.0000%, 1/1/47

82,814

68,195

3.0000%, 1/1/47

357,688

294,518

3.5000%, 3/1/47

422,303

360,872

4.0000%, 5/1/47

296,056

262,623

3.5000%, 7/1/47

377,155

322,292

3.5000%, 8/1/47

135,157

116,446

4.0000%, 10/1/47

1,532,920

1,352,933

4.0000%, 11/1/47

6,862,840

6,056,596

3.5000%, 12/1/47

146,796

126,474

3.0000%, 2/1/48

487,050

401,774

5.0000%, 5/1/48

1,524,933

1,431,329

4.5000%, 6/1/48

1,662,711

1,514,415

3.5000%, 7/1/48

9,590,211

8,172,169

4.0000%, 7/1/48

1,877,875

1,653,684

4.0000%, 10/1/48

734,690

647,191

4.0000%, 11/1/48

2,192,724

1,930,944

4.0000%, 12/1/48

346,726

305,332

4.0000%, 2/1/49

1,129,713

994,841

4.0000%, 2/1/49

1,254,462

1,104,698

4.0000%, 6/1/49

287,214

252,510

4.5000%, 6/1/49

149,764

135,918

4.5000%, 7/1/49

5,841

5,302

3.0000%, 8/1/49

116,290

93,108

3.0000%, 8/1/49

98,658

78,991

4.5000%, 8/1/49

59,137

53,672

4.5000%, 8/1/49

215,649

195,711

3.0000%, 9/1/49

223,952

183,859

4.0000%, 9/1/49

4,535,374

3,987,607

4.5000%, 9/1/49

225,248

204,422

4.0000%, 11/1/49

419,203

368,739

4.0000%, 11/1/49

4,703,982

4,142,395

4.5000%, 12/1/49

291,084

264,102

4.5000%, 1/1/50

7,406,258

6,745,700

4.5000%, 1/1/50

288,734

262,053

4.0000%, 3/1/50

3,714,453

3,271,001

4.0000%, 3/1/50

6,883,724

6,063,898

4.0000%, 3/1/50

1,422,328

1,252,523

4.0000%, 4/1/50

1,879,771

1,639,926

3.0000%, 5/1/50

2,631,322

2,140,323

4.0000%, 5/1/50

4,157,941

3,628,689

4.0000%, 6/1/50

3,959,818

3,455,785

4.5000%, 7/1/50

1,073,916

969,162

4.0000%, 8/1/50

2,287,615

1,995,731

3.0000%, 9/1/50

4,516,478

3,656,507

4.0000%, 9/1/50

7,890,804

6,937,363

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

October

31,

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)

FNMA

UMBS

-

(continued)

4.0000%, 9/1/50

$

21,610,972

$

18,860,175

4.0000%, 10/1/50

7,500,177

6,597,296

4.5000%, 10/1/50

14,155,355

12,847,298

4.5000%, 10/1/50

4,556,360

4,149,982

4.5000%, 10/1/50

2,461,139

2,233,712

4.5000%, 12/1/50

1,508,058

1,360,363

4.5000%, 12/1/50

14,273,894

12,954,883

4.0000%, 3/1/51

187,258

164,902

4.0000%, 3/1/51

24,715,315

21,728,978

4.0000%, 3/1/51

371,326

326,459

4.0000%, 10/1/51

81,566,849

71,711,174

4.0000%, 10/1/51

2,672,202

2,349,321

4.0000%, 10/1/51

25,407,540

22,337,562

3.0000%, 12/1/51

45,851,771

37,137,239

3.5000%, 1/1/52

2,198,484

1,867,196

3.5000%, 2/1/52

5,558,053

4,719,654

3.0000%, 4/1/52

4,186,019

3,391,032

3.5000%, 4/1/52

5,135,835

4,353,562

3.5000%, 4/1/52

1,319,214

1,107,948

3.5000%, 4/1/52

3,859,070

3,240,821

3.5000%, 4/1/52

3,583,633

3,011,332

3.5000%, 4/1/52

1,161,637

975,534

3.5000%, 4/1/52

1,173,847

986,385

4.0000%, 4/1/52

2,695,783

2,355,778

4.5000%, 4/1/52

133,518

119,300

4.5000%, 4/1/52

237,173

211,934

4.5000%, 4/1/52

207,350

185,284

4.5000%, 4/1/52

538,557

481,246

4.5000%, 4/1/52

455,557

407,078

4.5000%, 4/1/52

261,183

233,389

3.5000%, 5/1/52

3,772,698

3,169,913

3.5000%, 5/1/52

23,532,015

19,944,053

4.5000%, 5/1/52

722,810

645,891

3.5000%, 6/1/52

12,611,062

10,703,883

3.5000%, 6/1/52

21,875,090

18,532,984

3.5000%, 7/1/52

3,200,176

2,711,249

3.5000%, 7/1/52

566,379

480,638

4.5000%, 7/1/52

2,329,107

2,082,491

3.5000%, 8/1/52

1,030,230

872,670

4.5000%, 8/1/52

21,307,770

19,051,609

5.0000%, 8/1/52

17,523,403

16,232,997

5.5000%, 8/1/52

6,390,943

6,091,494

5.0000%, 9/1/52

16,168,080

14,918,081

5.5000%, 9/1/52

13,819,586

13,141,696

5.5000%, 10/1/52

22,672,372

21,552,957

5.5000%, 10/1/52

21,495,907

20,451,534

4.5000%, 11/1/52

7,512,421

6,760,775

5.5000%, 11/1/52

5,206,427

4,953,474

5.5000%, 11/1/52

1,195,560

1,136,792

5.5000%, 11/1/52

6,238,407

5,922,623

5.5000%, 11/1/52

14,724,285

14,031,510

5.5000%, 1/1/53

1,448,915

1,377,710

5.5000%, 2/1/53

3,889,967

3,691,162

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

October

31,

2023

14

October

31,

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)

5.5000%, 2/1/53

$

32,161,424

$

30,574,895

5.0000%, 3/1/53

3,765,427

3,472,420

5.0000%, 3/1/53

2,090,707

1,928,018

5.0000%, 3/1/53

4,497,708

4,147,605

5.0000%, 3/1/53

1,862,850

1,717,892

5.5000%, 3/1/53

8,218,417

7,798,527

5.5000%, 3/1/53

4,770,614

4,528,132

5.5000%, 3/1/53

5,180,558

4,915,795

5.5000%, 3/1/53

4,213,243

4,002,188

5.5000%, 3/1/53

2,519,169

2,392,976

5.5000%, 3/1/53

5,144,323

4,888,604

5.5000%, 3/1/53

4,832,446

4,590,373

5.5000%, 3/1/53

1,598,269

1,517,591

6.5000%, 3/1/53

1,096,546

1,090,760

5.0000%, 4/1/53

2,546,092

2,347,968

5.0000%, 4/1/53

2,252,982

2,077,666

5.0000%, 4/1/53

508,964

469,359

5.0000%, 4/1/53

596,586

550,162

5.5000%, 4/1/53

3,574,621

3,391,989

5.5000%, 4/1/53

2,779,918

2,637,889

5.5000%, 4/1/53

762,089

723,620

6.0000%, 4/1/53

2,029,108

1,975,767

6.0000%, 4/1/53

2,455,906

2,391,346

6.0000%, 4/1/53

1,752,846

1,706,768

5.0000%, 5/1/53

1,908,988

1,760,440

5.0000%, 5/1/53

7,547,893

6,960,552

5.0000%, 5/1/53

2,824,986

2,605,088

5.0000%, 5/1/53

1,552,041

1,431,230

5.0000%, 5/1/53

2,487,296

2,293,746

5.5000%, 5/1/53

1,416,018

1,344,540

5.5000%, 5/1/53

2,163,907

2,053,317

5.5000%, 5/1/53

738,583

701,301

5.5000%, 5/1/53

4,240,249

4,023,609

5.5000%, 5/1/53

2,075,083

1,969,064

6.0000%, 5/1/53

4,373,339

4,257,391

6.0000%, 5/1/53

12,957,450

12,625,689

6.0000%, 5/1/53

5,411,372

5,269,119

6.5000%, 5/1/53

8,254,841

8,219,501

6.5000%, 5/1/53

2,530,721

2,521,450

6.5000%, 5/1/53

3,407,687

3,389,708

6.5000%, 5/1/53

2,018,209

2,006,861

5.0000%, 6/1/53

4,305,239

4,008,826

5.0000%, 6/1/53

6,086,275

5,615,391

5.0000%, 6/1/53

4,509,728

4,158,802

5.0000%, 6/1/53

7,691,216

7,092,723

5.5000%, 6/1/53

4,131,985

3,920,877

5.5000%, 6/1/53

2,164,982

2,054,336

6.0000%, 6/1/53

4,277,916

4,165,459

6.0000%, 6/1/53

3,632,472

3,536,983

6.0000%, 6/1/53

2,737,866

2,665,893

6.5000%, 6/1/53

1,825,283

1,815,012

5.0000%, 7/1/53

14,553,657

13,548,895

5.0000%, 8/1/53

14,878,575

13,851,381

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

October

31,

2023

Janus

Detroit

Street

Trust

15

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%, 8/1/53

$

10,930,979

$

10,688,254

5.5000%, 9/1/53

2,398,443

2,279,219

5.5000%, 9/1/53

22,598,387

21,475,045

6.0000%, 9/1/53

5,525,751

5,403,050

6.0000%, 9/1/53

13,877,767

13,569,608

6.0000%, 9/1/53

9,599,932

9,386,763

6.0000%, 9/1/53

12,079,004

11,810,788

6.0000%, 9/1/53

8,195,921

8,013,929

6.0000%, 9/1/53

10,929,141

10,651,484

6.5000%, 10/1/53

79,921,795

80,109,332

FNMA,

Other

3.0000%, 4/1/38

156,574

137,872

3.0000%, 9/1/42

246,230

206,085

3.0000%, 10/1/42

181,659

152,403

3.0000%, 1/1/43

318,750

266,782

3.0000%, 3/1/43

408,296

341,569

3.0000%, 5/1/43

93,850

78,513

3.0000%, 6/1/46

360,732

298,717

3.0000%, 11/1/46

76,503

62,991

3.0000%, 2/1/57

1,629,104

1,306,079

2.5000%, 6/1/62

46,216,088

34,960,121

FNMA,

REMIC

3.0000%, 7/25/28

451,088

426,119

SOFR30A

+

0.5145%,

5.8351%, 4/25/32

‡

26,684

26,448

SOFR30A

+

0.6645%,

5.9851%, 4/25/32

‡

13,406

13,413

SOFR30A

+

0.6145%,

5.9351%, 9/25/33

‡

22,565

22,585

SOFR30A

+

0.4145%,

5.7351%, 10/25/35

‡

21,724

21,212

SOFR30A

+

0.4645%,

5.7851%, 4/25/36

‡

75,818

73,772

SOFR30A

+

0.6345%,

5.9551%, 9/25/37

‡

22,036

21,718

SOFR30A

+

0.5145%,

5.8351%, 9/25/40

‡

11,669

11,658

SOFR30A

+

53.7407%,

0.0000%, 10/25/40

‡

41,248

48,672

SOFR30A

+

0.5445%,

5.8651%, 11/25/40

‡

14,227

13,869

SOFR30A

+

0.5145%,

5.8351%, 9/25/42

‡

9,738

9,404

SOFR30A

+

0.4645%,

5.7851%, 10/25/42

‡

124,894

121,266

SOFR30A

+

3.8855%,

0.0000%, 11/25/42

‡

473,554

197,254

SOFR30A

+

0.6145%,

5.9351%, 2/25/43

‡

35,132

34,168

SOFR30A

+

0.8000%,

6.0000%, 9/25/52

‡

11,039,129

10,396,663

3.5000%, 1/25/61

(a)

22,680,011

4,213,399

FNMA/FHLMC

UMBS,

15

Year,

Single

Family

3.0000%,

TBA, 15

Year

Maturity

(b)

22,190,036

19,830,259

3.5000%,

TBA, 15

Year

Maturity

(b)

52,931,419

48,330,938

4.0000%,

TBA, 15

Year

Maturity

(b)

48,169,370

44,909,460

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

2.0000%,

TBA, 30

Year

Maturity

(b)

313,624,255

230,280,805

2.5000%,

TBA, 30

Year

Maturity

(b)

844,471,096

647,287,940

3.0000%,

TBA, 30

Year

Maturity

(b)

174,390,776

139,398,220

3.5000%,

TBA, 30

Year

Maturity

(b)

80,335,666

66,889,564

6.0000%,

TBA, 30

Year

Maturity

(b)

98,085,554

95,449,014

6.5000%,

TBA, 30

Year

Maturity

(b)

600,000

596,455

FREMF

Mortgage

Trust

,

SOFR30A

+

6.1145%

,

11.4311

%

,

9/25/29

(144A)

‡

921,600

899,806

GNMA

CME

Term

SOFR

1

Month

+

0.5145%,

5.8490%, 8/16/29

‡

12,596

12,665

CME

Term

SOFR

1

Month

+

0.5145%,

5.8536%, 7/20/34

‡

37,370

36,495

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

October

31,

2023

16

October

31,

2023

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Mortgage-Backed

Securities

-

(continued)

GNMA

-

(continued)

CME

Term

SOFR

1

Month

+

0.4145%,

5.7490%, 8/16/34

‡

$

28,233

$

27,773

CME

Term

SOFR

1

Month

+

0.3145%,

5.6536%, 6/20/35

‡

21,872

21,166

CME

Term

SOFR

1

Month

+

0.2645%,

5.6036%, 8/20/35

‡

27,019

25,987

CME

Term

SOFR

1

Month

+

0.4145%,

5.7536%, 4/20/37

‡

9,486

9,156

CME

Term

SOFR

1

Month

+

0.4245%,

5.7636%, 6/20/37

‡

25,793

24,953

CME

Term

SOFR

1

Month

+

0.4345%,

5.7736%, 7/20/37

‡

40,581

39,425

CME

Term

SOFR

1

Month

+

0.6145%,

5.9536%, 10/20/37

‡

13,118

12,823

CME

Term

SOFR

1

Month

+

0.6145%,

5.9536%, 10/20/37

‡

31,409

30,540

CME

Term

SOFR

1

Month

+

0.6145%,

5.9536%, 2/20/38

‡

25,713

25,073

CME

Term

SOFR

1

Month

+

0.6145%,

5.9536%, 2/20/38

‡

51,570

50,247

CME

Term

SOFR

1

Month

+

0.7145%,

6.0490%, 1/16/40

‡

8,646

8,449

CME

Term

SOFR

1

Month

+

0.4645%,

5.8036%, 6/20/40

‡

558

552

CME

Term

SOFR

1

Month

+

0.5445%,

5.8790%, 10/16/40

‡

37,265

36,841

0.0000%, 5/16/41

¤

4,139,007

2,975,209

CME

Term

SOFR

1

Month

+

0.4145%,

5.7536%, 7/20/41

‡

17,412

17,172

SOFR30A

+

1.3000%,

6.5000%, 8/20/53

‡

9,951,068

9,782,315

GNMA

II,

30

Year

4.5000%, 2/20/48

1,185,879

1,088,807

4.0000%, 5/20/48

267,752

238,668

4.0000%, 6/20/48

901,512

803,588

4.5000%, 7/20/48

134,256

121,556

4.5000%, 11/20/48

169,759

155,358

5.0000%, 1/20/49

9,919

9,288

GNMA

II,

30

Year,

Single

Family

2.5000%,

TBA, 30

Year

Maturity

(b)

21,077,414

16,745,247

3.0000%,

TBA, 30

Year

Maturity

(b)

113,094,962

93,109,499

3.5000%,

TBA, 30

Year

Maturity

(b)

32,813,377

27,955,521

4.0000%,

TBA, 30

Year

Maturity

(b)

71,568,688

62,861,140

4.5000%,

TBA, 30

Year

Maturity

(b)

72,120,488

65,112,901

5.0000%,

TBA, 30

Year

Maturity

(b)

31,369,194

29,176,958

5.5000%,

TBA, 30

Year

Maturity

(b)

20,289,288

19,398,020

GNMA

II,

Other

4.0000%, 2/20/49

176,724

154,988

4.0000%, 4/20/49

154,513

135,509

Imperial

Fund

Mortgage

Trust

,

5.9410

%

,

2/25/68

(144A)

Ç

4,571,737

4,458,291

JPMorgan

Chase

Bank

NA

CME

Term

SOFR

1

Month

+

2.3645%,

7.6889%, 10/25/57

(144A)

‡

9,346,246

9,371,158

CME

Term

SOFR

1

Month

+

2.6145%,

7.9389%, 10/25/57

(144A)

‡

2,549,655

2,530,339

JPMorgan

Mortgage

Trust

,

3.0000

%

,

6/25/45

(144A)

‡

576,028

480,521

PRPM

LLC

2.2370%, 10/25/51

(144A)

‡

2,000,000

1,533,013

2.4850%, 10/25/51

(144A)

‡

2,600,000

1,931,938

RCKT

Mortgage

Trust

6.5150%, 6/25/43

(144A)

‡

9,190,230

9,091,977

7.1080%, 9/25/43

(144A)

‡

6,184,223

6,133,768

Saluda

Grade

Alternative

Mortgage

Trust

,

7.7120

%

,

8/25/53

4,916,930

4,881,835

Sequoia

Mortgage

Trust

2.5000%, 5/25/43

(144A)

‡

774,456

639,832

4.0000%, 9/25/49

(144A)

‡

101,396

86,802

Towd

Point

Mortgage

Trust

,

6.7500

%

,

7/25/63

(144A)

‡

3,531,160

3,524,223

Total

Mortgage-Backed

Securities

(cost

$3,537,658,432)

3,407,681,649

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

October

31,

2023

Janus

Detroit

Street

Trust

17

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Investment

Companies

-

4.6%

Money

Market

Funds

-

4.6%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

5.3899%

£,∞

(cost

$91,443,298)

91,425,012

$

91,443,297

Total

Investments

(total

cost

$3,790,100,258

)

-

182.4%

3,659,418,555

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(82.4%)

(1,653,300,742)

Net

Assets

-

100.0%

$2,006,117,813

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

3,659,418,555

100.0

%

$

–

–

%

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

October

31,

2023

18

October

31,

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

-

(40.9)%

Mortgage-Backed

Securities

-

(40.9)%

FNMA/FHLMC

UMBS,

30

Year,

Single

Family,

4.0000%,

TBA,

30

Year

Maturity

(b)

$

(190,387,320)

$

(164,461,327)

FNMA/FHLMC

UMBS,

30

Year,

Single

Family,

4.5000%,

TBA,

30

Year

Maturity

(b)

(100,629,919)

(89,856,782)

FNMA/FHLMC

UMBS,

30

Year,

Single

Family,

5.0000%,

TBA,

30

Year

Maturity

(b)

(177,683,191)

(163,803,824)

FNMA/FHLMC

UMBS,

30

Year,

Single

Family,

5.5000%,

TBA,

30

Year

Maturity

(b)

(206,176,170)

(195,572,323)

FNMA/FHLMC

UMBS,

30

Year,

Single

Family,

6.0000%,

TBA,

30

Year

Maturity

(b)

(212,400,000)

(206,690,688)

FNMA/FHLMC

UMBS,

30

Year,

Single

Family,

6.5000%,

TBA,

30

Year

Maturity

(b)

(600,000)

(596,455)

Total

Securities

Sold

Short

(proceeds

$828,297,317)

$

(820,981,399)

Summary

of

Investments

by

Country

-

(Short

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

(820,981,399)

100.0%

$–

–

%

Schedule

of

Affiliated

Investments

-

(%

of

Net

Assets)

Dividend

Income

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciatio

n/

(Depreciation)

Value

at

10/31/23

Investment

Company

-

4.6%

Money

Market

Funds

-

4.6%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

5.3899%

∞

$

3,569,555

$

5,992

$

(57)

$

91,443,297

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

N/A

Investment

Companies

-

N/A

Janus

Henderson

Cash

Collateral

Fund

LLC,

5.2665%

∞

59

Δ

–

–

–

Total

Affiliated

Investments

-

4.6%

$

3,569,614

$

5,992

$

(57)

$

91,443,297

Value

at

10/31/22

Purchases

Sales

Value

at

10/31/23

Investment

Company

-

4.6%

Money

Market

Funds

-

4.6%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

5.3899%

∞

$

7,789,100

$

1,730,310,490

$

(1,646,662,228)

$

91,443,297

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

N/A

Investment

Companies

-

N/A

Janus

Henderson

Cash

Collateral

Fund

LLC,

5.2665%

∞

–

72,508

(72,508)

–

Total

Affiliated

Investments

-

4.6%

$

7,789,100

$

1,730,382,998

$

(1,646,734,736)

$

91,443,297

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

October

31,

2023

Janus

Detroit

Street

Trust

19

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

The

following

table,

grouped

by

derivative

type,

provides

information

about

the

fair

value

and

location

of

derivatives

within

the

Statement

of

Assets

and

Liabilities

as

of

October

31,

2023.

The

following

tables

provide

information

about

the

effect

of

derivatives

and

hedging

activities

on

the

Fund’s

Statement

of

Operations

for

the year

ended

October

31,

2023.

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

298

12/29/23

$

60,321,719

$

(6,540)

U.S.

Treasury

5

Year

Notes

2,691

12/29/23

281,146,431

(2,001,301)

Total

-

Futures

Long

(2,007,841)

Futures

Short:

U.S.

Treasury

10

Year

Notes

729

12/19/23

(77,399,297)

1,194,419

U.S.

Treasury

10

Year

Ultra

Bonds

1,969

12/19/23

(214,282,578)

5,774,663

U.S.

Treasury

Ultra

Bonds

276

12/19/23

(31,067,250)

2,981,954

Total

-

Futures

Short

9,951,036

Total

$7,943,195

Fair

Value

of

Derivative

Instruments

(not

accounted

for

as

hedging

instruments)

as

of

October

31,

2023

Interest

Rate

Contracts

Asset

Derivatives:

*

Futures

contracts

$9,951,036

Liability

Derivatives:

*

Futures

contracts

2,007,841

*

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

year

ended

October

31,

2023

Amount

of

Realized

Gain/(Loss)

Recognized

on

Derivatives

Derivative

Credit

Contracts

Interest

Rate

Contracts

Total

Futures

contracts

$—

$3,320,836

$3,320,836

Swap

contracts

(656,221)

—

(656,221)

Total

$(656,221)

$3,320,836

$2,664,615

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

October

31,

2023

20

October

31,

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

$—

$8,698,561

$8,698,561

Swap

contracts

590,196

—

590,196

Total

$590,196

$8,698,561

$9,288,757

Average

Ending

Monthly

Value

of

Derivative

Instruments

During

the

Year

Ended

October

31,

2023

Futures

contracts:

Average

notional

amount

of

contracts

-

long

$86,121,548

Average

notional

amount

of

contracts

-

short

138,049,570

Credit

default

swaps:

Average

notional

amount

-

buy

protection

30,587,500

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

October

31,

2023

Janus

Detroit

Street

Trust

21

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

LLC

Limited

Liability

Company

SOFR

Secured

Overnight

Financing

Rate

SOFR30A

Secured

Overnight

Financing

Rate

30

Day

Average

TBA

(To

Be

Announced)

Securities

are

purchased/sold

on

a

forward

commitment

basis

with

an

approximate

principal

amount

and

no

defined

maturity

date.

The

actual

principal

and

maturity

date

will

be

determined

upon

settlement

when

specific

mortgage

pools

are

assigned.

UMBS

Uniform

Mortgage-Backed

Securities

∞

Rate

shown

is

the

7-day

yield

as

of

October

31,

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

October

31,

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

year

ended

October

31,

2023

is

$353,124,362

which

represents

17.6%

of

net

assets.

(a)

IO

–

Interest

Only

(b)

Settlement

is

on

a

delayed

delivery

or

when-issued

basis

with

final

maturity

TBA

in

the

future.

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

October

31,

2023

22

October

31,

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

October

31,

2023

.

See

Notes

to

Financial

Statements

for

more

information.

Valuation

Inputs

Summary

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Assets

Investments

in

Securities:

Asset-Backed

Securities

$

—

$

160,293,609

$

—

Mortgage-Backed

Securities

—

3,407,681,649

—

Investment

Companies

—

91,443,297

—

Total

Investments

in

Securities

$

—

$

3,659,418,555

$

—

Other

Financial

Instruments

(a)

:

Futures

Contracts

$

9,951,036

$

—

$

—

Total

Assets

$

9,951,036

$

3,659,418,555

$

—

Liabilities

TBA

sales

commitments:

Mortgage-Backed

Securities

$

—

$

820,981,399

$

—

Other

Financial

Instruments

(a)

:

Futures

Contracts

$

2,007,841

$

—

$

—

Total

Liabilities

$

2,007,841

$

820,981,399

$

—

(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

Mortgage-Backed

Securities

ETF

Statement

of

Assets

and

Liabilities

October

31,

2023

Janus

Detroit

Street

Trust

23

See

Notes

to

Financial

Statements.

Assets:

Unaffiliated

investments,

at

value

(cost

$3,698,656,960)

$

3,567,975,258

Affiliated

investments,

at

value

(cost

$91,443,298)

91,443,297

Cash

3,550,416

Due

from

broker

for

futures

6,340,000

Receivable

for

variation

margin

on

futures

contracts

25,669

Receivables:

TBA

investments

sold

997,628,991

Fund

units

sold

4,217,171

Dividends

689,758

Interest

7,801,407

Total

Assets

4,679,671,967

Liabilities:

TBA

sales

commitments,

at

value

(proceeds

$828,297,317)

820,981,399

Payables:

Investments

purchased

46,182,601

TBA

investments

purchased

1,803,881,426

Fund

units

purchased

2,107,087

Management

fees

401,641

Total

Liabilities

2,673,554,154

Commitments

and

contingent

liabilities

Net

Assets

$

2,006,117,813

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

2,282,092,665

Total

distributable

earnings

(loss)

(275,974,852)

Total

Net

Assets

$

2,006,117,813

Net

Assets

$

2,006,117,813

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

47,575,000

Net

Asset

Value

Per

Share

$

42.17

Janus

Henderson

Mortgage-Backed

Securities

ETF

Statement

of

Operations

For

the

year

ended

October

31,

2023

24

October

31,

2023

See

Notes

to

Financial

Statements.

Investment

Income:

Interest

$

62,374,139

Dividends

from

affiliates

3,569,555

Dividends

17,500

Affiliated

securities

lending

income,

net    

59

Unaffiliated

securities

lending

income,

net

3

Total

Investment

Income

65,961,256

Expenses:

Management

Fees

3,313,192

Total

Expenses

3,313,192

Net

Investment

Income/(Loss)

62,648,064

Net

Realized

Gain/(Loss)

on

Investments:

Investments

$

(27,045,984)

Investments

in

affiliates

5,992

TBA

sales

commitments

(54,828,137)

Futures

contracts

3,320,836

Swap

contracts

(656,221)

Total

Net

Realized

Gain/(Loss)

on

Investments

$

(79,203,514)

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

(62,179,433)

Investments

in

affiliates

(57)

TBA

sales

commitments

(4,933,510)

Futures

contracts

8,698,561

Swap

contracts

590,196

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

(57,824,243)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

(74,379,693)

Janus

Henderson

Mortgage-Backed

Securities

ETF

Statements

of

Changes

in

Net

Assets

Janus

Detroit

Street

Trust

25

See

Notes

to

Financial

Statements.

Year

Ended

October

31,

2023

Year

Ended

October

31,

2022

Operations:

Net

investment

income/(loss)

$

62,648,064

$

15,508,940

Net

realized

gain/(loss)

on

investments

(79,203,514)

(91,090,098)

Change

in

unrealized

net

appreciation/depreciation

(57,824,243)

(59,350,277)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

(74,379,693)

(134,931,435)

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(53,878,171)

(14,943,831)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(53,878,171)

(14,943,831)

Capital

Share

Transactions

1,357,772,676

78,104,500

Net

Increase/(Decrease)

in

Net

Assets

1,229,514,812

(71,770,766)

Net

Assets:

—

—

Beginning

of

Year  

776,603,001

848,373,767

End

of

Year

$

2,006,117,813

$

776,603,001

Janus

Henderson

Mortgage-Backed

Securities

ETF

Financial

Highlights

26

October

31,

2023

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

each

year

or

period

ended

October

31

2023

2022

2021

2020

2019

Net

Asset

Value,

Beginning

of

Period

$44.25

$52.94

$53.58

$52.62

$49.53

Income/(Loss)

from

Investment

Operations:

—

—

—

—

—

Net

investment

income/(loss)

(1)

2.18

0.92

0.66

1.22

1.56

Net

realized

and

unrealized

gain/(loss)

(2.33)

(8.73)

(0.19)

1.51

3.03

Total

from

Investment

Operations

(0.15)

(7.81)

0.47

2.73

4.59

Less

Dividends

and

Distributions:

—

—

—

—

—

Dividends

(from

net

investment

income)

(1.93)

(0.88)

(1.00)

(1.77)

(1.50)

Distributions

(from

capital

gains)

—

—

(0.11)

—

—

Total

Dividends

and

Distributions

(1.93)

(0.88)

(1.11)

(1.77)

(1.50)

Net

Asset

Value,

End

of

Period

$42.17

$44.25

$52.94

$53.58

$52.62

Total

Return

*

(0.57)%

(14.89)%

0.88%

5.30%

(2)

9.40%

(2)

Net

assets,

End

of

Period

(in

thousands)

$2,006,118

$776,603

$848,374

$578,645

$168,381

Average

Net

Assets

for

the

Period

(in

thousands)

$1,297,545

$835,074

$712,596

$369,845

$78,797

Ratios

to

Average

Net

Assets

**

Ratio

of

Gross

Expenses

0.26%

0.28%

0.28%

0.32%

0.35%

Ratio

of

Net

Investment

Income/(Loss)

4.83%

1.86%

1.24%

2.31%

3.05%

Portfolio

Turnover

Rate

(3)(4)

48%

143%

162%

300%

348%

*

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.

(4)

Portfolio

Turnover

Rate

excludes

TBA

(to

be

announced)

purchase

and

sales

commitments.

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

27

1.

Organization

and

Significant

Accounting

Policies

Janus

Henderson Mortgage-Backed

Securities ETF (the

“Fund”)

is

a

series

fund.

The

Fund

is

part

of

Janus

Detroit

Street

Trust

(the

“Trust”),

which

is

organized

as

a

Delaware

statutory

trust

and

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company,

and

therefore

has

applied

the

specialized

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

(“ASC”)

Topic

946.

As

of

the

date

of

this

report,

the

Trust

offers eleven

Funds

each

of

which

represent

shares

of

beneficial

interest

in

a

separate

portfolio

of

securities

and

other

assets

with

its

own

objective

and

policies.

The

Fund

seeks

a

high

level

of

total

return

consisting

of

income

and

capital

appreciation.

The

Fund

is

classified

as

diversified,

as

defined

in

the

1940

Act.

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

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

28

October

31,

2023

in

good

faith

by

the

Adviser

pursuant

to

the

Valuation

Procedures. Circumstances

in

which

fair

valuation

may

be

utilized

include,

but

are

not

limited

to:

(i)

a

significant

event

that

may

affect

the

securities

of

a

single

issuer,

such

as

a

merger,

bankruptcy,

or

significant

issuer-specific

development;

(ii)

an

event

that

may

affect

an

entire

market,

such

as

a

natural

disaster

or

significant

governmental

action;

(iii)

a

nonsignificant

event

such

as

a

market

closing

early

or

not

opening,

or

a

security

trading

halt;

and

(iv)

pricing

of

a

non-valued

security

and

a

restricted

or

nonpublic

security.

Special

valuation

considerations

may

apply

with

respect

to

“odd-lot”

fixed-income

transactions

which,

due

to

their

small

size,

may

receive

evaluated

prices

by

pricing

services

which

reflect

a

large

block

trade

and

not

what

actually

could

be

obtained

for

the

odd-

lot

position.

The

value

of

the

securities

of

mutual

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

mutual

funds,

and

the

prospectuses

for

such

mutual

funds

explain

the

circumstances

under

which

they

use

fair

valuation

and

the

effects

of

using

fair

valuation.

The

value

of

the

securities

of

any

cash

management

pooled

investment

vehicles

that

operate

as

money

market

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

funds.

Valuation

Inputs

Summary 

FASB

ASC

820,

Fair

Value

Measurements

and

Disclosures

(“ASC

820”),

defines

fair

value,

establishes

a

framework

for

measuring

fair

value,

and

expands

disclosure

requirements

regarding

fair

value

measurements.

This

standard

emphasizes

that

fair

value

is

a

market-based

measurement

that

should

be

determined

based

on

the

assumptions

that

market

participants

would

use

in

pricing

an

asset

or

liability

and

establishes

a

hierarchy

that

prioritizes

inputs

to

valuation

techniques

used

to

measure

fair

value.

These

inputs

are

summarized

into

three

broad

levels: 

Level

1

–

Unadjusted

quoted

prices

in

active

markets

the

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities.

Level

2

–

Observable

inputs

other

than

unadjusted

quoted

prices

included

in

Level

1

that

are

observable

for

the

asset

or

liability

either

directly

or

indirectly.

These

inputs

may

include

quoted

prices

for

the

identical

instrument

on

an

inactive

market,

prices

for

similar

instruments,

interest

rates,

prepayment

speeds,

credit

risk,

yield

curves,

default

rates

and

similar

data.

Assets

or

liabilities

categorized

as

Level

2

in

the

hierarchy

generally

include:

debt

securities

fair

valued

in

accordance

with

the

evaluated

bid

or

ask

prices

supplied

by

a

pricing

service;

securities

traded

on

OTC

markets

and

listed

securities

for

which

no

sales

are

reported

that

are

fair

valued

at

the

latest

bid

price

(or

yield

equivalent

thereof)

obtained

from

one

or

more

dealers

transacting

in

a

market

for

such

securities

or

by

a

pricing

service

approved

by

the

Fund’s

Trustees;

and

certain

short-term

debt

securities

with

maturities

of

60

days

or

less

that

are

fair

valued

at

amortized

cost.

Other

securities

that

may

be

categorized

as

Level

2

in

the

hierarchy

include,

but

are

not

limited

to,

preferred

stocks,

bank

loans,

swaps,

investments

in

unregistered

investment

companies,

options,

and

forward

contracts.

Level

3

–

Unobservable

inputs

for

the

asset

or

liability

to

the

extent

that

relevant

observable

inputs

are

not

available,

representing

the

Fund’s

own

assumptions

about

the

assumptions

that

a

market

participant

would

use

in

valuing

the

asset

or

liability,

and

that

would

be

based

on

the

best

information

available.

There

have

been

no

significant

changes

in

valuation

techniques

used

in

valuing

any

such

positions

held

by

the

Fund

since

the

beginning

of

the

fiscal

year. 

The

inputs

or

methodology

used

for

fair

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

The

summary

of

inputs

used

as

of

October

31,

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

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

29

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

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,

options,

and

swaps.

Each

derivative

instrument

that

was

held

by

the

Fund

during

the year

ended

October

31,

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. 

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

30

October

31,

2023

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,

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

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

31

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.

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

year,

the

Fund

purchased

interest

rate

futures

to

increase

exposure

to

interest

rate

risk.

During

the

year,

the

Fund

sold

interest

rate

futures

to

decrease

exposure

to

interest

rate

risk. 

Swaps 

Swap

agreements

are

two-party

contracts

entered

into

primarily

by

institutional

investors

for

periods

ranging

from

a

day

to

more

than

one

year

to

exchange

one

set

of

cash

flows

for

another.

The

most

significant

factor

in

the

performance

of

swap

agreements

is

the

change

in

value

of

the

specific

index,

security,

or

currency,

or

other

factors

that

determine

the

amounts

of

payments

due

to

and

from

the

Fund.

The

use

of

swaps

is

a

highly

specialized

activity

which

involves

investment

techniques

and

risks

different

from

those

associated

with

ordinary

portfolio

securities

transactions.

Swap

agreements

entail

the

risk

that

a

party

will

default

on

its

payment

obligations

to

the

Fund.

If

the

other

party

to

a

swap

defaults,

the

Fund

would

risk

the

loss

of

the

net

amount

of

the

payments

that

it

contractually

is

entitled

to

receive.

If

the

Fund

utilizes

a

swap

at

the

wrong

time

or

judges

market

conditions

incorrectly,

the

swap

may

result

in

a

loss

to

the

Fund

and

reduce

the

Fund’s

total

return.

Swap

agreements

also

bear

the

risk

that

the

Fund

will

not

be

able

to

meet

its

obligation

to

the

counterparty.

Swap

agreements

are

typically

privately

negotiated

and

entered

into

in

the

OTC

market.

However,

certain

swap

agreements

are

required

to

be

cleared

through

a

clearinghouse

and

traded

on

an

exchange

or

swap

execution

facility.

Swaps

that

are

required

to

be

cleared

are

required

to

post

initial

and

variation

margins

in

accordance

with

the

exchange

requirements.

Regulations

enacted

require

the

Fund

to

centrally

clear

certain

interest

rate

and

credit

default

index

swaps

through

a

clearinghouse

or

central

counterparty

(“CCP”).

To

clear

a

swap

with

a

CCP,

the

Fund

will

submit

the

swap

to,

and

post

collateral

with,

a

futures

clearing

merchant

(“FCM”)

that

is

a

clearinghouse

member.

Alternatively,

the

Fund

may

enter

into

a

swap

with

a

financial

institution

other

than

the

FCM

(the

“Executing

Dealer”)

and

arrange

for

the

swap

to

be

transferred

to

the

FCM

for

clearing.

The

Fund

may

also

enter

into

a

swap

with

the

FCM

itself.

The

CCP,

the

FCM,

and

the

Executing

Dealer

are

all

subject

to

regulatory

oversight

by

the

U.S.

Commodity

Futures

Trading

Commission

(“CFTC”).

A

default

or

failure

by

a

CCP

or

an

FCM,

or

the

failure

of

a

swap

to

be

transferred

from

an

Executing

Dealer

to

the

FCM

for

clearing,

may

expose

the

Fund

to

losses,

increase

its

costs,

or

prevent

the

Fund

from

entering

or

exiting

swap

positions,

accessing

collateral,

or

fully

implementing

its

investment

strategies.

The

regulatory

requirement

to

clear

certain

swaps

could,

either

temporarily

or

permanently,

reduce

the

liquidity

of

cleared

swaps

or

increase

the

costs

of

entering

into

those

swaps.

Index

swaps,

interest

rate

swaps,

inflation

swaps and

credit

default

swaps

are

valued

using

an

approved

vendor

supplied

price.

Basket

swaps

are

valued

using

a

broker

supplied

price.

Equity

swaps

that

consist

of

a

single

underlying

equity

are

valued

either

at

the

closing

price,

the

latest

bid

price,

or

the

last

sale

price

on

the

primary

market

or

exchange

it

trades.

The

market

value

of

swap

contracts

are

aggregated

by

positive

and

negative

values

and

are

disclosed

separately

as

an

asset

or

liability

on

the

Fund’s

Statement

of

Assets

and

Liabilities

(if

applicable).

Realized

gains

and

losses

are

reported

on

the

Statement

of

Operations

(if

applicable).

The

change

in

unrealized

net

appreciation

or

depreciation

during

the

period

is

included

in

the

Statement

of

Operations

(if

applicable).

The

Fund’s

maximum

risk

of

loss

from

counterparty

risk

or

credit

risk

is

the

discounted

value

of

the

payments

to

be

received

from/paid

to

the

counterparty

over

the

contract’s

remaining

life,

to

the

extent

that

the

amount

is

positive.

The

risk

is

mitigated

by

having

a

netting

arrangement

between

the

Fund

and

the

counterparty

and

by

the

posting

of

collateral

by

the

counterparty

to

cover

the

Fund’s

exposure

to

the

counterparty.

The

Fund

may

enter

into

various

types

of

credit

default

swap

agreements,

including

OTC

credit

default

swap

agreements

and

index

credit

default

swaps

(“CDX”),

for

hedging

purposes.

Credit

default

swaps

are

a

specific

kind

of

counterparty

agreement

that

allow

the

transfer

of

third-party

credit

risk

from

one

party

to

the

other.

One

party

in

the

swap

is

a

lender

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

32

October

31,

2023

and

faces

credit

risk

from

a

third

party,

and

the

counterparty

in

the

credit

default

swap

agrees

to

insure

this

risk

in

exchange

for

regular

periodic

payments.

Credit

default

swaps

could

result

in

losses

if

the

Fund

does

not

correctly

evaluate

the

creditworthiness

of

the

company

or

companies

on

which

the

credit

default

swap

is

based.

Credit

default

swap

agreements

may

involve

greater

risks

than

if

the

Fund

had

invested

in

the

reference

obligation

directly

since,

in

addition

to

risks

relating

to

the

reference

obligation,

credit

default

swaps

are

subject

to

liquidity

risk,

counterparty

risk,

and

credit

risk.

The

Fund

will

generally

incur

a

greater

degree

of

risk

when

it

sells

a

credit

default

swap

than

when

it

purchases

a

credit

default

swap.

As

a

buyer

of

a

credit

default

swap,

the

Fund

may

lose

its

investment

and

recover

nothing

should

no

credit

event

occur,

and

the

swap

is

held

to

its

termination

date.

As

seller

of

a

credit

default

swap,

if

a

credit

event

were

to

occur,

the

value

of

any

deliverable

obligation

received

by

the

Fund,

coupled

with

the

upfront

or

periodic

payments

previously

received,

may

be

less

than

what

it

pays

to

the

buyer,

resulting

in

a

loss

of

value

to

the

Fund.

If

the

Fund

is

the

seller

of

credit

protection

against

a

particular

security,

the

Fund

would

receive

an

up-front

or

periodic

payment

to

compensate

against

potential

credit

events.

As

the

seller

in

a

credit

default

swap

contract,

the

Fund

would

be

required

to

pay

the

par

value

(the

“notional

value”)

(or

other

agreed-upon

value)

of

a

referenced

debt

obligation

to

the

counterparty

in

the

event

of

a

default

by

a

third

party,

such

as

a

U.S.

or

foreign

corporate

issuer,

on

the

debt

obligation.

In

return,

the

Fund

would

receive

from

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract

provided

that

no

event

of

default

has

occurred.

If

no

default

occurs,

the

Fund

would

keep

the

stream

of

payments

and

would

have

no

payment

obligations.

As

the

seller,

the

Fund

would

effectively

add

leverage

to

its

portfolio

because,

in

addition

to

its

total

net

assets,

the

Fund

would

be

subject

to

investment

exposure

on

the

notional

value

of

the

swap.

The

maximum

potential

amount

of

future

payments

(undiscounted)

that

the

Fund

as

a

seller

could

be

required

to

make

in

a

credit

default

transaction

would

be

the

notional

amount

of

the

agreement.

As

a

buyer

of

credit

protection,

the

Fund

is

entitled

to

receive

the

par

(or

other

agreed-upon)

value

of

a

referenced

debt

obligation

from

the

counterparty

to

the

contract

in

the

event

of

a

default

or

other

credit

event

by

a

third

party,

such

as

a

U.S.

or

foreign

issuer,

on

the

debt

obligation.

In

return,

the

Fund

as

buyer

would

pay

to

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract

provided

that

no

credit

event

has

occurred.

If

no

credit

event

occurs,

the

Fund

would

have

spent

the

stream

of

payments

and

potentially

received

no

benefit

from

the

contract.

During

the

year,

the

Fund

purchased

protection

via

the

credit

default

swap

market

in

order

to

reduce

credit

risk

exposure

to

individual

corporates,

countries

and/or

credit

indices

where

gaining

this

exposure

via

the

cash

bond

market

was

less

attractive. 

3.

Other

Investments

and

Strategies 

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

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

33

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.

Armed

Conflict.

Recent

such

examples

include

conflict,

loss

of

life,

and

disaster

connected

to

ongoing

armed

conflict

between

Russia

and

Ukraine

in

Europe

and

Hamas

and

Israel

in

the

Middle

East.

The

extent

and

duration

of

each

conflict,

resulting

sanctions

and

resulting

future

market

disruptions

in

each

region

are

impossible

to

predict,

but

could

be

significant

and

have

a

severe

adverse

effect,

including

significant

negative

impacts

on

the

U.S.

and

broader

global

economic

environment

and

the

markets

for

certain

securities

and

commodities.

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

may

enter

into

“to

be

announced”

or

“TBA”

commitments.

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

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.

Cash

collateral

that

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

34

October

31,

2023

has

been

pledged

to

cover

the

obligations

of

a

Fund

and

cash

collateral

received

from

the

counterparty,

if

any,

is

reported

separately

in

the

Statement

of

Assets

and

Liabilities

as

Collateral

for

To

Be

Announced

Transactions. 

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

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

35

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

October

31,

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 year

ended

October

31,

2023,

the

Fund’s

actual

management

fee

rate

(expressed

as

an

annual

rate)

was

0.26% 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

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

36

October

31,

2023

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. 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

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 year

ended

October

31,

2023 can

be

found

in

a

table

located

in

the

Schedule

of

Investments.

5.

Federal

Income

Tax

The

tax

components

of

capital

shown

in

the

table

below

represent:

(1)

distribution

requirements

the

Fund

must

satisfy

under

the

income

tax

regulations;

(2)

losses

or

deductions

the

Fund

may

be

able

to

offset

against

income

and

gains

realized

in

future

years;

and

(3)

unrealized

appreciation

or

depreciation

of

investments

for

federal

income

tax

purposes. 

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

37

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,

2023,

that

may

be

available

to

offset

future

realized

capital

gains

and

thereby

reduce

future

taxable

gains

distributions.

The

following

table

shows

these

capital

loss

carryovers. 

The

aggregate

cost

of

investments

and

the

composition

of

unrealized

appreciation

and

depreciation

of

investment

securities

for

federal

income

tax

purposes

as

of October

31,

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.

Information

on

the

tax

components

of

derivatives

as

of October

31,

2023

is

as

follows: 

Income

and

capital

gains

distributions

are

determined

in

accordance

with

income

tax

regulations

that

may

differ

from

US

GAAP.

These

differences

are

due

to

differing

treatments

for

items

such

as

net

short-term

gains,

deferral

of

wash

sale

losses,

foreign

currency

transactions,

passive

foreign

investment

companies,

net

investment

losses,

in-kind

transactions

and

capital

loss

carryovers.

Certain

permanent

differences

such

as

tax

returns

of

capital

and

net

investment

losses

noted

below

have

been

reclassified

to

capital. 

Undistributed

Ordinary

Income

Undistributed

Long-Term

Gains

Accumulated

Capital

Losses

Loss

Deferrals

Other

Book

to

Tax

Differences

Net

Tax

Appreciation/

(Depreciation)

$12,612,595

$—

$(164,509,012)

$—

$—

$(124,078,435)

Capital

Loss

Carryover

Schedule

For

the

year

ended

October

31,

2023

No

Expiration

Short-Term

Long-Term

Accumulated

Capital

Losses

$(149,555,267)

$(14,953,745)

$(164,509,012)

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$3,790,812,908

$3,627,226

$(135,021,579)

$(131,394,353)

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$(820,354,122)

$17,057,047

$(9,741,129)

$7,315,918

For

the

year

ended

October

31,

2023

:

Distributions

From

Ordinary

Income

From

Long-Term

Capital

Gain

Tax

Return

of

Capital

Net

Investment

Loss

$53,878,171

$—

$—

$—

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

38

October

31,

2023

Permanent

book

to

tax

basis

differences

may

result

in

reclassifications

between

the

components

of

net

assets.

These

differences

have

no

impact

on

the

results

of

operations

or

net

assets.

6.

Capital

Share

Transactions 

7.

Purchases

and

Sales

of

Investment

Securities

For

the

year ended

October

31,

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 October

31,

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. 

For

the

year

ended

October

31,

2022

:

Distributions

From

Ordinary

Income

From

Long-Term

Capital

Gain

Tax

Return

of

Capital

Net

Investment

Loss

$14,943,831

$—

$—

$—

Year

Ended

October

31,

2023

Year

Ended

October

31,

2022

Shares

Amount

Shares

Amount

Shares

sold

31,300,000

$

1,414,619,295

7,625,000

$

377,266,247

Shares

repurchased

(1,275,000)

(56,846,619

)

(6,100,000)

(299,161,747

)

Net

Increase/(Decrease)

30,025,000

$

1,357,772,676

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

$1,858,577,208

$598,500,590

$—

$—

Janus

Henderson

Mortgage-Backed

Securities

ETF

Additional

Information

(unaudited)

Janus

Detroit

Street

Trust

39

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

Trustees

and

Officers

(unaudited)

40

October

31,

2023

The

following

are

the

Trustees

and

officers

of

the

Trust

together

with

a

brief

description

of

their

principal

occupations

during

the

last

five

years

(principal

occupations

for

certain

Trustees

may

include

periods

over

five

years).

The

Fund’s

Statement

of

Additional

Information

includes

additional

information

about

the

Trustees

and

officers

and

is

available,

without

charge,

by

calling

1-877-335-2687.

Each

Trustee

has

served

in

that

capacity

since

he

or

she

was

originally

elected

or

appointed.

The

Trustees

do

not

serve

a

specified

term

of

office.

Each

Trustee

will

hold

office

until

the

termination

of

the

Trust

or

his

or

her

earlier

death,

resignation,

retirement,

incapacity,

or

removal.

Under

the

Fund’s

Governance

Procedures

and

Guidelines,

the

policy

is

for

Trustees

to

retire

no

later

than

the

end

of

the

calendar

year

in

which

the

Trustee

turns

75.

The

Trustees

review

the

Fund’s

Governance

Procedures

and

Guidelines

from

time

to

time

and

may

make

changes

they

deem

appropriate.

The

Fund’s

Nominating

and

Governance

Committee

will

consider

nominees

for

the

position

of

Trustee

recommended

by

shareholders.

Shareholders

may

submit

the

name

of

a

candidate

for

consideration

by

the

Committee

by

submitting

their

recommendations

to

the

Trust’s

Secretary.

Each

Trustee

is

currently

a

Trustee

of

one

other

registered

investment

company

advised

by

the

Adviser:

Clayton

Street

Trust.

As

of

the

date

of

this

report,

collectively,

the

two

registered

investment

companies

consist

of

14

series

or

funds.

The

Trust’s

officers

are

elected

annually

by

the

Trustees

for

a

one-year

term.

Certain

officers

also

serve

as

officers

of

Clayton

Street

Trust.

Certain

officers

of

the

Funds

may

also

be

officers

and/or

directors

of

the

Adviser.

Except

as

otherwise

disclosed,

Fund

officers

receive

no

compensation

from

the

Funds.

TRUSTEES

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Number

of

Portfolios/Funds

in

Fund

Complex

Overseen

by

Trustee*

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Independent

Trustees

Clifford

J.

Weber

151

Detroit

Street

Denver,

CO

80206

DOB:

1963

Chairman

Trustee

2/16-Present

Owner,

Financial

Products

Consulting

Group

LLC

(consulting

services

to

financial

institutions)

(since

2015).

14

Independent

Trustee,

Clough

Global

Dividend

and

Income

Fund (closed-end fund)

(since

2017),

Independent

Trustee,

Clough

Global

Opportunities

Fund (closed-

end fund)

(since

2017),

Independent

Trustee,

Clough

Global

Equity

Fund (closed-

end fund)

(since

2017),

and

Independent

Trustee,

Global

X

Funds

(investment

company)

(since

2018).

Formerly,

Chairman,

Clough

Funds

Trust

(investment

company)

(2015-2023),

and

Chairman,

Elevation

ETF

Trust

(investment

company)

(2016-

2018).

Janus

Henderson

Mortgage-Backed

Securities

ETF

Trustees

and

Officers

(unaudited)

Janus

Detroit

Street

Trust

41

*

Each

Trustee

also

serves

as

a

trustee

to

the

Clayton

Street

Trust,

which

is

currently

comprised

of

three

portfolios.

**

Ms.

Benz

is

an

Interested

Trustee

because

of

her

employment

with

Janus

Henderson

Investors.

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Number

of

Portfolios/Funds

in

Fund

Complex

Overseen

by

Trustee*

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Maureen

T.

Upton

151

Detroit

Street

Denver,

CO

80206

DOB:

1965

Trustee

2/16-Present

Principal,

Maureen

Upton

Ltd.

(consulting

services

to

multinational

companies

(since

2017).

14

Independent

Director,

Cascadia

Minerals

Ltd.

(mineral

exploration

company);

Independent

Director,

ATAC

Resources

Ltd.

(mineral

exploration

company)

(2022-

2023).

Jeffrey

B.

Weeden

151

Detroit

Street

Denver,

CO

80206

DOB:

1956

Trustee

2/16-Present

Senior

Advisor,

Bay

Boston

Capital

LP

(investment

fund

in

banks

and

bank

holdings

companies)

(since

2015).

14

Director,

West

Travis

County

Municipal

Utility

District

No. 6

(municipal

utility)

(since

2020).

Formerly,

Director,

State

Farm

Bank

(banking)

(2014-2021).

Interested

Trustee

Carrie

Benz**

151

Detroit

Street

Denver,

CO

80206

DOB:

1975

Trustee

1/21-Present

Global

Investment

COO

(since

2023).

Formerly,

Global

Head

of

Investment

Services,

Janus

Henderson

Investors

(2017-

2023).

