UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-23112

JANUS DETROIT STREET TRUST

(Exact name of registrant as specified in charter)

151 Detroit Street, Denver, Colorado 80206-4805

(Address of principal executive offices)(Zip code)

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

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

Date of fiscal year end: October 31

Date of reporting period: April 30, 2025

Item 1. Report to Shareholders.

Janus Henderson Small/Mid Cap Growth Alpha ETF

Semi-Annual Shareholder Report

April 30, 2025

ETF: JSMD - NASDAQ

This semi-annual shareholder report contains important information about the Janus Henderson Small/Mid Cap Growth Alpha ETF ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-800-668-0434.

What were the costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investmentFootnote Reference*
Janus Henderson Small/Mid Cap Growth Alpha ETF	$15	0.30%

Footnote	Description
Footnote*	Annualized.

Key Fund Statistics

Net assets (Millions)	$446
Number of portfolio holdings	261
Portfolio turnover rate	48%

What did the Fund invest in?

5 Largest equity holdings - (% of net assets)

Southern Copper Corp.	3.2
Neurocrine Biosciences, Inc.	2.6
Medpace Holdings, Inc.	2.3
Doximity, Inc.	1.8
Corcept Therapeutics, Inc.	1.8

Sector Allocation - (% of net assets)

Common Stocks	99.9
Investments Purchased with Cash Collateral from Securities Lending	1.7
Investment Companies	0.1
Warrant	0.0
Others	(1.7)

Janus Henderson Small/Mid Cap Growth Alpha ETF

1

Where can I find more information?

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

You can also request this information by contacting us at  1-800-668-0434.

Janus Henderson Small/Mid Cap Growth Alpha ETF

2

125-70-71224E 04-25

Janus Henderson Small Cap Growth Alpha ETF

Semi-Annual Shareholder Report

April 30, 2025

ETF: JSML - NASDAQ

This semi-annual shareholder report contains important information about the Janus Henderson Small Cap Growth Alpha ETF ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-800-668-0434.

What were the costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investmentFootnote Reference*
Janus Henderson Small Cap Growth Alpha ETF	$14	0.30%

Footnote	Description
Footnote*	Annualized.

Key Fund Statistics

Net assets (Millions)	$164
Number of portfolio holdings	199
Portfolio turnover rate	60%

What did the Fund invest in?

5 Largest equity holdings - (% of net assets)

Corcept Therapeutics, Inc.	3.8
CorVel Corp.	3.2
Hims & Hers Health, Inc.	2.4
Mueller Water Products, Inc.	2.2
Rush Enterprises, Inc.	2.1

Sector Allocation - (% of net assets)

Common Stocks	100.0
Investments Purchased with Cash Collateral from Securities Lending	1.0
Investment Companies	0.0
Warrant	0.0
Others	(1.0)

Janus Henderson Small Cap Growth Alpha ETF

1

Where can I find more information?

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

You can also request this information by contacting us at  1-800-668-0434.

Janus Henderson Small Cap Growth Alpha ETF

2

125-70-71223E 04-25

Janus Henderson Short Duration Income ETF

Semi-Annual Shareholder Report

April 30, 2025

ETF: VNLA - NYSE Arca

This semi-annual shareholder report contains important information about the Janus Henderson Short Duration Income ETF ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-800-668-0434.

What were the costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investmentFootnote Reference*
Janus Henderson Short Duration Income ETF	$12	0.23%

Footnote	Description
Footnote*	Annualized.

Key Fund Statistics

Net assets (Millions)	$2,591
Number of portfolio holdingsFootnote Reference#	269
Portfolio turnover rate	25%
Weighted average maturity	2.11 Years
Effective duration	0.67 Years

Footnote	Description
Footnote#	Does not include derivatives, except purchased options, if any.

What did the Fund invest in?

Sector Allocation - (% of net assets)

Corporate Bonds	77.7
Asset-Backed Securities	8.1
Mortgage-Backed Securities	6.8
Commercial Paper	4.5
Foreign Government Bonds	1.9
Investment Companies	0.6
Others	0.4

Ratings^† Summary – (% of Total Investments)

Aaa	6.25
AA	1.67
AA-	2.68
A+	7.69
A	4.18
A-	15.73
BBB+	17.14
BBB	22.52
BBB-	17.73
Other	4.41

^†Credit ratings provided by Standard & Poor's ("S&P"), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality.

Janus Henderson Short Duration Income ETF

1

Where can I find more information?

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

You can also request this information by contacting us at  1-800-668-0434.

Janus Henderson Short Duration Income ETF

2

125-70-71222E 04-25

Janus Henderson Mortgage-Backed Securities ETF

Semi-Annual Shareholder Report

April 30, 2025

ETF: JMBS - NYSE Arca

This semi-annual shareholder report contains important information about the Janus Henderson Mortgage-Backed Securities ETF ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-800-668-0434.

What were the costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investmentFootnote Reference*
Janus Henderson Mortgage-Backed Securities ETF	$11	0.22%

Footnote	Description
Footnote*	Annualized.

Key Fund Statistics

Net assets (Millions)	$5,436
Number of portfolio holdingsFootnote Reference#	587
Portfolio turnover rate	52%
Weighted average maturity	9.88 Years
Effective duration	6.80 Years

Footnote	Description
Footnote#	Does not include derivatives, except purchased options, if any.

What did the Fund invest in?

Sector Allocation - (% of net assets)

Mortgage-Backed Securities	170.9
Asset-Backed Securities	5.8
Investment Companies	1.8
Corporate Bond	0.2
Others	(78.7)

Ratings^† Summary – (% of Total Investments)

AAA	2.94
Aa	111.99
A	3.35
Baa	3.30
Ba	0.21
B	0.19
Caa	0.05
Other	(22.03)

^†Credit ratings provided by Standard & Poor's ("S&P"), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality.

Janus Henderson Mortgage-Backed Securities ETF

1

Where can I find more information?

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

You can also request this information by contacting us at  1-800-668-0434.

Janus Henderson Mortgage-Backed Securities ETF

2

125-70-71220E 04-25

Janus Henderson AAA CLO ETF

Semi-Annual Shareholder Report

April 30, 2025

ETF: JAAA - NYSE Arca

This semi-annual shareholder report contains important information about the Janus Henderson AAA CLO ETF ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-800-668-0434.

What were the costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investmentFootnote Reference*
Janus Henderson AAA CLO ETF	$10	0.20%

Footnote	Description
Footnote*	Annualized.

Key Fund Statistics

Net assets (Millions)	$19,856
Number of portfolio holdings	364
Portfolio turnover rate	53%
Weighted average maturity	4.63 Years
Effective duration	0.22 Years

What did the Fund invest in?

Sector Allocation - (% of net assets)

Collateralized Loan Obligations	98.4
Investment Companies	1.3
Others	0.3

Ratings^† Summary – (% of Total Investments)

AAA	99.01
Other	0.99

^†Credit ratings provided by Standard & Poor's ("S&P"), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality.

Janus Henderson AAA CLO ETF

1

Where can I find more information?

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

You can also request this information by contacting us at  1-800-668-0434.

Janus Henderson AAA CLO ETF

2

125-70-71217E 04-25

Janus Henderson U.S. Real Estate ETF

Semi-Annual Shareholder Report

April 30, 2025

ETF: JRE - NYSE Arca

This semi-annual shareholder report contains important information about the Janus Henderson U.S. Real Estate ETF ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-800-668-0434.

What were the costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investmentFootnote Reference*
Janus Henderson U.S. Real Estate ETF	$31	0.65%

Footnote	Description
Footnote*	Annualized.

Key Fund Statistics

Net assets (Millions)	$25
Number of portfolio holdings	26
Portfolio turnover rate	32%

What did the Fund invest in?

5 Largest equity holdings - (% of net assets)

Equinix, Inc.	9.3
Digital Realty Trust, Inc.	7.3
Welltower, Inc.	5.7
AvalonBay Communities, Inc.	5.5
Public Storage	5.4

Sector Allocation - (% of net assets)

Common Stocks	99.3
Investment Companies	0.7
Others	0.0

Janus Henderson U.S. Real Estate ETF

1

Where can I find more information?

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

You can also request this information by contacting us at  1-800-668-0434.

Janus Henderson U.S. Real Estate ETF

2

125-70-71226E 04-25

Janus Henderson Corporate Bond ETF

Semi-Annual Shareholder Report

April 30, 2025

ETF: JLQD - NYSE Arca

This semi-annual shareholder report contains important information about the Janus Henderson Corporate Bond ETF ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-800-668-0434.

What were the costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investmentFootnote Reference*
Janus Henderson Corporate Bond ETF	$17	0.35%

Footnote	Description
Footnote*	Annualized.

Key Fund Statistics

Net assets (Millions)	$25
Number of portfolio holdingsFootnote Reference#	159
Portfolio turnover rate	88%
Weighted average maturity	8.37 Years
Effective duration	6.69 Years

Footnote	Description
Footnote#	Does not include derivatives, except purchased options, if any.

What did the Fund invest in?

Sector Allocation - (% of net assets)

Corporate Bonds	86.0
Investment Companies	30.3
Asset-Backed Securities	2.9
Foreign Government Bonds	1.5
Bank Loans	0.9
U.S. Treasury Notes/Bonds	0.8
Investments Purchased with Cash Collateral from Securities Lending	0.5
Others	(22.9)

Ratings^† Summary – (% of Total Investments)

Aa	0.81
A	17.21
Baa	68.06
Ba	5.25
B	1.93
Other	6.74

^†Credit ratings provided by Standard & Poor's ("S&P"), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality.

Janus Henderson Corporate Bond ETF

1

Where can I find more information?

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

You can also request this information by contacting us at  1-800-668-0434.

Janus Henderson Corporate Bond ETF

2

125-70-71225E 04-25

Janus Henderson U.S. Sustainable Equity ETF

Semi-Annual Shareholder Report

April 30, 2025

ETF: SSPX - NYSE Arca

This semi-annual shareholder report contains important information about the Janus Henderson U.S. Sustainable Equity ETF ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-800-668-0434.

What were the costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investmentFootnote Reference*
Janus Henderson U.S. Sustainable Equity ETF	$27	0.55%

Footnote	Description
Footnote*	Annualized.

Key Fund Statistics

Net assets (Millions)	$8
Number of portfolio holdings	43
Portfolio turnover rate	14%

What did the Fund invest in?

5 Largest equity holdings - (% of net assets)

Microsoft Corp.	7.5
Progressive Corp. (The)	6.0
NVIDIA Corp.	5.6
Spotify Technology SA	4.7
Westinghouse Air Brake Technologies Corp.	4.2

Sector Allocation - (% of net assets)

Common Stocks	97.5
Investment Companies	2.5
Others	0.0

Janus Henderson U.S. Sustainable Equity ETF

1

Where can I find more information?

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

You can also request this information by contacting us at  1-800-668-0434.

Janus Henderson U.S. Sustainable Equity ETF

2

125-70-71227E 04-25

Janus Henderson B-BBB CLO ETF

Semi-Annual Shareholder Report

April 30, 2025

ETF: JBBB - Cboe BZX Exchange

This semi-annual shareholder report contains important information about the Janus Henderson B-BBB CLO ETF ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-800-668-0434.

What were the costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investmentFootnote Reference*
Janus Henderson B-BBB CLO ETF	$23	0.46%

Footnote	Description
Footnote*	Annualized.

Key Fund Statistics

Net assets (Millions)	$1,279
Number of portfolio holdings	204
Portfolio turnover rate	49%
Weighted average maturity	6.81 Years
Effective duration	0.22 Years

What did the Fund invest in?

Sector Allocation - (% of net assets)

Collateralized Loan Obligations	91.5
Exchange Traded Fund	5.6
Investment Companies	2.5
Others	0.4

Ratings^† Summary – (% of Total Investments)

AAA	5.61
A	0.16
Baa	86.77
Ba	5.04
Other	2.42

^†Credit ratings provided by Standard & Poor's ("S&P"), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality.

Janus Henderson B-BBB CLO ETF

1

Where can I find more information?

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

You can also request this information by contacting us at  1-800-668-0434.

Janus Henderson B-BBB CLO ETF

2

125-70-71218E 04-25

Janus Henderson Securitized Income ETF

Semi-Annual Shareholder Report

April 30, 2025

ETF: JSI - NYSE Arca

This semi-annual shareholder report contains important information about the Janus Henderson Securitized Income ETF ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-800-668-0434.

What were the costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investmentFootnote Reference*
Janus Henderson Securitized Income ETF	$24	0.47%

Footnote	Description
Footnote*	Annualized.

Key Fund Statistics

Net assets (Millions)	$720
Number of portfolio holdingsFootnote Reference#	374
Portfolio turnover rate	40%
Weighted average maturity	5.02 Years
Effective duration	3.04 Years

Footnote	Description
Footnote#	Does not include derivatives, except purchased options, if any.

What did the Fund invest in?

Sector Allocation - (% of net assets)

Mortgage-Backed Securities	103.4
Asset-Backed Securities	34.2
Investment Companies	3.7
Corporate Bonds	1.2
Collateralized Loan Obligations	0.7
Investments Purchased with Cash Collateral from Securities Lending	0.2
Convertible Bond	0.2
Common Stocks	0.2
Others	(43.8)

Ratings^† Summary – (% of Total Investments)

AAA	9.94
Aa	47.62
A	9.50
Baa	17.23
Ba	8.90
B	2.08
Caa	0.22
Equities	0.17
Other	4.34

^†Credit ratings provided by Standard & Poor's ("S&P"), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality.

Janus Henderson Securitized Income ETF

1

Where can I find more information?

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

You can also request this information by contacting us at  1-800-668-0434.

Janus Henderson Securitized Income ETF

2

125-70-71221E 04-25

Janus Henderson Emerging Market Debt Hard Currency ETF

Semi-Annual Shareholder Report

April 30, 2025

ETF: JEMB - NYSE Arca

This semi-annual shareholder report contains important information about the Janus Henderson Emerging Market Debt Hard Currency ETF ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-800-668-0434.

What were the costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investmentFootnote Reference*
Janus Henderson Emerging Market Debt Hard Currency ETF	$26	0.52%

Footnote	Description
Footnote*	Annualized.

Key Fund Statistics

Net assets (Millions)	$203
Number of portfolio holdingsFootnote Reference#	238
Portfolio turnover rate	31%
Weighted average maturity	9.56 Years
Effective duration	6.93 Years

Footnote	Description
Footnote#	Does not include derivatives, except purchased options, if any.

What did the Fund invest in?

Sector Allocation - (% of net assets)

Foreign Government Bonds	84.8
Corporate Bonds	9.3
Investment Companies	4.1
Others	1.8

Ratings^† Summary – (% of Total Investments)

Aa	4.95
A	8.91
Baa	13.28
Ba	30.74
B	21.32
Caa	12.69
Ca	1.38
C	0.64
Other	6.09

Top Country Allocations - (% of net investments)

Saudi Arabia	5.3
Turkey	5.1
Mexico	5.0
Oman	4.9
Dominican Republic	4.5

^†Credit ratings provided by Standard & Poor's ("S&P"), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality.

Janus Henderson Emerging Market Debt Hard Currency ETF

1

Where can I find more information?

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

You can also request this information by contacting us at  1-800-668-0434.

Janus Henderson Emerging Market Debt Hard Currency ETF

2

125-70-71251E 04-25

Janus Henderson Mid Cap Growth Alpha ETF

Semi-Annual Shareholder Report

April 30, 2025

ETF: JMID - NASDAQ

This semi-annual shareholder report contains important information about the Janus Henderson Mid Cap Growth Alpha ETF ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-800-668-0434.

What were the costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investmentFootnote Reference*
Janus Henderson Mid Cap Growth Alpha ETF	$15	0.30%

Footnote	Description
Footnote*	Annualized.

Key Fund Statistics

Net assets (Millions)	$17
Number of portfolio holdings	80
Portfolio turnover rate	188%

What did the Fund invest in?

5 Largest equity holdings - (% of net assets)

Palantir Technologies, Inc.	8.6
Ameriprise Financial, Inc.	2.8
AppLovin Corp.	2.5
Cheniere Energy, Inc.	2.4
Corpay, Inc.	2.3

Sector Allocation - (% of net assets)

Common Stocks	100.2
Others	(0.2)

Janus Henderson Mid Cap Growth Alpha ETF

1

Where can I find more information?

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

You can also request this information by contacting us at  1-800-668-0434.

Janus Henderson Mid Cap Growth Alpha ETF

2

125-70-71262E 04-25

Janus Henderson Income ETF

Semi-Annual Shareholder Report

April 30, 2025

ETF: JIII - NYSE Arca

This semi-annual shareholder report contains important information about the Janus Henderson Income ETF ("Fund") for the period of November 12, 2024 (inception) to April 30, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-800-668-0434.

What were the costs for the period?

(based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investmentFootnote Reference ^	Costs paid as a percentage of a $10,000 investmentFootnote Reference*
Janus Henderson Income ETF	$23	0.49%

Footnote	Description
Footnote ^	Amount shown reflects the expenses of the Fund from inception date through April 30, 2025. Expenses would be higher if the Fund had been in operations of the full period.
Footnote*	Annualized.

Key Fund Statistics

Net assets (Millions)	$137
Number of portfolio holdingsFootnote Reference#	362
Portfolio turnover rate	58%
Weighted average maturity	7.62 Years
Effective duration	4.20 Years

Footnote	Description
Footnote#	Does not include derivatives, except purchased options, if any.

What did the Fund invest in?

Sector Allocation - (% of net assets)

Mortgage-Backed Securities	45.6
Corporate Bonds	36.5
Investment Companies	13.4
Asset-Backed Securities	8.6
Bank Loans	8.4
Collateralized Loan Obligations	8.0
Exchange Traded Funds	5.6
Common Stocks	0.4
Convertible Bond	0.1
Others	(26.6)

Ratings^† Summary – (% of Total Investments)

AAA	8.03
Aa	22.51
A	4.42
Baa	18.43
Ba	16.23
B	25.94
Caa	4.17
Equities	0.36
Other	(0.09)

^†Credit ratings provided by Standard & Poor's ("S&P"), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality.

Janus Henderson Income ETF

1

Where can I find more information?

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

You can also request this information by contacting us at  1-800-668-0434.

Janus Henderson Income ETF

2

125-70-71294E 04-25

Janus Henderson Transformational Growth ETF

Semi-Annual Shareholder Report

April 30, 2025

ETF: JXX - Cboe BZX Exchange

This semi-annual shareholder report contains important information about the Janus Henderson Transformational Growth ETF ("Fund") for the period of February 4, 2025 (inception) to April 30, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-800-668-0434.

What were the costs for the period?

(based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investmentFootnote Reference ^	Costs paid as a percentage of a $10,000 investmentFootnote Reference*
Janus Henderson Transformational Growth ETF	$13	0.57%

Footnote	Description
Footnote ^	Amount shown reflects the expenses of the Fund from inception date through April 30, 2025. Expenses would be higher if the Fund had been in operations of the full period.
Footnote*	Annualized.

Key Fund Statistics

Net assets (Millions)	$22
Number of portfolio holdings	24
Portfolio turnover rate	8%

What did the Fund invest in?

5 Largest equity holdings - (% of net assets)

Intercontinental Exchange, Inc.	7.9
Amazon.com, Inc.	7.1
Taiwan Semiconductor Manufacturing Co. Ltd.	6.9
Oracle Corp.	6.9
Broadcom, Inc.	6.2

Sector Allocation - (% of net assets)

Common Stocks	98.3
Investment Companies	1.0
Others	0.7

Janus Henderson Transformational Growth ETF

1

Where can I find more information?

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

You can also request this information by contacting us at  1-800-668-0434.

Janus Henderson Transformational Growth ETF

2

125-70-71310E 04-25

(b) Not applicable.

Item 2. Code of Ethics.

Not applicable to semiannual reports.

Item 3. Audit Committee Financial Expert.

Not applicable to semiannual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable to semiannual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable to semiannual reports.

Item 6. Investments.

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

(b) Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

SEMIANNUAL

FINANCIAL

STATEMENTS

April

30,

2025

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Item

7.

Financial

Statements

and

Financial

Highlights

for

Open-End

Management

Investment

Companies

Schedule

of

Investments

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

3

Statement

of

Assets

and

Liabilities

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

12

Statement

of

Operations

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

13

Statements

of

Changes

in

Net

Assets

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

14

Financial

Highlights

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

15

Notes

to

Financial

Statements

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

16

Items

8-11

-

Additional

Information

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

24

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

Janus

Detroit

Street

Trust

3

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Common

Stocks

-

99.9%

Aerospace

&

Defense

-

1.1%

Leonardo

DRS,

Inc.

131,232

$

4,850,335

Automobile

Components

-

0.0%

XPEL,

Inc.*

4,877

139,677

Banks

-

2.1%

Affinity

Bancshares,

Inc.

1,438

26,402

Amalgamated

Financial

Corp.

6,937

195,346

Axos

Financial,

Inc.*

12,927

820,606

BancFirst

Corp.

7,500

883,650

Bank

First

Corp.

2,267

247,511

Bank

OZK

25,699

1,094,777

Byline

Bancorp,

Inc.

10,057

256,856

Capital

Bancorp,

Inc.

3,746

118,336

Coastal

Financial

Corp.*

3,374

277,174

Customers

Bancorp,

Inc.*

7,102

355,100

Esquire

Financial

Holdings,

Inc.

1,874

155,392

Firstsun

Capital

Bancorp*

6,253

218,793

Five

Star

Bancorp

4,821

133,445

HomeTrust

Bancshares,

Inc.

3,953

134,955

International

Bancshares

Corp.

14,096

860,420

LINKBANCORP,

Inc.

8,419

59,101

Metropolitan

Bank

Holding

Corp.*

2,533

156,869

NB

Bancorp,

Inc.*

9,652

165,532

Northeast

Bank

1,803

149,325

Northeast

Community

Bancorp,

Inc.

3,156

71,831

Orange

County

Bancorp,

Inc.

2,569

60,962

Pathward

Financial,

Inc.

5,399

428,519

Preferred

Bank

3,033

242,215

Southern

States

Bancshares,

Inc.

2,234

74,638

Third

Coast

Bancshares,

Inc.*

3,088

92,022

UMB

Financial

Corp.

16,447

1,555,393

Unity

Bancorp,

Inc.

2,258

93,481

USCB

Financial

Holdings,

Inc.

4,469

75,794

Westamerica

Bancorp

6,032

292,130

9,296,575

Beverages

-

0.7%

Celsius

Holdings,

Inc.*

33,846

1,183,256

Coca-Cola

Consolidated,

Inc.

1,106

1,499,526

Vita

Coco

Co.,

Inc.

(The)*

8,204

271,142

2,953,924

Biotechnology

-

6.8%

ACADIA

Pharmaceuticals,

Inc.*

178,923

2,612,276

Alkermes

plc*

174,459

5,019,185

Catalyst

Pharmaceuticals,

Inc.*

130,289

3,164,720

Halozyme

Therapeutics,

Inc.*

132,126

8,115,179

Neurocrine

Biosciences,

Inc.*

106,965

11,519,061

30,430,421

Broadline

Retail

-

0.2%

Etsy,

Inc.*

18,910

822,207

Building

Products

-

3.8%

AAON,

Inc.

40,501

3,696,526

Advanced

Drainage

Systems,

Inc.

38,501

4,369,479

CSW

Industrials,

Inc.

8,326

2,601,708

Simpson

Manufacturing

Co.,

Inc.

20,927

3,216,271

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

4

April

30,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Common

Stocks

-

(continued)

Building

Products

-

(continued)

Trex

Co.,

Inc.*

53,187

$

3,075,272

16,959,256

Capital

Markets

-

1.6%

Hamilton

Lane,

Inc.

-

Class

A

9,814

1,516,165

Kayne

Anderson

BDC,

Inc.

16,090

255,348

Morningstar,

Inc.

9,721

2,767,763

PJT

Partners,

Inc.

-

Class

A

5,269

746,670

StoneX

Group,

Inc.*

10,894

964,827

Victory

Capital

Holdings,

Inc.

-

Class

A

14,726

843,653

7,094,426

Chemicals

-

0.3%

Hawkins,

Inc.

11,960

1,456,489

Origin

Materials,

Inc.

#

,*

83,223

58,805

1,515,294

Commercial

Services

&

Supplies

-

0.9%

Tetra

Tech,

Inc.

133,038

4,149,455

Construction

&

Engineering

-

4.6%

Bowman

Consulting

Group

Ltd.

-

Class

A*

8,689

192,201

Comfort

Systems

USA,

Inc.

17,641

7,013,179

Dycom

Industries,

Inc.*

14,478

2,425,789

IES

Holdings,

Inc.*

9,925

1,952,049

Primoris

Services

Corp.

26,673

1,599,580

Sterling

Infrastructure,

Inc.*

15,191

2,269,991

Valmont

Industries,

Inc.

9,957

2,919,591

WillScot

Holdings

Corp.

91,115

2,288,809

20,661,189

Construction

Materials

-

1.3%

Eagle

Materials,

Inc.

19,062

4,315,446

United

States

Lime

&

Minerals,

Inc.

16,359

1,529,730

5,845,176

Consumer

Finance

-

0.1%

Enova

International,

Inc.*

5,844

536,421

Consumer

Staples

Distribution

&

Retail

-

1.7%

BJ's

Wholesale

Club

Holdings,

Inc.*

19,032

2,237,402

Casey's

General

Stores,

Inc.

5,352

2,475,782

Guardian

Pharmacy

Services,

Inc.

-

Class

A

#

,*

1,306

32,702

PriceSmart,

Inc.

4,412

447,774

Sprouts

Farmers

Market,

Inc.*

14,201

2,428,371

7,622,031

Distributors

-

0.0%

GigaCloud

Technology,

Inc.

-

Class

A*

5,797

72,694

Diversified

Consumer

Services

-

0.9%

Duolingo,

Inc.

-

Class

A*

6,698

2,608,737

Lincoln

Educational

Services

Corp.*

5,547

93,745

Stride,

Inc.*

7,697

1,094,898

3,797,380

Diversified

REITs

-

0.3%

Essential

Properties

Realty

Trust,

Inc.

35,809

1,151,976

Electric

Utilities

-

0.2%

Otter

Tail

Corp.

8,953

710,689

Electrical

Equipment

-

1.2%

Atkore,

Inc.

17,066

1,090,005

NEXTracker,

Inc.

-

Class

A*

71,327

2,896,590

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

Janus

Detroit

Street

Trust

5

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Common

Stocks

-

(continued)

Electrical

Equipment

-

(continued)

Powell

Industries,

Inc.

5,984

$

1,095,730

Preformed

Line

Products

Co.

2,423

332,848

5,415,173

Electronic

Equipment,

Instruments

&

Components

-

3.7%

Badger

Meter,

Inc.

24,069

5,314,917

ePlus,

Inc.*

21,776

1,357,951

Fabrinet*

29,457

6,040,453

M-Tron

Industries,

Inc.*

2,371

131,519

Napco

Security

Technologies,

Inc.

29,781

680,496

OSI

Systems,

Inc.*

13,746

2,814,356

16,339,692

Energy

Equipment

&

Services

-

0.4%

Aris

Water

Solutions,

Inc.

-

Class

A

12,042

300,568

Atlas

Energy

Solutions,

Inc.

-

Class

A

#

47,339

640,497

Energy

Services

of

America

Corp.

6,478

55,387

Tidewater,

Inc.*

20,023

724,632

1,721,084

Entertainment

-

0.7%

TKO

Group

Holdings,

Inc.

-

Class

A

19,475

3,172,672

Vivid

Seats,

Inc.

-

Class

A*

31,297

87,945

3,260,617

Financial

Services

-

1.0%

HA

Sustainable

Infrastructure

Capital,

Inc.

27,028

675,159

International

Money

Express,

Inc.*

6,919

85,934

Merchants

Bancorp

10,356

311,509

NMI

Holdings,

Inc.

-

Class

A*

17,765

642,560

Paymentus

Holdings,

Inc.

-

Class

A*

5,551

180,186

Payoneer

Global,

Inc.*

81,478

572,790

Sezzle,

Inc.

#

,*

7,674

398,664

Shift4

Payments,

Inc.

-

Class

A

#

,*

15,346

1,255,303

Velocity

Financial,

Inc.*

7,483

133,721

4,255,826

Food

Products

-

0.6%

Darling

Ingredients,

Inc.*

22,881

736,539

Lamb

Weston

Holdings,

Inc.

20,551

1,085,298

Mama's

Creations,

Inc.

#

,*

5,361

35,383

Simply

Good

Foods

Co.

(The)*

14,540

525,040

Vital

Farms,

Inc.*

6,370

218,109

2,600,369

Ground

Transportation

-

0.7%

Saia,

Inc.*

13,215

3,224,460

Health

Care

Equipment

&

Supplies

-

2.7%

Electromed,

Inc.*

9,173

211,254

Lantheus

Holdings,

Inc.*

73,471

7,665,964

LeMaitre

Vascular,

Inc.

24,115

2,188,195

Semler

Scientific,

Inc.*

9,941

321,393

UFP

Technologies,

Inc.*

8,234

1,717,118

12,103,924

Health

Care

Providers

&

Services

-

7.5%

Addus

HomeCare

Corp.*

19,501

2,038,829

CorVel

Corp.*

55,095

5,992,132

Cross

Country

Healthcare,

Inc.*

35,182

476,716

Ensign

Group,

Inc.

(The)

61,643

7,951,331

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

6

April

30,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Common

Stocks

-

(continued)

Health

Care

Providers

&

Services

-

(continued)

Hims

&

Hers

Health,

Inc.

#

,*

229,358

$

7,591,750

Option

Care

Health,

Inc.*

177,358

5,730,437

PACS

Group,

Inc.*

166,464

1,603,048

Progyny,

Inc.*

91,345

2,086,320

33,470,563

Health

Care

REITs

-

0.2%

American

Healthcare

REIT,

Inc.

29,196

942,447

Health

Care

Technology

-

1.8%

Doximity,

Inc.

-

Class

A*

143,230

8,146,922

Hotels,

Restaurants

&

Leisure

-

1.2%

Cava

Group,

Inc.*

20,422

1,887,606

Target

Hospitality

Corp.*

17,427

118,504

Texas

Roadhouse,

Inc.

-

Class

A

11,794

1,957,332

Wingstop,

Inc.

5,071

1,338,186

5,301,628

Household

Durables

-

1.4%

Dream

Finders

Homes,

Inc.

-

Class

A

#

,*

6,288

142,486

Green

Brick

Partners,

Inc.*

7,850

463,072

Installed

Building

Products,

Inc.

4,905

813,396

Lovesac

Co.

(The)*

2,713

52,768

M/I

Homes,

Inc.*

4,796

511,637

Meritage

Homes

Corp.

12,723

866,945

SharkNinja,

Inc.*

24,800

1,996,400

Smith

Douglas

Homes

Corp.

-

Class

A

#

,*

1,546

30,070

TopBuild

Corp.*

5,166

1,527,896

6,404,670

Household

Products

-

0.0%

Oil-Dri

Corp.

of

America

1,483

62,419

Independent

Power

and

Renewable

Electricity

Producers

-

0.5%

Talen

Energy

Corp.*

9,834

2,115,097

Industrial

REITs

-

0.7%

Innovative

Industrial

Properties,

Inc.

5,412

293,926

Plymouth

Industrial

REIT,

Inc.

8,645

128,551

Rexford

Industrial

Realty,

Inc.

43,499

1,439,817

Terreno

Realty

Corp.

19,032

1,072,072

2,934,366

Insurance

-

5.1%

Assurant,

Inc.

11,511

2,218,630

Axis

Capital

Holdings

Ltd.

18,299

1,762,560

Bowhead

Specialty

Holdings,

Inc.*

7,394

297,165

Erie

Indemnity

Co.

-

Class

A

10,471

3,755,110

F&G

Annuities

&

Life,

Inc.

28,665

997,829

Goosehead

Insurance,

Inc.

-

Class

A

5,516

536,210

Hagerty,

Inc.

-

Class

A*

20,358

179,354

Hamilton

Insurance

Group

Ltd.

-

Class

B*

14,625

270,562

HCI

Group,

Inc.

2,380

348,194

Health

In

Tech,

Inc.

-

Class

A*

9,094

5,520

Kingsway

Financial

Services,

Inc.*

6,196

53,595

Kinsale

Capital

Group,

Inc.

5,267

2,292,514

Mercury

General

Corp.

12,548

695,410

Palomar

Holdings,

Inc.*

6,034

875,051

Primerica,

Inc.

7,555

1,979,939

RenaissanceRe

Holdings

Ltd.

11,154

2,698,487

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

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)

Insurance

-

(continued)

RLI

Corp.

20,792

$

1,538,816

Ryan

Specialty

Holdings,

Inc.

-

Class

A

28,472

1,865,201

Skyward

Specialty

Insurance

Group,

Inc.*

9,074

481,739

TWFG,

Inc.

-

Class

A*

3,344

105,938

22,957,824

Interactive

Media

&

Services

-

0.4%

Match

Group,

Inc.

59,828

1,774,499

IT

Services

-

3.1%

DigitalOcean

Holdings,

Inc.*

75,357

2,328,531

EPAM

Systems,

Inc.*

46,432

7,285,645

Globant

SA*

35,436

4,166,211

13,780,387

Leisure

Products

-

0.3%

Acushnet

Holdings

Corp.

10,585

700,939

YETI

Holdings,

Inc.*

14,544

415,231

1,116,170

Life

Sciences

Tools

&

Services

-

2.3%

Medpace

Holdings,

Inc.*

32,694

10,082,503

Machinery

-

5.1%

Atmus

Filtration

Technologies,

Inc.

41,119

1,425,596

Federal

Signal

Corp.

30,318

2,468,795

Franklin

Electric

Co.,

Inc.

22,692

1,927,912

Kadant,

Inc.

5,841

1,723,095

Lincoln

Electric

Holdings,

Inc.

27,846

4,906,465

Mueller

Industries,

Inc.

56,225

4,135,911

Toro

Co.

(The)

49,957

3,411,064

Watts

Water

Technologies,

Inc.

-

Class

A

13,588

2,822,907

22,821,745

Marine

Transportation

-

0.1%

Global

Ship

Lease,

Inc.

-

Class

A

17,490

376,385

Media

-

0.6%

Ibotta,

Inc.

-

Class

A*

6,655

324,764

Integral

Ad

Science

Holding

Corp.*

38,817

274,436

New

York

Times

Co.

(The)

-

Class

A

38,985

2,029,559

2,628,759

Metals

&

Mining

-

4.9%

Friedman

Industries,

Inc.

3,958

68,117

Royal

Gold,

Inc.

37,613

6,872,271

Southern

Copper

Corp.

158,170

14,159,379

Worthington

Steel,

Inc.

29,011

744,422

21,844,189

Mortgage

Real

Estate

Investment

Trusts

(REITs)

-

0.1%

Chicago

Atlantic

Real

Estate

Finance,

Inc.

4,433

64,146

Ready

Capital

Corp.

38,163

169,825

Sachem

Capital

Corp.

10,703

11,024

244,995

Office

REITs

-

0.0%

Postal

Realty

Trust,

Inc.

-

Class

A

4,462

59,077

Oil,

Gas

&

Consumable

Fuels

-

0.9%

Centrus

Energy

Corp.

-

Class

A

#

,*

6,234

431,954

Dorian

LPG

Ltd.

16,631

356,236

Granite

Ridge

Resources,

Inc.

50,806

244,377

International

Seaways,

Inc.

19,127

649,553

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

8

April

30,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Common

Stocks

-

(continued)

Oil,

Gas

&

Consumable

Fuels

-

(continued)

Matador

Resources

Co.

48,711

$

1,926,033

New

Fortress

Energy,

Inc.

106,048

575,840

4,183,993

Personal

Care

Products

-

0.5%

BellRing

Brands,

Inc.*

18,482

1,425,701

elf

Beauty,

Inc.*

8,115

502,075

Interparfums,

Inc.

4,614

503,849

2,431,625

Pharmaceuticals

-

2.7%

Amphastar

Pharmaceuticals,

Inc.*

51,575

1,258,946

Collegium

Pharmaceutical,

Inc.*

33,770

911,621

Contineum

Therapeutics,

Inc.

-

Class

A*

20,383

83,774

Corcept

Therapeutics,

Inc.*

113,186

8,135,810

Harmony

Biosciences

Holdings,

Inc.*

61,512

1,812,759

Scilex

Holding

Co.*

7,425

35,194

12,238,104

Professional

Services

-

5.4%

CACI

International,

Inc.

-

Class

A*

11,127

5,094,719

CRA

International,

Inc.

3,368

546,290

ExlService

Holdings,

Inc.*

80,558

3,905,452

Paycom

Software,

Inc.

28,424

6,434,909

Paylocity

Holding

Corp.*

27,736

5,328,086

UL

Solutions,

Inc.

-

Class

A

30,787

1,760,709

Upwork,

Inc.*

67,210

883,811

23,953,976

Real

Estate

Management

&

Development

-

0.3%

Landbridge

Co.

LLC

-

Class

A

#

14,592

1,057,190

St

Joe

Co.

(The)

11,117

470,472

1,527,662

Semiconductors

&

Semiconductor

Equipment

-

1.4%

ACM

Research,

Inc.

-

Class

A*

47,148

917,972

Aehr

Test

Systems

#

,*

24,278

207,091

Allegro

MicroSystems,

Inc.*

150,714

2,874,116

Axcelis

Technologies,

Inc.*

26,602

1,302,966

Photronics,

Inc.*

52,022

950,442

6,252,587

Software

-

9.6%

Appfolio,

Inc.

-

Class

A*

19,029

3,929,869

BlackLine,

Inc.*

51,409

2,428,047

Box,

Inc.

-

Class

A*

117,630

3,672,409

Clear

Secure,

Inc.

-

Class

A

78,658

1,941,279

Commvault

Systems,

Inc.*

36,011

6,018,518

Daily

Journal

Corp.*

1,121

424,836

DoubleVerify

Holdings,

Inc.*

135,869

1,801,623

Dropbox,

Inc.

-

Class

A*

184,033

5,254,142

EverCommerce,

Inc.*

150,167

1,465,630

InterDigital,

Inc.

21,032

4,227,432

N-able,

Inc.*

152,019

1,073,254

Progress

Software

Corp.

35,504

2,128,820

Qualys,

Inc.*

29,863

3,754,078

Red

Violet,

Inc.

11,397

445,167

SPS

Commerce,

Inc.*

30,923

4,437,760

43,002,864

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

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)

Specialty

Retail

-

2.2%

Arhaus,

Inc.

-

Class

A*

9,416

$

74,010

Asbury

Automotive

Group,

Inc.*

3,463

755,419

Boot

Barn

Holdings,

Inc.*

5,403

563,749

Dick's

Sporting

Goods,

Inc.

10,237

1,921,894

EVgo,

Inc.

-

Class

A*

22,952

63,348

Five

Below,

Inc.*

9,722

737,803

Group

1

Automotive,

Inc.

2,339

944,091

Lithia

Motors,

Inc.

-

Class

A

4,645

1,359,870

Murphy

USA,

Inc.

3,543

1,766,433

Penske

Automotive

Group,

Inc.

11,799

1,836,750

10,023,367

Technology

Hardware,

Storage

&

Peripherals

-

0.2%

CompoSecure,

Inc.

-

Class

A

81,633

897,147

Textiles,

Apparel

&

Luxury

Goods

-

0.2%

Crocs,

Inc.*

9,897

954,269

Figs,

Inc.

-

Class

A*

27,189

109,571

1,063,840

Trading

Companies

&

Distributors

-

3.4%

Alta

Equipment

Group,

Inc.

#

16,442

69,878

Applied

Industrial

Technologies,

Inc.

19,052

4,634,971

Core

&

Main,

Inc.

-

Class

A*

94,406

4,973,308

GMS,

Inc.*

19,268

1,411,574

Hudson

Technologies,

Inc.*

22,379

149,715

Karat

Packaging,

Inc.

9,926

261,848

McGrath

RentCorp

12,181

1,299,347

Rush

Enterprises,

Inc.

-

Class

A

39,143

1,995,902

Titan

Machinery,

Inc.*

11,451

189,972

Transcat,

Inc.*

4,618

366,346

15,352,861

Water

Utilities

-

0.2%

American

States

Water

Co.

8,167

662,425

Pure

Cycle

Corp.*

5,121

50,698

713,123

Total

Common

Stocks

(cost

433,325,460)

446,236,065

Warrants

-

0.0%

Electrical

Equipment

-

0.0%

M-Tron

Industries,

Inc.,

expires

3/11/28

*

(cost

$0)

2,107

3687

Investment

Companies

-

0.1%

Money

Market

Funds

-

0.1%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

4.3351%

£,∞

(cost

$318,524)

318,460

318,524

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

1.7%

Investment

Companies

-

1.7%

Janus

Henderson

Cash

Collateral

Fund

LLC,

4.2679%

£,∞

7,392,807

7,392,807

Time

Deposits

-

0.0%

Royal

Bank

of

Canada,

4.3100%,

5/1/25

$

143,918

143,918

Total

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

(cost

$7,536,725)

7,536,725

Total

Investments

(total

cost

$

441,180,709

)

-

101.7%

454,095,001

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(1.7%)

(7,628,531)

Net

Assets

-

100.0%

$446,466,470

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

10

April

30,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Offsetting

of

Financial

Assets

and

Derivative

Assets

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

433,761,158

95.6

%

Thailand

6,040,453

1.3

Ireland

5,019,185

1.1

Bermuda

4,731,609

1.0

Luxembourg

4,166,211

0.9

United

Kingdom

376,385

0.1

Total

$

454,095,001

100.0%

Schedule

of

Affiliated

Investments

-

(%

of

Net

Assets)

Affiliated

Investments,

at

Value

at

10/31/24

Purchases

Sales

Proceeds

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciatio

n/

(Depreciation)

Affiliated

Investments,

at

Value

at

4/30/25

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

Shares

Held

at

4/30/25

Dividend

Income

Investment

Company

-

0.1%

Money

Market

Funds

-

0.1%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

4.3351%

∞

$

118,891

$

3,713,690

$

(

3,514,057)

$

–

$

–

$

318,524

318,460

$

3,379

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

1.7%

Investment

Companies

-

1.7%

Janus

Henderson

Cash

Collateral

Fund

LLC,

4.2679%

∞

1,965,177

32,261,038

(26,833,408)

–

–

7,392,807

7,392,807

1,725

Δ

Total

Affiliated

Investments

-

1.7%

$2,084,068

$35,974,728

$(30,347,465)

$–

$–

$7,711,331

$5,104

Counterparty

Gross

Amounts

of

Recognized

Assets

Offsetting

Asset

or

Liability

(a)

Collateral

Pledged

(b)

Net

Amount

JPMorgan

Chase

Bank

NA

$

7,377,612

$

—

$

(7,377,612)

$

—

(a)

Represents

the

amount

of

assets

or

liabilities

that

could

be

offset

with

the

same

counterparty

under

master

netting

or

similar

agreements

that

management

elects

not

to

offset

on

the

Statement

of

Assets

and

Liabilities.

(b)

Collateral

pledged

is

limited

to

the

net

outstanding

amount

due

to/from

an

individual

counterparty.

The

actual

collateral

amounts

pledged

may

exceed

these

amounts

and

may

fluctuate

in

value.

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

April

30,

2025

Janus

Detroit

Street

Trust

11

LLC

Limited

Liability

Company

plc

Public

Limited

Company

REIT

Real

Estate

Investment

Trust

*

Non-income

producing

security.

#

Loaned

security;

a

portion

of

the

security

is

on

loan

at

April

30,

2025.

∞

Rate

shown

is

the

7-day

yield

as

of

April

30,

2025.

£

The

Fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

Investment

Company

Act

of

1940,

as

amended,

an

affiliated

company

is

one

in

which

the

Fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

which

is

under

common

ownership

or

control.

Δ

Net

of

income

paid

to

the

securities

lending

agent

and

rebates

paid

to

the

borrowing

counterparties.

The

following

is

a

summary

of

the

inputs

that

were

used

to

value

the

Fund's

investments

in

securities

and

other

financial

instruments

as

of

April

30,

2025

.

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

Total

Assets

Investments

in

Securities:

Common

Stocks

$

446,236,065

$

—

$

—

$

446,236,065

Warrant

3,687

—

—

3,687

Investment

Companies

—

318,524

—

318,524

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

—

7,536,725

—

7,536,725

Total

Assets

$

446,239,752

$

7,855,249

$

—

$

454,095,001

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Statement

of

Assets

and

Liabilities

(unaudited)

April

30,

2025

12

April

30,

2025

See

Notes

to

Financial

Statements.

Assets:

Unaffiliated

investments,

at

value

(cost

$433,469,378)

(1)

$

446,383,670

Affiliated

investments,

at

value

(cost

$7,711,331)

7,711,331

Receivables:

Dividends

12,928

Interest

618

Affiliated

securities

lending

income,

net

1,071

Total

Assets

454,109,618

Liabilities:

Collateral

on

securities

loaned

(Note

2)

7,536,725

Due

to

custodian

2,494

Payables:

Management

fees

103,929

Total

Liabilities

7,643,148

Commitments

and

contingent

liabilities

Net

Assets

$

446,466,470

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

441,434,624

Total

distributable

earnings

(loss)

5,031,846

Total

Net

Assets

$

446,466,470

Net

Assets

$

446,466,470

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

6,452,000

Net

Asset

Value

Per

Share

$

69

.20

(1)

Includes

$7,377,612

of

securities

on

loan.

See

Note

2

in

Notes

to

Financial

Statements.

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Statement

of

Operations

(unaudited)

For

the

period

ended

April

30,

2025

Janus

Detroit

Street

Trust

13

See

Notes

to

Financial

Statements.

Investment

Income:

Dividends

$

1,274,002

Unaffiliated

securities

lending

income,

net

11,109

Dividends

from

affiliates

3,379

Affiliated

securities

lending

income,

net    

1,725

Total

Investment

Income

1,290,215

Expenses:

Management

Fees

641,190

Total

Expenses

641,190

Net

Investment

Income/(Loss)

649,025

Net

Realized

Gain/(Loss)

on

Investments:

Investments

$

22,167,764

Total

Net

Realized

Gain/(Loss)

on

Investments

$

22,167,764

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

(

39,527,846

)

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

(

39,527,846

)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

(

16,711,057

)

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Statements

of

Changes

in

Net

Assets

14

April

30,

2025

See

Notes

to

Financial

Statements.

Period

Ended

April

30,

2025

(unaudited)

Year

Ended

October

31,

2024

Operations:

Net

investment

income/(loss)

$

649,025

$

1,337,661

Net

realized

gain/(loss)

on

investments

22,167,764

20,417,438

Change

in

unrealized

net

appreciation/depreciation

(

39,527,846

)

62,009,458

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

(

16,711,057

)

83,764,557

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(

2,596,958

)

(

1,323,273

)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(

2,596,958

)

(

1,323,273

)

Capital

Share

Transactions

82,476,697

55,022,363

Net

Increase/(Decrease)

in

Net

Assets

63,168,682

137,463,647

Net

Assets:

—

—

Beginning

of

Period  

383,297,788

245,834,141

End

of

Period

$

446,466,470

$

383,297,788

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Financial

Highlights

Janus

Detroit

Street

Trust

15

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

the

period

ended

April

30,

2025

(unaudited)

and

each

year

or

period

ended

October

31

2025

2024

2023

2022

2021

2020

Net

Asset

Value,

Beginning

of

Period

$71.95

$54.91

$52.92

$67.73

$52.35

$44.11

Income/(Loss)

from

Investment

Operations:

—

—

—

—

—

—

Net

investment

income/(loss)

(1)

0.11

0.26

0.30

0.21

0.21

0.11

Net

realized

and

unrealized

gain/(loss)

(2.39)

17.04

1.97

(2)

(14.83)

15.38

8.26

Total

from

Investment

Operations

(2.28)

17.30

2.27

(2)

(14.62)

15.59

8.37

Less

Dividends

and

Distributions:

—

—

—

—

—

—

Dividends

(from

net

investment

income)

(0.47)

(0.26)

(0.28)

(0.19)

(0.21)

(0.13)

Total

Dividends

and

Distributions

(0.47)

(0.26)

(0.28)

(0.19)

(0.21)

(0.13)

Net

Asset

Value,

End

of

Period

$69.20

$71.95

$54.91

$52.92

$67.73

$52.35

Total

Return

*

(3.22)%

31.54%

4.27%

(21.60)%

29.81%

19.01%

Net

assets,

End

of

Period

(in

thousands)

$446,466

$383,298

$245,834

$172,098

$201,635

$115,268

Ratios

to

Average

Net

Assets

**

Ratio

of

Gross

Expenses

0.30%

0.30%

0.30%

0.30%

0.30%

0.32%

Ratio

of

Net

Investment

Income/(Loss)

0.30%

0.39%

0.51%

0.36%

0.33%

0.23%

Portfolio

Turnover

Rate

(3)

48%

102%

91%

89%

102%

83%

*

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

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

(unaudited)

16

April

30,

2025

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 fourteen

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.