14

Janus

Henderson

Mortgage-Backed

Securities

ETF

Trustees

and

Officers

(unaudited)

42

October

31,

2023

OFFICERS

*

Officers

are

elected

at

least

annually

by

the

Trustees

for

a

one-year

term

and

may

also

be

elected

from

time

to

time

by

the

Trustees

for

an

interim

period.

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Term

of

Office*

and

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Nicholas

Cherney

151

Detroit

Street

Denver,

CO

80206

DOB:

1981

President

and

Chief

Executive

Officer

10/22-Present

Head

of

Innovation

at

Janus

Henderson

(since

2023),

Head

of

Exchange

Traded

Products

at

Janus

Henderson

Distributors

US

LLC,

Janus

Henderson

Indices

LLC,

Velocity

Shares

Holdings

Inc.

(since

2019).

Formerly,

Senior

Vice

President,

Janus

Henderson

Distributors

US

LLC,

Janus

Henderson

Indices

LLC

(2015-2019),

Janus

Henderson

Investors

US

LLC

(2015-2017),

and

Velocity

Shares

Holdings

Inc.

(2014-2019).

Kristin

Mariani

151

Detroit

Street

Denver,

CO

80206

DOB:

1966

Vice

President

and

Chief

Compliance

Officer

7/20-Present

Head

of

Compliance,

North

America

at

Janus

Henderson

Investors

(since

September

2020)

and

Chief

Compliance

Officer

at

Janus

Henderson

Investors

US

LLC

(since

September

2017).

Formerly,

Anti-Money

Laundering

Officer

for

the

Trust

(July

2020-December

2022),

and

Global

Head

of

Investment

Management

Compliance

at

Janus

Henderson

Investors

(February

2019-August

2020).

Jesper

Nergaard

151

Detroit

Street

Denver,

CO

80206

DOB:

1962

Vice

President,

Chief

Financial

Officer,

Treasurer,

and

Principal

Accounting

Officer

2/16-Present

Head

of

U.S.

Fund

Administration,

Janus

Henderson

Investors

and

Janus

Henderson

Services

LLC.

Cara

Owen

151

Detroit

Street

Denver,

CO

80206

DOB:

1981

Vice

President,

Secretary,

and

Chief

Legal

Officer

1/23-Present

Senior

Legal

Counsel

of

Janus

Henderson

Investors

US

LLC

(since

2021).

Formerly,

Assistant

Secretary

of

the

Trust

and

Clayton

Street

Trust

(2021-2023);

Vice

President

and

Principal

Legal

Counsel,

ALPS

Fund

Services,

Inc.

(fund

administrator)

(2019-2021);

and

Senior

Counsel,

Corporate

&

Investments,

Great-West

Life

&

Annuity

Insurance

Company

(insurance

company)

(2014-2019).

Ciaran

Askin

151

Detroit

Street

Denver,

CO

80206

DOB:

1978

Anti-Money

Laundering

Officer

1/23-Present

Global

Head

of

Financial

Crime,

Janus

Henderson

Investors

(since

2022).

Formerly,

Global

Head

of

Financial

Crime

at

Invesco

Ltd.

(2017-2022).

125-02-93085

12-23

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.

ANNUAL

REPORT

October

31,

2023

Janus

Henderson

AAA

CLO

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

AAA

CLO

ETF

Performance

Overview

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

1

Fund

At

A

Glance

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

2

Disclosure

of

Fund

Expenses

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

4

Report

of

Independent

Registered

Public

Accounting

Firm

...

5

Schedule

of

Investments

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

6

Statement

of

Assets

and

Liabilities

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

16

Statement

of

Operations

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

17

Statements

of

Changes

in

Net

Assets

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

18

Financial

Highlights

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

19

Notes

to

Financial

Statements

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

20

Additional

Information

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

28

Trustees

and

Officers

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

29

Janus

Henderson

AAA

CLO

ETF

(unaudited)

Janus

Detroit

Street

Trust

1

INVESTMENT

OBJECTIVE

Janus

Henderson

AAA

CLO

ETF

(JAAA)

seeks

capital

preservation

and

current

income

by

seeking

to

deliver

floating

rate

exposure

to

high-quality

AAA

rated

collateralized

loan

obligations

(CLOs).

PERFORMANCE

OVERVIEW

For

the

12-month

period

ended

October

31,

2023,

the

Fund

returned

8.81%

net

of

fees

(based

on

NAV),

underperforming

its

benchmark,

the

J.P.

Morgan

CLO

AAA

Index,

which

returned

9.08%.

In

its

ongoing

fight

against

inflation,

the

Federal

Reserve

(Fed)

hiked

rates

by

2.25%

over

the

period,

and

the

yield

on

2-year

U.S.

Treasuries

increased

from

4.48%

to

5.08%.

While

higher

yields

pressured

returns

on

Treasuries,

CLOs

benefitted

from

rising

rates

due

to

their

floating-rate

coupons.

The

yield

on

the

J.P.

Morgan

CLO

AAA

Index

ended

the

period

at

6.43%.

Credit

spreads

on

AAA

CLOs,

calculated

using

the

J.P.

Morgan

CLO

AAA

Index

discount

margin,

narrowed

from

their

ex-COVID

historical-wide

level

of

2.24%

to

1.76%

during

the

period.

In

our

view,

current

spread

levels

imply

AAA

CLOs

are

already

pricing

in

a

hard

landing

for

the

U.S.

economy.

If

the

U.S.

does

not

enter

a

recession,

we

think

there

is

potential

for

excess

returns

from

further

spread

narrowing

in

the

sector.

Security

selection

within

the

CLO

market

drove

relative

underperformance

over

the

period.

The

Fund’s

modestly

higher

allocation

to

A

rated

securities

detracted.

Relative

underperformance

was

also

witnessed

within

the

Fund’s

senior

AAA

securities,

as

a

portion

of

those

holdings

were

purchased

in

2021

at

record-low

coupons,

which

are

somewhat

more

sensitive

to

changes

in

interest

rates.

Janus

Henderson

AAA

CLO

ETF

is

an

actively

managed

ETF

seeking

to

invest

in

high-quality

CLOs.

The

ETF

seeks

to

deliver

investors

risk-managed

access

to

an

asset

class

that

may

provide

consistent

risk-adjusted

returns

and

low

correlation

to

traditional

fixed

income

asset

classes,

while

exhibiting

low

volatility

with

low

downgrade

risk.

Important

Notice

–

Tailored

Shareholder

Reports

Effective

January

24,

2023,

the

Securities

and

Exchange

Commission

(the

“SEC”)

adopted

rule

and

form

amendments

that

require

mutual

funds

and

exchange

traded

funds

to

provide

shareholders

with

streamlined

annual

and

semi-annual

shareholder

reports

that

highlight

key

information.

Other

information,

including

financial

statements,

that

currently

appears

in

shareholder

reports

will

be

made

available

online,

delivered

free

of

charge

to

shareholders

upon

request,

and

filed

with

the

SEC.

The

first

tailored

shareholder

report

for

the

Fund

will

be

for

the

reporting

period

ending

October

31,

2024.

Currently,

management

is

evaluating

the

impact

of

the

rule

and

form

amendments

on

the

content

of

the

Fund’s

current

shareholder

reports.

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

October

31,

2023

2

October

31,

2023

Holdings

are

subject

to

change

without

notice.

Sector

Allocation

–

(%

of

Net

Assets)

Collateralized

Loan

Obligation

101.2%

Investment

Company

2.9%

104.1%

Ratings

†

Summary

–

(%

of

Total

Investments)

AAA

94.80%

Aa

1.66%

A

4.76%

Other

(1.22)%

†

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

Janus

Detroit

Street

Trust

3

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.

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.

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.

Average

Annual

Total

Return

for

the

periods

ended

October

31,

2023

One

Year

Since

Inception

*

Janus

Henderson

AAA

CLO

ETF

-

NAV

8.81%

3.02%

Janus

Henderson

AAA

CLO

ETF

-

Market

Price

8.91%

3.05%

J.P.

Morgan

CLO

AAA

Index

9.08%

3.34%

*

The

Fund

commenced

operations

on

October

16,

2020.

Janus

Henderson

AAA

CLO

ETF

(unaudited)

Disclosure

of

Fund

Expenses

4

October

31,

2023

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1)

transaction

costs,

which

may

include

creation

and

redemption

fees

or

brokerage

charges

and

(2)

ongoing

costs,

including

management

fees

and

other

Fund

expenses.

This

example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

Funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

example

is

based

upon

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

six-months

indicated,

unless

noted

otherwise

in

the

table

and

footnotes

below. 

Actual

Expenses 

The

information

in

the

table

under

the

heading

“Actual”

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

these

columns,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

under

the

heading

entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

the

period.

Hypothetical

Example

for

Comparison

Purposes 

The

information

in

the

table

under

the

heading

“Hypothetical

(5%

return

before

expenses)”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

upon

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

determine

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Additionally,

for

an

analysis

of

the

fees

associated

with

an

investment

or

other

similar

funds,

please

visit 

www.finra.org/

fundanalyzer.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transaction

costs,

such

as

creation

and

redemption

fees,

or

brokerage

charges.

These

fees

are

fully

described

in

the

Fund’s

prospectus.

Therefore,

the

hypothetical

examples

are

useful

in

comparing

ongoing

costs

only

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

transaction

costs

were

included,

your

costs

would

have

been

higher.

Actual

Hypothetical

(5%

return

before

expenses)

Beginning

Account

Value

(5/1/23)

Ending

Account

Value

(10/31/23)

Expenses

Paid

During

Period

(5/1/23

-

10/31/23)

†

Beginning

Account

Value

(5/1/23)

Ending

Account

Value

(10/31/23)

Expenses

Paid

During

Period

(5/1/23

-

10/31/23)

†

Net

Annualized

Expense

Ratio

(5/1/23

-

10/31/23)

$1,000.00

$1,042.30

$1.08

$1,000.00

$1,024.15

$1.07

0.21%

†

Expenses

Paid

During

Period

is

equal

to

the

Net

Annualized

Expense

Ratio

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period).

Janus

Henderson

AAA

CLO

ETF

Report

of

Independent

Registered

Public

Accounting

Firm

Janus

Detroit

Street

Trust

5

To

the

Board

of

Trustees

of

Janus

Detroit

Street

Trust

and

Shareholders

of

Janus

Henderson

AAA

CLO

ETF

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Janus

Henderson

AAA

CLO

ETF

(one

of

the

funds

constituting

Janus

Detroit

Street

Trust,

referred

to

hereafter

as

the

"Fund")

as

of

October

31,

2023,

the

related

statement

of

operations

for

the

year

ended

October

31,

2023,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2023,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

three

years

in

the

period

ended

October

31,

2023

and

for

the

period

October

16,

2020

(commencement

of

operations)

through

October

31,

2020

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

October

31,

2023

,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2023

and

the

financial

highlights

for

each

of

the

three

years

in

the

period

ended

October

31,

2023

and

for

the

period

October

16,

2020

(commencement

of

operations)

through

October

31,

2020

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

based

on

our

audits

.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

October

31,

2023

by

correspondence

with

the

custodian,

transfer

agent

and

brokers

;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures

.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

Denver,

Colorado

December

15,

2023

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

Janus

Henderson

Funds

since

1990.

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

October

31,

2023

6

October

31,

2023

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

101.2%

720

East

CLO

Ltd.

2023-2A

A2,

CME

Term

SOFR

3

Month

+

2.1500%,

7.5459%,

10/15/36

(144A)

‡

$

13,000,000

$

12,831,637

AGL

CLO

14

Ltd.

2021-14A

A,

CME

Term

SOFR

3

Month

+

1.4116%,

6.8235%,

12/2/34

(144A)

‡

59,020,000

58,529,308

AGL

CLO

16

Ltd.

2021-16A

A,

CME

Term

SOFR

3

Month

+

1.3916%,

6.8074%,

1/20/35

(144A)

‡

26,341,220

25,999,232

AGL

CLO

6

Ltd.

2020-6A

AR,

CME

Term

SOFR

3

Month

+

1.4616%,

6.8774%,

7/20/34

(144A)

‡

53,150,000

52,830,462

AGL

Core

CLO

15

Ltd.

2021-15A

A1,

CME

Term

SOFR

3

Month

+

1.4116%,

6.8274%,

1/20/35

(144A)

‡

43,200,000

42,862,651

AGL

Core

CLO

4

Ltd.

2020-4A

A1R,

CME

Term

SOFR

3

Month

+

1.3316%,

6.7474%,

4/20/33

(144A)

‡

5,500,000

5,467,808

Aimco

CLO

11

Ltd.

2020-11A

AR,

CME

Term

SOFR

3

Month

+

1.3916%,

6.7944%,

10/17/34

(144A)

‡

28,050,000

27,838,952

Allegro

CLO

XII

Ltd.

2020-1A

A1,

CME

Term

SOFR

3

Month

+

1.5116%,

6.9235%,

1/21/32

(144A)

‡

34,225,000

34,132,969

Allegro

CLO

XIV

Ltd.

2021-2A

A2,

CME

Term

SOFR

3

Month

+

1.6116%,

7.0055%,

10/15/34

(144A)

‡

6,875,000

6,703,895

Anchorage

Capital

CLO

24

Ltd.

2022-24A

A1,

CME

Term

SOFR

3

Month

+

1.4800%,

6.8739%,

4/15/34

(144A)

‡

19,875,000

19,729,237

Anchorage

Capital

CLO

9

Ltd.

2016-9A

AR2,

CME

Term

SOFR

3

Month

+

1.4016%,

6.7955%,

7/15/32

(144A)

‡

37,950,000

37,658,089

Anchorage

Capital

CLO

Ltd.

2014-4RA

A,

CME

Term

SOFR

3

Month

+

1.3116%,

6.7016%,

1/28/31

(144A)

‡

11,619,396

11,562,019

Apidos

CLO

XLIII

Ltd.

2023-43A

A2,

CME

Term

SOFR

3

Month

+

2.0500%,

7.4282%,

4/25/35

(144A)

‡

5,000,000

4,999,890

Apidos

CLO

XXXIII

2020-33A

AR,

CME

Term

SOFR

3

Month

+

1.4116%,

6.8101%,

10/24/34

(144A)

‡

18,630,000

18,461,678

Ares

LV

CLO

Ltd.

2020-55A

A1R,

CME

Term

SOFR

3

Month

+

1.3916%,

6.7855%,

7/15/34

(144A)

‡

39,250,000

38,971,835

Ares

LVI

CLO

Ltd.

2020-56A

AR,

CME

Term

SOFR

3

Month

+

1.4216%,

6.7998%,

10/25/34

(144A)

‡

14,950,000

14,825,466

Ares

LXI

CLO

Ltd.

2021-61A

A,

CME

Term

SOFR

3

Month

+

1.4116%,

6.8274%,

10/20/34

(144A)

‡

43,783,000

43,367,543

Ares

LXX

CLO

Ltd.

2023-70A

A2,

CME

Term

SOFR

3

Month

+

1.9500%,

0.0000%,

10/25/35

(144A)

‡

24,500,000

24,487,407

Ares

XLI

CLO

Ltd.

2016-41A

AR2,

CME

Term

SOFR

3

Month

+

1.3316%,

6.7255%,

4/15/34

(144A)

‡

24,720,000

24,383,437

Ares

XXXIV

CLO

Ltd.

2015-2A

AR2,

CME

Term

SOFR

3

Month

+

1.5116%,

6.9144%,

4/17/33

(144A)

‡

11,995,000

11,911,935

Atlas

Senior

Loan

Fund

Ltd.

2021-16A

A,

CME

Term

SOFR

3

Month

+

1.5316%,

6.9474%,

1/20/34

(144A)

‡

14,845,000

14,717,853

Atlas

Senior

Loan

Fund

VII

Ltd.

2016-7A

A2R,

CME

Term

SOFR

3

Month

+

1.8116%,

7.1995%,

11/27/31

(144A)

‡

10,000,000

9,691,780

Atrium

XIV

LLC

14A

A2A,

CME

Term

SOFR

3

Month

+

1.7116%,

7.1055%,

8/23/30

(144A)

‡

4,400,000

4,370,582

Bain

Capital

Credit

CLO

Ltd.

2021-6A

C,

CME

Term

SOFR

3

Month

+

2.3116%,

7.7235%,

10/21/34

(144A)

‡

10,700,000

10,405,632

Bain

Capital

Credit

CLO

Ltd.

2020-4A

A2R,

CME

Term

SOFR

3

Month

+

1.9500%,

7.3658%,

10/20/36

(144A)

‡

19,500,000

19,499,259

Bain

Capital

Credit

CLO

Ltd.

2023-4A

A2,

CME

Term

SOFR

3

Month

+

2.1500%,

7.5726%,

10/21/36

(144A)

‡

13,150,000

13,090,615

Bain

Capital

Credit

CLO

Ltd.

2023-4A

C,

CME

Term

SOFR

3

Month

+

2.9000%,

8.3226%,

10/21/36

(144A)

‡

12,150,000

12,130,900

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

October

31,

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)

Ballyrock

CLO

19

Ltd.

2022-19A

A1,

CME

Term

SOFR

3

Month

+

1.3300%,

6.7458%,

4/20/35

(144A)

‡

$

25,000,000

$

24,633,775

Ballyrock

CLO

Ltd.

2019-1A

A1R,

CME

Term

SOFR

3

Month

+

1.2916%,

6.6855%,

7/15/32

(144A)

‡

22,590,000

22,462,276

Barings

CLO

Ltd.

LP-2A

A,

ICE

LIBOR

USD

3

Month

+

1.1000%,

6.7774%,

1/20/34

(144A)

‡

10,450,000

10,379,536

Battalion

CLO

VIII

Ltd.

2015-8A

A1R2,

CME

Term

SOFR

3

Month

+

1.3316%,

6.7267%,

7/18/30

(144A)

‡

12,901,517

12,849,033

Battalion

CLO

XV

Ltd.

2020-15A

A2,

CME

Term

SOFR

3

Month

+

1.8616%,

7.2644%,

1/17/33

(144A)

‡

7,500,000

7,280,737

Benefit

Street

Partners

CLO

Ltd.

2015-6BR

A,

CME

Term

SOFR

3

Month

+

1.4516%,

6.8674%,

7/20/34

(144A)

‡

14,515,000

14,405,223

Benefit

Street

Partners

CLO

XIX

Ltd.

2019-19A

A,

CME

Term

SOFR

3

Month

+

1.6116%,

7.0055%,

1/15/33

(144A)

‡

35,000,000

34,898,710

Benefit

Street

Partners

CLO

XXXII

Ltd.

2023-32A

A2,

CME

Term

SOFR

3

Month

+

1.9500%,

0.0000%,

10/25/36

(144A)

‡

11,000,000

10,996,194

Bethpage

Park

CLO

Ltd.

2021-1A

A,

CME

Term

SOFR

3

Month

+

1.3916%,

6.7855%,

1/15/35

(144A)

‡

35,653,000

35,326,989

BlueMountain

CLO

XXIV

Ltd.

2019-24A

AR,

CME

Term

SOFR

3

Month

+

1.3616%,

6.7774%,

4/20/34

(144A)

‡

23,700,000

23,358,365

BlueMountain

CLO

XXXII

Ltd.

2021-32A

A,

CME

Term

SOFR

3

Month

+

1.4316%,

6.8255%,

10/15/34

(144A)

‡

12,645,000

12,502,187

BlueMountain

CLO

XXXIII

Ltd.

2021-33A

A,

CME

Term

SOFR

3

Month

+

1.4516%,

6.8314%,

11/20/34

(144A)

‡

17,400,000

17,225,739

BlueMountain

Fuji

US

CLO

III

Ltd.

2017-3A

A2,

CME

Term

SOFR

3

Month

+

1.4116%,

6.8055%,

1/15/30

(144A)

‡

3,500,000

3,413,792

Buckhorn

Park

CLO

Ltd.

2019-1A

AR,

CME

Term

SOFR

3

Month

+

1.3816%,

6.7767%,

7/18/34

(144A)

‡

45,230,000

44,892,132

Canyon

Capital

CLO

Ltd.

2014-1A

A1BR,

CME

Term

SOFR

3

Month

+

1.4316%,

6.8216%,

1/30/31

(144A)

‡

3,010,000

2,931,219

Carlyle

US

CLO

Ltd.

2017-5A

A1B,

CME

Term

SOFR

3

Month

+

1.5116%,

6.9274%,

1/20/30

(144A)

‡

12,527,000

12,311,373

Carlyle

US

CLO

Ltd.

2019-1A

A1AR,

CME

Term

SOFR

3

Month

+

1.3416%,

6.7574%,

4/20/31

(144A)

‡

25,170,000

25,020,490

Carlyle

US

CLO

Ltd.

2021-3SA

A1,

CME

Term

SOFR

3

Month

+

1.3216%,

6.7155%,

4/15/34

(144A)

‡

16,800,000

16,605,204

Carlyle

US

CLO

Ltd.

2021-1A

A1,

CME

Term

SOFR

3

Month

+

1.4016%,

6.7955%,

4/15/34

(144A)

‡

65,736,000

65,269,800

Carlyle

US

CLO

Ltd.

2020-2A

A1R,

CME

Term

SOFR

3

Month

+

1.4016%,

6.7798%,

1/25/35

(144A)

‡

30,310,000

30,022,934

Carlyle

US

CLO

Ltd.

2021-7A

A1,

CME

Term

SOFR

3

Month

+

1.4216%,

6.8155%,

10/15/35

(144A)

‡

34,000,000

33,719,466

Carlyle

US

CLO

Ltd.

2023-2A

A2,

CME

Term

SOFR

3

Month

+

2.2500%,

7.5054%,

7/20/36

(144A)

‡

9,000,000

8,989,047

Carlyle

US

CLO

Ltd.

2023-2A

C,

CME

Term

SOFR

3

Month

+

3.0000%,

8.2554%,

7/20/36

(144A)

‡

13,000,000

13,038,558

Carlyle

US

CLO

Ltd.

2023-4A

A2,

CME

Term

SOFR

3

Month

+

1.9500%,

0.0000%,

10/25/36

(144A)

‡

8,000,000

7,997,272

CBAM

Ltd.

2018-8A

A1,

CME

Term

SOFR

3

Month

+

1.3816%,

6.7974%,

10/20/29

(144A)

‡

8,020,860

7,992,105

CBAM

Ltd.

2019-10A

A1R,

CME

Term

SOFR

3

Month

+

1.3816%,

6.7974%,

4/20/32

(144A)

‡

29,500,000

29,287,246

CBAM

Ltd.

2020-13A

A,

CME

Term

SOFR

3

Month

+

1.6916%,

7.1074%,

1/20/34

(144A)

‡

25,880,000

25,702,230

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

October

31,

2023

8

October

31,

2023

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

CBAM

Ltd.

2021-14A

A,

CME

Term

SOFR

3

Month

+

1.3616%,

6.7774%,

4/20/34

(144A)

‡

$

20,000,000

$

19,771,620

CBAM

Ltd.

2020-12A

AR,

CME

Term

SOFR

3

Month

+

1.4416%,

6.8574%,

7/20/34

(144A)

‡

35,000,000

34,632,990

CBAM

Ltd.

2019-11RA

A1,

CME

Term

SOFR

3

Month

+

1.4416%,

6.8574%,

1/20/35

(144A)

‡

16,897,000

16,705,084

CBAM

Ltd.

2019-11RA

A2,

CME

Term

SOFR

3

Month

+

1.7616%,

7.1774%,

1/20/35

(144A)

‡

13,889,000

13,335,912

Cedar

Funding

XI

CLO

Ltd.

2019-11A

A1R,

CME

Term

SOFR

3

Month

+

1.3116%,

6.7155%,

5/29/32

(144A)

‡

34,120,000

33,919,204

CIFC

Funding

2019-I

Ltd.

2019-1A

AR,

CME

Term

SOFR

3

Month

+

1.3616%,

6.7774%,

4/20/32

(144A)

‡

15,710,000

15,614,452

CIFC

Funding

2019-V

Ltd.

2019-5A

A2RS,

CME

Term

SOFR

3

Month

+

2.0116%,

7.4055%,

1/15/35

(144A)

‡

15,500,000

15,272,181

CIFC

Funding

2020-III

Ltd.

2020-3A

A1R,

CME

Term

SOFR

3

Month

+

1.3916%,

6.8074%,

10/20/34

(144A)

‡

55,500,000

55,042,291

CIFC

Funding

Ltd.

2013-2A

A3LR,

CME

Term

SOFR

3

Month

+

2.2116%,

7.6066%,

10/18/30

(144A)

‡

6,205,000

5,989,804

CIFC

Funding

Ltd.

2014-4RA

A1AR,

CME

Term

SOFR

3

Month

+

1.4316%,

6.8344%,

1/17/35

(144A)

‡

70,605,000

70,107,305

CIFC

Funding

Ltd.

2021-7A

A1,

CME

Term

SOFR

3

Month

+

1.3916%,

6.8035%,

1/23/35

(144A)

‡

35,826,000

35,488,053

CIFC

Funding

Ltd.

2022-4A

A2,

CME

Term

SOFR

3

Month

+

1.7000%,

7.0939%,

7/16/35

(144A)

‡

10,000,000

9,822,430

CIFC

Funding

Ltd.

2020-1A

A1R,

CME

Term

SOFR

3

Month

+

1.4116%,

6.8055%,

7/15/36

(144A)

‡

22,800,000

22,621,316

Columbia

Cent

CLO

29

Ltd.

2020-29A

AR,

CME

Term

SOFR

3

Month

+

1.4316%,

6.8474%,

10/20/34

(144A)

‡

12,140,000

11,933,377

Deer

Creek

CLO

Ltd.

2017-1A

A,

CME

Term

SOFR

3

Month

+

1.4416%,

6.8574%,

10/20/30

(144A)

‡

3,047,301

3,038,248

Dryden

102

CLO

Ltd.

2023-102A

A2,

CME

Term

SOFR

3

Month

+

2.0000%,

7.3938%,

10/15/36

(144A)

‡

10,400,000

10,360,563

Dryden

105

CLO

Ltd.

2023-105A

A,

CME

Term

SOFR

3

Month

+

1.8000%,

7.1950%,

4/18/36

(144A)

‡

32,000,000

32,079,488

Dryden

105

CLO

Ltd.

2023-105A

C,

CME

Term

SOFR

3

Month

+

3.1000%,

8.4950%,

4/18/36

(144A)

‡

16,550,000

16,562,826

Dryden

107

CLO

Ltd.

2023-107A

A2,

CME

Term

SOFR

3

Month

+

2.1500%,

7.5492%,

8/15/35

(144A)

‡

10,000,000

9,997,600

Dryden

107

CLO

Ltd.

2023-107A

C,

CME

Term

SOFR

3

Month

+

3.0000%,

8.3992%,

8/15/35

(144A)

‡

14,750,000

14,745,487

Dryden

72

CLO

Ltd.

2019-72A

AR,

CME

Term

SOFR

3

Month

+

1.3416%,

6.7062%,

5/15/32

(144A)

‡

30,000,000

29,782,110

Dryden

75

CLO

Ltd.

2019-75A

AR2,

CME

Term

SOFR

3

Month

+

1.3016%,

6.6955%,

4/15/34

(144A)

‡

56,041,000

55,241,463

Dryden

76

CLO

Ltd.

2019-76A

A1R,

CME

Term

SOFR

3

Month

+

1.4116%,

6.8274%,

10/20/34

(144A)

‡

10,750,000

10,631,212

Dryden

77

CLO

Ltd.

2020-77A

AR,

CME

Term

SOFR

3

Month

+

1.3816%,

6.7614%,

5/20/34

(144A)

‡

44,600,000

44,037,906

Dryden

78

CLO

Ltd.

2020-78A

A,

CME

Term

SOFR

3

Month

+

1.4416%,

6.8444%,

4/17/33

(144A)

‡

7,750,000

7,686,349

Dryden

85

CLO

Ltd.

2020-85A

AR,

CME

Term

SOFR

3

Month

+

1.4116%,

6.8055%,

10/15/35

(144A)

‡

44,893,000

44,410,221

Eaton

Vance

CLO

Ltd.

2020-1A

AR,

CME

Term

SOFR

3

Month

+

1.4316%,

6.8255%,

10/15/34

(144A)

‡

25,850,000

25,560,170

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

October

31,

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)

Elmwood

CLO

23

Ltd.

2023-2A

A,

CME

Term

SOFR

3

Month

+

1.8000%,

7.1939%,

4/16/36

(144A)

‡

$

40,000,000

$

40,065,240

Elmwood

CLO

24

Ltd.

2023-3A

A2,

CME

Term

SOFR

3

Month

+

1.9500%,

0.0000%,

12/11/33

(144A)

‡

10,000,000

10,000,000

Empower

CLO

Ltd.

2023-2A

A2,

CME

Term

SOFR

3

Month

+

2.4000%,

7.7402%,

7/15/36

(144A)

‡

22,500,000

22,527,653

Golub

Capital

Partners

CLO

58B

Ltd.

2021-58A

A2,

CME

Term

SOFR

3

Month

+

1.7116%,

7.0898%,

1/25/35

(144A)

‡

10,000,000

9,676,440

Golub

Capital

Partners

CLO

66B

Ltd.

2023-66A

A,

CME

Term

SOFR

3

Month

+

1.9500%,

7.3282%,

4/25/36

(144A)

‡

47,500,000

47,490,975

Hayfin

US

XIV

Ltd.

2021-14A

A1,

CME

Term

SOFR

3

Month

+

1.4916%,

6.9074%,

7/20/34

(144A)

‡

16,800,000

16,512,938

Invesco

CLO

Ltd.

2022-2A

A2,

CME

Term

SOFR

3

Month

+

1.7500%,

7.1658%,

7/20/35

(144A)

‡

5,000,000

4,906,685

Katayma

CLO

I

Ltd.

2023-1A

A2,

CME

Term

SOFR

3

Month

+

2.2000%,

7.5832%,

10/20/36

(144A)

‡

16,000,000

15,991,872

KKR

CLO

24

Ltd.

24

A1R,

CME

Term

SOFR

3

Month

+

1.3416%,

6.7574%,

4/20/32

(144A)

‡

7,110,000

7,063,671

KKR

CLO

27

Ltd.

27A

AR,

CME

Term

SOFR

3

Month

+

1.2800%,

6.6739%,

10/15/32

(144A)

‡

20,700,000

20,545,330

KKR

CLO

35

Ltd.

35A

A,

CME

Term

SOFR

3

Month

+

1.4516%,

6.8674%,

10/20/34

(144A)

‡

31,345,000

31,039,135

KKR

CLO

36

Ltd.

36A

A,

CME

Term

SOFR

3

Month

+

1.4416%,

6.8355%,

10/15/34

(144A)

‡

17,130,000

16,918,873

KKR

CLO

37

Ltd.

37A

A1A,

CME

Term

SOFR

3

Month

+

1.4316%,

6.8474%,

1/20/35

(144A)

‡

18,750,000

18,542,644

KKR

CLO

41

Ltd.

2022-41A

A1,

CME

Term

SOFR

3

Month

+

1.3300%,

6.7239%,

4/15/35

(144A)

‡

10,359,000

10,198,663

KKR

CLO

48

Ltd.

48A

A2,

CME

Term

SOFR

3

Month

+

2.0000%,

0.0000%,

10/20/36

(144A)

‡

8,750,000

8,745,503

KKR

CLO

Ltd.

22A

A,

CME

Term

SOFR

3

Month

+

1.4116%,

6.8274%,

7/20/31

(144A)

‡

2,948,116

2,935,469

LCM

35

Ltd.

35A

A2,

CME

Term

SOFR

3

Month

+

1.6616%,

7.0555%,

10/15/34

(144A)

‡

5,750,000

5,598,792

LCM

Loan

Income

Fund

I

Income

Note

Issuer

Ltd.

27A

A2,

CME

Term

SOFR

3

Month

+

1.5616%,

6.9555%,

7/16/31

(144A)

‡

18,000,000

17,580,078

LCM

XXIII

Ltd.

23A

A1R,

CME

Term

SOFR

3

Month

+

1.3316%,

6.7474%,

10/20/29

(144A)

‡

12,712,349

12,687,839

LCM

XXIV

Ltd.

24A

AR,

CME

Term

SOFR

3

Month

+

1.2416%,

6.6574%,

3/20/30

(144A)

‡

21,988,482

21,872,471

Logan

CLO

I

Ltd.

2021-1A

A,

CME

Term

SOFR

3

Month

+

1.4216%,

6.8374%,

7/20/34

(144A)

‡

32,950,000

32,796,717

Logan

CLO

II

Ltd.

2021-2A

A,

CME

Term

SOFR

3

Month

+

1.4116%,

6.8274%,

1/20/35

(144A)

‡

24,196,521

24,013,208

Madison

Park

Funding

LII

Ltd.

2021-52A

A,

CME

Term

SOFR

3

Month

+

1.3616%,

6.7735%,

1/22/35

(144A)

‡

15,085,000

14,854,743

Madison

Park

Funding

LIX

Ltd.

2021-59A

A,

CME

Term

SOFR

3

Month

+

1.4016%,

6.7966%,

1/18/34

(144A)

‡

42,300,000

42,108,127

Madison

Park

Funding

LXII

Ltd.

2022-62A

CR,

CME

Term

SOFR

3

Month

+

3.0000%,

8.4028%,

7/17/36

(144A)

‡

18,000,000

17,998,956

Madison

Park

Funding

LXIII

Ltd.

2023-63A

A2,

CME

Term

SOFR

3

Month

+

2.2500%,

7.6619%,

4/21/35

(144A)

‡

15,000,000

15,016,395

Madison

Park

Funding

XLVIII

Ltd.

2021-48A

A,

CME

Term

SOFR

3

Month

+

1.4116%,

6.8084%,

4/19/33

(144A)

‡

15,750,000

15,638,317

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

October

31,

2023

10

October

31,

2023

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

Madison

Park

Funding

XX

Ltd.

2016-20A

A2R,

CME

Term

SOFR

3

Month

+

1.5616%,

6.9491%,

7/27/30

(144A)

‡

$

4,750,000

$

4,666,846

Madison

Park

Funding

XXI

Ltd.

2016-21A

AARR,

CME

Term

SOFR

3

Month

+

1.3416%,

6.7355%,

10/15/32

(144A)

‡

79,250,000

78,824,427

Madison

Park

Funding

XXXVIII

Ltd.

2021-38A

A,

CME

Term

SOFR

3

Month

+

1.3816%,

6.7844%,

7/17/34

(144A)

‡

38,760,000

38,369,493

Magnetite

XV

Ltd.

2015-15A

CR,

CME

Term

SOFR

3

Month

+

2.0616%,

7.4398%,

7/25/31

(144A)

‡

6,950,000

6,782,498

Magnetite

Xxix

Ltd.

2021-29A

A,

CME

Term

SOFR

3

Month

+

1.2516%,

6.6455%,

1/15/34

(144A)

‡

21,806,000

21,650,981

Magnetite

XXVI

Ltd.

2020-26A

A1R,

CME

Term

SOFR

3

Month

+

1.3816%,

6.7598%,

7/25/34

(144A)

‡

47,360,536

46,964,602

Marble

Point

CLO

XI

Ltd.

2017-2A

A,

CME

Term

SOFR

3

Month

+

1.4416%,

6.8366%,

12/18/30

(144A)

‡

2,544,282

2,526,134

Mountain

View

CLO

LLC

2017-2A

AR,

CME

Term

SOFR

3

Month

+

1.3016%,

6.6955%,

1/16/31

(144A)

‡

21,645,897

21,565,223

Neuberger

Berman

CLO

XVI-S

Ltd.

2017-16SA

CR,

CME

Term

SOFR

3

Month

+

2.1616%,

7.5555%,

4/15/34

(144A)

‡

8,000,000

7,708,248

Neuberger

Berman

Loan

Advisers

CLO

30

Ltd.

2018-30A

CR,

CME

Term

SOFR

3

Month

+

2.0116%,

7.4274%,

1/20/31

(144A)

‡

7,000,000

6,757,667

Neuberger

Berman

Loan

Advisers

CLO

33

Ltd.

2019-33A

AR,

CME

Term

SOFR

3

Month

+

1.3416%,

6.7355%,

10/16/33

(144A)

‡

27,550,000

27,404,398

Neuberger

Berman

Loan

Advisers

CLO

42

Ltd.

2021-42A

A,

CME

Term

SOFR

3

Month

+

1.3616%,

6.7555%,

7/16/35

(144A)

‡

11,368,725

11,280,640

Neuberger

Berman

Loan

Advisers

CLO

43

Ltd.

2021-43A

A,

CME

Term

SOFR

3

Month

+

1.3916%,

6.7944%,

7/17/35

(144A)

‡

26,725,000

26,573,977

NYACK

Park

CLO

Ltd.

2021-1A

A,

CME

Term

SOFR

3

Month

+

1.3816%,

6.7974%,

10/20/34

(144A)

‡

54,346,613

53,793,691

Oaktree

CLO

Ltd.

2019-2A

A1AR,

CME

Term

SOFR

3

Month

+

1.3816%,

6.7755%,

4/15/31

(144A)

‡

3,000,000

2,978,052

Oaktree

CLO

Ltd.

2020-1A

AR,

CME

Term

SOFR

3

Month

+

1.4116%,

6.8055%,

7/15/34

(144A)

‡

22,695,000

22,320,737

Oaktree

CLO

Ltd.

2023-2A

AJ,

CME

Term

SOFR

3

Month

+

2.2500%,

7.6320%,

7/20/36

(144A)

‡

8,000,000

7,996,600

OCP

CLO

Ltd.

2019-17A

A1R,

CME

Term

SOFR

3

Month

+

1.3016%,

6.7174%,

7/20/32

(144A)

‡

63,780,000

63,359,052

Octagon

54

Ltd.

2021-1A

A1,

CME

Term

SOFR

3

Month

+

1.3816%,

6.7755%,

7/15/34

(144A)

‡

23,400,000

23,117,117

Octagon

55

Ltd.

2021-1A

A1,

CME

Term

SOFR

3

Month

+

1.4016%,

6.8174%,

7/20/34

(144A)

‡

40,000,000

39,548,240

Octagon

66

Ltd.

2022-1A

A2R,

CME

Term

SOFR

3

Month

+

2.0000%,

0.0000%,

11/16/36

(144A)

‡

11,000,000

11,000,000

Octagon

68

Ltd.

2023-1A

A2,

CME

Term

SOFR

3

Month

+

1.9500%,

0.0000%,

10/20/36

(144A)

‡

15,000,000

15,000,000

Octagon

70

Alto

Ltd.

2023-1A

A2,

CME

Term

SOFR

3

Month

+

2.0500%,

7.4552%,

10/20/36

(144A)

‡

18,000,000

17,896,284

Octagon

Investment

Partners

29

Ltd.

2016-1A

AR,

CME

Term

SOFR

3

Month

+

1.4416%,

6.8401%,

1/24/33

(144A)

‡

68,716,000

68,260,688

Octagon

Investment

Partners

40

Ltd.

2019-1A

A1R,

CME

Term

SOFR

3

Month

+

1.4316%,

6.8474%,

1/20/35

(144A)

‡

22,380,000

22,121,063

Octagon

Investment

Partners

44

Ltd.

2019-1A

AR,

CME

Term

SOFR

3

Month

+

1.4416%,

6.8355%,

10/15/34

(144A)

‡

48,600,000

48,075,217

Octagon

Investment

Partners

45

Ltd.

2019-1A

A1R,

CME

Term

SOFR

3

Month

+

1.3400%,

6.7339%,

4/15/35

(144A)

‡

9,380,000

9,233,269

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

October

31,

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)

Octagon

Investment

Partners

48

Ltd.

2020-3A

AR,

CME

Term

SOFR

3

Month

+

1.4116%,

6.8274%,

10/20/34

(144A)

‡

$

37,168,000

$

36,744,210

Octagon

Investment

Partners

49

Ltd.

2020-5A

A1,

CME

Term

SOFR

3

Month

+

1.4816%,

6.8755%,

1/15/33

(144A)

‡

35,000,000

34,908,020

Octagon

Investment

Partners

50

Ltd.

2020-4A

AR,

CME

Term

SOFR

3

Month

+

1.4116%,

6.8055%,

1/15/35

(144A)

‡

53,400,000

52,761,656

Octagon

Investment

Partners

51

Ltd.

2021-1A

A,

CME

Term

SOFR

3

Month

+

1.4116%,

6.8274%,

7/20/34

(144A)

‡

16,455,000

16,275,575

Octagon

Investment

Partners

XIV

Ltd.

2012-1A

ABRR,

CME

Term

SOFR

3

Month

+

1.5116%,

6.9055%,

7/15/29

(144A)

‡

20,000,000

19,709,180

Octagon

Investment

Partners

XXI

Ltd.

2014-1A

AAR3,

CME

Term

SOFR

3

Month

+

1.2616%,

6.6308%,

2/14/31

(144A)

‡

21,150,000

21,012,863

OHA

Credit

Funding

16

Ltd.

2023-16A

A2,

CME

Term

SOFR

3

Month

+

1.9500%,

0.0000%,

10/20/36

(144A)

‡

15,000,000

14,994,885

OHA

Credit

Funding

3

Ltd.

2019-3A

AR,

CME

Term

SOFR

3

Month

+

1.4016%,

6.8174%,

7/2/35

(144A)

‡

110,000,000

109,341,539

OHA

Credit

Funding

8

Ltd.

2021-8A

A,

CME

Term

SOFR

3

Month

+

1.4516%,

6.8466%,

1/18/34

(144A)

‡

20,000,000

19,942,200

Palmer

Square

CLO

Ltd.

2021-4A

A,

CME

Term

SOFR

3

Month

+

1.4316%,

6.8255%,

10/15/34

(144A)

‡

29,400,000

29,190,731

Palmer

Square

Loan

Funding

Ltd.

2021-1A

A1,

CME

Term

SOFR

3

Month

+

1.1616%,

6.5774%,

4/20/29

(144A)

‡

7,755,812

7,724,580

Palmer

Square

Loan

Funding

Ltd.

2022-1A

B,

CME

Term

SOFR

3

Month

+

2.0000%,

7.3939%,

4/15/30

(144A)

‡

15,000,000

14,548,230

Pikes

Peak

CLO

11

2022-11A

A1,

CME

Term

SOFR

3

Month

+

1.9500%,

7.3282%,

7/25/34

(144A)

‡

11,000,000

11,011,627

Post

CLO

Ltd.

2023-1A

A,

CME

Term

SOFR

3

Month

+

1.9500%,

7.3658%,

4/20/36

(144A)

‡

30,000,000

29,868,990

Race

Point

VIII

CLO

Ltd.

2013-8A

BR2,

CME

Term

SOFR

3

Month

+

1.7616%,

7.1414%,

2/20/30

(144A)

‡

19,290,000

18,982,074

Rad

CLO

10

Ltd.

2021-10A

A,

CME

Term

SOFR

3

Month

+

1.4316%,

6.8435%,

4/23/34

(144A)

‡

5,520,000

5,478,760

Rad

CLO

15

Ltd.

2021-15A

A,

CME

Term

SOFR

3

Month

+

1.3516%,

6.7674%,

1/20/34

(144A)

‡

12,400,000

12,311,935

Rad

CLO

19

Ltd.

2023-19A

C,

CME

Term

SOFR

3

Month

+

3.3500%,

8.7658%,

4/20/35

(144A)

‡

15,500,000

15,537,556

Rad

CLO

20

Ltd.

2023-20A

C,

CME

Term

SOFR

3

Month

+

3.0000%,

8.4058%,

7/20/36

(144A)

‡

18,500,000

18,523,662

RAD

CLO

21

Ltd.

2023-21A

C,

CME

Term

SOFR

3

Month

+

2.5500%,

0.0000%,

1/25/33

(144A)

‡

81,710,572

81,667,298

Rad

CLO

22

Ltd.

2023-22A

A2,

CME

Term

SOFR

3

Month

+

2.1000%,

0.0000%,

1/20/37

(144A)

‡

10,000,000

10,000,000

Recette

CLO

Ltd.

2015-1A

ARR,

CME

Term

SOFR

3

Month

+

1.3416%,

6.7574%,

4/20/34

(144A)

‡

23,700,000

23,390,336

Regatta

XX

Funding

Ltd.

2021-2A

A,

CME

Term

SOFR

3

Month

+

1.4216%,

6.8155%,

10/15/34

(144A)

‡

13,481,022

13,398,882

Regatta

XXIII

Funding

Ltd.

2021-4A

A1,

CME

Term

SOFR

3

Month

+

1.4116%,

6.8274%,

1/20/35

(144A)

‡

56,418,000

55,992,383

Regatta

XXV

Funding

Ltd.

2023-1A

A,

CME

Term

SOFR

3

Month

+

1.9000%,

7.1543%,

7/15/36

(144A)

‡

10,000,000

10,009,000

Regatta

XXV

Funding

Ltd.

2023-1A

C,

CME

Term

SOFR

3

Month

+

3.0500%,

8.3043%,

7/15/36

(144A)

‡

11,000,000

11,008,371

Regatta

XXVI

Funding

Ltd.

2023-2A

A2,

CME

Term

SOFR

3

Month

+

2.0000%,

0.0000%,

1/25/37

(144A)

‡

9,000,000

9,000,000

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

October

31,

2023

12

October

31,

2023

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

Riserva

CLO

Ltd.

2016-3A

ARR,

CME

Term

SOFR

3

Month

+

1.3216%,

6.7166%,

1/18/34

(144A)

‡

$

11,250,000

$

11,122,043

Rockford

Tower

CLO

Ltd.

2017-3A

A,

CME

Term

SOFR

3

Month

+

1.4516%,

6.8674%,

10/20/30

(144A)

‡

22,153,328

22,119,833

Rockford

Tower

CLO

Ltd.

2017-1A

AR2,

CME

Term

SOFR

3

Month

+

1.3616%,

6.7774%,

4/20/34

(144A)

‡

14,500,000

14,322,839

Rockford

Tower

CLO

Ltd.

2022-2A

A2R,

CME

Term

SOFR

3

Month

+

2.1500%,

7.5658%,

10/20/35

(144A)

‡

9,500,000

9,500,000

RR

1

LLC

2017-1A

A1AB,

CME

Term

SOFR

3

Month

+

1.4116%,

6.8055%,

7/15/35

(144A)

‡

57,050,000

56,656,298

RR

16

Ltd.

2021-16A

A1,

CME

Term

SOFR

3

Month

+

1.3716%,

6.7655%,

7/15/36

(144A)

‡

16,035,000

15,911,049

RR

27

Ltd.

2023-27A

A1B,

CME

Term

SOFR

3

Month

+

1.9500%,

0.0000%,

10/15/35

(144A)

‡

10,000,000

9,996,460

RRX

4

Ltd.

2021-4A

A1,

CME

Term

SOFR

3

Month

+

1.4616%,

6.8555%,

7/15/34

(144A)

‡

27,110,000

26,957,832

Sandstone

Peak

II

Ltd.

2023-1A

A,

CME

Term

SOFR

3

Month

+

2.2000%,

7.3481%,

7/20/36

(144A)

‡

50,000,000

50,054,450

Sandstone

Peak

II

Ltd.

2023-1A

C,

CME

Term

SOFR

3

Month

+

3.5000%,

8.6481%,

7/20/36

(144A)

‡

13,600,000

13,673,766

Saratoga

Investment

Corp.

CLO

Ltd.

2013-1A

A2R3,

CME

Term

SOFR

3

Month

+

1.9116%,

7.3274%,

4/20/33

(144A)

‡

35,000,000

33,909,820

Shackleton

CLO

Ltd.

2017-11A

AR,

CME

Term

SOFR

3

Month

+

1.3516%,

6.7162%,

8/15/30

(144A)

‡

40,813,811

40,660,514

Shackleton

CLO

Ltd.

2019-14A

A1R,

CME

Term

SOFR

3

Month

+

1.4616%,

6.8774%,

7/20/34

(144A)

‡

3,825,000

3,765,154

Shackleton

CLO

Ltd.

2021-16A

A,

CME

Term

SOFR

3

Month

+

1.4716%,

6.8874%,

10/20/34

(144A)

‡

26,870,000

26,469,852

Signal

Peak

CLO

1

Ltd.

2014-1A

AR3,

CME

Term

SOFR

3

Month

+

1.4216%,

6.8244%,

4/17/34

(144A)

‡

24,920,000

24,657,368

Signal

Peak

CLO

12

Ltd.

2022-12A

A1,

CME

Term

SOFR

3

Month

+

1.5400%,

6.9350%,

7/18/34

(144A)

‡

80,391,000

79,866,449

Signal

Peak

CLO

4

Ltd.

2017-4A

AR,

CME

Term

SOFR

3

Month

+

1.4416%,

6.8212%,

10/26/34

(144A)

‡

18,000,000

17,808,660

Signal

Peak

CLO

5

Ltd.

2018-5A

A,

CME

Term

SOFR

3

Month

+

1.3716%,

6.7498%,

4/25/31

(144A)

‡

13,402,840

13,354,952

Sound

Point

CLO

VI-R

Ltd.

2014-2RA

A,

CME

Term

SOFR

3

Month

+

1.5116%,

6.9274%,

10/20/31

(144A)

‡

5,500,000

5,455,725

Sound

Point

CLO

XVII

2017-3A

A1R,

CME

Term

SOFR

3

Month

+

1.2416%,

6.6574%,

10/20/30

(144A)

‡

19,662,012

19,564,784

Steele

Creek

CLO

Ltd.

2014-1RA

A,

CME

Term

SOFR

3

Month

+

1.3316%,

6.7435%,

4/21/31

(144A)

‡

8,702,544

8,667,116

Steele

Creek

CLO

Ltd.

2018-2A

A,

CME

Term

SOFR

3

Month

+

1.4616%,

6.8408%,

8/18/31

(144A)

‡

13,000,000

12,909,507

Sycamore

Tree

CLO

Ltd.

2023-4A

A2,

CME

Term

SOFR

3

Month

+

2.4000%,

7.7386%,

10/20/36

(144A)

‡

10,000,000

9,982,300

Symphony

CLO

40

Ltd.

2023-40A

A2,

CME

Term

SOFR

3

Month

+

2.0000%,

0.0000%,

1/14/34

(144A)

‡

8,000,000

8,000,000

Symphony

CLO

XV

Ltd.

2014-15A

AR3,

CME

Term

SOFR

3

Month

+

1.3416%,

6.7444%,

1/17/32

(144A)

‡

22,390,000

22,219,075

Symphony

CLO

XXII

Ltd.

2020-22A

A1A,

CME

Term

SOFR

3

Month

+

1.5516%,

6.9467%,

4/18/33

(144A)

‡

2,650,000

2,637,667

Symphony

CLO

XXVI

Ltd.

2021-26A

AR,

CME

Term

SOFR

3

Month

+

1.3416%,

6.7574%,

4/20/33

(144A)

‡

18,110,000

17,908,327

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

October

31,

2023

Janus

Detroit

Street

Trust

13

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

TCW

CLO

Ltd.

2020-1A

A1RR,

CME

Term

SOFR

3

Month

+

1.4216%,

6.8374%,

4/20/34

(144A)

‡

$

15,000,000

$

14,924,565

THL

Credit

Wind

River

CLO

Ltd.

2014-2A

AR,

CME

Term

SOFR

3

Month

+

1.4016%,

6.7955%,

1/15/31

(144A)

‡

31,346,294

31,258,964

THL

Credit

Wind

River

CLO

Ltd.

2017-1A

ARR,

CME

Term

SOFR

3

Month

+

1.3216%,

6.7166%,

4/18/36

(144A)

‡

9,250,000

9,058,507

TICP

CLO

XIV

Ltd.

2019-14A

A1R,

CME

Term

SOFR

3

Month

+

1.3416%,

6.7574%,

10/20/32

(144A)

‡

27,480,000

27,295,362

Tikehau

US

CLO

I

Ltd.

2021-1A

A2,

CME

Term

SOFR

3

Month

+

1.7116%,

7.1066%,

1/18/35

(144A)

‡

8,000,000

7,790,536

Trimaran

Cavu

Ltd.

2019-1A

A2,

CME

Term

SOFR

3

Month

+

2.1616%,

7.5774%,

7/20/32

(144A)

‡

8,000,000

7,953,664

Trinitas

CLO

IX

Ltd.

2018-9A

CRR,

CME

Term

SOFR

3

Month

+

2.5116%,

7.9274%,

1/20/32

(144A)

‡

2,000,000

1,927,686

Venture

42

CLO

Ltd.

2021-42A

A2,

CME

Term

SOFR

3

Month

+

1.5616%,

6.9555%,

4/15/34

(144A)

‡

5,000,000

4,865,560

Venture

43

CLO

Ltd.

2021-43A

A2,

CME

Term

SOFR

3

Month

+

1.7616%,

7.1555%,

4/15/34

(144A)

‡

7,500,000

7,294,650

Venture

XXX

CLO

Ltd.

2017-30A

A2,

CME

Term

SOFR

3

Month

+

1.6116%,

7.0055%,

1/15/31

(144A)

‡

15,500,000

14,962,305

Voya

CLO

Ltd.

2014-2A

A1RR,

CME

Term

SOFR

3

Month

+

1.2816%,

6.6844%,

4/17/30

(144A)

‡

16,565,911

16,494,197

Voya

CLO

Ltd.

2018-1A

A1,

CME

Term

SOFR

3

Month

+

1.2116%,

6.6084%,

4/19/31

(144A)

‡

7,976,598

7,926,824

Voya

CLO

Ltd.

2017-3A

A1R,

CME

Term

SOFR

3

Month

+

1.3016%,

6.7174%,

4/20/34

(144A)

‡

16,920,000

16,690,277

Whitebox

CLO

IV

Ltd.