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

Chief

Financial

Officer

of

the

Fund/Portfolio

is

designated

as

the

Chief

Operating

Decision

Maker

(“CODM”)

as

it

relates

to

ASC

Topic

280.

The

CODM

has

concluded

that

the

Fund/Portfolio

operated

as

a

single

segment

entity

for

the

period ended

April

30,

2025.

The

key

indicator

of

performance

of

the

Fund

is

net

investment

income

as

reported

on

the

Statement

of

Operations.

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

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

17

evaluated

bid

price

supplied

by

the

pricing

service

is

an

evaluation

that

may

consider

factors

such

as

security

prices,

yields,

maturities

and

ratings.

Certain

short-term

securities

maturing

within

60

days

or

less

may

be

evaluated

and

valued

on

an

amortized

cost

basis

provided

that

the

amortized

cost

determined

approximates

market

value.

Securities

for

which

market

quotations

or

evaluated

prices

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

determined

in

good

faith

by

the

Adviser

pursuant

to

the

Valuation

Procedures. Circumstances

in

which

fair

valuation

may

be

utilized

include,

but

are

not

limited

to:

(i)

a

significant

event

that

may

affect

the

securities

of

a

single

issuer,

such

as

a

merger,

bankruptcy,

or

significant

issuer-specific

development;

(ii)

an

event

that

may

affect

an

entire

market,

such

as

a

natural

disaster

or

significant

governmental

action;

(iii)

a

nonsignificant

event

such

as

a

market

closing

early

or

not

opening,

or

a

security

trading

halt;

and

(iv)

pricing

of

a

non-valued

security

and

a

restricted

or

nonpublic

security.

Special

valuation

considerations

may

apply

with

respect

to

“odd-lot”

fixed-income

transactions

which,

due

to

their

small

size,

may

receive

evaluated

prices

by

pricing

services

which

reflect

a

large

block

trade

and

not

what

actually

could

be

obtained

for

the

odd-

lot

position.

The

value

of

the

securities

of

mutual

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

mutual

funds,

and

the

prospectuses

for

such

mutual

funds

explain

the

circumstances

under

which

they

use

fair

valuation

and

the

effects

of

using

fair

valuation.

The

value

of

the

securities

of

any

cash

management

pooled

investment

vehicles

that

operate

as

money

market

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

funds.

Valuation

Inputs

Summary 

FASB

ASC

820,

Fair

Value

Measurements

and

Disclosures

(“ASC

820”),

defines

fair

value,

establishes

a

framework

for

measuring

fair

value,

and

expands

disclosure

requirements

regarding

fair

value

measurements.

This

standard

emphasizes

that

fair

value

is

a

market-based

measurement

that

should

be

determined

based

on

the

assumptions

that

market

participants

would

use

in

pricing

an

asset

or

liability

and

establishes

a

hierarchy

that

prioritizes

inputs

to

valuation

techniques

used

to

measure

fair

value.

These

inputs

are

summarized

into

three

broad

levels: 

Level

1

–

Unadjusted

quoted

prices

in

active

markets

the

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities.

Level

2

–

Observable

inputs

other

than

unadjusted

quoted

prices

included

in

Level

1

that

are

observable

for

the

asset

or

liability

either

directly

or

indirectly.

These

inputs

may

include

quoted

prices

for

the

identical

instrument

on

an

inactive

market,

prices

for

similar

instruments,

interest

rates,

prepayment

speeds,

credit

risk,

yield

curves,

default

rates

and

similar

data.

Assets

or

liabilities

categorized

as

Level

2

in

the

hierarchy

generally

include:

debt

securities

fair

valued

in

accordance

with

the

evaluated

bid

or

ask

prices

supplied

by

a

pricing

service;

securities

traded

on

OTC

markets

and

listed

securities

for

which

no

sales

are

reported

that

are

fair

valued

at

the

latest

bid

price

(or

yield

equivalent

thereof)

obtained

from

one

or

more

dealers

transacting

in

a

market

for

such

securities

or

by

a

pricing

service

approved

by

the

Fund’s

Trustees;

and

certain

short-term

debt

securities

with

maturities

of

60

days

or

less

that

are

fair

valued

at

amortized

cost.

Other

securities

that

may

be

categorized

as

Level

2

in

the

hierarchy

include,

but

are

not

limited

to,

preferred

stocks,

bank

loans,

swaps,

investments

in

unregistered

investment

companies,

options,

and

forward

contracts.

Level

3

–

Unobservable

inputs

for

the

asset

or

liability

to

the

extent

that

relevant

observable

inputs

are

not

available,

representing

the

Fund’s

own

assumptions

about

the

assumptions

that

a

market

participant

would

use

in

valuing

the

asset

or

liability,

and

that

would

be

based

on

the

best

information

available.

There

have

been

no

significant

changes

in

valuation

techniques

used

in

valuing

any

such

positions

held

by

the

Fund

since

the

beginning

of

the

fiscal

year. 

The

inputs

or

methodology

used

for

fair

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

The

summary

of

inputs

used

as

of

April

30,

2025 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.

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

(unaudited)

18

April

30,

2025

Investment

Transactions

and

Investment

Income

Investment

transactions

are

accounted

for

as

of

the

date

purchased

or

sold

(trade

date).

Dividend

income

is

recorded

on

the

ex-dividend

date.

Certain

dividends

from

foreign

securities

will

be

recorded

as

soon

as

the

Fund

is

informed

of

the

dividend,

if

such

information

is

obtained

subsequent

to

the

ex-dividend

date.

Dividends

from

foreign

securities

may

be

subject

to

withholding

taxes

in

foreign

jurisdictions.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value.

Interest

income

is

recorded

daily

on

an

accrual

basis

and

includes

amortization

of

premiums

and

accretion

of

discounts.

The

Fund

classifies

gains

and

losses

on

prepayments

received

as

an

adjustment

to

interest

income.

Debt

securities

may

be

placed

in

non-accrual

status

and

related

interest

income

may

be

reduced

by

stopping

current

accruals

and

writing

off

interest

receivables

when

collection

of

all

or

a

portion

of

interest

has

become

doubtful.

Gains

and

losses

are

determined

on

the

identified

cost

basis,

which

is

the

same

basis

used

for

federal

income

tax

purposes.  

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

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

19

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,

social

unrest,

tariffs,

financial

institution

failures,

and

economic

recessions 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.

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

(unaudited)

20

April

30,

2025

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

April

30,

2025,

securities

lending

transactions

accounted

for

as

secured

borrowings

with

an

overnight

and

continuous

contractual

maturity

are

$7,377,612

for

equity

securities.

Gross

amounts

of

recognized

liabilities

for

securities

lending

(collateral

received)

as

of

April

30,

2025 is $7,536,725,

resulting

in

the

net

amount

due

to

the

counterparty

of

$159,113.

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

(unaudited)

Janus

Detroit

Street

Trust

21

For

the

period

ended April

30,

2025,

the

Fund’s

actual

management

fee

rate

(expressed

as

an

annual

rate)

was

0.30% of

the

Fund’s

average

daily

net

assets.

J.P.

Morgan

Chase

Bank,

N.A.

(“JP

Morgan")

provides

certain

fund

administration

services

to

the

Fund,

including

services

related

to

the

Fund’s

accounting,

including

calculating

the

daily

NAV,

audit

coordination,

tax,

and

reporting

obligations,

pursuant

to

an

agreement

with

the

Adviser,

on

behalf

of

the

Fund.

As

compensation

for

such

services, the

Adviser pays

JP

Morgan

a

fee

based

on

a

percentage

of

the

Fund’s

assets,

with

a

minimum

flat

fee,

for

certain

services. The

Adviser serves

as

administrator

to

the

Fund,

providing

oversight

and

coordination

of

the

Fund’s

service

providers,

recordkeeping

and

other

administrative

services. The

Adviser does

not

receive

any

additional

compensation,

beyond

the

unitary

fee,

for

serving

as

administrator.

JP

Morgan

also

serves

as

transfer

agent

for

the

shares

of

the

Fund.

Pursuant

to

agreements

with

the

Adviser on

behalf

of

the

Fund,

J.P.

Morgan

Securities

LLC,

an

affiliate

of

JP

Morgan,

may

execute

portfolio

transactions

for

the

Fund,

including

but

not

limited

to,

transactions

in

connection

with

cash

in

lieu

transactions

for

non-US

securities. 

The

Fund’s

Board

of

Trustees

(“Board”)

has

approved

a

Distribution

and

Servicing

Plan

for

shares

of

the

Fund

pursuant

to

Rule

12b-1

under

the

1940

Act

(the

“Plan”).

The

Plan

permits

compensation

in

connection

with

the

distribution

and

marketing

of

Fund

shares

and/or

the

provision

of

certain

shareholder

services.

The

Plan

permits

the

Fund

to

pay

the

Distributor

or

its

designee,

a

fee

for

the

sale

and

distribution

and/or

shareholder

servicing

of

the

shares

at

an

annual

rate

of

up

to

0.25%

of

average

daily

net

assets

of

the

Fund.

Under

the

terms

of

the

Plan,

the

Fund

would

be

authorized

to

make

payments

to

the

Distributor

or

its

designee

for

remittance

to

retirement

plan

service

providers,

broker-dealers,

bank

trust

departments,

financial

advisors,

and

other

financial

intermediaries,

as

compensation

for

distribution

and/or

shareholder

services

performed

by

such

entities

for

their

customers

who

are

investors

in

the

Fund.

The

12b-1

fee

may

only

be

imposed

or

increased

when

(i)

the

Trustees

determine

that

it

is

in

the

best

interests

of

shareholders

to

do

so,

and

(ii)

the

imposition

of

or

increase

in

the

12b-1

fee

is

first

approved

by

the

Fund’s

shareholders.

Because

these

fees

are

paid

out

of

the

Fund’s

assets

on

an

ongoing

basis,

to

the

extent

that

a

fee

is

authorized

by

shareholders

in

the

future,

over

time

they

will

increase

the

cost

of

an

investment

in

the

Fund.

The

Plan

fee

may

cost

an

investor

more

than

other

types

of

sales

charges.

At

this

time, the

Adviser does

not

intend

to

seek

shareholder

approval

for

implementation

of

the

Plan. 

As

of

April

30,

2025, the

Adviser

owned 2,000

shares

or 0.03%

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

at

least

80%

of

its

net

assets

(plus

any

borrowings

for

investment

purposes)

in

U.S.

Government

securities

and

repurchase

agreements

that

are collateralized

by

U.S.

Government 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). 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. 

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

Daily

Net

Assets

Fee

Rate

$0-$500

million

0.30%

Next

$500

million

0.25%

Over

$1

billion

0.20%

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

(unaudited)

22

April

30,

2025

to

ensure

that

any

cross-trade

of

securities

by

the

Fund

from

or

to

another

fund

or

account

that

is

or

could

be

considered

an

affiliate

of

the

Fund

under

certain

limited

circumstances

by

virtue

of

having

a

common

investment

adviser,

common

Officer,

or

common

Trustee

complies

with

Rule

17a-7.

Under

these

procedures,

each

cross-trade

is

effected

at

the

current

market

price

to

save

costs

where

allowed.

During

the

period

ended April

30,

2025,

the

Fund

engaged

in

cross

trades

amounting

to $7,838,861 in

purchases

and

$9,136,907 in

sales,

resulting

in

a

net

realized

gain

of

$1,541,990.

The

net

realized

gain/loss

is

included

within

the

“Net

Realized

Gain/(Loss)

on

Investments”

section

of

the

Fund’s

Statement

of

Operations.

Any

purchases

and

sales,

realized

gains/losses

and

recorded

dividends

from

affiliated

investments

during

the

period

ended

April

30,

2025 can

be

found

in

a

table

located

in

the

Schedule

of

Investments.

4.

Federal

Income

Tax

Income

and

capital

gains

distributions

are

determined

in

accordance

with

income

tax

regulations

that

may

differ

from

US

GAAP.

These

differences

are

due

to

differing

treatments

for

items

such

as

net

short-term

gains,

deferral

of

wash

sale

losses,

foreign

currency

transactions,

passive

foreign

investment

companies,

net

investment

losses,

in-kind

transactions

and

capital

loss

carryovers.

The

Fund

has

elected

to

treat

gains

and

losses

on

forward

foreign

currency

contracts

as

capital

gains

and

losses,

if

applicable.

Other

foreign

currency

gains

and

losses

on

debt

instruments

are

treated

as

ordinary

income

for

federal

income

tax

purposes

pursuant

to

Section

988

of

the

Internal

Revenue

Code. 

Accumulated

capital

losses

noted

below

represent

net

capital

loss

carryovers,

as

of

October

31,

2024,

that

may

be

available

to

offset

future

realized

capital

gains

and

thereby

reduce

future

taxable

gains

distributions.

The

following

table

shows

these

capital

loss

carryovers. 

The

aggregate

cost

of

investments

and

the

composition

of

unrealized

appreciation

and

depreciation

of

investment

securities

for

federal

income

tax

purposes

as

of April

30,

2025 are

noted

below.

The

primary

differences

between

book

and

tax

appreciation

or

depreciation

of

investments are

wash

sale

loss

deferrals

and

investments

in

partnerships.

5.

Capital

Share

Transactions 

6.

Purchases

and

Sales

of

Investment

Securities

For

the

period

ended

April

30,

2025,

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,

2024

No

Expiration

Short-Term

Long-Term

Accumulated

Capital

Losses

$(24,086,298)

$(3,295,151)

$(27,381,449)

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$441,180,709

$51,128,544

$(38,214,252)

$12,914,292

Period

Ended

April

30,

2025

Year

Ended

October

31,

2024

Shares

Amount

Shares

Amount

Shares

sold

2,300,000

$

173,432,325

1,300,000

$

85,134,310

Shares

repurchased

(1,175,000)

(90,955,628

)

(450,000)

(30,111,947

)

Net

Increase/(Decrease)

1,125,000

$

82,476,697

850,000

$

55,022,363

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

23

For

the

period

ended April

30,

2025,

the

cost

of

in-kind

purchases

and

proceeds

from

in-kind

sales,

were

as

follows: 

During

the

period

ended

April

30,

2025,

the

Fund

had

net

realized

gain of $45,278,520 from

in-kind

redemptions.

Gains

on

in-kind

transactions

are

not

considered

taxable

for

federal

income

tax

purposes.

7.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to April

30,

2025

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

other

than

the

following:

As

of

May

12,

2025,

the

Fund

repositioned

to

shift

its

focus

from

utilizing

a

passive

strategy

that

seeks

investment

results

that

correspond

generally,

before

fees

and

expenses,

to

the

performance

of

the

Fund’s

underlying

index

to

an

active,

systematic

strategy

designed

to

select

equity

securities

of

small/mid

cap

growth

companies

using

a

proprietary

quantitative

methodology.

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

$205,959,671

$208,262,564

$—

$—

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

$173,249,004

$90,350,759

$—

$—

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Additional

Information

(unaudited)

24

April

30,

2025

Item

8.

Changes

in

and

Disagreements

with

Accountants

for

Open-End

Management

Investment

Companies.

Not

applicable.

Item

9.

Proxy

Disclosures

for

Open-End

Management

Investment

Companies.

Not

applicable.

Item

10.

Remuneration

Paid

to

Directors,

Officers,

and

Others

of

Open-End

Management

Investment

Companies.

Because

the

Adviser

has

agreed

in

the

Investment

Advisory

Agreement

to

cover

all

operating

expenses

of

the

Fund,

subject

to

certain

exclusions

as

provided

for

therein,

the

Adviser

pays

the

compensation

to

each

Independent

Trustees

for

services

to

the

Fund

from

the

Adviser's

management

fees.

Item

11.

APPROVAL

OF

ADVISORY

AGREEMENTS

DURING

THE

PERIOD

The

Board

of

Trustees

(the

“Board”)

of

Janus

Detroit

Street

Trust

(the

“Trust”),

including

a

majority

of

the

Trustees

who

are

not

“interested

persons”

as

that

term

is

defined

in

the

Investment

Company

Act

of

1940,

as

amended

(the

“Independent

Trustees”),

met

in

person

on

April

16-17,

2025

to

consider

the

proposed

renewal

of

the

investment

management

agreement

between

Janus

Henderson

Investors

US

LLC

(the

“Adviser”)

and

the

Trust

(the

“Investment

Management

Agreement”),

on

behalf

of

Janus

Henderson

AAA

CLO

ETF

(“JAAA”),

Janus

Henderson

B-BBB

CLO

ETF

(“JBBB”),

Janus

Henderson

Corporate

Bond

ETF

(“JLQD”),

Janus

Henderson

Mortgage-Backed

Securities

ETF

(“JMBS”),

Janus

Henderson

Securitized

Income

ETF

(“JSI”),

Janus

Henderson

Short

Duration

Income

ETF

(“VNLA”),

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

(“JSML”),

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

(“JSMD”),

Janus

Henderson

U.S.

Real

Estate

ETF

(“JRE”),

and

Janus

Henderson

U.S.

Sustainable

Equity

ETF

(“SSPX”)

(each

a

separate

series

of

the

Trust,

and

collectively,

the

“Funds”).

In

the

course

of

their

consideration

of

the

renewal

of

the

Investment

Management

Agreement,

the

Independent

Trustees

met

in

executive

session

and

were

advised

by

their

independent

counsel.

In

this

regard,

the

Independent

Trustees

evaluated

the

terms

of

the

Investment

Management

Agreement

and

reviewed

the

duties

and

responsibilities

of

trustees

in

evaluating

and

approving

such

agreements.

In

considering

renewal

of

the

Investment

Management

Agreement,

the

Board

and

the

Independent

Trustees,

as

applicable,

reviewed

the

materials

provided

to

them

relating

to

the

consideration

of

the

renewal

of

the

Investment

Management

Agreement

for

the

Funds

and

other

information

provided

by

counsel

and

the

Adviser,

including:

(i)

information

regarding

the

nature,

quality

and

extent

of

the

services

provided

to

the

Funds

by

the

Adviser,

and

the

fees

charged

to

each

Fund

therefor;

(ii)

information

concerning

the

Adviser’s

financial

condition,

business,

operations,

portfolio

management

personnel,

compliance

programs,

and

profitability

with

respect

to

the

Trust

and

each

Fund;

(iii)

comparative

information

describing

each

Fund’s

advisory

fee

structures,

operating

expenses,

and

performance

information

as

compared

to

peer

fund

groups

compiled

by

an

independent

third

party;

(iv)

a

copy

of

the

Adviser’s

current

Form

ADV;

and

(v)

a

memorandum

from

counsel

to

the

Independent

Trustees

on

the

responsibilities

of

trustees

in

considering

investment

advisory

arrangements

under

the

1940

Act.

The

Board

also

considered

presentations

made

by,

and

discussions

held

with,

representatives

of

the

Adviser

throughout

the

year.

The

Trustees

also

considered

information

received

and

reviewed

in

connection

with

a

meeting

held

on

March

10,

2025

via

videoconference

to

discuss

certain

information

provided

by

the

Adviser

related

to

the

Trustees’

consideration

of

the

renewal

of

the

Investment

Management

Agreement.

The

Board

determined

that

the

information

provided

by

the

Adviser

was

thorough

and

sufficiently

responsive

to

their

request

so

as

to

permit

the

effective

consideration

of

the

renewal.

During

its

review

of

this

information,

the

Board

focused

on

and

analyzed

the

factors

that

it

deemed

relevant,

including,

among

other

factors:

(i)

the

nature,

extent

and

quality

of

the

services

provided

to

the

Funds

by

the

Adviser;

(ii)

the

Adviser’s

personnel

and

operations;

(iii)

each

Fund’s

expense

level;

(iv)

the

profitability

to

the

Adviser

under

the

Investment

Management

Agreement

with

respect

to

each

Fund;

(v)

any

“fall-out”

benefits

to

the

Adviser

and

its

affiliates

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Additional

Information

(unaudited)

Janus

Detroit

Street

Trust

25

(i.e.,

the

ancillary

benefits

realized

by

the

Adviser

and

its

affiliates

from

the

Adviser’s

relationship

with

the

Trust);

(vi)

the

effect

of

asset

growth

on

each

Fund’s

expenses;

and

(vii)

potential

conflicts

of

interest.

The

Trustees

also

considered

benefits

that

accrue

to

the

Adviser

and

its

affiliates

from

their

relationships

with

the

Trust

and

each

Fund.

The

Trustees

also

considered

that,

other

than

the

services

provided

by

the

Adviser

and

its

affiliates

pursuant

to

agreements

with

the

Funds

and

the

fees

paid

by

the

Funds

therefor,

the

Funds

and

the

Adviser

may

potentially

benefit

from

their

relationship

with

each

other

in

other

ways.

The

Trustees

considered

that

the

success

of

the

Funds

could

attract

other

business

to

the

Adviser

or

other

Janus

Henderson

funds,

and

that

the

success

of

the

Adviser

could

enhance

the

Adviser’s

ability

to

serve

the

Funds.

The

Board,

including

the

Independent

Trustees,

considered

the

following

in

respect

of

the

Funds:

(a)

The

nature,

extent

and

quality

of

services

provided

by

the

Adviser;

personnel

and

operations

of

the

Adviser.

The

Board

reviewed

the

services

that

the

Adviser

provides

to

the

Funds.

In

connection

with

the

investment

advisory

services

provided

by

the

Adviser,

the

Board

noted

the

responsibilities

that

the

Adviser

has

as

the

Funds’

investment

adviser,

including:

the

overall

supervisory

responsibility

for

the

general

management

and

investment

of

each

Fund’s

securities

portfolio;

providing

oversight

of

the

investment

performance

and

processes

and

compliance

with

each

Fund’s

investment

objectives,

policies

and

limitations;

the

implementation

of

the

investment

management

program

of

each

Fund;

the

management

of

the

day-to-day

investment

and

reinvestment

of

the

assets

of

each

Fund;

determining

daily

baskets

of

securities

and

cash

components

in

connection

with

creation

and

redemption

transactions

in

each

Fund’s

shares;

executing

portfolio

security

trades

for

purchases

and

redemptions

of

each

Fund’s

shares

conducted

on

a

cash-

in-lieu

basis;

the

review

of

brokerage

matters;

the

oversight

of

general

portfolio

compliance

with

relevant

law;

and

the

implementation

of

Board

directives

as

they

relate

to

the

Funds.

The

Board

reviewed

the

Adviser’s

experience,

resources,

and

strengths

in

managing

the

Funds

and

other

pooled

investment

vehicles,

including

an

assessment

of

the

Adviser’s

personnel.

Based

on

its

consideration

and

review

of

the

foregoing

information,

the

Board

determined

that

each

Fund

was

likely

to

continue

to

benefit

from

the

nature,

quality

and

extent

of

these

services,

as

well

as

the

Adviser’s

ability

to

render

such

services

based

on

the

Adviser’s

experience,

personnel,

operations

and

resources.

(b)

Comparison

of

services

rendered

and

fees

paid

under

other

investment

advisory

contracts,

and

the

cost

of

the

services

to

be

provided

and

profits

to

be

realized

by

the

Adviser

from

the

relationship

with

the

Funds;

“fall-out”

benefits.

The

Board

then

compared

both

the

services

rendered

and

the

fees

paid

under

other

contracts

of

the

Adviser

and

under

contracts

of

other

investment

advisers

with

respect

to

similar

ETFs.

In

particular,

the

Board

reviewed

a

report

compiled

by

an

independent

third

party

to

compare

each

Fund’s

contractual

management

fee

and

total

expense

ratio

to

other

investment

companies

within

each

Fund’s

respective

peer

grouping,

as

determined

by

the

independent

third

party.

The

information

provided

by

the

comparative

report

showed

how

the

total

expense

ratio

and

contractual

management

fee

for

each

of

the

Funds

compared

within

its

respective

peer

group

for

the

one-year

period

ended

December

31,

2024.

The

reporting

is

described

in

detail

below:

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Additional

Information

(unaudited)

26

April

30,

2025

The

total

expense

ratio

and

the

contractual

management

fee

for

JAAA

were

each

reported

in

the

3rd

quintile

of

its

respective

peer

group

(with

1st

quintile

being

the

lowest

fees/expenses

and

5th

quintile

being

the

highest

fees/

expenses).

The

total

expense

ratio

and

the

contractual

management

fee

for

JBBB

were

each

reported

in

the

1st

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JLQD

were

each

reported

in

the

3rd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JMBS

were

each

reported

in

the

1st

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JSI

were

each

reported

in

the

4th

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

VNLA

were

each

reported

in

the

1st

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JSML

were

reported

in

the

3rd

and

2nd

quintiles,

respectively.

The

total

expense

ratio

and

the

contractual

management

fee

for

JSMD

were

reported

in

the

3rd

and

2nd

quintiles,

respectively.

The

total

expense

ratio

and

the

contractual

management

fee

for

JRE

were

reported

in

the

4th

and

3rd

quintiles,

respectively.

The

total

expense

ratio

and

the

contractual

management

fee

for

SSPX

were

each

reported

in

the

2nd

quintile.

The

Board

further

considered

that

the

Adviser

had

voluntarily

agreed

to

cap

the

expenses

of

JAAA,

JMBS

and

VNLA

to

the

extent

that

such

Funds’

total

expense

ratio

exceeded

0.20%,

0.22%

and

0.23%,

respectively,

until

at

least

February

28,

2026.

The

Board

also

considered

that

the

Adviser

had

voluntarily

agreed

to

cap

the

expenses

of

JLQD

to

the

extent

that

the

Fund’s

total

expense

ratio

exceeded

0.20%

until

at

least

May

1,

2026.

The

Board

further

noted

the

Adviser’s

contractual

commitment

with

respect

to

the

Funds’

investments

in

affiliated

ETFs

to

waive

and/or

reimburse

a

portion

of

its

management

fee

in

an

amount

equal

to

a

portion

of

the

management

fee

it

earns

as

investment

adviser

to

affiliated

ETFs

in

which

a

Fund

invests

(if

any),

for

until

at

least

February 28,

2026.

The

Board

also

discussed

the

costs

incurred

by

the

Adviser

in

connection

with

its

serving

as

investment

adviser

to

the

Funds,

including

operational

costs.

After

comparing

each

Fund’s

fees

and

expenses

with

those

of

other

ETFs

in

the

Funds’

respective

peer

groups,

and

in

light

of

the

nature,

extent

and

quality

of

services

provided

by

the

Adviser

and

the

costs

incurred

by

the

Adviser

in

rendering

those

services,

as

well

as

the

profitability

of

the

Adviser

in

providing

these

services,

the

Board

concluded

that

the

level

of

fees

paid

to

the

Adviser

and

the

profitability

with

respect

to

each

Fund

was

fair

and

reasonable.

The

Board

also

considered

that

the

Adviser

may

experience

reputational

“fall-out”

benefits

based

on

the

success

of

the

Funds,

but

that

such

benefits

are

not

easily

quantifiable.

(c)

The

extent

to

which

economies

of

scale

would

be

realized

as

the

Fund

grows

and

whether

fee

levels

would

reflect

such

economies

of

scale.

The

Board

next

discussed

potential

economies

of

scale.

In

its

review,

the

Board

considered

that

the

Funds

were

positioned

to

realize

potential

economies

of

scale

as

assets

grow

over

time,

given

the

inclusion

of

management

fee

breakpoints

for

each

Fund

in

the

current

investment

advisory

agreement

at

various

asset

levels.

(d)

Investment

performance

of

the

Fund

and

the

Adviser.

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Additional

Information

(unaudited)

Janus

Detroit

Street

Trust

27

The

Board

next

discussed

the

annualized

returns

of

the

Funds

on

both

an

absolute

basis

and

relative

to

the

performance

of

funds

comprising

a

performance

universe

compiled

by

an

independent

third

party

for

each

Fund

for

the

three-month

period,

one-year

period,

two-year

period,

three-year

period,

four-year

period,

five-year

period,

and/or

since

inception

period

ended

December

31,

2024

(each

period

as

applicable).

The

Board

noted

the

following

for

each

Fund:

JAAA

was

reported

to

be

in

the

1st

quintile

of

its

performance

universe

(with

the

1st

quintile

being

the

best

performer

and

the

5th

quintile

being

the

worst

performer)

for

its

one-,

two-,

three-

and

four-year

periods;

JBBB

was

reported

to

be

in

the

1stquintile

of

its

performance

universe

for

its

one-

and

two-year

periods,

respectively;

JLQD

was

reported

to

be

in

the

2nd,

3rd,

and

2nd

quintiles

of

its

performance

universe

for

its

one-,

two-,

and

three-

year

periods,

respectively.

JMBS

was

reported

to

be

in

the

1st

quintile

of

its

performance

universe

for

its

one-,

two-,

three-,

four-,

and

five-year

periods;

JSI

was

reported

to

be

in

the

2nd,

1st,

and

1st

quintiles

of

its

performance

universe

for

its

three

month,

one

year,

and

since

inception

periods,

respectively.

VNLA

was

reported

to

be

in

the

2nd,

2nd,

2nd,

2nd,

and

1st

quintiles

of

its

performance

universe

for

each

of

its

one-

,

two-,

three-,

four-,

and

five-year

periods;

JSML

was

reported

to

be

in

the

4th,

1st,

1st,

3rd,

and

3rd

quintiles

of

its

performance

universe

for

its

one-,

two-,

three-,

four-,

and

five-year

periods,

respectively;

JSMD

was

reported

to

be

in

the

3rd,

2nd,

1st,

2nd,

and

2nd

quintiles

of

its

performance

universe

for

its

one-,

two-,

three-,

four-,

and

five-year

periods,

respectively;

JRE

was

reported

to

be

in

the

2nd,

4th,

and

2nd

quintiles

of

its

performance

universe

for

its

one-,

two-,

and

three-

year

periods,

respectively;

and

SSPX

was

reported

to

be

in

the

5th

quintile

of

its

performance

universe

for

its

one-,

two-,

and

three-

year

periods.

With

respect

to

JSML

and

JSMD,

the

Board

noted

that

these

Funds

had

operated

as

index-based

during

the

periods

described

above

and,

as

a

result,

had

been

passively

managed

to

seek

to

track

the

returns

of

specified

indices.

For

this

reason,

the

Board

also

considered

the

performance

of

these

Funds

in

relation

to

the

performance

of

each

Fund’s

respective

underlying

index

(i.e.,

“tracking

error”)

and

considered

that

the

tracking

error

was

within

anticipated

ranges.

The

Board

considered

the

Adviser’s

explanation

of

performance

results

for

each

Fund

across

the

relevant

periods

provided

as

part

of

the

consideration

of

the

renewal

of

the

Investment

Advisory

Agreement,

and

during

the

course

of

the

previous

year.

Conclusion.

No

single

factor

was

determinative

to

the

decision

of

the

Board.

Based

on

the

foregoing

and

such

other

matters

as

were

deemed

relevant,

the

Board

concluded

that

the

management

fee

rates

and

total

expense

ratios

of

each

Fund

are

reasonable

in

relation

to

the

services

provided

by

the

Adviser

to

such

Fund,

as

well

as

the

costs

incurred

and

benefits

gained

by

the

Adviser

in

providing

such

services.

The

Board

also

found

the

management

fees

to

be

reasonable

in

comparison

to

the

fees

charged

by

advisers

to

other

comparable

ETFs

and

mutual

funds

(as

applicable).

As

a

result,

the

Board

concluded

that

the

renewal

of

the

Investment

Management

Agreement

for

an

additional

one-year

period

was

in

the

best

interests

of

each

Fund.

After

full

consideration

of

the

above

factors,

as

well

as

other

factors,

the

Trustees,

including

all

of

the

Independent

Trustees

voting

separately,

determined

to

approve

the

renewal

of

the

Investment

Management

Agreement

for

each

Fund.

125-24-93062

04-25

This

report

is

submitted

for

the

general

information

of

shareholders

of

the

Fund.

It

is

not

an

offer

or

solicitation

for

the

Fund

and

is

not

authorized

for

distribution

to

prospective

investors

unless

preceded

or

accompanied

by

an

effective

prospectus.

Janus

Henderson

is

a

trademark

of

Janus

Henderson

Group

plc

or

one

of

its

subsidiaries.

©

Janus

Henderson

Group

plc.

Janus

Henderson

Investors

US

LLC

is

the

investment

adviser

and

ALPS

Distributors,

Inc.

is

the

distributor.

ALPS

is

not

affiliated

with

Janus

Henderson

or

any

of

its

subsidiaries.

SEMIANNUAL

FINANCIAL

STATEMENTS

April

30,

2025

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Item

7.

Financial

Statements

and

Financial

Highlights

for

Open-End

Management

Investment

Companies

Schedule

of

Investments

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

3

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

Items

8-11

-

Additional

Information

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

23

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

Janus

Detroit

Street

Trust

3

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Common

Stocks

-

100.0%

Automobile

Components

-

0.6%

Dorman

Products,

Inc.*

6,960

$

788,568

XPEL,

Inc.*

6,285

180,002

968,570

Banks

-

4.3%

Affinity

Bancshares,

Inc.

1,139

20,912

Amalgamated

Financial

Corp.

5,590

157,414

Axos

Financial,

Inc.*

10,471

664,699

BancFirst

Corp.

6,051

712,929

Bank

First

Corp.

1,807

197,288

Bank7

Corp.

1,728

62,899

Byline

Bancorp,

Inc.

8,104

206,976

Capital

Bancorp,

Inc.

3,042

96,097

ChoiceOne

Financial

Services,

Inc.

1,620

46,057

Coastal

Financial

Corp.*

2,713

222,873

Customers

Bancorp,

Inc.*

5,725

286,250

Equity

Bancshares,

Inc.

-

Class

A

3,135

120,666

Esquire

Financial

Holdings,

Inc.

1,506

124,877

First

Bank

4,563

65,616

Firstsun

Capital

Bancorp*

5,045

176,525

HomeTrust

Bancshares,

Inc.

3,201

109,282

International

Bancshares

Corp.

11,380

694,635

LINKBANCORP,

Inc.

6,797

47,715

Live

Oak

Bancshares,

Inc.

8,251

215,681

Metropolitan

Bank

Holding

Corp.*

2,021

125,161

NB

Bancorp,

Inc.*

7,786

133,530

Nicolet

Bankshares,

Inc.

2,805

327,652

Northeast

Bank

1,469

121,663

Northeast

Community

Bancorp,

Inc.

2,566

58,402

Northrim

Bancorp,

Inc.

1,009

81,013

Old

Second

Bancorp,

Inc.

8,248

130,236

Pathward

Financial,

Inc.

4,385

348,037

Ponce

Financial

Group,

Inc.*

4,367

56,203

Preferred

Bank

2,457

196,216

ServisFirst

Bancshares,

Inc.

9,995

711,844

Southern

States

Bancshares,

Inc.

1,821

60,840

Third

Coast

Bancshares,

Inc.*

2,477

73,815

Unity

Bancorp,

Inc.

1,798

74,437

USCB

Financial

Holdings,

Inc.

3,610

61,226

Westamerica

Bancorp

4,887

236,677

7,026,343

Beverages

-

0.2%

Vita

Coco

Co.,

Inc.

(The)*

11,986

396,137

Biotechnology

-

3.6%

ACADIA

Pharmaceuticals,

Inc.*

182,594

2,665,872

Catalyst

Pharmaceuticals,

Inc.*

132,969

3,229,817

5,895,689

Capital

Markets

-

1.4%

Kayne

Anderson

BDC,

Inc.

12,959

205,659

PJT

Partners,

Inc.

-

Class

A

4,240

600,851

StoneX

Group,

Inc.*

8,811

780,346

Victory

Capital

Holdings,

Inc.

-

Class

A

11,878

680,491

2,267,347

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

4

April

30,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Common

Stocks

-

(continued)

Chemicals

-

1.7%

Hawkins,

Inc.

21,617

$

2,632,518

Origin

Materials,

Inc.*

150,935

106,651

2,739,169

Construction

&

Engineering

-

4.0%

Bowman

Consulting

Group

Ltd.

-

Class

A*

15,276

337,905

IES

Holdings,

Inc.*

17,419

3,425,969

Primoris

Services

Corp.

46,819

2,807,735

6,571,609

Construction

Materials

-

1.7%

United

States

Lime

&

Minerals,

Inc.

29,564

2,764,530

Consumer

Finance

-

0.4%

Atlanticus

Holdings

Corp.*

2,713

148,727

Enova

International,

Inc.*

4,702

431,596

580,323

Consumer

Staples

Distribution

&

Retail

-

0.4%

Guardian

Pharmacy

Services,

Inc.

-

Class

A

#

,*

1,947

48,753

PriceSmart,

Inc.

6,457

655,321

704,074

Containers

&

Packaging

-

0.2%

Myers

Industries,

Inc.

38,520

404,460

Distributors

-

0.1%

GigaCloud

Technology,

Inc.

-

Class

A*

7,461

93,561

Diversified

Consumer

Services

-

0.9%

Lincoln

Educational

Services

Corp.*

7,144

120,733

Stride,

Inc.*

9,899

1,408,133

1,528,866

Electrical

Equipment

-

2.7%

Atkore,

Inc.

29,982

1,914,950

Powell

Industries,

Inc.

#

10,519

1,926,134

Preformed

Line

Products

Co.

4,247

583,411

4,424,495

Electronic

Equipment,

Instruments

&

Components

-

2.3%

ePlus,

Inc.*

16,457

1,026,259

M-Tron

Industries,

Inc.*

1,811

100,456

Napco

Security

Technologies,

Inc.

22,492

513,942

OSI

Systems,

Inc.*

10,391

2,127,453

3,768,110

Energy

Equipment

&

Services

-

0.9%

Aris

Water

Solutions,

Inc.

-

Class

A

9,810

244,858

Atlas

Energy

Solutions,

Inc.

-

Class

A

#

38,623

522,569

Energy

Services

of

America

Corp.

5,295

45,272

Tidewater,

Inc.*

16,306

590,114

1,402,813

Entertainment

-

0.2%

Vivid

Seats,

Inc.

-

Class

A*

123,762

347,771

Financial

Services

-

1.5%

HA

Sustainable

Infrastructure

Capital,

Inc.

21,839

545,538

International

Money

Express,

Inc.*

5,578

69,279

Merchants

Bancorp

8,355

251,318

NMI

Holdings,

Inc.

-

Class

A*

14,341

518,714

Paymentus

Holdings,

Inc.

-

Class

A*

4,458

144,707

Payoneer

Global,

Inc.*

65,851

462,933

Sezzle,

Inc.*

6,304

327,493

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

Janus

Detroit

Street

Trust

5

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Common

Stocks

-

(continued)

Financial

Services

-

(continued)

Velocity

Financial,

Inc.*

6,037

$

107,881

2,427,863

Food

Products

-

2.6%

Lifeway

Foods,

Inc.*

3,111

73,668

Mama's

Creations,

Inc.*

7,886

52,048

Pilgrim's

Pride

Corp.

56,221

3,068,542

Simply

Good

Foods

Co.

(The)*

21,227

766,507

Vital

Farms,

Inc.*

9,300

318,432

4,279,197

Health

Care

Equipment

&

Supplies

-

4.8%

Electromed,

Inc.*

9,343

215,169

LeMaitre

Vascular,

Inc.

24,594

2,231,659

Semler

Scientific,

Inc.*

10,126

327,374

TransMedics

Group,

Inc.*

36,863

3,391,765

UFP

Technologies,

Inc.*

8,400

1,751,736

7,917,703

Health

Care

Providers

&

Services

-

9.5%

Addus

HomeCare

Corp.*

19,888

2,079,290

CorVel

Corp.*

47,643

5,181,653

Cross

Country

Healthcare,

Inc.*

35,905

486,513

DocGo,

Inc.*

111,601

248,870

Hims

&

Hers

Health,

Inc.*

116,513

3,856,580

PACS

Group,

Inc.*

169,882

1,635,964

Progyny,

Inc.*

93,214

2,129,008

15,617,878

Hotels,

Restaurants

&

Leisure

-

0.3%

Monarch

Casino

&

Resort,

Inc.

4,193

327,850

Target

Hospitality

Corp.*

22,476

152,837

480,687

Household

Durables

-

1.7%

Cavco

Industries,

Inc.*

1,824

900,782

Century

Communities,

Inc.

7,034

383,634

Dream

Finders

Homes,

Inc.

-

Class

A

#

,*

8,097

183,478

Green

Brick

Partners,

Inc.*

10,109

596,330

Lovesac

Co.

(The)*

3,487

67,822

M/I

Homes,

Inc.*

6,164

657,576

Smith

Douglas

Homes

Corp.

-

Class

A

#

,*

2,015

39,192

2,828,814

Household

Products

-

0.1%

Oil-Dri

Corp.

of

America

2,143

90,199

Industrial

REITs

-

0.2%

Innovative

Industrial

Properties,

Inc.

4,707

255,637

Plymouth

Industrial

REIT,

Inc.

7,495

111,451

367,088

Insurance

-

2.2%

Bowhead

Specialty

Holdings,

Inc.*

5,973

240,055

F&G

Annuities

&

Life,

Inc.

23,151

805,886

Goosehead

Insurance,

Inc.

-

Class

A

4,482

435,695

Hagerty,

Inc.

-

Class

A*

16,451

144,933

Hamilton

Insurance

Group

Ltd.

-

Class

B*

11,811

218,504

HCI

Group,

Inc.

1,950

285,285

Health

In

Tech,

Inc.

-

Class

A*

7,428

4,509

Kingsway

Financial

Services,

Inc.*

4,996

43,216

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

6

April

30,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Common

Stocks

-

(continued)

Insurance

-

(continued)

Palomar

Holdings,

Inc.*

4,889

$

709,003

Skyward

Specialty

Insurance

Group,

Inc.*

7,354

390,424

Tiptree,

Inc.

-

Class

A

6,788

151,440

TWFG,

Inc.

-

Class

A*

2,677

84,807

3,513,757

Interactive

Media

&

Services

-

1.6%

Shutterstock,

Inc.

32,852

524,318

Yelp,

Inc.

-

Class

A*

61,221

2,147,633

2,671,951

IT

Services

-

1.1%

DigitalOcean

Holdings,

Inc.*

56,955

1,759,909

Leisure

Products

-

0.9%

Acushnet

Holdings

Corp.

13,664

904,830

YETI

Holdings,

Inc.*

18,736

534,913

1,439,743

Machinery

-

9.4%

Alamo

Group,

Inc.

10,516

1,755,962

Atmus

Filtration

Technologies,

Inc.

72,219

2,503,833

Energy

Recovery,

Inc.*

47,887

739,854

Franklin

Electric

Co.,

Inc.

39,859

3,386,420

Kadant,

Inc.

10,241

3,021,095

Miller

Industries,

Inc.

9,986

407,529

Mueller

Water

Products,

Inc.

-

Class

A

136,487

3,581,419

15,396,112

Marine

Transportation

-

0.4%

Global

Ship

Lease,

Inc.

-

Class

A

30,713

660,944

Media

-

1.4%

Ibotta,

Inc.

-

Class

A

#

,*

26,277

1,282,318

Integral

Ad

Science

Holding

Corp.*

153,165

1,082,876

2,365,194

Metals

&

Mining

-

0.9%

Friedman

Industries,

Inc.

7,200

123,912

Worthington

Steel,

Inc.

52,489

1,346,868

1,470,780

Mortgage

Real

Estate

Investment

Trusts

(REITs)

-

0.2%

Advanced

Flower

Capital,

Inc.

3,995

22,013

Chicago

Atlantic

Real

Estate

Finance,

Inc.

3,603

52,135

Dynex

Capital,

Inc.

14,502

178,810

Ready

Capital

Corp.

30,783

136,984

Sachem

Capital

Corp.

8,474

8,728

398,670

Office

REITs

-

0.0%

Postal

Realty

Trust,

Inc.

-

Class

A

3,897

51,596

Oil,

Gas

&

Consumable

Fuels

-

0.8%

Ardmore

Shipping

Corp.

12,815

122,255

Dorian

LPG

Ltd.

13,559

290,434

Granite

Ridge

Resources,

Inc.

41,446

199,355

Hallador

Energy

Co.*

13,513

190,060

International

Seaways,

Inc.

15,609

530,082

1,332,186

Personal

Care

Products

-

0.5%

FitLife

Brands,

Inc.*

1,892

28,569

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

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)

Personal

Care

Products

-

(continued)

Interparfums,

Inc.

6,723

$

734,152

762,721

Pharmaceuticals

-

6.4%

Amphastar

Pharmaceuticals,

Inc.*

52,629

1,284,674

Collegium

Pharmaceutical,

Inc.*

34,446

929,870

Contineum

Therapeutics,

Inc.

-

Class

A*

20,798

85,480

Corcept

Therapeutics,

Inc.*

86,751

6,235,662

Harmony

Biosciences

Holdings,

Inc.*

62,758

1,849,478

Scilex

Holding

Co.*

7,591

35,981

10,421,145

Professional

Services

-

7.3%

Concentrix

Corp.

56,061

2,862,475

CRA

International,

Inc.

5,893

955,845

Franklin

Covey

Co.*

11,493

233,423

Huron

Consulting

Group,

Inc.*

15,423

2,078,866

Innodata,

Inc.*

27,258

1,030,897

RCM

Technologies,

Inc.*

6,600

115,104

UL

Solutions,

Inc.

-

Class

A

54,070

3,092,263

Upwork,

Inc.*

118,074

1,552,673

11,921,546

Real

Estate

Management

&

Development

-

0.9%

Forestar

Group,

Inc.*

8,369

161,187

Landbridge

Co.

LLC

-

Class

A

#

12,682

918,811

St

Joe

Co.

(The)

9,665

409,023

1,489,021

Semiconductors

&

Semiconductor

Equipment

-

2.9%

ACM

Research,

Inc.

-

Class

A*

35,644

693,989

Aehr

Test

Systems

#

,*

18,368

156,679

Allegro

MicroSystems,

Inc.*

113,908

2,172,225

Axcelis

Technologies,

Inc.*

20,097

984,351

Photronics,

Inc.*

39,291

717,847

4,725,091

Software

-

7.4%

BlackLine,

Inc.*

38,877

1,836,161

Clear

Secure,

Inc.

-

Class

A

59,425

1,466,609

Daily

Journal

Corp.*

836

316,827

DoubleVerify

Holdings,

Inc.*

102,675

1,361,470

EverCommerce,

Inc.*

113,516

1,107,916

InterDigital,

Inc.

15,873

3,190,473

N-able,

Inc.*

114,901

811,201

Progress

Software

Corp.

26,808

1,607,408

Red

Violet,

Inc.

8,616

336,541

12,034,606

Specialty

Retail

-

2.7%

Academy

Sports

&

Outdoors,

Inc.

15,791

595,005

Arhaus,

Inc.

-

Class

A*

12,154

95,530

EVgo,

Inc.

-

Class

A*

29,675

81,903

Group

1

Automotive,

Inc.

3,014

1,216,541

Penske

Automotive

Group,

Inc.

15,193

2,365,094

4,354,073

Technology

Hardware,

Storage

&

Peripherals

-

0.4%

CompoSecure,

Inc.

-

Class

A

61,706

678,149

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

8

April

30,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Common

Stocks

-

(continued)

Textiles,

Apparel

&

Luxury

Goods

-

0.1%

Figs,

Inc.

-

Class

A

#

,*

35,052

$

141,260

Trading

Companies

&

Distributors

-

6.2%

Alta

Equipment

Group,

Inc.

#

28,944

123,012

GMS,

Inc.*

33,821

2,477,727

Hudson

Technologies,

Inc.*

39,367

263,365

Karat

Packaging,

Inc.

17,434

459,909

McGrath

RentCorp

21,423

2,285,191

Rush

Enterprises,

Inc.

-

Class

A

68,747

3,505,410

Titan

Machinery,

Inc.*

20,153

334,338

Transcat,

Inc.*

8,130

644,953

10,093,905

Total

Common

Stocks

(cost

169,693,931)

163,575,655

Warrants

-

0.0%

Electrical

Equipment

-

0.0%

M-Tron

Industries,

Inc.,

expires

3/11/28

*

(cost

$0)

4,815

8426

Investment

Companies

-

0.0%

Money

Market

Funds

-

0.0%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

4.3351%

£,∞

(cost

$58,579)

58,567

58,579

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

1.0%

Investment

Companies

-

0.8%

Janus

Henderson

Cash

Collateral

Fund

LLC,

4.2679%

£,∞

1,323,859

1,323,859

Time

Deposits

-

0.2%

Royal

Bank

of

Canada,

4.3100%,

5/1/25

$

330,965

330,965

Total

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

(cost

$1,654,824)

1,654,824

Total

Investments

(total

cost

$

171,407,334

)

-

101.0%

165,297,484

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(1.0%)

(1,673,289)

Net

Assets

-

100.0%

$163,624,195

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

164,295,781

99.4

%

United

Kingdom

660,944

0.4

Bermuda

218,504

0.1

Ireland

122,255

0.1

Total

$

165,297,484

100.0%

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

Janus

Detroit

Street

Trust

9

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)

Affiliated

Investments,

at

Value

at

10/31/24

Purchases

Sales

Proceeds

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciatio

n/

(Depreciation)

Affiliated

Investments,

at

Value

at

4/30/25

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

Shares

Held

at

4/30/25

Dividend

Income

Investment

Company

-

0.0%

Money

Market

Funds

-

0.0%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

4.3351%

∞

$

34,349

$

3,926,160

$

(3,901,930)

$

–

$

–

$

58,579

58,567

$

3,357

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

1.0%

Investment

Companies

-

0.8%

Janus

Henderson

Cash

Collateral

Fund

LLC,

4.2679%

∞

2,190,402

25,081,530

(25,948,073)

–

–

1,323,859

1,323,859

9,028

Δ

Total

Affiliated

Investments

-

0.9%

$2,224,751

$29,007,690

$(29,850,003)

$–

$–

$1,382,438

$12,385

Counterparty

Gross

Amounts

of

Recognized

Assets

Offsetting

Asset

or

Liability

(a)

Collateral

Pledged

(b)

Net

Amount

JPMorgan

Chase

Bank

NA

$

1,613,656

$

—

$

(

1,613,656)

$

—

(a)

Represents

the

amount

of

assets

or

liabilities

that

could

be

offset

with

the

same

counterparty

under

master

netting

or

similar

agreements

that

management

elects

not

to

offset

on

the

Statement

of

Assets

and

Liabilities.

(b)

Collateral

pledged

is

limited

to

the

net

outstanding

amount

due

to/from

an

individual

counterparty.

The

actual

collateral

amounts

pledged

may

exceed

these

amounts

and

may

fluctuate

in

value.

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

April

30,

2025

10

April

30,

2025

LLC

Limited

Liability

Company

REIT

Real

Estate

Investment

Trust

*

Non-income

producing

security.

#

Loaned

security;

a

portion

of

the

security

is

on

loan

at

April

30,

2025.

∞

Rate

shown

is

the

7-day

yield

as

of

April

30,

2025.

£

The

Fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

Investment

Company

Act

of

1940,

as

amended,

an

affiliated

company

is

one

in

which

the

Fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

which

is

under

common

ownership

or

control.

Δ

Net

of

income

paid

to

the

securities

lending

agent

and

rebates

paid

to

the

borrowing

counterparties.

The

following

is

a

summary

of

the

inputs

that

were

used

to

value

the

Fund's

investments

in

securities

and

other

financial

instruments

as

of

April

30,

2025

.

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

Total

Assets

Investments

in

Securities:

Common

Stocks

$

163,575,655

$

—

$

—

$

163,575,655

Warrant

8,426

—

—

8,426

Investment

Companies

—

58,579

—

58,579

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

—

1,654,824

—

1,654,824

Total

Assets

$

163,584,081

$

1,713,403

$

—

$

165,297,484

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Statement

of

Assets

and

Liabilities

(unaudited)

April

30,

2025

Janus

Detroit

Street

Trust

11

See

Notes

to

Financial

Statements.

Assets:

Unaffiliated

investments,

at

value

(cost

$170,024,896)

(1)

$

163,915,046

Affiliated

investments,

at

value

(cost

$1,382,438)

1,382,438

Receivables:

Dividends

26,530

Interest

318

Affiliated

securities

lending

income,

net

856

Total

Assets

165,325,188

Liabilities:

Collateral

on

securities

loaned

(Note

2)

1,654,824

Due

to

custodian

6,120

Payables:

Management

fees

40,049

Total

Liabilities

1,700,993

Commitments

and

contingent

liabilities

Net

Assets

$

163,624,195

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

199,180,099

Total

distributable

earnings

(loss)

(

35,555,904

)

Total

Net

Assets

$

163,624,195

Net

Assets

$

163,624,195

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

2,777,000

Net

Asset

Value

Per

Share

$

58

.92

(1)

Includes

$1,613,656

of

securities

on

loan.

See

Note

2

in

Notes

to

Financial

Statements.

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Statement

of

Operations

(unaudited)

For

the

period

ended

April

30,

2025

12

April

30,

2025

See

Notes

to

Financial

Statements.

Investment

Income:

Dividends

$

1,228,582

Unaffiliated

securities

lending

income,

net

16,306

Affiliated

securities

lending

income,

net    

9,028

Dividends

from

affiliates

3,357

Total

Investment

Income

1,257,273

Expenses:

Management

Fees

359,189

Total

Expenses

359,189

Net

Investment

Income/(Loss)

898,084

Net

Realized

Gain/(Loss)

on

Investments:

Investments

$

11,379,330

Total

Net

Realized

Gain/(Loss)

on

Investments

$

11,379,330

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

(

32,465,024

)

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

(

32,465,024

)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

(

20,187,610

)

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Statements

of

Changes

in

Net

Assets

Janus

Detroit

Street

Trust

13

See

Notes

to

Financial

Statements.

Period

Ended

April

30,

2025

(unaudited)

Year

Ended

October

31,

2024

Operations:

Net

investment

income/(loss)

$

898,084

$

1,064,510

Net

realized

gain/(loss)

on

investments

11,379,330

8,238,183

Change

in

unrealized

net

appreciation/depreciation

(

32,465,024

)

44,416,288

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

(

20,187,610

)

53,718,981

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(

3,134,170

)

(

992,613

)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(

3,134,170

)

(

992,613

)

Capital

Share

Transactions

(

47,806,645

)

43,734,959

Net

Increase/(Decrease)

in

Net

Assets

(

71,128,425

)

96,461,327

Net

Assets:

—

—

Beginning

of

Period  

234,752,620

138,291,293

End

of

Period

$

163,624,195

$

234,752,620

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Financial

Highlights

14

April

30,

2025

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

the

period

ended

April

30,

2025

(unaudited)

and

each

year

or

period

ended

October

31

2025

2024

2023

2022

2021

2020

Net

Asset

Value,

Beginning

of

Period

$64.28

$48.07

$47.37

$67.08

$48.06

$43.10

Income/(Loss)

from

Investment

Operations:

—

—

—

—

—

—

Net

investment

income/(loss)

(1)

0.24

0.31

0.25

0.28

0.32

0.10

Net

realized

and

unrealized

gain/(loss)

(4.71)

16.19

0.80

(2)

(19.79)

19.03

4.97

Total

from

Investment

Operations

(4.47)

16.50

1.05

(2)

(19.51)

19.35

5.07

Less

Dividends

and

Distributions:

—

—

—

—

—

—

Dividends

(from

net

investment

income)

(0.89)

(0.29)

(0.35)

(0.20)

(0.33)

(0.11)

Total

Dividends

and

Distributions

(0.89)

(0.29)

(0.35)

(0.20)

(0.33)

(0.11)

Net

Asset

Value,

End

of

Period

$58.92

$64.28

$48.07

$47.37

$67.08

$48.06

Total

Return

*

(7.07)%

34.38%

2.21%

(29.11)%

40.30%

11.79%

Net

assets,

End

of

Period

(in

thousands)

$163,624

$234,753

$138,291

$75,884

$147,706

$52,958

Ratios

to

Average

Net

Assets

**

Ratio

of

Gross

Expenses

0.30%

0.30%

0.30%

0.30%

0.30%

0.32%

Ratio

of

Net

Investment

Income/(Loss)

0.75%

0.51%

0.48%

0.52%

0.48%

0.23%

Portfolio

Turnover

Rate

(3)

60%

91%

105%

107%

135%

78%

*

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

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

(unaudited)

Janus

Detroit

Street

Trust

15

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 fourteen

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.

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

Chief

Financial

Officer

of

the

Fund/Portfolio

is

designated

as

the

Chief

Operating

Decision

Maker

(“CODM”)

as

it

relates

to

ASC

Topic

280.

The

CODM

has

concluded

that

the

Fund/Portfolio

operated

as

a

single

segment

entity

for

the

period ended

April

30,

2025.

The

key

indicator

of

performance

of

the

Fund

is

net

investment

income

as

reported

on

the

Statement

of

Operations.

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,

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

(unaudited)

16

April

30,

2025

yields,

maturities

and

ratings.

Certain

short-term

securities

maturing

within

60

days

or

less

may

be

evaluated

and

valued

on

an

amortized

cost

basis

provided

that

the

amortized

cost

determined

approximates

market

value.

Securities

for

which

market

quotations

or

evaluated

prices

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

determined

in

good

faith

by

the

Adviser

pursuant

to

the

Valuation

Procedures. Circumstances

in

which

fair

valuation

may

be

utilized

include,

but

are

not

limited

to:

(i)

a

significant

event

that

may

affect

the

securities

of

a

single

issuer,

such

as

a

merger,

bankruptcy,

or

significant

issuer-specific

development;

(ii)

an

event

that

may

affect

an

entire

market,

such

as

a

natural

disaster

or

significant

governmental

action;

(iii)

a

nonsignificant

event

such

as

a

market

closing

early

or

not

opening,

or

a

security

trading

halt;

and

(iv)

pricing

of

a

non-valued

security

and

a

restricted

or

nonpublic

security.

Special

valuation

considerations

may

apply

with

respect

to

“odd-lot”

fixed-income

transactions

which,

due

to

their

small

size,

may

receive

evaluated

prices

by

pricing

services

which

reflect

a

large

block

trade

and

not

what

actually

could

be

obtained

for

the

odd-

lot

position.

The

value

of

the

securities

of

mutual

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

mutual

funds,

and

the

prospectuses

for

such

mutual

funds

explain

the

circumstances

under

which

they

use

fair

valuation

and

the

effects

of

using

fair

valuation.

The

value

of

the

securities

of

any

cash

management

pooled

investment

vehicles

that

operate

as

money

market

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

funds.

Valuation

Inputs

Summary 

FASB

ASC

820,

Fair

Value

Measurements

and

Disclosures

(“ASC

820”),

defines

fair

value,

establishes

a

framework

for

measuring

fair

value,

and

expands

disclosure

requirements

regarding

fair

value

measurements.

This

standard

emphasizes

that

fair

value

is

a

market-based

measurement

that

should

be

determined

based

on

the

assumptions

that

market

participants

would

use

in

pricing

an

asset

or

liability

and

establishes

a

hierarchy

that

prioritizes

inputs

to

valuation

techniques

used

to

measure

fair

value.

These

inputs

are

summarized

into

three

broad

levels: 

Level

1

–

Unadjusted

quoted

prices

in

active

markets

the

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities.

Level

2

–

Observable

inputs

other

than

unadjusted

quoted

prices

included

in

Level

1

that

are

observable

for

the

asset

or

liability

either

directly

or

indirectly.

These

inputs

may

include

quoted

prices

for

the

identical

instrument

on

an

inactive

market,

prices

for

similar

instruments,

interest

rates,

prepayment

speeds,

credit

risk,

yield

curves,

default

rates

and

similar

data.

Assets

or

liabilities

categorized

as

Level

2

in

the

hierarchy

generally

include:

debt

securities

fair

valued

in

accordance

with

the

evaluated

bid

or

ask

prices

supplied

by

a

pricing

service;

securities

traded

on

OTC

markets

and

listed

securities

for

which

no

sales

are

reported

that

are

fair

valued

at

the

latest

bid

price

(or

yield

equivalent

thereof)

obtained

from

one

or

more

dealers

transacting

in

a

market

for

such

securities

or

by

a

pricing

service

approved

by

the

Fund’s

Trustees;

and

certain

short-term

debt

securities

with

maturities

of

60

days

or

less

that

are

fair

valued

at

amortized

cost.

Other

securities

that

may

be

categorized

as

Level

2

in

the

hierarchy

include,

but

are

not

limited

to,

preferred

stocks,

bank

loans,

swaps,

investments

in

unregistered

investment

companies,

options,

and

forward

contracts.

Level

3

–

Unobservable

inputs

for

the

asset

or

liability

to

the

extent

that

relevant

observable

inputs

are

not

available,

representing

the

Fund’s

own

assumptions

about

the

assumptions

that

a

market

participant

would

use

in

valuing

the

asset

or

liability,

and

that

would

be

based

on

the

best

information

available.

There

have

been

no

significant

changes

in

valuation

techniques

used

in

valuing

any

such

positions

held

by

the

Fund

since

the

beginning

of

the

fiscal

year. 

The

inputs

or

methodology

used

for

fair

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

The

summary

of

inputs

used

as

of

April

30,

2025 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

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

17

be

subject

to

withholding

taxes

in

foreign

jurisdictions.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value.

Interest

income

is

recorded

daily

on

an

accrual

basis

and

includes

amortization

of

premiums

and

accretion

of

discounts.

The

Fund

classifies

gains

and

losses

on

prepayments

received

as

an

adjustment

to

interest

income.

Debt

securities

may

be

placed

in

non-accrual

status

and

related

interest

income

may

be

reduced

by

stopping

current

accruals

and

writing

off

interest

receivables

when

collection

of

all

or

a

portion

of

interest

has

become

doubtful.

Gains

and

losses

are

determined

on

the

identified

cost

basis,

which

is

the

same

basis

used

for

federal

income

tax

purposes.  

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,

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

(unaudited)

18

April

30,

2025

political,

economic

and

other

conditions

and

events,

such

as

natural

disasters,

health

emergencies

(e.g.,

epidemics

and

pandemics),

terrorism,

conflicts,

including

related

sanctions,

social

unrest,

tariffs,

financial

institution

failures,

and

economic

recessions 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.

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

replacement

securities

in

the

market.

There

is

a

risk

that

the

value

of

the

collateral

could

decrease

below

the

cost

of

the

replacement

security

by

the

time

the

replacement

investment

is

made,

resulting

in

a

loss

to

the

Fund.

In

certain

circumstances

individual

loan

transactions

could

yield

negative

returns. 

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

19

Upon

receipt

of

cash

collateral, the

Adviser may

invest

it

in

affiliated

or

non-affiliated

cash

management

vehicles,

whether

registered

or

unregistered

entities,

as

permitted

by

the

1940

Act

and

rules

promulgated

thereunder.

The

Adviser

currently

intends

to

invest

the

cash

collateral

in

a

cash

management

vehicle

for

which the

Adviser serves

as

investment

adviser,

Janus

Henderson

Cash

Collateral

Fund

LLC,

or

in

time

deposits.

An

investment

in

Janus

Henderson

Cash

Collateral

Fund

LLC

is

generally

subject

to

the

same

risks

that

shareholders

experience

when

investing

in

similarly

structured

vehicles,

such

as

the

potential

for

significant

fluctuations

in

assets

as

a

result

of

the

purchase

and

redemption

activity

of

the

securities

lending

program,

a

decline

in

the

value

of

the

collateral,

and

possible

liquidity

issues.

Such

risks

may

delay

the

return

of

the

cash

collateral

and

cause

the

Fund

to

violate

its

agreement

to

return

the

cash

collateral

to

a

borrower

in

a

timely

manner.

As

adviser

to

the

Fund

and

Janus

Henderson

Cash

Collateral

Fund

LLC, the

Adviser has

an

inherent

conflict

of

interest

as

a

result

of

its

fiduciary

duties

to

both

the

Fund

and

Janus

Henderson

Cash

Collateral

Fund

LLC.

Additionally, the

Adviser receives

an

investment

advisory

fee

of

0.05%

for

managing

Janus

Henderson

Cash

Collateral

Fund

LLC

and

therefore

may

have

an

incentive

to

allocate

collateral

to

the

Janus

Henderson

Cash

Collateral

Fund

LLC,

rather

than

to

other

collateral

management

options

for

which the

Adviser does

not

receive

compensation. 

The

value

of

the

collateral

must

be

at

least

102%

of

the

market

value

of

the

loaned

securities

that

are

denominated

in

U.S.

dollars

and

105%

of

the

market

value

of

the

loaned

securities

that

are

not

denominated

in

U.S.

dollars.

Loaned

securities

and

related

collateral

are

marked-to-market

each

business

day

based

upon

the

market

value

of

the

loaned

securities

at

the

close

of

business,

employing

the

most

recent

available

pricing

information.

Collateral

levels

are

then

adjusted

based

on

this

mark-to-market

evaluation. 

Additional

required

collateral,

or

excess

collateral

returned,

is

delivered

on

the

next

business

day. 

Therefore,

the

value

of

the

collateral

held

may

be

temporarily

less

than

102%

or

105%

value

of

the

securities

on

loan.

The

cash

collateral

invested

by

the

Adviser is

disclosed

in

the

Schedule

of

Investments

(if

applicable).

Income

earned

from

the

investment

of

the

cash

collateral,

net

of

rebates

paid

to,

or

fees

paid

by,

borrowers

and

less

the

fees

paid

to

the

lending

agent

are

included

as

“Affiliated

securities

lending

income,

net”

on

the

Statement

of

Operations.

As

of

April

30,

2025,

securities

lending

transactions

accounted

for

as

secured

borrowings

with

an

overnight

and

continuous

contractual

maturity

are

$1,613,656

for

equity

securities.

Gross

amounts

of

recognized

liabilities

for

securities

lending

(collateral

received)

as

of

April

30,

2025 is $1,654,824,

resulting

in

the

net

amount

due

to

the

counterparty

of

$41,168.

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

(unaudited)

20

April

30,

2025

For

the

period

ended April

30,

2025,

the

Fund’s

actual

management

fee

rate

(expressed

as

an

annual

rate)

was

0.30% of

the

Fund’s

average

daily

net

assets.

J.P.

Morgan

Chase

Bank,

N.A.

(“JP

Morgan")

provides

certain

fund

administration

services

to

the

Fund,

including

services

related

to

the

Fund’s

accounting,

including

calculating

the

daily

NAV,

audit

coordination,

tax,

and

reporting

obligations,

pursuant

to

an

agreement

with

the

Adviser,

on

behalf

of

the

Fund.

As

compensation

for

such

services, the

Adviser pays

JP

Morgan

a

fee

based

on

a

percentage

of

the

Fund’s

assets,

with

a

minimum

flat

fee,

for

certain

services. The

Adviser serves

as

administrator

to

the

Fund,

providing

oversight

and

coordination

of

the

Fund’s

service

providers,

recordkeeping

and

other

administrative

services. The

Adviser does

not

receive

any

additional

compensation,

beyond

the

unitary

fee,

for

serving

as

administrator.

JP

Morgan

also

serves

as

transfer

agent

for

the

shares

of

the

Fund.

Pursuant

to

agreements

with

the

Adviser on

behalf

of

the

Fund,

J.P.

Morgan

Securities

LLC,

an

affiliate

of

JP

Morgan,

may

execute

portfolio

transactions

for

the

Fund,

including

but

not

limited

to,

transactions

in

connection

with

cash

in

lieu

transactions

for

non-US

securities. 

The

Fund’s

Board

of

Trustees

(“Board”)

has

approved

a

Distribution

and

Servicing

Plan

for

shares

of

the

Fund

pursuant

to

Rule

12b-1

under

the

1940

Act

(the

“Plan”).

The

Plan

permits

compensation

in

connection

with

the

distribution

and

marketing

of

Fund

shares

and/or

the

provision

of

certain

shareholder

services.

The

Plan

permits

the

Fund

to

pay

the

Distributor

or

its

designee,

a

fee

for

the

sale

and

distribution

and/or

shareholder

servicing

of

the

shares

at

an

annual

rate

of

up

to

0.25%

of

average

daily

net

assets

of

the

Fund.

Under

the

terms

of

the

Plan,

the

Fund

would

be

authorized

to

make

payments

to

the

Distributor

or

its

designee

for

remittance

to

retirement

plan

service

providers,

broker-dealers,

bank

trust

departments,

financial

advisors,

and

other

financial

intermediaries,

as

compensation

for

distribution

and/or

shareholder

services

performed

by

such

entities

for

their

customers

who

are

investors

in

the

Fund.

The

12b-1

fee

may

only

be

imposed

or

increased

when

(i)

the

Trustees

determine

that

it

is

in

the

best

interests

of

shareholders

to

do

so,

and

(ii)

the

imposition

of

or

increase

in

the

12b-1

fee

is

first

approved

by

the

Fund’s

shareholders.

Because

these

fees

are

paid

out

of

the

Fund’s

assets

on

an

ongoing

basis,

to

the

extent

that

a

fee

is

authorized

by

shareholders

in

the

future,

over

time

they

will

increase

the

cost

of

an

investment

in

the

Fund.

The

Plan

fee

may

cost

an

investor

more

than

other

types

of

sales

charges.

At

this

time, the

Adviser does

not

intend

to

seek

shareholder

approval

for

implementation

of

the

Plan. 

As

of

April

30,

2025, the

Adviser

owned 9,735

shares

or 0.35%

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

at

least

80%

of

its

net

assets

(plus

any

borrowings

for

investment

purposes)

in

U.S.

Government

securities

and

repurchase

agreements

that

are collateralized

by

U.S.

Government 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). 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. 

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

Daily

Net

Assets

Fee

Rate

$0-$500

million

0.30%

Next

$500

million

0.25%

Over

$1

billion

0.20%

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

21

Cross

Trade

Procedures

adopted

and

amended by

the

Trust’s

Board

of

Trustees.

These

procedures

have

been

designed

to

ensure

that

any

cross-trade

of

securities

by

the

Fund

from

or

to

another

fund

or

account

that

is

or

could

be

considered

an

affiliate

of

the

Fund

under

certain

limited

circumstances

by

virtue

of

having

a

common

investment

adviser,

common

Officer,

or

common

Trustee

complies

with

Rule

17a-7.

Under

these

procedures,

each

cross-trade

is

effected

at

the

current

market

price

to

save

costs

where

allowed.

During

the

period

ended April

30,

2025,

the

Fund

engaged

in

cross

trades

amounting

to $9,136,907 in

purchases

and

$7,838,861 in

sales,

resulting

in

a

net

realized

loss

of

$1,132,535.

The

net

realized

gain/loss

is

included

within

the

“Net

Realized

Gain/(Loss)

on

Investments”

section

of

the

Fund’s

Statement

of

Operations.

Any

purchases

and

sales,

realized

gains/losses

and

recorded

dividends

from

affiliated

investments

during

the

period

ended

April

30,

2025 can

be

found

in

a

table

located

in

the

Schedule

of

Investments.

4.

Federal

Income

Tax

Income

and

capital

gains

distributions

are

determined

in

accordance

with

income

tax

regulations

that

may

differ

from

US

GAAP.

These

differences

are

due

to

differing

treatments

for

items

such

as

net

short-term

gains,

deferral

of

wash

sale

losses,

foreign

currency

transactions,

passive

foreign

investment

companies,

net

investment

losses,

in-kind

transactions

and

capital

loss

carryovers.

The

Fund

has

elected

to

treat

gains

and

losses

on

forward

foreign

currency

contracts

as

capital

gains

and

losses,

if

applicable.

Other

foreign

currency

gains

and

losses

on

debt

instruments

are

treated

as

ordinary

income

for

federal

income

tax

purposes

pursuant

to

Section

988

of

the

Internal

Revenue

Code. 

Accumulated

capital

losses

noted

below

represent

net

capital

loss

carryovers,

as

of

October

31,

2024,

that

may

be

available

to

offset

future

realized

capital

gains

and

thereby

reduce

future

taxable

gains

distributions.

The

following

table

shows

these

capital

loss

carryovers. 

The

aggregate

cost

of

investments

and

the

composition

of

unrealized

appreciation

and

depreciation

of

investment

securities

for

federal

income

tax

purposes

as

of April

30,

2025 are

noted

below.

The

primary

differences

between

book

and

tax

appreciation

or

depreciation

of

investments are

wash

sale

loss

deferrals

and

investments

in

partnerships.

5.

Capital

Share

Transactions 

Capital

Loss

Carryover

Schedule

For

the

year

ended

October

31,

2024

No

Expiration

Short-Term

Long-Term

Accumulated

Capital

Losses

$(31,033,126)

$(9,095,083)

$(40,128,209)

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$171,407,334

$14,444,678

$(20,554,528)

$(6,109,850)

Period

Ended

April

30,

2025

Year

Ended

October

31,

2024

Shares

Amount

Shares

Amount

Shares

sold

1,575,000

$

108,905,694

1,450,000

$

84,304,598

Shares

repurchased

(2,450,000)

(156,712,339

)

(675,000)

(40,569,639

)

Net

Increase/(Decrease)

(875,000)

$

(47,806,645

)

775,000

$

43,734,959

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

(unaudited)

22

April

30,

2025

6.

Purchases

and

Sales

of

Investment

Securities

For

the

period

ended

April

30,

2025,

the

aggregate

cost

of

purchases

and

proceeds

from

sales

of

investment

securities

(excluding

any

short-term

securities,

short-term

options

contracts,

and

in-kind

transactions)

was

as

follows:

For

the

period

ended April

30,

2025,

the

cost

of

in-kind

purchases

and

proceeds

from

in-kind

sales,

were

as

follows: 

During

the

period

ended

April

30,

2025,

the

Fund

had

net

realized

gain of $36,151,994 from

in-kind

redemptions.

Gains

on

in-kind

transactions

are

not

considered

taxable

for

federal

income

tax

purposes.

7.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to April

30,

2025

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

other

than

the

following:

As

of

May

12,

2025,

the

Fund

repositioned

to

shift

its

focus

from

utilizing

a

passive

strategy

that

seeks

investment

results

that

correspond

generally,

before

fees

and

expenses,

to

the

performance

of

the

Fund’s

underlying

index

to

an

active,

systematic

strategy

designed

to

select

equity

securities

of

small

cap

growth

companies

using

a

proprietary

quantitative

methodology.

Purchases

of

Securities

Proceeds

from

Sales

of

Securities

Purchases

of

Long-

Term

U.S.

Government

Obligations

Proceeds

from

Sales

of

Long-Term

U.S.

Government

Obligations

$139,993,679

$142,295,172

$—

$—

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

$108,812,700

$156,058,950

$—

$—

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Additional

Information

(unaudited)

Janus

Detroit

Street

Trust

23

Item

8.

Changes

in

and

Disagreements

with

Accountants

for

Open-End

Management

Investment

Companies.

Not

applicable.

Item

9.

Proxy

Disclosures

for

Open-End

Management

Investment

Companies.

Not

applicable.

Item

10.

Remuneration

Paid

to

Directors,

Officers,

and

Others

of

Open-End

Management

Investment

Companies.

Because

the

Adviser

has

agreed

in

the

Investment

Advisory

Agreement

to

cover

all

operating

expenses

of

the

Fund,

subject

to

certain

exclusions

as

provided

for

therein,

the

Adviser

pays

the

compensation

to

each

Independent

Trustees

for

services

to

the

Fund

from

the

Adviser's

management

fees.

Item

11.

APPROVAL

OF

ADVISORY

AGREEMENTS

DURING

THE

PERIOD

The

Board

of

Trustees

(the

“Board”)

of

Janus

Detroit

Street

Trust

(the

“Trust”),

including

a

majority

of

the

Trustees

who

are

not

“interested

persons”

as

that

term

is

defined

in

the

Investment

Company

Act

of

1940,

as

amended

(the

“Independent

Trustees”),

met

in

person

on

April

16-17,

2025

to

consider

the

proposed

renewal

of

the

investment

management

agreement

between

Janus

Henderson

Investors

US

LLC

(the

“Adviser”)

and

the

Trust

(the

“Investment

Management

Agreement”),

on

behalf

of

Janus

Henderson

AAA

CLO

ETF

(“JAAA”),

Janus

Henderson

B-BBB

CLO

ETF

(“JBBB”),

Janus

Henderson

Corporate

Bond

ETF

(“JLQD”),

Janus

Henderson

Mortgage-Backed

Securities

ETF

(“JMBS”),

Janus

Henderson

Securitized

Income

ETF

(“JSI”),

Janus

Henderson

Short

Duration

Income

ETF

(“VNLA”),

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

(“JSML”),

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

(“JSMD”),

Janus

Henderson

U.S.

Real

Estate

ETF

(“JRE”),

and

Janus

Henderson

U.S.

Sustainable

Equity

ETF

(“SSPX”)

(each

a

separate

series

of

the

Trust,

and

collectively,

the

“Funds”).

In

the

course

of

their

consideration

of

the

renewal

of

the

Investment

Management

Agreement,

the

Independent

Trustees

met

in

executive

session

and

were

advised

by

their

independent

counsel.

In

this

regard,

the

Independent

Trustees

evaluated

the

terms

of

the

Investment

Management

Agreement

and

reviewed

the

duties

and

responsibilities

of

trustees

in

evaluating

and

approving

such

agreements.

In

considering

renewal

of

the

Investment

Management

Agreement,

the

Board

and

the

Independent

Trustees,

as

applicable,

reviewed

the

materials

provided

to

them

relating

to

the

consideration

of

the

renewal

of

the

Investment

Management

Agreement

for

the

Funds

and

other

information

provided

by

counsel

and

the

Adviser,

including:

(i)

information

regarding

the

nature,

quality

and

extent

of

the

services

provided

to

the

Funds

by

the

Adviser,

and

the

fees

charged

to

each

Fund

therefor;

(ii)

information

concerning

the

Adviser’s

financial

condition,

business,

operations,

portfolio

management

personnel,

compliance

programs,

and

profitability

with

respect

to

the

Trust

and

each

Fund;

(iii)

comparative

information

describing

each

Fund’s

advisory

fee

structures,

operating

expenses,

and

performance

information

as

compared

to

peer

fund

groups

compiled

by

an

independent

third

party;

(iv)

a

copy

of

the

Adviser’s

current

Form

ADV;

and

(v)

a

memorandum

from

counsel

to

the

Independent

Trustees

on

the

responsibilities

of

trustees

in

considering

investment

advisory

arrangements

under

the

1940

Act.

The

Board

also

considered

presentations

made

by,

and

discussions

held

with,

representatives

of

the

Adviser

throughout

the

year.

The

Trustees

also

considered

information

received

and

reviewed

in

connection

with

a

meeting

held

on

March

10,

2025

via

videoconference

to

discuss

certain

information

provided

by

the

Adviser

related

to

the

Trustees’

consideration

of

the

renewal

of

the

Investment

Management

Agreement.

The

Board

determined

that

the

information

provided

by

the

Adviser

was

thorough

and

sufficiently

responsive

to

their

request

so

as

to

permit

the

effective

consideration

of

the

renewal.

During

its

review

of

this

information,

the

Board

focused

on

and

analyzed

the

factors

that

it

deemed

relevant,

including,

among

other

factors:

(i)

the

nature,

extent

and

quality

of

the

services

provided

to

the

Funds

by

the

Adviser;

(ii)

the

Adviser’s

personnel

and

operations;

(iii)

each

Fund’s

expense

level;

(iv)

the

profitability

to

the

Adviser

under

the

Investment

Management

Agreement

with

respect

to

each

Fund;

(v)

any

“fall-out”

benefits

to

the

Adviser

and

its

affiliates

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Additional

Information

(unaudited)

24

April

30,

2025

(i.e.,

the

ancillary

benefits

realized

by

the

Adviser

and

its

affiliates

from

the

Adviser’s

relationship

with

the

Trust);

(vi)

the

effect

of

asset

growth

on

each

Fund’s

expenses;

and

(vii)

potential

conflicts

of

interest.

The

Trustees

also

considered

benefits

that

accrue

to

the

Adviser

and

its

affiliates

from

their

relationships

with

the

Trust

and

each

Fund.

The

Trustees

also

considered

that,

other

than

the

services

provided

by

the

Adviser

and

its

affiliates

pursuant

to

agreements

with

the

Funds

and

the

fees

paid

by

the

Funds

therefor,

the

Funds

and

the

Adviser

may

potentially

benefit

from

their

relationship

with

each

other

in

other

ways.

The

Trustees

considered

that

the

success

of

the

Funds

could

attract

other

business

to

the

Adviser

or

other

Janus

Henderson

funds,

and

that

the

success

of

the

Adviser

could

enhance

the

Adviser’s

ability

to

serve

the

Funds.

The

Board,

including

the

Independent

Trustees,

considered

the

following

in

respect

of

the

Funds:

(a)

The

nature,

extent

and

quality

of

services

provided

by

the

Adviser;

personnel

and

operations

of

the

Adviser.

The

Board

reviewed

the

services

that

the

Adviser

provides

to

the

Funds.

In

connection

with

the

investment

advisory

services

provided

by

the

Adviser,

the

Board

noted

the

responsibilities

that

the

Adviser

has

as

the

Funds’

investment

adviser,

including:

the

overall

supervisory

responsibility

for

the

general

management

and

investment

of

each

Fund’s

securities

portfolio;

providing

oversight

of

the

investment

performance

and

processes

and

compliance

with

each

Fund’s

investment

objectives,

policies

and

limitations;

the

implementation

of

the

investment

management

program

of

each

Fund;

the

management

of

the

day-to-day

investment

and

reinvestment

of

the

assets

of

each

Fund;

determining

daily

baskets

of

securities

and

cash

components

in

connection

with

creation

and

redemption

transactions

in

each

Fund’s

shares;

executing

portfolio

security

trades

for

purchases

and

redemptions

of

each

Fund’s

shares

conducted

on

a

cash-

in-lieu

basis;

the

review

of

brokerage

matters;

the

oversight

of

general

portfolio

compliance

with

relevant

law;

and

the

implementation

of

Board

directives

as

they

relate

to

the

Funds.

The

Board

reviewed

the

Adviser’s

experience,

resources,

and

strengths

in

managing

the

Funds

and

other

pooled

investment

vehicles,

including

an

assessment

of

the

Adviser’s

personnel.

Based

on

its

consideration

and

review

of

the

foregoing

information,

the

Board

determined

that

each

Fund

was

likely

to

continue

to

benefit

from

the

nature,

quality

and

extent

of

these

services,

as

well

as

the

Adviser’s

ability

to

render

such

services

based

on

the

Adviser’s

experience,

personnel,

operations

and

resources.

(b)

Comparison

of

services

rendered

and

fees

paid

under

other

investment

advisory

contracts,

and

the

cost

of

the

services

to

be

provided

and

profits

to

be

realized

by

the

Adviser

from

the

relationship

with

the

Funds;

“fall-out”

benefits.

The

Board

then

compared

both

the

services

rendered

and

the

fees

paid

under

other

contracts

of

the

Adviser

and

under

contracts

of

other

investment

advisers

with

respect

to

similar

ETFs.

In

particular,

the

Board

reviewed

a

report

compiled

by

an

independent

third

party

to

compare

each

Fund’s

contractual

management

fee

and

total

expense

ratio

to

other

investment

companies

within

each

Fund’s

respective

peer

grouping,

as

determined

by

the

independent

third

party.

The

information

provided

by

the

comparative

report

showed

how

the

total

expense

ratio

and

contractual

management

fee

for

each

of

the

Funds

compared

within

its

respective

peer

group

for

the

one-year

period

ended

December

31,

2024.

The

reporting

is

described

in

detail

below:

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Additional

Information

(unaudited)

Janus

Detroit

Street

Trust

25

The

total

expense

ratio

and

the

contractual

management

fee

for

JAAA

were

each

reported

in

the

3rd

quintile

of

its

respective

peer

group

(with

1st

quintile

being

the

lowest

fees/expenses

and

5th

quintile

being

the

highest

fees/

expenses).

The

total

expense

ratio

and

the

contractual

management

fee

for

JBBB

were

each

reported

in

the

1st

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JLQD

were

each

reported

in

the

3rd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JMBS

were

each

reported

in

the

1st

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JSI

were

each

reported

in

the

4th

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

VNLA

were

each

reported

in

the

1st

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JSML

were

reported

in

the

3rd

and

2nd

quintiles,

respectively.

The

total

expense

ratio

and

the

contractual

management

fee

for

JSMD

were

reported

in

the

3rd

and

2nd

quintiles,

respectively.

The

total

expense

ratio

and

the

contractual

management

fee

for

JRE

were

reported

in

the

4th

and

3rd

quintiles,

respectively.

The

total

expense

ratio

and

the

contractual

management

fee

for

SSPX

were

each

reported

in

the

2nd

quintile.

The

Board

further

considered

that

the

Adviser

had

voluntarily

agreed

to

cap

the

expenses

of

JAAA,

JMBS

and

VNLA

to

the

extent

that

such

Funds’

total

expense

ratio

exceeded

0.20%,

0.22%

and

0.23%,

respectively,

until

at

least

February

28,

2026.

The

Board

also

considered

that

the

Adviser

had

voluntarily

agreed

to

cap

the

expenses

of

JLQD

to

the

extent

that

the

Fund’s

total

expense

ratio

exceeded

0.20%

until

at

least

May

1,

2026.

The

Board

further

noted

the

Adviser’s

contractual

commitment

with

respect

to

the

Funds’

investments

in

affiliated

ETFs

to

waive

and/or

reimburse

a

portion

of

its

management

fee

in

an

amount

equal

to

a

portion

of

the

management

fee

it

earns

as

investment

adviser

to

affiliated

ETFs

in

which

a

Fund

invests

(if

any),

for

until

at

least

February 28,

2026.

The

Board

also

discussed

the

costs

incurred

by

the

Adviser

in

connection

with

its

serving

as

investment

adviser

to

the

Funds,

including

operational

costs.

After

comparing

each

Fund’s

fees

and

expenses

with

those

of

other

ETFs

in

the

Funds’

respective

peer

groups,

and

in

light

of

the

nature,

extent

and

quality

of

services

provided

by

the

Adviser

and

the

costs

incurred

by

the

Adviser

in

rendering

those

services,

as

well

as

the

profitability

of

the

Adviser

in

providing

these

services,

the

Board

concluded

that

the

level

of

fees

paid

to

the

Adviser

and

the

profitability

with

respect

to

each

Fund

was

fair

and

reasonable.

The

Board

also

considered

that

the

Adviser

may

experience

reputational

“fall-out”

benefits

based

on

the

success

of

the

Funds,

but

that

such

benefits

are

not

easily

quantifiable.

(c)

The

extent

to

which

economies

of

scale

would

be

realized

as

the

Fund

grows

and

whether

fee

levels

would

reflect

such

economies

of

scale.

The

Board

next

discussed

potential

economies

of

scale.

In

its

review,

the

Board

considered

that

the

Funds

were

positioned

to

realize

potential

economies

of

scale

as

assets

grow

over

time,

given

the

inclusion

of

management

fee

breakpoints

for

each

Fund

in

the

current

investment

advisory

agreement

at

various

asset

levels.

(d)

Investment

performance

of

the

Fund

and

the

Adviser.

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Additional

Information

(unaudited)

26

April

30,

2025

The

Board

next

discussed

the

annualized

returns

of

the

Funds

on

both

an

absolute

basis

and

relative

to

the

performance

of

funds

comprising

a

performance

universe

compiled

by

an

independent

third

party

for

each

Fund

for

the

three-month

period,

one-year

period,

two-year

period,

three-year

period,

four-year

period,

five-year

period,

and/or

since

inception

period

ended

December

31,

2024

(each

period

as

applicable).

The

Board

noted

the

following

for

each

Fund:

JAAA

was

reported

to

be

in

the

1st

quintile

of

its

performance

universe

(with

the

1st

quintile

being

the

best

performer

and

the

5th

quintile

being

the

worst

performer)

for

its

one-,

two-,

three-

and

four-year

periods;

JBBB

was

reported

to

be

in

the

1stquintile

of

its

performance

universe

for

its

one-

and

two-year

periods,

respectively;

JLQD

was

reported

to

be

in

the

2nd,

3rd,

and

2nd

quintiles

of

its

performance

universe

for

its

one-,

two-,

and

three-

year

periods,

respectively.

JMBS

was

reported

to

be

in

the

1st

quintile

of

its

performance

universe

for

its

one-,

two-,

three-,

four-,

and

five-year

periods;

JSI

was

reported

to

be

in

the

2nd,

1st,

and

1st

quintiles

of

its

performance

universe

for

its

three

month,

one

year,

and

since

inception

periods,

respectively.

VNLA

was

reported

to

be

in

the

2nd,

2nd,

2nd,

2nd,

and

1st

quintiles

of

its

performance

universe

for

each

of

its

one-

,

two-,

three-,

four-,

and

five-year

periods;

JSML

was

reported

to

be

in

the

4th,

1st,

1st,

3rd,

and

3rd

quintiles

of

its

performance

universe

for

its

one-,

two-,

three-,

four-,

and

five-year

periods,

respectively;

JSMD

was

reported

to

be

in

the

3rd,

2nd,

1st,

2nd,

and

2nd

quintiles

of

its

performance

universe

for

its

one-,

two-,

three-,

four-,

and

five-year

periods,

respectively;

JRE

was

reported

to

be

in

the

2nd,

4th,

and

2nd

quintiles

of

its

performance

universe

for

its

one-,

two-,

and

three-

year

periods,

respectively;

and

SSPX

was

reported

to

be

in

the

5th

quintile

of

its

performance

universe

for

its

one-,

two-,

and

three-

year

periods.

With

respect

to

JSML

and

JSMD,

the

Board

noted

that

these

Funds

had

operated

as

index-based

during

the

periods

described

above

and,

as

a

result,

had

been

passively

managed

to

seek

to

track

the

returns

of

specified

indices.

For

this

reason,

the

Board

also

considered

the

performance

of

these

Funds

in

relation

to

the

performance

of

each

Fund’s

respective

underlying

index

(i.e.,

“tracking

error”)

and

considered

that

the

tracking

error

was

within

anticipated

ranges.

The

Board

considered

the

Adviser’s

explanation

of

performance

results

for

each

Fund

across

the

relevant

periods

provided

as

part

of

the

consideration

of

the

renewal

of

the

Investment

Advisory

Agreement,

and

during

the

course

of

the

previous

year.

Conclusion.

No

single

factor

was

determinative

to

the

decision

of

the

Board.

Based

on

the

foregoing

and

such

other

matters

as

were

deemed

relevant,

the

Board

concluded

that

the

management

fee

rates

and

total

expense

ratios

of

each

Fund

are

reasonable

in

relation

to

the

services

provided

by

the

Adviser

to

such

Fund,

as

well

as

the

costs

incurred

and

benefits

gained

by

the

Adviser

in

providing

such

services.

The

Board

also

found

the

management

fees

to

be

reasonable

in

comparison

to

the

fees

charged

by

advisers

to

other

comparable

ETFs

and

mutual

funds

(as

applicable).

As

a

result,

the

Board

concluded

that

the

renewal

of

the

Investment

Management

Agreement

for

an

additional

one-year

period

was

in

the

best

interests

of

each

Fund.

After

full

consideration

of

the

above

factors,

as

well

as

other

factors,

the

Trustees,

including

all

of

the

Independent

Trustees

voting

separately,

determined

to

approve

the

renewal

of

the

Investment

Management

Agreement

for

each

Fund.

125-24-93061

04-25

This

report

is

submitted

for

the

general

information

of

shareholders

of

the

Fund.

It

is

not

an

offer

or

solicitation

for

the

Fund

and

is

not

authorized

for

distribution

to

prospective

investors

unless

preceded

or

accompanied

by

an

effective

prospectus.

Janus

Henderson

is

a

trademark

of

Janus

Henderson

Group

plc

or

one

of

its

subsidiaries.

©

Janus

Henderson

Group

plc.

Janus

Henderson

Investors

US

LLC

is

the

investment

adviser

and

ALPS

Distributors,

Inc.

is

the

distributor.

ALPS

is

not

affiliated

with

Janus

Henderson

or

any

of

its

subsidiaries.

SEMIANNUAL

FINANCIAL

STATEMENTS

April

30,

2025

Janus

Henderson

Short

Duration

Income

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

Short

Duration

Income

ETF

Item

7.

Financial

Statements

and

Financial

Highlights

for

Open-End

Management

Investment

Companies

Schedule

of

Investments

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

3

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

Items

8-11

-

Additional

Information

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

33

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

Janus

Detroit

Street

Trust

3

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Asset-Backed

Securities

-

8.1%

Ally

Bank

Auto

Credit-Linked

Notes,

5.6810%,

5/17/32

(144A)

$

3,346,922

$

3,398,013

Ally

Bank

Auto

Credit-Linked

Notes,

5.8270%,

5/17/32

(144A)

3,346,922

3,391,454

Ally

Bank

Auto

Credit-Linked

Notes,

4.9700%,

9/15/32

(144A)

2,718,350

2,736,633

Bayview

Opportunity

Master

Fund

VII

LLC,

SOFR30A

+

1.1000%,

5.4537%,

12/26/31

(144A)

‡

4,471,513

4,478,855

Bayview

Opportunity

Master

Fund

VII

Trust,

5.6700%,

4/15/27

(144A)

666,710

667,446

Credabl

ABS

Trust,

30

Day

Australian

Bank

Bill

Rate

+

1.4500%,

5.5277%,

5/11/45

‡

AUD

16,594,374

10,641,232

Credabl

ABS

Trust,

30

Day

Australian

Bank

Bill

Rate

+

2.2000%,

6.2777%,

5/11/45

‡

AUD

2,060,000

1,322,271

DB

Master

Finance

LLC,

4.0300%,

11/20/47

(144A)

$

3,524,700

3,459,416

DB

Master

Finance

LLC,

2.0450%,

11/20/51

(144A)

5,156,775

4,936,249

DB

Master

Finance

LLC,

2.4930%,

11/20/51

(144A)

1,577,993

1,455,943

Huntington

Bank

Auto

Credit-Linked

Notes,

6.1530%,

5/20/32

(144A)

8,209,924

8,303,770

Huntington

Bank

Auto

Credit-Linked

Notes,

5.4420%,

10/20/32

(144A)

12,473,537

12,527,946

Huntington

Bank

Auto

Credit-Linked

Notes,

4.9570%,

3/21/33

(144A)

10,106,132

10,176,041

Jersey

Mike's

Funding

LLC,

4.4330%,

2/15/50

(144A)

4,708,440

4,650,919

Liberty,

30

Day

Australian

Bank

Bill

Rate

+

1.2000%,

5.1900%,

5/25/32

‡

AUD

8,210,724

5,260,279

Metro

Finance

Trust,

30

Day

Australian

Bank

Bill

Rate

+

1.2500%,

5.3175%,

9/17/30

‡

AUD

12,912,488

8,282,803

NOW

Trust,

30

Day

Australian

Bank

Bill

Rate

+

1.4000%,

5.4800%,

6/14/32

‡

AUD

34,377,486

22,086,239

NOW

Trust,

30

Day

Australian

Bank

Bill

Rate

+

1.1500%,

5.2459%,

2/14/34

‡

AUD

28,760,000

18,401,210

Plenti

Auto

ABS,

30

Day

Australian

Bank

Bill

Rate

+

1.1000%,

5.1800%,

8/12/33

‡

AUD

4,142,648

2,637,420

Plenti

PL-Green

ABS

Trust,

30

Day

Australian

Bank

Bill

Rate

+

1.1800%,

5.2577%,

4/11/36

‡

AUD

21,846,719

13,989,519

Santander

Bank

Auto

Credit-Linked

Notes,

4.9110%,

1/18/33

(144A)

$

3,556,132

3,580,084

Santander

Bank

Auto

Credit-Linked

Notes,

4.9650%,

1/18/33

(144A)

6,500,000

6,504,518

Santander

Drive

Auto

Receivables

Trust,

6.3100%,

7/15/27

315,423

315,423

Subway

Funding

LLC,

5.2460%,

7/30/54

(144A)

9,814,680

9,631,286

Subway

Funding

LLC,

6.0280%,

7/30/54

(144A)

11,571,850

11,712,432

Taco

Bell

Funding

LLC,

4.9700%,

5/25/46

(144A)

7,261,763

7,257,524

Taco

Bell

Funding

LLC,

4.9400%,

11/25/48

(144A)

23,251,403

23,219,392

Taco

Bell

Funding

LLC,

2.2940%,

8/25/51

(144A)

2,916,060

2,635,160

United

Airlines

Pass-Through

Trust,

5.8750%,

10/15/27

2,373,050

2,402,886

United

Auto

Credit

Securitization

Trust,

6.1700%,

8/10/26

(144A)

205,883

205,940

Westlake

Automobile

Receivables

Trust,

5.9600%,

10/15/26

(144A)

164,213

164,269

Total

Asset-Backed

Securities

(cost

$211,512,982)

210,432,572

Corporate

Bonds

-

77.7%

Basic

Materials

-

0.7%

Glencore

Funding

LLC,

4.9070%, 4/1/28

(144A)

18,904,000

19,094,062

Communications

-

0.7%

Walt

Disney

Co.