2023-4A

A2,

CME

Term

SOFR

3

Month

+

2.3000%,

7.7158%,

4/20/36

(144A)

‡

20,000,000

20,021,620

Wind

River

CLO

Ltd.

2023-1A

C2,

CME

Term

SOFR

3

Month

+

3.7500%,

9.1282%,

4/25/36

(144A)

‡

7,500,000

7,525,950

Zais

CLO

13

Ltd.

2019-13A

A1A,

CME

Term

SOFR

3

Month

+

1.7516%,

7.1455%,

7/15/32

(144A)

‡

20,000,000

19,767,801

Total

Collateralized

Loan

Obligations

(cost

$4,517,181,426)

4,525,710,094

Investment

Companies

-

2.9%

Money

Market

Funds

-

2.9%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

5.3899%

£,∞

(cost

$129,288,307)

129,262,455

129,288,307

Total

Investments

(total

cost

$4,646,469,733

)

-

104.1%

4,654,998,401

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(4.1%)

(182,925,035)

Net

Assets

-

100.0%

$4,472,073,366

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

4,654,998,401

100.0

%

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

October

31,

2023

14

October

31,

2023

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

10/31/23

Investment

Company

-

2.9%

Money

Market

Funds

-

2.9%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

5.3899%

∞

$

2,933,413

$

3,464

$

(6,793)

$

129,288,307

Value

at

10/31/22

Purchases

Sales

Value

at

10/31/23

Investment

Company

-

2.9%

Money

Market

Funds

-

2.9%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

5.3899%

∞

$

117,098,991

$

2,615,272,311

$

(2,603,079,666)

$

129,288,307

Janus

Henderson

AAA

CLO

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

October

31,

2023

Janus

Detroit

Street

Trust

15

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

October

31,

2023.

£

The

Fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

Investment

Company

Act

of

1940,

as

amended,

an

affiliated

company

is

one

in

which

the

Fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

which

is

under

common

ownership

or

control.

‡

The

interest

rate

on

floating

rate

notes

is

based

on

an

index

or

market

interest

rates

and

is

subject

to

change.

Rate

in

the

security

description

is

as

of

October

31,

2023.

144A

Securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended,

are

subject

to

legal

and/or

contractual

restrictions

on

resale

and

may

not

be

publicly

sold

without

registration

under

the

1993

Act.

Unless

otherwise

noted,

these

securities

have

been

determined

to

be

liquid

in

accordance

with

the

requirements

of

Rule

22e-4,

under

the

1940

Act.

The

total

value

of

144A

securities

as

of

the

year

ended

October

31,

2023

is

$4,525,710,094

which

represents

101.2%

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

October

31,

2023

.

See

Notes

to

Financial

Statements

for

more

information.

Valuation

Inputs

Summary

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Assets

Investments

in

Securities:

Collateralized

Loan

Obligations

$

—

$

4,525,710,094

$

—

Investment

Companies

—

129,288,307

—

Total

Assets

$

—

$

4,654,998,401

$

—

Janus

Henderson

AAA

CLO

ETF

Statement

of

Assets

and

Liabilities

October

31,

2023

16

October

31,

2023

See

Notes

to

Financial

Statements.

Assets:

Unaffiliated

investments,

at

value

(cost

$4,517,181,426)

$

4,525,710,094

Affiliated

investments,

at

value

(cost

$129,288,307)

129,288,307

Cash

1,408,867

Receivables:

Fund

units

sold

20,093,157

Dividends

668,119

Interest

17,621,972

Total

Assets

4,694,790,516

Liabilities:

Payables:

Investments

purchased

221,960,572

Management

fees

756,578

Total

Liabilities

222,717,150

Commitments

and

contingent

liabilities

Net

Assets

$

4,472,073,366

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

4,450,725,376

Total

distributable

earnings

(loss)

21,347,990

Total

Net

Assets

$

4,472,073,366

Net

Assets

$

4,472,073,366

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

89,150,000

Net

Asset

Value

Per

Share

$

50.16

Janus

Henderson

AAA

CLO

ETF

Statement

of

Operations

For

the

year

ended

October

31,

2023

Janus

Detroit

Street

Trust

17

See

Notes

to

Financial

Statements.

Investment

Income:

Interest

$

179,787,813

Dividends

from

affiliates

2,933,413

Total

Investment

Income

182,721,226

Expenses:

Management

Fees

6,026,305

Total

Expenses

6,026,305

Net

Investment

Income/(Loss)

176,694,921

Net

Realized

Gain/(Loss)

on

Investments:

Investments

$

185,495

Investments

in

affiliates

3,464

Total

Net

Realized

Gain/(Loss)

on

Investments

$

188,959

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

45,303,915

Investments

in

affiliates

(6,793)

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

45,297,122

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

222,181,002

Janus

Henderson

AAA

CLO

ETF

Statements

of

Changes

in

Net

Assets

18

October

31,

2023

See

Notes

to

Financial

Statements.

Year

Ended

October

31,

2023

Year

Ended

October

31,

2022

Operations:

Net

investment

income/(loss)

$

176,694,921

$

27,855,409

Net

realized

gain/(loss)

on

investments

188,959

(13,210,957)

Change

in

unrealized

net

appreciation/depreciation

45,297,122

(37,472,826)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

222,181,002

(22,828,374)

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(156,829,695)

(22,387,705)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(156,829,695)

(22,387,705)

Capital

Share

Transactions

2,744,352,534

1,447,583,838

Net

Increase/(Decrease)

in

Net

Assets

2,809,703,841

1,402,367,759

Net

Assets:

—

—

Beginning

of

Year  

1,662,369,525

260,001,766

End

of

Year

$

4,472,073,366

$

1,662,369,525

Janus

Henderson

AAA

CLO

ETF

Financial

Highlights

Janus

Detroit

Street

Trust

19

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

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)

3.16

1.26

0.58

0.02

Net

realized

and

unrealized

gain/(loss)

1.02

(2.00)

0.69

(0.23)

Total

from

Investment

Operations

4.18

(0.74)

1.27

(0.21)

Less

Dividends

and

Distributions:

—

—

—

—

Dividends

(from

net

investment

income)

(2.84)

(0.93)

(0.57)

—

Total

Dividends

and

Distributions

(2.84)

(0.93)

(0.57)

—

Net

Asset

Value,

End

of

Period

$50.16

$48.82

$50.49

$49.79

Total

Return

*

8.81%

(1.48)%

(3)

2.55%

(0.42)%

Net

assets,

End

of

Period

(in

thousands)

$4,472,073

$1,662,371

$260,002

$119,486

Average

Net

Assets

for

the

Period

(in

thousands)

$2,775,624

$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

Investment

Income/(Loss)

6.37%

2.54%

1.16%

1.29%

Portfolio

Turnover

Rate

(4)

47%

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

20

October

31,

2023

1.

Organization

and

Significant

Accounting

Policies

Janus

Henderson AAA

CLO ETF (the

“Fund”)

is

a

series

fund.

The

Fund

is

part

of

Janus

Detroit

Street

Trust

(the

“Trust”),

which

is

organized

as

a

Delaware

statutory

trust

and

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company,

and

therefore

has

applied

the

specialized

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

(“ASC”)

Topic

946.

As

of

the

date

of

this

report,

the

Trust

offers

eleven Funds

each

of

which

represent

shares

of

beneficial

interest

in

a

separate

portfolio

of

securities

and

other

assets

with

its

own

objective

and

policies.

The

Fund

seeks

capital

preservation

and

current

income

by

seeking

to

deliver

floating-rate

exposure

to

high

quality

AAA-rated

collateralized

loan

obligations

(“CLOs”).

The

Fund

is

classified

as

diversified,

as

defined

in

the

1940

Act.

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

Janus

Henderson

AAA

CLO

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

21

market

quotations

or

evaluated

prices

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

determined

in

good

faith

by

the

Adviser

pursuant

to

the

Valuation

Procedures. Circumstances

in

which

fair

valuation

may

be

utilized

include,

but

are

not

limited

to:

(i)

a

significant

event

that

may

affect

the

securities

of

a

single

issuer,

such

as

a

merger,

bankruptcy,

or

significant

issuer-specific

development;

(ii)

an

event

that

may

affect

an

entire

market,

such

as

a

natural

disaster

or

significant

governmental

action;

(iii)

a

nonsignificant

event

such

as

a

market

closing

early

or

not

opening,

or

a

security

trading

halt;

and

(iv)

pricing

of

a

non-valued

security

and

a

restricted

or

nonpublic

security.

Special

valuation

considerations

may

apply

with

respect

to

“odd-lot”

fixed-income

transactions

which,

due

to

their

small

size,

may

receive

evaluated

prices

by

pricing

services

which

reflect

a

large

block

trade

and

not

what

actually

could

be

obtained

for

the

odd-

lot

position.

The

value

of

the

securities

of

mutual

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

mutual

funds,

and

the

prospectuses

for

such

mutual

funds

explain

the

circumstances

under

which

they

use

fair

valuation

and

the

effects

of

using

fair

valuation.

The

value

of

the

securities

of

any

cash

management

pooled

investment

vehicles

that

operate

as

money

market

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

funds.

Valuation

Inputs

Summary 

FASB

ASC

820,

Fair

Value

Measurements

and

Disclosures

(“ASC

820”),

defines

fair

value,

establishes

a

framework

for

measuring

fair

value,

and

expands

disclosure

requirements

regarding

fair

value

measurements.

This

standard

emphasizes

that

fair

value

is

a

market-based

measurement

that

should

be

determined

based

on

the

assumptions

that

market

participants

would

use

in

pricing

an

asset

or

liability

and

establishes

a

hierarchy

that

prioritizes

inputs

to

valuation

techniques

used

to

measure

fair

value.

These

inputs

are

summarized

into

three

broad

levels: 

Level

1

–

Unadjusted

quoted

prices

in

active

markets

the

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities.

Level

2

–

Observable

inputs

other

than

unadjusted

quoted

prices

included

in

Level

1

that

are

observable

for

the

asset

or

liability

either

directly

or

indirectly.

These

inputs

may

include

quoted

prices

for

the

identical

instrument

on

an

inactive

market,

prices

for

similar

instruments,

interest

rates,

prepayment

speeds,

credit

risk,

yield

curves,

default

rates

and

similar

data.

Assets

or

liabilities

categorized

as

Level

2

in

the

hierarchy

generally

include:

debt

securities

fair

valued

in

accordance

with

the

evaluated

bid

or

ask

prices

supplied

by

a

pricing

service;

securities

traded

on

OTC

markets

and

listed

securities

for

which

no

sales

are

reported

that

are

fair

valued

at

the

latest

bid

price

(or

yield

equivalent

thereof)

obtained

from

one

or

more

dealers

transacting

in

a

market

for

such

securities

or

by

a

pricing

service

approved

by

the

Fund’s

Trustees;

and

certain

short-term

debt

securities

with

maturities

of

60

days

or

less

that

are

fair

valued

at

amortized

cost.

Other

securities

that

may

be

categorized

as

Level

2

in

the

hierarchy

include,

but

are

not

limited

to,

preferred

stocks,

bank

loans,

swaps,

investments

in

unregistered

investment

companies,

options,

and

forward

contracts.

Level

3

–

Unobservable

inputs

for

the

asset

or

liability

to

the

extent

that

relevant

observable

inputs

are

not

available,

representing

the

Fund’s

own

assumptions

about

the

assumptions

that

a

market

participant

would

use

in

valuing

the

asset

or

liability,

and

that

would

be

based

on

the

best

information

available.

There

have

been

no

significant

changes

in

valuation

techniques

used

in

valuing

any

such

positions

held

by

the

Fund

since

the

beginning

of

the

fiscal

year. 

The

inputs

or

methodology

used

for

fair

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

The

summary

of

inputs

used

as

of

October

31,

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

Janus

Henderson

AAA

CLO

ETF

Notes

to

Financial

Statements

22

October

31,

2023

of

discounts.

The

Fund

classifies

gains

and

losses

on

prepayments

received

as

an

adjustment

to

interest

income.

Debt

securities

may

be

placed

in

non-accrual

status

and

related

interest

income

may

be

reduced

by

stopping

current

accruals

and

writing

off

interest

receivables

when

collection

of

all

or

a

portion

of

interest

has

become

doubtful.

Gains

and

losses

are

determined

on

the

identified

cost

basis,

which

is

the

same

basis

used

for

federal

income

tax

purposes.  

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. 

Janus

Henderson

AAA

CLO

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

23

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.

Armed

Conflict.

Recent

such

examples

include

conflict,

loss

of

life,

and

disaster

connected

to

ongoing

armed

conflict

between

Russia

and

Ukraine

in

Europe

and

Hamas

and

Israel

in

the

Middle

East.

The

extent

and

duration

of

each

conflict,

resulting

sanctions

and

resulting

future

market

disruptions

in

each

region

are

impossible

to

predict,

but

could

be

significant

and

have

a

severe

adverse

effect,

including

significant

negative

impacts

on

the

U.S.

and

broader

global

economic

environment

and

the

markets

for

certain

securities

and

commodities.

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

Janus

Henderson

AAA

CLO

ETF

Notes

to

Financial

Statements

24

October

31,

2023

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. 

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 year

ended

October

31,

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,

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. 

Daily

Net

Assets

Fee

Rate

$0-$1

billion

0.25%

over

$1

billion

0.20%

Janus

Henderson

AAA

CLO

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

25

The

Trust

has

adopted

a

Distribution

and

Servicing

Plan

for

shares

of

the

Fund

pursuant

to

Rule

12b-1

under

the

1940

Act

(the

“Plan”).

The

Plan

permits

compensation

in

connection

with

the

distribution

and

marketing

of

Fund

shares

and/

or

the

provision

of

certain

shareholder

services.

The

Plan

permits

the

Fund

to

pay

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 year

ended

October

31,

2023 can

be

found

in

a

table

located

in

the

Schedule

of

Investments.

4.

Federal

Income

Tax

The

tax

components

of

capital

shown

in

the

table

below

represent:

(1)

distribution

requirements

the

Fund

must

satisfy

under

the

income

tax

regulations;

(2)

losses

or

deductions

the

Fund

may

be

able

to

offset

against

income

and

gains

realized

in

future

years;

and

(3)

unrealized

appreciation

or

depreciation

of

investments

for

federal

income

tax

purposes. 

The

Fund

has

elected

to

treat

gains

and

losses

on

forward

foreign

currency

contracts

as

capital

gains

and

losses,

if

applicable.

Other

foreign

currency

gains

and

losses

on

debt

instruments

are

treated

as

ordinary

income

for

federal

income

tax

purposes

pursuant

to

Section

988

of

the

Internal

Revenue

Code. 

Accumulated

capital

losses

noted

below

represent

net

capital

loss

carryovers,

as

of

October

31,

2023,

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. 

Undistributed

Ordinary

Income

Undistributed

Long-Term

Gains

Accumulated

Capital

Losses

Loss

Deferrals

Other

Book

to

Tax

Differences

Net

Tax

Appreciation/

(Depreciation)

$26,152,881

$—

$(13,170,168)

$—

$—

$8,365,277

Janus

Henderson

AAA

CLO

ETF

Notes

to

Financial

Statements

26

October

31,

2023

During

the

year ended

October

31,

2023,

capital

loss

carryovers

of

$108,169

were

utilized

by

the

Fund. 

The

aggregate

cost

of

investments

and

the

composition

of

unrealized

appreciation

and

depreciation

of

investment

securities

for

federal

income

tax

purposes

as

of October

31,

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.

Income

and

capital

gains

distributions

are

determined

in

accordance

with

income

tax

regulations

that

may

differ

from

US

GAAP.

These

differences

are

due

to

differing

treatments

for

items

such

as

net

short-term

gains,

deferral

of

wash

sale

losses,

foreign

currency

transactions,

passive

foreign

investment

companies,

net

investment

losses,

in-kind

transactions

and

capital

loss

carryovers.

Certain

permanent

differences

such

as

tax

returns

of

capital

and

net

investment

losses

noted

below

have

been

reclassified

to

capital. 

Permanent

book

to

tax

basis

differences

may

result

in

reclassifications

between

the

components

of

net

assets.

These

differences

have

no

impact

on

the

results

of

operations

or

net

assets.

5.

Capital

Share

Transactions 

Capital

Loss

Carryover

Schedule

For

the

year

ended

October

31,

2023

No

Expiration

Short-Term

Long-Term

Accumulated

Capital

Losses

$(10,760,512)

$(2,409,656)

$(13,170,168)

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$4,646,633,124

$15,042,321

$(6,677,044)

$8,365,277

For

the

year

ended

October

31,

2023

:

Distributions

From

Ordinary

Income

From

Long-Term

Capital

Gain

Tax

Return

of

Capital

Net

Investment

Loss

$156,829,695

$—

$—

$—

For

the

year

ended

October

31,

2022

:

Distributions

From

Ordinary

Income

From

Long-Term

Capital

Gain

Tax

Return

of

Capital

Net

Investment

Loss

$22,387,705

$—

$—

$—

Year

Ended

October

31,

2023

Year

Ended

October

31,

2022

Shares

Amount

Shares

Amount

Shares

sold

55,100,000

$

2,744,352,534

29,300,000

$

1,467,286,269

Shares

repurchased

—

—

(400,000)

(19,702,431

)

Net

Increase/(Decrease)

55,100,000

$

2,744,352,534

28,900,000

$

1,447,583,838

Janus

Henderson

AAA

CLO

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

27

6.

Purchases

and

Sales

of

Investment

Securities

For

the year ended

October

31,

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 October

31,

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

$4,222,544,972

$1,290,247,151

$—

$—

Janus

Henderson

AAA

CLO

ETF

Additional

Information

(unaudited)

28

October

31,

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

AAA

CLO

ETF

Trustees

and

Officers

(unaudited)

Janus

Detroit

Street

Trust

29

The

following

are

the

Trustees

and

officers

of

the

Trust

together

with

a

brief

description

of

their

principal

occupations

during

the

last

five

years

(principal

occupations

for

certain

Trustees

may

include

periods

over

five

years).

The

Fund’s

Statement

of

Additional

Information

includes

additional

information

about

the

Trustees

and

officers

and

is

available,

without

charge,

by

calling

1-877-335-2687.

Each

Trustee

has

served

in

that

capacity

since

he

or

she

was

originally

elected

or

appointed.

The

Trustees

do

not

serve

a

specified

term

of

office.

Each

Trustee

will

hold

office

until

the

termination

of

the

Trust

or

his

or

her

earlier

death,

resignation,

retirement,

incapacity,

or

removal.

Under

the

Fund’s

Governance

Procedures

and

Guidelines,

the

policy

is

for

Trustees

to

retire

no

later

than

the

end

of

the

calendar

year

in

which

the

Trustee

turns

75.

The

Trustees

review

the

Fund’s

Governance

Procedures

and

Guidelines

from

time

to

time

and

may

make

changes

they

deem

appropriate.

The

Fund’s

Nominating

and

Governance

Committee

will

consider

nominees

for

the

position

of

Trustee

recommended

by

shareholders.

Shareholders

may

submit

the

name

of

a

candidate

for

consideration

by

the

Committee

by

submitting

their

recommendations

to

the

Trust’s

Secretary.

Each

Trustee

is

currently

a

Trustee

of

one

other

registered

investment

company

advised

by

the

Adviser:

Clayton

Street

Trust.

As

of

the

date

of

this

report,

collectively,

the

two

registered

investment

companies

consist

of

14

series

or

funds.

The

Trust’s

officers

are

elected

annually

by

the

Trustees

for

a

one-year

term.

Certain

officers

also

serve

as

officers

of

Clayton

Street

Trust.

Certain

officers

of

the

Funds

may

also

be

officers

and/or

directors

of

the

Adviser.

Except

as

otherwise

disclosed,

Fund

officers

receive

no

compensation

from

the

Funds.

TRUSTEES

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Number

of

Portfolios/Funds

in

Fund

Complex

Overseen

by

Trustee*

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Independent

Trustees

Clifford

J.

Weber

151

Detroit

Street

Denver,

CO

80206

DOB:

1963

Chairman

Trustee

2/16-Present

Owner,

Financial

Products

Consulting

Group

LLC

(consulting

services

to

financial

institutions)

(since

2015).

14

Independent

Trustee,

Clough

Global

Dividend

and

Income

Fund (closed-end fund)

(since

2017),

Independent

Trustee,

Clough

Global

Opportunities

Fund (closed-

end fund)

(since

2017),

Independent

Trustee,

Clough

Global

Equity

Fund (closed-

end fund)

(since

2017),

and

Independent

Trustee,

Global

X

Funds

(investment

company)

(since

2018).

Formerly,

Chairman,

Clough

Funds

Trust

(investment

company)

(2015-2023),

and

Chairman,

Elevation

ETF

Trust

(investment

company)

(2016-

2018).

Janus

Henderson

AAA

CLO

ETF

Trustees

and

Officers

(unaudited)

30

October

31,

2023

*

Each

Trustee

also

serves

as

a

trustee

to

the

Clayton

Street

Trust,

which

is

currently

comprised

of

three

portfolios.

**

Ms.

Benz

is

an

Interested

Trustee

because

of

her

employment

with

Janus

Henderson

Investors.

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Number

of

Portfolios/Funds

in

Fund

Complex

Overseen

by

Trustee*

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Maureen

T.

Upton

151

Detroit

Street

Denver,

CO

80206

DOB:

1965

Trustee

2/16-Present

Principal,

Maureen

Upton

Ltd.

(consulting

services

to

multinational

companies

(since

2017).

14

Independent

Director,

Cascadia

Minerals

Ltd.

(mineral

exploration

company);

Independent

Director,

ATAC

Resources

Ltd.

(mineral

exploration

company)

(2022-

2023).

Jeffrey

B.

Weeden

151

Detroit

Street

Denver,

CO

80206

DOB:

1956

Trustee

2/16-Present

Senior

Advisor,

Bay

Boston

Capital

LP

(investment

fund

in

banks

and

bank

holdings

companies)

(since

2015).

14

Director,

West

Travis

County

Municipal

Utility

District

No. 6

(municipal

utility)

(since

2020).

Formerly,

Director,

State

Farm

Bank

(banking)

(2014-2021).

Interested

Trustee

Carrie

Benz**

151

Detroit

Street

Denver,

CO

80206

DOB:

1975

Trustee

1/21-Present

Global

Investment

COO

(since

2023).

Formerly,

Global

Head

of

Investment

Services,

Janus

Henderson

Investors

(2017-

2023).

14

Janus

Henderson

AAA

CLO

ETF

Trustees

and

Officers

(unaudited)

Janus

Detroit

Street

Trust

31

OFFICERS

*

Officers

are

elected

at

least

annually

by

the

Trustees

for

a

one-year

term

and

may

also

be

elected

from

time

to

time

by

the

Trustees

for

an

interim

period.

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Term

of

Office*

and

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Nicholas

Cherney

151

Detroit

Street

Denver,

CO

80206

DOB:

1981

President

and

Chief

Executive

Officer

10/22-Present

Head

of

Innovation

at

Janus

Henderson

(since

2023),

Head

of

Exchange

Traded

Products

at

Janus

Henderson

Distributors

US

LLC,

Janus

Henderson

Indices

LLC,

Velocity

Shares

Holdings

Inc.

(since

2019).

Formerly,

Senior

Vice

President,

Janus

Henderson

Distributors

US

LLC,

Janus

Henderson

Indices

LLC

(2015-2019),

Janus

Henderson

Investors

US

LLC

(2015-2017),

and

Velocity

Shares

Holdings

Inc.

(2014-2019).

Kristin

Mariani

151

Detroit

Street

Denver,

CO

80206

DOB:

1966

Vice

President

and

Chief

Compliance

Officer

7/20-Present

Head

of

Compliance,

North

America

at

Janus

Henderson

Investors

(since

September

2020)

and

Chief

Compliance

Officer

at

Janus

Henderson

Investors

US

LLC

(since

September

2017).

Formerly,

Anti-Money

Laundering

Officer

for

the

Trust

(July

2020-December

2022),

and

Global

Head

of

Investment

Management

Compliance

at

Janus

Henderson

Investors

(February

2019-August

2020).

Jesper

Nergaard

151

Detroit

Street

Denver,

CO

80206

DOB:

1962

Vice

President,

Chief

Financial

Officer,

Treasurer,

and

Principal

Accounting

Officer

2/16-Present

Head

of

U.S.

Fund

Administration,

Janus

Henderson

Investors

and

Janus

Henderson

Services

LLC.

Cara

Owen

151

Detroit

Street

Denver,

CO

80206

DOB:

1981

Vice

President,

Secretary,

and

Chief

Legal

Officer

1/23-Present

Senior

Legal

Counsel

of

Janus

Henderson

Investors

US

LLC

(since

2021).

Formerly,

Assistant

Secretary

of

the

Trust

and

Clayton

Street

Trust

(2021-2023);

Vice

President

and

Principal

Legal

Counsel,

ALPS

Fund

Services,

Inc.

(fund

administrator)

(2019-2021);

and

Senior

Counsel,

Corporate

&

Investments,

Great-West

Life

&

Annuity

Insurance

Company

(insurance

company)

(2014-2019).

Ciaran

Askin

151

Detroit

Street

Denver,

CO

80206

DOB:

1978

Anti-Money

Laundering

Officer

1/23-Present

Global

Head

of

Financial

Crime,

Janus

Henderson

Investors

(since

2022).

Formerly,

Global

Head

of

Financial

Crime

at

Invesco

Ltd.

(2017-2022).

125-02-93087

12-23

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.

ANNUAL

REPORT

October

31,

2023

Janus

Henderson

U.S.

Real

Estate

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

U.S.

Real

Estate

ETF

Performance

Overview

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

1

Fund

At

A

Glance

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

2

Disclosure

of

Fund

Expenses

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

4

Report

of

Independent

Registered

Public

Accounting

Firm

...

5

Schedule

of

Investments

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

6

Statement

of

Assets

and

Liabilities

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

9

Statement

of

Operations

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

10

Statements

of

Changes

in

Net

Assets

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

11

Financial

Highlights

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

12

Notes

to

Financial

Statements

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

13

Additional

Information

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

21

Trustees

and

Officers

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

22

Janus

Henderson

U.S.

Real

Estate

ETF

(unaudited)

Janus

Detroit

Street

Trust

1

INVESTMENT

OBJECTIVE

Janus

Henderson

U.S.

Real

Estate

ETF

(JRE)

seeks

total

return

through

a

combination

of

capital

appreciation

and

current

income.

PERFORMANCE

OVERVIEW

For

the

12-month

period

ended

October

31,

2023,

the

Fund

returned

-6.19%

(based

on

NAV),

while

its

benchmark,

the

FTSE

Nareit

Equity

REITs

Index,

returned

-6.10%.

U.S.

property

equities

underperformed

broader

equities

over

the

period,

on

concerns

that

tightening

lending

standards

disproportionately

would

impact

the

real

estate

sector.

Despite

these

concerns,

however,

we

saw

evidence

of

the

advantages

of

lower-leveraged

public

real

estate

investment

trusts

(REITs)

that

continue

to

have

access

to

capital,

with

U.S.

REITs

accessing

the

unsecured

bond

market

post-Silicon

Valley

Bank

fallout.

2023

year-

to-date

debt

issuance

for

U.S.

REITs

has

been

considerably

higher

than

the

long-term

average.

There

was

a

wide

range

in

sub-sector

performance:

data

center

REITs

rallied

on

hopes

that

developments

in

artificial

intelligence

will

greatly

improve

long-term

leasing

prospects,

and

healthcare

REITs

gained

on

strong

fundamentals.

Lagging

areas

of

the

market

included

office,

given

continued

occupancy

pressure

as

technology-focused

tenants

downsize

space

requirements

due

to

hybrid

work

preferences,

as

well

as

economic

uncertainty

and

concerns

related

to

more

highly

levered

balance

sheets.

Apartments

and

self-storage

also

lagged

on

decelerating

growth

following

two

years

of

record

demand.

On

the

operational

front,

earnings

reports

generally

supported

the

view

that

U.S.

REITs

can

deliver

strong

results

in

2023,

with

marginally

lower

but

still

solid

growth

into

2024

as

contractual

rental

uplifts

support

continued

revenue

gains,

and

as

supply

growth

is

set

to

remain

muted

in

most

property

types,

indicative

of

incumbent

landlord

pricing

power.

Within

the

Fund,

stock

selection-driven

results

were

mixed

over

the

period.

Our

underweight

allocation

to

data

center

REITs

detracted

from

relative

performance,

while

our

exposure

to

healthcare

REITs

and

facilities

proved

beneficial.

Data

center

REIT

Equinix

was

the

top

detractor

from

relative

performance.

We

initiated

a

new

position

in

Equinix

toward

period-end

following

an

intervening

sell-off

in

the

stock.

Healthcare

REIT

Welltower

was

the

Fund’s

top

contributor,

benefiting

from

multiple

tailwinds

including

an

aging

population,

dwindling

new

supply,

and

ongoing

recovery

in

occupancy

and

rental

levels

for

senior

living

properties

following

a

prolonged

period

of

COVID-19-

induced

weakness.

The

Janus

Henderson

U.S.

Real

Estate

ETF

is

an

actively

managed

equity

ETF

that

seeks

compelling

outperformance

by

investing

in

REITs

and

real

estate-related

businesses.

The

Fund’s

emphasis

on

local

property

market

knowledge

combined

with

a

repeatable,

disciplined

investment

process

seeks

to

provide

defensive

growth,

diversification

relative

to

broad

equities

and

fixed

income,

and

dividends

for

investors.

Important

Notice

–

Tailored

Shareholder

Reports

Effective

January

24,

2023,

the

Securities

and

Exchange

Commission

(the

“SEC”)

adopted

rule

and

form

amendments

that

require

mutual

funds

and

exchange

traded

funds

to

provide

shareholders

with

streamlined

annual

and

semi-annual

shareholder

reports

that

highlight

key

information.

Other

information,

including

financial

statements,

that

currently

appears

in

shareholder

reports

will

be

made

available

online,

delivered

free

of

charge

to

shareholders

upon

request,

and

filed

with

the

SEC.

The

first

tailored

shareholder

report

for

the

Fund

will

be

for

the

reporting

period

ending

October

31,

2024.

Currently,

management

is

evaluating

the

impact

of

the

rule

and

form

amendments

on

the

content

of

the

Fund’s

current

shareholder

reports.

Greg

Kuhl

Danny

Greenberger

co-portfolio

manager

co-portfolio

manager

Janus

Henderson

U.S.

Real

Estate

ETF

(unaudited)

Fund

At

A

Glance

October

31,

2023

2

October

31,

2023

Holdings

are

subject

to

change

without

notice.

5

Largest

Equity

Holdings

–

(%

of

Net

Assets)

Prologis,

Inc.

Industrial

REITs

13.5%

Equinix,

Inc.

Specialized

REITs

11.2%

VICI

Properties,

Inc.

Specialized

REITs

7.3%

Welltower,

Inc.

Health

Care

REITs

6.7%

Americold

Realty

Trust,

Inc.

Industrial

REITs

5.8%

44.5%

Sector

Allocation

–

(%

of

Net

Assets)

Financial

95.6%

Consumer,

Non-cyclical

3.4%

Investment

Company

0.9%

99.9%

Janus

Henderson

U.S.

Real

Estate

ETF

(unaudited)

Performance

Janus

Detroit

Street

Trust

3

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.

Average

Annual

Total

Return

for

the

periods

ended

October

31,

2023

One

Year

Since

Inception

*

Janus

Henderson

U.S.

Real

Estate

ETF

-

NAV

-6.19%

-8.00%

Janus

Henderson

U.S.

Real

Estate

ETF

-

Market

Price

-5.92%

-7.98%

FTSE

Nareit

Equity

REITs

Index

-6.10%

-7.99%

*

The

Fund

commenced

operations

on

June

22,

2021.

Janus

Henderson

U.S.

Real

Estate

ETF

(unaudited)

Disclosure

of

Fund

Expenses

4

October

31,

2023

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1)

transaction

costs,

which

may

include

creation

and

redemption

fees

or

brokerage

charges

and

(2)

ongoing

costs,

including

management

fees

and

other

Fund

expenses.

This

example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

Funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

example

is

based

upon

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

six-months

indicated,

unless

noted

otherwise

in

the

table

and

footnotes

below. 

Actual

Expenses 

The

information

in

the

table

under

the

heading

“Actual”

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

these

columns,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

under

the

heading

entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

the

period.

Hypothetical

Example

for

Comparison

Purposes 

The

information

in

the

table

under

the

heading

“Hypothetical

(5%

return

before

expenses)”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

upon

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

determine

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Additionally,

for

an

analysis

of

the

fees

associated

with

an

investment

or

other

similar

funds,

please

visit 

www.finra.org/

fundanalyzer.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transaction

costs,

such

as

creation

and

redemption

fees,

or

brokerage

charges.

These

fees

are

fully

described

in

the

Fund’s

prospectus.

Therefore,

the

hypothetical

examples

are

useful

in

comparing

ongoing

costs

only

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

transaction

costs

were

included,

your

costs

would

have

been

higher.

Actual

Hypothetical

(5%

return

before

expenses)

Beginning

Account

Value

(5/1/23)

Ending

Account

Value

(10/31/23)

Expenses

Paid

During

Period

(5/1/23

-

10/31/23)

†

Beginning

Account

Value

(5/1/23)

Ending

Account

Value

(10/31/23)

Expenses

Paid

During

Period

(5/1/23

-

10/31/23)

†

Net

Annualized

Expense

Ratio

(5/1/23

-

10/31/23)

$1,000.00

$878.90

$3.08

$1,000.00

$1,021.93

$3.31

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

184/365

(to

reflect

the

one-half

year

period).

Janus

Henderson

U.S.

Real

Estate

ETF

Report

of

Independent

Registered

Public

Accounting

Firm

Janus

Detroit

Street

Trust

5

To

the

Board

of

Trustees

of

Janus

Detroit

Street

Trust

and

Shareholders

of

Janus

Henderson

U.S.

Real

Estate

ETF

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Janus

Henderson

U.S.

Real

Estate

ETF

(one

of

the

funds

constituting

Janus

Detroit

Street

Trust

,

referred

to

hereafter

as

the

"Fund")

as

of

October

31,

2023,

the

related

statement

of

operations

for

the

year

ended

October

31,

2023,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2023,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

two

years

in

the

period

ended

October

31,

2023

and

for

the

period

June

22,

2021

(commencement

of

operations)

through

October

31,

2021

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

October

31,

2023

,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2023

and

the

financial

highlights

for

each

of

the

two

years

in

the

period

ended

October

31,

2023

and

for

the

period

June

22,

2021

(commencement

of

operations)

through

October

31,

2021

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

based

on

our

audits

.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

October

31,

2023

by

correspondence

with

the

custodian.

We

believe

that

our

audit

provides

a

reasonable

basis

for

our

opinion.

Denver,

Colorado

December

15,

2023

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

Janus

Henderson

Funds

since

1990.

Janus

Henderson

U.S.

Real

Estate

ETF

Schedule

of

Investments

October

31,

2023

6

October

31,

2023

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares

Value

Common

Stocks

-

99.0%

Health

Care

Providers

&

Services

-

3.4%

Chartwell

Retirement

Residences

20,283

$

148,442

Health

Care

REITs

-

14.8%

Healthpeak

Properties,

Inc.

11,013

171,252

Sabra

Health

Care

REIT,

Inc.

13,438

183,294

Welltower,

Inc.

3,531

295,227

649,773

Industrial

REITs

-

24.2%

Americold

Realty

Trust,

Inc.

9,723

254,937

Prologis,

Inc.

5,893

593,720

STAG

Industrial,

Inc.

6,443

214,036

1,062,693

Real

Estate

Management

&

Development

-

3.3%

CBRE

Group,

Inc.

-

Class

A*

2,102

145,753

Residential

REITs

-

12.4%

American

Homes

4

Rent

-

Class

A

5,199

170,215

Camden

Property

Trust

2,313

196,328

UDR,

Inc.

5,664

180,172

546,715

Retail

REITs

-

22.4%

Agree

Realty

Corp.

3,517

196,741

Brixmor

Property

Group,

Inc.

10,374

215,675

NNN

REIT,

Inc.

5,053

183,576

SITE

Centers

Corp.

16,419

191,446

Spirit

Realty

Capital,

Inc.

5,452

196,217

983,655

Specialized

REITs

-

18.5%

Equinix,

Inc.

674

491,777

VICI

Properties,

Inc.

-

Class

A

11,506

321,018

812,795

Total

Common

Stocks

(cost

$4,951,866)

4,349,826

Investment

Companies

-

0.9%

Money

Market

Funds

-

0.9%

Invesco

Government

&

Agency

Portfolio,

Institutional

Class,

5.2700%

∞

(cost

$37,728)

37,728

37,728

Total

Investments

(total

cost

$4,989,594

)

-

99.9%

4,387,554

Cash,

Receivables

and

Other

Assets,

net

of

Liabilities

-

0.1%

5,389

Net

Assets

-

100.0%

$4,392,943

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

4,239,112

96.6

%

Canada

148,442

3.4

Total

$

4,387,554

100.0

%

Janus

Henderson

U.S.

Real

Estate

ETF

Schedule

of

Investments

October

31,

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

10/31/23

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

N/A

Investment

Companies

-

N/A

Janus

Henderson

Cash

Collateral

Fund

LLC,

5.2665%

∞

$

61

Δ

$

–

$

–

$

–

Value

at

10/31/22

Purchases

Sales

Value

at

10/31/23

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

N/A

Investment

Companies

-

N/A

Janus

Henderson

Cash

Collateral

Fund

LLC,

5.2665%

∞

$

–

$

49,680

$

(49,680)

$

–

Janus

Henderson

U.S.

Real

Estate

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

October

31,

2023

8

October

31,

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.

LLC

Limited

Liability

Company

REIT

Real

Estate

Investment

Trust

*

Non-income

producing

security.

∞

Rate

shown

is

the

7-day

yield

as

of

October

31,

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

October

31,

2023

.

See

Notes

to

Financial

Statements

for

more

information.

Valuation

Inputs

Summary

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Assets

Investments

in

Securities:

Common

Stocks

$

4,349,826

$

—

$

—

Investment

Companies

37,728

—

—

Total

Assets

$

4,387,554

$

—

$

—

Janus

Henderson

U.S.

Real

Estate

ETF

Statement

of

Assets

and

Liabilities

October

31,

2023

Janus

Detroit

Street

Trust

9

See

Notes

to

Financial

Statements.

Assets:

Investments,

at

value

(cost

$4,989,594)

$

4,387,554

Cash

denominated

in

foreign

currency

(cost

$2,580)

2,535

Receivables:

Dividends

5,147

Interest

185

Total

Assets

4,395,421

Liabilities:

Payables:

Management

fees

2,478

Total

Liabilities

2,478

Commitments

and

contingent

liabilities

Net

Assets

$

4,392,943

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

5,516,418

Total

distributable

earnings

(loss)

(

1,123,475

)

Total

Net

Assets

$

4,392,943

Net

Assets

$

4,392,943

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

225,001

Net

Asset

Value

Per

Share

$

19

.52

Janus

Henderson

U.S.

Real

Estate

ETF

Statement

of

Operations

For

the

year

ended

October

31,

2023

10

October

31,

2023

See

Notes

to

Financial

Statements.

Investment

Income:

Dividends

$

159,371

Affiliated

securities

lending

income,

net    

61

Unaffiliated

securities

lending

income,

net

30

Foreign

tax

withheld

(1,715)

Total

Investment

Income

157,747

Expenses:

Management

Fees

31,939

Total

Expenses

31,939

Net

Investment

Income/(Loss)

125,808

Net

Realized

Gain/(Loss)

on

Investments:

Investments

and

foreign

currency

transactions

$

(392,885)

Total

Net

Realized

Gain/(Loss)

on

Investments

$

(392,885)

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

and

foreign

currency

translations

$

(10,196)

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

(10,196)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

(277,273)

Janus

Henderson

U.S.

Real

Estate

ETF

Statements

of

Changes

in

Net

Assets

Janus

Detroit

Street

Trust

11

See

Notes

to

Financial

Statements.

Year

Ended

October

31,

2023

Year

Ended

October

31,

2022

Operations:

Net

investment

income/(loss)

$

125,808

$

121,288

Net

realized

gain/(loss)

on

investments

(

392,885

)

13,213

Change

in

unrealized

net

appreciation/depreciation

(

10,196

)

(

1,518,526

)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

(

277,273

)

(

1,384,025

)

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(

111,958

)

(

135,131

)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(

111,958

)

(

135,131

)

Capital

Share

Transactions

1,574,243

(

6,707,563

)

Net

Increase/(Decrease)

in

Net

Assets

1,185,012

(

8,226,719

)

Net

Assets:

—

—

Beginning

of

Year  

3,207,931

11,434,650

End

of

Year

$

4,392,943

$

3,207,931

Janus

Henderson

U.S.

Real

Estate

ETF

Financial

Highlights

12

October

31,

2023

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

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)

0.56

0.38

0.17

Net

realized

and

unrealized

gain/(loss)

(1.84)

(5.41)

1.80

Total

from

Investment

Operations

(1.28)

(5.03)

1.97

Less

Dividends

and

Distributions:

—

—

—

Dividends

(from

net

investment

income)

(0.59)

(0.48)

(0.07)

Total

Dividends

and

Distributions

(0.59)

(0.48)

(0.07)

Net

Asset

Value,

End

of

Period

$19.52

$21.39

$26.90

Total

Return

*

(6.19)%

(18.85)%

7.90%

Net

assets,

End

of

Period

(in

thousands)

$4,393

$3,208

$11,435

Average

Net

Assets

for

the

Period

(in

thousands)

$4,929

$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)

2.55%

1.46%

1.84%

Portfolio

Turnover

Rate

(3)

73%

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

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 eleven

Funds

each

of

which

represent

shares

of

beneficial

interest

in

a

separate

portfolio

of

securities

and

other

assets

with

its

own

objective

and

policies. 

The

Fund

seeks

total

return

through

a

combination

of

capital

appreciation

and

current

income.

The

Fund

is

classified

as

nondiversified,

as

defined

in

the

1940

Act.

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

Janus

Henderson

U.S.

Real

Estate

ETF

Notes

to

Financial

Statements

14

October

31,

2023

market

quotations

or

evaluated

prices

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

determined

in

good

faith

by

the

Adviser

pursuant

to

the

Valuation

Procedures. Circumstances

in

which

fair

valuation

may

be

utilized

include,

but

are

not

limited

to:

(i)

a

significant

event

that

may

affect

the

securities

of

a

single

issuer,

such

as

a

merger,

bankruptcy,

or

significant

issuer-specific

development;

(ii)

an

event

that

may

affect

an

entire

market,

such

as

a

natural

disaster

or

significant

governmental

action;

(iii)

a

nonsignificant

event

such

as

a

market

closing

early

or

not

opening,

or

a

security

trading

halt;

and

(iv)

pricing

of

a

non-valued

security

and

a

restricted

or

nonpublic

security.

Special

valuation

considerations

may

apply

with

respect

to

“odd-lot”

fixed-income

transactions

which,

due

to

their

small

size,

may

receive

evaluated

prices

by

pricing

services

which

reflect

a

large

block

trade

and

not

what

actually

could

be

obtained

for

the

odd-

lot

position.

The

value

of

the

securities

of

mutual

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

mutual

funds,

and

the

prospectuses

for

such

mutual

funds

explain

the

circumstances

under

which

they

use

fair

valuation

and

the

effects

of

using

fair

valuation.

The

value

of

the

securities

of

any

cash

management

pooled

investment

vehicles

that

operate

as

money

market

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

funds.

Valuation

Inputs

Summary 

FASB

ASC

820,

Fair

Value

Measurements

and

Disclosures

(“ASC

820”),

defines

fair

value,

establishes

a

framework

for

measuring

fair

value,

and

expands

disclosure

requirements

regarding

fair

value

measurements.

This

standard

emphasizes

that

fair

value

is

a

market-based

measurement

that

should

be

determined

based

on

the

assumptions

that

market

participants

would

use

in

pricing

an

asset

or

liability

and

establishes

a

hierarchy

that

prioritizes

inputs

to

valuation

techniques

used

to

measure

fair

value.

These

inputs

are

summarized

into

three

broad

levels: 

Level

1

–

Unadjusted

quoted

prices

in

active

markets

the

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities.

Level

2

–

Observable

inputs

other

than

unadjusted

quoted

prices

included

in

Level

1

that

are

observable

for

the

asset

or

liability

either

directly

or

indirectly.

These

inputs

may

include

quoted

prices

for

the

identical

instrument

on

an

inactive

market,

prices

for

similar

instruments,

interest

rates,

prepayment

speeds,

credit

risk,

yield

curves,

default

rates

and

similar

data.

Assets

or

liabilities

categorized

as

Level

2

in

the

hierarchy

generally

include:

debt

securities

fair

valued

in

accordance

with

the

evaluated

bid

or

ask

prices

supplied

by

a

pricing

service;

securities

traded

on

OTC

markets

and

listed

securities

for

which

no

sales

are

reported

that

are

fair

valued

at

the

latest

bid

price

(or

yield

equivalent

thereof)

obtained

from

one

or

more

dealers

transacting

in

a

market

for

such

securities

or

by

a

pricing

service

approved

by

the

Fund’s

Trustees;

and

certain

short-term

debt

securities

with

maturities

of

60

days

or

less

that

are

fair

valued

at

amortized

cost.

Other

securities

that

may

be

categorized

as

Level

2

in

the

hierarchy

include,

but

are

not

limited

to,

preferred

stocks,

bank

loans,

swaps,

investments

in

unregistered

investment

companies,

options,

and

forward

contracts.

Level

3

–

Unobservable

inputs

for

the

asset

or

liability

to

the

extent

that

relevant

observable

inputs

are

not

available,

representing

the

Fund’s

own

assumptions

about

the

assumptions

that

a

market

participant

would

use

in

valuing

the

asset

or

liability,

and

that

would

be

based

on

the

best

information

available.

There

have

been

no

significant

changes

in

valuation

techniques

used

in

valuing

any

such

positions

held

by

the

Fund

since

the

beginning

of

the

fiscal

year. 

The

inputs

or

methodology

used

for

fair

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

The

summary

of

inputs

used

as

of

October

31,

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

Janus

Henderson

U.S.

Real

Estate

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

15

of

discounts.

The

Fund

classifies

gains

and

losses

on

prepayments

received

as

an

adjustment

to

interest

income.

Debt

securities

may

be

placed

in

non-accrual

status

and

related

interest

income

may

be

reduced

by

stopping

current

accruals

and

writing

off

interest

receivables

when

collection

of

all

or

a

portion

of

interest

has

become

doubtful.

Gains

and

losses

are

determined

on

the

identified

cost

basis,

which

is

the

same

basis

used

for

federal

income

tax

purposes.  

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

16

October

31,

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.

Armed

Conflict.

Recent

such

examples

include

conflict,

loss

of

life,

and

disaster

connected

to

ongoing

armed

conflict

between

Russia

and

Ukraine

in

Europe

and

Hamas

and

Israel

in

the

Middle

East.

The

extent

and

duration

of

each

conflict,

resulting

sanctions

and

resulting

future

market

disruptions

in

each

region

are

impossible

to

predict,

but

could

be

significant

and

have

a

severe

adverse

effect,

including

significant

negative

impacts

on

the

U.S.

and

broader

global

economic

environment

and

the

markets

for

certain

securities

and

commodities.

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

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

October

31,

2023.

Janus

Henderson

U.S.

Real

Estate

ETF

Notes

to

Financial

Statements

18

October

31,

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

year ended

October

31,

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

October

31,

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

October

31,

2023 can

be

found

in

a

table

located

in

the

Schedule

of

Investments.

4.

Federal

Income

Tax 

The

tax

components

of

capital

shown

in

the

table

below

represent:

(1)

distribution

requirements

the

Fund

must

satisfy

under

the

income

tax

regulations;

(2)

losses

or

deductions

the

Fund

may

be

able

to

offset

against

income

and

gains

realized

in

future

years;

and

(3)

unrealized

appreciation

or

depreciation

of

investments

for

federal

income

tax

purposes. 

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

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,

2023,

that

may

be

available

to

offset

future

realized

capital

gains

and

thereby

reduce

future

taxable

gains

distributions.

The

following

table

shows

these

capital

loss

carryovers. 

The

aggregate

cost

of

investments

and

the

composition

of

unrealized

appreciation

and

depreciation

of

investment

securities

for

federal

income

tax

purposes

as

of October

31,

2023 are

noted

below.

The

primary

difference

between

book

and

tax

appreciation

or

depreciation

of

investments

is

wash

sale

loss

deferrals. 

Income

and

capital

gains

distributions

are

determined

in

accordance

with

income

tax

regulations

that

may

differ

from

US

GAAP.

These

differences

are

due

to

differing

treatments

for

items

such

as

net

short-term

gains,

deferral

of

wash

sale

losses,

foreign

currency

transactions,

passive

foreign

investment

companies,

net

investment

losses,

in-kind

transactions

and

capital

loss

carryovers.

Certain

permanent

differences

such

as

tax

returns

of

capital

and

net

investment

losses

noted

below

have

been

reclassified

to

capital. 

Permanent

book

to

tax

basis

differences

may

result

in

reclassifications

between

the

components

of

net

assets.

These

differences

have

no

impact

on

the

results

of

operations

or

net

assets.

Undistributed

Ordinary

Income

Undistributed

Long-Term

Gains

Accumulated

Capital

Losses

Loss

Deferrals

Other

Book

to

Tax

Differences

Net

Tax

Appreciation/

(Depreciation)

$36,662

$—

$(556,198)

$—

$(48)

$(603,891)

Capital

Loss

Carryover

Schedule

For

the

year

ended

October

31,

2023

No

Expiration

Short-Term

Long-Term

Accumulated

Capital

Losses

$(196,864)

$(359,334)

$(556,198)

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$4,991,445

$64,498

$(668,389)

$(603,891)

For

the

year

ended

October

31,

2023

:

Distributions

From

Ordinary

Income

From

Long-Term

Capital

Gain

Tax

Return

of

Capital

Net

Investment

Loss

$111,958

$—

$—

$—

For

the

year

ended

October

31,

2022

:

Distributions

From

Ordinary

Income

From

Long-Term

Capital

Gain

Tax

Return

of

Capital

Net

Investment

Loss

$135,131

$—

$—

$—

Janus

Henderson

U.S.

Real

Estate

ETF

Notes

to

Financial

Statements

20

October

31,

2023

5.

Capital

Share

Transactions 

6.

Purchases

and

Sales

of

Investment

Securities

For

the year ended

October

31,

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 year

ended

October

31,

2023,

the

cost

of

in-kind

purchases

and

proceeds

from

in-kind

sales,

were

as

follows: 

During

the

year ended

October

31,

2023,

the

Fund

had

net

realized

gain of $41,742 from

in-kind

redemptions.

Gains

on

in-kind

transactions

are

not

considered

taxable

for

federal

income

tax

purposes. 

7.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to October

31,

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. 

Year

Ended

October

31,

2023

Year

Ended

October

31,

2022

Shares

Amount

Shares

Amount

Shares

sold

100,000

$

2,137,471

50,000

$

1,357,429

Shares

repurchased

(25,000)

(563,228

)

(325,000)

(8,064,992

)

Net

Increase/(Decrease)

75,000

$

1,574,243

(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

$3,574,162

$3,474,782

$—

$—

Purchases

of

Securities

Proceeds

from

Sales

of

Securities

Purchases

of

Long-

Term

U.S.

Government

Obligations

Proceeds

from

Sales

of

Long-Term

U.S.

Government

Obligations

$2,107,111

$558,770

$—

$—

Janus

Henderson

U.S.

Real

Estate

ETF

Additional

Information

(unaudited)

Janus

Detroit

Street

Trust

21

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).

Designation

Requirements

(unaudited)

For

federal

income

tax

purposes,

the

Fund

designated

the

following

for

the

year

ended

October

31,

2023.

Qualified

Dividend

Income

Percentage

4%

Janus

Henderson

U.S.

Real

Estate

ETF

Trustees

and

Officers

(unaudited)

22

October

31,

2023

The

following

are

the

Trustees

and

officers

of

the

Trust

together

with

a

brief

description

of

their

principal

occupations

during

the

last

five

years

(principal

occupations

for

certain

Trustees

may

include

periods

over

five

years).

The

Fund’s

Statement

of

Additional

Information

includes

additional

information

about

the

Trustees

and

officers

and

is

available,

without

charge,

by

calling

1-877-335-2687.

Each

Trustee

has

served

in

that

capacity

since

he

or

she

was

originally

elected

or

appointed.

The

Trustees

do

not

serve

a

specified

term

of

office.

Each

Trustee

will

hold

office

until

the

termination

of

the

Trust

or

his

or

her

earlier

death,

resignation,

retirement,

incapacity,

or

removal.

Under

the

Fund’s

Governance

Procedures

and

Guidelines,

the

policy

is

for

Trustees

to

retire

no

later

than

the

end

of

the

calendar

year

in

which

the

Trustee

turns

75.

The

Trustees

review

the

Fund’s

Governance

Procedures

and

Guidelines

from

time

to

time

and

may

make

changes

they

deem

appropriate.

The

Fund’s

Nominating

and

Governance

Committee

will

consider

nominees

for

the

position

of

Trustee

recommended

by

shareholders.

Shareholders

may

submit

the

name

of

a

candidate

for

consideration

by

the

Committee

by

submitting

their

recommendations

to

the

Trust’s

Secretary.