(The),

3.0570%, 3/30/27

CAD

22,920,000

16,566,184

Consumer,

Cyclical

-

7.4%

BMW

US

Capital

LLC,

5.3000%, 8/11/25

(144A)

$

6,250,000

6,263,521

Daimler

Truck

Finance

Canada,

Inc.,

2.4600%, 12/15/26

CAD

8,960,000

6,395,311

Daimler

Truck

Finance

North

America

LLC,

5.0000%, 1/15/27

(144A)

$

3,240,000

3,262,079

Daimler

Truck

Finance

North

America

LLC,

5.1250%, 9/25/27

(144A)

6,810,000

6,887,008

Delta

Air

Lines,

Inc.,

4.7500%, 10/20/28

(144A)

16,327,000

16,228,230

General

Motors

Financial

Co.,

Inc.,

1.5500%, 9/2/25

AUD

1,590,000

1,007,030

General

Motors

Financial

Co.,

Inc.,

6.0500%, 10/10/25

$

1,250,000

1,255,452

General

Motors

Financial

Co.,

Inc.,

5.4000%, 4/6/26

3,230,000

3,236,603

General

Motors

Financial

Co.,

Inc.,

5.1500%, 8/15/26

GBP

4,690,000

6,255,011

General

Motors

Financial

Co.,

Inc.,

5.4000%, 5/8/27

$

7,000,000

7,071,059

General

Motors

Financial

Co.,

Inc.,

5.3500%, 7/15/27

9,000,000

9,094,546

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

4

April

30,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Corporate

Bonds

-

(continued)

Consumer,

Cyclical

-

(continued)

Hasbro,

Inc.,

3.5500%, 11/19/26

$

5,972,000

$

5,867,577

Hyundai

Capital

America,

5.5000%, 3/30/26

(144A)

10,125,000

10,183,029

Hyundai

Capital

America,

5.6500%, 6/26/26

(144A)

7,645,000

7,725,007

Hyundai

Capital

America,

5.9500%, 9/21/26

(144A)

12,525,000

12,719,543

Hyundai

Capital

America,

4.8500%, 3/25/27

(144A)

5,000,000

5,005,908

Hyundai

Capital

America,

5.0000%, 1/7/28

(144A)

4,501,000

4,512,827

Marriott

International,

Inc.,

5.4500%, 9/15/26

16,885,000

17,064,679

McDonald's

Corp.,

3.4500%, 9/8/26

AUD

1,000,000

634,028

Mercedes-Benz

Finance

North

America

LLC,

5.2000%, 8/3/26

(144A)

$

12,100,000

12,198,597

Volkswagen

Financial

Services

Australia

Pty.

Ltd.,

1.4000%, 8/25/25

AUD

13,370,000

8,464,969

Volkswagen

Financial

Services

Australia

Pty.

Ltd.,

4.9500%, 4/13/26

AUD

3,110,000

1,991,665

Volkswagen

Financial

Services

Australia

Pty.

Ltd.,

5.3000%, 2/9/27

AUD

1,670,000

1,074,277

Volkswagen

Group

of

America

Finance

LLC,

4.9000%, 8/14/26

(144A)

$

4,075,000

4,079,482

Volkswagen

Group

of

America

Finance

LLC,

5.7000%, 9/12/26

(144A)

14,575,000

14,727,967

Volkswagen

Group

of

America

Finance

LLC,

6.0000%, 11/16/26

(144A)

13,200,000

13,398,830

Volkswagen

Group

of

America

Finance

LLC,

5.0500%, 3/27/28

(144A)

3,580,000

3,587,928

190,192,163

Consumer,

Non-cyclical

-

6.2%

Amgen,

Inc.,

5.5070%, 3/2/26

20,025,000

20,029,424

Cargill,

Inc.,

4.8750%, 10/10/25

(144A)

7,375,000

7,384,527

CVS

Health

Corp.,

4.3000%, 3/25/28

8,975,000

8,906,965

Icon

Investments

Six

DAC,

5.8090%, 5/8/27

11,520,000

11,749,922

Illumina,

Inc.,

5.8000%, 12/12/25

22,875,000

23,029,349

Illumina,

Inc.,

4.6500%, 9/9/26

1,705,000

1,705,194

Illumina,

Inc.,

5.7500%, 12/13/27

5,630,000

5,759,807

Lonsdale

Finance

Pty.

Ltd.,

2.4500%, 11/20/26

AUD

29,300,000

18,202,237

Lonsdale

Finance

Pty.

Ltd.,

2.1000%, 10/15/27

AUD

3,800,000

2,295,951

Penske

Truck

Leasing

Canada,

Inc.,

5.4400%, 12/8/25

CAD

6,153,000

4,513,521

Smith

&

Nephew

plc,

5.1500%, 3/20/27

$

6,270,000

6,345,120

Solventum

Corp.,

5.4500%, 2/25/27

22,400,000

22,729,831

Solventum

Corp.,

5.4000%, 3/1/29

5,790,000

5,905,175

Universal

Health

Services,

Inc.,

1.6500%, 9/1/26

23,425,000

22,478,588

161,035,611

Energy

-

3.4%

Cheniere

Energy,

Inc.,

4.6250%, 10/15/28

8,814,000

8,729,912

Columbia

Pipelines

Holding

Co.

LLC,

6.0550%, 8/15/26

(144A)

11,486,000

11,647,860

Columbia

Pipelines

Holding

Co.

LLC,

6.0420%, 8/15/28

(144A)

7,050,000

7,269,447

Enbridge,

Inc.,

5.9000%, 11/15/26

5,000,000

5,095,167

Enbridge,

Inc.,

3.2000%, 6/8/27

CAD

14,500,000

10,462,821

Energy

Transfer

LP,

6.0500%, 12/1/26

$

13,440,000

13,708,574

Energy

Transfer

LP,

4.9500%, 5/15/28

5,000,000

5,042,378

Energy

Transfer

LP,

4.9500%, 6/15/28

5,000,000

5,045,311

ONEOK,

Inc.,

5.5500%, 11/1/26

6,600,000

6,680,641

Williams

Cos.,

Inc.

(The),

5.4000%, 3/2/26

15,050,000

15,131,870

88,813,981

Financial

-

45.6%

AerCap

Ireland

Capital

DAC,

6.5000%, 7/15/25

11,000,000

11,016,422

AerCap

Ireland

Capital

DAC,

6.1000%, 1/15/27

8,375,000

8,552,181

AerCap

Ireland

Capital

DAC,

6.4500%, 4/15/27

19,617,000

20,224,108

AerCap

Ireland

Capital

DAC,

3.6500%, 7/21/27

3,095,000

3,024,291

Air

Lease

Corp.,

5.3000%, 6/25/26

10,020,000

10,075,779

Air

Lease

Corp.,

5.4000%, 6/1/28

CAD

14,985,000

11,352,822

American

Express

Co.,

SOFR

+

0.9990%,

4.9900%, 5/1/26

‡

$

9,450,000

9,450,000

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

Janus

Detroit

Street

Trust

5

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Corporate

Bonds

-

(continued)

Financial

-

(continued)

American

Express

Co.,

SOFR

+

1.3300%,

6.3380%, 10/30/26

‡

$

4,000,000

$

4,035,681

American

Express

Co.,

SOFRINDX

+

0.7500%,

5.6450%, 4/23/27

‡

5,375,000

5,431,352

American

Express

Co.,

SOFR

+

1.0000%,

5.0980%, 2/16/28

‡

1,950,000

1,974,716

American

Express

Co.,

SOFR

+

1.2600%,

4.7310%, 4/25/29

‡

12,750,000

12,867,575

American

Tower

Corp.,

3.5500%, 7/15/27

12,000,000

11,789,514

Aon

North

America,

Inc.,

5.1250%, 3/1/27

12,795,000

12,971,781

Arthur

J

Gallagher

&

Co.,

4.6000%, 12/15/27

14,940,000

15,056,111

Athene

Global

Funding,

5.6840%, 2/23/26

(144A)

9,660,000

9,742,415

Athene

Global

Funding,

5.6200%, 5/8/26

(144A)

11,500,000

11,615,810

Athene

Global

Funding,

1.6080%, 6/29/26

(144A)

20,235,000

19,555,175

Athene

Global

Funding,

4.9500%, 1/7/27

(144A)

11,000,000

11,067,343

Athene

Global

Funding,

4.7600%, 4/21/27

AUD

1,000,000

634,162

Atlas

Warehouse

Lending

Co.

LP,

6.0500%, 1/15/28

(144A)

$

19,605,000

19,735,371

Atlas

Warehouse

Lending

Co.

LP,

6.2500%, 1/15/30

(144A)

5,700,000

5,713,085

Australia

&

New

Zealand

Banking

Group

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

0.8300%,

4.9554%, 3/31/26

‡

AUD

1,000,000

642,051

Australia

&

New

Zealand

Banking

Group

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.8500%,

5.9672%, 2/26/31

‡

AUD

150,000

96,453

Australia

&

New

Zealand

Banking

Group

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.7000%,

5.9060%, 8/12/32

‡

AUD

10,000,000

6,542,658

Australia

&

New

Zealand

Banking

Group

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.5200%,

5.5450%, 1/15/35

‡

AUD

34,400,000

22,235,131

Aviation

Capital

Group

LLC,

1.9500%, 1/30/26

(144A)

$

13,168,000

12,869,224

Aviation

Capital

Group

LLC,

1.9500%, 9/20/26

(144A)

15,250,000

14,682,286

Banco

Santander

SA,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.6500%,

6.5270%, 11/7/27

‡

9,600,000

9,879,159

Bank

Australia

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.6000%,

5.7287%, 11/24/25

‡

AUD

8,150,000

5,230,161

Bank

Australia

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.7000%,

5.8423%, 2/21/28

‡

AUD

38,220,000

24,622,829

Bank

of

America

Corp.,

SOFR

+

1.5800%,

4.3760%, 4/27/28

‡

$

3,644,000

3,637,988

Bank

of

America

Corp.,

SOFR

+

1.9900%,

6.2040%, 11/10/28

‡

12,356,000

12,861,878

Bank

of

America

Corp.,

SOFR

+

0.8300%,

4.9790%, 1/24/29

‡

24,707,000

25,034,794

Bank

of

New

York

Mellon

(The),

SOFR

+

1.1350%,

4.7290%, 4/20/29

‡

14,180,000

14,380,169

Bank

of

New

Zealand,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.3000%,

5.6980%, 1/28/35

(144A)

‡

6,035,000

6,123,363

Barclays

plc,

SOFR

+

0.9600%,

5.0860%, 2/25/29

‡

8,066,000

8,124,794

Barclays

plc,

90

Day

Australian

Bank

Bill

Rate

+

2.0000%,

6.1580%, 5/28/35

‡

AUD

2,230,000

1,462,352

Bendigo

&

Adelaide

Bank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.2500%,

5.4240%, 5/15/26

‡

AUD

13,600,000

8,750,517

Bendigo

&

Adelaide

Bank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.4800%,

5.5278%, 10/14/31

‡

AUD

800,000

511,307

Blackstone

Holdings

Finance

Co.

LLC,

5.9000%, 11/3/27

(144A)

$

12,525,000

12,916,311

Capital

One

Financial

Corp.,

3.7500%, 7/28/26

17,744,000

17,532,000

Capital

One

Financial

Corp.,

SOFR

+

2.4400%,

7.1490%, 10/29/27

‡

7,823,000

8,094,860

Capital

One

Financial

Corp.,

SOFR

+

2.6000%,

5.2470%, 7/26/30

‡

5,353,000

5,406,120

Charter

Hall

LWR

Pty.

Ltd.,

2.0860%, 3/3/28

AUD

3,270,000

1,937,562

Citigroup,

Inc.,

SOFR

+

1.5460%,

5.6100%, 9/29/26

‡

$

35,000,000

35,119,924

Commonwealth

Bank

of

Australia,

4.2000%, 8/18/25

AUD

600,000

383,804

Commonwealth

Bank

of

Australia,

5.3160%, 3/13/26

$

14,875,000

15,019,105

Commonwealth

Bank

of

Australia,

90

Day

Australian

Bank

Bill

Rate

+

1.8000%,

5.9100%, 9/10/30

‡

AUD

12,500,000

8,023,159

Commonwealth

Bank

of

Australia,

90

Day

Australian

Bank

Bill

Rate

+

1.3200%,

5.4673%, 8/20/31

‡

AUD

16,600,000

10,619,811

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

6

April

30,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Corporate

Bonds

-

(continued)

Financial

-

(continued)

Commonwealth

Bank

of

Australia,

90

Day

Australian

Bank

Bill

Rate

+

2.7000%,

6.9030%, 11/9/32

‡

AUD

10,000,000

$

6,573,051

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

5,628,303

Computershare

US,

Inc.,

3.1470%, 11/30/27

AUD

1,070,000

657,815

Corebridge

Financial,

Inc.,

3.6500%, 4/5/27

$

9,833,000

9,688,277

Credit

Union

Australia

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.5800%,

5.6953%, 12/1/25

‡

AUD

2,350,000

1,510,173

Danske

Bank

A/S,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.9500%,

5.4270%, 3/1/28

(144A)

‡

$

13,400,000

13,618,866

DBS

Group

Holdings

Ltd.,

5.4790%, 9/12/25

(144A)

15,800,000

15,842,597

Goldman

Sachs

Bank

USA,

SOFR

+

0.7770%,

5.2830%, 3/18/27

‡

33,575,000

33,799,879

Goldman

Sachs

Group,

Inc.

(The),

SOFR

+

1.3190%,

4.9370%, 4/23/28

‡

17,010,000

17,165,003

Heritage

and

People's

Choice

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.4000%,

6.5137%, 9/16/31

‡

AUD

1,000,000

633,771

Insurance

Australia

Group

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.4500%,

6.5637%, 12/15/36

‡

AUD

8,550,000

5,522,471

Insurance

Australia

Group

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.3500%,

6.4637%, 6/15/45

‡

AUD

6,730,000

4,311,057

JPMorgan

Chase

&

Co.,

SOFR

+

1.3300%,

6.0700%, 10/22/27

‡

$

19,050,000

19,527,789

JPMorgan

Chase

&

Co.,

SOFR

+

0.9300%,

5.5710%, 4/22/28

‡

15,500,000

15,851,262

JPMorgan

Chase

&

Co.,

SOFR

+

0.9300%,

4.9790%, 7/22/28

‡

13,500,000

13,657,401

JPMorgan

Chase

&

Co.,

SOFR

+

0.8000%,

4.9150%, 1/24/29

‡

7,459,000

7,564,565

Liberty

Financial

Pty.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.5500%,

6.6745%, 5/25/26

‡

AUD

19,100,000

12,322,448

Liberty

Financial

Pty.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

3.8000%,

7.9137%, 3/16/28

‡

AUD

5,010,000

3,354,647

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

3,656,271

Lloyds

Banking

Group

plc,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.8500%,

5.0870%, 11/26/28

‡

1,260,000

1,275,309

Lloyds

Banking

Group

plc,

90

Day

Australian

Bank

Bill

Rate

+

1.6800%,

5.7982%, 3/6/30

‡

AUD

5,240,000

3,362,504

Logicor

UK

plc,

1.8750%, 11/17/26

GBP

656,000

841,144

LPL

Holdings,

Inc.,

5.7000%, 5/20/27

$

16,965,000

17,291,554

LPL

Holdings,

Inc.,

4.6250%, 11/15/27

(144A)

23,156,000

23,048,942

LPL

Holdings,

Inc.,

4.9000%, 4/3/28

6,548,000

6,578,054

Lseg

US

Fin

Corp.,

4.8750%, 3/28/27

(144A)

7,725,000

7,804,725

Macquarie

Bank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.9000%,

7.0160%, 5/28/30

‡

AUD

19,800,000

12,732,502

Macquarie

Bank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.5500%,

5.6637%, 6/17/31

‡

AUD

6,980,000

4,471,602

Macquarie

Bank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.9500%,

6.0653%, 3/1/34

‡

AUD

12,190,000

7,824,653

Macquarie

Group

Ltd.,

SOFR

+

0.9100%,

1.6290%, 9/23/27

(144A)

‡

$

2,100,000

2,015,713

Marsh

&

McLennan

Cos.,

Inc.,

4.5500%, 11/8/27

15,100,000

15,257,133

Morgan

Stanley,

SOFR

+

1.7700%,

6.1380%, 10/16/26

‡

16,250,000

16,349,022

Morgan

Stanley

Bank

NA,

SOFR

+

0.7800%,

5.1473%, 7/16/25

‡

9,000,000

9,003,426

Morgan

Stanley

Bank

NA,

SOFR

+

1.0800%,

4.9520%, 1/14/28

‡

43,610,000

43,962,416

MSD

Investment

Corp.,

6.2500%, 5/31/30

(144A)

5,250,000

5,146,442

Nasdaq,

Inc.,

5.6500%, 6/28/25

3,952,000

3,956,804

National

Australia

Bank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.7000%,

5.8691%, 11/18/30

‡

AUD

24,275,000

15,598,216

Nationwide

Building

Society,

4.0000%, 9/14/26

(144A)

$

19,530,000

19,347,768

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

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

-

(continued)

NatWest

Group

plc,

BPSW1

+

1.4900%,

2.8750%, 9/19/26

‡

GBP

3,690,000

$

4,880,707

NatWest

Group

plc,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.8500%,

7.4720%, 11/10/26

‡

$

13,942,000

14,135,096

Newcastle

Greater

Mutual

Group

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.8500%,

6.0293%, 2/14/29

‡

AUD

20,400,000

13,249,387

Nordea

Bank

Abp,

SOFR

+

0.9600%,

5.3489%, 6/6/25

(144A)

‡

$

6,925,000

6,929,688

Permanent

TSB

Group

Holdings

plc,

EURIBOR

ICE

Swap

Rate

1

Year

+

3.5000%,

6.6250%, 6/30/29

‡

EUR

10,100,000

12,551,335

Santander

UK

Group

Holdings

plc,

SOFR

+

2.7490%,

6.8330%, 11/21/26

‡

$

14,190,000

14,333,114

Societe

Generale

SA,

5.2500%, 2/19/27

(144A)

17,440,000

17,575,186

Suncorp

Group

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.3000%,

6.4153%, 6/1/37

‡

AUD

17,200,000

11,192,842

Suncorp

Group

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.6500%,

6.7653%, 12/1/38

‡

AUD

4,500,000

2,920,183

Teachers

Mutual

Bank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.3000%,

5.4100%, 6/21/27

‡

AUD

16,140,000

10,367,352

Trinity

Acquisition

plc,

4.4000%, 3/15/26

$

17,097,000

17,039,107

UBS

AG,

7.5000%, 7/15/25

12,150,000

12,194,070

UBS

Group

AG,

4.2530%, 3/23/28

(144A)

15,000,000

14,869,739

VER

Finco

Pty.

Ltd.,

2.4000%, 9/21/28

AUD

2,230,000

1,323,189

VICI

Properties

LP,

5.7500%, 2/1/27

(144A)

$

12,699,000

12,835,654

VICI

Properties

LP,

3.7500%, 2/15/27

(144A)

8,000,000

7,853,272

VICI

Properties

LP,

4.7500%, 4/1/28

4,638,000

4,637,863

Vicinity

Centres

Trust,

4.0000%, 4/26/27

AUD

150,000

95,304

Wells

Fargo

&

Co.,

SOFR

+

0.7800%,

4.9000%, 1/24/28

‡

$

14,586,000

14,683,095

Wells

Fargo

&

Co.,

SOFR

+

1.0700%,

5.7070%, 4/22/28

‡

7,870,000

8,044,602

Wells

Fargo

&

Co.,

SOFR

+

1.3700%,

4.9700%, 4/23/29

‡

12,639,000

12,798,323

Wells

Fargo

Bank

NA,

5.4500%, 8/7/26

7,000,000

7,100,101

Westpac

Banking

Corp.,

4.6000%, 2/16/26

AUD

3,100,000

1,991,846

Westpac

Banking

Corp.,

90

Day

Australian

Bank

Bill

Rate

+

0.7500%,

4.9530%, 8/10/26

‡

AUD

1,400,000

898,253

Westpac

Banking

Corp.,

90

Day

Australian

Bank

Bill

Rate

+

1.2300%,

5.4244%, 11/11/27

‡

AUD

3,300,000

2,136,315

Westpac

Banking

Corp.,

90

Day

Australian

Bank

Bill

Rate

+

1.5500%,

5.4426%, 1/29/31

‡

AUD

11,800,000

7,565,028

Westpac

Banking

Corp.,

90

Day

Australian

Bank

Bill

Rate

+

1.8800%,

6.0077%, 4/3/34

‡

AUD

9,500,000

6,110,609

Westpac

Banking

Corp.,

90

Day

Australian

Bank

Bill

Rate

+

1.6700%,

5.7891%, 7/10/34

‡

AUD

14,300,000

9,112,432

Westpac

Banking

Corp.,

90

Day

Australian

Bank

Bill

Rate

+

1.6700%,

5.9720%, 7/10/34

‡

AUD

6,500,000

4,271,859

Westpac

Banking

Corp.,

90

Day

Australian

Bank

Bill

Rate

+

1.5200%,

5.3510%, 2/12/35

‡

AUD

12,300,000

7,885,344

Willis

North

America,

Inc.,

4.6500%, 6/15/27

$

4,599,000

4,616,964

1,181,576,898

Industrial

-

5.4%

BAE

Systems

plc,

5.0000%, 3/26/27

(144A)

13,915,000

14,097,309

Boeing

Co.

(The),

2.1960%, 2/4/26

11,600,000

11,365,333

Boeing

Co.

(The),

6.2590%, 5/1/27

16,850,000

17,357,174

CNH

Industrial

Capital

Australia

Pty.

Ltd.,

5.8000%, 7/13/26

AUD

29,790,000

19,363,632

CNH

Industrial

Capital

Australia

Pty.

Ltd.,

5.4000%, 5/17/27

AUD

17,600,000

11,441,317

Fortive

Corp.,

3.1500%, 6/15/26

$

6,500,000

6,388,301

Holcim

Finance

US

LLC,

4.6000%, 4/7/27

(144A)

10,232,000

10,267,932

Holcim

Finance

US

LLC,

4.7000%, 4/7/28

(144A)

14,284,000

14,390,641

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

8

April

30,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Corporate

Bonds

-

(continued)

Industrial

-

(continued)

Molex

Electronic

Technologies

LLC,

4.7500%, 4/30/28

(144A)

$

25,440,000

$

25,659,279

Penske

Truck

Leasing

Co.

LP,

5.3500%, 1/12/27

(144A)

7,900,000

7,989,522

Rolls-Royce

plc,

5.7500%, 10/15/27

(144A)

958,000

979,876

139,300,316

Technology

-

3.1%

Booz

Allen

Hamilton,

Inc.,

3.8750%, 9/1/28

(144A)

9,460,000

9,103,824

Broadcom,

Inc.,

5.0500%, 7/12/27

21,525,000

21,866,990

Broadcom,

Inc.,

4.8000%, 4/15/28

8,040,000

8,156,483

Fiserv,

Inc.,

5.1500%, 3/15/27

11,838,000

11,977,088

Gartner,

Inc.,

3.6250%, 6/15/29

(144A)

5,844,000

5,480,871

SK

Hynix,

Inc.,

5.5000%, 1/16/27

(144A)

10,045,000

10,181,552

VMware

LLC,

1.4000%, 8/15/26

13,690,000

13,140,464

79,907,272

Utilities

-

5.2%

Algonquin

Power

&

Utilities

Corp.,

5.3650%, 6/15/26

Ç

10,157,000

10,222,966

DTE

Energy

Co.,

4.9500%, 7/1/27

9,300,000

9,395,767

Duke

Energy

Corp.,

4.8500%, 1/5/27

12,800,000

12,920,184

Duke

Energy

Corp.,

3.1500%, 8/15/27

13,250,000

12,903,021

ElectraNet

Pty.

Ltd.,

2.4737%, 12/15/28

AUD

1,930,000

1,141,588

Georgia

Power

Co.,

5.0040%, 2/23/27

$

6,520,000

6,620,483

Georgia

Power

Co.,

3.2500%, 3/30/27

5,866,000

5,759,207

Network

Finance

Co.

Pty.

Ltd.,

2.2500%, 11/11/26

AUD

570,000

352,993

NRG

Energy,

Inc.,

2.0000%, 12/2/25

(144A)

$

5,600,000

5,496,565

NRG

Energy,

Inc.,

2.4500%, 12/2/27

(144A)

17,683,000

16,668,283

Vistra

Operations

Co.

LLC,

5.1250%, 5/13/25

(144A)

23,711,000

23,690,400

Vistra

Operations

Co.

LLC,

5.0500%, 12/30/26

(144A)

6,305,000

6,332,206

Vistra

Operations

Co.

LLC,

3.7000%, 1/30/27

(144A)

17,538,000

17,234,821

Xcel

Energy,

Inc.,

4.7500%, 3/21/28

6,808,000

6,862,521

135,601,005

Total

Corporate

Bonds

(cost

2,007,586,953)

2,012,087,492

Foreign

Government

Bonds

-

1.9%

Kiwibank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

0.7000%,

4.8168%, 9/23/25

‡

AUD

17,230,000

11,030,459

Korea

Electric

Power

Corp.,

4.8750%, 1/31/27

(144A)

$

23,450,000

23,666,721

Korea

National

Oil

Corp.,

4.6250%, 3/31/28

(144A)

15,000,000

15,094,149

Total

Foreign

Government

Bonds

(cost

49,984,918)

49,791,329

Mortgage-Backed

Securities

-

6.8%

BPR

Trust

,

5.3580

%

,

11/5/41

(144A)

‡

6,795,181

6,897,941

BX

Commercial

Mortgage

Trust

,

CME

Term

SOFR

1

Month

+

1.6912%

,

6.0131

%

,

8/15/39

(144A)

‡

5,436,029

5,434,332

BX

Trust

,

CME

Term

SOFR

1

Month

+

1.1438%

,

5.4657

%

,

3/15/30

(144A)

‡

21,022,000

20,601,971

Connecticut

Avenue

Securities

Trust

SOFR30A

+

1.5500%,

5.9037%, 10/25/41

(144A)

‡

6,706,682

6,700,588

SOFR30A

+

1.7000%,

6.0537%, 7/25/43

(144A)

‡

1,982,467

1,987,794

SOFR30A

+

1.0500%,

5.4037%, 1/25/44

(144A)

‡

9,742,786

9,704,692

SOFR30A

+

1.1000%,

5.4537%, 2/25/44

(144A)

‡

2,793,747

2,785,539

SOFR30A

+

1.0000%,

5.3537%, 7/25/44

(144A)

‡

1,639,621

1,637,826

SOFR30A

+

1.6000%,

5.9537%, 9/25/44

(144A)

‡

10,673,000

10,657,906

SOFR30A

+

1.1000%,

5.4527%, 1/25/45

(144A)

‡

4,068,256

4,048,846

SOFR30A

+

1.5000%,

5.8527%, 1/25/45

(144A)

‡

6,205,000

6,159,740

SOFR30A

+

1.1500%,

5.5027%, 2/25/45

(144A)

‡

3,297,203

3,284,644

SOFR30A

+

1.6000%,

5.9537%, 3/25/45

(144A)

‡

8,833,798

8,858,202

FHLMC

STACR

REMIC

Trust

SOFR30A

+

1.5000%,

5.8537%, 10/25/41

(144A)

‡

16,231,510

16,204,975

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

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

STACR

REMIC

Trust

-

(continued)

SOFR30A

+

2.3000%,

6.6537%, 8/25/42

(144A)

‡

$

3,427,035

$

3,476,939

SOFR30A

+

2.0000%,

6.3537%, 5/25/43

(144A)

‡

1,491,092

1,501,622

SOFR30A

+

2.0000%,

6.3537%, 6/25/43

(144A)

‡

4,235,711

4,257,080

SOFR30A

+

1.8500%,

6.2037%, 11/25/43

(144A)

‡

1,865,040

1,872,905

SOFR30A

+

1.3500%,

5.7037%, 2/25/44

(144A)

‡

3,927,427

3,923,252

SOFR30A

+

1.2500%,

5.6037%, 3/25/44

(144A)

‡

2,005,995

2,003,275

SOFR30A

+

1.2000%,

5.5537%, 5/25/44

(144A)

‡

3,004,587

3,002,488

SOFR30A

+

1.2000%,

5.5537%, 8/25/44

(144A)

‡

8,406,952

8,385,407

SOFR30A

+

1.0000%,

5.3537%, 10/25/44

(144A)

‡

1,189,963

1,187,583

SOFR30A

+

1.4500%,

5.8037%, 10/25/44

(144A)

‡

4,050,000

4,031,425

SOFR30A

+

1.0500%,

5.4037%, 1/25/45

(144A)

‡

8,304,175

8,263,787

SOFR30A

+

1.1500%,

5.5037%, 2/25/45

(144A)

‡

10,502,006

10,466,468

NRTH

Mortgage

Trust

,

CME

Term

SOFR

1

Month

+

1.6413%

,

5.9632

%

,

3/15/39

(144A)

‡

11,400,000

11,311,690

Resimac

Bastille

Trust

,

30

Day

Australian

Bank

Bill

Rate

+

1.3500%

,

5.4300

%

,

9/13/55

‡

AUD

13,914,062

8,916,335

Total

Mortgage-Backed

Securities

(cost

$178,261,805)

177,565,252

Investment

Companies

-

0.6%

Money

Market

Funds

-

0.6%

Federated

Hermes

Government

Obligations

Tax-Managed

Fund,

Institutional

Class,

4.1500%

∞

(cost

$14,257,662)

14,257,662

14,257,662

Commercial

Paper

-

4.5%

AutoNation,

Inc.,

4.8507%, 5/2/17

(Section

4(2))

$

17,750,000

17,747,609

AutoNation,

Inc.,

4.8506%, 5/1/25

(Section

4(2))

23,350,000

23,346,757

Global

Payments,

Inc.,

4.9007%, 5/1/25

(Section

4(2))

76,000,000

75,989,656

Total

Commercial

Paper

(cost

$117,097,609)

117,084,022

Total

Investments

(total

cost

$

2,578,701,929

)

-

99.6%

2,581,218,329

Cash,

Receivables

and

Other

Assets,

net

of

Liabilities

-

0.4%

9,472,831

Net

Assets

-

100.0%

$2,590,691,160

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

1,815,638,404

70.2

%

Australia

407,079,930

15.8

United

Kingdom

109,880,471

4.3

Ireland

67,118,259

2.6

South

Korea

48,942,422

1.9

Canada

36,689,786

1.4

France

17,575,186

0.7

New

Zealand

17,153,822

0.7

Singapore

15,842,597

0.6

Switzerland

14,869,739

0.6

Denmark

13,618,866

0.5

Spain

9,879,159

0.4

Finland

6,929,688

0.3

Total

$2,581,218,329

100.0%

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

10

April

30,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Schedule

of

Forward

Foreign

Currency

Exchange

Contracts

Counterparty/

Foreign

Currency

Settlement

Date

Foreign

Currency

Amount

Sold/

(Purchased)

USD

Currency

Amount

Sold/

(Purchased)

Market

Value

and

Unrealized

Appreciation

(Depreciation)

Bank

of

America

N.A.

Australian

Dollar

7/11/25

673,000,000

$

(402,289,115)

$

(28,680,792)

–

J.P.

Morgan

Chase

Bank

Canadian

Dollar

7/11/25

93,519,000

(66,040,341)

(1,907,702)

Euro

7/11/25

12,720,000

(14,004,833)

(519,893)

Great

British

Pound

7/11/25

11,170,000

(14,290,794)

(632,951)

New

Zealand

Dollar

7/11/25

6,264,000

(3,485,195)

(240,334)

(3,300,880)

Morgan

Stanley

&

Co.

Australian

Dollar

7/11/25

(3,863,000)

2,461,795

11,959

–

Total

$(31,969,713)

Schedule

of

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

and

Unrealized

Appreciation

(Depreciation)

Futures

Long:

Canada

2

Year

Bond

768

6/19/25

$

58,849,605

$

155,763

Euro-Schatz

2,248

6/6/25

274,885,884

677,197

Total

-

Futures

Long

832,960

Futures

Short:

Australia

3

Year

Bond

1,633

6/16/25

(112,482,962)

(407,104)

U.S.

Treasury

2

Year

Notes

5,084

6/30/25

(1,058,226,659)

(7,086,644)

U.S.

Treasury

5

Year

Notes

382

6/30/25

(41,712,610)

(663,009)

Total

-

Futures

Short

(8,156,757)

Total

$(7,323,797)

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.44-V1,

Fixed

Rate

of

1.00%

Paid

Quarterly

6/20/30

$

54,400,000

$

(710,005)

$

(136,800)

$

(846,805)

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

Janus

Detroit

Street

Trust

11

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

The

following

table,

grouped

by

derivative

type,

provides

information

about

the

fair

value

and

location

of

derivatives

within

the

Statement

of

Assets

and

Liabilities

as

of

April

30,

2025.

The

following

tables

provide

information

about

the

effect

of

derivatives

and

hedging

activities

on

the

Fund’s

Statement

of

Operations

for

the period

ended

April

30,

2025.

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

5.1200%

Fixed

Quarterly

4/22/26

82,265,000

NZD

$

–

$

988,897

$

988,897

3

Month

BBR

5.4400%

Fixed

Quarterly

7/27/25

63,455,000

NZD

–

686,505

686,505

3

Month

BBR

3.4500%

Fixed

Quarterly

2/17/27

106,550,000

NZD

–

397,028

397,028

3

Month

BBR

5.6150%

Fixed

Quarterly

7/13/25

32,632,700

NZD

–

368,593

368,593

3

Month

BBR

5.3775%

Fixed

Quarterly

7/19/25

32,632,700

NZD

–

345,943

345,943

3

Month

BBR

3.5600%

Fixed

Quarterly

10/21/26

75,370,000

NZD

–

344,849

344,849

3

Month

BBR

5.5100%

Fixed

Quarterly

8/16/25

31,965,000

NZD

–

178,804

178,804

Total

$–

$3,310,619

$3,310,619

Fair

Value

of

Derivative

Instruments

(not

accounted

for

as

hedging

instruments)

as

of

April

30,

2025

Credit

Contracts

Interest

Rate

Contracts

Currency

Contracts

Total

Asset

Derivatives:

Forward

foreign

currency

exchange

contracts

$

—

$

—

$

11,959

$

11,959

*

Swaps

-

centrally

cleared

—

3,310,619

—

3,310,619

*

Futures

contracts

—

832,960

—

832,960

Total

Asset

Derivatives

$

—

$

4,143,579

$

11,959

$

4,155,538

Liability

Derivatives:

Forward

foreign

currency

exchange

contracts

—

—

31,981,672

31,981,672

*

Swaps

-

centrally

cleared

136,800

—

—

136,800

*

Futures

contracts

—

8,156,757

—

8,156,757

Total

Liability

Derivatives

$

136,800

$

8,156,757

$

31,981,672

$

40,275,229

*

The

fair

value

presented

includes

net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts

and

centrally

cleared

swaps.

In

the

Statement

of

Assets

and

Liabilities,

only

current

day's

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

total

distributable

earnings

(loss).

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

12

April

30,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Please

see

the

“Net

realized

and

change

in

unrealized

gain/(loss)

on

investments”

sections

of

the

Fund’s

Statement

of

Operations.

The

Effect

of

Derivative

Instruments

(not

accounted

for

as

hedging

instruments)

on

the

Statement

of

Operations

for

the

Period

Ended

April

30,

2025

Amount

of

Realized

Gain/(Loss)

Recognized

on

Derivatives

Derivative

Credit

Contracts

Interest

Rate

Contracts

Currency

Contracts

Total

Forward

foreign

currency

exchange

contracts

$

—

$

—

$

23,784,617

$

23,784,617

Futures

contracts

—

5,260,749

—

5,260,749

Swap

contracts

(1,292,735)

1,227,493

—

(65,242)

Purchased

option

contracts

—

69,704

—

69,704

Written

options

contracts

—

284,362

—

284,362

Total

$

(1,292,735)

$

6,842,308

$

23,784,617

$

29,334,190

Amount

of

Change

in

Unrealized

Appreciation/(Depreciation)

Recognized

on

Derivatives

Derivative

Credit

Contracts

Interest

Rate

Contracts

Currency

Contracts

Total

Forward

foreign

currency

exchange

contracts

$

—

$

—

$

(37,222,348)

$

(37,222,348)

Futures

contracts

—

(13,312,735)

—

(13,312,735)

Swap

contracts

1,002,007

(315,335)

—

686,672

Total

$

1,002,007

$

(13,628,070)

$

(37,222,348)

$

(49,848,411)

Average

Ending

Monthly

Value

of

Derivative

Instruments

During

the

Period

Ended

April

30,

2025

Futures

contracts:

Average

notional

amount

of

contracts

-

long

$631,771,574

Average

notional

amount

of

contracts

-

short

1,087,385,943

Forward

foreign

currency

exchange

contracts:

Average

amounts

purchased

-

in

USD

10,857,047

Average

amounts

sold

-

in

USD

526,086,218

Credit

default

swaps:

82,275,000

Average

notional

amount

-

buy

protection

82,275,000

Interest

rate

swaps:

Average

notional

amount

-

pay

fixed

rate/receive

floating

rate

7,078,665

Average

notional

amount

-

pay

floating

rate/receive

fixed

rate

236,132,224

Offsetting

of

Financial

Assets

and

Derivative

Assets

Counterparty

Gross

Amounts

of

Recognized

Assets

Offsetting

Asset

or

Liability

(a)

Collateral

Pledged

(b)

Net

Amount

Morgan

Stanley

&

Co.

$

11,959

$

—

$

—

$

11,959

Total

$

11,959

$

—

$

—

$

11,959

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

Janus

Detroit

Street

Trust

13

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Offsetting

of

Financial

Liabilities

and

Derivative

Liabilities

Counterparty

Gross

Amounts

of

Recognized

Liabilities

Offsetting

Asset

or

Liability

(a)

Collateral

Pledged

(b)

Net

Amount

Bank

of

America

N.A.

$

28,680,792

$

—

$

—

$

28,680,792

J.P.

Morgan

Chase

Bank

3,300,880

—

—

3,300,880

Total

$

31,981,672

$

—

$

—

$

31,981,672

(a)

Represents

the

amount

of

assets

or

liabilities

that

could

be

offset

with

the

same

counterparty

under

master

netting

or

similar

agreements

that

management

elects

not

to

offset

on

the

Statement

of

Assets

and

Liabilities.

(b)

Collateral

pledged

is

limited

to

the

net

outstanding

amount

due

to/from

an

individual

counterparty.

The

actual

collateral

amounts

pledged

may

exceed

these

amounts

and

may

fluctuate

in

value.

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

April

30,

2025

14

April

30,

2025

AUD

Australian

Dollar

CAD

Canadian

Dollar

CME

Chicago

Mercantile

Exchange

FHLMC

Federal

Home

Loan

Mortgage

Corp.

GBP

British

Pound

ICE

Intercontinental

Exchange

LLC

Limited

Liability

Company

LP

Limited

Partnership

NZD

New

Zealand

Dollar

plc

Public

Limited

Company

REMIC

Real

Estate

Mortgage

Investment

Conduit

SOFR

Secured

Overnight

Financing

Rate

SOFR30A

Secured

Overnight

Financing

Rate

30

Day

Average

SOFR90A

Secured

Overnight

Financing

Rate

90

Day

Average

SOFRINDX

Secured

Overnight

Financing

Rate

Compounded

Index

∞

Rate

shown

is

the

7-day

yield

as

of

April

30,

2025.

Ç

Step

bond.

The

coupon

rate

will

increase

or

decrease

periodically

based

upon

a

predetermined

schedule.

The

rate

shown

reflects

the

current

rate.

Section

4(2)

Securities

subject

to

legal

and/or

contractual

restrictions

on

resale

and

may

not

be

publicly

sold

without

registration

under

the

Securities

Act

of

1933,

as

amended.

The

total

value

of

Section

4(2)

securities

as

of

the

period

ended

April

30,

2025

is

$131,341,684

which

represents

5.1%

of

net

assets.

144A

Securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended,

are

subject

to

legal

and/or

contractual

restrictions

on

resale

and

may

not

be

publicly

sold

without

registration

under

the

1933

Act.

Unless

otherwise

noted,

these

securities

have

been

determined

to

be

liquid

in

accordance

with

the

requirements

of

Rule

22e-4,

under

the

1940

Act.

The

total

value

of

144A

securities

as

of

the

period

ended

April

30,

2025

is

$937,160,985

which

represents

36.2%

of

net

assets.

‡

Variable

or

floating

rate

security.

Rate

shown

is

the

current

rate

as

of

April

30,

2025.

Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread;

they

are

determined

by

the

issuer

or

agent

and

current

market

conditions.

Reference

rate

is

as

of

reset

date

and

may

vary

by

security,

which

may

not

indicate

a

reference

rate

and/or

spread

in

their

description.

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

April

30,

2025

Janus

Detroit

Street

Trust

15

The

following

is

a

summary

of

the

inputs

that

were

used

to

value

the

Fund's

investments

in

securities

and

other

financial

instruments

as

of

April

30,

2025

.

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

Total

Assets

Investments

in

Securities:

Asset-Backed

Securities

$

—

$

210,432,572

$

—

$

210,432,572

Corporate

Bonds

—

2,012,087,492

—

2,012,087,492

Foreign

Government

Bonds

—

49,791,329

—

49,791,329

Mortgage-Backed

Securities

—

177,565,252

—

177,565,252

Investment

Companies

14,257,662

—

—

14,257,662

Commercial

Paper

—

117,084,022

—

117,084,022

Total

Investments

in

Securities

$

14,257,662

$

2,566,960,667

$

—

$

2,581,218,329

Other

Financial

Instruments

(a)

:

Centrally

Cleared

Swaps

$

—

$

3,310,619

$

—

$

3,310,619

Forward

Foreign

Currency

Exchange

Contracts

—

11,959

—

11,959

Futures

Contracts

832,960

—

—

832,960

Total

Other

Financial

Instruments

$

832,960

$

3,322,578

$

—

$

4,155,538

Total

Assets

$

15,090,622

$

2,570,283,245

$

—

$

2,585,373,867

Liabilities

Other

Financial

Instruments

(a)

:

Centrally

Cleared

Swaps

$

—

$

136,800

$

—

$

136,800

Forward

Foreign

Currency

Exchange

Contracts

—

31,981,672

—

31,981,672

Futures

Contracts

8,156,757

—

—

8,156,757

Total

Liabilities

$

8,156,757

$

32,118,472

$

—

$

40,275,229

(a)

Other

financial

instruments

include

forward

foreign

currency

exchange

contracts,

futures

and

swap

contracts.

Forward

foreign

currency

exchange

contracts,

futures

contracts

and

swap

contracts

are

reported

at

their

unrealized

appreciation/(depreciation)

at

measurement

date,

which

represents

the

change

in

the

contract’s

value

from

trade

date.

Janus

Henderson

Short

Duration

Income

ETF

Statement

of

Assets

and

Liabilities

(unaudited)

April

30,

2025

16

April

30,

2025

See

Notes

to

Financial

Statements.

Assets:

Investments,

at

value

(cost

$2,578,701,929)

$

2,581,218,329

Cash

20,774

Cash

denominated

in

foreign

currency

(cost

$28,614,959)

28,885,684

Forward

foreign

currency

exchange

contracts

11,959

Due

from

broker

for

centrally

cleared

swaps

1,627,092

Due

from

broker

for

futures

10,110,000

Receivables:

Interest

25,964,160

Total

Assets

2,647,837,998

Liabilities:

Payable

for

variation

margin

on

futures

contracts

550,633

Payable

for

variation

margin

on

swaps

897,722

Forward

foreign

currency

exchange

contracts

31,981,672

Payables:

Investments

purchased

23,233,313

Management

fees

483,186

Interest

312

Total

Liabilities

57,146,838

Commitments

and

contingent

liabilities

Net

Assets

$

2,590,691,160

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

2,630,114,980

Total

distributable

earnings

(loss)

(

39,423,820

)

Total

Net

Assets

$

2,590,691,160

Net

Assets

$

2,590,691,160

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

52,800,000

Net

Asset

Value

Per

Share

$

49

.07

Janus

Henderson

Short

Duration

Income

ETF

Statement

of

Operations

(unaudited)

For

the

period

ended

April

30,

2025

Janus

Detroit

Street

Trust

17

See

Notes

to

Financial

Statements.

Investment

Income:

Interest

$

61,061,938

Dividends

68,888

Total

Investment

Income

61,130,826

Expenses:

Management

Fees

2,719,960

Total

Expenses

2,719,960

Less:

Excess

Expense

Reimbursement

and

Waivers

(

19,653

)

Net

Expenses

2,700,307

Net

Investment

Income/(Loss)

58,430,519

Net

Realized

Gain/(Loss)

on

Investments:

Investments

and

foreign

currency

transactions

$

18,615,216

Forward

foreign

currency

exchange

contracts

23,784,617

Futures

contracts

5,260,749

Swap

contracts

(

65,242

)

Purchased

option

contracts

69,704

Written

options

contracts

284,362

Total

Net

Realized

Gain/(Loss)

on

Investments

$

47,949,406

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

and

foreign

currency

translations

$

1,382,774

Forward

foreign

currency

exchange

contracts

(

37,222,348

)

Futures

contracts

(

13,312,735

)

Swap

contracts

686,672

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

(

48,465,637

)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

57,914,288

Janus

Henderson

Short

Duration

Income

ETF

Statements

of

Changes

in

Net

Assets

18

April

30,

2025

See

Notes

to

Financial

Statements.