Each

Trustee

is

currently

a

Trustee

of

one

other

registered

investment

company

advised

by

the

Adviser:

Clayton

Street

Trust.

As

of

the

date

of

this

report,

collectively,

the

two

registered

investment

companies

consist

of

14

series

or

funds.

The

Trust’s

officers

are

elected

annually

by

the

Trustees

for

a

one-year

term.

Certain

officers

also

serve

as

officers

of

Clayton

Street

Trust.

Certain

officers

of

the

Funds

may

also

be

officers

and/or

directors

of

the

Adviser.

Except

as

otherwise

disclosed,

Fund

officers

receive

no

compensation

from

the

Funds.

TRUSTEES

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Number

of

Portfolios/Funds

in

Fund

Complex

Overseen

by

Trustee*

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Independent

Trustees

Clifford

J.

Weber

151

Detroit

Street

Denver,

CO

80206

DOB:

1963

Chairman

Trustee

2/16-Present

Owner,

Financial

Products

Consulting

Group

LLC

(consulting

services

to

financial

institutions)

(since

2015).

14

Independent

Trustee,

Clough

Global

Dividend

and

Income

Fund (closed-end fund)

(since

2017),

Independent

Trustee,

Clough

Global

Opportunities

Fund (closed-

end fund)

(since

2017),

Independent

Trustee,

Clough

Global

Equity

Fund (closed-

end fund)

(since

2017),

and

Independent

Trustee,

Global

X

Funds

(investment

company)

(since

2018).

Formerly,

Chairman,

Clough

Funds

Trust

(investment

company)

(2015-2023),

and

Chairman,

Elevation

ETF

Trust

(investment

company)

(2016-

2018).

Janus

Henderson

U.S.

Real

Estate

ETF

Trustees

and

Officers

(unaudited)

Janus

Detroit

Street

Trust

23

*

Each

Trustee

also

serves

as

a

trustee

to

the

Clayton

Street

Trust,

which

is

currently

comprised

of

three

portfolios.

**

Ms.

Benz

is

an

Interested

Trustee

because

of

her

employment

with

Janus

Henderson

Investors.

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Number

of

Portfolios/Funds

in

Fund

Complex

Overseen

by

Trustee*

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Maureen

T.

Upton

151

Detroit

Street

Denver,

CO

80206

DOB:

1965

Trustee

2/16-Present

Principal,

Maureen

Upton

Ltd.

(consulting

services

to

multinational

companies

(since

2017).

14

Independent

Director,

Cascadia

Minerals

Ltd.

(mineral

exploration

company);

Independent

Director,

ATAC

Resources

Ltd.

(mineral

exploration

company)

(2022-

2023).

Jeffrey

B.

Weeden

151

Detroit

Street

Denver,

CO

80206

DOB:

1956

Trustee

2/16-Present

Senior

Advisor,

Bay

Boston

Capital

LP

(investment

fund

in

banks

and

bank

holdings

companies)

(since

2015).

14

Director,

West

Travis

County

Municipal

Utility

District

No. 6

(municipal

utility)

(since

2020).

Formerly,

Director,

State

Farm

Bank

(banking)

(2014-2021).

Interested

Trustee

Carrie

Benz**

151

Detroit

Street

Denver,

CO

80206

DOB:

1975

Trustee

1/21-Present

Global

Investment

COO

(since

2023).

Formerly,

Global

Head

of

Investment

Services,

Janus

Henderson

Investors

(2017-

2023).

14

Janus

Henderson

U.S.

Real

Estate

ETF

Trustees

and

Officers

(unaudited)

24

October

31,

2023

OFFICERS

*

Officers

are

elected

at

least

annually

by

the

Trustees

for

a

one-year

term

and

may

also

be

elected

from

time

to

time

by

the

Trustees

for

an

interim

period.

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Term

of

Office*

and

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Nicholas

Cherney

151

Detroit

Street

Denver,

CO

80206

DOB:

1981

President

and

Chief

Executive

Officer

10/22-Present

Head

of

Innovation

at

Janus

Henderson

(since

2023),

Head

of

Exchange

Traded

Products

at

Janus

Henderson

Distributors

US

LLC,

Janus

Henderson

Indices

LLC,

Velocity

Shares

Holdings

Inc.

(since

2019).

Formerly,

Senior

Vice

President,

Janus

Henderson

Distributors

US

LLC,

Janus

Henderson

Indices

LLC

(2015-2019),

Janus

Henderson

Investors

US

LLC

(2015-2017),

and

Velocity

Shares

Holdings

Inc.

(2014-2019).

Kristin

Mariani

151

Detroit

Street

Denver,

CO

80206

DOB:

1966

Vice

President

and

Chief

Compliance

Officer

7/20-Present

Head

of

Compliance,

North

America

at

Janus

Henderson

Investors

(since

September

2020)

and

Chief

Compliance

Officer

at

Janus

Henderson

Investors

US

LLC

(since

September

2017).

Formerly,

Anti-Money

Laundering

Officer

for

the

Trust

(July

2020-December

2022),

and

Global

Head

of

Investment

Management

Compliance

at

Janus

Henderson

Investors

(February

2019-August

2020).

Jesper

Nergaard

151

Detroit

Street

Denver,

CO

80206

DOB:

1962

Vice

President,

Chief

Financial

Officer,

Treasurer,

and

Principal

Accounting

Officer

2/16-Present

Head

of

U.S.

Fund

Administration,

Janus

Henderson

Investors

and

Janus

Henderson

Services

LLC.

Cara

Owen

151

Detroit

Street

Denver,

CO

80206

DOB:

1981

Vice

President,

Secretary,

and

Chief

Legal

Officer

1/23-Present

Senior

Legal

Counsel

of

Janus

Henderson

Investors

US

LLC

(since

2021).

Formerly,

Assistant

Secretary

of

the

Trust

and

Clayton

Street

Trust

(2021-2023);

Vice

President

and

Principal

Legal

Counsel,

ALPS

Fund

Services,

Inc.

(fund

administrator)

(2019-2021);

and

Senior

Counsel,

Corporate

&

Investments,

Great-West

Life

&

Annuity

Insurance

Company

(insurance

company)

(2014-2019).

Ciaran

Askin

151

Detroit

Street

Denver,

CO

80206

DOB:

1978

Anti-Money

Laundering

Officer

1/23-Present

Global

Head

of

Financial

Crime,

Janus

Henderson

Investors

(since

2022).

Formerly,

Global

Head

of

Financial

Crime

at

Invesco

Ltd.

(2017-2022).

125-02-93088

12-23

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.

ANNUAL

REPORT

October

31,

2023

Janus

Henderson

International

Sustainable

Equity

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

International

Sustainable

Equity

ETF

Performance

Overview

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

1

Fund

At

A

Glance

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

3

Disclosure

of

Fund

Expenses

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

5

Report

of

Independent

Registered

Public

Accounting

Firm

...

6

Schedule

of

Investments

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

7

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

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

21

Trustees

and

Officers

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

22

Janus

Henderson

International

Sustainable

Equity

ETF

(unaudited)

Janus

Detroit

Street

Trust

1

INVESTMENT

OBJECTIVE

Janus

Henderson

International

Sustainable

Equity

ETF

(SXUS)

seeks

long-term

growth

of

capital.

PERFORMANCE

OVERVIEW

For

the

12-month

period

ended

October

31,

2023,

the

Fund

returned

0.42%

(based

on

NAV),

while

its

benchmark,

the

MSCI

All

Country

World

ex

USA

Index

SM

,

returned

12.07%.

International

equities

finished

the

period

higher

despite

spells

of

considerable

volatility.

After

the

more

cyclical

sector

strength

of

late

2022,

early

in

2023

secular

growth

stocks

outperformed

as

signs

of

cooling

inflation

sparked

hopes

that

interest

rates

may

be

approaching

a

peak.

Despite

turmoil

within

parts

of

the

banking

sector

at

the

end

of

2023’s

first

quarter,

equity

markets

soon

brushed

off

the

crisis

and

the

rally

in

secular

growth

shares

continued.

By

this

stage,

optimism

regarding

artificial

intelligence

(AI)

had

built

considerably,

and

perceived

beneficiaries

of

this

trend

–

most

notably

semiconductor

firms

and

technology

companies

with

AI

investments

–

led

the

market

higher.

The

outlook,

however,

remained

uncertain,

with

sticky

inflation

in

Europe

and

the

failure

of

China’s

emergence

from

lockdowns

to

spark

a

strong

recovery.

Many

of

the

sustainable

investment

themes

that

we

follow

were

weaker

than

expected,

especially

as

we

got

further

into

2023.

Higher

interest

rates,

inflation,

and

policy

uncertainty

weighed

on

the

pace

of

renewable

energy

development.

Real

estate

and

construction

markets

were

slow,

and

many

industrial

markets

related

to

electrification

and

digitalization

came

under

pressure.

Despite

these

challenges,

we

retained

a

constructive

outlook

and

noted

the

remarkable

progress

made

in

recent

years.

Trends

such

as

reshoring

and

the

transition

to

renewables

currently

enjoy

almost

universal

support

from

major

governments,

and

we

expect

these

trends

to

accelerate.

As

a

result

of

these

dynamics,

the

Fund’s

stock

selection

negatively

impacted

relative

returns,

particularly

in

the

utilities

sector.

Renewable

energy

developers

Boralex

and

Innergex

detracted

as

higher

Treasury

yields

weighed

on

utilities

and

renewable

energy

companies

more

broadly.

However,

we

believe

that

as

leading

developers

and

operators

of

renewable

energy

assets,

these

names

stand

to

benefit

from

the

global

energy

transition

and

supportive

renewables

legislation.

The

Fund’s

lack

of

exposure

to

consumer

staples

proved

beneficial,

with

shares

generally

suffering

from

the

rotation

out

of

defensive

sectors

over

the

period.

Lack

of

exposure

to

the

rate-sensitive

real

estate

sector

was

also

additive.

At

the

individual

stock

level,

semiconductor

manufacturer

ASML

Holding

was

a

top

contributor

owing

to

strong

demand

for

its

proprietary

lithography

equipment

and

higher

degree

of

earnings

visibility

due

to

its

large

orders

backlog.

Our

longer-term

outlook

for

the

company

remains

positive

as

we

believe

that,

even

in

a

moderate

recession,

customers

will

continue

to

rely

on

ASML

to

advance

their

process

technology

road

maps.

The

Janus

Henderson

International

Sustainable

Equity

ETF

is

a

high-conviction,

low-carbon-oriented

portfolio

of

international

companies

selected

for

their

sustainable

characteristics,

compounding

growth

potential,

and

positive

impact

on

the

environment

and

society.

We

believe

there

is

a

strong

link

between

sustainable

development,

innovation,

and

long-term

compounding

growth.

Our

investment

framework

seeks

to

invest

in

international

companies

that

have

a

positive

impact

on

the

environment

and

society,

while

at

the

same

time

helping

us

stay

on

the

right

side

of

disruption.

We

believe

this

approach

will

provide

clients

with

a

persistent

return

source,

deliver

future

compound

growth,

and

help

mitigate

downside

risk.

Important

Notice

–

Tailored

Shareholder

Reports

Effective

January

24,

2023,

the

Securities

and

Exchange

Commission

(the

“SEC”)

adopted

rule

and

form

amendments

that

require

mutual

funds

and

exchange

traded

funds

to

Hamish

Chamberlayne

Aaron

Scully

co-portfolio

manager

co-portfolio

manager

Janus

Henderson

International

Sustainable

Equity

ETF

(unaudited)

2

October

31,

2023

provide

shareholders

with

streamlined

annual

and

semi-annual

shareholder

reports

that

highlight

key

information.

Other

information,

including

financial

statements,

that

currently

appears

in

shareholder

reports

will

be

made

available

online,

delivered

free

of

charge

to

shareholders

upon

request,

and

filed

with

the

SEC.

The

first

tailored

shareholder

report

for

the

Fund

will

be

for

the

reporting

period

ending

October

31,

2024.

Currently,

management

is

evaluating

the

impact

of

the

rule

and

form

amendments

on

the

content

of

the

Fund’s

current

shareholder

reports.

Janus

Henderson

International

Sustainable

Equity

ETF

(unaudited)

Fund

At

A

Glance

October

31,

2023

Janus

Detroit

Street

Trust

3

Holdings

are

subject

to

change

without

notice.

5

Largest

Equity

Holdings

–

(%

of

Net

Assets)

Intact

Financial

Corp.

Insurance

5.8%

Schneider

Electric

SE

Electrical

Equipment

5.3%

ASML

Holding

NV

Semiconductors

&

Semiconductor

Equipment

5.1%

SSE

plc

Electric

Utilities

4.9%

Infineon

Technologies

AG

Semiconductors

&

Semiconductor

Equipment

4.4%

25.5%

Sector

Allocation

–

(%

of

Net

Assets)

Industrial

25.3%

Technology

19.6%

Financial

15.8%

Consumer,

Non-cyclical

11.5%

Utilities

11.3%

Consumer,

Cyclical

8.8%

Communications

5.0%

Investment

Company

2.0%

Basic

Materials

0.5%

99.8%

Janus

Henderson

International

Sustainable

Equity

ETF

(unaudited)

Performance

4

October

31,

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.

Average

Annual

Total

Return

for

the

periods

ended

October

31,

2023

One

Year

Since

Inception

*

Janus

Henderson

International

Sustainable

Equity

ETF

-

NAV

0.42%

-20.73%

Janus

Henderson

International

Sustainable

Equity

ETF

-

Market

Price

0.76%

-20.51%

MSCI

All

Country

World

ex

USA

Index

SM

12.07%

-8.37%

*

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

(5/1/23)

Ending

Account

Value

(10/31/23)

Expenses

Paid

During

Period

(5/1/23

-

10/31/23)

†

Beginning

Account

Value

(5/1/23)

Ending

Account

Value

(10/31/23)

Expenses

Paid

During

Period

(5/1/23

-

10/31/23)

†

Net

Annualized

Expense

Ratio

(5/1/23

-

10/31/23)

$1,000.00

$835.80

$2.82

$1,000.00

$1,022.13

$3.11

0.61%

†

Expenses

Paid

During

Period

is

equal

to

the

Net

Annualized

Expense

Ratio

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period).

Janus

Henderson

International

Sustainable

Equity

ETF

Report

of

Independent

Registered

Public

Accounting

Firm

6

October

31,

2023

To

the

Board

of

Trustees

of

Janus

Detroit

Street

Trust

and

Shareholders

of

Janus

Henderson

International

Sustainable

Equity

ETF

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Janus

Henderson

International

Sustainable

Equity

ETF

(one

of

the

funds

constituting

Janus

Detroit

Street

Trust

,

referred

to

hereafter

as

the

"Fund")

as

of

October

31,

2023,

the

related

statement

of

operations

for

the

year

ended

October

31,

2023,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2023,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

two

years

in

the

period

ended

October

31,

2023

and

for

the

period

September

8,

2021

(commencement

of

operations)

through

October

31,

2021

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

October

31,

2023

,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2023

and

the

financial

highlights

for

each

of

the

two

years

in

the

period

ended

October

31,

2023

and

for

the

period

September

8,

2021

(commencement

of

operations)

through

October

31,

2021

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

based

on

our

audits

.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

October

31,

2023

by

correspondence

with

the

custodian.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

Denver,

Colorado

December

15,

2023

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

Janus

Henderson

Funds

since

1990.

Janus

Henderson

International

Sustainable

Equity

ETF

Schedule

of

Investments

October

31,

2023

Janus

Detroit

Street

Trust

7

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Number

of

Warrants

Value

Common

Stocks

-

97

.8

%

Banks

-

1

.5

%

HDFC

Bank

Ltd.

(ADR)

1,764

$

99,754

Chemicals

-

0

.5

%

Calix

Ltd.*

18,316

31,079

Containers

&

Packaging

-

2

.6

%

DS

Smith

plc

50,467

174,654

Electric

Utilities

-

6

.0

%

Hydro

One

Ltd.

(144A)

2,805

72,658

SSE

plc

16,545

327,850

400,508

Electrical

Equipment

-

10

.4

%

Legrand

SA

2,725

234,689

Prysmian

SpA

2,893

107,913

Schneider

Electric

SE

2,289

350,775

693,377

Electronic

Equipment,

Instruments

&

Components

-

9

.1

%

Keyence

Corp.

400

153,587

Murata

Manufacturing

Co.

Ltd.

14,400

249,354

Shimadzu

Corp.

8,700

203,648

606,589

Entertainment

-

2

.2

%

Nintendo

Co.

Ltd.

3,500

143,772

Health

Care

Equipment

&

Supplies

-

7

.3

%

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

10,290

124,552

Nanosonics

Ltd.*

23,194

54,776

Olympus

Corp.

16,900

223,072

Siemens

Healthineers

AG

(144A)

1,648

80,686

483,086

Health

Care

Providers

&

Services

-

0

.7

%

New

Horizon

Health

Ltd.

(144A)*

17,858

43,318

Independent

Power

and

Renewable

Electricity

Producers

-

5

.3

%

Boralex,

Inc.

-

Class

A

13,542

251,769

Innergex

Renewable

Energy,

Inc.

15,681

96,464

348,233

Insurance

-

14

.3

%

AIA

Group

Ltd.

32,783

284,274

Allianz

SE

(Registered)

1,216

283,925

Intact

Financial

Corp.

2,740

384,557

952,756

Leisure

Products

-

3

.5

%

Shimano,

Inc.

1,000

142,329

Yamaha

Corp.

3,500

91,957

234,286

Machinery

-

3

.1

%

Knorr-Bremse

AG

3,746

208,033

Pharmaceuticals

-

0

.9

%

Novo

Nordisk

A/S

-

Class

B

642

61,551

Professional

Services

-

7

.6

%

SMS

Co.

Ltd.

5,000

78,246

TechnoPro

Holdings,

Inc.

9,000

174,717

Wolters

Kluwer

NV

1,986

254,214

507,177

Semiconductors

&

Semiconductor

Equipment

-

11

.7

%

ASML

Holding

NV

569

339,990

Janus

Henderson

International

Sustainable

Equity

ETF

Schedule

of

Investments

October

31,

2023

8

October

31,

2023

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Number

of

Warrants

Value

Common

Stocks

-

(continued)

Semiconductors

&

Semiconductor

Equipment

-

(continued)

Infineon

Technologies

AG

10,082

$

292,792

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

(ADR)

1,692

146,037

778,819

Software

-

7

.9

%

Constellation

Software,

Inc.

146

292,369

Kinaxis,

Inc.*

1,289

125,739

Rakus

Co.

Ltd.

8,800

107,846

525,954

Textiles,

Apparel

&

Luxury

Goods

-

3

.2

%

adidas

AG

820

144,919

Puma

SE

1,155

65,071

209,990

Total

Common

Stocks

(cost

$8,977,656)

6,502,936

Warrants

-

0.0

%

Software

-

0.0

%

Constellation

Software,

Inc.,

expires

3/31/40

*

(cost

$0)

112

0

Investment

Companies

-

2

.0

%

Money

Market

Funds

-

2

.0

%

Federated

Hermes

Government

Obligations

Tax-Managed

Fund,

Institutional

Class,

5.2100%

∞

(cost

$132,192)

132,192

132,192

Total

Investments

(total

cost

$

9,109,848

)

-

99

.8

%

6,635,128

Cash,

Receivables

and

Other

Assets,

net

of

Liabilities

-

0.2%

11,256

Net

Assets

-

100.0%

$6,646,384

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

Japan

$

1,568,528

23

.6

%

Canada

1,223,556

18

.4

Germany

1,075,426

16

.2

Netherlands

594,204

9

.0

France

585,464

8

.8

United

Kingdom

502,504

7

.6

Hong

Kong

284,274

4

.3

Taiwan

146,037

2

.2

United

States

132,192

2

.0

New

Zealand

124,552

1

.9

Italy

107,913

1

.6

India

99,754

1

.5

Australia

85,855

1

.3

Denmark

61,551

0

.9

China

43,318

0

.7

Total

$

6,635,128

100

.0

%

Janus

Henderson

International

Sustainable

Equity

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

October

31,

2023

Janus

Detroit

Street

Trust

9

MSCI

All

Country

World

ex

USA

Index

SM

MSCI

All

Country

World

ex

USA

Index

SM

reflects

the

equity

market

performance

of

global

developed

and

emerging

markets,

excluding

the

U.S.

ADR

American

Depositary

Receipt

plc

Public

Limited

Company

*

Non-income

producing

security.

∞

Rate

shown

is

the

7-day

yield

as

of

October

31,

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

year

ended

October

31,

2023

is

$196,662

which

represents

3.0%

of

net

assets.

The

following

is

a

summary

of

the

inputs

that

were

used

to

value

the

Fund's

investments

in

securities

and

other

financial

instruments

as

of

October

31,

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

Electronic

Equipment,

Instruments

&

Components

$

357,235

$

249,354

$

—

All

Other

5,896,347

—

—

Warrant

(a)

—

0

—

Investment

Companies

132,192

—

—

Total

Assets

$

6,385,774

$

249,354

$

—

(a)

There

is

a

security

in

this

category

that

has

a

market

value

of

zero.

Janus

Henderson

International

Sustainable

Equity

ETF

Statement

of

Assets

and

Liabilities

October

31,

2023

10

October

31,

2023

See

Notes

to

Financial

Statements.

Assets:

Investments,

at

value

(cost

$9,109,848)

$

6,635,128

Cash

denominated

in

foreign

currency

(cost

$691)

691

Receivables:

Dividends

13,459

Interest

578

Total

Assets

6,649,856

Liabilities:

Payables:

Management

fees

3,472

Total

Liabilities

3,472

Commitments

and

contingent

liabilities

Net

Assets

$

6,646,384

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

16,826,111

Total

distributable

earnings

(loss)

(

10,179,727

)

Total

Net

Assets

$

6,646,384

Net

Assets

$

6,646,384

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

450,001

Net

Asset

Value

Per

Share

$

14

.77

Janus

Henderson

International

Sustainable

Equity

ETF

Statement

of

Operations

For

the

year

ended

October

31,

2023

Janus

Detroit

Street

Trust

11

See

Notes

to

Financial

Statements.

Investment

Income:

Dividends

$

314,282

Foreign

tax

withheld

(

30,380

)

Total

Investment

Income

283,902

Expenses:

Management

Fees

92,469

Total

Expenses

92,469

Net

Investment

Income/(Loss)

191,433

Net

Realized

Gain/(Loss)

on

Investments:

Investments

and

foreign

currency

transactions

$

(

7,078,814

)

Total

Net

Realized

Gain/(Loss)

on

Investments

$

(

7,078,814

)

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

and

foreign

currency

translations

$

9,815,032

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

9,815,032

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

2,927,651

Janus

Henderson

International

Sustainable

Equity

ETF

Statements

of

Changes

in

Net

Assets

12

October

31,

2023

See

Notes

to

Financial

Statements.

Year

Ended

October

31,

2023

Year

Ended

October

31,

2022

Operations:

Net

investment

income/(loss)

$

191,433

$

290,007

Net

realized

gain/(loss)

on

investments

(

7,078,814

)

(

5,299,477

)

Change

in

unrealized

net

appreciation/depreciation

9,815,032

(

8,829,480

)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

2,927,651

(

13,838,950

)

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(

214,010

)

(

299,692

)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(

214,010

)

(

299,692

)

Capital

Share

Transactions

(

15,142,354

)

(

12,384,047

)

Net

Increase/(Decrease)

in

Net

Assets

(

12,428,713

)

(

26,522,689

)

Net

Assets:

—

—

Beginning

of

Year  

19,075,097

45,597,786

End

of

Year

$

6,646,384

$

19,075,097

Janus

Henderson

International

Sustainable

Equity

ETF

Financial

Highlights

Janus

Detroit

Street

Trust

13

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

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)

0.21

0.18

0.02

Net

realized

and

unrealized

gain/(loss)

(0.11)

(4)

(8.42)

(1.64)

(3)

Total

from

Investment

Operations

0.10

(8.24)

(1.62)

Less

Dividends

and

Distributions:

—

—

—

Dividends

(from

net

investment

income)

(0.29)

(0.18)

—

Total

Dividends

and

Distributions

(0.29)

(0.18)

—

Net

Asset

Value,

End

of

Period

$14.77

$14.96

$23.38

Total

Return

*

0.42%

(35.31)%

(6.48)%

(5)

Net

assets,

End

of

Period

(in

thousands)

$6,646

$19,075

$45,598

Average

Net

Assets

for

the

Period

(in

thousands)

$15,346

$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)

1.25%

0.94%

0.67%

Portfolio

Turnover

Rate

(6)

15%

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

Capital.

The

impact

of

the

reimbursement

to

the

net

realized

and

unrealized

gain/

(loss)

is

$0.02.

(4)

The

amount

shown

does

not

correlate

with

the

change

in

the

aggregate

gains

and

losses

in

the

Fund’s

securities

for

the

year

or

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

fluctuating

market

values

for

the

Fund’s

securities.

(5)

0.08%

of

the

Fund’s

total

return

consists

of

a

voluntary

reimbursement

by

Janus

Capital

for

realized

investment

losses.  Excluding

this

item,

total

return

would

have

been

(6.56)%.  

(6)

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

14

October

31,

2023

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

eleven Funds

each

of

which

represent

shares

of

beneficial

interest

in

a

separate

portfolio

of

securities

and

other

assets

with

its

own

objective

and

policies.

The

Fund

seeks

long-term

growth

of

capital. 

The

Fund

is

classified

as

diversified,

as

defined

in

the

1940

Act.

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

Janus

Henderson

International

Sustainable

Equity

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

15

in

good

faith

by

the

Adviser

pursuant

to

the

Valuation

Procedures. Circumstances

in

which

fair

valuation

may

be

utilized

include,

but

are

not

limited

to:

(i)

a

significant

event

that

may

affect

the

securities

of

a

single

issuer,

such

as

a

merger,

bankruptcy,

or

significant

issuer-specific

development;

(ii)

an

event

that

may

affect

an

entire

market,

such

as

a

natural

disaster

or

significant

governmental

action;

(iii)

a

nonsignificant

event

such

as

a

market

closing

early

or

not

opening,

or

a

security

trading

halt;

and

(iv)

pricing

of

a

non-valued

security

and

a

restricted

or

nonpublic

security.

Special

valuation

considerations

may

apply

with

respect

to

“odd-lot”

fixed-income

transactions

which,

due

to

their

small

size,

may

receive

evaluated

prices

by

pricing

services

which

reflect

a

large

block

trade

and

not

what

actually

could

be

obtained

for

the

odd-

lot

position.

The

value

of

the

securities

of

mutual

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

mutual

funds,

and

the

prospectuses

for

such

mutual

funds

explain

the

circumstances

under

which

they

use

fair

valuation

and

the

effects

of

using

fair

valuation.

The

value

of

the

securities

of

any

cash

management

pooled

investment

vehicles

that

operate

as

money

market

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

funds.

Valuation

Inputs

Summary 

FASB

ASC

820,

Fair

Value

Measurements

and

Disclosures

(“ASC

820”),

defines

fair

value,

establishes

a

framework

for

measuring

fair

value,

and

expands

disclosure

requirements

regarding

fair

value

measurements.

This

standard

emphasizes

that

fair

value

is

a

market-based

measurement

that

should

be

determined

based

on

the

assumptions

that

market

participants

would

use

in

pricing

an

asset

or

liability

and

establishes

a

hierarchy

that

prioritizes

inputs

to

valuation

techniques

used

to

measure

fair

value.

These

inputs

are

summarized

into

three

broad

levels: 

Level

1

–

Unadjusted

quoted

prices

in

active

markets

the

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities.

Level

2

–

Observable

inputs

other

than

unadjusted

quoted

prices

included

in

Level

1

that

are

observable

for

the

asset

or

liability

either

directly

or

indirectly.

These

inputs

may

include

quoted

prices

for

the

identical

instrument

on

an

inactive

market,

prices

for

similar

instruments,

interest

rates,

prepayment

speeds,

credit

risk,

yield

curves,

default

rates

and

similar

data.

Assets

or

liabilities

categorized

as

Level

2

in

the

hierarchy

generally

include:

debt

securities

fair

valued

in

accordance

with

the

evaluated

bid

or

ask

prices

supplied

by

a

pricing

service;

securities

traded

on

OTC

markets

and

listed

securities

for

which

no

sales

are

reported

that

are

fair

valued

at

the

latest

bid

price

(or

yield

equivalent

thereof)

obtained

from

one

or

more

dealers

transacting

in

a

market

for

such

securities

or

by

a

pricing

service

approved

by

the

Fund’s

Trustees;

and

certain

short-term

debt

securities

with

maturities

of

60

days

or

less

that

are

fair

valued

at

amortized

cost.

Other

securities

that

may

be

categorized

as

Level

2

in

the

hierarchy

include,

but

are

not

limited

to,

preferred

stocks,

bank

loans,

swaps,

investments

in

unregistered

investment

companies,

options,

and

forward

contracts.

Level

3

–

Unobservable

inputs

for

the

asset

or

liability

to

the

extent

that

relevant

observable

inputs

are

not

available,

representing

the

Fund’s

own

assumptions

about

the

assumptions

that

a

market

participant

would

use

in

valuing

the

asset

or

liability,

and

that

would

be

based

on

the

best

information

available.

There

have

been

no

significant

changes

in

valuation

techniques

used

in

valuing

any

such

positions

held

by

the

Fund

since

the

beginning

of

the

fiscal

year. 

The

inputs

or

methodology

used

for

fair

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

The

summary

of

inputs

used

as

of

October

31,

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

International

Sustainable

Equity

ETF

Notes

to

Financial

Statements

16

October

31,

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

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

International

Sustainable

Equity

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

17

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.

Armed

Conflict.

Recent

such

examples

include

conflict,

loss

of

life,

and

disaster

connected

to

ongoing

armed

conflict

between

Russia

and

Ukraine

in

Europe

and

Hamas

and

Israel

in

the

Middle

East.

The

extent

and

duration

of

each

conflict,

resulting

sanctions

and

resulting

future

market

disruptions

in

each

region

are

impossible

to

predict,

but

could

be

significant

and

have

a

severe

adverse

effect,

including

significant

negative

impacts

on

the

U.S.

and

broader

global

economic

environment

and

the

markets

for

certain

securities

and

commodities.

Industry

and Sector

Risk

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

or

that

benefit

from

the

same

theme.

Companies

in

the

same

industry

or

economic

sector

or

that

benefit

from

the

same

theme

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.

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

debt

securities

that

are

aligned

with

positive

environmental

and

social

impact

themes

and/or

the

debt

of

companies

with

business

practices

that

the

Adviser

believes

to

be

sustainable

and/or

demonstrate

adherence

to

certain

sustainable

and/or

ESG-related

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,

which

may

make

the

Fund

more

vulnerable

to

unfavorable

developments

in

a

particular

sector

than

funds

that

invest

more

broadly.

Additionally,

due

to

its

exclusionary

criteria,

the

Fund

may

not

be

invested

in

certain

industries

or

sectors,

and

therefore

may

have

lower

performance

than

portfolios

that

do

not

apply

similar

criteria.

In

addition,

because

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

Janus

Henderson

International

Sustainable

Equity

ETF

Notes

to

Financial

Statements

18

October

31,

2023

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.

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

year ended

October

31,

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

October

31,

2023, the

Adviser

owned 275,001

shares

or 61.11%

of

the

Fund.

Daily

Net

Assets

Fee

Rate

$0-$250

Million

0.60%

Over

$250

Million

0.55%

Janus

Henderson

International

Sustainable

Equity

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

19

4.

Federal

Income

Tax

The

tax

components

of

capital

shown

in

the

table

below

represent:

(1)

distribution

requirements

the

Fund

must

satisfy

under

the

income

tax

regulations;

(2)

losses

or

deductions

the

Fund

may

be

able

to

offset

against

income

and

gains

realized

in

future

years;

and

(3)

unrealized

appreciation

or

depreciation

of

investments

for

federal

income

tax

purposes. 

The

Fund

has

elected

to

treat

gains

and

losses

on

forward

foreign

currency

contracts

as

capital

gains

and

losses,

if

applicable.

Other

foreign

currency

gains

and

losses

on

debt

instruments

are

treated

as

ordinary

income

for

federal

income

tax

purposes

pursuant

to

Section

988

of

the

Internal

Revenue

Code. 

Accumulated

capital

losses

noted

below

represent

net

capital

loss

carryovers,

as

of

October

31,

2023,

that

may

be

available

to

offset

future

realized

capital

gains

and

thereby

reduce

future

taxable

gains

distributions.

The

following

table

shows

these

capital

loss

carryovers. 

The

aggregate

cost

of

investments

and

the

composition

of

unrealized

appreciation

and

depreciation

of

investment

securities

for

federal

income

tax

purposes

as

of October

31,

2023 are

noted

below.

The

primary

difference

between

book

and

tax

appreciation

or

depreciation

of

investments

is

wash

sale

loss

deferrals. 

Income

and

capital

gains

distributions

are

determined

in

accordance

with

income

tax

regulations

that

may

differ

from

US

GAAP.

These

differences

are

due

to

differing

treatments

for

items

such

as

net

short-term

gains,

deferral

of

wash

sale

losses,

foreign

currency

transactions,

passive

foreign

investment

companies,

net

investment

losses,

in-kind

transactions

and

capital

loss

carryovers.

Certain

permanent

differences

such

as

tax

returns

of

capital

and

net

investment

losses

noted

below

have

been

reclassified

to

capital. 

Permanent

book

to

tax

basis

differences

may

result

in

reclassifications

between

the

components

of

net

assets.

These

differences

have

no

impact

on

the

results

of

operations

or

net

assets.

Undistributed

Ordinary

Income

Undistributed

Long-Term

Gains

Accumulated

Capital

Losses

Loss

Deferrals

Other

Book

to

Tax

Differences

Net

Tax

Appreciation/

(Depreciation)

$8,802

$—

$(7,679,894)

$—

$(191)

$(2,508,444)

Capital

Loss

Carryover

Schedule

For

the

year

ended

October

31,

2023

No

Expiration

Short-Term

Long-Term

Accumulated

Capital

Losses

$(2,595,316)

$(5,084,578)

$(7,679,894)

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$9,143,572

$54,901

$(2,563,345)

$(2,508,444)

For

the

year

ended

October

31,

2023

:

Distributions

From

Ordinary

Income

From

Long-Term

Capital

Gain

Tax

Return

of

Capital

Net

Investment

Loss

$214,010

$—

$—

$—

For

the

year

ended

October

31,

2022

:

Distributions

From

Ordinary

Income

From

Long-Term

Capital

Gain

Tax

Return

of

Capital

Net

Investment

Loss

$299,692

$—

$—

$—

Janus

Henderson

International

Sustainable

Equity

ETF

Notes

to

Financial

Statements

20

October

31,

2023

5.

Capital

Share

Transactions 

6.

Purchases

and

Sales

of

Investment

Securities

For

the year ended

October

31,

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 year

ended

October

31,

2023,

the

cost

of

in-kind

purchases

and

proceeds

from

in-kind

sales,

were

as

follows: 

During

the

year ended

October

31,

2023,

the

Fund

had

net

realized

gain of $2,187,250 from

in-kind

redemptions.

Gains

on

in-kind

transactions

are

not

considered

taxable

for

federal

income

tax

purposes. 

7.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to October

31,

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. 

Year

Ended

October

31,

2023

Year

Ended

October

31,

2022

Shares

Amount

Shares

Amount

Shares

sold

100,000

$

1,604,461

—

$

—

Shares

repurchased

(925,000)

(16,746,815

)

(675,000)

(12,384,047

)

Net

Increase/(Decrease)

(825,000)

$

(15,142,354

)

(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

$2,168,910

$6,166,008

$—

$—

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

$1,122,990

$11,912,895

$—

$—

Janus

Henderson

International

Sustainable

Equity

ETF

Additional

Information

(unaudited)

Janus

Detroit

Street

Trust

21

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).

Designation

Requirements

(unaudited)

For

federal

income

tax

purposes,

the

Fund

designated

the

following

for

the

year

ended

October

31,

2023.

Foreign

Taxes

Paid

$30,380

Foreign

Source

Income

$314,282

Qualified

Dividend

Income

Percentage

100%

Janus

Henderson

International

Sustainable

Equity

ETF

Trustees

and

Officers

(unaudited)

22

October

31,

2023

The

following

are

the

Trustees

and

officers

of

the

Trust

together

with

a

brief

description

of

their

principal

occupations

during

the

last

five

years

(principal

occupations

for

certain

Trustees

may

include

periods

over

five

years).

The

Fund’s

Statement

of

Additional

Information

includes

additional

information

about

the

Trustees

and

officers

and

is

available,

without

charge,

by

calling

1-877-335-2687.

Each

Trustee

has

served

in

that

capacity

since

he

or

she

was

originally

elected

or

appointed.

The

Trustees

do

not

serve

a

specified

term

of

office.

Each

Trustee

will

hold

office

until

the

termination

of

the

Trust

or

his

or

her

earlier

death,

resignation,

retirement,

incapacity,

or

removal.

Under

the

Fund’s

Governance

Procedures

and

Guidelines,

the

policy

is

for

Trustees

to

retire

no

later

than

the

end

of

the

calendar

year

in

which

the

Trustee

turns

75.

The

Trustees

review

the

Fund’s

Governance

Procedures

and

Guidelines

from

time

to

time

and

may

make

changes

they

deem

appropriate.

The

Fund’s

Nominating

and

Governance

Committee

will

consider

nominees

for

the

position

of

Trustee

recommended

by

shareholders.

Shareholders

may

submit

the

name

of

a

candidate

for

consideration

by

the

Committee

by

submitting

their

recommendations

to

the

Trust’s

Secretary.

Each

Trustee

is

currently

a

Trustee

of

one

other

registered

investment

company

advised

by

the

Adviser:

Clayton

Street

Trust.

As

of

the

date

of

this

report,

collectively,

the

two

registered

investment

companies

consist

of

14

series

or

funds.

The

Trust’s

officers

are

elected

annually

by

the

Trustees

for

a

one-year

term.

Certain

officers

also

serve

as

officers

of

Clayton

Street

Trust.

Certain

officers

of

the

Funds

may

also

be

officers

and/or

directors

of

the

Adviser.

Except

as

otherwise

disclosed,

Fund

officers

receive

no

compensation

from

the

Funds.

TRUSTEES

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Number

of

Portfolios/Funds

in

Fund

Complex

Overseen

by

Trustee*

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Independent

Trustees

Clifford

J.

Weber

151

Detroit

Street

Denver,

CO

80206

DOB:

1963

Chairman

Trustee

2/16-Present

Owner,

Financial

Products

Consulting

Group

LLC

(consulting

services

to

financial

institutions)

(since

2015).

14

Independent

Trustee,

Clough

Global

Dividend

and

Income

Fund (closed-end fund)

(since

2017),

Independent

Trustee,

Clough

Global

Opportunities

Fund (closed-

end fund)

(since

2017),

Independent

Trustee,

Clough

Global

Equity

Fund (closed-

end fund)

(since

2017),

and

Independent

Trustee,

Global

X

Funds

(investment

company)

(since

2018).

Formerly,

Chairman,

Clough

Funds

Trust

(investment

company)

(2015-2023),

and

Chairman,

Elevation

ETF

Trust

(investment

company)

(2016-

2018).

Janus

Henderson

International

Sustainable

Equity

ETF

Trustees

and

Officers

(unaudited)

Janus

Detroit

Street

Trust

23

*

Each

Trustee

also

serves

as

a

trustee

to

the

Clayton

Street

Trust,

which

is

currently

comprised

of

three

portfolios.

**

Ms.

Benz

is

an

Interested

Trustee

because

of

her

employment

with

Janus

Henderson

Investors.

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Number

of

Portfolios/Funds

in

Fund

Complex

Overseen

by

Trustee*

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Maureen

T.

Upton

151

Detroit

Street

Denver,

CO

80206

DOB:

1965

Trustee

2/16-Present

Principal,

Maureen

Upton

Ltd.

(consulting

services

to

multinational

companies

(since

2017).

14

Independent

Director,

Cascadia

Minerals

Ltd.

(mineral

exploration

company);

Independent

Director,

ATAC

Resources

Ltd.

(mineral

exploration

company)

(2022-

2023).

Jeffrey

B.

Weeden

151

Detroit

Street

Denver,

CO

80206

DOB:

1956

Trustee

2/16-Present

Senior

Advisor,

Bay

Boston

Capital

LP

(investment

fund

in

banks

and

bank

holdings

companies)

(since

2015).

14

Director,

West

Travis

County

Municipal

Utility

District

No. 6

(municipal

utility)

(since

2020).

Formerly,

Director,

State

Farm

Bank

(banking)

(2014-2021).

Interested

Trustee

Carrie

Benz**

151

Detroit

Street

Denver,

CO

80206

DOB:

1975

Trustee

1/21-Present

Global

Investment

COO

(since

2023).

Formerly,

Global

Head

of

Investment

Services,

Janus

Henderson

Investors

(2017-

2023).

14

Janus

Henderson

International

Sustainable

Equity

ETF

Trustees

and

Officers

(unaudited)

24

October

31,

2023

OFFICERS

*

Officers

are

elected

at

least

annually

by

the

Trustees

for

a

one-year

term

and

may

also

be

elected

from

time

to

time

by

the

Trustees

for

an

interim

period.

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Term

of

Office*

and

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Nicholas

Cherney

151

Detroit

Street

Denver,

CO

80206

DOB:

1981

President

and

Chief

Executive

Officer

10/22-Present

Head

of

Innovation

at

Janus

Henderson

(since

2023),

Head

of

Exchange

Traded

Products

at

Janus

Henderson

Distributors

US

LLC,

Janus

Henderson

Indices

LLC,

Velocity

Shares

Holdings

Inc.

(since

2019).

Formerly,

Senior

Vice

President,

Janus

Henderson

Distributors

US

LLC,

Janus

Henderson

Indices

LLC

(2015-2019),

Janus

Henderson

Investors

US

LLC

(2015-2017),

and

Velocity

Shares

Holdings

Inc.

(2014-2019).

Kristin

Mariani

151

Detroit

Street

Denver,

CO

80206

DOB:

1966

Vice

President

and

Chief

Compliance

Officer

7/20-Present

Head

of

Compliance,

North

America

at

Janus

Henderson

Investors

(since

September

2020)

and

Chief

Compliance

Officer

at

Janus

Henderson

Investors

US

LLC

(since

September

2017).

Formerly,

Anti-Money

Laundering

Officer

for

the

Trust

(July

2020-December

2022),

and

Global

Head

of

Investment

Management

Compliance

at

Janus

Henderson

Investors

(February

2019-August

2020).

Jesper

Nergaard

151

Detroit

Street

Denver,

CO

80206

DOB:

1962

Vice

President,

Chief

Financial

Officer,

Treasurer,

and

Principal

Accounting

Officer

2/16-Present

Head

of

U.S.

Fund

Administration,

Janus

Henderson

Investors

and

Janus

Henderson

Services

LLC.

Cara

Owen

151

Detroit

Street

Denver,

CO

80206

DOB:

1981

Vice

President,

Secretary,

and

Chief

Legal

Officer

1/23-Present

Senior

Legal

Counsel

of

Janus

Henderson

Investors

US

LLC

(since

2021).

Formerly,

Assistant

Secretary

of

the

Trust

and

Clayton

Street

Trust

(2021-2023);

Vice

President

and

Principal

Legal

Counsel,

ALPS

Fund

Services,

Inc.

(fund

administrator)

(2019-2021);

and

Senior

Counsel,

Corporate

&

Investments,

Great-West

Life

&

Annuity

Insurance

Company

(insurance

company)

(2014-2019).

Ciaran

Askin

151

Detroit

Street

Denver,

CO

80206

DOB:

1978

Anti-Money

Laundering

Officer

1/23-Present

Global

Head

of

Financial

Crime,

Janus

Henderson

Investors

(since

2022).

Formerly,

Global

Head

of

Financial

Crime

at

Invesco

Ltd.

(2017-2022).

125-02-93089

12-23

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.

ANNUAL

REPORT

October

31,

2023

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Performance

Overview

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

1

Fund

At

A

Glance

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

2

Disclosure

of

Fund

Expenses

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

4

Report

of

Independent

Registered

Public

Accounting

Firm

...

5

Schedule

of

Investments

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

6

Statement

of

Assets

and

Liabilities

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

14

Statement

of

Operations

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

15

Statements

of

Changes

in

Net

Assets

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

16

Financial

Highlights

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

17

Notes

to

Financial

Statements

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

18

Additional

Information

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

29

Trustees

and

Officers

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

30

Janus

Henderson

Sustainable

Corporate

Bond

ETF

(unaudited)

Janus

Detroit

Street

Trust

1

INVESTMENT

OBJECTIVE

The

Janus

Henderson

Sustainable

Corporate

Bond

ETF

(SCRD)

seeks

total

return

consisting

of

income

and

capital

appreciation,

while

giving

special

consideration

to

certain

environmental,

social

and

governance

(ESG)

factors.

PERFORMANCE

OVERVIEW

For

the

12-month

period

ended

October

31,

2023,

the

Fund

returned

1.33%

net

of

fees

(based

on

NAV),

underperforming

its

benchmark,

the

Bloomberg

U.S.

Corporate

Bond

Index,

which

returned

2.77%.

In

its

fight

against

inflation,

the

Federal

Reserve

(Fed)

hiked

rates

by

2.25%

over

the

period,

while

the

yield

on

10-

year

U.S.

Treasuries

increased

from

4.04%

to

4.93%.

Rising

yields

pressured

returns

on

corporate

bonds,

although

investment-grade

credit

spreads

tightened

almost

30

basis

points

over

the

period.

The

Fund’s

duration

positioning

remained

above

that

of

the

benchmark

for

the

majority

of

the

period,

and

this

was

the

key

detractor

as

rates

rose.

While

our

interest

rate

positioning

detracted,

we

believe

we

are

presently

well

positioned

with

higher

duration

than

the

benchmark.

We

expect

yields

to

fall

as

inflation

continues

to

cool

and

the

Fed

comes

to

the

end

of

its

rate-hiking

cycle.

The

Fund’s

overall

spread

risk

positioning

contributed.

Security

selection

within

investment-grade

corporate

bonds

resulted

in

relative

outperformance,

led

by

gains

in

technology,

banking,

and

pharmaceuticals.

Our

allocation

to

high-

yield

corporates

also

contributed,

while

a

small

out-of-index

allocation

to

asset-backed

securities

(ABS)

detracted.

Despite

corporate

credit

fundamentals

continuing

to

exhibit

strength,

we

believe

the

risk

of

widening

in

corporate

credit

spreads

remains

a

possibility.

Therefore,

the

Fund

maintains

a

cautious

stance

within

spread

products

with

a

bias

towards

higher

quality

credit.

Please

see

the

Derivative

Instruments

section

in

the

“Notes

to

Financial

Statements”

for

a

discussion

of

derivatives

used

by

the

Fund.

The

Janus

Henderson

Sustainable

Corporate

Bond

ETF

is

an

actively

managed,

investment

grade-focused

corporate

credit

ETF

seeking

to

generate

risk-adjusted

excess

returns,

while

aligning

with

positive

environmental

and

societal

outcomes.

Through

our

investment

framework,

we

aim

to

invest

in

issuers

with

strong

or

improving

ESG

characteristics

and

identify

opportunities

on

the

right

side

of

disruption.

Important

Notice

–

Tailored

Shareholder

Reports

Effective

January

24,

2023,

the

Securities

and

Exchange

Commission

(the

“SEC”)

adopted

rule

and

form

amendments

that

require

mutual

funds

and

exchange

traded

funds

to

provide

shareholders

with

streamlined

annual

and

semi-annual

shareholder

reports

that

highlight

key

information.

Other

information,

including

financial

statements,

that

currently

appears

in

shareholder

reports

will

be

made

available

online,

delivered

free

of

charge

to

shareholders

upon

request,

and

filed

with

the

SEC.

The

first

tailored

shareholder

report

for

the

Fund

will

be

for

the

reporting

period

ending

October

31,

2024.

Currently,

management

is

evaluating

the

impact

of

the

rule

and

form

amendments

on

the

content

of

the

Fund’s

current

shareholder

reports.

Michael

Keough

Brad

Smith

co-portfolio

manager

co-portfolio

manager

Janus

Henderson

Sustainable

Corporate

Bond

ETF

(unaudited)

Fund

At

A

Glance

October

31,

2023

2

October

31,

2023

Holdings

are

subject

to

change

without

notice.

Sector

Allocation

–

(%

of

Net

Assets)

Financial

36.5%

Consumer,

Non-cyclical

26.3%

Technology

9.4%

Industrial

7.5%

Energy

5.3%

Consumer,

Cyclical

3.7%

Utilities

3.4%

Communications

2.9%

Investment

Company

1.8%

Asset-Backed

Security

1.4%

Basic

Materials

1.2%

99.4%

Janus

Henderson

Sustainable

Corporate

Bond

ETF

(unaudited)

Performance

Janus

Detroit

Street

Trust

3

Total

annual

expense

ratio

as

stated

in

the

prospectus:

0.35%.

See

Financial

Highlights

for

actual

expense

ratios

during

the

reporting

period.

Returns

quoted

are

past

performance

and

do

not

guarantee

future

results;

current

performance

may

be

lower

or

higher.

Investment

returns

and

principal

value

will

vary;

there

may

be

a

gain

or

loss

when

shares

are

sold.

For

the

most

recent

month-end

performance

call

800.668.0434

or

visit

janushenderson.com/performance.

Shares

of

ETFs

are

bought

and

sold

at

market

price

(not

NAV)

and

are

not

individually

redeemed

from

the

Fund.

Market

returns

are

based

upon

the

midpoint

of

the

bid/ask

spread

at

4:00

p.m.

Eastern

time

(when

NAV

is

normally

determined

for

most

ETFs),

and

do

not

represent

the

returns

you

would

receive

if

you

traded

shares

at

other

times.

Ordinary

brokerage

commissions

apply

and

will

reduce

returns.

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.

Average

Annual

Total

Return

for

the

periods

ended

October

31,

2023

One

Year

Since

Inception

*

Janus

Henderson

Sustainable

Corporate

Bond

ETF

-

NAV

1.33%

-9.21%

Janus

Henderson

Sustainable

Corporate

Bond

ETF

-

Market

Price

1.20%

-9.18%

Bloomberg

U.S.

Corporate

Bond

Index

2.77%

-8.75%

*

The

Fund

commenced

operations

on

September

8,

2021.

Janus

Henderson

Sustainable

Corporate

Bond

ETF

(unaudited)

Disclosure

of

Fund

Expenses

4

October

31,

2023

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1)

transaction

costs,

which

may

include

creation

and

redemption

fees

or

brokerage

charges

and

(2)

ongoing

costs,

including

management

fees

and

other

Fund

expenses.

This

example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

Funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

example

is

based

upon

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

six-months

indicated,

unless

noted

otherwise

in

the

table

and

footnotes

below. 

Actual

Expenses 

The

information

in

the

table

under

the

heading

“Actual”

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

these

columns,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

under

the

heading

entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

the

period.

Hypothetical

Example

for

Comparison

Purposes 

The

information

in

the

table

under

the

heading

“Hypothetical

(5%

return

before

expenses)”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

upon

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

determine

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Additionally,

for

an

analysis

of

the

fees

associated

with

an

investment

or

other

similar

funds,

please

visit 

www.finra.org/

fundanalyzer.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transaction

costs,

such

as

creation

and

redemption

fees,

or

brokerage

charges.

These

fees

are

fully

described

in

the

Fund’s

prospectus.

Therefore,

the

hypothetical

examples

are

useful

in

comparing

ongoing

costs

only

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

transaction

costs

were

included,

your

costs

would

have

been

higher.

Actual

Hypothetical

(5%

return

before

expenses)

Beginning

Account

Value

(5/1/23)

Ending

Account

Value

(10/31/23)

Expenses

Paid

During

Period

(5/1/23

-

10/31/23)

†

Beginning

Account

Value

(5/1/23)

Ending

Account

Value

(10/31/23)

Expenses

Paid

During

Period

(5/1/23

-

10/31/23)

†

Net

Annualized

Expense

Ratio

(5/1/23

-

10/31/23)

$1,000.00

$933.60

$1.71

$1,000.00

$1,023.44

$1.79

0.35%

†

Expenses

Paid

During

Period

is

equal

to

the

Net

Annualized

Expense

Ratio

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period).

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Report

of

Independent

Registered

Public

Accounting

Firm

Janus

Detroit

Street

Trust

5

To

the

Board

of

Trustees

of

Janus

Detroit

Street

Trust

and

Shareholders

of

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Janus

Henderson

Sustainable

Corporate

Bond

ETF

(one

of

the

funds

constituting

Janus

Detroit

Street

Trust

,

referred

to

hereafter

as

the

"Fund")

as

of

October

31,

2023,

the

related

statement

of

operations

for

the

year

ended

October

31,

2023,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2023,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

two

years

in

the

period

ended

October

31,

2023

and

for

the

period

September

8,

2021

(commencement

of

operations)

through

October

31,

2021

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

October

31,

2023

,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2023

and

the

financial

highlights

for

each

of

the

two

years

in

the

period

ended

October

31,

2023

and

for

the

period

September

8,

2021

(commencement

of

operations)

through

October

31,

2021

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

based

on

our

audits

.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

October

31,

2023

by

correspondence

with

the

custodian,

transfer

agent

and

brokers

;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures

.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

Denver,

Colorado

December

15,

2023

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

Janus

Henderson

Funds

since

1990.

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Schedule

of

Investments

October

31,

2023

6

October

31,

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

$421,624)

$

510,807

$

391,861

Corporate

Bonds

-

96.2%

Basic

Materials

-

1.2%

Celanese

US

Holdings

LLC,

6.5500%, 11/15/30

207,000

199,104

Celanese

US

Holdings

LLC,

6.7000%, 11/15/33

139,000

132,021

331,125

Communications

-

2.9%

AT&T,

Inc.,

3.5000%, 6/1/41

290,000

193,876

Discovery

Communications

LLC,

4.0000%, 9/15/55

236,000

135,553

FactSet

Research

Systems,

Inc.,

3.4500%, 3/1/32

132,000

106,757

Fox

Corp.,

6.5000%, 10/13/33

146,000

142,593

T-Mobile

USA,

Inc.,

5.7500%, 1/15/34

271,000

257,110

835,889

Consumer,

Cyclical

-

3.7%

Ford

Motor

Co.,

3.2500%, 2/12/32

483,000

364,544

Hasbro,

Inc.,

5.1000%, 5/15/44

72,000

55,313

Home

Depot,

Inc.

(The),

3.2500%, 4/15/32

46,000

38,298

LKQ

Corp.,

5.7500%, 6/15/28

99,000

95,941

Lowe's

Cos.,

Inc.,

3.7500%, 4/1/32

34,000

28,522

Lowe's

Cos.,

Inc.,

3.7000%, 4/15/46

260,000

170,992

Mattel,

Inc.,

3.7500%, 4/1/29

(144A)

112,000

95,809

Tractor

Supply

Co.,

5.2500%, 5/15/33

231,000

211,459

1,060,878

Consumer,

Non-cyclical

-

26.3%

Abbott

Laboratories,

6.1500%, 11/30/37

93,000

95,498

AbbVie,

Inc.,

2.9500%, 11/21/26

114,000

105,583

AbbVie,

Inc.,

3.2000%, 11/21/29

113,000

98,476

AbbVie,

Inc.,

4.5500%, 3/15/35

158,000

138,906

AbbVie,

Inc.,

4.2500%, 11/21/49

120,000

90,058

Alcon

Finance

Corp.,

5.3750%, 12/6/32

(144A)

200,000

187,372

Alcon

Finance

Corp.,

5.7500%, 12/6/52

(144A)

140,000

126,066

Amgen,

Inc.,

2.3000%, 2/25/31

100,000

78,180

Amgen,

Inc.,

5.2500%, 3/2/33

65,000

60,619

Amgen,

Inc.,

5.1500%, 11/15/41

110,000

92,953

Amgen,

Inc.,

2.7700%, 9/1/53

151,000

78,890

Boston

Scientific

Corp.,

2.6500%, 6/1/30

150,000

123,376

Bristol-Myers

Squibb

Co.,

4.5500%, 2/20/48

183,000

144,140

Centene

Corp.,

2.6250%, 8/1/31

162,000

121,662

Cigna

Group

(The),

2.3750%, 3/15/31

141,000

109,813

Cigna

Group

(The),

3.4000%, 3/15/50

297,000

183,656

Coca-Cola

Co.

(The),

2.8750%, 5/5/41

200,000

134,474

CSL

Finance

plc,

3.8500%, 4/27/27

(144A)

45,000

42,421

CSL

Finance

plc,

4.2500%, 4/27/32

(144A)

112,000

99,477

CSL

Finance

plc,

4.6250%, 4/27/42

(144A)

210,000

172,755

CVS

Health

Corp.,

5.0500%, 3/25/48

150,000

117,913

Elevance

Health,

Inc.,

1.5000%, 3/15/26

80,000

72,466

Elevance

Health,

Inc.,

2.5500%, 3/15/31

140,000

110,729

Elevance

Health,

Inc.,

5.5000%, 10/15/32

145,000

138,708

Elevance

Health,

Inc.,

3.6000%, 3/15/51

90,000

57,767

Elevance

Health,

Inc.,

6.1000%, 10/15/52

100,000

94,556

GE

HealthCare

Technologies,

Inc.,

5.6500%, 11/15/27

101,000

99,964

GE

HealthCare

Technologies,

Inc.,

5.8570%, 3/15/30

101,000

98,654

GE

HealthCare

Technologies,

Inc.,

6.3770%, 11/22/52

101,000

97,839

General

Mills,

Inc.,

2.2500%, 10/14/31

206,000

155,707

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Schedule

of

Investments

October

31,

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)

HCA,

Inc.,

5.2500%, 6/15/26

$

87,000

$

84,943

HCA,

Inc.,

5.2000%, 6/1/28

48,000

45,701

HCA,

Inc.,

3.5000%, 9/1/30

172,000

142,355

HCA,

Inc.,

5.5000%, 6/1/33

154,000

140,497

Humana,

Inc.,

3.1250%, 8/15/29

95,000

82,374

Humana,

Inc.,

3.9500%, 8/15/49

180,000

123,458

Illumina,

Inc.,

5.7500%, 12/13/27

94,000

91,847

Illumina,

Inc.,

2.5500%, 3/23/31

162,000

123,348

JBS

USA

LUX

SA,

3.6250%, 1/15/32

200,000

153,740

Kenvue

,

Inc.,

4.9000%, 3/22/33

105,000

98,389

Laboratory

Corp.

of

America

Holdings,

2.7000%, 6/1/31

201,000

158,471

Medtronic,

Inc.,

4.0000%, 4/1/43

71,000

54,208

Moody's

Corp.,

4.2500%, 8/8/32

320,000

282,324

Nestle

Holdings,

Inc.,

5.0000%, 9/12/30

(144A)

209,000

202,516

Novartis

Capital

Corp.,

2.2000%, 8/14/30

106,000

86,193

Novartis

Capital

Corp.,

2.7500%, 8/14/50

139,000

82,608

PepsiCo,

Inc.,

3.9000%, 7/18/32

160,000

141,807

Pilgrim's

Pride

Corp.,

4.2500%, 4/15/31

169,000

139,215

Royalty

Pharma

plc,

3.5500%, 9/2/50

205,000

119,608

S&P

Global,

Inc.,

3.7000%, 3/1/52

83,000

56,081

S&P

Global,

Inc.,

2.3000%, 8/15/60

181,000

84,126

Tenet

Healthcare

Corp.,

6.1250%, 10/1/28

477,000

442,417

Teva

Pharmaceutical

Finance

Netherlands

III

BV,

3.1500%, 10/1/26

409,000

360,094

UnitedHealth

Group,

Inc.,

3.7000%, 5/15/27

79,000

74,430

UnitedHealth

Group,

Inc.,

4.2000%, 5/15/32

79,000

70,043

UnitedHealth

Group,

Inc.,

5.3500%, 2/15/33

293,000

281,624

UnitedHealth

Group,

Inc.,

4.7500%, 5/15/52

79,000

63,239

Verisk

Analytics,

Inc.,

3.6250%, 5/15/50

248,000

158,462

Zoetis,

Inc.,

5.6000%, 11/16/32

248,000

240,412

7,513,208

Energy

-

5.3%

Enbridge,

Inc.,

5.7000%, 3/8/33

95,000

88,828

Enbridge,

Inc.,

2.5000%, 8/1/33

193,000

139,242

Kinder

Morgan,

Inc.,

5.2000%, 6/1/33

194,000

174,835

ONEOK,

Inc.,

5.5500%, 11/1/26

227,000

224,258

Sabine

Pass

Liquefaction

LLC,

5.8750%, 6/30/26

303,000

300,738

Venture

Global

LNG,

Inc.,

9.5000%, 2/1/29

(144A)

357,000

362,691

Western

Midstream

Operating

LP,

6.1500%, 4/1/33

254,000

240,228

1,530,820

Financial

-

36.5%

AerCap

Ireland

Capital

DAC,

1.7500%, 1/30/26

310,000

278,760

Alexandria

Real

Estate

Equities,

Inc.,

2.9500%, 3/15/34

197,000

143,616

Alexandria

Real

Estate

Equities,

Inc.,

4.7500%, 4/15/35

99,000

83,737

American

Express

Co.,

SOFR

+

1.8350%,

5.0430%, 5/1/34

‡

73,000

65,533

Arthur

J

Gallagher

&

Co.,

6.5000%, 2/15/34

84,000

83,372

Athene

Global

Funding,

1.0000%, 4/16/24

(144A)

485,000

471,996

Bank

of

America

Corp.,

SOFR

+

1.0600%,

2.0870%, 6/14/29

‡

145,000

119,719

Bank

of

America

Corp.,

SOFR

+

1.2200%,

2.2990%, 7/21/32

‡

191,000

140,913

Bank

of

America

Corp.,

SOFR

+

1.2100%,

2.5720%, 10/20/32

‡

203,000

152,035

Bank

of

America

Corp.,

SOFR

+

1.9300%,

2.6760%, 6/19/41

‡

218,000

132,914

Bank

of

New

York

Mellon

Corp.

(The),

SOFR

+

1.3450%,

4.4140%, 7/24/26

‡

314,000

304,892

Bank

of

New

York

Mellon

Corp.

(The),

SOFR

+

1.5118%,

4.7060%, 2/1/34

‡

145,000

127,334

Bank

of

New

York

Mellon

Corp.

(The),

SOFR

+

1.6060%,

4.9670%, 4/26/34

‡

123,000

110,372

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Schedule

of

Investments

October

31,

2023

8

October

31,

2023

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Corporate

Bonds

-

(continued)

Financial

-

(continued)

Barclays

plc,

SOFR

+

2.2200%,

6.4900%, 9/13/29

‡

$

200,000

$

194,984

Berkshire

Hathaway

Finance

Corp.,

3.8500%, 3/15/52

98,000

68,320

Boston

Properties

LP,

4.5000%, 12/1/28

85,000

74,765

Boston

Properties

LP,

2.4500%, 10/1/33

170,000

110,500

Brown

&

Brown,

Inc.,

4.9500%, 3/17/52

57,000

42,291

Capital

One

Financial

Corp.,

SOFR

+

3.0700%,

7.6240%, 10/30/31

‡

280,000

279,864

Charles

Schwab

Corp.

(The),

3.2000%, 3/2/27

92,000

83,213

Charles

Schwab

Corp.

(The),

SOFR

+

2.0100%,

6.1360%, 8/24/34

‡

182,000

170,462

Citigroup,

Inc.,

SOFR

+

2.1070%,

2.5720%, 6/3/31

‡

202,000

158,177

Citigroup,

Inc.,

SOFR

+

1.3510%,

3.0570%, 1/25/33

‡

71,000

54,663

Citigroup,

Inc.,

CME

Term

SOFR

3

Month

+

1.4296%,

3.8780%, 1/24/39

‡

87,000

65,108

CME

Group,

Inc.,

3.7500%, 6/15/28

272,000

254,160

Corebridge

Financial,

Inc.,

3.8500%, 4/5/29

34,000

30,048

Credit

Agricole

SA,

5.3010%, 7/12/28

(144A)

250,000

242,383

Equinix,

Inc.,

1.5500%, 3/15/28

105,000

87,085

Equinix,

Inc.,

3.4000%, 2/15/52

138,000

81,851

Goldman

Sachs

Group,

Inc.

(The),

6.2500%, 2/1/41

126,000

121,983

ING

Groep

NV,

SOFR

+

2.0900%,

6.1140%, 9/11/34

‡

200,000

187,409

JPMorgan

Chase

&

Co.,

SOFR

+

1.8900%,

2.1820%, 6/1/28

‡

381,000

331,201

JPMorgan

Chase

&

Co.,

SOFR

+

1.4500%,

5.2990%, 7/24/29

‡

91,000

87,611

JPMorgan

Chase

&

Co.,

CME

Term

SOFR

3

Month

+

2.5150%,

2.9560%, 5/13/31

‡

167,000

134,666

JPMorgan

Chase

&

Co.,

SOFR

+

1.2600%,

2.9630%, 1/25/33

‡

231,000

179,971

JPMorgan

Chase

&

Co.,

SOFR

+

1.8450%,

5.3500%, 6/1/34

‡

75,000

69,174

Lloyds

Banking

Group

plc,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.6000%,

3.5110%, 3/18/26

‡

320,000

306,768

Lloyds

Banking

Group

plc,

4.6500%, 3/24/26

200,000

189,410

Marsh

&

McLennan

Cos.,

Inc.,

5.4000%, 9/15/33

149,000

141,623

Mastercard,

Inc.,

3.5000%, 2/26/28

89,000

82,680

Metropolitan

Life

Global

Funding

I,

5.1500%, 3/28/33

(144A)

383,000

350,521

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

231,338

Morgan

Stanley,

SOFR

+

1.7300%,

5.1230%, 2/1/29

‡

47,000

44,748

Morgan

Stanley,

SOFR

+

1.6300%,

5.4490%, 7/20/29

‡

108,000

103,868

Morgan

Stanley,

SOFR

+

1.2900%,

2.9430%, 1/21/33

‡

166,000

127,388

Morgan

Stanley,

SOFR

+

1.8700%,

5.2500%, 4/21/34

‡

57,000

51,358

Morgan

Stanley,

SOFR

+

1.8800%,

5.4240%, 7/21/34

‡

231,000

210,829

Nasdaq,

Inc.,

5.3500%, 6/28/28

31,000

30,188

Nasdaq,

Inc.,

1.6500%, 1/15/31

222,000

163,963

Nasdaq,

Inc.,

5.5500%, 2/15/34

103,000

95,542

Nasdaq,

Inc.,

5.9500%, 8/15/53

70,000

62,452

National

Australia

Bank

Ltd.,

2.9900%, 5/21/31

(144A)

299,000

226,589

NNN

REIT,

Inc.,

5.6000%, 10/15/33

307,000

282,970

Nordea

Bank

Abp

,

5.3750%, 9/22/27

(144A)

200,000

193,885

PNC

Financial

Services

Group,

Inc.

(The),

SOFR

+

1.8410%,

5.5820%, 6/12/29

‡

106,000

101,491

PNC

Financial

Services

Group,

Inc.

(The),

2.5500%, 1/22/30

98,000

77,853

PNC

Financial

Services

Group,

Inc.

(The),

SOFRINDX

+

2.1400%,

6.0370%, 10/28/33

‡

233,000

219,420

PNC

Financial

Services

Group,

Inc.

(The),

SOFR

+

1.9330%,

5.0680%, 1/24/34

‡

195,000

171,589

Raymond

James

Financial,

Inc.,

3.7500%, 4/1/51

182,000

116,843

Retail

Opportunity

Investments

Partnership

LP,

6.7500%, 10/15/28

402,000

390,392

Sun

Communities

Operating

LP,

2.7000%, 7/15/31

266,000

198,523

Sun

Communities

Operating

LP,

5.7000%, 1/15/33

92,000

83,948

Truist

Financial

Corp.,

SOFR

+

2.4460%,

7.1610%, 10/30/29

‡

144,000

144,849

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Schedule

of

Investments

October

31,

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)

US

Bancorp,

2.4000%, 7/30/24

$

319,000

$

310,087

US

Bancorp,

SOFR

+

1.6000%,

4.8390%, 2/1/34

‡

72,000

61,520

US

Bancorp,

SOFR

+

2.2600%,

5.8360%, 6/12/34

‡

169,000

155,660

Visa,

Inc.,

2.0000%, 8/15/50

92,000

46,980

Willis

North

America,

Inc.,

5.3500%, 5/15/33

153,000

139,438

10,439,795

Industrial

-

7.5%

Ball

Corp.,

4.0000%, 11/15/23

299,000

298,257

Canadian

Pacific

Railway

Co.,

1.7500%, 12/2/26

207,000

184,068

FedEx

Corp.,

3.2500%, 5/15/41

200,000

131,841

Jacobs

Engineering

Group,

Inc.,

6.3500%, 8/18/28

225,000

223,749

Johnson

Controls

International

plc,

1.7500%, 9/15/30

323,000

245,334

Nordson

Corp.,

5.6000%, 9/15/28

104,000

102,082

Nordson

Corp.,

5.8000%, 9/15/33

149,000

141,834

Otis

Worldwide

Corp.,

2.0560%, 4/5/25

201,000

190,478

Regal

Rexnord

Corp.,

6.3000%, 2/15/30

(144A)

32,000

30,111

Regal

Rexnord

Corp.,

6.4000%, 4/15/33

(144A)

199,000

182,562

Trane

Technologies

Financing

Ltd.,

5.2500%, 3/3/33

71,000

66,464

Trimble,

Inc.,

6.1000%, 3/15/33

119,000

113,589

Waste

Management,

Inc.,

2.5000%, 11/15/50

96,000

51,059

Xylem,

Inc.,

1.9500%, 1/30/28

125,000

106,732

Xylem,

Inc.,

4.3750%, 11/1/46

121,000

86,852

2,155,012

Technology

-

9.4%

Apple,

Inc.,

2.7000%, 8/5/51

254,000

146,892

Apple,

Inc.,

2.8500%, 8/5/61

226,000

125,633

Autodesk,

Inc.,

2.8500%, 1/15/30

96,000

80,100

Broadcom

Corp.,

3.8750%, 1/15/27

92,000

85,989

Broadcom,

Inc.,

3.1870%, 11/15/36

(144A)

144,000

99,728

Broadcom,

Inc.,

4.9260%, 5/15/37

(144A)

222,000

185,020

Fiserv,

Inc.,

5.6250%, 8/21/33

172,000

161,334

Foundry

JV

Holdco

LLC,

5.8750%, 1/25/34

(144A)

307,000

284,795

Hewlett

Packard

Enterprise

Co.,

5.9000%, 10/1/24

450,000

449,188

Marvell

Technology,

Inc.,

5.9500%, 9/15/33

214,000

203,259

Micron

Technology,

Inc.,

3.3660%, 11/1/41

333,000

209,860

NXP

BV,

2.7000%, 5/1/25

138,000

131,153

Oracle

Corp.,

2.8750%, 3/25/31

38,000

30,459

QUALCOMM,

Inc.,

6.0000%, 5/20/53

200,000

192,473

Salesforce,

Inc.,

2.9000%, 7/15/51

161,000

94,689

Salesforce,

Inc.,

3.0500%, 7/15/61

98,000

54,582

VMware,

Inc.,

4.7000%, 5/15/30

84,000

76,079

Workday,

Inc.,

3.5000%, 4/1/27

37,000

34,352

Workday,

Inc.,

3.8000%, 4/1/32

43,000

35,810

2,681,395

Utilities

-

3.4%

American

Water

Capital

Corp.,

3.2500%, 6/1/51

135,000

83,208

Duke

Energy

Progress

LLC,

5.2500%, 3/15/33

156,000

147,020

Duke

Energy

Progress

LLC,

5.3500%, 3/15/53

114,000

97,059

Southern

California

Edison

Co.,

5.3000%, 3/1/28

425,000

415,507

Xcel

Energy,

Inc.,

4.6000%, 6/1/32

85,000

75,140

Xcel

Energy,

Inc.,

5.4500%, 8/15/33

153,000

142,559

960,493

Total

Corporate

Bonds

(cost

$31,761,783)

27,508,615

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Schedule

of

Investments

October

31,

2023

10

October

31,

2023

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Investment

Companies

-

1.8%

Money

Market

Funds

-

1.8%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

5.3899%

£,∞

(cost

$508,070)

507,968

$

508,070

Total

Investments

(total

cost

$32,691,477

)

-

99.4%

28,408,546

Cash,

Receivables

and

Other

Assets,

net

of

Liabilities

-

0.6%

170,180

Net

Assets

-

100.0%

$28,578,726

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

25,072,518

88.2

%

United

Kingdom

1,005,815

3.5

Netherlands

678,656

2.4

Canada

412,138

1.5

Ireland

345,224

1.2

France

242,383

0.9

Japan

231,338

0.8

Australia

226,589

0.8

Finland

193,885

0.7

Total

$

28,408,546

100.0

%

Schedule

of

Affiliated

Investments

-

(%

of

Net

Assets)

Dividend

Income

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciatio

n/

(Depreciation)

Value

at

10/31/23

Investment

Company

-

1.8%

Money

Market

Funds

-

1.8%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

5.3899%

∞

$

28,411

$

103

$

(63)

$

508,070

Value

at

10/31/22

Purchases

Sales

Value

at

10/31/23

Investment

Company

-

1.8%

Money

Market

Funds

-

1.8%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

5.3899%

∞

$

1,125,433

$

30,586,286

$

(31,203,689)

$

508,070

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Schedule

of

Investments

October

31,

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

October

31,

2023.

The

following

tables

provide

information

about

the

effect

of

derivatives

and

hedging

activities

on

the

Fund’s

Statement

of

Operations

for

the year

ended

October

31,

2023.

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

8

12/19/23

$

849,375

$

(17,088)

U.S.

Treasury

2

Year

Notes

16

12/29/23

3,238,750

(8,810)

U.S.

Treasury

Long

Bonds

31

12/19/23

3,392,563

(330,387)

U.S.

Treasury

Ultra

Bonds

2

12/19/23

225,125

(25,003)

Total

-

Futures

Long

(381,288)

Futures

Short:

U.S.

Treasury

10

Year

Ultra

Bonds

52

12/19/23

(5,659,063)

296,914

U.S.

Treasury

5

Year

Notes

3

12/29/23

(313,430)

(496)

Total

-

Futures

Short

296,418

Total

$(84,870)

Fair

Value

of

Derivative

Instruments

(not

accounted

for

as

hedging

instruments)

as

of

October

31,

2023

Interest

Rate

Contracts

Asset

Derivatives:

*

Futures

contracts

$296,914

Liability

Derivatives:

*

Futures

contracts

381,784

*

The

fair

value

presented

includes

net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts.

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

year

ended

October

31,

2023

Amount

of

Realized

Gain/(Loss)

Recognized

on

Derivatives

Derivative

Credit

Contracts

Interest

Rate

Contracts

Total

Futures

contracts

$—

$(491,106)

$(491,106)

Swap

contracts

2,079

—

2,079

Total

$2,079

$(491,106)

$(489,027)

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Schedule

of

Investments

October

31,

2023

12

October

31,

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

Interest

Rate

Contracts

Futures

contracts

$222,383

Average

Ending

Monthly

Value

of

Derivative

Instruments

During

the

Year

Ended

October

31,

2023

Futures

contracts:

Average

notional

amount

of

contracts

-

long

$8,656,722

Average

notional

amount

of

contracts

-

short

6,417,441

Credit

default

swaps:

Average

notional

amount

-

buy

protection

45,833

Average

notional

amount

-

sell

protection

162,500

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

October

31,

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

REIT

Real

Estate

Investment

Trust

SOFR

Secured

Overnight

Financing

Rate

SOFRINDX

Secured

Overnight

Financing

Rate

Compounded

Index

∞

Rate

shown

is

the

7-day

yield

as

of

October

31,

2023.

£

The

Fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

Investment

Company

Act

of

1940,

as

amended,

an

affiliated

company

is

one

in

which

the

Fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

which

is

under

common

ownership

or

control.

‡

The

interest

rate

on

floating

rate

notes

is

based

on

an

index

or

market

interest

rates

and

is

subject

to

change.

Rate

in

the

security

description

is

as

of

October

31,

2023.

144A

Securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended,

are

subject

to

legal

and/or

contractual

restrictions

on

resale

and

may

not

be

publicly

sold

without

registration

under

the

1993

Act.

Unless

otherwise

noted,

these

securities

have

been

determined

to

be

liquid

in

accordance

with

the

requirements

of

Rule

22e-4,

under

the

1940

Act.

The

total

value

of

144A

securities

as

of

the

year

ended

October

31,

2023

is

$3,948,558

which

represents

13.8%

of

net

assets.

The

following

is

a

summary

of

the

inputs

that

were

used

to

value

the

Fund's

investments

in

securities

and

other

financial

instruments

as

of

October

31,

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

$

—

$

391,861

$

—

Corporate

Bonds

—

27,508,615

—

Investment

Companies

—

508,070

—

Total

Investments

in

Securities

$

—

$

28,408,546

$

—

Other

Financial

Instruments

(a)

:

Futures

Contracts

$

296,914

$

—

$

—

Total

Assets

$

296,914

$

28,408,546

$

—

Liabilities

Other

Financial

Instruments

(a)

:

Futures

Contracts

$

381,784

$

—

$

—

Total

Liabilities

$

381,784

$

—

$

—

(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

October

31,

2023

14

October

31,

2023

See

Notes

to

Financial

Statements.

Assets:

Unaffiliated

investments,

at

value

(cost

$32,183,407)

$

27,900,476

Affiliated

investments,

at

value

(cost

$508,070)

508,070

Due

from

broker

for

futures

180,000

Receivable

for

variation

margin

on

futures

contracts

7,535

Receivables:

Investments

sold

67,087

Dividends

1,215

Interest

314,083

Total

Assets

28,978,466

Liabilities:

Payables:

Due

to

custodian

8,013

Investments

purchased

383,174

Management

fees

8,553

Total

Liabilities

399,740

Commitments

and

contingent

liabilities

Net

Assets

$

28,578,726

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

38,805,619

Total

distributable

earnings

(loss)

(10,226,893)

Total

Net

Assets

$

28,578,726

Net

Assets

$

28,578,726

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

750,001

Net

Asset

Value

Per

Share

$

38.10

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Statement

of

Operations

For

the

year

ended

October

31,

2023

Janus

Detroit

Street

Trust

15

See

Notes

to

Financial

Statements.

Investment

Income:

Interest

$

1,258,221

Dividends

from

affiliates

28,411

Total

Investment

Income

1,286,632

Expenses:

Management

Fees

106,396

Total

Expenses

106,396

Net

Investment

Income/(Loss)

1,180,236

Net

Realized

Gain/(Loss)

on

Investments:

Investments

$

(1,823,774)

Investments

in

affiliates

103

Futures

contracts

(491,106)

Swap

contracts

2,079

Total

Net

Realized

Gain/(Loss)

on

Investments

$

(2,312,698)

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

1,354,550

Investments

in

affiliates

(63)

Futures

contracts

222,383

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

1,576,870

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

444,408

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Statements

of

Changes

in

Net

Assets

16

October

31,

2023

See

Notes

to

Financial

Statements.

Year

Ended

October

31,

2023

Year

Ended

October

31,

2022

Operations:

Net

investment

income/(loss)

$

1,180,236

$

861,457

Net

realized

gain/(loss)

on

investments

(2,312,698)

(3,507,521)

Change

in

unrealized

net

appreciation/depreciation

1,576,870

(5,263,243)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

444,408

(7,909,307)

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(1,150,151)

(1,043,815)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(1,150,151)

(1,043,815)

Capital

Share

Transactions

—

(11,323,875)

Net

Increase/(Decrease)

in

Net

Assets

(705,743)

(20,276,997)

Net

Assets:

—

—

Beginning

of

Year  

29,284,469

49,561,466

End

of

Year

$

28,578,726

$

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

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)

1.57

1.02

0.13

Net

realized

and

unrealized

gain/(loss)

(0.99)

(10.33)

(0.57)

Total

from

Investment

Operations

0.58

(9.31)

(0.44)

Less

Dividends

and

Distributions:

—

—

—

Dividends

(from

net

investment

income)

(1.53)

(1.09)

—

Distributions

(from

capital

gains)

—

(0.11)

—

Total

Dividends

and

Distributions

(1.53)

(1.20)

—

Net

Asset

Value,

End

of

Period

$38.10

$39.05

$49.56

Total

Return

*

1.33%

(19.08)%

(0.88)%

Net

assets,

End

of

Period

(in

thousands)

$28,579

$29,284

$49,561

Average

Net

Assets

for

the

Period

(in

thousands)

$30,395

$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)

3.88%

2.28%

1.81%

Portfolio

Turnover

Rate

(3)

118%

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

18

October

31,

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 eleven

Funds

each

of

which

represent

shares

of

beneficial

interest

in

a

separate

portfolio

of

securities

and

other

assets

with

its

own

objective

and

policies.

The

Fund

seeks

total

return

consisting

of

income

and

capital

appreciation,

while

giving

special

consideration

to

certain

environmental,

social

and

governance

(“ESG”)

factors. The

Fund

is

classified

as

diversified,

as

defined

in

the

1940

Act.

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

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

19

market

quotations

or

evaluated

prices

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

determined

in

good

faith

by

the

Adviser

pursuant

to

the

Valuation

Procedures. Circumstances

in

which

fair

valuation

may

be

utilized

include,

but

are

not

limited

to:

(i)

a

significant

event

that

may

affect

the

securities

of

a

single

issuer,

such

as

a

merger,

bankruptcy,

or

significant

issuer-specific

development;

(ii)

an

event

that

may

affect

an

entire

market,

such

as

a

natural

disaster

or

significant

governmental

action;

(iii)

a

nonsignificant

event

such

as

a

market

closing

early

or

not

opening,

or

a

security

trading

halt;

and

(iv)

pricing

of

a

non-valued

security

and

a

restricted

or

nonpublic

security.

Special

valuation

considerations

may

apply

with

respect

to

“odd-lot”

fixed-income

transactions

which,

due

to

their

small

size,

may

receive

evaluated

prices

by

pricing

services

which

reflect

a

large

block

trade

and

not

what

actually

could

be

obtained

for

the

odd-

lot

position.

The

value

of

the

securities

of

mutual

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

mutual

funds,

and

the

prospectuses

for

such

mutual

funds

explain

the

circumstances

under

which

they

use

fair

valuation

and

the

effects

of

using

fair

valuation.

The

value

of

the

securities

of

any

cash

management

pooled

investment

vehicles

that

operate

as

money

market

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

funds.

Valuation

Inputs

Summary 

FASB

ASC

820,

Fair

Value

Measurements

and

Disclosures

(“ASC

820”),

defines

fair

value,

establishes

a

framework

for

measuring

fair

value,

and

expands

disclosure

requirements

regarding

fair

value

measurements.

This

standard

emphasizes

that

fair

value

is

a

market-based

measurement

that

should

be

determined

based

on

the

assumptions

that

market

participants

would

use

in

pricing

an

asset

or

liability

and

establishes

a

hierarchy

that

prioritizes

inputs

to

valuation

techniques

used

to

measure

fair

value.

These

inputs

are

summarized

into

three

broad

levels: 

Level

1

–

Unadjusted

quoted

prices

in

active

markets

the

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities.

Level

2

–

Observable

inputs

other

than

unadjusted

quoted

prices

included

in

Level

1

that

are

observable

for

the

asset

or

liability

either

directly

or

indirectly.

These

inputs

may

include

quoted

prices

for

the

identical

instrument

on

an

inactive

market,

prices

for

similar

instruments,

interest

rates,

prepayment

speeds,

credit

risk,

yield

curves,

default

rates

and

similar

data.

Assets

or

liabilities

categorized

as

Level

2

in

the

hierarchy

generally

include:

debt

securities

fair

valued

in

accordance

with

the

evaluated

bid

or

ask

prices

supplied

by

a

pricing

service;

securities

traded

on

OTC

markets

and

listed

securities

for

which

no

sales

are

reported

that

are

fair

valued

at

the

latest

bid

price

(or

yield

equivalent

thereof)

obtained

from

one

or

more

dealers

transacting

in

a

market

for

such

securities

or

by

a

pricing

service

approved

by

the

Fund’s

Trustees;

and

certain

short-term

debt

securities

with

maturities

of

60

days

or

less

that

are

fair

valued

at

amortized

cost.

Other

securities

that

may

be

categorized

as

Level

2

in

the

hierarchy

include,

but

are

not

limited

to,

preferred

stocks,

bank

loans,

swaps,

investments

in

unregistered

investment

companies,

options,

and

forward

contracts.

Level

3

–

Unobservable

inputs

for

the

asset

or

liability

to

the

extent

that

relevant

observable

inputs

are

not

available,

representing

the

Fund’s

own

assumptions

about

the

assumptions

that

a

market

participant

would

use

in

valuing

the

asset

or

liability,

and

that

would

be

based

on

the

best

information

available.

There

have

been

no

significant

changes

in

valuation

techniques

used

in

valuing

any

such

positions

held

by

the

Fund

since

the

beginning

of

the

fiscal

year. 

The

inputs

or

methodology

used

for

fair

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

The

summary

of

inputs

used

as

of

October

31,

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

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Notes

to

Financial

Statements

20

October

31,

2023

of

discounts.

The

Fund

classifies

gains

and

losses

on

prepayments

received

as

an

adjustment

to

interest

income.

Debt

securities

may

be

placed

in

non-accrual

status

and

related

interest

income

may

be

reduced

by

stopping

current

accruals

and

writing

off

interest

receivables

when

collection

of

all

or

a

portion

of

interest

has

become

doubtful.

Gains

and

losses

are

determined

on

the

identified

cost

basis,

which

is

the

same

basis

used

for

federal

income

tax

purposes.  

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,

options,

and

swaps.

Each

derivative

instrument

that

was

held

by

the

Fund

during

the year

ended

October

31,

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. 

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

21

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,

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

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Notes

to

Financial

Statements

22

October

31,

2023

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.

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

year,

the

Fund

purchased

interest

rate

futures

to

increase

exposure

to

interest

rate

risk.

During

the

year,

the

Fund

sold

interest

rate

futures

to

decrease

exposure

to

interest

rate

risk. 

Swaps 

Swap

agreements

are

two-party

contracts

entered

into

primarily

by

institutional

investors

for

periods

ranging

from

a

day

to

more

than

one

year

to

exchange

one

set

of

cash

flows

for

another.

The

most

significant

factor

in

the

performance

of

swap

agreements

is

the

change

in

value

of

the

specific

index,

security,

or

currency,

or

other

factors

that

determine

the

amounts

of

payments

due

to

and

from

the

Fund.

The

use

of

swaps

is

a

highly

specialized

activity

which

involves

investment

techniques

and

risks

different

from

those

associated

with

ordinary

portfolio

securities

transactions.

Swap

agreements

entail

the

risk

that

a

party

will

default

on

its

payment

obligations

to

the

Fund.

If

the

other

party

to

a

swap

defaults,

the

Fund

would

risk

the

loss

of

the

net

amount

of

the

payments

that

it

contractually

is

entitled

to

receive.

If

the

Fund

utilizes

a

swap

at

the

wrong

time

or

judges

market

conditions

incorrectly,

the

swap

may

result

in

a

loss

to

the

Fund

and

reduce

the

Fund’s

total

return.

Swap

agreements

also

bear

the

risk

that

the

Fund

will

not

be

able

to

meet

its

obligation

to

the

counterparty.

Swap

agreements

are

typically

privately

negotiated

and

entered

into

in

the

OTC

market.

However,

certain

swap

agreements

are

required

to

be

cleared

through

a

clearinghouse

and

traded

on

an

exchange

or

swap

execution

facility.

Swaps

that

are

required

to

be

cleared

are

required

to

post

initial

and

variation

margins

in

accordance

with

the

exchange

requirements.

Regulations

enacted

require

the

Fund

to

centrally

clear

certain

interest

rate

and

credit

default

index

swaps

through

a

clearinghouse

or

central

counterparty

(“CCP”).

To

clear

a

swap

with

a

CCP,

the

Fund

will

submit

the

swap

to,

and

post

collateral

with,

a

futures

clearing

merchant

(“FCM”)

that

is

a

clearinghouse

member.

Alternatively,

the

Fund

may

enter

into

a

swap

with

a

financial

institution

other

than

the

FCM

(the

“Executing

Dealer”)

and

arrange

for

the

swap

to

be

transferred

to

the

FCM

for

clearing.

The

Fund

may

also

enter

into

a

swap

with

the

FCM

itself.

The

CCP,

the

FCM,

and

the

Executing

Dealer

are

all

subject

to

regulatory

oversight

by

the

U.S.

Commodity

Futures

Trading

Commission

(“CFTC”).

A

default

or

failure

by

a

CCP

or

an

FCM,

or

the

failure

of

a

swap

to

be

transferred

from

an

Executing

Dealer

to

the

FCM

for

clearing,

may

expose

the

Fund

to

losses,

increase

its

costs,

or

prevent

the

Fund

from

entering

or

exiting

swap

positions,

accessing

collateral,

or

fully

implementing

its

investment

strategies.

The

regulatory

requirement

to

clear

certain

swaps

could,

either

temporarily

or

permanently,

reduce

the

liquidity

of

cleared

swaps

or

increase

the

costs

of

entering

into

those

swaps.

Index

swaps,

interest

rate

swaps,

inflation

swaps and

credit

default

swaps

are

valued

using

an

approved

vendor

supplied

price.

Basket

swaps

are

valued

using

a

broker

supplied

price.

Equity

swaps

that

consist

of

a

single

underlying

equity

are

valued

either

at

the

closing

price,

the

latest

bid

price,

or

the

last

sale

price

on

the

primary

market

or

exchange

it

trades.

The

market

value

of

swap

contracts

are

aggregated

by

positive

and

negative

values

and

are

disclosed

separately

as

an

asset

or

liability

on

the

Fund’s

Statement

of

Assets

and

Liabilities

(if

applicable).

Realized

gains

and

losses

are

reported

on

the

Statement

of

Operations

(if

applicable).

The

change

in

unrealized

net

appreciation

or

depreciation

during

the

period

is

included

in

the

Statement

of

Operations

(if

applicable).

The

Fund’s

maximum

risk

of

loss

from

counterparty

risk

or

credit

risk

is

the

discounted

value

of

the

payments

to

be

received

from/paid

to

the

counterparty

over

the

contract’s

remaining

life,

to

the

extent

that

the

amount

is

positive.

The

risk

is

mitigated

by

having

a

netting

arrangement

between

the

Fund

and

the

counterparty

and

by

the

posting

of

collateral

by

the

counterparty

to

cover

the

Fund’s

exposure

to

the

counterparty.

The

Fund

may

enter

into

various

types

of

credit

default

swap

agreements,

including

OTC

credit

default

swap

agreements

and

index

credit

default

swaps

(“CDX”),

for

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

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

23

credit

risk

from

one

party

to

the

other.

One

party

in

the

swap

is

a

lender

and

faces

credit

risk

from

a

third

party,

and

the

counterparty

in

the

credit

default

swap

agrees

to

insure

this

risk

in

exchange

for

regular

periodic

payments.

Credit

default

swaps

could

result

in

losses

if

the

Fund

does

not

correctly

evaluate

the

creditworthiness

of

the

company

or

companies

on

which

the

credit

default

swap

is

based.

Credit

default

swap

agreements

may

involve

greater

risks

than

if

the

Fund

had

invested

in

the

reference

obligation

directly

since,

in

addition

to

risks

relating

to

the

reference

obligation,

credit

default

swaps

are

subject

to

liquidity

risk,

counterparty

risk,

and

credit

risk.

The

Fund

will

generally

incur

a

greater

degree

of

risk

when

it

sells

a

credit

default

swap

than

when

it

purchases

a

credit

default

swap. 

As

a

buyer

of

a

credit

default

swap,

the

Fund

may

lose

its

investment

and

recover

nothing

should

no

credit

event

occur,

and

the

swap

is

held

to

its

termination

date.

As

seller

of

a

credit

default

swap,

if

a

credit

event

were

to

occur,

the

value

of

any

deliverable

obligation

received

by

the

Fund,

coupled

with

the

upfront

or

periodic

payments

previously

received,

may

be

less

than

what

it

pays

to

the

buyer,

resulting

in

a

loss

of

value

to

the

Fund.

If

the

Fund

is

the

seller

of

credit

protection

against

a

particular

security,

the

Fund

would

receive

an

up-front

or

periodic

payment

to

compensate

against

potential

credit

events.

As

the

seller

in

a

credit

default

swap

contract,

the

Fund

would

be

required

to

pay

the

par

value

(the

“notional

value”)

(or

other

agreed-upon

value)

of

a

referenced

debt

obligation

to

the

counterparty

in

the

event

of

a

default

by

a

third

party,

such

as

a

U.S.

or

foreign

corporate

issuer,

on

the

debt

obligation.

In

return,

the

Fund

would

receive

from

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract

provided

that

no

event

of

default

has

occurred.

If

no

default

occurs,

the

Fund

would

keep

the

stream

of

payments

and

would

have

no

payment

obligations.

As

the

seller,

the

Fund

would

effectively

add

leverage

to

its

portfolio

because,

in

addition

to

its

total

net

assets,

the

Fund

would

be

subject

to

investment

exposure

on

the

notional

value

of

the

swap.

The

maximum

potential

amount

of

future

payments

(undiscounted)

that

the

Fund

as

a

seller

could

be

required

to

make

in

a

credit

default

transaction

would

be

the

notional

amount

of

the

agreement.

As

a

buyer

of

credit

protection,

the

Fund

is

entitled

to

receive

the

par

(or

other

agreed-upon)

value

of

a

referenced

debt

obligation

from

the

counterparty

to

the

contract

in

the

event

of

a

default

or

other

credit

event

by

a

third

party,

such

as

a

U.S.

or

foreign

issuer,

on

the

debt

obligation.

In

return,

the

Fund

as

buyer

would

pay

to

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract

provided

that

no

credit

event

has

occurred.

If

no

credit

event

occurs,

the

Fund

would

have

spent

the

stream

of

payments

and

potentially

received

no

benefit

from

the

contract.

During

the

year,

the

Fund

purchased

protection

via

the

credit

default

swap

market

in

order

to

reduce

credit

risk

exposure

to

individual

corporates,

countries

and/or

credit

indices

where

gaining

this

exposure

via

the

cash

bond

market

was

less

attractive. 

During

the

year,

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

October

31,

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,

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Notes

to

Financial

Statements

24

October

31,

2023

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.

Armed

Conflict.

Recent

such

examples

include

conflict,

loss

of

life,

and

disaster

connected

to

ongoing

armed

conflict

between

Russia

and

Ukraine

in

Europe

and

Hamas

and

Israel

in

the

Middle

East.

The

extent

and

duration

of

each

conflict,

resulting

sanctions

and

resulting

future

market

disruptions

in

each

region

are

impossible

to

predict,

but

could

be

significant

and

have

a

severe

adverse

effect,

including

significant

negative

impacts

on

the

U.S.

and

broader

global

economic

environment

and

the

markets

for

certain

securities

and

commodities.

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.

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

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

25

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

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

or

that

benefit

from

the

same

theme.

Companies

in

the

same

industry

or

economic

sector

or

that

benefit

from

the

same

theme

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.

Sustainable

Investment

Risk

The

Fund

follows

a

sustainable

investment

approach

by

investing

in

debt

securities

that

are

aligned

with

positive

environmental

and

social

impact

themes

and/or

the

debt

of

companies

with

business

practices

that

the

Adviser

believes

to

be

sustainable

and/or

demonstrate

adherence

to

certain

sustainable

and/or

ESG-related

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,

which

may

make

the

Fund

more

vulnerable

to

unfavorable

developments

in

a

particular

sector

than

funds

that

invest

more

broadly.

Additionally,

due

to

its

exclusionary

criteria,

the

Fund

may

not

be

invested

in

certain

industries

or

sectors,

and

therefore

may

have

lower

performance

than

portfolios

that

do

not

apply

similar

criteria.

In

addition,

because

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.

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

year ended

October

31,

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,

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

26

October

31,

2023

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

October

31,

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

of

money

market

funds

and

prices

its

shares

at

NAV

reflecting

market-based

values

of

its

portfolio

securities

(i.e.,

a

“floating”

NAV)

rounded

to

the

fourth

decimal

place

(e.g.,

$1.0000).

The

Sweep

Vehicle

is

permitted

to

impose

a

liquidity

fee

(of

up

to

2%)

on

redemptions

from

the

Sweep

Vehicle

or

a

redemption

gate

that

temporarily

suspends

redemptions

from

the

Sweep

Vehicle

for

up

to

10

business

days

during

a

90

day

period.

There

are

no

restrictions

on

the

Fund's

ability

to

withdraw

investments

from

the

Sweep

Vehicle

at

will,

and

there

are

no

unfunded

capital

commitments

due

from

the

Fund

to

the

Sweep

Vehicle.

The

Sweep

Vehicle

does

not

charge

any

management

fee,

sales

charge

or

service

fee. 

Any

purchases

and

sales,

realized

gains/losses

and

recorded

dividends

from

affiliated

investments

during

the year

ended

October

31,

2023 can

be

found

in

a

table

located

in

the

Schedule

of

Investments.

5.

Federal

Income

Tax

The

tax

components

of

capital

shown

in

the

table

below

represent:

(1)

distribution

requirements

the

Fund

must

satisfy

under

the

income

tax

regulations;

(2)

losses

or

deductions

the

Fund

may

be

able

to

offset

against

income

and

gains

realized

in

future

years;

and

(3)

unrealized

appreciation

or

depreciation

of

investments

for

federal

income

tax

purposes. 

The

Fund

has

elected

to

treat

gains

and

losses

on

forward

foreign

currency

contracts

as

capital

gains

and

losses,

if

applicable.

Other

foreign

currency

gains

and

losses

on

debt

instruments

are

treated

as

ordinary

income

for

federal

income

tax

purposes

pursuant

to

Section

988

of

the

Internal

Revenue

Code. 

Loss

Deferrals

Undistributed

Ordinary

Income

Undistributed

Long-Term

Gains

Accumulated

Capital

Losses

Loss

Deferrals

Other

Book

to

Tax

Differences

Net

Tax

Appreciation/

(Depreciation)

$113,897

$—

$(6,049,843)

$—

$—

$(4,290,947)

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

27

Accumulated

capital

losses

noted

below

represent

net

capital

loss

carryovers,

as

of

October

31,

2023,

that

may

be

available

to

offset

future

realized

capital

gains

and

thereby

reduce

future

taxable

gains

distributions.

The

following

table

shows

these

capital

loss

carryovers. 

The

aggregate

cost

of

investments

and

the

composition

of

unrealized

appreciation

and

depreciation

of

investment

securities

for

federal

income

tax

purposes

as

of October

31,

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.

Information

on

the

tax

components

of

derivatives

as

of October

31,

2023

is

as

follows: 

Income

and

capital

gains

distributions

are

determined

in

accordance

with

income

tax

regulations

that

may

differ

from

US

GAAP.

These

differences

are

due

to

differing

treatments

for

items

such

as

net

short-term

gains,

deferral

of

wash

sale

losses,

foreign

currency

transactions,

passive

foreign

investment

companies,

net

investment

losses,

in-kind

transactions

and

capital

loss

carryovers.

Certain

permanent

differences

such

as

tax

returns

of

capital

and

net

investment

losses

noted

below

have

been

reclassified

to

capital. 

Permanent

book

to

tax

basis

differences

may

result

in

reclassifications

between

the

components

of

net

assets.

These

differences

have

no

impact

on

the

results

of

operations

or

net

assets.

Capital

Loss

Carryover

Schedule

For

the

year

ended

October

31,

2023

No

Expiration

Short-Term

Long-Term

Accumulated

Capital

Losses

$(3,589,900)

$(2,459,943)

$(6,049,843)

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$32,699,493

$14,436

$(4,305,383)

$(4,290,947)

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$(84,870)

$—

$—

$—

For

the

year

ended

October

31,

2023

:

Distributions

From

Ordinary

Income

From

Long-Term

Capital

Gain

Tax

Return

of

Capital

Net

Investment

Loss

$1,150,151

$—

$—

$—

For

the

year

ended

October

31,

2022

:

Distributions

From

Ordinary

Income

From

Long-Term

Capital

Gain

Tax

Return

of

Capital

Net

Investment

Loss

$979,337

$64,478

$—

$—

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Notes

to

Financial

Statements

28

October

31,

2023

6.

Capital

Share

Transactions 

7.

Purchases

and

Sales

of

Investment

Securities

For

the year ended

October

31,

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 October

31,

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. 

Year

Ended

October

31,

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

)

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

$35,030,479

$34,397,638

$—

$—

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Additional

Information

(unaudited)

Janus

Detroit

Street

Trust

29

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

Trustees

and

Officers

(unaudited)

30

October

31,

2023

The

following

are

the

Trustees

and

officers

of

the

Trust

together

with

a

brief

description

of

their

principal

occupations

during

the

last

five

years

(principal

occupations

for

certain

Trustees

may

include

periods

over

five

years).

The

Fund’s

Statement

of

Additional

Information

includes

additional

information

about

the

Trustees

and

officers

and

is

available,

without

charge,

by

calling

1-877-335-2687.

Each

Trustee

has

served

in

that

capacity

since

he

or

she

was

originally

elected

or

appointed.

The

Trustees

do

not

serve

a

specified

term

of

office.

Each

Trustee

will

hold

office

until

the

termination

of

the

Trust

or

his

or

her

earlier

death,

resignation,

retirement,

incapacity,

or

removal.

Under

the

Fund’s

Governance

Procedures

and

Guidelines,

the

policy

is

for

Trustees

to

retire

no

later

than

the

end

of

the

calendar

year

in

which

the

Trustee

turns

75.

The

Trustees

review

the

Fund’s

Governance

Procedures

and

Guidelines

from

time

to

time

and

may

make

changes

they

deem

appropriate.

The

Fund’s

Nominating

and

Governance

Committee

will

consider

nominees

for

the

position

of

Trustee

recommended

by

shareholders.

Shareholders

may

submit

the

name

of

a

candidate

for

consideration

by

the

Committee

by

submitting

their

recommendations

to

the

Trust’s

Secretary.

Each

Trustee

is

currently

a

Trustee

of

one

other

registered

investment

company

advised

by

the

Adviser:

Clayton

Street

Trust.

As

of

the

date

of

this

report,

collectively,

the

two

registered

investment

companies

consist

of

14

series

or

funds.

The

Trust’s

officers

are

elected

annually

by

the

Trustees

for

a

one-year

term.

Certain

officers

also

serve

as

officers

of

Clayton

Street

Trust.

Certain

officers

of

the

Funds

may

also

be

officers

and/or

directors

of

the

Adviser.

Except

as

otherwise

disclosed,

Fund

officers

receive

no

compensation

from

the

Funds.

TRUSTEES

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Number

of

Portfolios/Funds

in

Fund

Complex

Overseen

by

Trustee*

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Independent

Trustees

Clifford

J.

Weber

151

Detroit

Street

Denver,

CO

80206

DOB:

1963

Chairman

Trustee

2/16-Present

Owner,

Financial

Products

Consulting

Group

LLC

(consulting

services

to

financial

institutions)

(since

2015).

14

Independent

Trustee,

Clough

Global

Dividend

and

Income

Fund (closed-end fund)

(since

2017),

Independent

Trustee,

Clough

Global

Opportunities

Fund (closed-

end fund)

(since

2017),

Independent

Trustee,

Clough

Global

Equity

Fund (closed-

end fund)

(since

2017),

and

Independent

Trustee,

Global

X

Funds

(investment

company)

(since

2018).

Formerly,

Chairman,

Clough

Funds

Trust

(investment

company)

(2015-2023),

and

Chairman,

Elevation

ETF

Trust

(investment

company)

(2016-

2018).

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Trustees

and

Officers

(unaudited)

Janus

Detroit

Street

Trust

31

*

Each

Trustee

also

serves

as

a

trustee

to

the

Clayton

Street

Trust,

which

is

currently

comprised

of

three

portfolios.

**

Ms.

Benz

is

an

Interested

Trustee

because

of

her

employment

with

Janus

Henderson

Investors.

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Number

of

Portfolios/Funds

in

Fund

Complex

Overseen

by

Trustee*

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Maureen

T.

Upton

151

Detroit

Street

Denver,

CO

80206

DOB:

1965

Trustee

2/16-Present

Principal,

Maureen

Upton

Ltd.

(consulting

services

to

multinational

companies

(since

2017).

14

Independent

Director,

Cascadia

Minerals

Ltd.

(mineral

exploration

company);

Independent

Director,

ATAC

Resources

Ltd.

(mineral

exploration

company)

(2022-

2023).

Jeffrey

B.

Weeden

151

Detroit

Street

Denver,

CO

80206

DOB:

1956

Trustee

2/16-Present

Senior

Advisor,

Bay

Boston

Capital

LP

(investment

fund

in

banks

and

bank

holdings

companies)

(since

2015).

14

Director,

West

Travis

County

Municipal

Utility

District

No. 6

(municipal

utility)

(since

2020).

Formerly,

Director,

State

Farm

Bank

(banking)

(2014-2021).

Interested

Trustee

Carrie

Benz**

151

Detroit

Street

Denver,

CO

80206

DOB:

1975

Trustee

1/21-Present

Global

Investment

COO

(since

2023).

Formerly,

Global

Head

of

Investment

Services,

Janus

Henderson

Investors

(2017-

2023).

14

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Trustees

and

Officers

(unaudited)

32

October

31,

2023

OFFICERS

*

Officers

are

elected

at

least

annually

by

the

Trustees

for

a

one-year

term

and

may

also

be

elected

from

time

to

time

by

the

Trustees

for

an

interim

period.

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Term

of

Office*

and

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Nicholas

Cherney

151

Detroit

Street

Denver,

CO

80206

DOB:

1981

President

and

Chief

Executive

Officer

10/22-Present

Head

of

Innovation

at

Janus

Henderson

(since

2023),

Head

of

Exchange

Traded

Products

at

Janus

Henderson

Distributors

US

LLC,

Janus

Henderson

Indices

LLC,

Velocity

Shares

Holdings

Inc.

(since

2019).

Formerly,

Senior

Vice

President,

Janus

Henderson

Distributors

US

LLC,

Janus

Henderson

Indices

LLC

(2015-2019),

Janus

Henderson

Investors

US

LLC

(2015-2017),

and

Velocity

Shares

Holdings

Inc.

(2014-2019).