Period

Ended

April

30,

2025

(unaudited)

Year

Ended

October

31,

2024

Operations:

Net

investment

income/(loss)

$

58,430,519

$

113,211,196

Net

realized

gain/(loss)

on

investments

47,949,406

(

48,623,071

)

Change

in

unrealized

net

appreciation/depreciation

(

48,465,637

)

96,018,626

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

57,914,288

160,606,751

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(

57,424,804

)

(

82,756,320

)

Return

of

Capital

—

(

27,233,111

)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(

57,424,804

)

(

109,989,431

)

Capital

Share

Transactions

326,337,984

(

159,539,084

)

Net

Increase/(Decrease)

in

Net

Assets

326,827,468

(

108,921,764

)

Net

Assets:

—

—

Beginning

of

Period  

2,263,863,692

2,372,785,456

End

of

Period

$

2,590,691,160

$

2,263,863,692

Janus

Henderson

Short

Duration

Income

ETF

Financial

Highlights

Janus

Detroit

Street

Trust

19

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

the

period

ended

April

30,

2025

(unaudited)

and

each

year

or

period

ended

October

31

2025

2024

2023

2022

2021

2020

Net

Asset

Value,

Beginning

of

Period

$49.05

$47.98

$48.47

$50.00

$50.40

$49.89

Income/(Loss)

from

Investment

Operations:

—

—

—

—

—

—

Net

investment

income/(loss)

(1)

1.21

2.41

1.80

0.69

0.49

0.77

Net

realized

and

unrealized

gain/(loss)

0.01

(2)

0.99

0.65

(1.27)

(0.41)

0.70

Total

from

Investment

Operations

1.22

(2)

3.40

2.45

(0.58)

0.08

1.47

Less

Dividends

and

Distributions:

—

—

—

—

—

—

Dividends

(from

net

investment

income)

(1.20)

(1.75)

(2.94)

(0.95)

(0.48)

(0.96)

Return

of

Capital

—

(0.58)

—

—

—

—

Total

Dividends

and

Distributions

(1.20)

(2.33)

(2.94)

(0.95)

(0.48)

(0.96)

Net

Asset

Value,

End

of

Period

$49.07

$49.05

$47.98

$48.47

$50.00

$50.40

Total

Return

*

2.51%

7.26%

5.24%

(1.18)%

0.15%

2.99%

Net

assets,

End

of

Period

(in

thousands)

$2,590,691

$2,263,864

$2,372,785

$2,539,796

$2,777,501

$2,726,526

Ratios

to

Average

Net

Assets

**

Ratio

of

Gross

Expenses

0.23%

0.23%

0.23%

0.23%

0.23%

0.26%

Ratio

of

Net

Expenses

(After

Waivers

and

Expense

Offsets)

0.23%

0.23%

0.23%

0.23%

0.23%

0.26%

Ratio

of

Net

Investment

Income/(Loss)

4.97%

4.96%

3.77%

1.41%

0.98%

1.54%

Portfolio

Turnover

Rate

(3)

25%

68%

53%

46%

74%

14%

*

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

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

Short

Duration

Income

ETF

Notes

to

Financial

Statements

(unaudited)

20

April

30,

2025

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 fourteen

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.

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

Short

Duration

Income

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

21

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

April

30,

2025 to

fair

value

the

Fund’s

investments

in

securities

and

other

financial

instruments

is

included

in

the

“Valuation

Inputs

Summary”

in

the

Notes

to

Schedule

of

Investments

and

Other

Information.

Investment

Transactions

and

Investment

Income

Investment

transactions

are

accounted

for

as

of

the

date

purchased

or

sold

(trade

date).

Dividend

income

is

recorded

on

the

ex-dividend

date.

Certain

dividends

from

foreign

securities

will

be

recorded

as

soon

as

the

Fund

is

informed

of

the

dividend,

if

such

information

is

obtained

subsequent

to

the

ex-dividend

date.

Dividends

from

foreign

securities

may

be

subject

to

withholding

taxes

in

foreign

jurisdictions.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value.

Interest

income

is

recorded

daily

on

an

accrual

basis

and

includes

amortization

of

premiums

and

accretion

of

discounts.

The

Fund

classifies

gains

and

losses

on

prepayments

received

as

an

adjustment

to

interest

income.

Debt

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

(unaudited)

22

April

30,

2025

securities

may

be

placed

in

non-accrual

status

and

related

interest

income

may

be

reduced

by

stopping

current

accruals

and

writing

off

interest

receivables

when

collection

of

all

or

a

portion

of

interest

has

become

doubtful.

Gains

and

losses

are

determined

on

the

identified

cost

basis,

which

is

the

same

basis

used

for

federal

income

tax

purposes.  

Estimates

The

preparation

of

financial

statements

in

conformity

with

US

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amount

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates. 

Indemnifications

In

the

normal

course

of

business,

the

Fund

may

enter

into

contracts

that

contain

provisions

for

indemnification

of

other

parties

against

certain

potential

liabilities.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

and

would

involve

future

claims

that

may

be

made

against

the

Fund

that

have

not

yet

occurred.

Currently,

the

risk

of

material

loss

from

such

claims

is

considered

remote. 

Foreign

Currency

Translations

The

Fund

does

not

isolate

that

portion

of

the

results

of

operations

resulting

from

the

effect

of

changes

in

foreign  exchange

rates

on

investments

from

the

fluctuations

arising

from

changes

in

market

prices

of

securities

held

at

the

date  of

the

financial

statements.

Net

unrealized

appreciation

or

depreciation

of

investments

and

foreign

currency

translations

arise

from

changes

in

the

value

of

assets

and

liabilities,

including

investments

in

securities

held

at

the

date

of

the

financial

statements,

resulting

from

changes

in

the

exchange

rates

and

changes

in

market

prices

of

securities

held.

Currency

gains

and

losses

are

also

calculated

on

payables

and

receivables

that

are

denominated

in

foreign

currencies.

The

payables

and

receivables

are

generally

related

to

foreign

security

transactions

and

income

translations.

Foreign

currency-denominated

assets

and

forward

currency

contracts

may

involve

more

risks

than

domestic

transactions,

including

currency

risk,

counterparty

risk,

political

and

economic

risk,

regulatory

risk

and

equity

risk.

Risks

may

arise

from

unanticipated

movements

in

the

value

of

foreign

currencies

relative

to

the

U.S.

dollar.

Dividends

and

Distributions

Dividends

from

net

investment

income

are

generally

declared

and

distributed

monthly.

Net

realized

capital

gains

(if

any)

are

distributed

annually.

The

Fund

may

treat

a

portion

of

the

amount

paid

to

redeem

shares

as

a

distribution

of

investment

company

taxable

income

and

realized

capital

gains

that

are

reflected

in

the

NAV.

This

practice,

commonly

referred

to

as

“equalization,”

has

no

effect

on

the

redeeming

shareholder

or

a

Fund’s

total

return

but

may

reduce

the

amounts

that

would

otherwise

be

required

to

be

paid

as

taxable

dividends

to

the

remaining

shareholders.

It

is

possible

that

the

Internal

Revenue

Service

(IRS)

could

challenge

the

Fund’s

equalization

methodology

or

calculations,

and

any

such

challenge

could

result

in

additional

tax,

interest,

or

penalties

to

be

paid

by

the

Fund. 

Federal

Income

Taxes

The

Fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

and

distribute

all

of

its

taxable

income

in

accordance

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code.

Management

has

analyzed

the

Fund’s

tax

positions

taken

for

all

open

federal

income

tax

years,

generally

a

three-year

period,

and

has

concluded

that

no

provision

for

federal

income

tax

is

required

in

the

Fund’s

financial

statements.

The

Fund

is

not

aware

of

any

tax

positions

for

which

it

is

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

benefits

will

significantly

change

in

the

next

twelve

months. 

2.

Derivative

Instruments 

The

Fund

may

invest

in

various

types

of

derivatives.

A

derivative

is

a

financial

instrument

whose

performance

is

derived

from

the

performance

of

another

asset.

The

Fund

may

invest

in

derivative

instruments

including,

but

not

limited

to

futures,

forwards,

options,

and

swaps.

Each

derivative

instrument

that

was

held

by

the

Fund

during

the

period

ended April

30,

2025 

is

discussed

in

further

detail

below.

A

summary

of

derivative

activity

by

the

Fund

is

reflected

in

the

tables

at

the

end

of

the

Schedule

of

Investments.

The

Fund

may

use

derivative

instruments

for

various

investment

purposes,

such

as

to

manage

or

hedge

portfolio

risk,

including

interest

rate

risk,

enhance

return

or

to

manage

duration.

The

Fund’s

use

of

derivative

instruments

involves

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

23

risks

different

from,

or

possibly

greater

than,

the

risks

associated

with

investing

directly

in

securities

and

other

traditional

investments.

Derivatives

are

subject

to

a

number

of

risks

including

liquidity

risk,

market

risk,

credit

risk,

default

risk,

counterparty

risk

and

management

risk.

They

also

involve

the

risk

of

mispricing

or

improper

valuation

and

the

risk

that

changes

in

the

value

of

the

derivative

may

not

correlate

exactly

with

the

change

in

the

value

of

the

underlying

asset,

rate

or

index.

Also,

suitable

derivative

transactions

may

not

be

available

in

all

circumstances

and

there

can

be

no

assurance

that

the

Fund

will

engage

in

these

transactions

to

reduce

exposure

to

other

risks

when

that

would

be

beneficial.

When

used

to

enhance

return

the

Fund

may

be

fully

exposed

to

the

risk

of

loss

of

that

derivative,

which

may

sometimes

be

greater

than

the

derivative’s

cost.

While

use

of

derivatives

to

hedge

can

reduce

or

eliminate

losses,

it

can

also

reduce

or

eliminate

gains

or

cause

losses

if

the

market

moves

in

a

manner

different

from

that

anticipated

by the

Adviser or

if

the

cost

of

the

derivative

outweighs

the

benefit

of

the

hedge.

The

Fund’s

ability

to

use

derivatives

may

also

be

limited

by

certain

regulatory

and

tax

considerations. 

In

pursuit

of

its

investment

objective,

the

Fund

may

seek

to

use

derivatives

to

increase

or

decrease

exposure

to

the

following

market

risk

factors: 

Counterparty

Risk

 -

the

risk

that

the

counterparty

(the

party

on

the

other

side

of

the

transaction)

on

a

derivative

transaction

will

be

unable

to

honor

its

financial

obligation

to

the

Fund. 

Credit

Risk

-

the

risk

an

issuer

will

be

unable

to

make

principal

and

interest

payments

when

due

or

will

default

on

its

obligations. 

Currency

Risk

-

the

risk

that

changes

in

the

exchange

rate

between

currencies

will

adversely

affect

the

value

(in

U.S.

dollar

terms)

of

an

investment. 

Index

Risk

-

if

the

derivative

is

linked

to

the

performance

of

an

index,

it

will

be

subject

to

the

risks

associated

with

changes

in

that

index.

If

the

index

changes,

the

Fund

could

receive

lower

interest

payments

or

experience

a

reduction

in

the

value

of

the

derivative

to

below

what

the

Fund

paid.

Certain

indexed

securities,

including

inverse

securities

(which

move

in

an

opposite

direction

to

the

index),

may

create

leverage,

to

the

extent

that

they

increase

or

decrease

in

value

at

a

rate

that

is

a

multiple

of

the

changes

in

the

applicable

index. 

Interest

Rate

Risk

-

the

risk

that

the

value

of

fixed-income

securities

will

generally

decline

as

prevailing

interest

rates

rise,

which

may

cause

the

Fund's

NAV

to

likewise

decrease. 

Leverage

Risk

-

the

risk

associated

with

certain

types

of

leveraged

investments

or

trading

strategies

pursuant

to

which

relatively

small

market

movements

may

result

in

large

changes

in

the

value

of

an

investment.

The

Fund

creates

leverage

by

investing

in

instruments,

including

derivatives,

where

the

investment

loss

can

exceed

the

original

amount

invested.

Certain

investments

or

trading

strategies,

such

as

short

sales,

that

involve

leverage

can

result

in

losses

that

greatly

exceed

the

amount

originally

invested. 

Liquidity

Risk

-

the

risk

that

certain

securities

may

be

difficult

or

impossible

to

sell

at

the

time

that

the

seller

would

like

or

at

the

price

that

the

seller

believes

the

security

is

currently

worth. 

Derivatives

may

generally

be

traded

OTC

or

on

an

exchange.

Derivatives

traded

OTC

are

agreements

that

are

individually

negotiated

between

parties

and

can

be

tailored

to

meet

a

purchaser's

needs.

OTC

derivatives

are

not

guaranteed

by

a

clearing

agency

and

may

be

subject

to

increased

credit

risk. 

In

an

effort

to

mitigate

credit

risk

associated

with

derivatives

traded

OTC,

the

Fund

may

enter

into

collateral

agreements

with

certain

counterparties

whereby,

subject

to

certain

minimum

exposure

requirements,

the

Fund

may

require

the

counterparty

to

post

collateral

if

the

Fund

has

a

net

aggregate

unrealized

gain

on

all

OTC

derivative

contracts

with

a

particular

counterparty.

Additionally,

the

Fund

may

deposit

cash

and/or

treasuries

as

collateral

with

the

counterparty

and/

or

custodian

daily

(based

on

the

daily

valuation

of

the

financial

asset)

if

the

Fund

has

a

net

aggregate

unrealized

loss

on

OTC

derivative

contracts

with

a

particular

counterparty.

All

liquid

securities

and

restricted

cash

are

considered

to

cover

in

an

amount

at

all

times

equal

to

or

greater

than

the

Fund’s

commitment

with

respect

to

certain

exchange-traded

derivatives,

centrally

cleared

derivatives,

forward

foreign

currency

exchange

contracts,

short

sales,

and/or

securities

with

extended

settlement

dates.

There

is

no

guarantee

that

counterparty

exposure

is

reduced

and

these

arrangements

are

dependent

on

the

Adviser's ability

to

establish

and

maintain

appropriate

systems

and

trading. 

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

(unaudited)

24

April

30,

2025

Forward

Foreign

Currency

Exchange

Contracts

A

forward

foreign

currency

exchange

contract

(“forward

currency

contract”)

is

an

obligation

to

buy

or

sell

a

specified

currency

at

a

future

date

at

a

negotiated

rate

(which

may

be

U.S.

dollars

or

a

foreign

currency).

The

Fund

may

enter

into

forward

currency

contracts

for

hedging

purposes,

including,

but

not

limited

to,

reducing

exposure

to

changes

in

foreign

currency

exchange

rates

on

foreign

portfolio

holdings

and

locking

in

the

U.S.

dollar

cost

of

firm

purchase

and

sale

commitments

for

securities

denominated

in

or

exposed

to

foreign

currencies.

The

Fund

may

also

invest

in

forward

currency

contracts

for

nonhedging

purposes

such

as

seeking

to

enhance

returns.

The

Fund

is

subject

to

currency

risk

and

counterparty

risk

in

the

normal

course

of

pursuing

its

investment

objective

through

its

investments

in

forward

currency

contracts.

Forward

currency

contracts

are

valued

by

converting

the

foreign

value

to

U.S.

dollars

by

using

the

current

spot

U.S.

dollar

exchange

rate

and/or

forward

rate

for

that

currency.

Exchange

and

forward

rates

as

of

the

close

of

the London

Stock

Exchange are

used

to

value

the

forward

currency

contracts.

The

unrealized

appreciation/(depreciation)

for

forward

currency

contracts

is

reported

in

the

Statement

of

Assets

and

Liabilities

as

a

receivable

or

payable

(if

applicable)

and

in

the

Statement

of

Operations

for

the

change

in

unrealized

net

appreciation/depreciation

(if

applicable).

The

realized gain

or

loss

arising

from

the

difference

between

the

U.S.

dollar

cost

of

the

original

contract

and

the

value

of

the

foreign

currency

in

U.S.

dollars

upon

closing

a

forward

currency

contract

is

reported

on

the

Statement

of

Operations

(if

applicable).

During

the

period,

the

Fund

entered

into

forward

currency

contracts

with

the

obligation

to

purchase

foreign

currencies

in

the

future

at

an

agreed

upon

rate

in

order

to

take

a

positive

outlook

on

the

related

currency.

These

forward

contracts

seek

to

increase

exposure

to

currency

risk.

During

the

period,

the

Fund

entered

into

forward

currency

contracts

with

the

obligation

to

purchase

foreign

currencies

in

the

future

at

an

agreed

upon

rate

in

order

to

decrease

exposure

to

currency

risk

associated

with

foreign

currency

denominated

securities

held

by

the

Fund.

During

the

period,

the

Fund

entered

into

forward

currency

contracts

with

the

obligation

to

sell

foreign

currencies

in

the

future

at

an

agreed

upon

rate

in

order

to

take

a

negative

outlook

on

the

related

currency.

These

forward

contracts

seek

to

increase

exposure

to

currency

risk.

During

the

period,

the

Fund

entered

into

forward

currency

contracts

with

the

obligation

to

sell

foreign

currencies

in

the

future

at

an

agreed

upon

rate

in

order

to

decrease

exposure

to

currency

risk

associated

with

foreign

currency

denominated

securities

held

by

the

Fund.

Futures

Contracts 

A

futures

contract

is

an

exchange-traded

agreement

to

take

or

make

delivery

of

an

underlying

asset

at

a

specific

time

in

the

future

for

a

specific

predetermined

negotiated

price.

The

Fund

may

enter

into

futures

contracts

for

the

purchase

or

sale

for

future

delivery

of

(i)

fixed-income

securities,

and

U.S.

government

securities

and

Treasuries,

or

(ii)

contracts

based

on

interest

rates.

The

Fund

is

subject

to

interest

rate

risk

and

equity

risk

in

the

normal

course

of

pursuing

its

investment

objective

through

its

investments

in

futures

contracts.

The

Fund

may

also

use

such

derivative

instruments

to

hedge

or

protect

from

adverse

movements

in

securities

prices

or

interest

rates.

The

use

of

futures

contracts

may

involve

risks

such

as

the

possibility

of

illiquid

markets

or

imperfect

correlation

between

the

values

of

the

contracts

and

the

underlying

securities,

or

that

the

counterparty

will

fail

to

perform

its

obligations.

Futures

contracts are

valued

at

the

settlement

price

on

valuation

date

as

reported

by

an

approved

vendor.

Mini

contracts,

as

defined

in

the

description

of

the

contract,

shall

be

valued

using

the

Actual

Settlement

Price

or

“ASET”

price

type

as

reported

by

an

approved

vendor.

Futures

contracts

are

marked-to-market

daily,

and

the

daily

variation

margin

is

recorded

as

a

receivable

or

payable

on

the

Statement

of

Assets

and

Liabilities

(if

applicable).

The

change

in

unrealized

net

appreciation/depreciation

is

reported

on

the

Statement

of

Operations

(if

applicable).

When

a

contract

is

closed,

a

realized

gain

or

loss

is

reported

on

the

Statement

of

Operations

(if

applicable),

equal

to

the

difference

between

the

opening

and

closing

value

of

the

contract.

Securities

held

by

the

Fund

that

are

designated

as

collateral

for

market

value

on

futures

contracts

are

noted

on

the

Schedule

of

Investments

(if

applicable).

Such

collateral

is

in

the

possession

of

the

Fund's

futures

option

merchant. 

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

25

With

futures,

there

is

minimal

counterparty

credit

risk

to

the

Fund

since

futures

are

exchange-traded

and

the

exchange's

clearinghouse,

as

counterparty

to

all

exchange-traded

futures,

guarantees

the

futures

against

default. 

During

the

period,

the

Fund

purchased

interest

rate

futures

to

increase

exposure

to

interest

rate

risk.

During

the

period,

the

Fund

sold

interest

rate

futures

to

decrease

exposure

to

interest

rate

risk.

Options

Contracts

An

options

contract

provides

the

purchaser

with

the

right,

but

not

the

obligation,

to

buy

(call

option)

or

sell

(put

option)

a

financial

instrument

at

an

agreed

upon

price

on

or

before

a

specified

date.

The

purchaser

pays

a

premium

to

the

seller

for

this

right.

The

seller

has

the

corresponding

obligation

to

sell

or

buy

a

financial

instrument

if

the

purchaser

(owner)

“exercises”

the

option.

When

an

option

is

exercised,

the

proceeds

on

sales

for

a

written

call

option,

the

purchase

cost

for

a

written

put

option,

or

the

cost

of

the

security

for

a

purchased

put

or

call

option

are

adjusted

by

the

amount

of

premium

received

or

paid.

Upon

expiration,

or

closing

of

the

option

transaction,

a

realized

gain

or

loss

is

reported

on

the

Statement

of

Operations

(if

applicable).

The

difference

between

the

premium

paid/received

and

the

market

value

of

the

option

is

recorded

as

unrealized

appreciation

or

depreciation.

The

net

change

in

unrealized

appreciation

or

depreciation

is

reported

on

the

Statement

of

Operations

(if

applicable).

Option

contracts

are

typically

valued

using

an

approved

vendor’s

option

valuation

model.

To

the

extent

reliable

market

quotations

are

available,

option

contracts

are

valued

using

market

quotations.

In

cases

when

an

approved

vendor

cannot

provide

coverage

for

an

option

and

there

is

no

reliable

market

quotation,

a

broker

quotation

or

an

internal

valuation

using

the

Black-Scholes

model,

the

Cox-Rubenstein

Binomial

Option

Pricing

Model,

or

other

appropriate

option

pricing

model

is

used.

Certain

options

contracts

are

marked-to-market

daily,

and

the

daily

variation

margin

is

recorded

as

a

receivable

or

payable

on

the

Statement

of

Assets

and

Liabilities

as

“Variation

margin

receivable”

or

“Variation

margin

payable”

(if

applicable).

The

Fund

may

use

options

contracts

to

hedge

against

changes

in

interest

rates,

the

values

of

securities,

or

foreign

currencies.

The

use

of

such

instruments

may

involve

certain

additional

risks

as

a

result

of

unanticipated

movements

in

the

market.

A

lack

of

correlation

between

the

value

of

an

instrument

underlying

an

option

and

the

asset

being

hedged,

or

unexpected

adverse

price

movements,

could

render

the

Fund’s

hedging

strategy

unsuccessful.

In

addition,

there

can

be

no

assurance

that

a

liquid

secondary

market

will

exist

for

any

option

purchased

or

sold.

The

Fund

may

be

subject

to

counterparty

risk,

interest

rate

risk,

liquidity

risk,

equity

risk,

commodity

risk,

and

currency

risk

in

the

normal

course

of

pursuing

its

investment

objective

through

its

investments

in

options

contracts.

Options

traded

on

an

exchange

are

regulated

and

the

terms

of

the

options

are

standardized.

Options

traded

OTC

expose

the

Fund

to

counterparty

risk

in

the

event

that

the

counterparty

does

not

perform.

This

risk

is

mitigated

by

having

a

netting

arrangement

between

the

Fund

and

the

counterparty

and

by

having

the

counterparty

post

collateral

to

cover

the

Fund’s

exposure

to

the

counterparty.

The

Fund

may

purchase

put

options

to

hedge

against

a

decline

in

the

value

of

its

portfolio.

By

using

put

options

in

this

way,

the

Fund

will

reduce

any

profit

it

might

otherwise

have

realized

in

the

underlying

security

by

the

amount

of

the

premium

paid

for

the

put

option

and

by

transaction

costs.

The

Fund

may

purchase

call

options

to

hedge

against

an

increase

in

the

price

of

securities

that

it

may

buy

in

the

future.

The

premium

paid

for

the

call

option

plus

any

transaction

costs

will

reduce

the

benefit,

if

any,

realized

by

the

Fund

upon

exercise

of

the

option,

and,

unless

the

price

of

the

underlying

security

rises

sufficiently,

the

option

may

expire

worthless

to

the

Fund.

The

risk

in

buying

options

is

that

the

Fund

pays

a

premium

whether

or

not

the

options

are

exercised.

Options

purchased

are

reported

in

the

Schedule

of

Investments

(if

applicable).

During

the

period,

the

Fund

purchased

call

options

on

bond

futures in

order

to

increase

interest rate

risk exposure

where

reducing

this

exposure

via

other

markets

such

as

the

cash

bond

market

was

less

attractive.

There

were

no

purchased

options

held

at

April

30,

2025.

In

writing

an

option,

the

Fund

bears

the

risk

of

an

unfavorable

change

in

the

price

of

the

security

underlying

the

written

option.

When

an

option

is

written,

the

Fund

receives

a

premium

and

becomes

obligated

to

sell

or

purchase

the

underlying

security

at

a

fixed

price,

upon

exercise

of

the

option.

Options

written

are

reported

as

a

liability

on

the

Statement

of

Assets

and

Liabilities

as

“Options

written,

at

value”

(if

applicable).

The

risk

in

writing

call

options

is

that

the

Fund

gives

up

the

opportunity

for

profit

if

the

market

price

of

the

security

increases

and

the

options

are

exercised.

The 

risk

in

writing

put

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

(unaudited)

26

April

30,

2025

options

is

that

the

Fund

may

incur

a

loss

if

the

market

price

of

the

security

decreases

and

the

options

are

exercised.

The

risk

in

buying

options

is

that

the

Fund

pays

a

premium

whether

or

not

the

options

are

exercised.

Exercise

of

an

option

written

by

the

Fund

could

result

in

the

Fund

buying

or

selling

a

security

at

a

price

different

from

the

current

market

value.

During

the

period,

the

Fund wrote call

options

on

bond

futures

in

order

to

reduce

interest

rate

risk

where

reducing

this

exposure

via

other

markets

such

as

the

cash

bond

market

was

less

attractive. 

There

were

no

written

options

held

at April

30,

2025.

Swaps 

Swap

agreements

are

two-party

contracts

entered

into

primarily

by

institutional

investors

for

periods

ranging

from

a

day

to

more

than

one

year

to

exchange

one

set

of

cash

flows

for

another.

The

most

significant

factor

in

the

performance

of

swap

agreements

is

the

change

in

value

of

the

specific

index,

security,

or

currency,

or

other

factors

that

determine

the

amounts

of

payments

due

to

and

from

the

Fund.

The

use

of

swaps

is

a

highly

specialized

activity

which

involves

investment

techniques

and

risks

different

from

those

associated

with

ordinary

portfolio

securities

transactions.

Swap

agreements

entail

the

risk

that

a

party

will

default

on

its

payment

obligations

to

the

Fund.

If

the

other

party

to

a

swap

defaults,

the

Fund

would

risk

the

loss

of

the

net

amount

of

the

payments

that

it

contractually

is

entitled

to

receive.

If

the

Fund

utilizes

a

swap

at

the

wrong

time

or

judges

market

conditions

incorrectly,

the

swap

may

result

in

a

loss

to

the

Fund

and

reduce

the

Fund’s

total

return.

Swap

agreements

also

bear

the

risk

that

the

Fund

will

not

be

able

to

meet

its

obligation

to

the

counterparty.

Swap

agreements

are

typically

privately

negotiated

and

entered

into

in

the

OTC

market.

However,

certain

swap

agreements

are

required

to

be

cleared

through

a

clearinghouse

and

traded

on

an

exchange

or

swap

execution

facility.

Swaps

that

are

required

to

be

cleared

are

required

to

post

initial

and

variation

margins

in

accordance

with

the

exchange

requirements.

Regulations

enacted

require

the

Fund

to

centrally

clear

certain

interest

rate

and

credit

default

index

swaps

through

a

clearinghouse

or

central

counterparty

(“CCP”).

To

clear

a

swap

with

a

CCP,

the

Fund

will

submit

the

swap

to,

and

post

collateral

with,

a

futures

clearing

merchant

(“FCM”)

that

is

a

clearinghouse

member.

Alternatively,

the

Fund

may

enter

into

a

swap

with

a

financial

institution

other

than

the

FCM

(the

“Executing

Dealer”)

and

arrange

for

the

swap

to

be

transferred

to

the

FCM

for

clearing.

The

Fund

may

also

enter

into

a

swap

with

the

FCM

itself.

The

CCP,

the

FCM,

and

the

Executing

Dealer

are

all

subject

to

regulatory

oversight

by

the

U.S.

Commodity

Futures

Trading

Commission

(“CFTC”).

A

default

or

failure

by

a

CCP

or

an

FCM,

or

the

failure

of

a

swap

to

be

transferred

from

an

Executing

Dealer

to

the

FCM

for

clearing,

may

expose

the

Fund

to

losses,

increase

its

costs,

or

prevent

the

Fund

from

entering

or

exiting

swap

positions,

accessing

collateral,

or

fully

implementing

its

investment

strategies.

The

regulatory

requirement

to

clear

certain

swaps

could,

either

temporarily

or

permanently,

reduce

the

liquidity

of

cleared

swaps

or

increase

the

costs

of

entering

into

those

swaps.

Index

swaps,

interest

rate

swaps,

inflation

swaps and

credit

default

swaps

are

valued

using

an

approved

vendor

supplied

price.

Basket

swaps

are

valued

using

a

broker

supplied

price.

Equity

swaps

that

consist

of

a

single

underlying

equity

are

valued

either

at

the

closing

price,

the

latest

bid

price,

or

the

last

sale

price

on

the

primary

market

or

exchange

it

trades.

The

market

value

of

swap

contracts

are

aggregated

by

positive

and

negative

values

and

are

disclosed

separately

as

an

asset

or

liability

on

the

Fund’s

Statement

of

Assets

and

Liabilities

(if

applicable).

Realized

gains

and

losses

are

reported

on

the

Statement

of

Operations

(if

applicable).

The

change

in

unrealized

net

appreciation

or

depreciation

during

the

period

is

included

in

the

Statement

of

Operations

(if

applicable).

The

Fund’s

maximum

risk

of

loss

from

counterparty

risk

or

credit

risk

is

the

discounted

value

of

the

payments

to

be

received

from/paid

to

the

counterparty

over

the

contract’s

remaining

life,

to

the

extent

that

the

amount

is

positive.

The

risk

is

mitigated

by

having

a

netting

arrangement

between

the

Fund

and

the

counterparty

and

by

the

posting

of

collateral

by

the

counterparty

to

cover

the

Fund’s

exposure

to

the

counterparty.

The

Fund

may

enter

into

various

types

of

credit

default

swap

agreements,

including

OTC

credit

default

swap

agreements

and

index

credit

default

swaps

(“CDX”),

for

investment

purposes

and

to

add

leverage

to

its

portfolio,

or

to

hedge

its

credit

exposure.

Credit

default

swaps

are

a

specific

kind

of

counterparty

agreement

that

allow

the

transfer

of

third-

party

credit

risk

from

one

party

to

the

other.

One

party

in

the

swap

is

a

lender

and

faces

credit

risk

from

a

third

party,

and

the

counterparty

in

the

credit

default

swap

agrees

to

insure

this

risk

in

exchange

for

regular

periodic

payments.

Credit

default

swaps

could

result

in

losses

if

the

Fund

does

not

correctly

evaluate

the

creditworthiness

of

the

company

or

companies

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

27

on

which

the

credit

default

swap

is

based.

Credit

default

swap

agreements

may

involve

greater

risks

than

if

the

Fund

had

invested

in

the

reference

obligation

directly

since,

in

addition

to

risks

relating

to

the

reference

obligation,

credit

default

swaps

are

subject

to

liquidity

risk,

counterparty

risk,

and

credit

risk.

The

Fund

will

generally

incur

a

greater

degree

of

risk

when

it

sells

a

credit

default

swap

than

when

it

purchases

a

credit

default

swap. 

As

a

buyer

of

a

credit

default

swap,

the

Fund

may

lose

its

investment

and

recover

nothing

should

no

credit

event

occur,

and

the

swap

is

held

to

its

termination

date.

As

seller

of

a

credit

default

swap,

if

a

credit

event

were

to

occur,

the

value

of

any

deliverable

obligation

received

by

the

Fund,

coupled

with

the

upfront

or

periodic

payments

previously

received,

may

be

less

than

what

it

pays

to

the

buyer,

resulting

in

a

loss

of

value

to

the

Fund.

If

the

Fund

is

the

seller

of

credit

protection

against

a

particular

security,

the

Fund

would

receive

an

up-front

or

periodic

payment

to

compensate

against

potential

credit

events.

As

the

seller

in

a

credit

default

swap

contract,

the

Fund

would

be

required

to

pay

the

par

value

(the

“notional

value”)

(or

other

agreed-upon

value)

of

a

referenced

debt

obligation

to

the

counterparty

in

the

event

of

a

default

by

a

third

party,

such

as

a

U.S.

or

foreign

corporate

issuer,

on

the

debt

obligation.

In

return,

the

Fund

would

receive

from

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract

provided

that

no

event

of

default

has

occurred.

If

no

default

occurs,

the

Fund

would

keep

the

stream

of

payments

and

would

have

no

payment

obligations.

As

the

seller,

the

Fund

would

effectively

add

leverage

to

its

portfolio

because,

in

addition

to

its

total

net

assets,

the

Fund

would

be

subject

to

investment

exposure

on

the

notional

value

of

the

swap.

The

maximum

potential

amount

of

future

payments

(undiscounted)

that

the

Fund

as

a

seller

could

be

required

to

make

in

a

credit

default

transaction

would

be

the

notional

amount

of

the

agreement.

As

a

buyer

of

credit

protection,

the

Fund

is

entitled

to

receive

the

par

(or

other

agreed-upon)

value

of

a

referenced

debt

obligation

from

the

counterparty

to

the

contract

in

the

event

of

a

default

or

other

credit

event

by

a

third

party,

such

as

a

U.S.

or

foreign

issuer,

on

the

debt

obligation.

In

return,

the

Fund

as

buyer

would

pay

to

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract

provided

that

no

credit

event

has

occurred.

If

no

credit

event

occurs,

the

Fund

would

have

spent

the

stream

of

payments

and

potentially

received

no

benefit

from

the

contract.

The

Fund

may

invest

in

single-name

credit

default

swaps

(“CDS”)

to

buy

or

sell

credit

protection

to

hedge

its

credit

exposure,

gain

issuer

exposure

without

owning

the

underlying

security,

or

increase

the

Fund’s

total

return.

Single-

name

CDS

enable

the

Fund

to

buy

or

sell

protection

against

a

credit

event

of

a

specific

issuer.

When

the

Fund

buys

a

single-

name

CDS,

the

Fund

will

receive

a

return

on

its

investment

only

in

the

event

of

a

credit

event,

such

as

default

by

the

issuer

of

the

underlying

obligation

(as

opposed

to

a

credit

downgrade

or

other

indication

of

financial

difficulty).

If

a

single-

name

CDS

transaction

is

particularly

large,

or

if

the

relevant

market

is

illiquid,

it

may

not

be

possible

for

the

Fund

to

initiate

a

single-name

CDS

transaction

or

to

liquidate

its

position

at

an

advantageous

time

or

price,

which

may

result

in

significant

losses.

Moreover,

the

Fund

bears

the

risk

of

loss

of

the

amount

expected

to

be

received

under

a

single-name

CDS

in

the

event

of

the

default

or

bankruptcy

of

the

counterparty.

The

risks

associated

with

cleared

single-name

CDS

may

be

lower

than

that

for

uncleared

single-name

CDS

because

for

cleared

single-name

CDS,

the

counterparty

is

a

clearinghouse

(to

the

extent

such

a

trading

market

is

available).

However,

there

can

be

no

assurance

that

a

clearinghouse

or

its

members

will

satisfy

their

obligations

to

the

Fund.

During

the

period,

the

Fund

purchased

protection

via

the

credit

default

swap

market

in

order

to

reduce

credit

risk

exposure

to

individual

corporates,

countries

and/or

credit

indices

where

gaining

this

exposure

via

the

cash

bond

market

was

less

attractive. 

The

Fund's

use

of

interest

rate

swaps

involves

investment

techniques

and

risks

different

from

those

associated

with

ordinary

portfolio

security

transactions.

Interest

rate

swaps

do

not

involve

the

delivery

of

securities,

other

underlying

assets,

or

principal.

Interest

rate

swaps

involve

the

exchange

by

two

parties

of

their

respective

commitments

to

pay

or

receive

interest

(e.g.,

an

exchange

of

floating

rate

payments

for

fixed

rate

payments).

Interest

rate

swaps

may

result

in

potential

losses

if

interest

rates

do

not

move

as

expected

or

if

the

counterparties

are

unable

to

satisfy

their

obligations.

Interest

rate

swaps

are

generally

entered

into

on

a

net

basis.

Accordingly,

the

risk

of

loss

with

respect

to

interest

rate

swaps

is

limited

to

the

net

amount

of

interest

payments

that

the

Fund

is

contractually

obligated

to

make. 

During

the

period,

the

Fund

entered

into

interest

rate

swaps

paying

a

fixed

interest

rate

and

receiving

a

floating

interest

rate

in

order

to decrease

interest

rate

risk

(duration)

exposure.

As

interest

rates

rise,

the

Fund

benefits

by

receiving

a

higher

future

floating

rate,

while

paying

a

fixed

rate

that

has

not

increased. 

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

(unaudited)

28

April

30,

2025

During

the

period,

the

Fund

entered

into

interest

rate

swaps

paying

a

floating

interest

rate

and

receiving

a

fixed

interest

rate

in

order

to

increase

interest

rate

risk

(duration)

exposure.

As

interest

rates

fall,

the

Fund

benefits

by

paying

a

lower

future

floating

rate,

while

receiving

a

fixed

rate

that

has

not

decreased. 

3.

Other

Investments

and

Strategies 

Market Risk 

The

value

of

the

Fund’s

portfolio

may

decrease

if

the

value

of

one

or

more

issuers

in

the

Fund’s

portfolio

decreases.

Further,

regardless

of

how

well

individual

companies

or

securities

perform,

the

value

of

the

Fund’s

portfolio

could

also

decrease

if

there

are

deteriorating

economic

or

market

conditions,

including,

but

not

limited

to,

a

general

decline

in

prices

on

the

stock

markets,

a

general

decline

in

real

estate

markets,

a

decline

in

commodities

prices,

or

if

the

market

favors

different

types

of

securities

than

the

types

of

securities

in

which

the

Fund

invests.

If

the

value

of

the

Fund’s

portfolio

decreases,

the

Fund’s

NAV

will

also

decrease,

which

means

if

you

sell

your

shares

in

the

Fund

you

may

lose

money.

Market

risk

may

affect

a

single

issuer,

industry,

economic

sector,

or

the

market

as

a

whole.

The

increasing

interconnectivity

between

global

economies

and

financial

markets

increases

the

likelihood

that

events

or

conditions

in

one

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

Social,

political,

economic

and

other

conditions

and

events,

such

as

natural

disasters,

health

emergencies

(e.g.,

epidemics

and

pandemics),

terrorism,

conflicts,

including

related

sanctions,

social

unrest,

tariffs,

financial

institution

failures,

and

economic

recessions 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.

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

Secured

Overnight

Financing

Rate

(“SOFR”),

or

the

Treasury

bill

rate.

The

interest

rates

on

floating

rate

obligations

typically

reset

quarterly,

although

rates

on

some

obligations

may

adjust

at

other

intervals.

Unexpected

changes

in

the

interest

rates

on

floating

rate

obligations

could

result

in

lower

income

to

the

Fund.

In

addition,

the

secondary

market

on

which

floating

rate

obligations

are

traded

may

be

less

liquid

than

the

market

for

investment

grade

securities

or

other

types

of

income-producing

securities,

which

may

have

an

adverse

impact

on

their

market

price.

There

is

also

a

potential

that

there

is

no

active

market

to

trade

floating

rate

obligations

and

that

there

may

be

restrictions

on

their

transfer.

As

a

result,

the

Fund

may

be

unable

to

sell

assignments

or

participations

at

the

desired

time

or

may

be

able

to

sell

only

at

a

price

less

than

fair

market

value. 

Foreign

Exposure

Risk

The

Fund

normally

has

significant

exposure

to

foreign

markets

as

a

result

of

its

investments

in

foreign

securities,

including

investments

in

emerging

markets,

which

can

be

more

volatile

than

the

U.S.

markets.

As

a

result,

its

returns

and

net

asset

value

may

be

affected

by

fluctuations

in

currency

exchange

rates

or

political

or

economic

conditions

in

a

particular

country.

In

some

foreign

markets,

there

may

not

be

protection

against

failure

by

other

parties

to

complete

transactions.

It

may

not

be

possible

for

the

Fund

to

repatriate

capital,

dividends,

interest,

and

other

income

from

a

particular

country

or

governmental

entity.

In

addition,

a

market

swing

in

one

or

more

countries

or

regions

where

the

Fund

has

invested

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

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

29

(“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.

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. 

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.

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

(unaudited)

30

April

30,

2025

The

Fund

may

be

exposed

to

counterparty

risk

through

participation

in

various

programs,

including,

but

not

limited

to,

lending

its

securities

to

third

parties,

cash

sweep

arrangements

whereby

the

Fund's

cash

balance

is

invested

in

one

or

more

types

of

cash

management

vehicles,

as

well

as

investments

in,

but

not

limited

to,

repurchase

agreements,

and

derivatives,

including

various

types

of

swaps,

futures

and

options.

The

Fund

intends

to

enter

into

financial

transactions

with

counterparties

that

the

Adviser believes

to

be

creditworthy

at

the

time

of

the

transaction.

There

is

always

the

risk

that

the

Adviser's analysis

of

a

counterparty's

creditworthiness

is

incorrect

or

may

change

due

to

market

conditions.

To

the

extent

that

the

Fund

focuses

its

transactions

with

a

limited

number

of

counterparties,

it

will

have

greater

exposure

to

the

risks

associated

with

one

or

more

counterparties. 

Offsetting

Assets

and

Liabilities 

The

Fund

presents

gross

and

net

information

about

transactions

that

are

either

offset

in

the

financial

statements

or

subject

to

an

enforceable

master

netting

arrangement

or

similar

agreement

with

a

designated

counterparty,

regardless

of

whether

the

transactions

are

actually

offset

in

the

Statement

of

Assets

and

Liabilities.

In

order

to

better

define

its

contractual

rights

and

to

secure

rights

that

will

help

the

Fund

mitigate

its

counterparty

risk,

the

Fund

may

enter

into

an

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreement

(“ISDA

Master

Agreement”)

or

similar

agreement

with

its

derivative

contract

counterparties.

An

ISDA

Master

Agreement

is

a

bilateral

agreement

between

the

Fund

and

a

counterparty

that

governs

OTC

derivatives

and

forward

foreign

currency

exchange

contracts

and

typically

contains,

among

other

things,

collateral

posting

terms

and

netting

provisions

in

the

event

of

a

default

and/or

termination

event.

Under

an

ISDA

Master

Agreement,

in

the

event

of

a

default

and/or

termination

event,

the

Fund

may

offset

with

each

counterparty

certain

derivative

financial

instruments’

payables

and/or

receivables

with

collateral

held

and/or

posted

and

create

one

single

net

payment.

The Offsetting

Assets

and

Liabilities

tables located

in

the

Schedule

of

Investments present

gross

amounts

of

recognized

assets

and/or

liabilities

and

the

net

amounts

after

deducting

collateral

that

has

been

pledged

by

counterparties

or

has

been

pledged

to

counterparties

(if

applicable).

For

corresponding

information

grouped

by

type

of

instrument,

see

the

“Fair

Value

of

Derivative

Instruments

(not

accounted

for

as

hedging

instruments) as

of

April

30,

2025"

table

located

in

the

Fund’s

Schedule

of

Investments.

The

Fund

generally

does

not

exchange

collateral

on

its

forward

currency

contracts

with

its

counterparties;

however,

all

liquid

securities

and

restricted

cash

are

considered

to

cover

in

an

amount

at

all

times

equal

to

or

greater

than

the

Fund’s

commitment

with

respect

to

these

contracts.

Certain

securities

may

be

segregated

at

the

Fund’s

custodian.

These

segregated

securities

are

denoted

on

the

accompanying

Schedule

of

Investments

and

are

evaluated

daily

to

ensure

their

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: 

Daily

Net

Assets

Fee

Rate

$0-$500

million

0.30%

Next

$500

million

0.25%

Over

$1

billion

0.20%

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

31

For

the

period

ended April

30,

2025,

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 through

February

28,

2025.

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

Fund’s

Board

of

Trustees

(“Board”)

has

approved

a

Distribution

and

Servicing

Plan

for

shares

of

the

Fund

pursuant

to

Rule

12b-1

under

the

1940

Act

(the

“Plan”).

The

Plan

permits

compensation

in

connection

with

the

distribution

and

marketing

of

Fund

shares

and/or

the

provision

of

certain

shareholder

services.

The

Plan

permits

the

Fund

to

pay

the

Distributor

or

its

designee,

a

fee

for

the

sale

and

distribution

and/or

shareholder

servicing

of

the

shares

at

an

annual

rate

of

up

to

0.25%

of

average

daily

net

assets

of

the

Fund.

Under

the

terms

of

the

Plan,

the

Fund

would

be

authorized

to

make

payments

to

the

Distributor

or

its

designee

for

remittance

to

retirement

plan

service

providers,

broker-dealers,

bank

trust

departments,

financial

advisors,

and

other

financial

intermediaries,

as

compensation

for

distribution

and/or

shareholder

services

performed

by

such

entities

for

their

customers

who

are

investors

in

the

Fund.

The

12b-1

fee

may

only

be

imposed

or

increased

when

(i)

the

Trustees

determine

that

it

is

in

the

best

interests

of

shareholders

to

do

so,

and

(ii)

the

imposition

of

or

increase

in

the

12b-1

fee

is

first

approved

by

the

Fund’s

shareholders.

Because

these

fees

are

paid

out

of

the

Fund’s

assets

on

an

ongoing

basis,

to

the

extent

that

a

fee

is

authorized

by

shareholders

in

the

future,

over

time

they

will

increase

the

cost

of

an

investment

in

the

Fund.

The

Plan

fee

may

cost

an

investor

more

than

other

types

of

sales

charges.

At

this

time, the

Adviser does

not

intend

to

seek

shareholder

approval

for

implementation

of

the

Plan. 

As

of

April

30,

2025,

an

affiliate

of

the

Adviser

owned 2,755,624

shares

or 5.22%

of

the

Fund.

5.

Federal

Income

Tax

Income

and

capital

gains

distributions

are

determined

in

accordance

with

income

tax

regulations

that

may

differ

from

US

GAAP.

These

differences

are

due

to

differing

treatments

for

items

such

as

net

short-term

gains,

deferral

of

wash

sale

losses,

foreign

currency

transactions,

passive

foreign

investment

companies,

net

investment

losses,

in-kind

transactions

and

capital

loss

carryovers.

The

Fund

has

elected

to

treat

gains

and

losses

on

forward

foreign

currency

contracts

as

capital

gains

and

losses,

if

applicable.

Other

foreign

currency

gains

and

losses

on

debt

instruments

are

treated

as

ordinary

income

for

federal

income

tax

purposes

pursuant

to

Section

988

of

the

Internal

Revenue

Code. 

Accumulated

capital

losses

noted

below

represent

net

capital

loss

carryovers,

as

of

October

31,

2024,

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. 

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

(unaudited)

32

April

30,

2025

The

aggregate

cost

of

investments

and

the

composition

of

unrealized

appreciation

and

depreciation

of

investment

securities

for

federal

income

tax

purposes

as

of April

30,

2025 are

noted

below.

The

primary

differences

between

book

and

tax

appreciation

or

depreciation

of

investments are

wash

sale

loss

deferrals

and

amortization

on

bonds.

6.

Capital

Share

Transactions 

7.

Purchases

and

Sales

of

Investment

Securities

For

the

period

ended

April

30,

2025,

the

aggregate

cost

of

purchases

and

proceeds

from

sales

of

investment

securities

(excluding

any

short-term

securities,

short-term

options

contracts,

and

in-kind

transactions)

was

as

follows:

8.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to April

30,

2025

and

through

the

date

of

the

issuance

of

the

Fund's

financial

statements

and

determined

that

there

were

no

material

events

or

transactions

that

would

require

recognition

or

disclosure

in

the

Fund's

financial

statements. 

Capital

Loss

Carryover

Schedule

For

the

year

ended

October

31,

2024

No

Expiration

Short-Term

Long-Term

Accumulated

Capital

Losses

$(197,505)

$(42,539,502)

$(42,737,007)

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$2,578,701,929

$23,233,798

$(20,717,398)

$2,516,400

Period

Ended

April

30,

2025

Year

Ended

October

31,

2024

Shares

Amount

Shares

Amount

Shares

sold

9,350,000

$

458,385,653

4,900,000

$

237,534,283

Shares

repurchased

(2,700,000)

(132,047,669

)

(8,200,000)

(397,073,367

)

Net

Increase/(Decrease)

6,650,000

$

326,337,984

(3,300,000)

$

(159,539,084

)

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

$927,152,336

$540,131,734

$—

$—

Janus

Henderson

Short

Duration

Income

ETF

Additional

Information

(unaudited)

Janus

Detroit

Street

Trust

33

Item

8.

Changes

in

and

Disagreements

with

Accountants

for

Open-End

Management

Investment

Companies.

Not

applicable.

Item

9.

Proxy

Disclosures

for

Open-End

Management

Investment

Companies.

Not

applicable.

Item

10.

Remuneration

Paid

to

Directors,

Officers,

and

Others

of

Open-End

Management

Investment

Companies.

Because

the

Adviser

has

agreed

in

the

Investment

Advisory

Agreement

to

cover

all

operating

expenses

of

the

Fund,

subject

to

certain

exclusions

as

provided

for

therein,

the

Adviser

pays

the

compensation

to

each

Independent

Trustees

for

services

to

the

Fund

from

the

Adviser's

management

fees.