Kristin

Mariani

151

Detroit

Street

Denver,

CO

80206

DOB:

1966

Vice

President

and

Chief

Compliance

Officer

7/20-Present

Head

of

Compliance,

North

America

at

Janus

Henderson

Investors

(since

September

2020)

and

Chief

Compliance

Officer

at

Janus

Henderson

Investors

US

LLC

(since

September

2017).

Formerly,

Anti-Money

Laundering

Officer

for

the

Trust

(July

2020-December

2022),

and

Global

Head

of

Investment

Management

Compliance

at

Janus

Henderson

Investors

(February

2019-August

2020).

Jesper

Nergaard

151

Detroit

Street

Denver,

CO

80206

DOB:

1962

Vice

President,

Chief

Financial

Officer,

Treasurer,

and

Principal

Accounting

Officer

2/16-Present

Head

of

U.S.

Fund

Administration,

Janus

Henderson

Investors

and

Janus

Henderson

Services

LLC.

Cara

Owen

151

Detroit

Street

Denver,

CO

80206

DOB:

1981

Vice

President,

Secretary,

and

Chief

Legal

Officer

1/23-Present

Senior

Legal

Counsel

of

Janus

Henderson

Investors

US

LLC

(since

2021).

Formerly,

Assistant

Secretary

of

the

Trust

and

Clayton

Street

Trust

(2021-2023);

Vice

President

and

Principal

Legal

Counsel,

ALPS

Fund

Services,

Inc.

(fund

administrator)

(2019-2021);

and

Senior

Counsel,

Corporate

&

Investments,

Great-West

Life

&

Annuity

Insurance

Company

(insurance

company)

(2014-2019).

Ciaran

Askin

151

Detroit

Street

Denver,

CO

80206

DOB:

1978

Anti-Money

Laundering

Officer

1/23-Present

Global

Head

of

Financial

Crime,

Janus

Henderson

Investors

(since

2022).

Formerly,

Global

Head

of

Financial

Crime

at

Invesco

Ltd.

(2017-2022).

125-02-93092

12-23

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.

ANNUAL

REPORT

October

31,

2023

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Performance

Overview

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

1

Fund

At

A

Glance

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

2

Disclosure

of

Fund

Expenses

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

4

Report

of

Independent

Registered

Public

Accounting

Firm

...

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

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

34

Trustees

and

Officers

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

35

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

(unaudited)

Janus

Detroit

Street

Trust

1

INVESTMENT

OBJECTIVE

The

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

(JIB)

seeks

total

return

consisting

of

income

and

capital

appreciation,

while

giving

special

consideration

to

certain

environmental,

social

and

governance

(ESG)

factors.

PERFORMANCE

OVERVIEW

For

the

12-month

period

ended

October

31,

2023,

the

Fund

returned

0.22%

net

of

fees

(based

on

NAV),

underperforming

its

benchmark,

the

Bloomberg

U.S.

Aggregate

Bond

Index,

which

returned

0.36%.

In

its

fight

against

inflation,

the

Federal

Reserve

(Fed)

hiked

rates

by

2.25%

over

the

period,

while

the

yield

on

10-year

U.S.

Treasuries

increased

from

4.04%

to

4.93%.

Rising

yields

pressured

returns

on

fixed

income

assets,

although

credit

spreads

generally

tightened

over

the

period,

thereby

helping

offset

the

effect

of

rising

rates.

The

Fund’s

duration

positioning

was

below

that

of

the

benchmark

early

in

the

period,

and

we

increased

duration

as

yields

rose.

While

our

interest

rate

positioning

detracted,

we

believe

we

are

presently

well

positioned

with

higher

duration

than

the

benchmark.

We

expect

yields

to

fall

as

inflation

continues

to

cool

and

the

Fed

comes

to

the

end

of

its

rate-hiking

cycle.

The

Fund’s

spread

risk

positioning

performed

in

line

with

the

benchmark.

Our

strategic

underweight

to

Treasury

securities

contributed,

as

did

our

allocations

to

non-agency

mortgages

and

commercial

mortgage-backed

securities

(CMBS).

While

the

Fund’s

overweight

to

agency

mortgage-backed

securities

(MBS)

and

asset-backed

securities

detracted

(ABS),

we

believe

these

two

sectors

are

offering

strong

relative

value

opportunities.

We

maintained

the

Fund’s

underweight

to

corporate

bonds,

preferring

instead

to

have

overweight

allocations

to

securitized

sectors

where

prices,

in

our

view,

better

reflect

the

possibility

of

an

economic

slowdown.

During

the

period,

the

Fund

invested

in

derivatives,

namely

futures,

to

facilitate

risk,

duration,

and

yield

curve

management

and

in

an

attempt

to

enhance

expected

returns.

The

Fund’s

exposure

to

derivatives

neither

helped

nor

hurt

on

a

relative

basis.

Please

see

the

Derivative

Instruments

section

in

the

“Notes

to

Financial

Statements”

for

a

discussion

of

derivatives

used

by

the

Fund.

The

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

actively

invests

in

U.S.

fixed

income

securities

and

aims

to

capitalize

on

sustainable

opportunities.

Through

our

forward-looking

investment

framework

we

seek

to

generate

risk-adjusted

excess

returns,

while

still

providing

positive

environmental

and

societal

impact.

Important

Notice

–

Tailored

Shareholder

Reports

Effective

January

24,

2023,

the

Securities

and

Exchange

Commission

(the

“SEC”)

adopted

rule

and

form

amendments

that

require

mutual

funds

and

exchange

traded

funds

to

provide

shareholders

with

streamlined

annual

and

semi-annual

shareholder

reports

that

highlight

key

information.

Other

information,

including

financial

statements,

that

currently

appears

in

shareholder

reports

will

be

made

available

online,

delivered

free

of

charge

to

shareholders

upon

request,

and

filed

with

the

SEC.

The

first

tailored

shareholder

report

for

the

Fund

will

be

for

the

reporting

period

ending

October

31,

2024.

Currently,

management

is

evaluating

the

impact

of

the

rule

and

form

amendments

on

the

content

of

the

Fund’s

current

shareholder

reports.

Nick

Childs

Greg

Wilensky

co-portfolio

manager

co-portfolio

manager

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

(unaudited)

Fund

At

A

Glance

October

31,

2023

2

October

31,

2023

Holdings

are

subject

to

change

without

notice.

Sector

Allocation

–

(%

of

Net

Assets)

Mortgage-Backed

Security

54.2%^

Financial

27.5%

Asset-Backed

Security

9.1%

Investment

Company

5.5%

Consumer,

Non-cyclical

4.6%

Consumer,

Cyclical

1.3%

Utilities

0.9%

Basic

Materials

0.7%

Technology

0.7%

Communications

0.6%

Industrial

0.6%

Energy

0.2%

105.9%

^

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

–

72.31%

of

Net

Assets

Environmental

and

Social

Impact

Investments

by

Themes*

–

(%

of

Net

Assets)

Transition

to

the

Green

Economy

14.87%

Economic

&

Community

Development

and

Inclusion

3.35%

Knowledge

&

Technology,

and

Innovation

0.13%

Health

&

Well-Being

0.68%

Affordable

Housing

8.95%

27.98%

*

The

Adviser

seeks

to

identify

securities

that

are

aligned

with

positive

environmental

and

social

impact

themes,

which

generally

align

with

certain

of

the

United

Nations

Sustainable

Development

Goals

as

described

in

the

Fund's

prospectus.

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

(unaudited)

Performance

Janus

Detroit

Street

Trust

3

Total

annual

expense

ratio

as

stated

in

the

prospectus:

0.39%.

See

Financial

Highlights

for

actual

expense

ratios

during

the

reporting

period.

Returns

quoted

are

past

performance

and

do

not

guarantee

future

results;

current

performance

may

be

lower

or

higher.

Investment

returns

and

principal

value

will

vary;

there

may

be

a

gain

or

loss

when

shares

are

sold.

For

the

most

recent

month-end

performance

call

800.668.0434

or

visit

janushenderson.com/performance.

Shares

of

ETFs

are

bought

and

sold

at

market

price

(not

NAV)

and

are

not

individually

redeemed

from

the

Fund.

Market

returns

are

based

upon

the

midpoint

of

the

bid/ask

spread

at

4:00

p.m.

Eastern

time

(when

NAV

is

normally

determined

for

most

ETFs),

and

do

not

represent

the

returns

you

would

receive

if

you

traded

shares

at

other

times.

Ordinary

brokerage

commissions

apply

and

will

reduce

returns.

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.

Average

Annual

Total

Return

for

the

periods

ended

October

31,

2023

One

Year

Since

Inception

*

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

-

NAV

0.22%

-8.43%

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

-

Market

Price

-0.22%

-8.49%

Bloomberg

U.S.

Aggregate

Bond

Index

0.36%

-7.82%

*

The

Fund

commenced

operations

on

September

8,

2021.

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

(unaudited)

Disclosure

of

Fund

Expenses

4

October

31,

2023

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1)

transaction

costs,

which

may

include

creation

and

redemption

fees

or

brokerage

charges

and

(2)

ongoing

costs,

including

management

fees

and

other

Fund

expenses.

This

example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

Funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

example

is

based

upon

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

six-months

indicated,

unless

noted

otherwise

in

the

table

and

footnotes

below. 

Actual

Expenses 

The

information

in

the

table

under

the

heading

“Actual”

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

these

columns,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

under

the

heading

entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

the

period.

Hypothetical

Example

for

Comparison

Purposes 

The

information

in

the

table

under

the

heading

“Hypothetical

(5%

return

before

expenses)”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

upon

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

determine

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Additionally,

for

an

analysis

of

the

fees

associated

with

an

investment

or

other

similar

funds,

please

visit 

www.finra.org/

fundanalyzer.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transaction

costs,

such

as

creation

and

redemption

fees,

or

brokerage

charges.

These

fees

are

fully

described

in

the

Fund’s

prospectus.

Therefore,

the

hypothetical

examples

are

useful

in

comparing

ongoing

costs

only

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

transaction

costs

were

included,

your

costs

would

have

been

higher.

Actual

Hypothetical

(5%

return

before

expenses)

Beginning

Account

Value

(5/1/23)

Ending

Account

Value

(10/31/23)

Expenses

Paid

During

Period

(5/1/23

-

10/31/23)

†

Beginning

Account

Value

(5/1/23)

Ending

Account

Value

(10/31/23)

Expenses

Paid

During

Period

(5/1/23

-

10/31/23)

†

Net

Annualized

Expense

Ratio

(5/1/23

-

10/31/23)

$1,000.00

$934.00

$1.90

$1,000.00

$1,023.24

$1.99

0.39%

†

Expenses

Paid

During

Period

is

equal

to

the

Net

Annualized

Expense

Ratio

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period).

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Report

of

Independent

Registered

Public

Accounting

Firm

Janus

Detroit

Street

Trust

5

To

the

Board

of

Trustees

of

Janus

Detroit

Street

Trust

and

Shareholders

of

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

(one

of

the

funds

constituting

Janus

Detroit

Street

Trust

,

referred

to

hereafter

as

the

"Fund")

as

of

October

31,

2023,

the

related

statement

of

operations

for

the

year

ended

October

31,

2023,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2023,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

two

years

in

the

period

ended

October

31,

2023

and

for

the

period

September

8,

2021

(commencement

of

operations)

through

October

31,

2021

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

October

31,

2023

,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2023

and

the

financial

highlights

for

each

of

the

two

years

in

the

period

ended

October

31,

2023

and

for

the

period

September

8,

2021

(commencement

of

operations)

through

October

31,

2021

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

based

on

our

audits

.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

October

31,

2023

by

correspondence

with

the

custodian,

transfer

agent

and

brokers

;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures

.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

Denver,

Colorado

December

15,

2023

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

Janus

Henderson

Funds

since

1990.

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Schedule

of

Investments

October

31,

2023

6

October

31,

2023

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Asset-Backed

Securities

-

9.1%

Aligned

Data

Centers

Issuer

LLC,

1.9370%,

8/15/46

(144A)

$

500,000

$

436,224

Aqua

Finance

Trust,

1.5400%,

7/17/46

(144A)

174,063

152,452

CF

Hippolyta

Issuer

LLC,

1.9800%,

3/15/61

(144A)

547,562

420,058

GoodLeap

Sustainable

Home

Solutions

Trust,

2.1000%,

5/20/48

(144A)

780,083

563,252

GoodLeap

Sustainable

Home

Solutions

Trust,

2.3100%,

10/20/48

(144A)

199,106

146,944

Jersey

Mike's

Funding,

4.4330%,

2/15/50

(144A)

124,063

113,702

JPMorgan

Chase

Bank

NA-CACLN,

0.8600%,

2/26/29

(144A)

139,673

133,618

Lendbuzz

Securitization

Trust,

4.2200%,

5/17/27

(144A)

47,545

45,965

LL

ABS

Trust,

3.7600%,

11/15/29

(144A)

40,582

40,189

Mosaic

Solar

Loan

Trust,

1.4400%,

6/20/52

(144A)

360,859

281,262

Mosaic

Solar

Loan

Trust,

1.9200%,

6/20/52

(144A)

360,859

271,421

Oasis

Securitization

Funding

LLC,

2.1430%,

10/15/33

(144A)

42,772

42,630

PACEWell

5

Trust,

2.6280%,

10/10/59

(144A)

237,062

174,365

Pagaya

AI

Debt

Trust,

2.0300%,

10/15/29

(144A)

30,424

29,836

Sunrun

Demeter

Issuer

LLC,

2.2700%,

1/30/57

(144A)

224,118

174,167

Tricolor

Auto

Securitization

Trust,

3.3000%,

2/18/25

(144A)

10,165

10,151

Upstart

Securitization

Trust,

0.8400%,

9/20/31

(144A)

30,637

30,413

Total

Asset-Backed

Securities

(cost

$3,747,699)

3,066,649

Corporate

Bonds

-

18.8%

Basic

Materials

-

0.7%

RPM

International,

Inc.,

2.9500%, 1/15/32

314,000

238,632

Communications

-

0.6%

FactSet

Research

Systems,

Inc.,

2.9000%, 3/1/27

60,000

54,196

Fox

Corp.,

6.5000%, 10/13/33

171,000

167,010

221,206

Consumer,

Cyclical

-

1.3%

Hasbro,

Inc.,

3.9000%, 11/19/29

178,000

152,937

Hasbro,

Inc.,

5.1000%, 5/15/44

76,000

58,386

LKQ

Corp.,

5.7500%, 6/15/28

105,000

101,755

Marriott

International,

Inc.,

4.0000%, 4/15/28

50,000

45,945

Marriott

International,

Inc.,

3.5000%, 10/15/32

85,000

67,482

426,505

Consumer,

Non-cyclical

-

4.6%

AbbVie,

Inc.,

3.2000%, 11/21/29

59,000

51,417

Amgen,

Inc.,

5.2500%, 3/2/33

76,000

70,878

Coca-Cola

Femsa

SAB

de

CV,

1.8500%, 9/1/32

150,000

109,399

CSL

Finance

plc,

4.2500%, 4/27/32

(144A)

89,000

79,048

HCA,

Inc.,

5.2000%, 6/1/28

57,000

54,270

HCA,

Inc.,

4.1250%, 6/15/29

80,000

71,006

HCA,

Inc.,

3.5000%, 9/1/30

264,000

218,498

Humana,

Inc.,

3.1250%, 8/15/29

51,000

44,222

Illumina,

Inc.,

2.5500%, 3/23/31

87,000

66,243

JBS

USA

LUX

SA,

3.0000%, 5/15/32

113,000

82,181

Kenvue,

Inc.,

5.5000%, 3/22/25

352,000

351,428

Pfizer

Investment

Enterprises

Pte.

Ltd.,

4.7500%, 5/19/33

64,000

58,816

S&P

Global,

Inc.,

2.7000%, 3/1/29

82,000

71,107

S&P

Global,

Inc.,

3.7000%, 3/1/52

60,000

40,540

UnitedHealth

Group,

Inc.,

3.7000%, 5/15/27

88,000

82,909

UnitedHealth

Group,

Inc.,

4.2000%, 5/15/32

88,000

78,023

1,529,985

Energy

-

0.2%

Enbridge,

Inc.,

5.7000%, 3/8/33

61,000

57,037

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Schedule

of

Investments

October

31,

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)

Financial

-

9.2%

Alexandria

Real

Estate

Equities,

Inc.,

2.0000%, 5/18/32

$

146,000

$

102,738

Alexandria

Real

Estate

Equities,

Inc.,

4.7500%, 4/15/35

116,000

98,116

American

Express

Co.,

5.8500%, 11/5/27

259,000

259,266

American

Express

Co.,

4.0500%, 5/3/29

225,000

205,801

American

Express

Co.,

SOFR

+

1.8350%,

5.0430%, 5/1/34

‡

76,000

68,226

Bank

of

America

Corp.,

SOFR

+

1.2200%,

2.2990%, 7/21/32

‡

164,000

120,993

Bank

of

America

Corp.,

SOFR

+

1.2100%,

2.5720%, 10/20/32

‡

80,000

59,916

Bank

of

America

Corp.,

SOFR

+

1.3300%,

2.9720%, 2/4/33

‡

250,000

191,609

Boston

Properties

LP,

4.5000%, 12/1/28

168,000

147,771

Boston

Properties

LP,

2.5500%, 4/1/32

163,000

113,077

Capital

One

Financial

Corp.,

SOFR

+

2.6400%,

6.3120%, 6/8/29

‡

33,000

31,597

Citigroup,

Inc.,

SOFR

+

1.3510%,

3.0570%, 1/25/33

‡

139,000

107,017

Equinix,

Inc.,

1.5500%, 3/15/28

122,000

101,185

Equinix,

Inc.,

2.5000%, 5/15/31

108,000

82,452

JPMorgan

Chase

&

Co.,

CME

Term

SOFR

3

Month

+

2.5150%,

2.9560%, 5/13/31

‡

171,000

137,891

JPMorgan

Chase

&

Co.,

SOFR

+

1.2600%,

2.9630%, 1/25/33

‡

192,000

149,586

Lloyds

Banking

Group

plc,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.8500%,

1.6270%, 5/11/27

‡

201,000

178,028

Morgan

Stanley,

3.9500%, 4/23/27

145,000

133,524

Morgan

Stanley,

SOFR

+

1.7300%,

5.1230%, 2/1/29

‡

45,000

42,844

Morgan

Stanley,

SOFR

+

1.2900%,

2.9430%, 1/21/33

‡

214,000

164,223

Morgan

Stanley,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.4300%,

5.9480%, 1/19/38

‡

26,000

23,576

Nasdaq,

Inc.,

5.3500%, 6/28/28

18,000

17,528

Nasdaq,

Inc.,

5.5500%, 2/15/34

121,000

112,239

Nasdaq,

Inc.,

5.9500%, 8/15/53

59,000

52,638

Nasdaq,

Inc.,

6.1000%, 6/28/63

24,000

21,219

PNC

Financial

Services

Group,

Inc.

(The),

SOFR

+

1.8410%,

5.5820%, 6/12/29

‡

40,000

38,298

PNC

Financial

Services

Group,

Inc.

(The),

SOFRINDX

+

2.1400%,

6.0370%, 10/28/33

‡

87,000

81,929

PNC

Financial

Services

Group,

Inc.

(The),

SOFR

+

1.9330%,

5.0680%, 1/24/34

‡

103,000

90,634

Sun

Communities

Operating

LP,

2.7000%, 7/15/31

94,000

70,155

Sun

Communities

Operating

LP,

5.7000%, 1/15/33

107,000

97,636

3,101,712

Industrial

-

0.6%

Regal

Rexnord

Corp.,

6.3000%, 2/15/30

(144A)

33,000

31,052

Regal

Rexnord

Corp.,

6.4000%, 4/15/33

(144A)

22,000

20,183

Trimble,

Inc.,

6.1000%, 3/15/33

115,000

109,771

Xylem,

Inc.,

4.3750%, 11/1/46

50,000

35,889

196,895

Technology

-

0.7%

Broadcom

Corp.,

3.8750%, 1/15/27

86,000

80,381

Micron

Technology,

Inc.,

5.3270%, 2/6/29

70,000

66,509

Oracle

Corp.,

3.9500%, 3/25/51

64,000

41,545

VMware,

Inc.,

4.7000%, 5/15/30

46,000

41,662

230,097

Utilities

-

0.9%

AES

Corp.

(The),

2.4500%, 1/15/31

80,000

60,114

Southern

California

Edison

Co.,

5.8500%, 11/1/27

52,000

51,925

Southern

California

Edison

Co.,

5.9500%, 11/1/32

120,000

117,192

Xcel

Energy,

Inc.,

4.6000%, 6/1/32

74,000

65,416

294,647

Total

Corporate

Bonds

(cost

$7,463,974)

6,296,716

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Schedule

of

Investments

October

31,

2023

8

October

31,

2023

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Mortgage-Backed

Securities

-

54.2%

Ajax

Mortgage

Loan

Trust

2.2500%, 6/25/60

(144A)

‡,Ç

$

60,515

$

58,458

2.2500%, 9/27/60

(144A)

Ç

8,004

7,894

Angel

Oak

Mortgage

Trust

,

3.8600

%

,

1/26/65

(144A)

‡

22,138

20,547

BX

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

0.8145%,

6.1490%, 9/15/36

(144A)

‡

1,000,000

969,802

CME

Term

SOFR

1

Month

+

1.7645%,

7.0990%, 9/15/36

(144A)

‡

250,000

239,746

CALI

Mortgage

Trust

,

3.9570

%

,

3/10/39

(144A)

250,000

198,243

COLT

Mortgage

Loan

Trust

,

1.8530

%

,

3/25/65

(144A)

‡

758

750

Connecticut

Avenue

Securities

Trust

SOFR30A

+

4.2645%,

9.5851%, 8/25/31

(144A)

‡

479,754

502,974

SOFR30A

+

1.0000%,

6.3206%, 12/25/41

(144A)

‡

328,593

326,335

SOFR30A

+

1.2000%,

6.5206%, 1/25/42

(144A)

‡

337,303

335,517

SOFR30A

+

2.0000%,

7.3206%, 3/25/42

(144A)

‡

101,646

102,182

SOFR30A

+

2.1000%,

7.4206%, 3/25/42

(144A)

‡

122,448

123,519

FHLMC

Gold

Pool,

30

Year

4.0000%, 8/1/48

8,803

7,763

4.0000%, 9/1/48

6,043

5,330

FHLMC

Gold

Pools,

Other

3.5000%, 7/1/42

48,997

42,416

3.0000%, 2/1/43

915

766

3.5000%, 2/1/44

460,216

396,040

3.5000%, 1/1/47

288,087

249,057

FHLMC

STACR

REMIC

Trust

SOFR30A

+

1.3000%,

6.6206%, 2/25/42

(144A)

‡

158,368

157,800

SOFR30A

+

2.1000%,

7.4206%, 3/25/42

(144A)

‡

131,316

131,915

FHLMC

UMBS

3.5000%, 3/1/43

199

172

3.5000%, 6/1/43

20,244

17,503

4.0000%, 4/1/48

2,435

2,144

4.0000%, 11/1/48

1,794

1,579

4.0000%, 12/1/48

21,742

19,147

4.5000%, 6/1/49

1,409

1,278

4.0000%, 7/1/49

17,003

14,950

4.5000%, 7/1/49

1,789

1,624

4.5000%, 7/1/49

11,632

10,554

4.5000%, 8/1/49

10,511

9,536

4.5000%, 1/1/50

1,979

1,796

4.5000%, 1/1/50

7,165

6,501

4.0000%, 3/1/50

21,137

18,614

4.0000%, 6/1/50

34,472

30,402

4.5000%, 9/1/50

62,839

57,235

4.0000%, 10/1/50

6,100

5,363

4.5000%, 10/1/50

33,607

30,502

3.0000%, 2/1/52

7,968

6,459

3.0000%, 2/1/52

11,501

9,305

3.0000%, 3/1/52

15,992

12,958

4.5000%, 3/1/52

1,000

893

3.5000%, 4/1/52

3,594

3,018

3.5000%, 4/1/52

3,636

3,054

3.5000%, 4/1/52

19,253

16,352

3.0000%, 6/1/52

72,423

58,702

3.5000%, 6/1/52

16,584

14,006

3.5000%, 6/1/52

131,802

111,921

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Schedule

of

Investments

October

31,

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

$

207,571

$

175,243

4.5000%, 8/1/52

92,676

82,861

4.5000%, 8/1/52

214,438

191,733

4.5000%, 8/1/52

48,413

43,287

5.5000%, 9/1/52

30,422

28,996

5.5000%, 11/1/52

739,702

703,764

5.0000%, 1/1/53

2,561

2,365

5.0000%, 1/1/53

2,216

2,046

5.0000%, 3/1/53

3,888

3,585

5.0000%, 3/1/53

9,421

8,698

5.0000%, 3/1/53

20,946

19,316

5.0000%, 3/1/53

194,707

179,556

5.0000%, 3/1/53

9,107

8,408

5.0000%, 4/1/53

11,212

10,344

5.0000%, 5/1/53

2,498

2,308

5.0000%, 5/1/53

57,267

52,848

5.0000%, 5/1/53

23,664

21,838

5.0000%, 5/1/53

13,372

12,340

5.5000%, 5/1/53

24,780

23,606

5.5000%, 5/1/53

82,840

78,658

5.0000%, 6/1/53

9,903

9,132

5.0000%, 6/1/53

10,621

9,795

5.0000%, 6/1/53

17,673

16,297

5.0000%, 6/1/53

14,007

12,923

5.0000%, 6/1/53

17,911

16,525

5.0000%, 6/1/53

158,183

145,977

5.0000%, 6/1/53

17,178

15,841

5.0000%, 6/1/53

6,651

6,133

5.5000%, 6/1/53

13,390

12,705

5.5000%, 6/1/53

18,180

17,251

5.5000%, 6/1/53

13,936

13,224

5.5000%, 6/1/53

12,193

11,570

5.5000%, 6/1/53

183,578

174,311

5.0000%, 7/1/53

16,182

15,065

FNMA

UMBS

2.5000%, 12/1/36

389,568

342,622

4.0000%, 5/1/45

2,558

2,274

4.0000%, 10/1/47

13,911

12,278

4.0000%, 11/1/47

20,328

17,939

4.0000%, 1/1/48

19,170

16,919

4.5000%, 6/1/48

13,873

12,636

4.0000%, 7/1/48

17,042

15,007

4.0000%, 8/1/48

12,878

11,341

4.0000%, 9/1/48

30,650

27,052

4.0000%, 10/1/48

6,525

5,748

4.0000%, 11/1/48

19,899

17,523

4.0000%, 12/1/48

3,147

2,771

3.5000%, 5/1/49

34,659

29,324

3.5000%, 6/1/49

94,655

80,581

4.0000%, 6/1/49

2,549

2,241

4.5000%, 6/1/49

1,250

1,134

4.5000%, 8/1/49

1,799

1,633

4.0000%, 9/1/49

12,936

11,374

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Schedule

of

Investments

October

31,

2023

10

October

31,

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%, 11/1/49

$

3,723

$

3,275

4.0000%, 11/1/49

41,741

36,758

3.5000%, 12/1/49

107,883

91,843

4.5000%, 1/1/50

33,192

30,231

4.5000%, 1/1/50

2,409

2,187

4.0000%, 3/1/50

32,988

29,049

4.0000%, 3/1/50

12,632

11,124

4.0000%, 3/1/50

61,134

53,853

4.0000%, 4/1/50

5,726

4,995

4.0000%, 8/1/50

7,674

6,695

4.0000%, 9/1/50

71,094

62,504

4.0000%, 10/1/50

66,609

58,590

4.5000%, 10/1/50

40,488

36,877

4.5000%, 12/1/50

57,818

52,475

3.5000%, 2/1/51

13,572

11,483

4.0000%, 3/1/51

171,686

150,941

4.0000%, 3/1/51

1,662

1,464

4.0000%, 3/1/51

3,295

2,897

4.0000%, 10/1/51

338,600

297,687

4.0000%, 10/1/51

24,210

21,285

3.0000%, 12/1/51

458,518

371,372

3.5000%, 1/1/52

18,603

15,799

3.5000%, 2/1/52

47,030

39,936

2.5000%, 3/1/52

568,290

441,446

2.5000%, 3/1/52

120,403

93,473

2.5000%, 3/1/52

212,014

164,699

3.0000%, 3/1/52

42,219

34,150

3.5000%, 3/1/52

104,991

89,162

3.5000%, 3/1/52

201,767

171,034

3.5000%, 3/1/52

61,724

52,139

3.0000%, 4/1/52

35,617

28,853

3.0000%, 4/1/52

30,641

24,778

3.5000%, 4/1/52

21,882

18,549

3.5000%, 4/1/52

5,736

4,818

3.5000%, 4/1/52

16,780

14,092

3.5000%, 4/1/52

31,130

26,158

3.5000%, 4/1/52

5,051

4,242

3.5000%, 4/1/52

10,197

8,568

4.0000%, 4/1/52

25,037

21,879

4.5000%, 4/1/52

4,054

3,623

4.5000%, 4/1/52

2,324

2,076

4.5000%, 4/1/52

1,188

1,062

4.5000%, 4/1/52

2,111

1,886

4.5000%, 4/1/52

4,792

4,282

4.5000%, 4/1/52

1,845

1,649

3.5000%, 5/1/52

28,468

24,039

3.5000%, 5/1/52

16,266

13,667

4.5000%, 5/1/52

6,432

5,747

3.5000%, 6/1/52

53,730

45,604

3.5000%, 7/1/52

5,230

4,438

3.5000%, 7/1/52

129,049

108,950

4.5000%, 7/1/52

26,994

24,136

3.5000%, 8/1/52

25,112

21,197

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Schedule

of

Investments

October

31,

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%, 8/1/52

$

9,513

$

8,058

4.5000%, 8/1/52

98,871

88,402

3.5000%, 9/1/52

50,785

42,883

5.0000%, 9/1/52

680,979

628,331

5.5000%, 9/1/52

122,801

116,777

5.5000%, 10/1/52

279,733

266,142

4.5000%, 11/1/52

66,698

60,024

5.0000%, 11/1/52

50,767

46,888

5.5000%, 11/1/52

237,159

225,637

5.0000%, 1/1/53

4,431

4,091

5.0000%, 1/1/53

13,709

12,662

5.0000%, 1/1/53

43,371

40,031

5.0000%, 2/1/53

5,626

5,197

5.0000%, 3/1/53

3,245

2,996

5.0000%, 3/1/53

13,242

12,211

5.5000%, 3/1/53

40,119

38,093

5.0000%, 4/1/53

3,277

3,021

5.0000%, 4/1/53

16,272

15,006

5.0000%, 4/1/53

6,265

5,784

5.0000%, 4/1/53

3,841

3,542

5.5000%, 4/1/53

19,140

18,174

5.0000%, 5/1/53

3,190

2,945

5.5000%, 5/1/53

35,543

33,749

5.5000%, 5/1/53

18,541

17,605

5.0000%, 6/1/53

4,673

4,313

5.0000%, 6/1/53

3,905

3,605

5.0000%, 6/1/53

12,399

11,545

5.0000%, 7/1/53

558,694

520,123

4.5000%, 8/1/53

18,201

16,433

5.0000%, 8/1/53

60,407

56,236

5.0000%, 8/1/53

3,915

3,617

5.5000%, 9/1/53

89,408

84,963

FNMA,

Other

3.0000%, 2/1/43

8,365

6,998

3.0000%, 2/1/43

450,175

376,780

3.0000%, 3/1/43

113,087

94,606

4.0000%, 6/1/43

43,676

38,886

4.5000%, 6/1/45

4,975

4,579

3.0000%, 7/1/45

518,003

433,348

3.0000%, 9/1/46

226,344

189,442

3.0000%, 1/1/47

11,460

9,436

3.5000%, 8/1/56

41,117

34,562

3.0000%, 6/1/57

92,189

73,790

3.0000%, 9/1/57

163,243

130,664

3.0000%, 5/1/58

511,627

409,518

FNMA/FHLMC

UMBS,

15

Year,

Single

Family

2.0000%,

TBA, 15

Year

Maturity

(b)

356,690

301,666

3.0000%,

TBA, 15

Year

Maturity

(b)

547,502

489,278

3.5000%,

TBA, 15

Year

Maturity

(b)

455,414

415,832

GNMA

II,

30

Year

3.0000%, 11/20/46

30,288

25,412

2.5000%, 3/20/51

159,825

127,391

3.0000%, 7/20/51

75,467

62,359

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Schedule

of

Investments

October

31,

2023

12

October

31,

2023

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Mortgage-Backed

Securities

-

(continued)

GNMA

II,

30

Year

-

(continued)

3.0000%, 8/20/51

$

322,343

$

266,255

GNMA

II,

30

Year,

Single

Family

2.5000%,

TBA, 30

Year

Maturity

(b)

16,983

13,492

3.5000%,

TBA, 30

Year

Maturity

(b)

230,577

196,441

4.0000%,

TBA, 30

Year

Maturity

(b)

193,300

169,782

4.5000%,

TBA, 30

Year

Maturity

(b)

950,000

857,693

5.0000%,

TBA, 30

Year

Maturity

(b)

85,094

79,147

GS

Mortgage-Backed

Securities

Trust

,

2.3520

%

,

9/27/60

(144A)

‡

26,613

23,913

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust

,

CME

Term

SOFR

1

Month

+

0.8745%

,

6.2095

%

,

6/15/38

(144A)

‡

500,000

484,933

JPMorgan

Mortgage

Trust

,

Zero

Constant

Index

+

0.9000%

,

6.2150

%

,

3/25/51

(144A)

‡

198,669

185,021

MKT

Mortgage

Trust

,

2.6940

%

,

2/12/40

(144A)

100,000

71,618

New

Residential

Mortgage

Loan

Trust

,

CME

Term

SOFR

1

Month

+

1.0145%

,

6.3389

%

,

1/25/48

(144A)

‡

95,599

94,261

SREIT

Trust

,

CME

Term

SOFR

1

Month

+

0.8453%

,

6.1798

%

,

11/15/38

(144A)

‡

179,000

175,130

Total

Mortgage-Backed

Securities

(cost

$20,034,610)

18,176,601

U.S.

Treasury

Notes/Bonds

-

18.1%

3.0000%,

7/31/24

1,697,000

1,666,043

0.3750%,

9/15/24

311,000

297,552

4.2500%,

12/31/24

520,000

513,358

4.6250%,

10/15/26

86,000

85,362

4.6250%,

9/30/28

1,020,000

1,010,756

4.8750%,

10/31/28

611,000

612,289

4.8750%,

10/31/30

395,000

394,197

3.8750%,

8/15/33

1,017,000

936,117

3.8750%,

5/15/43

308,000

255,784

4.3750%,

8/15/43

42,000

37,459

3.6250%,

5/15/53

346,000

269,718

Total

U.S.

Treasury

Notes/Bonds

(cost

$6,268,283)

6,078,635

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

59,940

Investment

Companies

-

5.5%

Money

Market

Funds

-

5.5%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

5.3899%

£,∞

(cost

$1,854,311)

1,853,940

1,854,311

Total

Investments

(total

cost

$39,443,877

)

-

105.9%

35,532,852

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(5.9%)

(1,986,784)

Net

Assets

-

100.0%

$33,546,068

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

35,050,524

98.6

%

United

Kingdom

257,076

0.7

Mexico

109,399

0.3

Singapore

58,816

0.2

Canada

57,037

0.2

Total

$

35,532,852

100.0

%

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Schedule

of

Investments

October

31,

2023

Janus

Detroit

Street

Trust

13

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

10/31/23

Investment

Company

-

5.5%

Money

Market

Funds

-

5.5%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

5.3899%

∞

$

70,363

$

494

$

(241)

$

1,854,311

Value

at

10/31/22

Purchases

Sales

Value

at

10/31/23

Investment

Company

-

5.5%

Money

Market

Funds

-

5.5%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

5.3899%

∞

$

2,983,609

$

24,766,768

$

(25,896,319)

$

1,854,311

Schedule

of

TBA

sales

commitments

-

(%

of

Net

Assets)

Principal

Amounts

Value

Securities

Sold

Short

-

(10.4)%

Mortgage-Backed

Securities

-

(10.4)%

FNMA/FHLMC

UMBS,

30

Year,

Single

Family,

3.0000%,

TBA,

30

Year

Maturity

(b)

$

(772,564)

$

(617,544)

FNMA/FHLMC

UMBS,

30

Year,

Single

Family,

4.0000%,

TBA,

30

Year

Maturity

(b)

(63,188)

(54,583)

FNMA/FHLMC

UMBS,

30

Year,

Single

Family,

4.5000%,

TBA,

30

Year

Maturity

(b)

(1,629,296)

(1,454,869)

FNMA/FHLMC

UMBS,

30

Year,

Single

Family,

5.5000%,

TBA,

30

Year

Maturity

(b)

(1,425,571)

(1,352,253)

Total

Securities

Sold

Short

(proceeds

$3,517,473)

$

(3,479,249)

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

45

12/29/23

$

9,108,984

$

(29,516)

U.S.

Treasury

5

Year

Notes

75

12/29/23

7,835,742

(143,709)

U.S.

Treasury

Long

Bonds

21

12/19/23

2,298,188

(214,216)

U.S.

Treasury

Ultra

Bonds

12

12/19/23

1,350,750

(178,144)

Total

-

Futures

Long

(565,585)

Futures

Short:

U.S.

Treasury

10

Year

Notes

17

12/19/23

(1,804,922)

67,193

U.S.

Treasury

10

Year

Ultra

Bonds

10

12/19/23

(1,088,281)

60,768

Total

-

Futures

Short

127,961

Total

$(437,624)

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

$

5,074

$

(8,045)

$

(13,119)

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Schedule

of

Investments

October

31,

2023

14

October

31,

2023

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

The

following

table,

grouped

by

derivative

type,

provides

information

about

the

fair

value

and

location

of

derivatives

within

the

Statement

of

Assets

and

Liabilities

as

of

October

31,

2023.

The

following

tables

provide

information

about

the

effect

of

derivatives

and

hedging

activities

on

the

Fund’s

Statement

of

Operations

for

the year

ended

October

31,

2023.

Please

see

the

“Net

realized

and

change

in

unrealized

gain/(loss)

on

investments”

sections

of

the

Fund’s

Statement

of

Operations.

Fair

Value

of

Derivative

Instruments

(not

accounted

for

as

hedging

instruments)

as

of

October

31,

2023

Credit

Contracts

Interest

Rate

Contracts

Total

Asset

Derivatives:

*

Futures

contracts

$—

$127,961

$127,961

Liability

Derivatives:

*

Swaps

-

centrally

cleared

8,045

—

8,045

*

Futures

contracts

—

565,585

565,585

Total

Liability

Derivatives

$8,045

$565,585

$573,630

*

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

year

ended

October

31,

2023

Amount

of

Realized

Gain/(Loss)

Recognized

on

Derivatives

Derivative

Credit

Contracts

Interest

Rate

Contracts

Total

Futures

contracts

$—

$(740,291)

$(740,291)

Swap

contracts

(175,169)

—

(175,169)

Total

$(175,169)

$(740,291)

$(915,460)

Amount

of

Change

in

Unrealized

Appreciation/(Depreciation)

Recognized

on

Derivatives

Derivative

Credit

Contracts

Interest

Rate

Contracts

Total

Futures

contracts

$—

$165,717

$165,717

Swap

contracts

86,801

—

86,801

Total

$86,801

$165,717

$252,518

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Schedule

of

Investments

October

31,

2023

Janus

Detroit

Street

Trust

15

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Average

Ending

Monthly

Value

of

Derivative

Instruments

During

the

Year

Ended

October

31,

2023

Futures

contracts:

Average

notional

amount

of

contracts

-

long

$14,703,482

Average

notional

amount

of

contracts

-

short

3,055,310

Credit

default

swaps:

Average

notional

amount

-

buy

protection

1,666,667

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

October

31,

2023

16

October

31,

2023

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

LLC

Limited

Liability

Company

LP

Limited

Partnership

plc

Public

Limited

Company

REIT

Real

Estate

Investment

Trust

SOFR

Secured

Overnight

Financing

Rate

SOFR30A

Secured

Overnight

Financing

Rate

30

Day

Average

SOFRINDX

Secured

Overnight

Financing

Rate

Compounded

Index

TBA

(To

Be

Announced)

Securities

are

purchased/sold

on

a

forward

commitment

basis

with

an

approximate

principal

amount

and

no

defined

maturity

date.

The

actual

principal

and

maturity

date

will

be

determined

upon

settlement

when

specific

mortgage

pools

are

assigned.

UMBS

Uniform

Mortgage-Backed

Securities

∞

Rate

shown

is

the

7-day

yield

as

of

October

31,

2023.

£

The

Fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

Investment

Company

Act

of

1940,

as

amended,

an

affiliated

company

is

one

in

which

the

Fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

which

is

under

common

ownership

or

control.

Ç

Step

bond.

The

coupon

rate

will

increase

or

decrease

periodically

based

upon

a

predetermined

schedule.

The

rate

shown

reflects

the

current

rate.

‡

The

interest

rate

on

floating

rate

notes

is

based

on

an

index

or

market

interest

rates

and

is

subject

to

change.

Rate

in

the

security

description

is

as

of

October

31,

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

year

ended

October

31,

2023

is

$7,407,490

which

represents

22.1%

of

net

assets.

(b)

Settlement

is

on

a

delayed

delivery

or

when-issued

basis

with

final

maturity

TBA

in

the

future.

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

October

31,

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

October

31,

2023

.

See

Notes

to

Financial

Statements

for

more

information.

Valuation

Inputs

Summary

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Assets

Investments

in

Securities:

Asset-Backed

Securities

$

—

$

3,066,649

$

—

Corporate

Bonds

—

6,296,716

—

Mortgage-Backed

Securities

—

18,176,601

—

U.S.

Treasury

Notes/Bonds

—

6,078,635

—

Preferred

Stock

59,940

—

—

Investment

Companies

—

1,854,311

—

Total

Investments

in

Securities

$

59,940

$

35,472,912

$

—

Other

Financial

Instruments

(a)

:

Futures

Contracts

$

127,961

$

—

$

—

Total

Assets

$

187,901

$

35,472,912

$

—

Liabilities

TBA

sales

commitments:

Mortgage-Backed

Securities

$

—

$

3,479,249

$

—

Other

Financial

Instruments

(a)

:

Centrally

Cleared

Swaps

$

—

$

8,045

$

—

Futures

Contracts

565,585

—

—

Total

Liabilities

$

565,585

$

3,487,294

$

—

(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

October

31,

2023

18

October

31,

2023

See

Notes

to

Financial

Statements.

Assets:

Unaffiliated

investments,

at

value

(cost

$37,589,566)

$

33,678,541

Affiliated

investments,

at

value

(cost

$1,854,311)

1,854,311

Due

from

broker

for

centrally

cleared

swaps

84,703

Due

from

broker

for

futures

280,000

Receivable

for

variation

margin

on

swaps

3,607

Receivables:

Investments

sold

40,296

TBA

investments

sold

3,517,473

Dividends

1,313

Interest

183,819

Total

Assets

39,644,063

Liabilities:

TBA

sales

commitments,

at

value

(proceeds

$3,517,473)

3,479,249

Payable

for

variation

margin

on

futures

contracts

3,780

Payables:

Investments

purchased

37,564

TBA

investments

purchased

2,566,241

Management

fees

11,161

Total

Liabilities

6,097,995

Commitments

and

contingent

liabilities

Net

Assets

$

33,546,068

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

42,802,121

Total

distributable

earnings

(loss)

(9,256,053)

Total

Net

Assets

$

33,546,068

Net

Assets

$

33,546,068

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

850,001

Net

Asset

Value

Per

Share

$

39.47

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Statement

of

Operations

For

the

year

ended

October

31,

2023

Janus

Detroit

Street

Trust

19

See

Notes

to

Financial

Statements.

Investment

Income:

Interest

$

1,327,380

Dividends

from

affiliates

70,363

Dividends

5,250

Total

Investment

Income

1,402,993

Expenses:

Management

Fees

138,862

Total

Expenses

138,862

Net

Investment

Income/(Loss)

1,264,131

Net

Realized

Gain/(Loss)

on

Investments:

Investments

$

(1,050,573)

Investments

in

affiliates

494

TBA

sales

commitments

117,992

Futures

contracts

(740,291)

Swap

contracts

(175,169)

Total

Net

Realized

Gain/(Loss)

on

Investments

$

(1,847,547)

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

474,844

Investments

in

affiliates

(241)

TBA

sales

commitments

(27,778)

Futures

contracts

165,717

Swap

contracts

86,801

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

699,343

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

115,927

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Statements

of

Changes

in

Net

Assets

20

October

31,

2023

See

Notes

to

Financial

Statements.

Year

Ended

October

31,

2023

Year

Ended

October

31,

2022

Operations:

Net

investment

income/(loss)

$

1,264,131

$

679,795

Net

realized

gain/(loss)

on

investments

(1,847,547)

(3,243,100)

Change

in

unrealized

net

appreciation/depreciation

699,343

(4,603,838)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

115,927

(7,167,143)

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(1,073,896)

(702,056)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(1,073,896)

(702,056)

Capital

Share

Transactions

4,392

(7,247,214)

Net

Increase/(Decrease)

in

Net

Assets

(953,577)

(15,116,413)

Net

Assets:

—

—

Beginning

of

Year  

34,499,645

49,616,058

End

of

Year

$

33,546,068

$

34,499,645

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Financial

Highlights

Janus

Detroit

Street

Trust

21

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

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)

1.49

0.77

0.07

Net

realized

and

unrealized

gain/(loss)

(1.35)

(9.00)

(0.45)

Total

from

Investment

Operations

0.14

(8.23)

(0.38)

Less

Dividends

and

Distributions:

—

—

—

Dividends

(from

net

investment

income)

(1.26)

(0.80)

—

Total

Dividends

and

Distributions

(1.26)

(0.80)

—

Net

Asset

Value,

End

of

Period

$39.47

$40.59

$49.62

Total

Return

*

0.22%

(16.76)%

(0.76)%

Net

assets,

End

of

Period

(in

thousands)

$33,546

$34,499

$49,616

Average

Net

Assets

for

the

Period

(in

thousands)

$35,599

$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)

3.55%

1.69%

1.00%

Portfolio

Turnover

Rate

(3)(4)

114%

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

22

October

31,

2023

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 eleven

Funds

each

of

which

represent

shares

of

beneficial

interest

in

a

separate

portfolio

of

securities

and

other

assets

with

its

own

objective

and

policies.

The

Fund

seeks

total

return

consisting

of

income

and

capital

appreciation,

while

giving

special

consideration

to

certain

environmental,

social

and

governance

(“ESG”)

factors. 

The

Fund

is

classified

as

diversified,

as

defined

in

the

1940

Act.

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

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

23

market

quotations

or

evaluated

prices

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

determined

in

good

faith

by

the

Adviser

pursuant

to

the

Valuation

Procedures. Circumstances

in

which

fair

valuation

may

be

utilized

include,

but

are

not

limited

to:

(i)

a

significant

event

that

may

affect

the

securities

of

a

single

issuer,

such

as

a

merger,

bankruptcy,

or

significant

issuer-specific

development;

(ii)

an

event

that

may

affect

an

entire

market,

such

as

a

natural

disaster

or

significant

governmental

action;

(iii)

a

nonsignificant

event

such

as

a

market

closing

early

or

not

opening,

or

a

security

trading

halt;

and

(iv)

pricing

of

a

non-valued

security

and

a

restricted

or

nonpublic

security.

Special

valuation

considerations

may

apply

with

respect

to

“odd-lot”

fixed-income

transactions

which,

due

to

their

small

size,

may

receive

evaluated

prices

by

pricing

services

which

reflect

a

large

block

trade

and

not

what

actually

could

be

obtained

for

the

odd-

lot

position.

The

value

of

the

securities

of

mutual

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

mutual

funds,

and

the

prospectuses

for

such

mutual

funds

explain

the

circumstances

under

which

they

use

fair

valuation

and

the

effects

of

using

fair

valuation.

The

value

of

the

securities

of

any

cash

management

pooled

investment

vehicles

that

operate

as

money

market

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

funds.

Valuation

Inputs

Summary 

FASB

ASC

820,

Fair

Value

Measurements

and

Disclosures

(“ASC

820”),

defines

fair

value,

establishes

a

framework

for

measuring

fair

value,

and

expands

disclosure

requirements

regarding

fair

value

measurements.

This

standard

emphasizes

that

fair

value

is

a

market-based

measurement

that

should

be

determined

based

on

the

assumptions

that

market

participants

would

use

in

pricing

an

asset

or

liability

and

establishes

a

hierarchy

that

prioritizes

inputs

to

valuation

techniques

used

to

measure

fair

value.

These

inputs

are

summarized

into

three

broad

levels: 

Level

1

–

Unadjusted

quoted

prices

in

active

markets

the

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities.

Level

2

–

Observable

inputs

other

than

unadjusted

quoted

prices

included

in

Level

1

that

are

observable

for

the

asset

or

liability

either

directly

or

indirectly.

These

inputs

may

include

quoted

prices

for

the

identical

instrument

on

an

inactive

market,

prices

for

similar

instruments,

interest

rates,

prepayment

speeds,

credit

risk,

yield

curves,

default

rates

and

similar

data.

Assets

or

liabilities

categorized

as

Level

2

in

the

hierarchy

generally

include:

debt

securities

fair

valued

in

accordance

with

the

evaluated

bid

or

ask

prices

supplied

by

a

pricing

service;

securities

traded

on

OTC

markets

and

listed

securities

for

which

no

sales

are

reported

that

are

fair

valued

at

the

latest

bid

price

(or

yield

equivalent

thereof)

obtained

from

one

or

more

dealers

transacting

in

a

market

for

such

securities

or

by

a

pricing

service

approved

by

the

Fund’s

Trustees;

and

certain

short-term

debt

securities

with

maturities

of

60

days

or

less

that

are

fair

valued

at

amortized

cost.

Other

securities

that

may

be

categorized

as

Level

2

in

the

hierarchy

include,

but

are

not

limited

to,

preferred

stocks,

bank

loans,

swaps,

investments

in

unregistered

investment

companies,

options,

and

forward

contracts.

Level

3

–

Unobservable

inputs

for

the

asset

or

liability

to

the

extent

that

relevant

observable

inputs

are

not

available,

representing

the

Fund’s

own

assumptions

about

the

assumptions

that

a

market

participant

would

use

in

valuing

the

asset

or

liability,

and

that

would

be

based

on

the

best

information

available.

There

have

been

no

significant

changes

in

valuation

techniques

used

in

valuing

any

such

positions

held

by

the

Fund

since

the

beginning

of

the

fiscal

year. 

The

inputs

or

methodology

used

for

fair

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

The

summary

of

inputs

used

as

of

October

31,

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

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Notes

to

Financial

Statements

24

October

31,

2023

of

discounts.

The

Fund

classifies

gains

and

losses

on

prepayments

received

as

an

adjustment

to

interest

income.

Debt

securities

may

be

placed

in

non-accrual

status

and

related

interest

income

may

be

reduced

by

stopping

current

accruals

and

writing

off

interest

receivables

when

collection

of

all

or

a

portion

of

interest

has

become

doubtful.

Gains

and

losses

are

determined

on

the

identified

cost

basis,

which

is

the

same

basis

used

for

federal

income

tax

purposes.  

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,

options,

and

swaps.

Each

derivative

instrument

that

was

held

by

the

Fund

during

the year

ended

October

31,

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. 

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

25

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,

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

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Notes

to

Financial

Statements

26

October

31,

2023

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.

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

year,

the

Fund

purchased

interest

rate

futures

to

increase

exposure

to

interest

rate

risk.

During

the

year,

the

Fund

sold

interest

rate

futures

to

decrease

exposure

to

interest

rate

risk. 

Swaps 

Swap

agreements

are

two-party

contracts

entered

into

primarily

by

institutional

investors

for

periods

ranging

from

a

day

to

more

than

one

year

to

exchange

one

set

of

cash

flows

for

another.

The

most

significant

factor

in

the

performance

of

swap

agreements

is

the

change

in

value

of

the

specific

index,

security,

or

currency,

or

other

factors

that

determine

the

amounts

of

payments

due

to

and

from

the

Fund.

The

use

of

swaps

is

a

highly

specialized

activity

which

involves

investment

techniques

and

risks

different

from

those

associated

with

ordinary

portfolio

securities

transactions.

Swap

agreements

entail

the

risk

that

a

party

will

default

on

its

payment

obligations

to

the

Fund.

If

the

other

party

to

a

swap

defaults,

the

Fund

would

risk

the

loss

of

the

net

amount

of

the

payments

that

it

contractually

is

entitled

to

receive.

If

the

Fund

utilizes

a

swap

at

the

wrong

time

or

judges

market

conditions

incorrectly,

the

swap

may

result

in

a

loss

to

the

Fund

and

reduce

the

Fund’s

total

return.

Swap

agreements

also

bear

the

risk

that

the

Fund

will

not

be

able

to

meet

its

obligation

to

the

counterparty.

Swap

agreements

are

typically

privately

negotiated

and

entered

into

in

the

OTC

market.

However,

certain

swap

agreements

are

required

to

be

cleared

through

a

clearinghouse

and

traded

on

an

exchange

or

swap

execution

facility.

Swaps

that

are

required

to

be

cleared

are

required

to

post

initial

and

variation

margins

in

accordance

with

the

exchange

requirements.

Regulations

enacted

require

the

Fund

to

centrally

clear

certain

interest

rate

and

credit

default

index

swaps

through

a

clearinghouse

or

central

counterparty

(“CCP”).

To

clear

a

swap

with

a

CCP,

the

Fund

will

submit

the

swap

to,

and

post

collateral

with,

a

futures

clearing

merchant

(“FCM”)

that

is

a

clearinghouse

member.

Alternatively,

the

Fund

may

enter

into

a

swap

with

a

financial

institution

other

than

the

FCM

(the

“Executing

Dealer”)

and

arrange

for

the

swap

to

be

transferred

to

the

FCM

for

clearing.

The

Fund

may

also

enter

into

a

swap

with

the

FCM

itself.

The

CCP,

the

FCM,

and

the

Executing

Dealer

are

all

subject

to

regulatory

oversight

by

the

U.S.

Commodity

Futures

Trading

Commission

(“CFTC”).

A

default

or

failure

by

a

CCP

or

an

FCM,

or

the

failure

of

a

swap

to

be

transferred

from

an

Executing

Dealer

to

the

FCM

for

clearing,

may

expose

the

Fund

to

losses,

increase

its

costs,

or

prevent

the

Fund

from

entering

or

exiting

swap

positions,

accessing

collateral,

or

fully

implementing

its

investment

strategies.

The

regulatory

requirement

to

clear

certain

swaps

could,

either

temporarily

or

permanently,

reduce

the

liquidity

of

cleared

swaps

or

increase

the

costs

of

entering

into

those

swaps.

Index

swaps,

interest

rate

swaps,

inflation

swaps and

credit

default

swaps

are

valued

using

an

approved

vendor

supplied

price.

Basket

swaps

are

valued

using

a

broker

supplied

price.

Equity

swaps

that

consist

of

a

single

underlying

equity

are

valued

either

at

the

closing

price,

the

latest

bid

price,

or

the

last

sale

price

on

the

primary

market

or

exchange

it

trades.

The

market

value

of

swap

contracts

are

aggregated

by

positive

and

negative

values

and

are

disclosed

separately

as

an

asset

or

liability

on

the

Fund’s

Statement

of

Assets

and

Liabilities

(if

applicable).

Realized

gains

and

losses

are

reported

on

the

Statement

of

Operations

(if

applicable).

The

change

in

unrealized

net

appreciation

or

depreciation

during

the

period

is

included

in

the

Statement

of

Operations

(if

applicable).

The

Fund’s

maximum

risk

of

loss

from

counterparty

risk

or

credit

risk

is

the

discounted

value

of

the

payments

to

be

received

from/paid

to

the

counterparty

over

the

contract’s

remaining

life,

to

the

extent

that

the

amount

is

positive.

The

risk

is

mitigated

by

having

a

netting

arrangement

between

the

Fund

and

the

counterparty

and

by

the

posting

of

collateral

by

the

counterparty

to

cover

the

Fund’s

exposure

to

the

counterparty.

The

Fund

may

enter

into

various

types

of

credit

default

swap

agreements,

including

OTC

credit

default

swap

agreements

and

index

credit

default

swaps

(“CDX”),

for

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

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

27

credit

risk

from

one

party

to

the

other.

One

party

in

the

swap

is

a

lender

and

faces

credit

risk

from

a

third

party,

and

the

counterparty

in

the

credit

default

swap

agrees

to

insure

this

risk

in

exchange

for

regular

periodic

payments.

Credit

default

swaps

could

result

in

losses

if

the

Fund

does

not

correctly

evaluate

the

creditworthiness

of

the

company

or

companies

on

which

the

credit

default

swap

is

based.

Credit

default

swap

agreements

may

involve

greater

risks

than

if

the

Fund

had

invested

in

the

reference

obligation

directly

since,

in

addition

to

risks

relating

to

the

reference

obligation,

credit

default

swaps

are

subject

to

liquidity

risk,

counterparty

risk,

and

credit

risk.

The

Fund

will

generally

incur

a

greater

degree

of

risk

when

it

sells

a

credit

default

swap

than

when

it

purchases

a

credit

default

swap. 

As

a

buyer

of

a

credit

default

swap,

the

Fund

may

lose

its

investment

and

recover

nothing

should

no

credit

event

occur,

and

the

swap

is

held

to

its

termination

date.

As

seller

of

a

credit

default

swap,

if

a

credit

event

were

to

occur,

the

value

of

any

deliverable

obligation

received

by

the

Fund,

coupled

with

the

upfront

or

periodic

payments

previously

received,

may

be

less

than

what

it

pays

to

the

buyer,

resulting

in

a

loss

of

value

to

the

Fund.

If

the

Fund

is

the

seller

of

credit

protection

against

a

particular

security,

the

Fund

would

receive

an

up-front

or

periodic

payment

to

compensate

against

potential

credit

events.

As

the

seller

in

a

credit

default

swap

contract,

the

Fund

would

be

required

to

pay

the

par

value

(the

“notional

value”)

(or

other

agreed-upon

value)

of

a

referenced

debt

obligation

to

the

counterparty

in

the

event

of

a

default

by

a

third

party,

such

as

a

U.S.

or

foreign

corporate

issuer,

on

the

debt

obligation.

In

return,

the

Fund

would

receive

from

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract

provided

that

no

event

of

default

has

occurred.

If

no

default

occurs,

the

Fund

would

keep

the

stream

of

payments

and

would

have

no

payment

obligations.

As

the

seller,

the

Fund

would

effectively

add

leverage

to

its

portfolio

because,

in

addition

to

its

total

net

assets,

the

Fund

would

be

subject

to

investment

exposure

on

the

notional

value

of

the

swap.

The

maximum

potential

amount

of

future

payments

(undiscounted)

that

the

Fund

as

a

seller

could

be

required

to

make

in

a

credit

default

transaction

would

be

the

notional

amount

of

the

agreement.

As

a

buyer

of

credit

protection,

the

Fund

is

entitled

to

receive

the

par

(or

other

agreed-upon)

value

of

a

referenced

debt

obligation

from

the

counterparty

to

the

contract

in

the

event

of

a

default

or

other

credit

event

by

a

third

party,

such

as

a

U.S.

or

foreign

issuer,

on

the

debt

obligation.

In

return,

the

Fund

as

buyer

would

pay

to

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract

provided

that

no

credit

event

has

occurred.

If

no

credit

event

occurs,

the

Fund

would

have

spent

the

stream

of

payments

and

potentially

received

no

benefit

from

the

contract.

During

the

year,

the

Fund

purchased

protection

via

the

credit

default

swap

market

in

order

to

reduce

credit

risk

exposure

to

individual

corporates,

countries

and/or

credit

indices

where

gaining

this

exposure

via

the

cash

bond

market

was

less

attractive. 

3.

Other

Investments

and

Strategies 

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

&

Impact

Core

Bond

ETF

Notes

to

Financial

Statements

28

October

31,

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.

Armed

Conflict.

Recent

such

examples

include

conflict,

loss

of

life,

and

disaster

connected

to

ongoing

armed

conflict

between

Russia

and

Ukraine

in

Europe

and

Hamas

and

Israel

in

the

Middle

East.

The

extent

and

duration

of

each

conflict,

resulting

sanctions

and

resulting

future

market

disruptions

in

each

region

are

impossible

to

predict,

but

could

be

significant

and

have

a

severe

adverse

effect,

including

significant

negative

impacts

on

the

U.S.

and

broader

global

economic

environment

and

the

markets

for

certain

securities

and

commodities.

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

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

or

that

benefit

from

the

same

theme.

Companies

in

the

same

industry

or

economic

sector

or

that

benefit

from

the

same

theme

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.

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.

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

29

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

may

enter

into

“to

be

announced”

or

“TBA”

commitments.

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

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.

Cash

collateral

that

has

been

pledged

to

cover

the

obligations

of

a

Fund

and

cash

collateral

received

from

the

counterparty,

if

any,

is

reported

separately

in

the

Statement

of

Assets

and

Liabilities

as

Collateral

for

To

Be

Announced

Transactions. 

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

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Notes

to

Financial

Statements

30

October

31,

2023

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

debt

securities

that

are

aligned

with

positive

environmental

and

social

impact

themes

and/or

the

debt

of

companies

with

business

practices

that

the

Adviser

believes

to

be

sustainable

and/or

demonstrate

adherence

to

certain

sustainable

and/or

ESG-related

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,

which

may

make

the

Fund

more

vulnerable

to

unfavorable

developments

in

a

particular

sector

than

funds

that

invest

more

broadly.

Additionally,

due

to

its

exclusionary

criteria,

the

Fund

may

not

be

invested

in

certain

industries

or

sectors,

and

therefore

may

have

lower

performance

than

portfolios

that

do

not

apply

similar

criteria.

In

addition,

because

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.

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

year ended

October

31,

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. 

Daily

Net

Assets

Fee

Rate

$0-$500

million

0.39%

Over

$500

million

0.35%

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

31

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

October

31,

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. 

Any

purchases

and

sales,

realized

gains/losses

and

recorded

dividends

from

affiliated

investments

during

the year

ended

October

31,

2023 can

be

found

in

a

table

located

in

the

Schedule

of

Investments.

5.

Federal

Income

Tax

The

tax

components

of

capital

shown

in

the

table

below

represent:

(1)

distribution

requirements

the

Fund

must

satisfy

under

the

income

tax

regulations;

(2)

losses

or

deductions

the

Fund

may

be

able

to

offset

against

income

and

gains

realized

in

future

years;

and

(3)

unrealized

appreciation

or

depreciation

of

investments

for

federal

income

tax

purposes. 

The

Fund

has

elected

to

treat

gains

and

losses

on

forward

foreign

currency

contracts

as

capital

gains

and

losses,

if

applicable.

Other

foreign

currency

gains

and

losses

on

debt

instruments

are

treated

as

ordinary

income

for

federal

income

tax

purposes

pursuant

to

Section

988

of

the

Internal

Revenue

Code. 

Accumulated

capital

losses

noted

below

represent

net

capital

loss

carryovers,

as

of

October

31,

2023,

that

may

be

available

to

offset

future

realized

capital

gains

and

thereby

reduce

future

taxable

gains

distributions.

The

following

table

shows

these

capital

loss

carryovers. 

Loss

Deferrals

Undistributed

Ordinary

Income

Undistributed

Long-Term

Gains

Accumulated

Capital

Losses

Loss

Deferrals

Other

Book

to

Tax

Differences

Net

Tax

Appreciation/

(Depreciation)

$215,124

$—

$(5,562,602)

$—

$—

$(3,908,575)

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Notes

to

Financial

Statements

32

October

31,

2023

The

aggregate

cost

of

investments

and

the

composition

of

unrealized

appreciation

and

depreciation

of

investment

securities

for

federal

income

tax

purposes

as

of October

31,

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.

Information

on

the

tax

components

of

derivatives

as

of October

31,

2023

is

as

follows: 

Income

and

capital

gains

distributions

are

determined

in

accordance

with

income

tax

regulations

that

may

differ

from

US

GAAP.

These

differences

are

due

to

differing

treatments

for

items

such

as

net

short-term

gains,

deferral

of

wash

sale

losses,

foreign

currency

transactions,

passive

foreign

investment

companies,

net

investment

losses,

in-kind

transactions

and

capital

loss

carryovers.

Certain

permanent

differences

such

as

tax

returns

of

capital

and

net

investment

losses

noted

below

have

been

reclassified

to

capital. 

Permanent

book

to

tax

basis

differences

may

result

in

reclassifications

between

the

components

of

net

assets.

These

differences

have

no

impact

on

the

results

of

operations

or

net

assets.

Capital

Loss

Carryover

Schedule

For

the

year

ended

October

31,

2023

No

Expiration

Short-Term

Long-Term

Accumulated

Capital

Losses

$—

$(5,562,602)

$(5,562,602)

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$39,479,651

$17,219

$(3,964,018)

$(3,946,799)

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$(3,968,216)

$168,148

$(129,924)

$38,224

For

the

year

ended

October

31,

2023

:

Distributions

From

Ordinary

Income

From

Long-Term

Capital

Gain

Tax

Return

of

Capital

Net

Investment

Loss

$1,073,896

$—

$—

$—

For

the

year

ended

October

31,

2022

:

Distributions

From

Ordinary

Income

From

Long-Term

Capital

Gain

Tax

Return

of

Capital

Net

Investment

Loss

$702,056

$—

$—

$—

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

33

6.

Capital

Share

Transactions 

7.

Purchases

and

Sales

of

Investment

Securities

For

the

year ended

October

31,

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

October

31,

2023

and

through

the

date

of

the

issuance 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

other

than

the

following:

The

Board

of

Trustees

of

Janus

Detroit

Street

Trust

approved

a

plan

to

liquidate

and

terminate

the

Fund,

effective

on

or

about

February

21,

2024

(the

“Liquidation

Date”).

After

the

close

of

business

on

or

about

February

15,

2024,

the

Fund

will

no

longer

accept

creation

orders.

Trading

in

the

Fund

will

be

halted

prior

to

market

open

on

or

about

February

16,

2024.

Proceeds

of

the

liquidation

are

currently

scheduled

to

be

sent

to

shareholders

on

or

about

February

23,

2024.

Termination

of

the

Fund

is

expected

to

occur

as

soon

as

practicable

following

the

Liquidation

Date.

Year

Ended

October

31,

2023

Year

Ended

October

31,

2022

Shares

Amount

Shares

Amount

Shares

sold

50,000

$

2,142,847

350,000

$

15,363,756

Shares

repurchased

(50,000)

(2,138,455

)

(500,000)

(22,610,970

)

Net

Increase/(Decrease)

—

$

4,392

(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

$11,909,445

$9,995,703

$26,919,080

$28,049,957

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Additional

Information

(unaudited)

34

October

31,

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

&

Impact

Core

Bond

ETF

Trustees

and

Officers

(unaudited)

Janus

Detroit

Street

Trust

35

The

following

are

the

Trustees

and

officers

of

the

Trust

together

with

a

brief

description

of

their

principal

occupations

during

the

last

five

years

(principal

occupations

for

certain

Trustees

may

include

periods

over

five

years).

The

Fund’s

Statement

of

Additional

Information

includes

additional

information

about

the

Trustees

and

officers

and

is

available,

without

charge,

by

calling

1-877-335-2687.

Each

Trustee

has

served

in

that

capacity

since

he

or

she

was

originally

elected

or

appointed.

The

Trustees

do

not

serve

a

specified

term

of

office.

Each

Trustee

will

hold

office

until

the

termination

of

the

Trust

or

his

or

her

earlier

death,

resignation,

retirement,

incapacity,

or

removal.

Under

the

Fund’s

Governance

Procedures

and

Guidelines,

the

policy

is

for

Trustees

to

retire

no

later

than

the

end

of

the

calendar

year

in

which

the

Trustee

turns

75.

The

Trustees

review

the

Fund’s

Governance

Procedures

and

Guidelines

from

time

to

time

and

may

make

changes

they

deem

appropriate.

The

Fund’s

Nominating

and

Governance

Committee

will

consider

nominees

for

the

position

of

Trustee

recommended

by

shareholders.

Shareholders

may

submit

the

name

of

a

candidate

for

consideration

by

the

Committee

by

submitting

their

recommendations

to

the

Trust’s

Secretary.

Each

Trustee

is

currently

a

Trustee

of

one

other

registered

investment

company

advised

by

the

Adviser:

Clayton

Street

Trust.

As

of

the

date

of

this

report,

collectively,

the

two

registered

investment

companies

consist

of

14

series

or

funds.

The

Trust’s

officers

are

elected

annually

by

the

Trustees

for

a

one-year

term.

Certain

officers

also

serve

as

officers

of

Clayton

Street

Trust.

Certain

officers

of

the

Funds

may

also

be

officers

and/or

directors

of

the

Adviser.

Except

as

otherwise

disclosed,

Fund

officers

receive

no

compensation

from

the

Funds.

TRUSTEES

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Number

of

Portfolios/Funds

in

Fund

Complex

Overseen

by

Trustee*

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Independent

Trustees

Clifford

J.

Weber

151

Detroit

Street

Denver,

CO

80206

DOB:

1963

Chairman

Trustee

2/16-Present

Owner,

Financial

Products

Consulting

Group

LLC

(consulting

services

to

financial

institutions)

(since

2015).

14

Independent

Trustee,

Clough

Global

Dividend

and

Income

Fund (closed-end fund)

(since

2017),

Independent

Trustee,

Clough

Global

Opportunities

Fund (closed-

end fund)

(since

2017),

Independent

Trustee,

Clough

Global

Equity

Fund (closed-

end fund)

(since

2017),

and

Independent

Trustee,

Global

X

Funds

(investment

company)

(since

2018).

Formerly,

Chairman,

Clough

Funds

Trust

(investment

company)

(2015-2023),

and

Chairman,

Elevation

ETF

Trust

(investment

company)

(2016-

2018).

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Trustees

and

Officers

(unaudited)

36

October

31,

2023

*

Each

Trustee

also

serves

as

a

trustee

to

the

Clayton

Street

Trust,

which

is

currently

comprised

of

three

portfolios.

**

Ms.

Benz

is

an

Interested

Trustee

because

of

her

employment

with

Janus

Henderson

Investors.

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Number

of

Portfolios/Funds

in

Fund

Complex

Overseen

by

Trustee*

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Maureen

T.

Upton

151

Detroit

Street

Denver,

CO

80206

DOB:

1965

Trustee

2/16-Present

Principal,

Maureen

Upton

Ltd.

(consulting

services

to

multinational

companies

(since

2017).

14

Independent

Director,

Cascadia

Minerals

Ltd.

(mineral

exploration

company);

Independent

Director,

ATAC

Resources

Ltd.

(mineral

exploration

company)

(2022-

2023).

Jeffrey

B.

Weeden

151

Detroit

Street

Denver,

CO

80206

DOB:

1956

Trustee

2/16-Present

Senior

Advisor,

Bay

Boston

Capital

LP

(investment

fund

in

banks

and

bank

holdings

companies)

(since

2015).

14

Director,

West

Travis

County

Municipal

Utility

District

No. 6

(municipal

utility)

(since

2020).

Formerly,

Director,

State

Farm

Bank

(banking)

(2014-2021).

Interested

Trustee

Carrie

Benz**

151

Detroit

Street

Denver,

CO

80206

DOB:

1975

Trustee

1/21-Present

Global

Investment

COO

(since

2023).

Formerly,

Global

Head

of

Investment

Services,

Janus

Henderson

Investors

(2017-

2023).

14

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Trustees

and

Officers

(unaudited)

Janus

Detroit

Street

Trust

37

OFFICERS

*

Officers

are

elected

at

least

annually

by

the

Trustees

for

a

one-year

term

and

may

also

be

elected

from

time

to

time

by

the

Trustees

for

an

interim

period.

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Term

of

Office*

and

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Nicholas

Cherney

151

Detroit

Street

Denver,

CO

80206

DOB:

1981

President

and

Chief

Executive

Officer

10/22-Present

Head

of

Innovation

at

Janus

Henderson

(since

2023),

Head

of

Exchange

Traded

Products

at

Janus

Henderson

Distributors

US

LLC,

Janus

Henderson

Indices

LLC,

Velocity

Shares

Holdings

Inc.

(since

2019).

Formerly,

Senior

Vice

President,

Janus

Henderson

Distributors

US

LLC,

Janus

Henderson

Indices

LLC

(2015-2019),

Janus

Henderson

Investors

US

LLC

(2015-2017),

and

Velocity

Shares

Holdings

Inc.

(2014-2019).

Kristin

Mariani

151

Detroit

Street

Denver,

CO

80206

DOB:

1966

Vice

President

and

Chief

Compliance

Officer

7/20-Present

Head

of

Compliance,

North

America

at

Janus

Henderson

Investors

(since

September

2020)

and

Chief

Compliance

Officer

at

Janus

Henderson

Investors

US

LLC

(since

September

2017).

Formerly,

Anti-Money

Laundering

Officer

for

the

Trust

(July

2020-December

2022),

and

Global

Head

of

Investment

Management

Compliance

at

Janus

Henderson

Investors

(February

2019-August

2020).

Jesper

Nergaard

151

Detroit

Street

Denver,

CO

80206

DOB:

1962

Vice

President,

Chief

Financial

Officer,

Treasurer,

and

Principal

Accounting

Officer

2/16-Present

Head

of

U.S.

Fund

Administration,

Janus

Henderson

Investors

and

Janus

Henderson

Services

LLC.

Cara

Owen

151

Detroit

Street

Denver,

CO

80206

DOB:

1981

Vice

President,

Secretary,

and

Chief

Legal

Officer

1/23-Present

Senior

Legal

Counsel

of

Janus

Henderson

Investors

US

LLC

(since

2021).

Formerly,

Assistant

Secretary

of

the

Trust

and

Clayton

Street

Trust

(2021-2023);

Vice

President

and

Principal

Legal

Counsel,

ALPS

Fund

Services,

Inc.

(fund

administrator)

(2019-2021);

and

Senior

Counsel,

Corporate

&

Investments,

Great-West

Life

&

Annuity

Insurance

Company

(insurance

company)

(2014-2019).

Ciaran

Askin

151

Detroit

Street

Denver,

CO

80206

DOB:

1978

Anti-Money

Laundering

Officer

1/23-Present

Global

Head

of

Financial

Crime,

Janus

Henderson

Investors

(since

2022).

Formerly,

Global

Head

of

Financial

Crime

at

Invesco

Ltd.

(2017-2022).

125-02-93091

12-23

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.

ANNUAL

REPORT

October

31,

2023

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Performance

Overview

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

1

Fund

At

A

Glance

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

3

Disclosure

of

Fund

Expenses

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

5

Report

of

Independent

Registered

Public

Accounting

Firm

...

6

Schedule

of

Investments

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

7

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

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

21

Trustees

and

Officers

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

22

Janus

Henderson

U.S.

Sustainable

Equity

ETF

(unaudited)

Janus

Detroit

Street

Trust

1

INVESTMENT

OBJECTIVE

Janus

Henderson

U.S.

Sustainable

Equity

ETF

(SSPX)

seeks

long-term

growth

of

capital.

PERFORMANCE

OVERVIEW

For

the

12-month

period

ended

October

31,

2023,

the

Fund

returned

8.11%

(based

on

NAV),

while

its

benchmark,

the

S&P

500®

Index,

returned

10.14%.

U.S.

equities

finished

the

period

higher

despite

spells

of

considerable

volatility.

After

the

more

cyclical

sector

strength

of

late

2022,

in

early

2023

secular

growth

stocks

outperformed

as

signs

of

cooling

inflation

sparked

hopes

that

interest

rates

may

be

approaching

a

peak.

The

banking

crisis

in

March

caused

turmoil

that

equity

markets

soon

brushed

off,

and

growing

optimism

around

artificial

intelligence

(AI)

benefited

semiconductor

firms

and

information

technology

(IT)

companies

with

AI

investments,

which

led

the

market

higher.

Meanwhile,

the

U.S.

economy’s

surprising

resilience

strengthened

hopes

for

an

economic

soft

landing.

Toward

period-end,

the

prospect

of

a

longer

wait

for

interest

rate

cuts

sent

U.S.

Treasury

yields

higher,

and

caused

equities

to

give

back

some

of

their

gains.

Even

so,

the

period

was

a

strong

environment

for

equities,

with

a

small

group

of

mega-cap

growth

stocks

dominating

equity

market

returns.

This

was

reflected

in

the

sector

rankings,

which

IT

and

communication

services

topped

by

some

distance.

At

the

other

end,

the

rate-sensitive

real

estate

and

utilities

sectors

were

weakest,

while

consumer

staples

shares

suffered

from

the

rotation

out

of

defensive

sectors.

Higher

interest

rates,

inflation,

and

policy

uncertainty

weighed

on

the

pace

of

renewable

energy

development,

yet

we

retained

a

constructive

outlook

as

we

expect

trends

such

as

reshoring

and

the

transition

to

renewables

to

accelerate.

The

Fund’s

underperformance

over

the

period

owed

to

stock

selection

and

an

underweight

in

communication

services.

Stock

selection

in

IT

also

weighed

on

returns

with

a

position

in

electronics

test

and

measurement

software

developer

Keysight

Technologies

among

the

largest

single-name

detractors.

Positioning

in

healthcare

also

held

back

results,

with

Revvity,

a

provider

of

health

science

technologies

and

services,

a

top

detractor.

Stock

selection

in

financials

and

an

underweight

allocation

to

consumer

staples

benefited

relative

returns.

Lack

of

exposure

to

the

energy

and

utilities

sectors

also

aided

results.

Notable

contributors

included

semiconductor

firms

Nvidia

and

Lam

Research,

both

of

which

benefited

from

optimism

regarding

the

companies’

growth

opportunities

in

AI.

The

Janus

Henderson

U.S.

Sustainable

Equity

ETF

is

a

high-conviction

portfolio

of

U.S.

companies

selected

for

their

compounding

growth

potential

and

positive

impact

on

the

environment

and

society.

We

believe

there

is

a

strong

link

between

sustainable

development,

innovation,

and

long-term

compounding

growth.

Our

investment

framework

seeks

to

invest

in

U.S.

companies

that

have

a

positive

impact

on

the

environment

and

society,

while

at

the

same

time

helping

us

stay

on

the

right

side

of

disruption.

We

believe

this

approach

will

provide

clients

with

a

persistent

return

source,

deliver

future

compound

growth,

and

help

mitigate

downside

risk.

Important

Notice

–

Tailored

Shareholder

Reports

Effective

January

24,

2023,

the

Securities

and

Exchange

Commission

(the

“SEC”)

adopted

rule

and

form

amendments

that

require

mutual

funds

and

exchange

traded

funds

to

provide

shareholders

with

streamlined

annual

and

semi-annual

shareholder

reports

that

highlight

key

information.

Other

information,

including

financial

statements,

that

currently

appears

in

shareholder

reports

will

be

made

available

online,

delivered

free

of

charge

to

shareholders

upon

request,

and

filed

with

the

SEC.

The

first

tailored

shareholder

report

for

the

Hamish

Chamberlayne

Aaron

Scully

co-portfolio

manager

co-portfolio

manager

Janus

Henderson

U.S.

Sustainable

Equity

ETF

(unaudited)

2

October

31,

2023

Fund

will

be

for

the

reporting

period

ending

October

31,

2024.

Currently,

management

is

evaluating

the

impact

of

the

rule

and

form

amendments

on

the

content

of

the

Fund’s

current

shareholder

reports.

Janus

Henderson

U.S.

Sustainable

Equity

ETF

(unaudited)

Fund

At

A

Glance

October

31,

2023

Janus

Detroit

Street

Trust

3

Holdings

are

subject

to

change

without

notice.

5

Largest

Equity

Holdings

–

(%

of

Net

Assets)

Microsoft

Corp.

Software

8.6%

Progressive

Corp.

(The)

Insurance

5.2%

NVIDIA

Corp.

Semiconductors

&

Semiconductor

Equipment

4.8%

Humana,

Inc.

Health

Care

Providers

&

Services

4.8%

Westinghouse

Air

Brake

Technologies

Corp.

Machinery

4.7%

28.1%

Sector

Allocation

–

(%

of

Net

Assets)

Technology

27.6%

Financial

20.3%

Industrial

20.3%

Consumer,

Non-cyclical

18.7%

Consumer,

Cyclical

7.1%

Communications

4.0%

Investment

Company

1.9%

99.9%

Janus

Henderson

U.S.

Sustainable

Equity

ETF

(unaudited)

Performance

4

October

31,

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.

Average

Annual

Total

Return

for

the

periods

ended

October

31,

2023

One

Year

Since

Inception

*

Janus

Henderson

U.S.

Sustainable

Equity

ETF

-

NAV

8.11%

-8.57%

Janus

Henderson

U.S.

Sustainable

Equity

ETF

-

Market

Price

8.11%

-8.57%

S&P

500

®

Index

10.14%

-1.83%

*

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

(5/1/23)

Ending

Account

Value

(10/31/23)

Expenses

Paid

During

Period

(5/1/23

-

10/31/23)

†

Beginning

Account

Value

(5/1/23)

Ending

Account

Value

(10/31/23)

Expenses

Paid

During

Period

(5/1/23

-

10/31/23)

†

Net

Annualized

Expense

Ratio

(5/1/23

-

10/31/23)

$1,000.00

$982.70

$2.80

$1,000.00

$1,022.38

$2.85

0.56%

†

Expenses

Paid

During

Period

is

equal

to

the

Net

Annualized

Expense

Ratio

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period).

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Report

of

Independent

Registered

Public

Accounting

Firm

6

October

31,

2023

To

the

Board

of

Trustees

of

Janus

Detroit

Street

Trust

and

Shareholders

of

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Janus

Henderson

U.S.

Sustainable

Equity

ETF

(one

of

the

funds

constituting

Janus

Detroit

Street

Trust

,

referred

to

hereafter

as

the

"Fund")

as

of

October

31,

2023,

the

related

statement

of

operations

for

the

year

ended

October

31,

2023,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2023,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

two

years

in

the

period

ended

October

31,

2023

and

for

the

period

September

8,

2021

(commencement

of

operations)

through

October

31,

2021

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

October

31,

2023

,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2023

and

the

financial

highlights

for

each

of

the

two

years

in

the

period

ended

October

31,

2023

and

for

the

period

September

8,

2021

(commencement

of

operations)

through

October

31,

2021

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

based

on

our

audits

.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

October

31,

2023

by

correspondence

with

the

custodian

and

broker

;

when

replies

were

not

received

from

the

broker,

we

performed

other

auditing

procedures

.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

Denver,

Colorado

December

15,

202

3

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

Janus

Henderson

Funds

since

1990.

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Schedule

of

Investments

October

31,

2023

Janus

Detroit

Street

Trust

7

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares

Value

Common

Stocks

-

98

.0

%

Automobile

Components

-

2

.0

%

Aptiv

plc*

1,603

$

139,782

Biotechnology

-

0

.1

%

Moderna,

Inc.*

106

8,052

Building

Products

-

4

.7

%

Advanced

Drainage

Systems,

Inc.

1,432

152,980

Carrier

Global

Corp.

3,786

180,441

333,421

Capital

Markets

-

1

.1

%

S&P

Global,

Inc.

232

81,040

Electrical

Equipment

-

2

.1

%

nVent

Electric

plc

3,161

152,139

Electronic

Equipment,

Instruments

&

Components

-

6

.9

%

IPG

Photonics

Corp.*

1,448

124,383

Keysight

Technologies,

Inc.*

1,493

182,221

TE

Connectivity

Ltd.

1,608

189,503

496,107

Financial

Services

-

4

.7

%

Mastercard,

Inc.

-

Class

A

602

226,563

Walker

&

Dunlop,

Inc.

1,746

113,141

339,704

Food

Products

-

0

.9

%

McCormick

&

Co.,

Inc.

(Non-Voting)

1,033

66,009

Health

Care

Equipment

&

Supplies

-

1

.6

%

Edwards

Lifesciences

Corp.*

1,197

76,273

STAAR

Surgical

Co.*

847

35,421

111,694

Health

Care

Providers

&

Services

-

7

.6

%

Encompass

Health

Corp.

3,234

202,319

Humana,

Inc.

653

341,970

544,289

Health

Care

Technology

-

0

.8

%

Certara,

Inc.*

4,726

57,610

Industrial

REITs

-

1

.9

%

Prologis,

Inc.

1,326

133,595

Insurance

-

11

.7

%

Aon

plc

-

Class

A

669

206,989

Marsh

&

McLennan

Cos.,

Inc.

1,348

255,648

Progressive

Corp.

(The)

2,366

374,041

836,678

Life

Sciences

Tools

&

Services

-

6

.6

%

Bruker

Corp.

1,879

107,103

ICON

plc*

1,034

252,254

Illumina,

Inc.*

305

33,373

Revvity,

Inc.

955

79,122

471,852

Machinery

-

8

.3

%

Westinghouse

Air

Brake

Technologies

Corp.

3,180

337,143

Xylem,

Inc.

2,722

254,616

591,759

Semiconductors

&

Semiconductor

Equipment

-

11

.0

%

Lam

Research

Corp.

322

189,407

NVIDIA

Corp.

840

342,552

ON

Semiconductor

Corp.*

1,343

84,125

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Schedule

of

Investments

October

31,

2023

8

October

31,

2023

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares

Value

Common

Stocks

-

(continued)

Semiconductors

&

Semiconductor

Equipment

-

(continued)

Texas

Instruments,

Inc.

1,214

$

172,400

788,484

Software

-

14

.9

%

Autodesk,

Inc.*

783

154,744

Cadence

Design

Systems,

Inc.*

602

144,390

Microsoft

Corp.

1,819

615,022

Workday,

Inc.

-

Class

A*

706

149,467

1,063,623

Specialized

REITs

-

2

.0

%

Crown

Castle,

Inc.

362

33,659

Equinix,

Inc.

148

107,986

141,645

Specialty

Retail

-

2

.2

%

Home

Depot,

Inc.

(The)

547

155,725

Textiles,

Apparel

&

Luxury

Goods

-

1

.8

%

NIKE,

Inc.

-

Class

B

1,243

127,743

Trading

Companies

&

Distributors

-

1

.2

%

Core

&

Main,

Inc.

-

Class

A*

2,875

86,480

Wireless

Telecommunication

Services

-

3

.9

%

T-Mobile

US,

Inc.*

1,965

282,685

Total

Common

Stocks

(cost

$8,298,682)

7,010,116

Investment

Companies

-

1

.9

%

Money

Market

Funds

-

1

.9

%

Federated

Hermes

Government

Obligations

Tax-Managed

Fund,

Institutional

Class,

5.2100%

∞

(cost

$138,992)

138,992

138,992

Total

Investments

(total

cost

$

8,437,674

)

-

99

.9

%

7,149,108

Cash,

Receivables

and

Other

Assets,

net

of

Liabilities

-

0.1%

7,090

Net

Assets

-

100.0%

$7,156,198

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

6,604,933

92

.4

%

Ireland

392,036

5

.5

United

Kingdom

152,139

2

.1

Total

$

7,149,108

100

.0

%

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

October

31,

2023

Janus

Detroit

Street

Trust

9

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

October

31,

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

October

31,

2023

.

See

Notes

to

Financial

Statements

for

more

information.

Valuation

Inputs

Summary

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Assets

Investments

in

Securities:

Common

Stocks

$

7,010,116

$

—

$

—

Investment

Companies

138,992

—

—

Total

Assets

$

7,149,108

$

—

$

—

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Statement

of

Assets

and

Liabilities

October

31,

2023

10

October

31,

2023

See

Notes

to

Financial

Statements.

Assets:

Investments,

at

value

(cost

$8,437,674)

$

7,149,108

Receivables:

Investments

sold

18,200

Dividends

4,751

Interest

552

Total

Assets

7,172,611

Liabilities:

Payables:

Investments

purchased

12,896

Management

fees

3,517

Total

Liabilities

16,413

Commitments

and

contingent

liabilities

Net

Assets

$

7,156,198

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

11,003,664

Total

distributable

earnings

(loss)

(3,847,466)

Total

Net

Assets

$

7,156,198

Net

Assets

$

7,156,198

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

350,001

Net

Asset

Value

Per

Share

$

20.45

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Statement

of

Operations

For

the

year

ended

October

31,

2023

Janus

Detroit

Street

Trust

11

See

Notes

to

Financial

Statements.

Investment

Income:

Dividends

$

148,610

Interest

3

Total

Investment

Income

148,613

Expenses:

Management

Fees

86,572

Total

Expenses

86,572

Net

Investment

Income/(Loss)

62,041

Net

Realized

Gain/(Loss)

on

Investments:

Investments

$

(1,239,258)

Total

Net

Realized

Gain/(Loss)

on

Investments

$

(1,239,258)

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

3,697,640

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

3,697,640

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

2,520,423

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Statements

of

Changes

in

Net

Assets

12

October

31,

2023

See

Notes

to

Financial

Statements.

Year

Ended

October

31,

2023

Year

Ended

October

31,

2022

Operations:

Net

investment

income/(loss)

$

62,041

$

66,186

Net

realized

gain/(loss)

on

investments

(1,239,258)

(5,799,653)

Change

in

unrealized

net

appreciation/depreciation

3,697,640

(6,157,764)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

2,520,423

(11,891,231)

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(65,021)

(207,757)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(65,021)

(207,757)

Capital

Share

Transactions

(15,234,565)

(19,360,054)

Net

Increase/(Decrease)

in

Net

Assets

(12,779,163)

(31,459,042)

Net

Assets:

—

—

Beginning

of

Year  

19,935,361

51,394,403

End

of

Year

$

7,156,198

$

19,935,361

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Financial

Highlights

Janus

Detroit

Street

Trust

13

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

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)

0.08

0.04

—

(3)

Net

realized

and

unrealized

gain/(loss)

1.46

(6.32)

0.38

Total

from

Investment

Operations

1.54

(6.28)

0.38

Less

Dividends

and

Distributions:

—

—

—

Dividends

(from

net

investment

income)

(0.08)

(0.11)

—

Total

Dividends

and

Distributions

(0.08)

(0.11)

—

Net

Asset

Value,

End

of

Period

$20.45

$18.99

$25.38

Total

Return

*

8.11%

(24.82)%

1.52%

Net

assets,

End

of

Period

(in

thousands)

$7,156

$19,935

$51,394

Average

Net

Assets

for

the

Period

(in

thousands)

$15,667

$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)

0.40%

0.19%

(0.01)%

Portfolio

Turnover

Rate

(4)

17%

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

14

October

31,

2023

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 eleven

Funds

each

of

which

represent

shares

of

beneficial

interest

in

a

separate

portfolio

of

securities

and

other

assets

with

its

own

objective

and

policies.

The

Fund

seeks

long-term

growth

of

capital.

The

Fund

is

classified

as

diversified,

as

defined

in

the

1940

Act.

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

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

15

in

good

faith

by

the

Adviser

pursuant

to

the

Valuation

Procedures. Circumstances

in

which

fair

valuation

may

be

utilized

include,

but

are

not

limited

to:

(i)

a

significant

event

that

may

affect

the

securities

of

a

single

issuer,

such

as

a

merger,

bankruptcy,

or

significant

issuer-specific

development;

(ii)

an

event

that

may

affect

an

entire

market,

such

as

a

natural

disaster

or

significant

governmental

action;

(iii)

a

nonsignificant

event

such

as

a

market

closing

early

or

not

opening,

or

a

security

trading

halt;

and

(iv)

pricing

of

a

non-valued

security

and

a

restricted

or

nonpublic

security.

Special

valuation

considerations

may

apply

with

respect

to

“odd-lot”

fixed-income

transactions

which,

due

to

their

small

size,

may

receive

evaluated

prices

by

pricing

services

which

reflect

a

large

block

trade

and

not

what

actually

could

be

obtained

for

the

odd-

lot

position.

The

value

of

the

securities

of

mutual

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

mutual

funds,

and

the

prospectuses

for

such

mutual

funds

explain

the

circumstances

under

which

they

use

fair

valuation

and

the

effects

of

using

fair

valuation.

The

value

of

the

securities

of

any

cash

management

pooled

investment

vehicles

that

operate

as

money

market

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

funds.

Valuation

Inputs

Summary 

FASB

ASC

820,

Fair

Value

Measurements

and

Disclosures

(“ASC

820”),

defines

fair

value,

establishes

a

framework

for

measuring

fair

value,

and

expands

disclosure

requirements

regarding

fair

value

measurements.

This

standard

emphasizes

that

fair

value

is

a

market-based

measurement

that

should

be

determined

based

on

the

assumptions

that

market

participants

would

use

in

pricing

an

asset

or

liability

and

establishes

a

hierarchy

that

prioritizes

inputs

to

valuation

techniques

used

to

measure

fair

value.

These

inputs

are

summarized

into

three

broad

levels: 

Level

1

–

Unadjusted

quoted

prices

in

active

markets

the

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities.

Level

2

–

Observable

inputs

other

than

unadjusted

quoted

prices

included

in

Level

1

that

are

observable

for

the

asset

or

liability

either

directly

or

indirectly.

These

inputs

may

include

quoted

prices

for

the

identical

instrument

on

an

inactive

market,

prices

for

similar

instruments,

interest

rates,

prepayment

speeds,

credit

risk,

yield

curves,

default

rates

and

similar

data.

Assets

or

liabilities

categorized

as

Level

2

in

the

hierarchy

generally

include:

debt

securities

fair

valued

in

accordance

with

the

evaluated

bid

or

ask

prices

supplied

by

a

pricing

service;

securities

traded

on

OTC

markets

and

listed

securities

for

which

no

sales

are

reported

that

are

fair

valued

at

the

latest

bid

price

(or

yield

equivalent

thereof)

obtained

from

one

or

more

dealers

transacting

in

a

market

for

such

securities

or

by

a

pricing

service

approved

by

the

Fund’s

Trustees;

and

certain

short-term

debt

securities

with

maturities

of

60

days

or

less

that

are

fair

valued

at

amortized

cost.

Other

securities

that

may

be

categorized

as

Level

2

in

the

hierarchy

include,

but

are

not

limited

to,

preferred

stocks,

bank

loans,

swaps,

investments

in

unregistered

investment

companies,

options,

and

forward

contracts.

Level

3

–

Unobservable

inputs

for

the

asset

or

liability

to

the

extent

that

relevant

observable

inputs

are

not

available,

representing

the

Fund’s

own

assumptions

about

the

assumptions

that

a

market

participant

would

use

in

valuing

the

asset

or

liability,

and

that

would

be

based

on

the

best

information

available.

There

have

been

no

significant

changes

in

valuation

techniques

used

in

valuing

any

such

positions

held

by

the

Fund

since

the

beginning

of

the

fiscal

year. 

The

inputs

or

methodology

used

for

fair

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

The

summary

of

inputs

used

as

of

October

31,

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

U.S.

Sustainable

Equity

ETF

Notes

to

Financial

Statements

16

October

31,

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. 

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,

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

17

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.

Armed

Conflict.

Recent

such

examples

include

conflict,

loss

of

life,

and

disaster

connected

to

ongoing

armed

conflict

between

Russia

and

Ukraine

in

Europe

and

Hamas

and

Israel

in

the

Middle

East.

The

extent

and

duration

of

each

conflict,

resulting

sanctions

and

resulting

future

market

disruptions

in

each

region

are

impossible

to

predict,

but

could

be

significant

and

have

a

severe

adverse

effect,

including

significant

negative

impacts

on

the

U.S.

and

broader

global

economic

environment

and

the

markets

for

certain

securities

and

commodities.

Industry

and Sector

Risk

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

or

that

benefit

from

the

same

theme.

Companies

in

the

same

industry

or

economic

sector

or

that

benefit

from

the

same

theme

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.

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

debt

securities

that

are

aligned

with

positive

environmental

and

social

impact

themes

and/or

the

debt

of

companies

with

business

practices

that

the

Adviser

believes

to

be

sustainable

and/or

demonstrate

adherence

to

certain

sustainable

and/or

ESG-related

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,

which

may

make

the

Fund

more

vulnerable

to

unfavorable

developments

in

a

particular

sector

than

funds

that

invest

more

broadly.

Additionally,

due

to

its

exclusionary

criteria,

the

Fund

may

not

be

invested

in

certain

industries

or

sectors,

and

therefore

may

have

lower

performance

than

portfolios

that

do

not

apply

similar

criteria.

In

addition,

because

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.

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

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Notes

to

Financial

Statements

18

October

31,

2023

commissions,

interest,

dividends,

taxes,

litigation

expenses,

acquired

fund

fees

and

expenses

(if

any),

and

extraordinary

expenses.

The

Fund’s

unitary

management

fee

provides

for

reductions

in

the

fee

rate

as

the

Fund’s

assets

grow.

As

of

the

date

of

this

report,

the

Fund’s

management

fee

was

calculated

daily

and

paid

monthly

according

to

the

following

schedule: 

For

the

year ended

October

31,

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

October

31,

2023, the

Adviser

owned 225,001

shares

or 64.29%

of

the

Fund.

4.

Federal

Income

Tax 

The

tax

components

of

capital

shown

in

the

table

below

represent:

(1)

distribution

requirements

the

Fund

must

satisfy

under

the

income

tax

regulations;

(2)

losses

or

deductions

the

Fund

may

be

able

to

offset

against

income

and

gains

realized

in

future

years;

and

(3)

unrealized

appreciation

or

depreciation

of

investments

for

federal

income

tax

purposes. 

The

Fund

has

elected

to

treat

gains

and

losses

on

forward

foreign

currency

contracts

as

capital

gains

and

losses,

if

applicable.

Other

foreign

currency

gains

and

losses

on

debt

instruments

are

treated

as

ordinary

income

for

federal

income

tax

purposes

pursuant

to

Section

988

of

the

Internal

Revenue

Code. 

Daily

Net

Assets

Fee

Rate

$0-$250

Million

0.55%

Over

$250

Million

0.50%

Loss

Deferrals

Undistributed

Ordinary

Income

Undistributed

Long-Term

Gains

Accumulated

Capital

Losses

Loss

Deferrals

Other

Book

to

Tax

Differences

Net

Tax

Appreciation/

(Depreciation)

$6,388

$—

$(2,565,128)

$—

$—

$(1,288,726)

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

19

Accumulated

capital

losses

noted

below

represent

net

capital

loss

carryovers,

as

of

October

31,

2023,

that

may

be

available

to

offset

future

realized

capital

gains

and

thereby

reduce

future

taxable

gains

distributions.

The

following

table

shows

these

capital

loss

carryovers. 

The

aggregate

cost

of

investments

and

the

composition

of

unrealized

appreciation

and

depreciation

of

investment

securities

for

federal

income

tax

purposes

as

of October

31,

2023 are

noted

below.

Income

and

capital

gains

distributions

are

determined

in

accordance

with

income

tax

regulations

that

may

differ

from

US

GAAP.

These

differences

are

due

to

differing

treatments

for

items

such

as

net

short-term

gains,

deferral

of

wash

sale

losses,

foreign

currency

transactions,

passive

foreign

investment

companies,

net

investment

losses,

in-kind

transactions

and

capital

loss

carryovers.

Certain

permanent

differences

such

as

tax

returns

of

capital

and

net

investment

losses

noted

below

have

been

reclassified

to

capital. 

Permanent

book

to

tax

basis

differences

may

result

in

reclassifications

between

the

components

of

net

assets.

These

differences

have

no

impact

on

the

results

of

operations

or

net

assets.

5.

Capital

Share

Transactions 

6.

Purchases

and

Sales

of

Investment

Securities

For

the year ended

October

31,

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: 

Capital

Loss

Carryover

Schedule

For

the

year

ended

October

31,

2023

No

Expiration

Short-Term

Long-Term

Accumulated

Capital

Losses

$(1,397,339)

$(1,167,789)

$(2,565,128)

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$8,437,834

$404,855

$(1,693,581)

$(1,288,726)

For

the

year

ended

October

31,

2023

:

Distributions

From

Ordinary

Income

From

Long-Term

Capital

Gain

Tax

Return

of

Capital

Net

Investment

Loss

$65,021

$—

$—

$—

For

the

year

ended

October

31,

2022

:

Distributions

From

Ordinary

Income

From

Long-Term

Capital

Gain

Tax

Return

of

Capital

Net

Investment

Loss

$207,757

$—

$—

$—

Year

Ended

October

31,

2023

Year

Ended

October

31,

2022

Shares

Amount

Shares

Amount

Shares

sold

100,000

$

2,049,342

75,000

$

1,486,411

Shares

repurchased

(800,000)

(17,283,907

)

(1,050,000)

(20,846,465

)

Net

Increase/(Decrease)

(700,000)

$

(15,234,565

)

(975,000)

$

(19,360,054

)

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Notes

to

Financial

Statements

20

October

31,

2023

For

the year

ended

October

31,

2023,

the

cost

of

in-kind

purchases

and

proceeds

from

in-kind

sales,

were

as

follows: 

During

the

year ended

October

31,

2023,

the

Fund

had

net

realized

gain of $385,859 from

in-kind

redemptions.

Gains

on

in-kind

transactions

are

not

considered

taxable

for

federal

income

tax

purposes. 

7.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to October

31,

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

$2,583,899

$2,770,313

$—

$—

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

$1,965,056

$16,779,216

$—

$—

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Additional

Information

(unaudited)

Janus

Detroit

Street

Trust

21

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).

Designation

Requirements

(unaudited)

For

federal

income

tax

purposes,

the

Fund

designated

the

following

for

the

year

ended

October

31,

2023.

Dividends

Received

Deduction

Percentage

100%

Qualified

Dividend

Income

Percentage

100%

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Trustees

and

Officers

(unaudited)

22

October

31,

2023

The

following

are

the

Trustees

and

officers

of

the

Trust

together

with

a

brief

description

of

their

principal

occupations

during

the

last

five

years

(principal

occupations

for

certain

Trustees

may

include

periods

over

five

years).

The

Fund’s

Statement

of

Additional

Information

includes

additional

information

about

the

Trustees

and

officers

and

is

available,

without

charge,

by

calling

1-877-335-2687.

Each

Trustee

has

served

in

that

capacity

since

he

or

she

was

originally

elected

or

appointed.

The

Trustees

do

not

serve

a

specified

term

of

office.

Each

Trustee

will

hold

office

until

the

termination

of

the

Trust

or

his

or

her

earlier

death,

resignation,

retirement,

incapacity,

or

removal.

Under

the

Fund’s

Governance

Procedures

and

Guidelines,

the

policy

is

for

Trustees

to

retire

no

later

than

the

end

of

the

calendar

year

in

which

the

Trustee

turns

75.

The

Trustees

review

the

Fund’s

Governance

Procedures

and

Guidelines

from

time

to

time

and

may

make

changes

they

deem

appropriate.

The

Fund’s

Nominating

and

Governance

Committee

will

consider

nominees

for

the

position

of

Trustee

recommended

by

shareholders.

Shareholders

may

submit

the

name

of

a

candidate

for

consideration

by

the

Committee

by

submitting

their

recommendations

to

the

Trust’s

Secretary.

Each

Trustee

is

currently

a

Trustee

of

one

other

registered

investment

company

advised

by

the

Adviser:

Clayton

Street

Trust.

As

of

the

date

of

this

report,

collectively,

the

two

registered

investment

companies

consist

of

14

series

or

funds.

The

Trust’s

officers

are

elected

annually

by

the

Trustees

for

a

one-year

term.

Certain

officers

also

serve

as

officers

of

Clayton

Street

Trust.

Certain

officers

of

the

Funds

may

also

be

officers

and/or

directors

of

the

Adviser.

Except

as

otherwise

disclosed,

Fund

officers

receive

no

compensation

from

the

Funds.

TRUSTEES

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Number

of

Portfolios/Funds

in

Fund

Complex

Overseen

by

Trustee*

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Independent

Trustees

Clifford

J.

Weber

151

Detroit

Street

Denver,

CO

80206

DOB:

1963

Chairman

Trustee

2/16-Present

Owner,

Financial

Products

Consulting

Group

LLC

(consulting

services

to

financial

institutions)

(since

2015).

14

Independent

Trustee,

Clough

Global

Dividend

and

Income

Fund (closed-end fund)

(since

2017),

Independent

Trustee,

Clough

Global

Opportunities

Fund (closed-

end fund)

(since

2017),

Independent

Trustee,

Clough

Global

Equity

Fund (closed-

end fund)

(since

2017),

and

Independent

Trustee,

Global

X

Funds

(investment

company)

(since

2018).

Formerly,

Chairman,

Clough

Funds

Trust

(investment

company)

(2015-2023),

and

Chairman,

Elevation

ETF

Trust

(investment

company)

(2016-

2018).

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Trustees

and

Officers

(unaudited)

Janus

Detroit

Street

Trust

23

*

Each

Trustee

also

serves

as

a

trustee

to

the

Clayton

Street

Trust,

which

is

currently

comprised

of

three

portfolios.

**

Ms.

Benz

is

an

Interested

Trustee

because

of

her

employment

with

Janus

Henderson

Investors.

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Number

of

Portfolios/Funds

in

Fund

Complex

Overseen

by

Trustee*

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Maureen

T.

Upton

151

Detroit

Street

Denver,

CO

80206

DOB:

1965

Trustee

2/16-Present

Principal,

Maureen

Upton

Ltd.

(consulting

services

to

multinational

companies

(since

2017).

14

Independent

Director,

Cascadia

Minerals

Ltd.

(mineral

exploration

company);

Independent

Director,

ATAC

Resources

Ltd.

(mineral

exploration

company)

(2022-

2023).

Jeffrey

B.

Weeden

151

Detroit

Street

Denver,

CO

80206

DOB:

1956

Trustee

2/16-Present

Senior

Advisor,

Bay

Boston

Capital

LP

(investment

fund

in

banks

and

bank

holdings

companies)

(since

2015).

14

Director,

West

Travis

County

Municipal

Utility

District

No. 6

(municipal

utility)

(since

2020).

Formerly,

Director,

State

Farm

Bank

(banking)

(2014-2021).

Interested

Trustee

Carrie

Benz**

151

Detroit

Street

Denver,

CO

80206

DOB:

1975

Trustee

1/21-Present

Global

Investment

COO

(since

2023).

Formerly,

Global

Head

of

Investment

Services,

Janus

Henderson

Investors

(2017-

2023).

14

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Trustees

and

Officers

(unaudited)

24

October

31,

2023

OFFICERS

*

Officers

are

elected

at

least

annually

by

the

Trustees

for

a

one-year

term

and

may

also

be

elected

from

time

to

time

by

the

Trustees

for

an

interim

period.