Item

11.

APPROVAL

OF

ADVISORY

AGREEMENTS

DURING

THE

PERIOD

The

Board

of

Trustees

(the

“Board”)

of

Janus

Detroit

Street

Trust

(the

“Trust”),

including

a

majority

of

the

Trustees

who

are

not

“interested

persons”

as

that

term

is

defined

in

the

Investment

Company

Act

of

1940,

as

amended

(the

“Independent

Trustees”),

met

in

person

on

April

16-17,

2025

to

consider

the

proposed

renewal

of

the

investment

management

agreement

between

Janus

Henderson

Investors

US

LLC

(the

“Adviser”)

and

the

Trust

(the

“Investment

Management

Agreement”),

on

behalf

of

Janus

Henderson

AAA

CLO

ETF

(“JAAA”),

Janus

Henderson

B-BBB

CLO

ETF

(“JBBB”),

Janus

Henderson

Corporate

Bond

ETF

(“JLQD”),

Janus

Henderson

Mortgage-Backed

Securities

ETF

(“JMBS”),

Janus

Henderson

Securitized

Income

ETF

(“JSI”),

Janus

Henderson

Short

Duration

Income

ETF

(“VNLA”),

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

(“JSML”),

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

(“JSMD”),

Janus

Henderson

U.S.

Real

Estate

ETF

(“JRE”),

and

Janus

Henderson

U.S.

Sustainable

Equity

ETF

(“SSPX”)

(each

a

separate

series

of

the

Trust,

and

collectively,

the

“Funds”).

In

the

course

of

their

consideration

of

the

renewal

of

the

Investment

Management

Agreement,

the

Independent

Trustees

met

in

executive

session

and

were

advised

by

their

independent

counsel.

In

this

regard,

the

Independent

Trustees

evaluated

the

terms

of

the

Investment

Management

Agreement

and

reviewed

the

duties

and

responsibilities

of

trustees

in

evaluating

and

approving

such

agreements.

In

considering

renewal

of

the

Investment

Management

Agreement,

the

Board

and

the

Independent

Trustees,

as

applicable,

reviewed

the

materials

provided

to

them

relating

to

the

consideration

of

the

renewal

of

the

Investment

Management

Agreement

for

the

Funds

and

other

information

provided

by

counsel

and

the

Adviser,

including:

(i)

information

regarding

the

nature,

quality

and

extent

of

the

services

provided

to

the

Funds

by

the

Adviser,

and

the

fees

charged

to

each

Fund

therefor;

(ii)

information

concerning

the

Adviser’s

financial

condition,

business,

operations,

portfolio

management

personnel,

compliance

programs,

and

profitability

with

respect

to

the

Trust

and

each

Fund;

(iii)

comparative

information

describing

each

Fund’s

advisory

fee

structures,

operating

expenses,

and

performance

information

as

compared

to

peer

fund

groups

compiled

by

an

independent

third

party;

(iv)

a

copy

of

the

Adviser’s

current

Form

ADV;

and

(v)

a

memorandum

from

counsel

to

the

Independent

Trustees

on

the

responsibilities

of

trustees

in

considering

investment

advisory

arrangements

under

the

1940

Act.

The

Board

also

considered

presentations

made

by,

and

discussions

held

with,

representatives

of

the

Adviser

throughout

the

year.

The

Trustees

also

considered

information

received

and

reviewed

in

connection

with

a

meeting

held

on

March

10,

2025

via

videoconference

to

discuss

certain

information

provided

by

the

Adviser

related

to

the

Trustees’

consideration

of

the

renewal

of

the

Investment

Management

Agreement.

The

Board

determined

that

the

information

provided

by

the

Adviser

was

thorough

and

sufficiently

responsive

to

their

request

so

as

to

permit

the

effective

consideration

of

the

renewal.

During

its

review

of

this

information,

the

Board

focused

on

and

analyzed

the

factors

that

it

deemed

relevant,

including,

among

other

factors:

(i)

the

nature,

extent

and

quality

of

the

services

provided

to

the

Funds

by

the

Adviser;

(ii)

the

Adviser’s

personnel

and

operations;

(iii)

each

Fund’s

expense

level;

(iv)

the

profitability

to

the

Adviser

under

the

Investment

Management

Agreement

with

respect

to

each

Fund;

(v)

any

“fall-out”

benefits

to

the

Adviser

and

its

affiliates

Janus

Henderson

Short

Duration

Income

ETF

Additional

Information

(unaudited)

34

April

30,

2025

(i.e.,

the

ancillary

benefits

realized

by

the

Adviser

and

its

affiliates

from

the

Adviser’s

relationship

with

the

Trust);

(vi)

the

effect

of

asset

growth

on

each

Fund’s

expenses;

and

(vii)

potential

conflicts

of

interest.

The

Trustees

also

considered

benefits

that

accrue

to

the

Adviser

and

its

affiliates

from

their

relationships

with

the

Trust

and

each

Fund.

The

Trustees

also

considered

that,

other

than

the

services

provided

by

the

Adviser

and

its

affiliates

pursuant

to

agreements

with

the

Funds

and

the

fees

paid

by

the

Funds

therefor,

the

Funds

and

the

Adviser

may

potentially

benefit

from

their

relationship

with

each

other

in

other

ways.

The

Trustees

considered

that

the

success

of

the

Funds

could

attract

other

business

to

the

Adviser

or

other

Janus

Henderson

funds,

and

that

the

success

of

the

Adviser

could

enhance

the

Adviser’s

ability

to

serve

the

Funds.

The

Board,

including

the

Independent

Trustees,

considered

the

following

in

respect

of

the

Funds:

(a)

The

nature,

extent

and

quality

of

services

provided

by

the

Adviser;

personnel

and

operations

of

the

Adviser.

The

Board

reviewed

the

services

that

the

Adviser

provides

to

the

Funds.

In

connection

with

the

investment

advisory

services

provided

by

the

Adviser,

the

Board

noted

the

responsibilities

that

the

Adviser

has

as

the

Funds’

investment

adviser,

including:

the

overall

supervisory

responsibility

for

the

general

management

and

investment

of

each

Fund’s

securities

portfolio;

providing

oversight

of

the

investment

performance

and

processes

and

compliance

with

each

Fund’s

investment

objectives,

policies

and

limitations;

the

implementation

of

the

investment

management

program

of

each

Fund;

the

management

of

the

day-to-day

investment

and

reinvestment

of

the

assets

of

each

Fund;

determining

daily

baskets

of

securities

and

cash

components

in

connection

with

creation

and

redemption

transactions

in

each

Fund’s

shares;

executing

portfolio

security

trades

for

purchases

and

redemptions

of

each

Fund’s

shares

conducted

on

a

cash-

in-lieu

basis;

the

review

of

brokerage

matters;

the

oversight

of

general

portfolio

compliance

with

relevant

law;

and

the

implementation

of

Board

directives

as

they

relate

to

the

Funds.

The

Board

reviewed

the

Adviser’s

experience,

resources,

and

strengths

in

managing

the

Funds

and

other

pooled

investment

vehicles,

including

an

assessment

of

the

Adviser’s

personnel.

Based

on

its

consideration

and

review

of

the

foregoing

information,

the

Board

determined

that

each

Fund

was

likely

to

continue

to

benefit

from

the

nature,

quality

and

extent

of

these

services,

as

well

as

the

Adviser’s

ability

to

render

such

services

based

on

the

Adviser’s

experience,

personnel,

operations

and

resources.

(b)

Comparison

of

services

rendered

and

fees

paid

under

other

investment

advisory

contracts,

and

the

cost

of

the

services

to

be

provided

and

profits

to

be

realized

by

the

Adviser

from

the

relationship

with

the

Funds;

“fall-out”

benefits.

The

Board

then

compared

both

the

services

rendered

and

the

fees

paid

under

other

contracts

of

the

Adviser

and

under

contracts

of

other

investment

advisers

with

respect

to

similar

ETFs.

In

particular,

the

Board

reviewed

a

report

compiled

by

an

independent

third

party

to

compare

each

Fund’s

contractual

management

fee

and

total

expense

ratio

to

other

investment

companies

within

each

Fund’s

respective

peer

grouping,

as

determined

by

the

independent

third

party.

The

information

provided

by

the

comparative

report

showed

how

the

total

expense

ratio

and

contractual

management

fee

for

each

of

the

Funds

compared

within

its

respective

peer

group

for

the

one-year

period

ended

December

31,

2024.

The

reporting

is

described

in

detail

below:

Janus

Henderson

Short

Duration

Income

ETF

Additional

Information

(unaudited)

Janus

Detroit

Street

Trust

35

The

total

expense

ratio

and

the

contractual

management

fee

for

JAAA

were

each

reported

in

the

3rd

quintile

of

its

respective

peer

group

(with

1st

quintile

being

the

lowest

fees/expenses

and

5th

quintile

being

the

highest

fees/

expenses).

The

total

expense

ratio

and

the

contractual

management

fee

for

JBBB

were

each

reported

in

the

1st

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JLQD

were

each

reported

in

the

3rd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JMBS

were

each

reported

in

the

1st

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JSI

were

each

reported

in

the

4th

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

VNLA

were

each

reported

in

the

1st

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JSML

were

reported

in

the

3rd

and

2nd

quintiles,

respectively.

The

total

expense

ratio

and

the

contractual

management

fee

for

JSMD

were

reported

in

the

3rd

and

2nd

quintiles,

respectively.

The

total

expense

ratio

and

the

contractual

management

fee

for

JRE

were

reported

in

the

4th

and

3rd

quintiles,

respectively.

The

total

expense

ratio

and

the

contractual

management

fee

for

SSPX

were

each

reported

in

the

2nd

quintile.

The

Board

further

considered

that

the

Adviser

had

voluntarily

agreed

to

cap

the

expenses

of

JAAA,

JMBS

and

VNLA

to

the

extent

that

such

Funds’

total

expense

ratio

exceeded

0.20%,

0.22%

and

0.23%,

respectively,

until

at

least

February

28,

2026.

The

Board

also

considered

that

the

Adviser

had

voluntarily

agreed

to

cap

the

expenses

of

JLQD

to

the

extent

that

the

Fund’s

total

expense

ratio

exceeded

0.20%

until

at

least

May

1,

2026.

The

Board

further

noted

the

Adviser’s

contractual

commitment

with

respect

to

the

Funds’

investments

in

affiliated

ETFs

to

waive

and/or

reimburse

a

portion

of

its

management

fee

in

an

amount

equal

to

a

portion

of

the

management

fee

it

earns

as

investment

adviser

to

affiliated

ETFs

in

which

a

Fund

invests

(if

any),

for

until

at

least

February 28,

2026.

The

Board

also

discussed

the

costs

incurred

by

the

Adviser

in

connection

with

its

serving

as

investment

adviser

to

the

Funds,

including

operational

costs.

After

comparing

each

Fund’s

fees

and

expenses

with

those

of

other

ETFs

in

the

Funds’

respective

peer

groups,

and

in

light

of

the

nature,

extent

and

quality

of

services

provided

by

the

Adviser

and

the

costs

incurred

by

the

Adviser

in

rendering

those

services,

as

well

as

the

profitability

of

the

Adviser

in

providing

these

services,

the

Board

concluded

that

the

level

of

fees

paid

to

the

Adviser

and

the

profitability

with

respect

to

each

Fund

was

fair

and

reasonable.

The

Board

also

considered

that

the

Adviser

may

experience

reputational

“fall-out”

benefits

based

on

the

success

of

the

Funds,

but

that

such

benefits

are

not

easily

quantifiable.

(c)

The

extent

to

which

economies

of

scale

would

be

realized

as

the

Fund

grows

and

whether

fee

levels

would

reflect

such

economies

of

scale.

The

Board

next

discussed

potential

economies

of

scale.

In

its

review,

the

Board

considered

that

the

Funds

were

positioned

to

realize

potential

economies

of

scale

as

assets

grow

over

time,

given

the

inclusion

of

management

fee

breakpoints

for

each

Fund

in

the

current

investment

advisory

agreement

at

various

asset

levels.

(d)

Investment

performance

of

the

Fund

and

the

Adviser.

Janus

Henderson

Short

Duration

Income

ETF

Additional

Information

(unaudited)

36

April

30,

2025

The

Board

next

discussed

the

annualized

returns

of

the

Funds

on

both

an

absolute

basis

and

relative

to

the

performance

of

funds

comprising

a

performance

universe

compiled

by

an

independent

third

party

for

each

Fund

for

the

three-month

period,

one-year

period,

two-year

period,

three-year

period,

four-year

period,

five-year

period,

and/or

since

inception

period

ended

December

31,

2024

(each

period

as

applicable).

The

Board

noted

the

following

for

each

Fund:

JAAA

was

reported

to

be

in

the

1st

quintile

of

its

performance

universe

(with

the

1st

quintile

being

the

best

performer

and

the

5th

quintile

being

the

worst

performer)

for

its

one-,

two-,

three-

and

four-year

periods;

JBBB

was

reported

to

be

in

the

1stquintile

of

its

performance

universe

for

its

one-

and

two-year

periods,

respectively;

JLQD

was

reported

to

be

in

the

2nd,

3rd,

and

2nd

quintiles

of

its

performance

universe

for

its

one-,

two-,

and

three-

year

periods,

respectively.

JMBS

was

reported

to

be

in

the

1st

quintile

of

its

performance

universe

for

its

one-,

two-,

three-,

four-,

and

five-year

periods;

JSI

was

reported

to

be

in

the

2nd,

1st,

and

1st

quintiles

of

its

performance

universe

for

its

three

month,

one

year,

and

since

inception

periods,

respectively.

VNLA

was

reported

to

be

in

the

2nd,

2nd,

2nd,

2nd,

and

1st

quintiles

of

its

performance

universe

for

each

of

its

one-

,

two-,

three-,

four-,

and

five-year

periods;

JSML

was

reported

to

be

in

the

4th,

1st,

1st,

3rd,

and

3rd

quintiles

of

its

performance

universe

for

its

one-,

two-,

three-,

four-,

and

five-year

periods,

respectively;

JSMD

was

reported

to

be

in

the

3rd,

2nd,

1st,

2nd,

and

2nd

quintiles

of

its

performance

universe

for

its

one-,

two-,

three-,

four-,

and

five-year

periods,

respectively;

JRE

was

reported

to

be

in

the

2nd,

4th,

and

2nd

quintiles

of

its

performance

universe

for

its

one-,

two-,

and

three-

year

periods,

respectively;

and

SSPX

was

reported

to

be

in

the

5th

quintile

of

its

performance

universe

for

its

one-,

two-,

and

three-

year

periods.

With

respect

to

JSML

and

JSMD,

the

Board

noted

that

these

Funds

had

operated

as

index-based

during

the

periods

described

above

and,

as

a

result,

had

been

passively

managed

to

seek

to

track

the

returns

of

specified

indices.

For

this

reason,

the

Board

also

considered

the

performance

of

these

Funds

in

relation

to

the

performance

of

each

Fund’s

respective

underlying

index

(i.e.,

“tracking

error”)

and

considered

that

the

tracking

error

was

within

anticipated

ranges.

The

Board

considered

the

Adviser’s

explanation

of

performance

results

for

each

Fund

across

the

relevant

periods

provided

as

part

of

the

consideration

of

the

renewal

of

the

Investment

Advisory

Agreement,

and

during

the

course

of

the

previous

year.

Conclusion.

No

single

factor

was

determinative

to

the

decision

of

the

Board.

Based

on

the

foregoing

and

such

other

matters

as

were

deemed

relevant,

the

Board

concluded

that

the

management

fee

rates

and

total

expense

ratios

of

each

Fund

are

reasonable

in

relation

to

the

services

provided

by

the

Adviser

to

such

Fund,

as

well

as

the

costs

incurred

and

benefits

gained

by

the

Adviser

in

providing

such

services.

The

Board

also

found

the

management

fees

to

be

reasonable

in

comparison

to

the

fees

charged

by

advisers

to

other

comparable

ETFs

and

mutual

funds

(as

applicable).

As

a

result,

the

Board

concluded

that

the

renewal

of

the

Investment

Management

Agreement

for

an

additional

one-year

period

was

in

the

best

interests

of

each

Fund.

After

full

consideration

of

the

above

factors,

as

well

as

other

factors,

the

Trustees,

including

all

of

the

Independent

Trustees

voting

separately,

determined

to

approve

the

renewal

of

the

Investment

Management

Agreement

for

each

Fund.

125-24-93073

04-25

This

report

is

submitted

for

the

general

information

of

shareholders

of

the

Fund.

It

is

not

an

offer

or

solicitation

for

the

Fund

and

is

not

authorized

for

distribution

to

prospective

investors

unless

preceded

or

accompanied

by

an

effective

prospectus.

Janus

Henderson

is

a

trademark

of

Janus

Henderson

Group

plc

or

one

of

its

subsidiaries.

©

Janus

Henderson

Group

plc.

Janus

Henderson

Investors

US

LLC

is

the

investment

adviser

and

ALPS

Distributors,

Inc.

is

the

distributor.

ALPS

is

not

affiliated

with

Janus

Henderson

or

any

of

its

subsidiaries.

SEMIANNUAL

FINANCIAL

STATEMENTS

April

30,

2025

Janus

Henderson

Mortgage-Backed

Securities

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

Mortgage-Backed

Securities

ETF

Item

7.

Financial

Statements

and

Financial

Highlights

for

Open-End

Management

Investment

Companies

Schedule

of

Investments

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

3

Statement

of

Assets

and

Liabilities

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

20

Statement

of

Operations

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

21

Statements

of

Changes

in

Net

Assets

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

22

Financial

Highlights

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

23

Notes

to

Financial

Statements

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

24

Items

8-11

-

Additional

Information

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

36

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

Janus

Detroit

Street

Trust

3

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Asset-Backed

Securities

-

5.8%

ACHM

Mortgage

Trust,

6.5500%,

5/25/39

(144A)

$

8,817,677

$

8,950,887

ACHM

Mortgage

Trust,

7.2600%,

5/25/39

(144A)

801,607

828,863

ACHV

ABS

TRUST,

8.6000%,

11/25/30

(144A)

7,056,000

7,134,675

ACHV

ABS

TRUST,

6.3400%,

4/25/31

(144A)

2,604,960

2,629,508

ACHV

ABS

TRUST,

6.4200%,

4/25/31

(144A)

1,086,393

1,093,394

Ally

Bank

Auto

Credit-Linked

Notes,

6.0220%,

5/17/32

(144A)

3,514,268

3,559,837

Ally

Bank

Auto

Credit-Linked

Notes,

6.3150%,

5/17/32

(144A)

2,008,153

2,023,253

Alterna

Funding

III

LLC,

6.2600%,

5/16/39

(144A)

9,807,978

9,892,565

Arivo

Acceptance

Auto

Loan

Receivables

Trust,

6.4600%,

4/17/28

(144A)

2,541,161

2,555,486

Bayview

Opportunity

Master

Fund

VII

LLC,

SOFR30A

+

1.3000%,

5.6537%,

12/26/31

(144A)

‡

4,471,513

4,486,374

Bayview

Opportunity

Master

Fund

VII

LLC,

SOFR30A

+

1.5000%,

5.8537%,

12/26/31

(144A)

‡

2,176,136

2,185,773

Blue

Bridge

Funding

LLC,

7.3700%,

11/15/30

(144A)

2,273,811

2,286,661

Brex

Commercial

Charge

Card

Master

Trust,

6.0500%,

7/15/27

(144A)

7,750,000

7,834,192

FHF

Issuer

Trust,

5.6900%,

2/15/30

(144A)

3,196,602

3,221,160

FIGRE

Trust,

6.4360%,

11/25/53

(144A)

‡

9,223,575

9,419,891

FIGRE

Trust,

6.5060%,

3/25/54

(144A)

‡

2,334,304

2,393,089

FIGRE

Trust,

5.9370%,

7/25/54

(144A)

‡

2,154,041

2,172,131

FIGRE

Trust,

6.2290%,

7/25/54

(144A)

‡

2,945,704

2,970,217

FIGRE

Trust,

5.2520%,

9/25/54

(144A)

‡

3,280,854

3,252,486

FIGRE

Trust,

5.7750%,

3/25/55

(144A)

‡

6,423,425

6,446,685

FIGRE

Trust,

5.7580%,

6/25/55

(144A)

‡

8,855,000

8,886,228

Finance

of

America

Structured

Securities

Trust,

3.5000%,

2/25/74

(144A)

Ç

3,689,373

3,565,549

Finance

of

America

Structured

Securities

Trust,

3.5000%,

4/25/74

(144A)

Ç

14,969,458

14,429,721

Fora

Financial

Asset

Securitization

LLC,

6.3300%,

8/15/29

(144A)

5,038,000

5,078,160

Foundation

Finance

Trust,

6.5300%,

6/15/49

(144A)

2,113,592

2,182,139

FREED

ABS

Trust,

2.3700%,

11/20/28

(144A)

333,370

331,387

Gracie

Point

International

Funding,

SOFR90A

+

2.2500%,

6.6744%,

3/1/27

(144A)

‡

816,565

819,265

Gracie

Point

International

Funding

LLC,

SOFR90A

+

1.7000%,

6.1218%,

3/1/28

(144A)

‡

5,000,000

4,977,142

Gracie

Point

International

Funding

LLC,

SOFR90A

+

2.1000%,

6.5218%,

3/1/28

(144A)

‡

3,007,000

2,978,629

Huntington

Bank

Auto

Credit-Linked

Notes,

6.1530%,

5/20/32

(144A)

13,522,227

13,676,797

Huntington

Bank

Auto

Credit-Linked

Notes,

5.4420%,

10/20/32

(144A)

19,931,941

20,018,883

Huntington

Bank

Auto

Credit-Linked

Notes,

4.9570%,

3/21/33

(144A)

7,699,910

7,753,174

Lendbuzz

Securitization

Trust,

7.0900%,

10/16/28

(144A)

1,376,340

1,393,273

NRM

FNT1

Excess

LLC,

7.3980%,

11/25/31

(144A)

Ç

30,718,006

30,918,158

NRZ

Excess

Spread-Collateralized

Notes,

3.8440%,

12/25/25

(144A)

777,671

764,644

NRZ

Excess

Spread-Collateralized

Notes,

3.1040%,

7/25/26

(144A)

1,922,903

1,847,055

Prosper

Marketplace

Issuance

Trust,

6.1200%,

8/15/29

(144A)

709,907

710,719

RAM

LLC,

6.6690%,

2/15/39

(144A)

3,961,417

3,980,999

RCKT

Mortgage

Trust,

6.3250%,

2/25/44

(144A)

‡

9,464,612

9,536,146

RCKT

Mortgage

Trust,

5.5460%,

9/25/44

(144A)

Ç

5,374,539

5,383,497

RCKT

Mortgage

Trust,

5.6030%,

2/25/55

(144A)

Ç

4,449,528

4,430,791

RCKT

Mortgage

Trust,

5.8110%,

5/25/55

(144A)

Ç

14,359,679

14,494,405

Reach

ABS

Trust,

5.8800%,

7/15/31

(144A)

3,632,407

3,645,697

Saluda

Grade

Alternative

Mortgage

Trust,

7.0670%,

8/25/53

(144A)

‡

7,246,694

7,480,560

Saluda

Grade

Alternative

Mortgage

Trust,

6.7180%,

11/25/53

(144A)

‡

7,647,421

7,862,875

Saluda

Grade

Alternative

Mortgage

Trust,

6.6030%,

4/25/54

(144A)

Ç

2,712,416

2,782,733

Santander

Bank

Auto

Credit-Linked

Notes,

5.2810%,

5/15/32

(144A)

160,571

160,524

Santander

Bank

Auto

Credit-Linked

Notes,

5.6220%,

6/15/32

(144A)

2,996,597

3,013,402

Santander

Bank

Auto

Credit-Linked

Notes,

5.8180%,

6/15/32

(144A)

6,684,715

6,729,896

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

4

April

30,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Asset-Backed

Securities

-

(continued)

Santander

Bank

Auto

Credit-Linked

Notes,

6.9860%,

12/15/32

(144A)

$

344,329

$

345,038

Santander

Bank

Auto

Credit-Linked

Notes,

5.1410%,

1/18/33

(144A)

5,250,000

5,249,343

Santander

Bank

Auto

Credit-Linked

Notes,

6.4930%,

6/15/33

(144A)

435,114

436,869

Santander

Bank

Auto

Credit-Linked

Notes,

5.6400%,

12/15/33

(144A)

2,532,121

2,545,297

Santander

Bank

Auto

Credit-Linked

Notes,

5.9330%,

12/15/33

(144A)

5,875,968

5,910,571

Towd

Point

Mortgage

Trust,

6.0490%,

1/25/64

(144A)

‡

1,396,460

1,401,284

Towd

Point

Mortgage

Trust,

6.3500%,

2/25/64

(144A)

‡

546,572

550,719

Tricolor

Auto

Securitization

Trust,

6.6100%,

10/15/27

(144A)

887,256

890,527

Tricolor

Auto

Securitization

Trust,

6.3600%,

12/15/27

(144A)

2,416,828

2,424,795

Tricolor

Auto

Securitization

Trust,

5.2200%,

6/15/28

(144A)

6,849,157

6,840,593

Upstart

Securitization

Trust,

4.0600%,

3/20/31

(144A)

842,444

839,972

US

Auto

Funding,

2.2000%,

5/15/26

(144A)

2,568,047

2,499,875

US

Bank

NA,

6.7890%,

8/25/32

(144A)

7,554,656

7,645,060

Total

Asset-Backed

Securities

(cost

$310,296,324)

312,749,518

Corporate

Bond

-

0.2%

Financial

-

0.2%

Rithm

Capital

Corp.,

8.0000%, 4/1/29

(144A)

(cost

$9,136,785)

9,213,000

9,197,975

Mortgage-Backed

Securities

-

170.9%

ABL

,

7.4570

%

,

9/25/29

(144A)

Ç

4,840,000

4,840,769

BMP

,

CME

Term

SOFR

1

Month

+

1.3719%

,

5.6938

%

,

6/15/41

(144A)

‡

14,000,000

13,977,779

Brean

Asset-Backed

Securities

Trust

4.5000%, 5/25/64

(144A)

10,275,377

10,018,688

5.0000%, 9/25/64

(144A)

7,157,875

7,046,414

BX

Commercial

Mortgage

Trust

,

CME

Term

SOFR

1

Month

+

0.8445%

,

5.1665

%

,

10/15/36

(144A)

‡

1,271,945

1,264,828

BX

Trust

CME

Term

SOFR

1

Month

+

1.3058%,

5.6278%, 10/15/26

(144A)

‡

3,337,147

3,308,677

CME

Term

SOFR

1

Month

+

3.4640%,

7.7860%, 10/15/26

(144A)

‡

2,807,890

2,711,389

CME

Term

SOFR

1

Month

+

0.7035%,

5.0255%, 9/15/34

(144A)

‡

5,435,823

5,400,325

Chase

Mortgage

Finance

Corp.

SOFR30A

+

1.2000%,

5.5537%, 2/25/50

(144A)

‡

3,091,911

2,985,150

SOFR30A

+

1.3500%,

5.7037%, 2/25/50

(144A)

‡

1,816,498

1,738,022

SOFR30A

+

1.5500%,

5.9037%, 2/25/50

(144A)

‡

2,016,441

1,932,995

Connecticut

Avenue

Securities

Trust

SOFR30A

+

1.5500%,

5.9037%, 10/25/41

(144A)

‡

3,158,965

3,156,095

SOFR30A

+

3.1000%,

7.4537%, 10/25/41

(144A)

‡

7,320,000

7,436,663

SOFR30A

+

0.8500%,

5.2037%, 12/25/41

(144A)

‡

1,124,636

1,120,647

SOFR30A

+

1.0000%,

5.3537%, 12/25/41

(144A)

‡

1,066,945

1,063,824

SOFR30A

+

1.6500%,

6.0037%, 12/25/41

(144A)

‡

14,835,000

14,868,699

SOFR30A

+

3.5500%,

7.9037%, 10/25/43

(144A)

‡

10,982,476

11,342,994

SOFR30A

+

1.8000%,

6.1537%, 1/25/44

(144A)

‡

3,140,000

3,141,281

SOFR30A

+

1.1000%,

5.4537%, 2/25/44

(144A)

‡

5,411,521

5,395,622

SOFR30A

+

1.8000%,

6.1537%, 2/25/44

(144A)

‡

3,168,862

3,162,986

SOFR30A

+

1.9500%,

6.3027%, 3/25/44

(144A)

‡

13,082,000

13,080,360

SOFR30A

+

1.7000%,

6.0537%, 7/25/44

(144A)

‡

10,060,000

10,016,333

SOFR30A

+

1.6000%,

5.9537%, 9/25/44

(144A)

‡

4,125,699

4,119,864

SOFR30A

+

1.1000%,

5.4527%, 1/25/45

(144A)

‡

7,253,515

7,218,908

SOFR30A

+

1.5000%,

5.8527%, 1/25/45

(144A)

‡

7,526,000

7,471,104

SOFR30A

+

1.6000%,

5.9537%, 3/25/45

(144A)

‡

13,212,417

13,248,918

SOFR30A

+

2.2500%,

6.6037%, 3/25/45

(144A)

‡

5,970,000

5,993,735

EFMT

,

5.8770

%

,

1/25/60

(144A)

Ç

4,079,078

4,090,020

FHLMC

Gold

Pool,

30

Year

Pool

#

Q57869,

4.0000%, 8/1/48

2,884,125

2,728,837

Pool

#

Q58477,

4.0000%, 9/1/48

1,686,525

1,595,673

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

Janus

Detroit

Street

Trust

5

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Mortgage-Backed

Securities

-

(continued)

FHLMC

Gold

Pools,

Other

Pool

#

ZN0650,

3.0000%, 3/1/43

$

2,317

$

2,094

Pool

#

ZT1926,

3.0000%, 11/1/43

850,653

769,358

FHLMC

STACR

REMIC

Trust

SOFR30A

+

1.6500%,

6.0037%, 1/25/34

(144A)

‡

1,191,541

1,194,698

SOFR30A

+

2.1000%,

6.4537%, 9/25/41

(144A)

‡

26,457,865

26,424,793

SOFR30A

+

1.8000%,

6.1537%, 11/25/41

(144A)

‡

14,550,000

14,592,902

SOFR30A

+

2.3500%,

6.7037%, 12/25/41

(144A)

‡

10,089,878

10,127,443

SOFR30A

+

1.3000%,

5.6537%, 2/25/42

(144A)

‡

839,649

838,806

SOFR30A

+

3.7500%,

8.1037%, 2/25/42

(144A)

‡

13,840,929

14,343,916

SOFR30A

+

1.8500%,

6.2037%, 11/25/43

(144A)

‡

13,850,297

13,908,707

SOFR30A

+

1.9500%,

6.3037%, 2/25/44

(144A)

‡

2,617,368

2,628,387

SOFR30A

+

1.2500%,

5.6037%, 3/25/44

(144A)

‡

9,943,027

9,929,547

SOFR30A

+

2.0000%,

6.3537%, 3/25/44

(144A)

‡

9,880,000

9,874,466

SOFR30A

+

1.8000%,

6.1537%, 8/25/44

(144A)

‡

18,000,000

17,955,140

SOFR30A

+

1.4500%,

5.8037%, 10/25/44

(144A)

‡

11,192,000

11,140,670

SOFR30A

+

1.1500%,

5.5037%, 2/25/45

(144A)

‡

17,588,979

17,529,460

SOFR30A

+

1.6500%,

6.0037%, 2/25/45

(144A)

‡

23,060,148

22,872,556

FHLMC

UMBS

Pool

#

ZS7403,

3.0000%, 5/1/31

58,780

57,220

Pool

#

ZK8405,

2.5000%, 12/1/31

8,149

7,805

Pool

#

ZK8962,

3.0000%, 9/1/32

63,227

61,107

Pool

#

ZK9163,

3.0000%, 1/1/33

36,003

34,777

Pool

#

SB0040,

2.5000%, 12/1/33

273,081

261,820

Pool

#

SB0116,

2.5000%, 11/1/34

580,329

547,055

Pool

#

ZT2413,

4.0000%, 2/1/41

44,408,309

43,104,745

Pool

#

ZM2269,

3.0000%, 12/1/46

13,396

11,931

Pool

#

ZT1633,

4.0000%, 3/1/47

119,113

113,421

Pool

#

ZT0391,

4.0000%, 11/1/47

316,729

300,805

Pool

#

ZT0252,

3.0000%, 12/1/47

18,199

16,228

Pool

#

ZM7577,

4.5000%, 8/1/48

101,343

98,370

Pool

#

ZM8197,

4.0000%, 9/1/48

1,003,443

948,306

Pool

#

SI2101,

4.0000%, 9/1/48

41,519,666

39,236,830

Pool

#

ZM7926,

5.0000%, 9/1/48

78,820

78,393

Pool

#

ZT1320,

4.0000%, 11/1/48

171,931

162,478

Pool

#

SI2017,

4.0000%, 12/1/48

2,118,333

2,001,935

Pool

#

ZN2165,

4.5000%, 12/1/48

23,850

23,288

Pool

#

ZN4240,

4.5000%, 12/1/48

276,881

270,019

Pool

#

SD1416,

4.5000%, 12/1/48

3,821,901

3,709,784

Pool

#

ZN6461,

4.0000%, 5/1/49

371,717

350,395

Pool

#

ZT2087,

4.0000%, 6/1/49

1,257,457

1,185,729

Pool

#

ZA7158,

4.5000%, 6/1/49

160,532

154,932

Pool

#

RA1100,

4.0000%, 7/1/49

5,001,788

4,716,691

Pool

#

SL0850,

4.0000%, 7/1/49

21,284,747

20,669,696

Pool

#

SD8003,

4.0000%, 7/1/49

1,302,870

1,228,551

Pool

#

RA1088,

4.5000%, 7/1/49

206,302

200,003

Pool

#

RA1087,

4.5000%, 7/1/49

1,167,144

1,126,425

Pool

#

QA2039,

3.0000%, 8/1/49

1,932,697

1,716,753

Pool

#

QA2159,

3.0000%, 8/1/49

84,243

73,207

Pool

#

QA1615,

3.5000%, 8/1/49

275,782

251,553

Pool

#

RA1188,

4.5000%, 8/1/49

1,131,824

1,092,336

Pool

#

QA5150,

4.5000%, 12/1/49

297,974

288,893

Pool

#

RA1999,

4.5000%, 1/1/50

771,919

744,988

Pool

#

SD8040,

4.5000%, 1/1/50

198,310

192,271

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

6

April

30,

2025

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)

Pool

#

SD8047,

4.5000%, 2/1/50

$

628,280

$

609,146

Pool

#

QA8274,

3.5000%, 3/1/50

393,516

356,763

Pool

#

SD1551,

4.0000%, 3/1/50

2,002,010

1,891,936

Pool

#

SD1111,

4.0000%, 6/1/50

3,417,046

3,237,095

Pool

#

SL0938,

4.0000%, 7/1/50

41,339,421

39,775,645

Pool

#

SD4456,

4.0000%, 8/1/50

1,784,548

1,682,754

Pool

#

SD1143,

4.5000%, 9/1/50

14,733,268

14,301,060

Pool

#

SD5994,

4.5000%, 9/1/50

13,799,666

13,394,845

Pool

#

SD1414,

4.0000%, 10/1/50

448,274

422,703

Pool

#

RA7104,

4.5000%, 2/1/51

11,022,914

10,671,383

Pool

#

SD2606,

4.5000%, 9/1/51

6,073,523

5,879,832

Pool

#

QD6555,

3.0000%, 2/1/52

768,744

675,866

Pool

#

QD9182,

3.0000%, 3/1/52

1,371,180

1,205,362

Pool

#

QE0318,

4.5000%, 3/1/52

109,375

104,951

Pool

#

QE0354,

3.5000%, 4/1/52

2,249,362

2,058,839

Pool

#

QE1072,

3.5000%, 4/1/52

2,199,773

2,013,451

Pool

#

QD9191,

3.5000%, 4/1/52

571,228

523,632

Pool

#

QE1073,

3.5000%, 4/1/52

658,288

603,389

Pool

#

SD0943,

3.5000%, 4/1/52

1,925,627

1,766,705

Pool

#

SD3523,

3.0000%, 6/1/52

2,860,436

2,500,668

Pool

#

QE6404,

5.5000%, 7/1/52

3,145,591

3,171,737

Pool

#

QE8542,

5.5000%, 8/1/52

2,804,914

2,827,855

Pool

#

QF0488,

5.5000%, 9/1/52

2,694,608

2,716,287

Pool

#

QF2561,

5.5000%, 11/1/52

1,400,758

1,416,465

Pool

#

QF7810,

5.5000%, 1/1/53

3,399,996

3,443,754

Pool

#

QF7280,

5.5000%, 1/1/53

4,282,655

4,339,432

Pool

#

SD2167,

6.0000%, 1/1/53

9,561,769

9,759,004

Pool

#

QF9863,

5.5000%, 3/1/53

4,852,743

4,893,852

Pool

#

QF9276,

5.5000%, 3/1/53

2,594,205

2,621,800

Pool

#

QF9104,

6.0000%, 3/1/53

1,903,469

1,944,247

Pool

#

QG1347,

6.0000%, 3/1/53

3,491,784

3,572,471

Pool

#

QG0818,

5.0000%, 4/1/53

1,296,425

1,277,211

Pool

#

SL0869,

4.5000%, 5/1/53

11,370,756

10,907,606

Pool

#

QG2535,

5.0000%, 5/1/53

4,223,147

4,146,011

Pool

#

QG2100,

5.0000%, 5/1/53

1,754,598

1,722,550

Pool

#

QG2019,

5.0000%, 5/1/53

1,912,647

1,878,165

Pool

#

QG2098,

5.0000%, 5/1/53

2,290,062

2,248,234

Pool

#

QG1908,

5.0000%, 5/1/53

2,776,455

2,725,742

Pool

#

QG2104,

5.5000%, 5/1/53

1,241,910

1,240,747

Pool

#

QG2537,

5.5000%, 5/1/53

2,764,602

2,762,011

Pool

#

SD3018,

5.5000%, 5/1/53

6,721,212

6,749,476

Pool

#

QG2543,

5.5000%, 5/1/53

2,325,829

2,345,215

Pool

#

SD2897,

5.5000%, 5/1/53

3,013,842

3,026,585

Pool

#

QG2539,

6.5000%, 5/1/53

3,246,515

3,362,433

Pool

#

QG2540,

6.5000%, 5/1/53

1,840,772

1,907,513

Pool

#

QG3884,

5.0000%, 6/1/53

1,811,618

1,785,592

Pool

#

QG3616,

5.0000%, 6/1/53

1,308,206

1,289,685

Pool

#

QG4266,

5.0000%, 6/1/53

1,698,809

1,668,332

Pool

#

QG4264,

5.0000%, 6/1/53

6,934,472

6,806,201

Pool

#

QG3912,

5.5000%, 6/1/53

6,916,682

6,974,334

Pool

#

QG6755,

5.5000%, 6/1/53

12,266,333

12,392,815

Pool

#

QG4267,

5.5000%, 6/1/53

2,572,136

2,571,092

Pool

#

SD3271,

5.5000%, 6/1/53

26,446,583

26,707,562

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

Janus

Detroit

Street

Trust

7

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Mortgage-Backed

Securities

-

(continued)

FHLMC

UMBS

-

(continued)

Pool

#

QG4340,

6.5000%, 6/1/53

$

1,556,183

$

1,611,747

Pool

#

QG3885,

6.5000%, 6/1/53

1,328,264

1,375,690

Pool

#

QG6538,

5.5000%, 7/1/53

1,108,580

1,120,010

Pool

#

QG6948,

5.5000%, 7/1/53

1,066,021

1,076,926

Pool

#

SD3813,

6.0000%, 7/1/53

6,488,040

6,641,243

Pool

#

QH2242,

5.5000%, 9/1/53

5,894,731

5,907,678

Pool

#

QH0826,

5.5000%, 9/1/53

4,237,773

4,280,779

Pool

#

QH1144,

5.5000%, 9/1/53

3,542,843

3,578,509

Pool

#

QH1500,

6.0000%, 9/1/53

10,142,961

10,350,389

Pool

#

QH2259,

6.0000%, 9/1/53

5,305,494

5,413,994

Pool

#

QH3309,

5.5000%, 10/1/53

1,773,391

1,777,286

Pool

#

QH3306,

6.0000%, 10/1/53

11,814,577

12,091,761

Pool

#

QH3192,

6.0000%, 10/1/53

17,008,617

17,511,342

Pool

#

QH4473,

6.0000%, 11/1/53

5,516,127

5,679,167

Pool

#

QH4373,

6.0000%, 11/1/53

9,493,207

9,773,798

Pool

#

QH4638,

6.0000%, 11/1/53

5,637,669

5,804,302

Pool

#

QH5204,

6.5000%, 11/1/53

4,391,962

4,569,216

Pool

#

QH6041,

5.5000%, 12/1/53

3,453,599

3,480,740

Pool

#

QH7549,

6.0000%, 12/1/53

3,817,478

3,895,547

Pool

#

QH7040,

6.0000%, 12/1/53

6,521,355

6,638,778

Pool

#

QH7013,

6.5000%, 12/1/53

1,986,521

2,066,695

Pool

#

SD5224,

6.0000%, 3/1/54

12,449,029

12,710,558

Pool

#

SD5223,

6.0000%, 4/1/54

7,951,512

8,118,878

Pool

#

QI4878,

6.0000%, 4/1/54

2,839,187

2,898,947

Pool

#

RJ1341,

6.0000%, 4/1/54

37,302,185

38,298,750

Pool

#

RJ1505,

5.0000%, 5/1/54

38,755,967

38,150,226

Pool

#

RJ1754,

4.5000%, 6/1/54

9,922,809

9,520,793

Pool

#

QI8221,

6.0000%, 6/1/54

5,378,146

5,491,347

Pool

#

SD5963,

6.0000%, 7/1/54

7,478,354

7,630,826

Pool

#

RJ2292,

5.5000%, 9/1/54

19,122,897

19,284,439

Pool

#

SD6558,

6.0000%, 9/1/54

15,371,062

15,694,597

Pool

#

RJ2649,

5.5000%, 10/1/54

73,044,565

73,650,307

Pool

#

SD7138,

5.0000%, 11/1/54

1,947,595

1,923,073

Pool

#

QJ9063,

5.0000%, 11/1/54

20,920,594

20,618,237

Pool

#

SD6982,

5.0000%, 11/1/54

30,984,095

30,729,432

Pool

#

SD6989,

5.5000%, 11/1/54

23,521,793

23,615,894

Pool

#

QJ9072,

6.0000%, 11/1/54

5,618,398

5,736,656

Pool

#

SL0367,

4.5000%, 12/1/54

29,412,022

28,185,599

Pool

#

RJ2853,

5.0000%, 12/1/54

139,474,769

137,718,647

Pool

#

SL0208,

5.0000%, 12/1/54

35,125,053

34,798,819

Pool

#

QX0520,

5.5000%, 12/1/54

8,105,807

8,137,541

Pool

#

SL0509,

4.5000%, 1/1/55

12,907,508

12,384,569

Pool

#

SD7344,

5.5000%, 1/1/55

39,678,811

40,004,788

Pool

#

SD7343,

5.5000%, 1/1/55

47,672,605

48,094,306

Pool

#

SL0046,

6.0000%, 1/1/55

45,787,597

46,751,348

Pool

#

RJ3274,

5.5000%, 2/1/55

35,320,906

35,605,615

Pool

#

SL0335,

5.5000%, 2/1/55

112,777,456

113,102,788

Pool

#

SL1146,

5.0000%, 3/1/55

49,996,900

49,113,825

Pool

#

QX7566,

5.5000%, 3/1/55

56,990,064

57,058,087

FHLMC,

REMIC

SOFR30A

+

0.4645%,

4.8092%, 2/15/32

‡

11,190

11,107

SOFR30A

+

0.7645%,

5.1092%, 3/15/32

‡

20,714

20,635

SOFR30A

+

0.6145%,

4.9592%, 7/15/32

‡

2,705

2,719

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

8

April

30,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Mortgage-Backed

Securities

-

(continued)

FHLMC,

REMIC

-

(continued)

SOFR30A

+

0.5145%,

4.8592%, 1/15/33

‡

$

13,933

$

13,794

SOFR30A

+

0.3645%,

4.7092%, 9/15/35

‡

10,012

9,901

SOFR30A

+

0.7045%,

5.0492%, 10/15/37

‡

46,473

46,077

SOFR30A

+

0.4145%,

4.7592%, 8/15/40

‡

10,524

10,556

SOFR30A

+

0.6145%,

4.9592%, 9/15/40

‡

46,408

45,908

Finance

of

America

Structured

Securities

Trust

3.5000%, 4/25/74

(144A)

21,290,238

20,392,016

3.5000%, 2/25/75

(144A)

21,977,724

20,970,608

FNMA

,

SOFR30A

+

3.3000%

,

7.6537

%

,

11/25/41

(144A)

‡

1,150,000

1,170,125

FNMA

UMBS

Pool

#

AS7643,

2.5000%, 8/1/31

9,477

9,090

Pool

#

AS8207,

2.5000%, 10/1/31

10,874

10,429

Pool

#

BM1036,

2.5000%, 2/1/32

9,561

9,170

Pool

#

BO7717,

3.0000%, 11/1/34

44,360

42,609

Pool

#

BO5957,

3.0000%, 12/1/34

46,906

44,963

Pool

#

AB7563,

3.0000%, 1/1/43

176,628

160,591

Pool

#

AB9341,

3.0000%, 5/1/43

961,751

873,895

Pool

#

AL6842,

4.0000%, 5/1/45

647,858

620,987

Pool

#

AZ0869,

4.0000%, 7/1/45

545,031

518,963

Pool

#

BC0870,

3.5000%, 1/1/46

38,779

35,780

Pool

#

AS6811,

3.0000%, 3/1/46

1,430,999

1,272,216

Pool

#

AS7492,

4.0000%, 7/1/46

1,118,471

1,062,291

Pool

#

AS8649,

3.0000%, 1/1/47

320,516

284,952

Pool

#

BD2453,

3.0000%, 1/1/47

72,046

64,242

Pool

#

BE3616,

4.0000%, 5/1/47

244,608

232,465

Pool

#

CA0108,

3.5000%, 8/1/47

113,639

105,370

Pool

#

MA3149,

4.0000%, 10/1/47

1,334,379

1,264,076

Pool

#

CA0706,

4.0000%, 11/1/47

5,905,475

5,594,691

Pool

#

BM3282,

3.5000%, 12/1/47

125,135

116,030

Pool

#

CA4646,

3.0000%, 2/1/48

445,561

398,329

Pool

#

BJ9181,

5.0000%, 5/1/48

1,264,430

1,261,240

Pool

#

CA1931,

4.5000%, 6/1/48

1,511,142

1,466,812

Pool

#

MA3415,

4.0000%, 7/1/48

1,632,842

1,543,065

Pool

#

BK9507,

4.0000%, 10/1/48

632,035

597,597

Pool

#

MA3496,

4.5000%, 10/1/48

3,121,940

3,030,356

Pool

#

MA3521,

4.0000%, 11/1/48

1,916,244

1,810,885

Pool

#

BN3899,

4.0000%, 12/1/48

289,060

273,167

Pool

#

BN4541,

4.0000%, 2/1/49

892,835

843,745

Pool

#

FM1598,

4.0000%, 2/1/49

1,082,171

1,022,671

Pool

#

MA3687,

4.0000%, 6/1/49

245,599

231,589

Pool

#

CA3683,

4.5000%, 6/1/49

115,173

111,656

Pool

#

MA3694,

4.5000%, 7/1/49

4,980

4,828

Pool

#

BJ8459,

3.0000%, 8/1/49

106,207

92,294

Pool

#

BO4113,

3.0000%, 8/1/49

92,989

80,807

Pool

#

BO1857,

4.5000%, 8/1/49

43,418

42,096

Pool

#

CA4035,

4.5000%, 8/1/49

183,696

178,087

Pool

#

BO2983,

3.0000%, 9/1/49

198,677

176,801

Pool

#

FM1540,

4.0000%, 9/1/49

3,786,288

3,570,473

Pool

#

CA4185,

4.5000%, 9/1/49

185,198

179,544

Pool

#

FM3447,

4.0000%, 11/1/49

379,949

358,598

Pool

#

FS2135,

4.0000%, 11/1/49

4,298,560

4,062,216

Pool

#

BO9819,

4.5000%, 12/1/49

280,948

272,385

Pool

#

FM7479,

4.5000%, 1/1/50

6,429,970

6,241,343

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

Janus

Detroit

Street

Trust

9

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Mortgage-Backed

Securities

-

(continued)

FNMA

UMBS

-

(continued)

Pool

#

MA3908,

4.5000%, 1/1/50

$

257,517

$

249,675

Pool

#

FM5036,

4.0000%, 3/1/50

3,217,322

3,040,428

Pool

#

FM9138,

4.0000%, 3/1/50

1,286,852

1,216,098

Pool

#

FS0088,

4.0000%, 3/1/50

6,293,513

5,950,595

Pool

#

FM7840,

4.0000%, 4/1/50

24,942,012

23,519,264

Pool

#

CA5573,

4.0000%, 4/1/50

1,630,559

1,533,698

Pool

#

BP1500,

3.0000%, 5/1/50

2,334,548

2,073,352

Pool

#

MA4026,

4.0000%, 5/1/50

3,573,401

3,365,534

Pool

#

MA4056,

4.0000%, 6/1/50

3,453,893

3,248,170

Pool

#

CA6382,

4.5000%, 7/1/50

936,704

906,844

Pool

#

FM5076,

4.0000%, 8/1/50

1,854,078

1,743,937

Pool

#

FM4738,

4.0000%, 9/1/50

19,001,465

17,869,686

Pool

#

FM4129,

4.0000%, 9/1/50

7,093,117

6,688,510

Pool

#

FM5350,

4.5000%, 9/1/50

14,018,522

13,591,603

Pool

#

FS1578,

4.0000%, 10/1/50

6,341,322

5,984,973

Pool

#

CA7849,

4.5000%, 10/1/50

2,175,550

2,109,296

Pool

#

FS8681,

4.5000%, 10/1/50

29,891,257

29,014,381

Pool

#

FS2713,

4.5000%, 10/1/50

3,972,501

3,855,966

Pool

#

FS5818,

4.5000%, 10/1/50

12,234,605

11,862,014

Pool

#

FS5362,

4.5000%, 12/1/50

11,954,766

11,590,697

Pool

#

FM7725,

4.5000%, 12/1/50

1,286,813

1,245,775

Pool

#

FM7031,

4.0000%, 1/1/51

3,891,951

3,669,946

Pool

#

FS9239,

4.5000%, 1/1/51

25,858,239

25,099,674

Pool

#

FS8335,

4.5000%, 1/1/51

31,815,644

30,882,315

Pool

#

FS8709,

4.5000%, 1/1/51

20,038,947

19,451,094

Pool

#

FM7460,

4.0000%, 3/1/51

114,097,811

107,589,420

Pool

#

FS2548,

4.0000%, 3/1/51

319,047

300,848

Pool

#

FS2546,

4.0000%, 3/1/51

159,276

150,518

Pool

#

FS6382,

4.0000%, 8/1/51

22,442,136

21,208,222

Pool

#

FS7225,

4.0000%, 8/1/51

24,191,379

22,861,287

Pool

#

FA0603,

4.5000%, 9/1/51

34,721,661

33,703,083

Pool

#

FS5028,

4.0000%, 10/1/51

21,630,208

20,396,373

Pool

#

FS3001,

4.0000%, 10/1/51

2,297,203

2,166,165

Pool

#

FS4781,

4.0000%, 10/1/51

24,296,581

22,910,651

Pool

#

FS1133,

4.0000%, 10/1/51

122,416,499

115,433,593

Pool

#

FS6662,

4.0000%, 10/1/51

11,247,421

10,605,843

Pool

#

CB2681,

3.5000%, 1/1/52

1,861,616

1,707,977

Pool

#

CB2907,

3.5000%, 2/1/52

4,785,071

4,389,789

Pool

#

BV5379,

3.0000%, 4/1/52

3,613,730

3,176,313

Pool

#

BV5393,

3.5000%, 4/1/52

3,213,624

2,945,620

Pool

#

BV8484,

3.5000%, 4/1/52

1,060,409

971,975

Pool

#

BV4203,

3.5000%, 4/1/52

1,118,943

1,025,711

Pool

#

BV5394,

3.5000%, 4/1/52

3,018,836

2,763,139

Pool

#

FS1869,

3.5000%, 4/1/52

4,390,595

4,021,730

Pool

#

BV8485,

3.5000%, 4/1/52

974,491

891,951

Pool

#

FS1640,

4.0000%, 4/1/52

2,282,006

2,149,061

Pool

#

BW0081,

4.5000%, 4/1/52

231,799

222,387

Pool

#

BW0072,

4.5000%, 4/1/52

202,448

194,228

Pool

#

BV7632,

4.5000%, 4/1/52

487,247

467,538

Pool

#

BV6879,

4.5000%, 4/1/52

410,179

393,587

Pool

#

BV7131,

4.5000%, 4/1/52

130,381

125,091

Pool

#

BV7132,

4.5000%, 4/1/52

255,088

244,730

Pool

#

FS1666,

3.5000%, 5/1/52

20,648,098

18,911,800

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

10

April

30,

2025

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)

Pool

#

BV8544,

3.5000%, 5/1/52

$

3,247,494

$

2,972,188

Pool

#

FS7613,

4.5000%, 5/1/52

11,769,473

11,411,047

Pool

#

BW0343,

4.5000%, 5/1/52

706,422

677,737

Pool

#

CB3837,

3.5000%, 6/1/52

19,057,166

17,451,696

Pool

#

FS2144,

3.5000%, 6/1/52

10,906,215

10,002,122

Pool

#

FS7541,

4.0000%, 6/1/52

13,247,550

12,491,880

Pool

#

BT8185,

4.5000%, 6/1/52

19,842,373

19,031,152

Pool

#

BW2174,

4.5000%, 6/1/52

11,383,108

10,917,730

Pool

#

CB4329,

3.5000%, 7/1/52

463,721

425,244

Pool

#

CB4076,

3.5000%, 7/1/52

2,800,010

2,564,123

Pool

#

BW0972,

4.5000%, 7/1/52

1,993,598

1,916,084

Pool

#

CB4320,

3.5000%, 8/1/52

941,679

862,274

Pool

#

BW6314,

5.5000%, 8/1/52

4,315,277

4,349,994

Pool

#

CB5580,

4.5000%, 10/1/52

33,108,276

31,734,225

Pool

#

BX0984,

4.5000%, 10/1/52

15,260,786

14,629,797

Pool

#

FS3246,

5.5000%, 11/1/52

4,736,273

4,797,996

Pool

#

BX0804,

5.5000%, 11/1/52

1,151,239

1,164,342

Pool

#

BX0421,

5.5000%, 11/1/52

11,105,952

11,190,853

Pool

#

BX0419,

5.5000%, 11/1/52

5,162,121

5,177,441

Pool

#

BW7489,

6.0000%, 11/1/52

620,130

634,331

Pool

#

FS8486,

4.5000%, 12/1/52

7,712,704

7,392,614

Pool

#

BX0130,

6.0000%, 12/1/52

1,366,097

1,397,380

Pool

#

BT8051,

5.5000%, 1/1/53

1,404,594

1,422,943

Pool

#

BX3248,

6.0000%, 1/1/53

3,165,307

3,237,789

Pool

#

FS3661,

6.0000%, 1/1/53

7,205,629

7,367,095

Pool

#

BX6266,

6.0000%, 1/1/53

7,370,581

7,529,457

Pool

#

BX5075,

6.0000%, 1/1/53

9,197,402

9,403,500

Pool

#

BX6124,

6.5000%, 1/1/53

3,982,317

4,149,423

Pool

#

FS3883,

4.5000%, 2/1/53

32,118,671

30,863,115

Pool

#

BX4791,

5.5000%, 2/1/53

2,702,163

2,700,133

Pool

#

BW7371,

5.5000%, 2/1/53

30,509,005

30,901,650

Pool

#

BX6955,

6.0000%, 2/1/53

2,897,844

2,956,552

Pool

#

BX7685,

6.0000%, 2/1/53

2,119,251

2,164,651

Pool

#

BX4784,

5.0000%, 3/1/53

2,835,952

2,785,471

Pool

#

BX4782,

5.5000%, 3/1/53

4,656,834

4,653,334

Pool

#

BX8072,

5.5000%, 3/1/53

1,887,748

1,903,739

Pool

#

BX5986,

5.5000%, 3/1/53

5,008,303

5,061,170

Pool

#

BX7860,

5.5000%, 3/1/53

1,393,950

1,405,853

Pool

#

BX9422,

5.5000%, 3/1/53

4,204,308

4,204,574

Pool

#

BX9326,

5.5000%, 3/1/53

4,495,736

4,533,820

Pool

#

BX8700,

5.5000%, 3/1/53

3,741,710

3,777,941

Pool

#

BX8585,

6.0000%, 3/1/53

3,246,395

3,298,681

Pool

#

BY0905,

6.0000%, 3/1/53

2,716,988

2,779,771

Pool

#

BY0782,

5.5000%, 4/1/53

748,298

754,586

Pool

#

BY0251,

6.0000%, 4/1/53

1,235,183

1,262,965

Pool

#

BX8340,

6.0000%, 4/1/53

4,168,202

4,261,955

Pool

#

BX4859,

5.0000%, 5/1/53

1,490,231

1,463,358

Pool

#

BY0330,

5.0000%, 5/1/53

2,768,137

2,718,220

Pool

#

BY0866,

5.5000%, 5/1/53

711,730

717,662

Pool

#

BY1896,

5.5000%, 5/1/53

1,377,145

1,388,624

Pool

#

BY0332,

5.5000%, 5/1/53

1,376,535

1,375,331

Pool

#

BY0540,

6.0000%, 5/1/53

5,121,785

5,225,548

Pool

#

BY0335,

6.0000%, 5/1/53

4,238,853

4,308,283

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

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)

Pool

#

BY0334,

6.0000%, 5/1/53

$

11,525,662

$

11,758,312

Pool

#

BY0338,

6.5000%, 5/1/53

2,481,193

2,571,154

Pool

#

BY0327,

6.5000%, 5/1/53

1,528,062

1,573,867

Pool

#

BY0337,

6.5000%, 5/1/53

7,341,565

7,603,699

Pool

#

FS9476,

4.0000%, 6/1/53

20,438,749

19,124,985

Pool

#

FS6257,

4.0000%, 6/1/53

27,255,458

25,511,963

Pool

#

BY0350,

5.0000%, 6/1/53

5,610,124

5,506,350

Pool

#

BY0360,

5.5000%, 6/1/53

1,442,912

1,441,471

Pool

#

BY0361,

6.5000%, 6/1/53

1,739,837

1,799,385

Pool

#

FA1287,

4.5000%, 7/1/53

9,801,758

9,405,684

Pool

#

FS9027,

5.5000%, 7/1/53

47,080,530

47,545,287

Pool

#

BY4134,

5.5000%, 7/1/53

11,769,588

11,769,846

Pool

#

FS6355,

5.0000%, 8/1/53

53,483,040

52,713,957

Pool

#

BY8533,

6.5000%, 8/1/53

2,334,148

2,420,013

Pool

#

FS8881,

4.5000%, 9/1/53

43,232,058

41,915,474

Pool

#

BY5913,

5.5000%, 9/1/53

2,350,115

2,372,577

Pool

#

CB7112,

5.5000%, 9/1/53

21,024,218

21,218,292

Pool

#

DA1456,

5.5000%, 9/1/53

6,630,883

6,645,446

Pool

#

DA0026,

6.0000%, 9/1/53

9,566,350

9,738,601

Pool

#

DA1468,

6.0000%, 9/1/53

6,337,848

6,486,542

Pool

#

DA0036,

6.5000%, 9/1/53

3,254,220

3,373,931

Pool

#

DA1511,

5.5000%, 10/1/53

2,673,270

2,679,065

Pool

#

DA3522,

5.5000%, 10/1/53

933,177

935,200

Pool

#

DA3538,

6.0000%, 10/1/53

2,593,502

2,646,541

Pool

#

DA1525,

6.0000%, 10/1/53

18,839,461

19,178,682

Pool

#

DA3549,

6.5000%, 10/1/53

4,129,533

4,296,196

Pool

#

DA5019,

6.5000%, 11/1/53

5,347,102

5,543,802

Pool

#

DA5072,

6.5000%, 11/1/53

4,839,908

5,017,951

Pool

#

FS6236,

6.5000%, 11/1/53

12,636,803

13,111,073

Pool

#

FS7117,

6.5000%, 2/1/54

12,006,404

12,457,014

Pool

#

CB8119,

5.0000%, 3/1/54

41,270,539

40,625,496

Pool

#

CB8221,

5.5000%, 3/1/54

17,652,150

17,684,253

Pool

#

FS7397,

6.0000%, 3/1/54

8,342,341

8,517,933

Pool

#

DB3056,

5.5000%, 5/1/54

1,592,747

1,603,247

Pool

#

DB4017,

6.0000%, 5/1/54

7,903,247

8,069,597

Pool

#

CB8543,

6.0000%, 5/1/54

36,735,147

37,716,563

Pool

#

FS8308,

5.0000%, 6/1/54

39,549,473

38,931,330

Pool

#

CB8694,

6.0000%, 6/1/54

37,331,274

38,596,979

Pool

#

FS8717,

6.0000%, 7/1/54

15,433,360

15,758,206

Pool

#

FS8993,

6.0000%, 7/1/54

83,251,532

85,000,481

Pool

#

FS9022,

5.5000%, 8/1/54

83,606,324

83,873,396

Pool

#

FS9880,

4.5000%, 9/1/54

21,829,131

20,944,738

Pool

#

BU4910,

5.5000%, 9/1/54

19,086,929

19,229,739

Pool

#

FS9116,

6.0000%, 9/1/54

19,930,292

20,349,791

Pool

#

FA0198,

5.5000%, 10/1/54

68,494,808

69,084,021

Pool

#

FS9794,

5.0000%, 11/1/54

37,107,259

36,774,683

Pool

#

FS9909,

5.0000%, 11/1/54

15,143,836

15,008,108

Pool

#

FS9788,

5.5000%, 11/1/54

33,296,515

33,429,721

Pool

#

CB9430,

5.5000%, 11/1/54

192,818,802

193,048,951

Pool

#

FS9779,

5.5000%, 11/1/54

46,461,571

46,885,730

Pool

#

FA0654,

4.5000%, 12/1/54

10,103,280

9,681,993

Pool

#

FA0122,

4.5000%, 12/1/54

16,369,845

15,706,632

Pool

#

DC7015,

5.5000%, 12/1/54

6,436,146

6,461,344

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

12

April

30,

2025

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)

Pool

#

CB9613,

5.5000%, 12/1/54

$

49,617,980

$

49,677,204

Pool

#

FA0787,

4.5000%, 1/1/55

9,004,381

8,639,575

Pool

#

FA0635,

5.0000%, 1/1/55

34,007,968

33,407,299

Pool

#

FA0573,

5.0000%, 1/1/55

65,400,725

64,814,567

Pool

#

FA0576,

5.5000%, 1/1/55

38,113,822

38,457,799

Pool

#

FA0574,

5.5000%, 1/1/55

74,959,916

75,750,078

Pool

#

FA0470,

6.0000%, 1/1/55

14,102,361

14,399,192

Pool

#

FA0627,

5.5000%, 2/1/55

25,472,301

25,683,537

FNMA,

Other

Pool

#

AB9283,

3.0000%, 4/1/38

139,025

126,312

Pool

#

AB6280,

3.0000%, 9/1/42

216,233

195,568

Pool

#

MA1229,

3.0000%, 10/1/42

150,201

136,572

Pool

#

MA1327,

3.0000%, 1/1/43

263,754

238,548

Pool

#

AR9225,

3.0000%, 3/1/43

350,316

316,587

Pool

#

MA1447,

3.0000%, 5/1/43

81,428

73,588

Pool

#

AS8547,

3.0000%, 11/1/46

72,947

64,482

Pool

#

BF0167,

3.0000%, 2/1/57

1,446,579

1,238,656

Pool

#

BF0226,

3.5000%, 1/1/58

23,664,612

21,550,478

Pool

#

BF0646,

2.5000%, 6/1/62

51,022,235

41,925,418

Pool

#

BF0698,

3.5000%, 12/1/62

36,889,666

32,986,609

Pool

#

BF0713,

4.0000%, 3/1/63

23,652,911

21,980,391

Pool

#

BF0731,

2.5000%, 6/1/63

16,400,215

13,476,200

Pool

#

BF0783,

3.5000%, 12/1/63

13,600,521

12,159,849

Pool

#

BF0801,

2.5000%, 4/1/64

20,761,236

17,089,205

Pool

#

BF0806,

3.5000%, 4/1/64

18,982,964

17,001,566

Pool

#

BF0807,

3.5000%, 4/1/64

24,817,329

22,173,099

FNMA,

REMIC

3.0000%, 7/25/28

311,729

305,405

SOFR30A

+

0.5145%,

4.8682%, 4/25/32

‡

19,218

18,995

SOFR30A

+

0.6645%,

5.0182%, 4/25/32

‡

8,492

8,461

SOFR30A

+

0.6145%,

4.9682%, 9/25/33

‡

10,796

10,740

SOFR30A

+

0.4145%,

4.7682%, 10/25/35

‡

16,269

15,991

SOFR30A

+

0.4645%,

4.8182%, 4/25/36

‡

60,073

59,127

SOFR30A

+

0.6345%,

4.9882%, 9/25/37

‡

15,266

15,136

SOFR30A

+

0.5145%,

4.8682%, 9/25/40

‡

7,235

7,172

SOFR30A

+

53.7407%,

6.0482%, 10/25/40

‡

41,248

61,013

SOFR30A

+

0.5445%,

4.8982%, 11/25/40

‡

10,452

10,352

SOFR30A

+

0.5145%,

4.8682%, 9/25/42

‡

8,308

8,195

SOFR30A

+

0.4645%,

4.8182%, 10/25/42

‡

100,548

98,230

SOFR30A

+

3.8855%,

0.0000%, 11/25/42

‡

473,554

243,867

SOFR30A

+

0.6145%,

4.9682%, 2/25/43

‡

26,012

25,689

SOFR30A

+

0.8000%,

5.1537%, 9/25/52

‡

9,176,491

8,916,631

SOFR30A

+

1.1000%,

5.4537%, 3/25/55

‡

162,769,758

161,757,744

SOFR30A

+

1.2000%,

5.5537%, 3/25/55

‡

52,816,575

52,576,109

3.5000%, 1/25/61

~

19,485,844

4,150,222

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

2.0000%,

TBA, 30

Year

Maturity

^

376,104,255

298,183,352

2.5000%,

TBA, 30

Year

Maturity

^

1,622,789,894

1,348,695,813

3.0000%,

TBA, 30

Year

Maturity

^

827,620,354

717,515,397

3.5000%,

TBA, 30

Year

Maturity

^

82,500,000

74,420,115

4.5000%,

TBA, 30

Year

Maturity

^

36,400,000

34,801,276

6.0000%,

TBA, 30

Year

Maturity

^

360,000,000

365,169,600

6.5000%,

TBA, 30

Year

Maturity

^

132,991,000

136,954,132

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

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)

FREMF

Mortgage

Trust

,

SOFR30A

+

6.1145%

,

10.4481

%

,

9/25/29

(144A)

‡

$

789,970

$

720,698

Galaxy

Senior

Participation

Interest

Trust

1

,

0.0000

%

,

7/31/26

¢,‡

14,638,258

14,716,515

GNMA

CME

Term

SOFR

1

Month

+

0.5145%,

4.8354%, 8/16/29

‡

4,330

4,344

CME

Term

SOFR

1

Month

+

0.5145%,

4.8331%, 7/20/34

‡

29,051

28,719

CME

Term

SOFR

1

Month

+

0.4145%,

4.7354%, 8/16/34

‡

21,207

20,945

CME

Term

SOFR

1

Month

+

0.3145%,

4.6331%, 6/20/35

‡

17,404

17,075

CME

Term

SOFR

1

Month

+

0.2645%,

4.5831%, 8/20/35

‡

21,068

20,607

CME

Term

SOFR

1

Month

+

0.4145%,

4.7331%, 4/20/37

‡

7,677

7,536

CME

Term

SOFR

1

Month

+

0.4245%,

4.7431%, 6/20/37

‡

21,068

20,707

CME

Term

SOFR

1

Month

+

0.4345%,

4.7531%, 7/20/37

‡

32,755

32,224

CME

Term

SOFR

1

Month

+

0.6145%,

4.9331%, 10/20/37

‡

10,864

10,759

CME

Term

SOFR

1

Month

+

0.6145%,

4.9331%, 10/20/37

‡

25,898

25,522

CME

Term

SOFR

1

Month

+

0.6145%,

4.9331%, 2/20/38

‡

42,691

42,266

CME

Term

SOFR

1

Month

+

0.6145%,

4.9331%, 2/20/38

‡

20,948

20,745

CME

Term

SOFR

1

Month

+

0.7145%,

5.0354%, 1/16/40

‡

7,354

7,308

CME

Term

SOFR

1

Month

+

0.4645%,

4.7831%, 6/20/40

‡

416

412

CME

Term

SOFR

1

Month

+

0.5445%,

4.8654%, 10/16/40

‡

26,844

26,686

0.0000%, 5/16/41

§

3,503,534

2,666,973

CME

Term

SOFR

1

Month

+

0.4145%,

4.7331%, 7/20/41

‡

13,152

13,056

SOFR30A

+

1.3000%,

5.6501%, 8/20/53

‡

5,851,957

5,864,361

GNMA

II,

30

Year

Pool

#

MA5021,

4.5000%, 2/20/48

982,671

961,164

Pool

#

MA5192,

4.0000%, 5/20/48

230,963

218,369

Pool

#

MA5264,

4.0000%, 6/20/48

773,367

731,197

Pool

#

BF6874,

4.5000%, 7/20/48

128,899

125,368

Pool

#

BK5879,

4.5000%, 11/20/48

143,216

139,487

Pool

#

BK6072,

5.0000%, 1/20/49

9,280

9,202

GNMA

II,

30

Year,

Single

Family

2.5000%,

TBA, 30

Year

Maturity

^

25,296,414

21,545,361

3.0000%,

TBA, 30

Year

Maturity

^

175,024,962

154,984,254

3.5000%,

TBA, 30

Year

Maturity

^

138,246,377

125,568,908

4.0000%,

TBA, 30

Year

Maturity

^

107,413,688

99,943,496

4.5000%,

TBA, 30

Year

Maturity

^

242,461,488

231,969,694

5.0000%,

TBA, 30

Year

Maturity

^

336,146,194

329,620,252

5.5000%,

TBA, 30

Year

Maturity

^

237,444,000

237,216,291

GNMA

II,

Other

Pool

#

MA5753,

4.0000%, 2/20/49

147,574

135,856

Pool

#

MA5866,

4.0000%, 4/20/49

141,615

130,978

Homeward

Opportunities

Fund

Trust

7.1200%, 7/25/29

(144A)

Ç

17,261,000

17,330,405

5.4760%, 3/25/40

(144A)

Ç

12,500,000

12,490,715

J.P.

Morgan

Mortgage

Trust

3.0000%, 6/25/45

(144A)

‡

494,949

422,130

6.0190%, 6/25/54

(144A)

Ç

3,355,451

3,379,524

JPMorgan

Chase

Bank

NA

CME

Term

SOFR

1

Month

+

2.3645%,

6.6911%, 10/25/57

(144A)

‡

14,414,412

14,683,825

CME

Term

SOFR

1

Month

+

2.6145%,

6.9411%, 10/25/57

(144A)

‡

2,114,299

2,153,508

LHOME

Mortgage

Trust

7.0170%, 1/25/29

(144A)

Ç

6,341,000

6,386,090

7.1280%, 3/25/29

(144A)

Ç

5,293,684

5,349,547

6.9000%, 5/25/29

(144A)

Ç

9,960,000

10,071,115

6.0920%, 7/25/39

(144A)

Ç

6,870,000

6,859,569

5.7510%, 9/25/39

(144A)

Ç

9,325,000

9,279,693

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

14

April

30,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Mortgage-Backed

Securities

-

(continued)

Mello

Mortgage

Capital

Acceptance

,

4.0000

%

,

4/25/54

(144A)

Ç

$

8,174,791

$

7,963,420

MHC

Commercial

Mortgage

Trust

,

CME

Term

SOFR

1

Month

+

0.9154%

,

5.2374

%

,

4/15/38

(144A)

‡

586,117

584,707

New

Residential

Mortgage

Loan

Trust

,

7.1010

%

,

3/25/39

(144A)

Ç

2,750,000

2,777,286

NRM

FHT1

Excess

Owner

LLC

,

6.5450

%

,

3/25/32

(144A)

Ç

42,912,515

43,073,540

PRET

LLC

,

0.0000

%

,

4/25/55

(144A)

Ç

12,790,000

12,789,997

PRET

Trust

4.0000%, 8/25/64

(144A)

Ç

7,031,000

6,750,747

4.0000%, 7/25/69

(144A)

Ç

16,292,750

15,639,241

PRPM

LLC

3.7500%, 3/25/54

(144A)

Ç

2,629,238

2,544,284

3.2500%, 4/26/55

(144A)

6,800,000

6,438,840

RCKT

Mortgage

Trust

6.5150%, 6/25/43

(144A)

‡

5,649,580

5,680,490

6.0470%, 8/25/44

(144A)

Ç

10,814,521

10,918,345

5.1580%, 10/25/44

(144A)

Ç

14,137,202

14,092,064

5.4896%, 11/25/44

(144A)

Ç

6,843,334

6,861,904

5.6830%, 12/25/44

(144A)

Ç

10,545,026

10,552,816

5.6530%, 1/25/45

(144A)

Ç

5,775,277

5,810,779

Reach

ABS

Trust

,

6.3000

%

,

2/18/31

(144A)

1,973,967

1,981,070

Saluda

Grade

Alternative

Mortgage

Trust

7.0000%, 4/25/29

(144A)

Ç

13,041,070

12,913,137

7.5000%, 2/25/30

(144A)

Ç

12,445,279

12,451,101

7.7620%, 4/25/30

(144A)

Ç

8,254,619

8,319,296

7.4390%, 7/25/30

(144A)

Ç

15,216,666

15,283,181

Sequoia

Mortgage

Trust

2.5000%, 5/25/43

(144A)

‡

697,677

604,101

4.0000%, 9/25/49

(144A)

‡

84,712

76,945

SREIT

Trust

,

CME

Term

SOFR

1

Month

+

1.1943%

,

5.5161

%

,

11/15/38

(144A)

‡

4,194,207

4,162,920

Vontive

Mortgage

Trust

,

6.5070

%

,

3/25/30

(144A)

Ç

15,444,000

15,566,018

Total

Mortgage-Backed

Securities

(cost

$9,249,778,669)

9,292,276,371

Investment

Companies

-

1.8%

Money

Market

Funds

-

1.8%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

4.3351%

£,∞

(cost

$98,092,812)

98,073,197

98,092,812

Total

Investments

(total

cost

$

9,667,304,590

)

-

178.7%

9,712,316,676

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(78.7%)

(4,276,243,572)

Net

Assets

-

100.0%

$5,436,073,104

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

9,711,497,411

100.0

%

Cayman

Islands

819,265

0.0

Total

$9,712,316,676

100.0%

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

Janus

Detroit

Street

Trust

15

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

-

(46.9)%

Mortgage-Backed

Securities

-

(46.9)%

FNMA/FHLMC

UMBS,

30

Year,

Single

Family,

3.5000%,

TBA,

30

Year

Maturity

^

$

(236,653,000)

$

(213,475,678)

FNMA/FHLMC

UMBS,

30

Year,

Single

Family,

4.0000%,

TBA,

30

Year

Maturity

^

(575,916,155)

(536,475,689)

FNMA/FHLMC

UMBS,

30

Year,

Single

Family,

4.5000%,

TBA,

30

Year

Maturity

^

(484,242,390)

(462,973,980)

FNMA/FHLMC

UMBS,

30

Year,

Single

Family,

5.0000%,

TBA,

30

Year

Maturity

^

(349,233,000)

(341,871,867)

FNMA/FHLMC

UMBS,

30

Year,

Single

Family,

5.5000%,

TBA,

30

Year

Maturity

^

(728,305,851)

(726,615,453)

FNMA/FHLMC

UMBS,

30

Year,

Single

Family,

6.0000%,

TBA,

30

Year

Maturity

^

(253,280,000)

(256,917,101)

GNMA

II,

30

Year,

Single

Family,

6.5000%,

TBA,

30

Year

Maturity

^

(9,700,000)

(9,915,243)

Total

Securities

Sold

Short

(proceeds

$2,530,326,513)

$

(2,548,245,011)

Summary

of

Investments

by

Country

-

(Short

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

(2,548,245,011)

100.0%

Schedule

of

Affiliated

Investments

-

(%

of

Net

Assets)

Affiliated

Investments,

at

Value

at

10/31/24

Purchases

Sales

Proceeds

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciatio

n/

(Depreciation)

Affiliated

Investments,

at

Value

at

4/30/25

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

Shares

Held

at

4/30/25

Dividend

Income

Investment

Company

-

1.8%

Money

Market

Funds

-

1.8%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

4.3351%

∞

$

199,745,278

$

2,596,651,123

$

(2,698,303,589)

$

–

$

–

$

98,092,812

98,073,197

$

2,919,111

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

N/A

Investment

Companies

-

N/A

Janus

Henderson

Cash

Collateral

Fund

LLC,

4.2679%

∞

–

457,586

(457,586)

–

–

–

–

158

Δ

Total

Affiliated

Investments

-

1.8%

$199,745,278

$2,597,108,709

$(2,698,761,175)

$–

$–

$98,092,812

$2,919,269

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

16

April

30,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

The

following

table,

grouped

by

derivative

type,

provides

information

about

the

fair

value

and

location

of

derivatives

within

the

Statement

of

Assets

and

Liabilities

as

of

April

30,

2025.

The

following

tables

provide

information

about

the

effect

of

derivatives

and

hedging

activities

on

the

Fund’s

Statement

of

Operations

for

the period

ended

April

30,

2025.

Schedule

of

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

and

Unrealized

Appreciation

(Depreciation)

Futures

Long:

U.S.

Treasury

5

Year

Notes

1,725

6/30/25

$

188,361,915

$

704,086

Total

-

Futures

Long

704,086

Futures

Short:

U.S.

Treasury

10

Year

Notes

1,093

6/18/25

(122,655,094)

(1,745,999)

U.S.

Treasury

10

Year

Ultra

Bond

452

6/18/25

(51,859,938)

(231,229)

U.S.

Treasury

2

Year

Notes

531

6/30/25

(110,526,821)

(128,982)

U.S.

Treasury

Ultra

Bond

795

6/18/25

(96,219,844)

382,238

Total

-

Futures

Short

(1,723,972)

Total

$(1,019,886)

Fair

Value

of

Derivative

Instruments

(not

accounted

for

as

hedging

instruments)

as

of

April

30,

2025

Interest

Rate

Contracts

Total

Asset

Derivatives:

*

Futures

contracts

$

1,086,324

$

1,086,324

Total

Asset

Derivatives

$

1,086,324

$

1,086,324

Liability

Derivatives:

*

Futures

contracts

2,106,210

2,106,210

Total

Liability

Derivatives

$

2,106,210

$

2,106,210

*

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

Period

Ended

April

30,

2025

Amount

of

Realized

Gain/(Loss)

Recognized

on

Derivatives

Derivative

Credit

Contracts

Interest

Rate

Contracts

Total

Futures

contracts

$

—

$

(15,482,770)

$

(15,482,770)

Swap

contracts

(2,291,279)

—

(2,291,279)

Total

$

(2,291,279)

$

(15,482,770)

$

(17,774,049)

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

Janus

Detroit

Street

Trust

17

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Please

see

the

“Net

realized

and

change

in

unrealized

gain/(loss)

on

investments”

sections

of

the

Fund’s

Statement

of

Operations.

Amount

of

Change

in

Unrealized

Appreciation/(Depreciation)

Recognized

on

Derivatives

Derivative

Credit

Contracts

Interest

Rate

Contracts

Total

Futures

contracts

$

—

$

8,162,659

$

8,162,659

Swap

contracts

689,896

—

689,896

Total

$

689,896

$

8,162,659

$

8,852,555

Average

Ending

Monthly

Value

of

Derivative

Instruments

During

the

Period

Ended

April

30,

2025

Futures

contracts:

Average

notional

amount

of

contracts

-

long

$702,719,217

Average

notional

amount

of

contracts

-

short

272,501,056

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

April

30,

2025

18

April

30,

2025

CME

Chicago

Mercantile

Exchange

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

LLC

Limited

Liability

Company

REMIC

Real

Estate

Mortgage

Investment

Conduit

SOFR

Secured

Overnight

Financing

Rate

SOFR30A

Secured

Overnight

Financing

Rate

30

Day

Average

SOFR90A

Secured

Overnight

Financing

Rate

90

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

¢

Security

is

valued

using

significant

unobservable

inputs.

The

total

value

of

Level

3

securities

as

of

the

period

ended

April

30,

2025

is

$14,716,515,

which

represents

0.3%

of

net

assets.

∞

Rate

shown

is

the

7-day

yield

as

of

April

30,

2025.

£

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.

‡

Variable

or

floating

rate

security.

Rate

shown

is

the

current

rate

as

of

April

30,

2025.

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.

¤

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

1933

Act.

Unless

otherwise

noted,

these

securities

have

been

determined

to

be

liquid

in

accordance

with

the

requirements

of

Rule

22e-4,

under

the

1940

Act.

The

total

value

of

144A

securities

as

of

the

period

ended

April

30,

2025

is

$1,021,957,870

which

represents

18.8%

of

net

assets.

~

IO

–

Interest

Only

§

PO

–

Principal

Only

^

Settlement

is

on

a

delayed

delivery

or

when-issued

basis

with

final

maturity

TBA

in

the

future.

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

April

30,

2025

Janus

Detroit

Street

Trust

19

The

following

is

a

summary

of

the

inputs

that

were

used

to

value

the

Fund's

investments

in

securities

and

other

financial

instruments

as

of

April

30,

2025

.

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

Total

Assets

Investments

in

Securities:

Asset-Backed

Securities

$

—

$

312,749,518

$

—

$

312,749,518

Corporate

Bond

—

9,197,975

—

9,197,975

Mortgage-Backed

Securities

—

9,277,559,856

14,716,515

9,292,276,371

Investment

Companies

—

98,092,812

—

98,092,812

Total

Investments

in

Securities

$

—

$

9,697,600,161

$

14,716,515

$

9,712,316,676

Other

Financial

Instruments

(a)

:

Futures

Contracts

$

1,086,324

$

—

$

—

$

1,086,324

Total

Assets

$

1,086,324

$

9,697,600,161

$

14,716,515

$

9,713,403,000

Liabilities

TBA

sales

commitments:

Mortgage-Backed

Securities

$

—

$

2,548,245,011

$

—

$

2,548,245,011

Other

Financial

Instruments

(a)

:

Futures

Contracts

$

2,106,210

$

—

$

—

$

2,106,210

Total

Liabilities

$

2,106,210

$

2,548,245,011

$

—

$

2,550,351,221

(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

(unaudited)

April

30,

2025

20

April

30,

2025

See

Notes

to

Financial

Statements.

Assets:

Unaffiliated

investments,

at

value

(cost

$9,569,211,778)

$

9,614,223,864

Affiliated

investments,

at

value

(cost

$98,092,812)

98,092,812

Cash

6,116,531

Due

from

broker

for

futures

6,540,000

Receivable

for

variation

margin

on

futures

contracts

617,728

Receivables:

TBA

investments

sold

3,061,604,473

Interest

19,821,529

Collateral

for

To

be

Announced

Transactions

260,692

Total

Assets

12,807,277,629

Liabilities:

TBA

sales

commitments,

at

value

(proceeds

$2,530,326,513)

2,548,245,011

Payables:

Investments

purchased

142,584,502

TBA

investments

purchased

4,679,448,984

Management

fees

926,028

Total

Liabilities

7,371,204,525

Commitments

and

contingent

liabilities

Net

Assets

$

5,436,073,104

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

5,557,340,840

Total

distributable

earnings

(loss)

(

121,267,736

)

Total

Net

Assets

$

5,436,073,104

Net

Assets

$

5,436,073,104

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

120,650,000

Net

Asset

Value

Per

Share

$

45

.06

Janus

Henderson

Mortgage-Backed

Securities

ETF

Statement

of

Operations

(unaudited)

For

the

period

ended

April

30,

2025

Janus

Detroit

Street

Trust

21

See

Notes

to

Financial

Statements.

Investment

Income:

Interest

$

129,151,578

Dividends

from

affiliates

2,919,111

Affiliated

securities

lending

income,

net    

158

Unaffiliated

securities

lending

income,

net

41

Total

Investment

Income

132,070,888

Expenses:

Management

Fees

5,225,501

Total

Expenses

5,225,501

Net

Investment

Income/(Loss)

126,845,387

Net

Realized

Gain/(Loss)

on

Investments:

Investments

$

1,706,148

TBA

sales

commitments

(

60,080,989

)

Futures

contracts

(

15,482,770

)

Swap

contracts

(

2,291,279

)

Total

Net

Realized

Gain/(Loss)

on

Investments

$

(

76,148,890

)

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

134,789,086

TBA

sales

commitments

(

41,801,626

)

Futures

contracts

8,162,659

Swap

contracts

689,896

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

101,840,015

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

152,536,512

Janus

Henderson

Mortgage-Backed

Securities

ETF

Statements

of

Changes

in

Net

Assets

22

April

30,

2025

See

Notes

to

Financial

Statements.

Period

Ended

April

30,

2025

(unaudited)

Year

Ended

October

31,

2024

Operations:

Net

investment

income/(loss)

$

126,845,387

$

209,652,872

Net

realized

gain/(loss)

on

investments

(

76,148,890

)

86,182,589

Change

in

unrealized

net

appreciation/depreciation

101,840,015

39,656,277

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

152,536,512

335,491,738

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(

138,373,317

)

(

194,947,817

)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(

138,373,317

)

(

194,947,817

)

Capital

Share

Transactions

722,796,289

2,552,451,886

Net

Increase/(Decrease)

in

Net

Assets

736,959,484

2,692,995,807

Net

Assets:

—

—

Beginning

of

Period  

4,699,113,620

2,006,117,813

End

of

Period

$

5,436,073,104

$

4,699,113,620

Janus

Henderson

Mortgage-Backed

Securities

ETF

Financial

Highlights

Janus

Detroit

Street

Trust

23

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

the

period

ended

April

30,

2025

(unaudited)

and

each

year

or

period

ended

October

31

2025

2024

2023

2022

2021

2020

Net

Asset

Value,

Beginning

of

Period

$44.97

$42.17

$44.25

$52.94

$53.58

$52.62

Income/(Loss)

from

Investment

Operations:

—

—

—

—

—

—

Net

investment

income/(loss)

(1)

1.16

2.42

2.18

0.92

0.66

1.22

Net

realized

and

unrealized

gain/(loss)

0.21

2.68

(2.33)

(8.73)

(0.19)

1.51

Total

from

Investment

Operations

1.37

5.10

(0.15)

(7.81)

0.47

2.73

Less

Dividends

and

Distributions:

—

—

—

—

—

—

Dividends

(from

net

investment

income)

(1.28)

(2.30)

(1.93)

(0.88)

(1.00)

(1.77)

Distributions

(from

capital

gains)

—

—

—

—

(0.11)

—

Total

Dividends

and

Distributions

(1.28)

(2.30)

(1.93)

(0.88)

(1.11)

(1.77)

Net

Asset

Value,

End

of

Period

$45.06

$44.97

$42.17

$44.25

$52.94

$53.58

Total

Return

*

3.10%

12.23%

(0.57)%

(14.89)%

0.88%

5.30%

(2)

Net

assets,

End

of

Period

(in

thousands)

$5,436,073

$4,699,114

$2,006,118

$776,603

$848,374

$578,645

Ratios

to

Average

Net

Assets

**

Ratio

of

Gross

Expenses

0.22%

0.22%

0.26%

0.28%

0.28%

0.32%

Ratio

of

Net

Investment

Income/(Loss)

5.22%

5.37%

4.83%

1.86%

1.24%

2.31%

Portfolio

Turnover

Rate

(3)(4)

52%

57%

48%

143%

162%

300%

*

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

(unaudited)

24

April

30,

2025

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 fourteen

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.

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

Chief

Financial

Officer

of

the

Fund/Portfolio

is

designated

as

the

Chief

Operating

Decision

Maker

(“CODM”)

as

it

relates

to

ASC

Topic

280.

The

CODM

has

concluded

that

the

Fund/Portfolio

operated

as

a

single

segment

entity

for

the

period ended

April

30,

2025.

The

key

indicator

of

performance

of

the

Fund

is

net

investment

income

as

reported

on

the

Statement

of

Operations.

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

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

25

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

April

30,

2025 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.

The

following

describes

the

amounts

of

transfers

into

or

out

of

Level

3

of

the

fair

value

hierarchy

during

the

period:

Financial

assets

of

$14,716,515

were

transferred

out

of

Level 2

into

Level 3

since

the

current

market

for

the

securities'

previously

quoted prices

are

now considered

inactive.

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

(unaudited)

26

April

30,

2025

Investment

Transactions

and

Investment

Income

Investment

transactions

are

accounted

for

as

of

the

date

purchased

or

sold

(trade

date).

Dividend

income

is

recorded

on

the

ex-dividend

date.

Certain

dividends

from

foreign

securities

will

be

recorded

as

soon

as

the

Fund

is

informed

of

the

dividend,

if

such

information

is

obtained

subsequent

to

the

ex-dividend

date.

Dividends

from

foreign

securities

may

be

subject

to

withholding

taxes

in

foreign

jurisdictions.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value.

Interest

income

is

recorded

daily

on

an

accrual

basis

and

includes

amortization

of

premiums

and

accretion

of

discounts.

The

Fund

classifies

gains

and

losses

on

prepayments

received

as

an

adjustment

to

interest

income.

Debt

securities

may

be

placed

in

non-accrual

status

and

related

interest

income

may

be

reduced

by

stopping

current

accruals

and

writing

off

interest

receivables

when

collection

of

all

or

a

portion

of

interest

has

become

doubtful.

Gains

and

losses

are

determined

on

the

identified

cost

basis,

which

is

the

same

basis

used

for

federal

income

tax

purposes.  

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

period

ended April

30,

2025 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

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

27

the

change

in

the

value

of

the

underlying

asset,

rate

or

index.

Also,

suitable

derivative

transactions

may

not

be

available

in

all

circumstances

and

there

can

be

no

assurance

that

the

Fund

will

engage

in

these

transactions

to

reduce

exposure

to

other

risks

when

that

would

be

beneficial.

While

use

of

derivatives

to

hedge

can

reduce

or

eliminate

losses,

it

can

also

reduce

or

eliminate

gains

or

cause

losses

if

the

market

moves

in

a

manner

different

from

that

anticipated

by the

Adviser or

if

the

cost

of

the

derivative

outweighs

the

benefit

of

the

hedge.

The

Fund’s

ability

to

use

derivatives

may

also

be

limited

by

certain

regulatory

and

tax

considerations. 

In

pursuit

of

its

investment

objective,

the

Fund

may

seek

to

use

derivatives

to

increase

or

decrease

exposure

to

the

following

market

risk

factors: 

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.

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

(unaudited)

28

April

30,

2025

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.

With

futures,

there

is

minimal

counterparty

credit

risk

to

the

Fund

since

futures

are

exchange-traded

and

the

exchange's

clearinghouse,

as

counterparty

to

all

exchange-traded

futures,

guarantees

the

futures

against

default. 

Securities

held

by

the

Fund

that

are

designated

as

collateral

for

market

value

on

futures

contracts

are

noted

on

the

Schedule

of

Investments

(if

applicable).

Such

collateral

is

in

the

possession

of

the

Fund's

futures

option

merchant. 

During

the

period,

the

Fund

purchased

interest

rate

futures

to

increase

exposure

to

interest

rate

risk.

During

the

period,

the

Fund

sold

interest

rate

futures

to

decrease

exposure

to

interest

rate

risk.

Swaps 

Swap

agreements

are

two-party

contracts

entered

into

primarily

by

institutional

investors

for

periods

ranging

from

a

day

to

more

than

one

year

to

exchange

one

set

of

cash

flows

for

another.

The

most

significant

factor

in

the

performance

of

swap

agreements

is

the

change

in

value

of

the

specific

index,

security,

or

currency,

or

other

factors

that

determine

the

amounts

of

payments

due

to

and

from

the

Fund.

The

use

of

swaps

is

a

highly

specialized

activity

which

involves

investment

techniques

and

risks

different

from

those

associated

with

ordinary

portfolio

securities

transactions.

Swap

agreements

entail

the

risk

that

a

party

will

default

on

its

payment

obligations

to

the

Fund.

If

the

other

party

to

a

swap

defaults,

the

Fund

would

risk

the

loss

of

the

net

amount

of

the

payments

that

it

contractually

is

entitled

to

receive.

If

the

Fund

utilizes

a

swap

at

the

wrong

time

or

judges

market

conditions

incorrectly,

the

swap

may

result

in

a

loss

to

the

Fund

and

reduce

the

Fund’s

total

return.

Swap

agreements

also

bear

the

risk

that

the

Fund

will

not

be

able

to

meet

its

obligation

to

the

counterparty.

Swap

agreements

are

typically

privately

negotiated

and

entered

into

in

the

OTC

market.

However,

certain

swap

agreements

are

required

to

be

cleared

through

a

clearinghouse

and

traded

on

an

exchange

or

swap

execution

facility.

Swaps

that

are

required

to

be

cleared

are

required

to

post

initial

and

variation

margins

in

accordance

with

the

exchange

requirements.

Regulations

enacted

require

the

Fund

to

centrally

clear

certain

interest

rate

and

credit

default

index

swaps

through

a

clearinghouse

or

central

counterparty

(“CCP”).

To

clear

a

swap

with

a

CCP,

the

Fund

will

submit

the

swap

to,

and

post

collateral

with,

a

futures

clearing

merchant

(“FCM”)

that

is

a

clearinghouse

member.

Alternatively,

the

Fund

may

enter

into

a

swap

with

a

financial

institution

other

than

the

FCM

(the

“Executing

Dealer”)

and

arrange

for

the

swap

to

be

transferred

to

the

FCM

for

clearing.

The

Fund

may

also

enter

into

a

swap

with

the

FCM

itself.

The

CCP,

the

FCM,

and

the

Executing

Dealer

are

all

subject

to

regulatory

oversight

by

the

U.S.

Commodity

Futures

Trading

Commission

(“CFTC”).

A

default

or

failure

by

a

CCP

or

an

FCM,

or

the

failure

of

a

swap

to

be

transferred

from

an

Executing

Dealer

to

the

FCM

for

clearing,

may

expose

the

Fund

to

losses,

increase

its

costs,

or

prevent

the

Fund

from

entering

or

exiting

swap

positions,

accessing

collateral,

or

fully

implementing

its

investment

strategies.

The

regulatory

requirement

to

clear

certain

swaps

could,

either

temporarily

or

permanently,

reduce

the

liquidity

of

cleared

swaps

or

increase

the

costs

of

entering

into

those

swaps.

Index

swaps,

interest

rate

swaps,

inflation

swaps and

credit

default

swaps

are

valued

using

an

approved

vendor

supplied

price.

Basket

swaps

are

valued

using

a

broker

supplied

price.

Equity

swaps

that

consist

of

a

single

underlying

equity

are

valued

either

at

the

closing

price,

the

latest

bid

price,

or

the

last

sale

price

on

the

primary

market

or

exchange

it

trades.

The

market

value

of

swap

contracts

are

aggregated

by

positive

and

negative

values

and

are

disclosed

separately

as

an

asset

or

liability

on

the

Fund’s

Statement

of

Assets

and

Liabilities

(if

applicable).

Realized

gains

and

losses

are

reported

on

the

Statement

of

Operations

(if

applicable).