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Term

of

Office*

and

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Nicholas

Cherney

151

Detroit

Street

Denver,

CO

80206

DOB:

1981

President

and

Chief

Executive

Officer

10/22-Present

Head

of

Innovation

at

Janus

Henderson

(since

2023),

Head

of

Exchange

Traded

Products

at

Janus

Henderson

Distributors

US

LLC,

Janus

Henderson

Indices

LLC,

Velocity

Shares

Holdings

Inc.

(since

2019).

Formerly,

Senior

Vice

President,

Janus

Henderson

Distributors

US

LLC,

Janus

Henderson

Indices

LLC

(2015-2019),

Janus

Henderson

Investors

US

LLC

(2015-2017),

and

Velocity

Shares

Holdings

Inc.

(2014-2019).

Kristin

Mariani

151

Detroit

Street

Denver,

CO

80206

DOB:

1966

Vice

President

and

Chief

Compliance

Officer

7/20-Present

Head

of

Compliance,

North

America

at

Janus

Henderson

Investors

(since

September

2020)

and

Chief

Compliance

Officer

at

Janus

Henderson

Investors

US

LLC

(since

September

2017).

Formerly,

Anti-Money

Laundering

Officer

for

the

Trust

(July

2020-December

2022),

and

Global

Head

of

Investment

Management

Compliance

at

Janus

Henderson

Investors

(February

2019-August

2020).

Jesper

Nergaard

151

Detroit

Street

Denver,

CO

80206

DOB:

1962

Vice

President,

Chief

Financial

Officer,

Treasurer,

and

Principal

Accounting

Officer

2/16-Present

Head

of

U.S.

Fund

Administration,

Janus

Henderson

Investors

and

Janus

Henderson

Services

LLC.

Cara

Owen

151

Detroit

Street

Denver,

CO

80206

DOB:

1981

Vice

President,

Secretary,

and

Chief

Legal

Officer

1/23-Present

Senior

Legal

Counsel

of

Janus

Henderson

Investors

US

LLC

(since

2021).

Formerly,

Assistant

Secretary

of

the

Trust

and

Clayton

Street

Trust

(2021-2023);

Vice

President

and

Principal

Legal

Counsel,

ALPS

Fund

Services,

Inc.

(fund

administrator)

(2019-2021);

and

Senior

Counsel,

Corporate

&

Investments,

Great-West

Life

&

Annuity

Insurance

Company

(insurance

company)

(2014-2019).

Ciaran

Askin

151

Detroit

Street

Denver,

CO

80206

DOB:

1978

Anti-Money

Laundering

Officer

1/23-Present

Global

Head

of

Financial

Crime,

Janus

Henderson

Investors

(since

2022).

Formerly,

Global

Head

of

Financial

Crime

at

Invesco

Ltd.

(2017-2022).

125-02-93093

12-23

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.

ANNUAL

REPORT

October

31,

2023

Janus

Henderson

B-BBB

CLO

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

B-BBB

CLO

ETF

Performance

Overview

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

1

Fund

At

A

Glance

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

2

Disclosure

of

Fund

Expenses

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

4

Report

of

Independent

Registered

Public

Accounting

Firm

...

5

Schedule

of

Investments

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

6

Statement

of

Assets

and

Liabilities

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

11

Statement

of

Operations

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

12

Statements

of

Changes

in

Net

Assets

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

13

Financial

Highlights

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

14

Notes

to

Financial

Statements

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

15

Additional

Information

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

23

Trustees

and

Officers

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

24

Janus

Henderson

B-BBB

CLO

ETF

(unaudited)

Janus

Detroit

Street

Trust

1

INVESTMENT

OBJECTIVE

Janus

Henderson

B-BBB

CLO

ETF

(JBBB)

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-.

PERFORMANCE

OVERVIEW

For

the

12-month

period

ended

October

31,

2023,

the

Fund

returned

16.05%

net

of

fees

(based

on

NAV),

underperforming

its

benchmark,

the

J.P.

Morgan

CLO

High

Quality

Mezzanine

Index,

which

returned

18.61%.

In

its

ongoing

fight

against

inflation,

the

Federal

Reserve

(Fed)

hiked

rates

by

2.25%

over

the

period,

and

the

yield

on

2-year

U.S.

Treasuries

increased

from

4.48%

to

5.08%.

While

higher

yields

pressured

returns

on

Treasuries,

CLOs

benefitted

from

rising

rates

due

to

their

floating-rate

coupons.

The

yield

on

the

J.P.

Morgan

CLO

High

Quality

Mezzanine

Index

ended

the

period

at

9.95%.

Credit

spreads

on

B-BBB

CLOs,

calculated

using

the

J.P.

Morgan

CLO

High

Quality

Mezzanine

discount

margin,

narrowed

from

their

post-COVID

historical-wide

level

of

6.43%,

to

5.34%

during

the

period.

Relative

underperformance

was

driven

by

our

more

conservative

positioning

and

underweight

allocation

to

risk

versus

the

benchmark.

As

credit

spreads

tightened

to

a

greater

extent

in

lower-quality

securities,

the

Fund

underperformed

the

benchmark

index.

We

are

underweight

risk

due

to

our

views

on

the

credit

cycle,

as

we

expect

credit

in

the

loan

market

to

weaken.

We

plan

to

maintain

our

conservative

positioning

into

2024.

Janus

Henderson

B-BBB

CLO

ETF

is

an

actively

managed

ETF

with

floating-rate

exposure

to

CLOs

rated

from

B

to

BBB

and

seeking

to

deliver

investors

access

to

securities

with

low

default

risk,

low

correlations

to

traditional

fixed

income

asset

classes,

and

yield

potential.

Important

Notice

–

Tailored

Shareholder

Reports

Effective

January

24,

2023,

the

Securities

and

Exchange

Commission

(the

“SEC”)

adopted

rule

and

form

amendments

that

require

mutual

funds

and

exchange

traded

funds

to

provide

shareholders

with

streamlined

annual

and

semi-annual

shareholder

reports

that

highlight

key

information.

Other

information,

including

financial

statements,

that

currently

appears

in

shareholder

reports

will

be

made

available

online,

delivered

free

of

charge

to

shareholders

upon

request,

and

filed

with

the

SEC.

The

first

tailored

shareholder

report

for

the

Fund

will

be

for

the

reporting

period

ending

October

31,

2024.

Currently,

management

is

evaluating

the

impact

of

the

rule

and

form

amendments

on

the

content

of

the

Fund’s

current

shareholder

reports.

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

October

31,

2023

2

October

31,

2023

Holdings

are

subject

to

change

without

notice.

Sector

Allocation

–

(%

of

Net

Assets)

Collateralized

Loan

Obligation

103.9%

Investment

Company

1.9%

105.8%

Ratings

†

Summary

–

(%

of

Total

Investments)

A

8.29%

Baa

96.06%

Other

(4.35)%

†

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

Janus

Detroit

Street

Trust

3

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.

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.

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.

Average

Annual

Total

Return

for

the

periods

ended

October

31,

2023

One

Year

Since

Inception

*

Janus

Henderson

B-BBB

CLO

ETF

-

NAV

16.05%

2.48%

Janus

Henderson

B-BBB

CLO

ETF

-

Market

Price

15.96%

2.72%

J.P.

Morgan

CLO

High

Quality

Mezzanine

Index

18.61%

4.84%

*

The

Fund

commenced

operations

on

January

11,

2022.

Janus

Henderson

B-BBB

CLO

ETF

(unaudited)

Disclosure

of

Fund

Expenses

4

October

31,

2023

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1)

transaction

costs,

which

may

include

creation

and

redemption

fees

or

brokerage

charges

and

(2)

ongoing

costs,

including

management

fees

and

other

Fund

expenses.

This

example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

Funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

example

is

based

upon

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

six-months

indicated,

unless

noted

otherwise

in

the

table

and

footnotes

below. 

Actual

Expenses 

The

information

in

the

table

under

the

heading

“Actual”

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

these

columns,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

under

the

heading

entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

the

period.

Hypothetical

Example

for

Comparison

Purposes 

The

information

in

the

table

under

the

heading

“Hypothetical

(5%

return

before

expenses)”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

upon

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

determine

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Additionally,

for

an

analysis

of

the

fees

associated

with

an

investment

or

other

similar

funds,

please

visit 

www.finra.org/

fundanalyzer.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transaction

costs,

such

as

creation

and

redemption

fees,

or

brokerage

charges.

These

fees

are

fully

described

in

the

Fund’s

prospectus.

Therefore,

the

hypothetical

examples

are

useful

in

comparing

ongoing

costs

only

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

transaction

costs

were

included,

your

costs

would

have

been

higher.

Actual

Hypothetical

(5%

return

before

expenses)

Beginning

Account

Value

(5/1/23)

Ending

Account

Value

(10/31/23)

Expenses

Paid

During

Period

(5/1/23

-

10/31/23)

†

Beginning

Account

Value

(5/1/23)

Ending

Account

Value

(10/31/23)

Expenses

Paid

During

Period

(5/1/23

-

10/31/23)

†

Net

Annualized

Expense

Ratio

(5/1/23

-

10/31/23)

$1,000.00

$1,071.70

$2.51

$1,000.00

$1,022.79

$2.45

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

184/365

(to

reflect

the

one-half

year

period).

Janus

Henderson

B-BBB

CLO

ETF

Report

of

Independent

Registered

Public

Accounting

Firm

Janus

Detroit

Street

Trust

5

To

the

Board

of

Trustees

of

Janus

Detroit

Street

Trust

and

Shareholders

of

Janus

Henderson

B-BBB

CLO

ETF

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Janus

Henderson

B-BBB

CLO

ETF

(one

of

the

funds

constituting

Janus

Detroit

Street

Trust

,

referred

to

hereafter

as

the

"Fund")

as

of

October

31,

2023,

the

related

statement

of

operations

for

the

year

ended

October

31,

2023

and

the

statement

of

changes

in

net

assets

and

the

financial

highlights

for

the

year

ended

October

31,

2023

and

the

period

January

11,

2022

(commencement

of

operations)

through

October

31,

2022,

including

the

related

notes

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

October

31,

2023

,

the

results

of

its

operations

for

the

year

ended

October

31,

2023,

and

the

changes

in

its

net

assets

and

the

financial

highlights

for

the

year

ended

October

31,

2023

and

for

the

period

January

11,

2022

(commencement

of

operations)

through

October

31,

2022

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

based

on

our

audit

.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audit

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audit

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audit

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

October

31,

2023

by

correspondence

with

the

custodian,

transfer

agent

and

broker

;

when

replies

were

not

received

from

the

broker,

we

performed

other

auditing

procedures

.

We

believe

that

our

audit

provides

a

reasonable

basis

for

our

opinion.

Denver,

Colorado

December

15,

2023

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

Janus

Henderson

Funds

since

1990.

Janus

Henderson

B-BBB

CLO

ETF

Schedule

of

Investments

October

31,

2023

6

October

31,

2023

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

103.9%

AB

BSL

CLO

2

Ltd.

2021-2A

D,

CME

Term

SOFR

3

Month

+

3.6116%,

9.0055%,

4/15/34

(144A)

‡

$

1,000,000

$

959,923

AGL

CLO

10

Ltd.

2021-10A

D,

CME

Term

SOFR

3

Month

+

3.1616%,

8.5555%,

4/15/34

(144A)

‡

2,000,000

1,887,294

AGL

CLO

6

Ltd.

2020-6A

DR,

CME

Term

SOFR

3

Month

+

3.5116%,

8.9274%,

7/20/34

(144A)

‡

2,000,000

1,898,028

AGL

CLO

7

Ltd.

2020-7A

DR,

CME

Term

SOFR

3

Month

+

3.3616%,

8.7555%,

7/15/34

(144A)

‡

250,000

237,790

AIMCO

CLO

10

Ltd.

2019-10A

DR,

CME

Term

SOFR

3

Month

+

3.1616%,

8.5735%,

7/22/32

(144A)

‡

2,000,000

1,894,578

Annisa

CLO

Ltd.

2016-2A

DR,

CME

Term

SOFR

3

Month

+

3.2616%,

8.6774%,

7/20/31

(144A)

‡

1,500,000

1,436,897

Apidos

CLO

XXIII

2015-23A

DR,

CME

Term

SOFR

3

Month

+

3.2116%,

8.6055%,

4/15/33

(144A)

‡

950,000

898,938

Ares

XLI

CLO

Ltd.

2016-41A

DR,

CME

Term

SOFR

3

Month

+

3.2616%,

8.6555%,

4/15/34

(144A)

‡

1,250,000

1,156,624

Ares

XXVII

CLO

Ltd.

2013-2A

DR2,

CME

Term

SOFR

3

Month

+

3.5116%,

8.9016%,

10/28/34

(144A)

‡

2,000,000

1,924,868

Barings

CLO

Ltd.

2018-2A

C,

CME

Term

SOFR

3

Month

+

2.9616%,

8.3555%,

4/15/30

(144A)

‡

2,000,000

1,943,010

Barings

CLO

Ltd.

2019-1A

DR,

CME

Term

SOFR

3

Month

+

3.9116%,

9.3055%,

4/15/36

(144A)

‡

3,000,000

2,906,766

Battery

Park

CLO

II

Ltd.

2022-1A

D,

CME

Term

SOFR

3

Month

+

5.6800%,

11.0958%,

10/20/35

(144A)

‡

2,000,000

1,970,416

BlueMountain

CLO

XXVI

Ltd.

2019-26A

D2R,

CME

Term

SOFR

3

Month

+

4.6316%,

10.0474%,

10/20/34

(144A)

‡

1,250,000

1,193,851

BlueMountain

CLO

XXVIII

Ltd.

2021-28A

D,

CME

Term

SOFR

3

Month

+

3.1616%,

8.5555%,

4/15/34

(144A)

‡

3,500,000

3,296,062

BlueMountain

CLO

XXX

Ltd.

2020-30A

DR,

CME

Term

SOFR

3

Month

+

3.3000%,

8.6939%,

4/15/35

(144A)

‡

1,500,000

1,393,918

BlueMountain

CLO

XXXI

Ltd.

2021-31A

D,

CME

Term

SOFR

3

Month

+

3.2616%,

8.6584%,

4/19/34

(144A)

‡

1,250,000

1,148,726

Boyce

Park

CLO

Ltd.

2022-1A

D,

CME

Term

SOFR

3

Month

+

3.1000%,

8.5119%,

4/21/35

(144A)

‡

1,500,000

1,387,203

Carlyle

US

CLO

Ltd.

2021-1A

C,

CME

Term

SOFR

3

Month

+

3.0616%,

8.4555%,

4/15/34

(144A)

‡

1,500,000

1,412,760

Carlyle

US

CLO

Ltd.

2021-10A

D,

CME

Term

SOFR

3

Month

+

3.5616%,

8.9774%,

10/20/34

(144A)

‡

3,000,000

2,893,998

Carlyle

US

CLO

Ltd.

2022-2A

C,

CME

Term

SOFR

3

Month

+

3.5500%,

8.9658%,

4/20/35

(144A)

‡

2,500,000

2,419,475

Carlyle

US

CLO

Ltd.

2021-7A

C,

CME

Term

SOFR

3

Month

+

3.3616%,

8.7555%,

10/15/35

(144A)

‡

2,000,000

1,912,798

Cedar

Funding

VI

CLO

Ltd.

2016-6A

DRR,

CME

Term

SOFR

3

Month

+

3.5716%,

8.9874%,

4/20/34

(144A)

‡

1,000,000

922,342

Cedar

Funding

X

CLO

Ltd.

2019-10A

DR,

CME

Term

SOFR

3

Month

+

3.4616%,

8.8774%,

10/20/32

(144A)

‡

2,000,000

1,886,032

CIFC

Funding

Ltd.

2017-5A

C,

CME

Term

SOFR

3

Month

+

3.1116%,

8.5144%,

11/16/30

(144A)

‡

2,000,000

1,905,458

CIFC

Funding

Ltd.

2019-1A

DR,

CME

Term

SOFR

3

Month

+

3.3616%,

8.7774%,

4/20/32

(144A)

‡

1,000,000

968,242

CIFC

Funding

Ltd.

2021-3A

D,

CME

Term

SOFR

3

Month

+

3.2616%,

8.6555%,

7/15/36

(144A)

‡

2,200,000

2,117,449

Dryden

105

CLO

Ltd.

2023-105A

D,

CME

Term

SOFR

3

Month

+

5.2000%,

10.5950%,

4/18/36

(144A)

‡

1,500,000

1,500,687

Janus

Henderson

B-BBB

CLO

ETF

Schedule

of

Investments

October

31,

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)

Dryden

37

Senior

Loan

Fund

2015-37A

DR,

CME

Term

SOFR

3

Month

+

2.7616%,

8.1555%,

1/15/31

(144A)

‡

$

1,500,000

$

1,392,596

Dryden

58

CLO

Ltd.

2018-58A

D,

CME

Term

SOFR

3

Month

+

2.9616%,

8.3644%,

7/17/31

(144A)

‡

1,500,000

1,419,137

Dryden

60

CLO

Ltd.

2018-60A

D,

CME

Term

SOFR

3

Month

+

3.2616%,

8.6555%,

7/15/31

(144A)

‡

3,250,000

3,104,725

Dryden

80

CLO

Ltd.

2019-80A

DR,

CME

Term

SOFR

3

Month

+

3.1000%,

8.5028%,

1/17/33

(144A)

‡

1,000,000

923,133

Dryden

90

CLO

Ltd.

2021-90A

D,

CME

Term

SOFR

3

Month

+

3.2616%,

8.6414%,

2/20/35

(144A)

‡

1,000,000

930,338

Elmwood

CLO

VII

Ltd.

2020-4A

DR,

CME

Term

SOFR

3

Month

+

4.1500%,

9.5737%,

1/17/34

(144A)

‡

2,000,000

1,990,494

Franklin

Park

Place

CLO

I

LLC

2022-1A

D,

CME

Term

SOFR

3

Month

+

3.7500%,

9.1439%,

4/14/35

(144A)

‡

2,500,000

2,337,498

Gilbert

Park

CLO

Ltd.

2017-1A

D,

CME

Term

SOFR

3

Month

+

3.2116%,

8.6055%,

10/15/30

(144A)

‡

1,000,000

979,257

HalseyPoint

CLO

3

Ltd.

2020-3A

D1,

CME

Term

SOFR

3

Month

+

4.5116%,

9.9016%,

11/30/32

(144A)

‡

1,000,000

1,000,466

Jamestown

CLO

XI

Ltd.

2018-11A

C,

CME

Term

SOFR

3

Month

+

3.5116%,

8.9055%,

7/14/31

(144A)

‡

1,000,000

977,125

KKR

CLO

27

Ltd.

27A

DR,

CME

Term

SOFR

3

Month

+

3.2500%,

8.6439%,

10/15/32

(144A)

‡

1,250,000

1,190,564

LCM

29

Ltd.

29A

CR,

CME

Term

SOFR

3

Month

+

2.4616%,

7.8555%,

4/15/31

(144A)

‡

1,500,000

1,434,552

LCM

30

Ltd.

30A

DR,

CME

Term

SOFR

3

Month

+

3.2616%,

8.6774%,

4/20/31

(144A)

‡

435,000

388,573

LCM

31

Ltd.

31A

D,

CME

Term

SOFR

3

Month

+

3.8616%,

9.2774%,

1/20/32

(144A)

‡

3,000,000

2,778,405

LCM

36

Ltd.

36A

D,

CME

Term

SOFR

3

Month

+

3.6616%,

9.0555%,

1/15/34

(144A)

‡

2,000,000

1,796,578

Madison

Park

Funding

XVII

Ltd.

2015-17A

DR,

CME

Term

SOFR

3

Month

+

3.8616%,

9.2735%,

7/21/30

(144A)

‡

2,000,000

1,951,648

Madison

Park

Funding

XXI

Ltd.

2016-21A

C2RR,

CME

Term

SOFR

3

Month

+

5.4116%,

10.8055%,

10/15/32

(144A)

‡

1,000,000

977,677

Madison

Park

Funding

XXX

Ltd.

2018-30A

D,

CME

Term

SOFR

3

Month

+

2.7616%,

8.1555%,

4/15/29

(144A)

‡

622,900

598,064

Marathon

CLO

14

Ltd.

2019-2A

BA,

CME

Term

SOFR

3

Month

+

3.5616%,

8.9774%,

1/20/33

(144A)

‡

2,000,000

1,930,910

Nassau

Ltd.

2019-IA

BR,

CME

Term

SOFR

3

Month

+

2.8616%,

8.2555%,

4/15/31

(144A)

‡

1,500,000

1,452,906

Neuberger

Berman

Loan

Advisers

CLO

33

Ltd.

2019-33A

DR,

CME

Term

SOFR

3

Month

+

3.1616%,

8.5555%,

10/16/33

(144A)

‡

2,500,000

2,355,652

Neuberger

Berman

Loan

Advisers

NBLA

CLO

53

Ltd.

2023-53A

D,

CME

Term

SOFR

3

Month

+

4.5000%,

0.0000%,

10/24/32

(144A)

‡

5,000,000

4,998,220

Oaktree

CLO

Ltd.

2019-3A

D1R,

CME

Term

SOFR

3

Month

+

3.4716%,

8.8874%,

10/20/34

(144A)

‡

2,500,000

2,326,862

OCP

CLO

Ltd.

2020-8RA

C,

CME

Term

SOFR

3

Month

+

4.0116%,

9.4144%,

1/17/32

(144A)

‡

1,350,000

1,322,309

OCP

CLO

Ltd.

2021-21A

D,

CME

Term

SOFR

3

Month

+

3.2116%,

8.6274%,

7/20/34

(144A)

‡

2,300,000

2,102,927

OCP

CLO

Ltd.

2020-19A

DR,

CME

Term

SOFR

3

Month

+

3.4116%,

8.8274%,

10/20/34

(144A)

‡

2,000,000

1,920,928

Octagon

54

Ltd.

2021-1A

D,

CME

Term

SOFR

3

Month

+

3.3116%,

8.7055%,

7/15/34

(144A)

‡

1,750,000

1,602,387

Janus

Henderson

B-BBB

CLO

ETF

Schedule

of

Investments

October

31,

2023

8

October

31,

2023

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

Octagon

55

Ltd.

2021-1A

D,

CME

Term

SOFR

3

Month

+

3.3616%,

8.7774%,

7/20/34

(144A)

‡

$

3,000,000

$

2,769,984

OHA

Loan

Funding

Ltd.

2016-1A

DR,

CME

Term

SOFR

3

Month

+

3.2616%,

8.6774%,

1/20/33

(144A)

‡

3,000,000

2,922,195

Palmer

Square

Loan

Funding

Ltd.

2022-2A

C,

CME

Term

SOFR

3

Month

+

3.1000%,

8.4939%,

10/15/30

(144A)

‡

2,645,000

2,582,705

Rad

CLO

18

Ltd.

2023-18A

D,

CME

Term

SOFR

3

Month

+

5.2500%,

10.6439%,

4/15/36

(144A)

‡

2,412,000

2,384,284

Rad

CLO

19

Ltd.

2023-19A

D,

CME

Term

SOFR

3

Month

+

5.7500%,

11.1658%,

4/20/35

(144A)

‡

1,000,000

991,958

RAD

CLO

21

Ltd.

2023-21A

D,

CME

Term

SOFR

3

Month

+

4.4000%,

0.0000%,

1/25/33

(144A)

‡

3,250,000

3,248,876

Regatta

XII

Funding

Ltd.

2019-1A

DR,

CME

Term

SOFR

3

Month

+

3.3616%,

8.7555%,

10/15/32

(144A)

‡

2,000,000

1,910,336

Regatta

XX

Funding

Ltd.

2021-2A

D,

CME

Term

SOFR

3

Month

+

3.3616%,

8.7555%,

10/15/34

(144A)

‡

250,000

236,312

Rockford

Tower

CLO

Ltd.

2018-2A

D,

CME

Term

SOFR

3

Month

+

3.3616%,

8.7774%,

10/20/31

(144A)

‡

3,100,000

2,954,650

Rockford

Tower

CLO

Ltd.

2020-1A

D,

CME

Term

SOFR

3

Month

+

4.0116%,

9.4274%,

1/20/32

(144A)

‡

4,000,000

3,900,956

Sandstone

Peak

Ltd.

2021-1A

D,

CME

Term

SOFR

3

Month

+

3.8116%,

9.2055%,

10/15/34

(144A)

‡

2,000,000

1,847,284

Sixth

Street

CLO

XIX

Ltd.

2021-19A

D,

CME

Term

SOFR

3

Month

+

3.2616%,

8.6774%,

7/20/34

(144A)

‡

2,500,000

2,412,977

Sound

Point

CLO

VII-R

Ltd.

2014-3RA

C,

CME

Term

SOFR

3

Month

+

2.5116%,

7.9235%,

10/23/31

(144A)

‡

1,600,000

1,512,224

TCI-Flatiron

CLO

Ltd.

2017-1A

D,

CME

Term

SOFR

3

Month

+

3.0116%,

8.3881%,

11/18/30

(144A)

‡

5,500,000

5,392,817

TCW

CLO

Ltd.

2020-1A

DRR,

CME

Term

SOFR

3

Month

+

3.6616%,

9.0774%,

4/20/34

(144A)

‡

1,500,000

1,421,106

THL

Credit

Wind

River

CLO

Ltd.

2018-3A

D,

CME

Term

SOFR

3

Month

+

3.2116%,

8.6274%,

1/20/31

(144A)

‡

500,000

461,353

TICP

CLO

VIII

Ltd.

2017-8A

CR,

CME

Term

SOFR

3

Month

+

3.6616%,

9.0774%,

10/20/34

(144A)

‡

2,000,000

1,922,196

Trinitas

CLO

XII

Ltd.

2020-12A

C,

CME

Term

SOFR

3

Month

+

3.2616%,

8.6398%,

4/25/33

(144A)

‡

2,327,500

2,298,446

Venture

44

CLO

Ltd.

2021-44A

D1,

CME

Term

SOFR

3

Month

+

3.4916%,

8.9074%,

10/20/34

(144A)

‡

2,000,000

1,798,622

Venture

XV

CLO

Ltd.

2013-15A

CR3,

CME

Term

SOFR

3

Month

+

2.9116%,

8.3055%,

7/15/32

(144A)

‡

2,500,000

2,378,048

Voya

CLO

Ltd.

2019-4A

DR,

CME

Term

SOFR

3

Month

+

3.4616%,

8.8555%,

1/15/35

(144A)

‡

1,250,000

1,176,425

Whitebox

CLO

II

Ltd.

2020-2A

DR,

CME

Term

SOFR

3

Month

+

3.6116%,

9.0101%,

10/24/34

(144A)

‡

250,000

242,104

Total

Collateralized

Loan

Obligations

(cost

$141,310,549)

138,423,922

Investment

Companies

-

1.9%

Money

Market

Funds

-

1.9%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

5.3899%

£,∞

(cost

$2,549,332)

2,548,822

2,549,332

Total

Investments

(total

cost

$143,859,881

)

-

105.8%

140,973,254

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(5.8%)

(7,706,578)

Net

Assets

-

100.0%

$133,266,676

Janus

Henderson

B-BBB

CLO

ETF

Schedule

of

Investments

October

31,

2023

Janus

Detroit

Street

Trust

9

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

$

140,973,254

100.0

%

Schedule

of

Affiliated

Investments

-

(%

of

Net

Assets)

Dividend

Income

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciatio

n/

(Depreciation)

Value

at

10/31/23

Exchange

Traded

Fund

-

N/A

Janus

Henderson

AAA

CLO

ETF

$

163,821

$

96,655

$

(4,549)

$

–

Investment

Company

-

1.9%

Money

Market

Funds

-

1.9%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

5.3899%

∞

118,776

445

(124)

2,549,332

Total

Affiliated

Investments

-

1.9%

$

282,597

$

97,100

$

(4,673)

$

2,549,332

Value

at

10/31/22

Purchases

Sales

Value

at

10/31/23

Exchange

Traded

Fund

-

N/A

Janus

Henderson

AAA

CLO

ETF

$

3,783,439

$

8,930,921

$

(12,806,466)

$

–

Investment

Company

-

1.9%

Money

Market

Funds

-

1.9%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

5.3899%

∞

7,585,792

77,116,978

(82,153,759)

2,549,332

Total

Affiliated

Investments

-

1.9%

$

11,369,231

$

86,047,899

$

(94,960,225)

$

2,549,332

Janus

Henderson

B-BBB

CLO

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

October

31,

2023

10

October

31,

2023

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

LLC

Limited

Liability

Company

SOFR

Secured

Overnight

Financing

Rate

∞

Rate

shown

is

the

7-day

yield

as

of

October

31,

2023.

£

The

Fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

Investment

Company

Act

of

1940,

as

amended,

an

affiliated

company

is

one

in

which

the

Fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

which

is

under

common

ownership

or

control.

‡

The

interest

rate

on

floating

rate

notes

is

based

on

an

index

or

market

interest

rates

and

is

subject

to

change.

Rate

in

the

security

description

is

as

of

October

31,

2023.

144A

Securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended,

are

subject

to

legal

and/or

contractual

restrictions

on

resale

and

may

not

be

publicly

sold

without

registration

under

the

1993

Act.

Unless

otherwise

noted,

these

securities

have

been

determined

to

be

liquid

in

accordance

with

the

requirements

of

Rule

22e-4,

under

the

1940

Act.

The

total

value

of

144A

securities

as

of

the

year

ended

October

31,

2023

is

$138,423,922

which

represents

103.9%

of

net

assets.

The

following

is

a

summary

of

the

inputs

that

were

used

to

value

the

Fund's

investments

in

securities

and

other

financial

instruments

as

of

October

31,

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

$

—

$

138,423,922

$

—

Investment

Companies

—

2,549,332

—

Total

Assets

$

—

$

140,973,254

$

—

Janus

Henderson

B-BBB

CLO

ETF

Statement

of

Assets

and

Liabilities

October

31,

2023

Janus

Detroit

Street

Trust

11

See

Notes

to

Financial

Statements.

Assets:

Unaffiliated

investments,

at

value

(cost

$141,310,549)

$

138,423,922

Affiliated

investments,

at

value

(cost

$2,549,332)

2,549,332

Receivables:

Interest

593,882

Due

from

adviser

250

Total

Assets

141,567,386

Liabilities:

Payables:

Investments

purchased

8,250,000

Management

fees

50,710

Total

Liabilities

8,300,710

Commitments

and

contingent

liabilities

Net

Assets

$

133,266,676

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

139,693,556

Total

distributable

earnings

(loss)

(6,426,880)

Total

Net

Assets

$

133,266,676

Net

Assets

$

133,266,676

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

2,850,000

Net

Asset

Value

Per

Share

$

46.76

Janus

Henderson

B-BBB

CLO

ETF

Statement

of

Operations

For

the

year

ended

October

31,

2023

12

October

31,

2023

See

Notes

to

Financial

Statements.

Investment

Income:

Interest

$

7,757,592

Dividends

from

affiliates

282,597

Total

Investment

Income

8,040,189

Expenses:

Management

Fees

440,111

Total

Expenses

440,111

Less:

Excess

Expense

Reimbursement

and

Waivers

(5,346)

Net

Expenses

434,765

Net

Investment

Income/(Loss)

7,605,424

Net

Realized

Gain/(Loss)

on

Investments:

Investments

$

(2,553,763)

Investments

in

affiliates

97,100

Total

Net

Realized

Gain/(Loss)

on

Investments

$

(2,456,663)

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

7,187,932

Investments

in

affiliates

(4,673)

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

7,183,259

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

12,332,020

Janus

Henderson

B-BBB

CLO

ETF

Statements

of

Changes

in

Net

Assets

Janus

Detroit

Street

Trust

13

See

Notes

to

Financial

Statements.

Year

Ended

October

31,

2023

Period

Ended

October

31,

2022

(1)

Operations:

Net

investment

income/(loss)

$

7,605,424

$

2,938,646

Net

realized

gain/(loss)

on

investments

(2,456,663)

(1,994,823)

Change

in

unrealized

net

appreciation/depreciation

7,183,259

(10,069,886)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

12,332,020

(9,126,063)

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(7,139,781)

(2,493,056)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(7,139,781)

(2,493,056)

Capital

Share

Transactions

49,464,555

90,229,001

Net

Increase/(Decrease)

in

Net

Assets

54,656,794

78,609,882

Net

Assets:

—

—

Beginning

of

Year  

78,609,882

—

End

of

Year

$

133,266,676

$

78,609,882

(1)

Period

from

January

11,

2022

(commencement

of

operations)

through

October

31,

2022.

Janus

Henderson

B-BBB

CLO

ETF

Financial

Highlights

14

October

31,

2023

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

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)

3.88

1.80

Net

realized

and

unrealized

gain/(loss)

2.90

(6.71)

Total

from

Investment

Operations

6.78

(4.91)

Less

Dividends

and

Distributions:

—

—

Dividends

(from

net

investment

income)

(3.69)

(1.42)

Total

Dividends

and

Distributions

(3.69)

(1.42)

Net

Asset

Value,

End

of

Period

$46.76

$43.67

Total

Return

*

16.05%

(9.96)%

(3)

Net

assets,

End

of

Period

(in

thousands)

$133,267

$78,610

Average

Net

Assets

for

the

Period

(in

thousands)

$90,068

$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)

8.44%

4.75%

Portfolio

Turnover

Rate

(4)

53%

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

Janus

Detroit

Street

Trust

15

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

eleven Funds

each

of

which

represent

shares

of

beneficial

interest

in

a

separate

portfolio

of

securities

and

other

assets

with

its

own

objective

and

policies.

The

Fund

seeks

capital

preservation

and

current

income

by

seeking

to

deliver

floating-rate

exposure

to 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

Janus

Henderson

B-BBB

CLO

ETF

Notes

to

Financial

Statements

16

October

31,

2023

market

quotations

or

evaluated

prices

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

determined

in

good

faith

by

the

Adviser

pursuant

to

the

Valuation

Procedures. Circumstances

in

which

fair

valuation

may

be

utilized

include,

but

are

not

limited

to:

(i)

a

significant

event

that

may

affect

the

securities

of

a

single

issuer,

such

as

a

merger,

bankruptcy,

or

significant

issuer-specific

development;

(ii)

an

event

that

may

affect

an

entire

market,

such

as

a

natural

disaster

or

significant

governmental

action;

(iii)

a

nonsignificant

event

such

as

a

market

closing

early

or

not

opening,

or

a

security

trading

halt;

and

(iv)

pricing

of

a

non-valued

security

and

a

restricted

or

nonpublic

security.

Special

valuation

considerations

may

apply

with

respect

to

“odd-lot”

fixed-income

transactions

which,

due

to

their

small

size,

may

receive

evaluated

prices

by

pricing

services

which

reflect

a

large

block

trade

and

not

what

actually

could

be

obtained

for

the

odd-

lot

position.

The

value

of

the

securities

of

mutual

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

mutual

funds,

and

the

prospectuses

for

such

mutual

funds

explain

the

circumstances

under

which

they

use

fair

valuation

and

the

effects

of

using

fair

valuation.

The

value

of

the

securities

of

any

cash

management

pooled

investment

vehicles

that

operate

as

money

market

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

funds.

Valuation

Inputs

Summary 

FASB

ASC

820,

Fair

Value

Measurements

and

Disclosures

(“ASC

820”),

defines

fair

value,

establishes

a

framework

for

measuring

fair

value,

and

expands

disclosure

requirements

regarding

fair

value

measurements.

This

standard

emphasizes

that

fair

value

is

a

market-based

measurement

that

should

be

determined

based

on

the

assumptions

that

market

participants

would

use

in

pricing

an

asset

or

liability

and

establishes

a

hierarchy

that

prioritizes

inputs

to

valuation

techniques

used

to

measure

fair

value.

These

inputs

are

summarized

into

three

broad

levels: 

Level

1

–

Unadjusted

quoted

prices

in

active

markets

the

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities.

Level

2

–

Observable

inputs

other

than

unadjusted

quoted

prices

included

in

Level

1

that

are

observable

for

the

asset

or

liability

either

directly

or

indirectly.

These

inputs

may

include

quoted

prices

for

the

identical

instrument

on

an

inactive

market,

prices

for

similar

instruments,

interest

rates,

prepayment

speeds,

credit

risk,

yield

curves,

default

rates

and

similar

data.

Assets

or

liabilities

categorized

as

Level

2

in

the

hierarchy

generally

include:

debt

securities

fair

valued

in

accordance

with

the

evaluated

bid

or

ask

prices

supplied

by

a

pricing

service;

securities

traded

on

OTC

markets

and

listed

securities

for

which

no

sales

are

reported

that

are

fair

valued

at

the

latest

bid

price

(or

yield

equivalent

thereof)

obtained

from

one

or

more

dealers

transacting

in

a

market

for

such

securities

or

by

a

pricing

service

approved

by

the

Fund’s

Trustees;

and

certain

short-term

debt

securities

with

maturities

of

60

days

or

less

that

are

fair

valued

at

amortized

cost.

Other

securities

that

may

be

categorized

as

Level

2

in

the

hierarchy

include,

but

are

not

limited

to,

preferred

stocks,

bank

loans,

swaps,

investments

in

unregistered

investment

companies,

options,

and

forward

contracts.

Level

3

–

Unobservable

inputs

for

the

asset

or

liability

to

the

extent

that

relevant

observable

inputs

are

not

available,

representing

the

Fund’s

own

assumptions

about

the

assumptions

that

a

market

participant

would

use

in

valuing

the

asset

or

liability,

and

that

would

be

based

on

the

best

information

available.

There

have

been

no

significant

changes

in

valuation

techniques

used

in

valuing

any

such

positions

held

by

the

Fund

since

the

beginning

of

the

fiscal

year. 

The

inputs

or

methodology

used

for

fair

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

The

summary

of

inputs

used

as

of

October

31,

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

Janus

Henderson

B-BBB

CLO

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

17

of

discounts.

The

Fund

classifies

gains

and

losses

on

prepayments

received

as

an

adjustment

to

interest

income.

Debt

securities

may

be

placed

in

non-accrual

status

and

related

interest

income

may

be

reduced

by

stopping

current

accruals

and

writing

off

interest

receivables

when

collection

of

all

or

a

portion

of

interest

has

become

doubtful.

Gains

and

losses

are

determined

on

the

identified

cost

basis,

which

is

the

same

basis

used

for

federal

income

tax

purposes.  

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. 

Janus

Henderson

B-BBB

CLO

ETF

Notes

to

Financial

Statements

18

October

31,

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.

Armed

Conflict.

Recent

such

examples

include

conflict,

loss

of

life,

and

disaster

connected

to

ongoing

armed

conflict

between

Russia

and

Ukraine

in

Europe

and

Hamas

and

Israel

in

the

Middle

East.

The

extent

and

duration

of

each

conflict,

resulting

sanctions

and

resulting

future

market

disruptions

in

each

region

are

impossible

to

predict,

but

could

be

significant

and

have

a

severe

adverse

effect,

including

significant

negative

impacts

on

the

U.S.

and

broader

global

economic

environment

and

the

markets

for

certain

securities

and

commodities.

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. 

Janus

Henderson

B-BBB

CLO

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

19

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. 

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: 

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

20

October

31,

2023

For

the

year ended

October

31,

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 year

ended October

31,

2023,

the

Adviser

waived

$5,346 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

“floating”

NAV)

rounded

to

the

fourth

decimal

place

(e.g.,

$1.0000).

The

Sweep

Vehicle

is

permitted

to

impose

a

liquidity

fee

(of

up

to

2%)

on

redemptions

from

the

Sweep

Vehicle

or

a

redemption

gate

that

temporarily

suspends

redemptions

from

the

Sweep

Vehicle

for

up

to

10

business

days

during

a

90

day

period.

There

are

no

restrictions

on

the

Fund's

ability

to

withdraw

investments

from

the

Sweep

Vehicle

at

will,

and

there

are

no

unfunded

capital

commitments

due

from

the

Fund

to

the

Sweep

Vehicle.

The

Sweep

Vehicle

does

not

charge

any

management

fee,

sales

charge

or

service

fee. 

Any

purchases

and

sales,

realized

gains/losses

and

recorded

dividends

from

affiliated

investments

during

the year

ended

October

31,

2023 can

be

found

in

a

table

located

in

the

Schedule

of

Investments.

Janus

Henderson

B-BBB

CLO

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

21

4.

Federal

Income

Tax

The

tax

components

of

capital

shown

in

the

table

below

represent:

(1)

distribution

requirements

the

Fund

must

satisfy

under

the

income

tax

regulations;

(2)

losses

or

deductions

the

Fund

may

be

able

to

offset

against

income

and

gains

realized

in

future

years;

and

(3)

unrealized

appreciation

or

depreciation

of

investments

for

federal

income

tax

purposes. 

The

Fund

has

elected

to

treat

gains

and

losses

on

forward

foreign

currency

contracts

as

capital

gains

and

losses,

if

applicable.

Other

foreign

currency

gains

and

losses

on

debt

instruments

are

treated

as

ordinary

income

for

federal

income

tax

purposes

pursuant

to

Section

988

of

the

Internal

Revenue

Code. 

Accumulated

capital

losses

noted

below

represent

net

capital

loss

carryovers,

as

of

October

31,

2023,

that

may

be

available

to

offset

future

realized

capital

gains

and

thereby

reduce

future

taxable

gains

distributions.

The

following

table

shows

these

capital

loss

carryovers. 

The

aggregate

cost

of

investments

and

the

composition

of

unrealized

appreciation

and

depreciation

of

investment

securities

for

federal

income

tax

purposes

as

of October

31,

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.

Income

and

capital

gains

distributions

are

determined

in

accordance

with

income

tax

regulations

that

may

differ

from

US

GAAP.

These

differences

are

due

to

differing

treatments

for

items

such

as

net

short-term

gains,

deferral

of

wash

sale

losses,

foreign

currency

transactions,

passive

foreign

investment

companies,

net

investment

losses,

in-kind

transactions

and

capital

loss

carryovers.

Certain

permanent

differences

such

as

tax

returns

of

capital

and

net

investment

losses

noted

below

have

been

reclassified

to

capital. 

Loss

Deferrals

Undistributed

Ordinary

Income

Undistributed

Long-Term

Gains

Accumulated

Capital

Losses

Loss

Deferrals

Other

Book

to

Tax

Differences

Net

Tax

Appreciation/

(Depreciation)

$943,565

$—

$(4,464,493)

$—

$—

$(2,905,952)

Capital

Loss

Carryover

Schedule

For

the

year

ended

October

31,

2023

No

Expiration

Short-Term

Long-Term

Accumulated

Capital

Losses

$(2,491,841)

$(1,972,652)

$(4,464,493)

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$143,879,206

$429,108

$(3,335,060)

$(2,905,952)

For

the

year

ended

October

31,

2023

:

Distributions

From

Ordinary

Income

From

Long-Term

Capital

Gain

Tax

Return

of

Capital

Net

Investment

Loss

$7,139,781

$—

$—

$—

For

the

year

ended

October

31,

2022

:

Distributions

From

Ordinary

Income

From

Long-Term

Capital

Gain

Tax

Return

of

Capital

Net

Investment

Loss

$2,493,056

$—

$—

$—

Janus

Henderson

B-BBB

CLO

ETF

Notes

to

Financial

Statements

22

October

31,

2023

Permanent

book

to

tax

basis

differences

may

result

in

reclassifications

between

the

components

of

net

assets.

These

differences

have

no

impact

on

the

results

of

operations

or

net

assets.

5.

Capital

Share

Transactions 

6.

Purchases

and

Sales

of

Investment

Securities

For

the year ended

October

31,

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 October

31,

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. 

Year

Ended

October

31,

2023

Period

Ended

October

31,

2022

(1)

Shares

Amount

Shares

Amount

Shares

sold

1,250,000

$

58,359,146

2,000,000

$

99,654,523

Shares

repurchased

(200,000)

(8,894,591)

(200,000)

(9,425,522)

Net

Increase/(Decrease)

1,050,000

$

49,464,555

1,800,000

$

90,229,001

(1)

Period

from

January

11,

2022

(commencement

of

operations)

through

October

31,

2022.

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

$108,290,881

$47,412,061

$—

$—

Janus

Henderson

B-BBB

CLO

ETF

Additional

Information

(unaudited)

Janus

Detroit

Street

Trust

23

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

Trustees

and

Officers

(unaudited)

24

October

31,

2023

The

following

are

the

Trustees

and

officers

of

the

Trust

together

with

a

brief

description

of

their

principal

occupations

during

the

last

five

years

(principal

occupations

for

certain

Trustees

may

include

periods

over

five

years).

The

Fund’s

Statement

of

Additional

Information

includes

additional

information

about

the

Trustees

and

officers

and

is

available,

without

charge,

by

calling

1-877-335-2687.

Each

Trustee

has

served

in

that

capacity

since

he

or

she

was

originally

elected

or

appointed.

The

Trustees

do

not

serve

a

specified

term

of

office.

Each

Trustee

will

hold

office

until

the

termination

of

the

Trust

or

his

or

her

earlier

death,

resignation,

retirement,

incapacity,

or

removal.

Under

the

Fund’s

Governance

Procedures

and

Guidelines,

the

policy

is

for

Trustees

to

retire

no

later

than

the

end

of

the

calendar

year

in

which

the

Trustee

turns

75.

The

Trustees

review

the

Fund’s

Governance

Procedures

and

Guidelines

from

time

to

time

and

may

make

changes

they

deem

appropriate.

The

Fund’s

Nominating

and

Governance

Committee

will

consider

nominees

for

the

position

of

Trustee

recommended

by

shareholders.

Shareholders

may

submit

the

name

of

a

candidate

for

consideration

by

the

Committee

by

submitting

their

recommendations

to

the

Trust’s

Secretary.

Each

Trustee

is

currently

a

Trustee

of

one

other

registered

investment

company

advised

by

the

Adviser:

Clayton

Street

Trust.

As

of

the

date

of

this

report,

collectively,

the

two

registered

investment

companies

consist

of

14

series

or

funds.

The

Trust’s

officers

are

elected

annually

by

the

Trustees

for

a

one-year

term.

Certain

officers

also

serve

as

officers

of

Clayton

Street

Trust.

Certain

officers

of

the

Funds

may

also

be

officers

and/or

directors

of

the

Adviser.

Except

as

otherwise

disclosed,

Fund

officers

receive

no

compensation

from

the

Funds.

TRUSTEES

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Number

of

Portfolios/Funds

in

Fund

Complex

Overseen

by

Trustee*

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Independent

Trustees

Clifford

J.

Weber

151

Detroit

Street

Denver,

CO

80206

DOB:

1963

Chairman

Trustee

2/16-Present

Owner,

Financial

Products

Consulting

Group

LLC

(consulting

services

to

financial

institutions)

(since

2015).

14

Independent

Trustee,

Clough

Global

Dividend

and

Income

Fund (closed-end fund)

(since

2017),

Independent

Trustee,

Clough

Global

Opportunities

Fund (closed-

end fund)

(since

2017),

Independent

Trustee,

Clough

Global

Equity

Fund (closed-

end fund)

(since

2017),

and

Independent

Trustee,

Global

X

Funds

(investment

company)

(since

2018).

Formerly,

Chairman,

Clough

Funds

Trust

(investment

company)

(2015-2023),

and

Chairman,

Elevation

ETF

Trust

(investment

company)

(2016-

2018).

Janus

Henderson

B-BBB

CLO

ETF

Trustees

and

Officers

(unaudited)

Janus

Detroit

Street

Trust

25

*

Each

Trustee

also

serves

as

a

trustee

to

the

Clayton

Street

Trust,

which

is

currently

comprised

of

three

portfolios.

**

Ms.

Benz

is

an

Interested

Trustee

because

of

her

employment

with

Janus

Henderson

Investors.

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Number

of

Portfolios/Funds

in

Fund

Complex

Overseen

by

Trustee*

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Maureen

T.

Upton

151

Detroit

Street

Denver,

CO

80206

DOB:

1965

Trustee

2/16-Present

Principal,

Maureen

Upton

Ltd.

(consulting

services

to

multinational

companies

(since

2017).

14

Independent

Director,

Cascadia

Minerals

Ltd.

(mineral

exploration

company);

Independent

Director,

ATAC

Resources

Ltd.

(mineral

exploration

company)

(2022-

2023).

Jeffrey

B.

Weeden

151

Detroit

Street

Denver,

CO

80206

DOB:

1956

Trustee

2/16-Present

Senior

Advisor,

Bay

Boston

Capital

LP

(investment

fund

in

banks

and

bank

holdings

companies)

(since

2015).

14

Director,

West

Travis

County

Municipal

Utility

District

No. 6

(municipal

utility)

(since

2020).

Formerly,

Director,

State

Farm

Bank

(banking)

(2014-2021).

Interested

Trustee

Carrie

Benz**

151

Detroit

Street

Denver,

CO

80206

DOB:

1975

Trustee

1/21-Present

Global

Investment

COO

(since

2023).

Formerly,

Global

Head

of

Investment

Services,

Janus

Henderson

Investors

(2017-

2023).

14

Janus

Henderson

B-BBB

CLO

ETF

Trustees

and

Officers

(unaudited)

26

October

31,

2023

OFFICERS

*

Officers

are

elected

at

least

annually

by

the

Trustees

for

a

one-year

term

and

may

also

be

elected

from

time

to

time

by

the

Trustees

for

an

interim

period.

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Term

of

Office*

and

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Nicholas

Cherney

151

Detroit

Street

Denver,

CO

80206

DOB:

1981

President

and

Chief

Executive

Officer

10/22-Present

Head

of

Innovation

at

Janus

Henderson

(since

2023),

Head

of

Exchange

Traded

Products

at

Janus

Henderson

Distributors

US

LLC,

Janus

Henderson

Indices

LLC,

Velocity

Shares

Holdings

Inc.

(since

2019).

Formerly,

Senior

Vice

President,

Janus

Henderson

Distributors

US

LLC,

Janus

Henderson

Indices

LLC

(2015-2019),

Janus

Henderson

Investors

US

LLC

(2015-2017),

and

Velocity

Shares

Holdings

Inc.

(2014-2019).

Kristin

Mariani

151

Detroit

Street

Denver,

CO

80206

DOB:

1966

Vice

President

and

Chief

Compliance

Officer

7/20-Present

Head

of

Compliance,

North

America

at

Janus

Henderson

Investors

(since

September

2020)

and

Chief

Compliance

Officer

at

Janus

Henderson

Investors

US

LLC

(since

September

2017).

Formerly,

Anti-Money

Laundering

Officer

for

the

Trust

(July

2020-December

2022),

and

Global

Head

of

Investment

Management

Compliance

at

Janus

Henderson

Investors

(February

2019-August

2020).

Jesper

Nergaard

151

Detroit

Street

Denver,

CO

80206

DOB:

1962

Vice

President,

Chief

Financial

Officer,

Treasurer,

and

Principal

Accounting

Officer

2/16-Present

Head

of

U.S.

Fund

Administration,

Janus

Henderson

Investors

and

Janus

Henderson

Services

LLC.

Cara

Owen

151

Detroit

Street

Denver,

CO

80206

DOB:

1981

Vice

President,

Secretary,

and

Chief

Legal

Officer

1/23-Present

Senior

Legal

Counsel

of

Janus

Henderson

Investors

US

LLC

(since

2021).

Formerly,

Assistant

Secretary

of

the

Trust

and

Clayton

Street

Trust

(2021-2023);

Vice

President

and

Principal

Legal

Counsel,

ALPS

Fund

Services,

Inc.

(fund

administrator)

(2019-2021);

and

Senior

Counsel,

Corporate

&

Investments,

Great-West

Life

&

Annuity

Insurance

Company

(insurance

company)

(2014-2019).

Ciaran

Askin

151

Detroit

Street

Denver,

CO

80206

DOB:

1978

Anti-Money

Laundering

Officer

1/23-Present

Global

Head

of

Financial

Crime,

Janus

Henderson

Investors

(since

2022).

Formerly,

Global

Head

of

Financial

Crime

at

Invesco

Ltd.

(2017-2022).

125-02-93094

12-23

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.

Item 2.  Code of Ethics.

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

Item 3  Audit Committee Financial Expert.

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

Item 4.  Principal Accountant Fees and Services.

(a)           Audit Fees

The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Funds’ annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $434,485 for 2023 and $442,884 for 2022.

(b)           Audit Related Fees

The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the Funds’ financial statements and are not reported under paragraph (a) of this Item are $0 for 2023 and $0 for 2022.

(c)           Tax Fees

The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $0 for 2023 and $0 for 2022.  The nature of the services comprising the fees disclosed under this category includes tax compliance, tax planning, and tax advice.

(d)           All Other Fees

The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 for 2023 and $0 for 2022.

(e)           Pre-Approval Policies and Procedures

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

(2)    No services described in paragraphs (b) through (d) of this Item were approved by the Registrant’s audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. 

(f)  Not applicable as less than 50%.

(g)  The aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for the last two fiscal years of the registrant are $0 for 2023 and $0 for 2022.

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

(i) Not applicable

(j) Not applicable

Item 5.  Audit Committee of Listed Registrants.

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

Item 6.  Investments.

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

(b)    Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

Item 11.  Controls and Procedures.

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

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

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

Not applicable.

Item 13.  Exhibits.

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

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

         (3) Not applicable.

         (4) Not applicable.

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

SIGNATURES

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

JANUS DETROIT STREET TRUST

By:	/s/ Nick Cherney
	Nick Cherney
	President and Chief Executive Officer (Principal Executive Officer)

Date: December 29, 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: December 29, 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: December 29, 2023