The

change

in

unrealized

net

appreciation

or

depreciation

during

the

period

is

included

in

the

Statement

of

Operations

(if

applicable).

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

29

The

Fund’s

maximum

risk

of

loss

from

counterparty

risk

or

credit

risk

is

the

discounted

value

of

the

payments

to

be

received

from/paid

to

the

counterparty

over

the

contract’s

remaining

life,

to

the

extent

that

the

amount

is

positive.

The

risk

is

mitigated

by

having

a

netting

arrangement

between

the

Fund

and

the

counterparty

and

by

the

posting

of

collateral

by

the

counterparty

to

cover

the

Fund’s

exposure

to

the

counterparty.

The

Fund

may

enter

into

various

types

of

credit

default

swap

agreements,

including

OTC

credit

default

swap

agreements

and

index

credit

default

swaps

(“CDX”),

for

hedging

purposes.

Credit

default

swaps

are

a

specific

kind

of

counterparty

agreement

that

allow

the

transfer

of

third-party

credit

risk

from

one

party

to

the

other.

One

party

in

the

swap

is

a

lender

and

faces

credit

risk

from

a

third

party,

and

the

counterparty

in

the

credit

default

swap

agrees

to

insure

this

risk

in

exchange

for

regular

periodic

payments.

Credit

default

swaps

could

result

in

losses

if

the

Fund

does

not

correctly

evaluate

the

creditworthiness

of

the

company

or

companies

on

which

the

credit

default

swap

is

based.

Credit

default

swap

agreements

may

involve

greater

risks

than

if

the

Fund

had

invested

in

the

reference

obligation

directly

since,

in

addition

to

risks

relating

to

the

reference

obligation,

credit

default

swaps

are

subject

to

liquidity

risk,

counterparty

risk,

and

credit

risk.

The

Fund

will

generally

incur

a

greater

degree

of

risk

when

it

sells

a

credit

default

swap

than

when

it

purchases

a

credit

default

swap.

As

a

buyer

of

a

credit

default

swap,

the

Fund

may

lose

its

investment

and

recover

nothing

should

no

credit

event

occur,

and

the

swap

is

held

to

its

termination

date.

As

seller

of

a

credit

default

swap,

if

a

credit

event

were

to

occur,

the

value

of

any

deliverable

obligation

received

by

the

Fund,

coupled

with

the

upfront

or

periodic

payments

previously

received,

may

be

less

than

what

it

pays

to

the

buyer,

resulting

in

a

loss

of

value

to

the

Fund.

If

the

Fund

is

the

seller

of

credit

protection

against

a

particular

security,

the

Fund

would

receive

an

up-front

or

periodic

payment

to

compensate

against

potential

credit

events.

As

the

seller

in

a

credit

default

swap

contract,

the

Fund

would

be

required

to

pay

the

par

value

(the

“notional

value”)

(or

other

agreed-upon

value)

of

a

referenced

debt

obligation

to

the

counterparty

in

the

event

of

a

default

by

a

third

party,

such

as

a

U.S.

or

foreign

corporate

issuer,

on

the

debt

obligation.

In

return,

the

Fund

would

receive

from

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract

provided

that

no

event

of

default

has

occurred.

If

no

default

occurs,

the

Fund

would

keep

the

stream

of

payments

and

would

have

no

payment

obligations.

As

the

seller,

the

Fund

would

effectively

add

leverage

to

its

portfolio

because,

in

addition

to

its

total

net

assets,

the

Fund

would

be

subject

to

investment

exposure

on

the

notional

value

of

the

swap.

The

maximum

potential

amount

of

future

payments

(undiscounted)

that

the

Fund

as

a

seller

could

be

required

to

make

in

a

credit

default

transaction

would

be

the

notional

amount

of

the

agreement.

As

a

buyer

of

credit

protection,

the

Fund

is

entitled

to

receive

the

par

(or

other

agreed-upon)

value

of

a

referenced

debt

obligation

from

the

counterparty

to

the

contract

in

the

event

of

a

default

or

other

credit

event

by

a

third

party,

such

as

a

U.S.

or

foreign

issuer,

on

the

debt

obligation.

In

return,

the

Fund

as

buyer

would

pay

to

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract

provided

that

no

credit

event

has

occurred.

If

no

credit

event

occurs,

the

Fund

would

have

spent

the

stream

of

payments

and

potentially

received

no

benefit

from

the

contract.

During

the

period,

the

Fund

sold

protection

via

the

credit

default

swap

market

in

order

to

gain

credit

risk

exposure

to

individual

corporates,

countries

and/or

credit

indices

where

gaining

this

exposure

via

the

cash

bond

market

was

less

attractive.

There

were

no

credit

default

swaps

held

as

of

April

30,

2025.

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

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

(unaudited)

30

April

30,

2025

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,

social

unrest,

tariffs,

financial

institution

failures,

and

economic

recessions 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.

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.

Privately

Issued

Securities

Risk 

Privately-issued

securities

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. 

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-

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

31

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.

To

mitigate

the

counterparty

credit

risk

and

in

accordance

with

FINRA

4210

regulatory

requirements

on

TBA

commitments

and

other

types

of

forward-settling

transactions,

the

Fund

enters

into

a

Master

Securities

Forward

Transaction

Agreement

(“MSFTA”)

bilaterally

with

each

counterparty

with

which

it

undertakes

transactions.

An

MSFTA

gives

each

party

to

the

agreement

the

right

to

terminate

all

transactions

traded

under

such

agreement

if

there

is

a

specified

deterioration

in

the

credit

quality

of

the

other

party.

Upon

an

event

of

default

or

a

termination

of

an

MSFTA,

the

non-defaulting

party

has

the

right

to

close

out

all

transactions

traded

under

such

agreement

and

to

net

amounts

owed

under

each

transaction

to

one

net

amount

payable

by

the

defaulting

party.

This

right

to

close

out

and

net

payments

across

all

transactions

traded

under

an

MSFTA

may

result

in

a

reduction

of

the

Fund’s

credit

risk

to

such

counterparty

equal

to

any

amounts

payable

by

the

Fund

under

the

applicable

transactions,

if

any.

For

mortgage-backed

and

asset-backed

securities

traded

under

an

MSFTA,

the

collateral

and

margining

requirements

are

contract

specific.

Amounts

across

all

transactions

traded

under

an

MSFTA

are

netted

and

an

amount

is

posted

from

one

party

to

the

other

to

collateralize

such

obligations.

Cash

that

has

been

pledged

to

cover

the

Fund’s

collateral

or

margin

obligations

under

an

MSFTA,

if

any,

will

be

reported

separately

on

the

Statement

of

Assets

and

Liabilities

as

restricted

cash. 

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

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

(unaudited)

32

April

30,

2025

foreseen

or

not.

A

counterparty's

inability

to

fulfill

its

obligation

may

result

in

significant

financial

loss

to

the

Fund.

The

Fund

may

be

unable

to

recover

its

investment

from

the

counterparty

or

may

obtain

a

limited

recovery,

and/or

recovery

may

be

delayed.

The

extent

of

the

Fund's

exposure

to

counterparty

risk

with

respect

to

financial

assets

and

liabilities

approximates

its

carrying

value.

The

Fund

may

be

exposed

to

counterparty

risk

through

participation

in

various

programs,

including,

but

not

limited

to,

lending

its

securities

to

third

parties,

cash

sweep

arrangements

whereby

the

Fund's

cash

balance

is

invested

in

one

or

more

types

of

cash

management

vehicles,

as

well

as

investments

in,

but

not

limited

to,

repurchase

agreements,

and

derivatives,

including

various

types

of

swaps,

futures

and

options.

The

Fund

intends

to

enter

into

financial

transactions

with

counterparties

that

the

Adviser believes

to

be

creditworthy

at

the

time

of

the

transaction.

There

is

always

the

risk

that

the

Adviser's analysis

of

a

counterparty's

creditworthiness

is

incorrect

or

may

change

due

to

market

conditions.

To

the

extent

that

the

Fund

focuses

its

transactions

with

a

limited

number

of

counterparties,

it

will

have

greater

exposure

to

the

risks

associated

with

one

or

more

counterparties. 

Securities

Lending 

Under

procedures

adopted

by

the

Trustees,

the

Fund

may

seek

to

earn

additional

income

by

lending

securities

to

certain

qualified

broker-dealers

and

institutions.

JP

Morgan

Chase

Bank,

National

Association acts

as

securities

lending

agent

and

a

limited

purpose

custodian

or

subcustodian

to

receive

and

disburse

cash

balances

and

cash

collateral,

hold

short-term

investments,

hold

collateral,

and

perform

other

custodial

functions

in

accordance

with

the

Securities

Lending

Agreement.

For

financial

reporting

purposes,

the

Fund

does

not

offset

financial

instruments'

payables

and

receivables

and

related

collateral

on

the

Statement

of

Assets

and

Liabilities. The

Fund

may

lend

fund

securities

in

an

amount

equal

to

up

to

1/3

of

its

total

assets

as

determined

at

the

time

of

the

loan

origination.

There

is

the

risk

of

delay

in

recovering

a

loaned

security

or

the

risk

of

loss

in

collateral

rights

if

the

borrower

fails

financially.

In

addition, the

Adviser makes

efforts

to

balance

the

benefits

and

risks

from

granting

such

loans.

All

loans

will

be

continuously

secured

by

collateral

which

may

consist

of

cash,

U.S.

Government

securities,

domestic

and

foreign

short-term

debt

instruments,

letters

of

credit,

time

deposits,

repurchase

agreements,

money

market

mutual

funds

or

other

money

market

accounts,

or

such

other

collateral

as

permitted

by

the

SEC.

If

the

Fund

is

unable

to

recover

a

security

on

loan,

the

Fund

may

use

the

collateral

to

purchase

replacement

securities

in

the

market.

There

is

a

risk

that

the

value

of

the

collateral

could

decrease

below

the

cost

of

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.

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

33

The

cash

collateral

invested

by

the

Adviser is

disclosed

in

the

Schedule

of

Investments

(if

applicable).

Income

earned

from

the

investment

of

the

cash

collateral,

net

of

rebates

paid

to,

or

fees

paid

by,

borrowers

and

less

the

fees

paid

to

the

lending

agent

are

included

as

“Affiliated

securities

lending

income,

net”

on

the

Statement

of

Operations.

There

were

no

securities

on

loan

as

of

April

30,

2025.

4.

Investment

Advisory

Agreements

and

Other

Transactions

with

Affiliates 

Under

its

unitary

fee

structure,

the

Fund

pays

the

Adviser a

management

fee

in

return

for

providing

certain

investment

advisory,

supervisory,

and

administrative

services

to

the

Fund,

including

the

costs

of

transfer

agency,

custody,

fund

administration,

legal,

audit,

and

other

services. The

Adviser's fee

structure

is

designed

to

pay

substantially

all

of

the

Fund’s

expenses.

However,

the

Fund

bears

other

expenses

which

are

not

covered

under

the

management

fee

which

may

vary

and

affect

the

total

level

of

expenses

paid

by

shareholders,

such

as

distribution

fees

(if

any),

brokerage

expenses

or

commissions,

interest,

dividends,

taxes,

litigation

expenses,

acquired

fund

fees

and

expenses

(if

any),

and

extraordinary

expenses.

The

Fund’s

unitary

management

fee

provides

for

reductions

in

the

fee

rate

as

the

Fund’s

assets

grow.

As

of

the

date

of

this

report,

the

Fund’s

management

fee

was

calculated

daily

and

paid

monthly

according

to

the

following

schedule: 

For

the

period

ended April

30,

2025,

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

0.22% of

the

Fund’s

average

daily

net

assets. The

Adviser has

agreed

to

continue

the

waiver

for

at

least

through

February

28,

2026.

The

previous

expense

limit

for

the

period

from

February

29,

2024

through

February

28,

2025

was

0.23%. 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

Daily

Net

Assets

Fee

Rate

$0-$500

million

0.30%

Next

$500

million

0.25%

Over

$1

billion

0.20%

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

(unaudited)

34

April

30,

2025

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

at

least

80%

of

its

net

assets

(plus

any

borrowings

for

investment

purposes)

in

U.S.

Government

securities

and

repurchase

agreements

that

are collateralized

by

U.S.

Government 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). There

are

no

restrictions

on

the

Fund's

ability

to

withdraw

investments

from

the

Sweep

Vehicle

at

will,

and

there

are

no

unfunded

capital

commitments

due

from

the

Fund

to

the

Sweep

Vehicle.

The

Sweep

Vehicle

does

not

charge

any

management

fee,

sales

charge

or

service

fee. 

Any

purchases

and

sales,

realized

gains/losses

and

recorded

dividends

from

affiliated

investments

during

the

period

ended

April

30,

2025 can

be

found

in

a

table

located

in

the

Schedule

of

Investments.

5.

Federal

Income

Tax

Income

and

capital

gains

distributions

are

determined

in

accordance

with

income

tax

regulations

that

may

differ

from

US

GAAP.

These

differences

are

due

to

differing

treatments

for

items

such

as

net

short-term

gains,

deferral

of

wash

sale

losses,

foreign

currency

transactions,

passive

foreign

investment

companies,

net

investment

losses,

in-kind

transactions

and

capital

loss

carryovers.

The

Fund

has

elected

to

treat

gains

and

losses

on

forward

foreign

currency

contracts

as

capital

gains

and

losses,

if

applicable.

Other

foreign

currency

gains

and

losses

on

debt

instruments

are

treated

as

ordinary

income

for

federal

income

tax

purposes

pursuant

to

Section

988

of

the

Internal

Revenue

Code. 

Accumulated

capital

losses

noted

below

represent

net

capital

loss

carryovers,

as

of

October

31,

2024,

that

may

be

available

to

offset

future

realized

capital

gains

and

thereby

reduce

future

taxable

gains

distributions.

The

following

table

shows

these

capital

loss

carryovers. 

The

aggregate

cost

of

investments

and

the

composition

of

unrealized

appreciation

and

depreciation

of

investment

securities

for

federal

income

tax

purposes

as

of April

30,

2025 are

noted

below.

The

primary

differences

between

book

and

tax

appreciation

or

depreciation

of

investments are

wash

sale

loss

deferrals

and

amortization

on

bonds.

Capital

Loss

Carryover

Schedule

For

the

year

ended

October

31,

2024

No

Expiration

Short-Term

Long-Term

Accumulated

Capital

Losses

$(65,747,253)

$(32,434,720)

$(98,181,973)

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

35

6.

Capital

Share

Transactions 

7.

Purchases

and

Sales

of

Investment

Securities

For

the

period

ended 

April

30,

2025,

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: 

For

the

period

ended April

30,

2025,

the

cost

of

in-kind

purchases

and

proceeds

from

in-kind

sales,

were

as

follows: 

8.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to April

30,

2025

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)

$9,667,304,590

$71,146,853

$(26,134,767)

$45,012,086

Period

Ended

April

30,

2025

Year

Ended

October

31,

2024

Shares

Amount

Shares

Amount

Shares

sold

18,950,000

$

846,623,182

57,325,000

$

2,570,805,671

Shares

repurchased

(2,800,000)

(123,826,893

)

(400,000)

(18,353,785

)

Net

Increase/(Decrease)

16,150,000

$

722,796,289

56,925,000

$

2,552,451,886

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

$3,386,943,416

$2,568,282,476

$—

$—

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

$9,584,880

$—

$—

$—

Janus

Henderson

Mortgage-Backed

Securities

ETF

Additional

Information

(unaudited)

36

April

30,

2025

Item

8.

Changes

in

and

Disagreements

with

Accountants

for

Open-End

Management

Investment

Companies.

Not

applicable.

Item

9.

Proxy

Disclosures

for

Open-End

Management

Investment

Companies.

Not

applicable.

Item

10.

Remuneration

Paid

to

Directors,

Officers,

and

Others

of

Open-End

Management

Investment

Companies.

Because

the

Adviser

has

agreed

in

the

Investment

Advisory

Agreement

to

cover

all

operating

expenses

of

the

Fund,

subject

to

certain

exclusions

as

provided

for

therein,

the

Adviser

pays

the

compensation

to

each

Independent

Trustees

for

services

to

the

Fund

from

the

Adviser's

management

fees.

Item

11.

APPROVAL

OF

ADVISORY

AGREEMENTS

DURING

THE

PERIOD

The

Board

of

Trustees

(the

“Board”)

of

Janus

Detroit

Street

Trust

(the

“Trust”),

including

a

majority

of

the

Trustees

who

are

not

“interested

persons”

as

that

term

is

defined

in

the

Investment

Company

Act

of

1940,

as

amended

(the

“Independent

Trustees”),

met

in

person

on

April

16-17,

2025

to

consider

the

proposed

renewal

of

the

investment

management

agreement

between

Janus

Henderson

Investors

US

LLC

(the

“Adviser”)

and

the

Trust

(the

“Investment

Management

Agreement”),

on

behalf

of

Janus

Henderson

AAA

CLO

ETF

(“JAAA”),

Janus

Henderson

B-BBB

CLO

ETF

(“JBBB”),

Janus

Henderson

Corporate

Bond

ETF

(“JLQD”),

Janus

Henderson

Mortgage-Backed

Securities

ETF

(“JMBS”),

Janus

Henderson

Securitized

Income

ETF

(“JSI”),

Janus

Henderson

Short

Duration

Income

ETF

(“VNLA”),

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

(“JSML”),

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

(“JSMD”),

Janus

Henderson

U.S.

Real

Estate

ETF

(“JRE”),

and

Janus

Henderson

U.S.

Sustainable

Equity

ETF

(“SSPX”)

(each

a

separate

series

of

the

Trust,

and

collectively,

the

“Funds”).

In

the

course

of

their

consideration

of

the

renewal

of

the

Investment

Management

Agreement,

the

Independent

Trustees

met

in

executive

session

and

were

advised

by

their

independent

counsel.

In

this

regard,

the

Independent

Trustees

evaluated

the

terms

of

the

Investment

Management

Agreement

and

reviewed

the

duties

and

responsibilities

of

trustees

in

evaluating

and

approving

such

agreements.

In

considering

renewal

of

the

Investment

Management

Agreement,

the

Board

and

the

Independent

Trustees,

as

applicable,

reviewed

the

materials

provided

to

them

relating

to

the

consideration

of

the

renewal

of

the

Investment

Management

Agreement

for

the

Funds

and

other

information

provided

by

counsel

and

the

Adviser,

including:

(i)

information

regarding

the

nature,

quality

and

extent

of

the

services

provided

to

the

Funds

by

the

Adviser,

and

the

fees

charged

to

each

Fund

therefor;

(ii)

information

concerning

the

Adviser’s

financial

condition,

business,

operations,

portfolio

management

personnel,

compliance

programs,

and

profitability

with

respect

to

the

Trust

and

each

Fund;

(iii)

comparative

information

describing

each

Fund’s

advisory

fee

structures,

operating

expenses,

and

performance

information

as

compared

to

peer

fund

groups

compiled

by

an

independent

third

party;

(iv)

a

copy

of

the

Adviser’s

current

Form

ADV;

and

(v)

a

memorandum

from

counsel

to

the

Independent

Trustees

on

the

responsibilities

of

trustees

in

considering

investment

advisory

arrangements

under

the

1940

Act.

The

Board

also

considered

presentations

made

by,

and

discussions

held

with,

representatives

of

the

Adviser

throughout

the

year.

The

Trustees

also

considered

information

received

and

reviewed

in

connection

with

a

meeting

held

on

March

10,

2025

via

videoconference

to

discuss

certain

information

provided

by

the

Adviser

related

to

the

Trustees’

consideration

of

the

renewal

of

the

Investment

Management

Agreement.

The

Board

determined

that

the

information

provided

by

the

Adviser

was

thorough

and

sufficiently

responsive

to

their

request

so

as

to

permit

the

effective

consideration

of

the

renewal.

During

its

review

of

this

information,

the

Board

focused

on

and

analyzed

the

factors

that

it

deemed

relevant,

including,

among

other

factors:

(i)

the

nature,

extent

and

quality

of

the

services

provided

to

the

Funds

by

the

Adviser;

(ii)

the

Adviser’s

personnel

and

operations;

(iii)

each

Fund’s

expense

level;

(iv)

the

profitability

to

the

Adviser

under

the

Investment

Management

Agreement

with

respect

to

each

Fund;

(v)

any

“fall-out”

benefits

to

the

Adviser

and

its

affiliates

Janus

Henderson

Mortgage-Backed

Securities

ETF

Additional

Information

(unaudited)

Janus

Detroit

Street

Trust

37

(i.e.,

the

ancillary

benefits

realized

by

the

Adviser

and

its

affiliates

from

the

Adviser’s

relationship

with

the

Trust);

(vi)

the

effect

of

asset

growth

on

each

Fund’s

expenses;

and

(vii)

potential

conflicts

of

interest.

The

Trustees

also

considered

benefits

that

accrue

to

the

Adviser

and

its

affiliates

from

their

relationships

with

the

Trust

and

each

Fund.

The

Trustees

also

considered

that,

other

than

the

services

provided

by

the

Adviser

and

its

affiliates

pursuant

to

agreements

with

the

Funds

and

the

fees

paid

by

the

Funds

therefor,

the

Funds

and

the

Adviser

may

potentially

benefit

from

their

relationship

with

each

other

in

other

ways.

The

Trustees

considered

that

the

success

of

the

Funds

could

attract

other

business

to

the

Adviser

or

other

Janus

Henderson

funds,

and

that

the

success

of

the

Adviser

could

enhance

the

Adviser’s

ability

to

serve

the

Funds.

The

Board,

including

the

Independent

Trustees,

considered

the

following

in

respect

of

the

Funds:

(a)

The

nature,

extent

and

quality

of

services

provided

by

the

Adviser;

personnel

and

operations

of

the

Adviser.

The

Board

reviewed

the

services

that

the

Adviser

provides

to

the

Funds.

In

connection

with

the

investment

advisory

services

provided

by

the

Adviser,

the

Board

noted

the

responsibilities

that

the

Adviser

has

as

the

Funds’

investment

adviser,

including:

the

overall

supervisory

responsibility

for

the

general

management

and

investment

of

each

Fund’s

securities

portfolio;

providing

oversight

of

the

investment

performance

and

processes

and

compliance

with

each

Fund’s

investment

objectives,

policies

and

limitations;

the

implementation

of

the

investment

management

program

of

each

Fund;

the

management

of

the

day-to-day

investment

and

reinvestment

of

the

assets

of

each

Fund;

determining

daily

baskets

of

securities

and

cash

components

in

connection

with

creation

and

redemption

transactions

in

each

Fund’s

shares;

executing

portfolio

security

trades

for

purchases

and

redemptions

of

each

Fund’s

shares

conducted

on

a

cash-

in-lieu

basis;

the

review

of

brokerage

matters;

the

oversight

of

general

portfolio

compliance

with

relevant

law;

and

the

implementation

of

Board

directives

as

they

relate

to

the

Funds.

The

Board

reviewed

the

Adviser’s

experience,

resources,

and

strengths

in

managing

the

Funds

and

other

pooled

investment

vehicles,

including

an

assessment

of

the

Adviser’s

personnel.

Based

on

its

consideration

and

review

of

the

foregoing

information,

the

Board

determined

that

each

Fund

was

likely

to

continue

to

benefit

from

the

nature,

quality

and

extent

of

these

services,

as

well

as

the

Adviser’s

ability

to

render

such

services

based

on

the

Adviser’s

experience,

personnel,

operations

and

resources.

(b)

Comparison

of

services

rendered

and

fees

paid

under

other

investment

advisory

contracts,

and

the

cost

of

the

services

to

be

provided

and

profits

to

be

realized

by

the

Adviser

from

the

relationship

with

the

Funds;

“fall-out”

benefits.

The

Board

then

compared

both

the

services

rendered

and

the

fees

paid

under

other

contracts

of

the

Adviser

and

under

contracts

of

other

investment

advisers

with

respect

to

similar

ETFs.

In

particular,

the

Board

reviewed

a

report

compiled

by

an

independent

third

party

to

compare

each

Fund’s

contractual

management

fee

and

total

expense

ratio

to

other

investment

companies

within

each

Fund’s

respective

peer

grouping,

as

determined

by

the

independent

third

party.

The

information

provided

by

the

comparative

report

showed

how

the

total

expense

ratio

and

contractual

management

fee

for

each

of

the

Funds

compared

within

its

respective

peer

group

for

the

one-year

period

ended

December

31,

2024.

The

reporting

is

described

in

detail

below:

Janus

Henderson

Mortgage-Backed

Securities

ETF

Additional

Information

(unaudited)

38

April

30,

2025

The

total

expense

ratio

and

the

contractual

management

fee

for

JAAA

were

each

reported

in

the

3rd

quintile

of

its

respective

peer

group

(with

1st

quintile

being

the

lowest

fees/expenses

and

5th

quintile

being

the

highest

fees/

expenses).

The

total

expense

ratio

and

the

contractual

management

fee

for

JBBB

were

each

reported

in

the

1st

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JLQD

were

each

reported

in

the

3rd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JMBS

were

each

reported

in

the

1st

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JSI

were

each

reported

in

the

4th

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

VNLA

were

each

reported

in

the

1st

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JSML

were

reported

in

the

3rd

and

2nd

quintiles,

respectively.

The

total

expense

ratio

and

the

contractual

management

fee

for

JSMD

were

reported

in

the

3rd

and

2nd

quintiles,

respectively.

The

total

expense

ratio

and

the

contractual

management

fee

for

JRE

were

reported

in

the

4th

and

3rd

quintiles,

respectively.

The

total

expense

ratio

and

the

contractual

management

fee

for

SSPX

were

each

reported

in

the

2nd

quintile.

The

Board

further

considered

that

the

Adviser

had

voluntarily

agreed

to

cap

the

expenses

of

JAAA,

JMBS

and

VNLA

to

the

extent

that

such

Funds’

total

expense

ratio

exceeded

0.20%,

0.22%

and

0.23%,

respectively,

until

at

least

February

28,

2026.

The

Board

also

considered

that

the

Adviser

had

voluntarily

agreed

to

cap

the

expenses

of

JLQD

to

the

extent

that

the

Fund’s

total

expense

ratio

exceeded

0.20%

until

at

least

May

1,

2026.

The

Board

further

noted

the

Adviser’s

contractual

commitment

with

respect

to

the

Funds’

investments

in

affiliated

ETFs

to

waive

and/or

reimburse

a

portion

of

its

management

fee

in

an

amount

equal

to

a

portion

of

the

management

fee

it

earns

as

investment

adviser

to

affiliated

ETFs

in

which

a

Fund

invests

(if

any),

for

until

at

least

February 28,

2026.

The

Board

also

discussed

the

costs

incurred

by

the

Adviser

in

connection

with

its

serving

as

investment

adviser

to

the

Funds,

including

operational

costs.

After

comparing

each

Fund’s

fees

and

expenses

with

those

of

other

ETFs

in

the

Funds’

respective

peer

groups,

and

in

light

of

the

nature,

extent

and

quality

of

services

provided

by

the

Adviser

and

the

costs

incurred

by

the

Adviser

in

rendering

those

services,

as

well

as

the

profitability

of

the

Adviser

in

providing

these

services,

the

Board

concluded

that

the

level

of

fees

paid

to

the

Adviser

and

the

profitability

with

respect

to

each

Fund

was

fair

and

reasonable.

The

Board

also

considered

that

the

Adviser

may

experience

reputational

“fall-out”

benefits

based

on

the

success

of

the

Funds,

but

that

such

benefits

are

not

easily

quantifiable.

(c)

The

extent

to

which

economies

of

scale

would

be

realized

as

the

Fund

grows

and

whether

fee

levels

would

reflect

such

economies

of

scale.

The

Board

next

discussed

potential

economies

of

scale.

In

its

review,

the

Board

considered

that

the

Funds

were

positioned

to

realize

potential

economies

of

scale

as

assets

grow

over

time,

given

the

inclusion

of

management

fee

breakpoints

for

each

Fund

in

the

current

investment

advisory

agreement

at

various

asset

levels.

(d)

Investment

performance

of

the

Fund

and

the

Adviser.

Janus

Henderson

Mortgage-Backed

Securities

ETF

Additional

Information

(unaudited)

Janus

Detroit

Street

Trust

39

The

Board

next

discussed

the

annualized

returns

of

the

Funds

on

both

an

absolute

basis

and

relative

to

the

performance

of

funds

comprising

a

performance

universe

compiled

by

an

independent

third

party

for

each

Fund

for

the

three-month

period,

one-year

period,

two-year

period,

three-year

period,

four-year

period,

five-year

period,

and/or

since

inception

period

ended

December

31,

2024

(each

period

as

applicable).

The

Board

noted

the

following

for

each

Fund:

JAAA

was

reported

to

be

in

the

1st

quintile

of

its

performance

universe

(with

the

1st

quintile

being

the

best

performer

and

the

5th

quintile

being

the

worst

performer)

for

its

one-,

two-,

three-

and

four-year

periods;

JBBB

was

reported

to

be

in

the

1stquintile

of

its

performance

universe

for

its

one-

and

two-year

periods,

respectively;

JLQD

was

reported

to

be

in

the

2nd,

3rd,

and

2nd

quintiles

of

its

performance

universe

for

its

one-,

two-,

and

three-

year

periods,

respectively.

JMBS

was

reported

to

be

in

the

1st

quintile

of

its

performance

universe

for

its

one-,

two-,

three-,

four-,

and

five-year

periods;

JSI

was

reported

to

be

in

the

2nd,

1st,

and

1st

quintiles

of

its

performance

universe

for

its

three

month,

one

year,

and

since

inception

periods,

respectively.

VNLA

was

reported

to

be

in

the

2nd,

2nd,

2nd,

2nd,

and

1st

quintiles

of

its

performance

universe

for

each

of

its

one-

,

two-,

three-,

four-,

and

five-year

periods;

JSML

was

reported

to

be

in

the

4th,

1st,

1st,

3rd,

and

3rd

quintiles

of

its

performance

universe

for

its

one-,

two-,

three-,

four-,

and

five-year

periods,

respectively;

JSMD

was

reported

to

be

in

the

3rd,

2nd,

1st,

2nd,

and

2nd

quintiles

of

its

performance

universe

for

its

one-,

two-,

three-,

four-,

and

five-year

periods,

respectively;

JRE

was

reported

to

be

in

the

2nd,

4th,

and

2nd

quintiles

of

its

performance

universe

for

its

one-,

two-,

and

three-

year

periods,

respectively;

and

SSPX

was

reported

to

be

in

the

5th

quintile

of

its

performance

universe

for

its

one-,

two-,

and

three-

year

periods.

With

respect

to

JSML

and

JSMD,

the

Board

noted

that

these

Funds

had

operated

as

index-based

during

the

periods

described

above

and,

as

a

result,

had

been

passively

managed

to

seek

to

track

the

returns

of

specified

indices.

For

this

reason,

the

Board

also

considered

the

performance

of

these

Funds

in

relation

to

the

performance

of

each

Fund’s

respective

underlying

index

(i.e.,

“tracking

error”)

and

considered

that

the

tracking

error

was

within

anticipated

ranges.

The

Board

considered

the

Adviser’s

explanation

of

performance

results

for

each

Fund

across

the

relevant

periods

provided

as

part

of

the

consideration

of

the

renewal

of

the

Investment

Advisory

Agreement,

and

during

the

course

of

the

previous

year.

Conclusion.

No

single

factor

was

determinative

to

the

decision

of

the

Board.

Based

on

the

foregoing

and

such

other

matters

as

were

deemed

relevant,

the

Board

concluded

that

the

management

fee

rates

and

total

expense

ratios

of

each

Fund

are

reasonable

in

relation

to

the

services

provided

by

the

Adviser

to

such

Fund,

as

well

as

the

costs

incurred

and

benefits

gained

by

the

Adviser

in

providing

such

services.

The

Board

also

found

the

management

fees

to

be

reasonable

in

comparison

to

the

fees

charged

by

advisers

to

other

comparable

ETFs

and

mutual

funds

(as

applicable).

As

a

result,

the

Board

concluded

that

the

renewal

of

the

Investment

Management

Agreement

for

an

additional

one-year

period

was

in

the

best

interests

of

each

Fund.

After

full

consideration

of

the

above

factors,

as

well

as

other

factors,

the

Trustees,

including

all

of

the

Independent

Trustees

voting

separately,

determined

to

approve

the

renewal

of

the

Investment

Management

Agreement

for

each

Fund.

125-24-93085

04-25

This

report

is

submitted

for

the

general

information

of

shareholders

of

the

Fund.

It

is

not

an

offer

or

solicitation

for

the

Fund

and

is

not

authorized

for

distribution

to

prospective

investors

unless

preceded

or

accompanied

by

an

effective

prospectus.

Janus

Henderson

is

a

trademark

of

Janus

Henderson

Group

plc

or

one

of

its

subsidiaries.

©

Janus

Henderson

Group

plc.

Janus

Henderson

Investors

US

LLC

is

the

investment

adviser

and

ALPS

Distributors,

Inc.

is

the

distributor.

ALPS

is

not

affiliated

with

Janus

Henderson

or

any

of

its

subsidiaries.

SEMIANNUAL

FINANCIAL

STATEMENTS

April

30,

2025

Janus

Henderson

AAA

CLO

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

AAA

CLO

ETF

Item

7.

Financial

Statements

and

Financial

Highlights

for

Open-End

Management

Investment

Companies

Schedule

of

Investments

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

3

Statement

of

Assets

and

Liabilities

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

19

Statement

of

Operations

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

20

Statements

of

Changes

in

Net

Assets

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

21

Financial

Highlights

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

22

Notes

to

Financial

Statements

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

23

Items

8-11

-

Additional

Information

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

30

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

Janus

Detroit

Street

Trust

3

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

98

.4

%

1988

CLO

1

Ltd.

2022-1A

AR,

CME

Term

SOFR

3

Month

+

1.3600%,

5.6161%,

10/15/39

(144A)

‡

$

133,000,000

$

132,949,034

720

East

CLO

VII

Ltd.

2025-7A

A1,

CME

Term

SOFR

3

Month

+

1.0600%,

5.3412%,

4/20/37

(144A)

‡

100,000,000

98,588,620

AB

BSL

CLO

1

Ltd.

2020-1A

A1R,

CME

Term

SOFR

3

Month

+

1.3700%,

5.6261%,

1/15/35

(144A)

‡

28,500,000

28,429,197

AGL

CLO

16

Ltd.

2021-16A

AR,

CME

Term

SOFR

3

Month

+

0.9500%,

5.2195%,

1/20/35

(144A)

‡

143,394,000

141,782,495

AGL

CLO

17

Ltd.

2022-17A

AR,

CME

Term

SOFR

3

Month

+

0.9500%,

5.2195%,

1/21/35

(144A)

‡

149,858,000

148,170,449

AGL

CLO

20

Ltd.

2022-20A

A2R,

CME

Term

SOFR

3

Month

+

1.5900%,

5.8595%,

10/20/37

(144A)

‡

22,500,000

22,442,414

AGL

CLO

23

Ltd.

2022-23A

A1R,

CME

Term

SOFR

3

Month

+

1.1500%,

5.4195%,

4/20/38

(144A)

‡

44,000,000

43,780,000

AGL

CLO

37

Ltd.

2024-37A

A1,

CME

Term

SOFR

3

Month

+

1.2400%,

5.5361%,

4/22/38

(144A)

‡

50,000,000

49,925,000

AGL

Core

CLO

2

Ltd.

2019-2A

A1R,

CME

Term

SOFR

3

Month

+

1.4600%,

5.7295%,

7/20/37

(144A)

‡

137,500,000

137,636,744

AGL

Core

CLO

38

Ltd.

2025-38A

A1,

CME

Term

SOFR

3

Month

+

1.2400%,

5.5574%,

1/22/38

(144A)

‡

100,000,000

99,850,000

AGL

Core

CLO

8

Ltd.

2020-8A

A1R2,

CME

Term

SOFR

3

Month

+

1.3300%,

5.5995%,

1/20/38

(144A)

‡

36,100,000

36,100,000

AIMCO

CLO

2018-AA

AR,

CME

Term

SOFR

3

Month

+

1.3100%,

5.5898%,

10/17/37

(144A)

‡

45,000,000

44,887,500

Allegro

CLO

XIV

Ltd.

2021-2A

A2,

CME

Term

SOFR

3

Month

+

1.6116%,

5.8677%,

10/15/34

(144A)

‡

6,875,000

6,863,819

Allegro

CLO

XVIII

Ltd.

2024-4A

A1,

CME

Term

SOFR

3

Month

+

1.3800%,

5.6913%,

1/25/38

(144A)

‡

42,100,000

42,068,337

AMMC

CLO

26

Ltd.

2023-26A

A1R,

CME

Term

SOFR

3

Month

+

1.2700%,

5.5261%,

4/15/36

(144A)

‡

167,750,000

167,232,709

AMMC

CLO

27

Ltd.

2022-27A

A1R,

CME

Term

SOFR

3

Month

+

1.0800%,

5.3495%,

1/20/37

(144A)

‡

100,000,000

99,079,590

AMMC

CLO

30

Ltd.

2024-30A

A2,

CME

Term

SOFR

3

Month

+

1.9500%,

6.2061%,

1/15/37

(144A)

‡

8,000,000

8,023,373

Anchorage

Capital

CLO

13

LLC

2019-13A

ARR,

CME

Term

SOFR

3

Month

+

1.2700%,

5.5951%,

4/15/38

(144A)

‡

45,300,000

44,876,273

Anchorage

Capital

CLO

16

Ltd.

2020-16A

A1R2,

CME

Term

SOFR

3

Month

+

1.2500%,

5.5195%,

1/19/38

(144A)

‡

198,500,000

196,517,839

Anchorage

Capital

CLO

17

Ltd.

2021-17A

A1R,

CME

Term

SOFR

3

Month

+

1.2300%,

5.4861%,

2/15/38

(144A)

‡

80,000,000

79,440,000

Anchorage

Capital

CLO

24

Ltd.

2022-24A

A2R,

CME

Term

SOFR

3

Month

+

1.6500%,

5.9061%,

7/15/37

(144A)

‡

18,000,000

17,955,934

Apex

Credit

CLO

Ltd.

2024-1A

A1,

CME

Term

SOFR

3

Month

+

1.8000%,

6.0695%,

4/20/36

(144A)

‡

15,000,000

15,007,840

Apex

Credit

CLO

Ltd.

2024-2A

A,

CME

Term

SOFR

3

Month

+

1.5200%,

5.8018%,

7/25/37

(144A)

‡

49,800,000

49,776,599

APEX

CREDIT

CLO

Ltd.

2018-2A

BR3,

CME

Term

SOFR

3

Month

+

1.2500%,

5.5195%,

10/20/31

(144A)

‡

26,700,000

26,690,084

Apidos

CLO

L

2024-50A

A1,

CME

Term

SOFR

3

Month

+

1.3400%,

5.6095%,

1/20/38

(144A)

‡

62,027,000

62,000,589

Apidos

CLO

XLVII

Ltd.

2024-47A

A2,

CME

Term

SOFR

3

Month

+

1.7000%,

5.9826%,

4/26/37

(144A)

‡

10,000,000

9,976,308

Apidos

CLO

XVIII-R

2018-18A

A2R2,

CME

Term

SOFR

3

Month

+

1.5800%,

5.8524%,

1/22/38

(144A)

‡

10,000,000

9,973,521

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

4

April

30,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

Apidos

CLO

Xxv

2016-25A

A1R3,

CME

Term

SOFR

3

Month

+

1.1400%,

5.4095%,

1/20/37

(144A)

‡

$

136,450,000

$

135,365,946

Ares

LIII

CLO

Ltd.

2019-53A

A1R,

CME

Term

SOFR

3

Month

+

1.2800%,

5.5552%,

10/24/36

(144A)

‡

233,955,000

232,708,113

Ares

LIII

CLO

Ltd.

2019-53A

A2R,

CME

Term

SOFR

3

Month

+

1.5000%,

5.7752%,

10/24/36

(144A)

‡

13,000,000

12,973,828

ARES

Loan

Funding

III

Ltd.

2022-ALF3A

A1R,

CME

Term

SOFR

3

Month

+

1.2700%,

5.5518%,

7/25/36

(144A)

‡

46,975,000

46,716,638

Ares

Loan

Funding

IX

Ltd.

2025-ALF9A

A1,

CME

Term

SOFR

3

Month

+

1.1800%,

5.4198%,

3/31/38

(144A)

‡

100,000,000

99,500,000

Ares

Loan

Funding

VIII

Ltd.

2024-ALF8

A1,

CME

Term

SOFR

3

Month

+

1.2500%,

5.5429%,

1/24/38

(144A)

‡

236,940,000

234,510,086

Ares

LV

CLO

Ltd.

2020-55A

A1R2,

CME

Term

SOFR

3

Month

+

1.3700%,

5.6261%,

10/15/37

(144A)

‡

39,250,000

39,243,273

Ares

LVII

CLO

Ltd.

2020-57A

AR,

CME

Term

SOFR

3

Month

+

1.4116%,

5.6934%,

1/25/35

(144A)

‡

1,000,000

998,478

ARES

LX

CLO

Ltd.

2021-60A

AR,

CME

Term

SOFR

3

Month

+

1.1800%,

5.7111%,

7/18/34

(144A)

‡

292,325,000

291,897,562

Ares

LXI

CLO

Ltd.

2021-61A

A2R,

CME

Term

SOFR

3

Month

+

1.7300%,

5.9995%,

4/20/37

(144A)

‡

19,900,000

19,851,943

Ares

LXIV

CLO

Ltd.

2022-64A

AR,

CME

Term

SOFR

3

Month

+

1.3600%,

5.6161%,

10/24/39

(144A)

‡

42,000,000

41,987,891

Ares

LXIX

CLO

Ltd.

2024-69A

A2,

CME

Term

SOFR

3

Month

+

1.7000%,

5.9561%,

4/15/36

(144A)

‡

17,500,000

17,457,780

Ares

LXV

CLO

Ltd.

2022-65A

A2,

CME

Term

SOFR

3

Month

+

1.7500%,

6.0318%,

7/25/34

(144A)

‡

18,000,000

17,965,921

Ares

LXVII

CLO

Ltd.

2022-67A

A1R,

CME

Term

SOFR

3

Month

+

1.1900%,

5.4718%,

1/25/38

(144A)

‡

58,500,000

58,090,500

Ares

LXXII

CLO

Ltd.

2024-72A

A2,

CME

Term

SOFR

3

Month

+

1.5800%,

5.8361%,

7/15/36

(144A)

‡

24,500,000

24,439,149

Ares

LXXIV

CLO

Ltd.

2024-74A

A2,

CME

Term

SOFR

3

Month

+

1.5500%,

5.8061%,

10/15/36

(144A)

‡

22,500,000

22,442,432

Ares

XLI

CLO

Ltd.

2016-41A

AR2,

CME

Term

SOFR

3

Month

+

1.3316%,

5.5877%,

4/15/34

(144A)

‡

29,720,000

29,629,907

Ares

XLIII

CLO

Ltd.

2017-43A

A2R2,

CME

Term

SOFR

3

Month

+

1.6000%,

5.8561%,

1/15/38

(144A)

‡

14,000,000

13,963,317

ARES

XLV

CLO

Ltd.

2017-45A

BR,

CME

Term

SOFR

3

Month

+

1.2500%,

5.5061%,

10/15/30

(144A)

‡

20,000,000

19,992,684

ARES

XLV

CLO

Ltd.

2017-45A

CR,

CME

Term

SOFR

3

Month

+

1.5000%,

5.7561%,

10/15/30

(144A)

‡

25,062,000

25,039,101

Atlantic

Avenue

Ltd.

2024-2A

A,

CME

Term

SOFR

3

Month

+

1.6500%,

5.9195%,

4/20/37

(144A)

‡

50,000,000

50,078,265

Atlas

Senior

Loan

Fund

XVII

Ltd.

2021-17A

AR,

CME

Term

SOFR

3

Month

+

1.0600%,

5.3295%,

10/20/34

(144A)

‡

19,100,000

18,966,300

Atrium

XIV

LLC

14A

A2RR,

CME

Term

SOFR

3

Month

+

1.6100%,

5.8705%,

10/16/37

(144A)

‡

35,200,000

35,109,884

Atrium

XV

15A

A2RR,

CME

Term

SOFR

3

Month

+

1.5900%,

5.8505%,

7/16/37

(144A)

‡

47,250,000

47,133,467

Bain

Capital

Credit

CLO

Ltd.

2021-1A

AR,

CME

Term

SOFR

3

Month

+

0.9400%,

5.2095%,

4/18/34

(144A)

‡

145,000,000

143,608,203

Bain

Capital

Credit

CLO

Ltd.

2017-2A

A2R3,

CME

Term

SOFR

3

Month

+

1.6000%,

5.8818%,

7/25/37

(144A)

‡

15,040,000

15,004,146

Bain

Capital

Credit

CLO

Ltd.

2022-4A

A1R,

CME

Term

SOFR

3

Month

+

1.3800%,

5.6405%,

10/16/37

(144A)

‡

47,000,000

47,000,000

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

Janus

Detroit

Street

Trust

5

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

Balboa

Bay

Loan

Funding

Ltd.

2021-1A

AR,

CME

Term

SOFR

3

Month

+

0.9900%,

5.2595%,

7/20/34

(144A)

‡

$

239,000,000

$

236,832,198

Balboa

Bay

Loan

Funding

Ltd.

2020-1A

A2RR,

CME

Term

SOFR

3

Month

+

1.6200%,

5.8895%,

10/20/35

(144A)

‡

16,000,000

15,968,384

Balboa

Bay

Loan

Funding

Ltd.

2022-1A

AR,

CME

Term

SOFR

3

Month

+

1.1900%,

5.4595%,

4/20/37

(144A)

‡

175,000,000

174,007,610

Balboa

Bay

Loan

Funding

Ltd.

2024-2A

A1,

CME

Term

SOFR

3

Month

+

1.3300%,

5.6457%,

1/20/38

(144A)

‡

10,000,000

10,000,000

Ballyrock

CLO

14

Ltd.

2020-14A

A1AR,

CME

Term

SOFR

3

Month

+

1.3800%,

5.6495%,

7/20/37

(144A)

‡

63,445,000

63,445,000

Barings

CLO

Ltd.

2020-1A

A1R2,

CME

Term

SOFR

3

Month

+

1.2600%,

5.5161%,

1/15/38

(144A)

‡

24,500,000

24,268,443

Barings

Loan

Partners

CLO

5

Ltd.

LP-5A

A,

CME

Term

SOFR

3

Month

+

1.2200%,

5.4895%,

1/20/35

(144A)

‡

74,219,313

73,930,080

Barings

Loan

Partners

CLO

Ltd.

3

LP-3A

AR2,

CME

Term

SOFR

3

Month

+

0.9500%,

5.2195%,

7/20/33

(144A)

‡

15,900,000

15,776,845

Barrow

Hanley

CLO

III

Ltd.

2024-3A

A2,

CME

Term

SOFR

3

Month

+

1.8200%,

6.0895%,

4/20/37

(144A)

‡

12,000,000

12,014,638

Battalion

CLO

XV

Ltd.

2020-15A

A1RR,

CME

Term

SOFR

3

Month

+

0.9800%,

5.2598%,

1/17/33

(144A)

‡

42,459,300

42,268,233

Battery

Park

CLO

Ltd.

2019-1A

AR,

CME

Term

SOFR

3

Month

+

1.4000%,

5.6561%,

7/15/36

(144A)

‡

33,180,000

33,133,419

BBAM

US

CLO

I

Ltd.

2022-1A

AR,

CME

Term

SOFR

3

Month

+

1.2000%,

5.4561%,

3/30/38

(144A)

‡

32,300,000

31,877,290

Beechwood

Park

CLO

Ltd.

2019-1A

A2R,

CME

Term

SOFR

3

Month

+

1.5000%,

5.7798%,

1/17/35

(144A)

‡

10,000,000

9,983,273

Benefit

Street

Partners

CLO

XII-B

Ltd.

2017-12BRA

A,

CME

Term

SOFR

3

Month

+

1.3700%,

5.6261%,

10/15/37

(144A)

‡

100,000,000

99,970,980

Benefit

Street

Partners

CLO

XV

Ltd.

2018-15A

A1R,

CME

Term

SOFR

3

Month

+

1.3900%,

5.6461%,

7/15/37

(144A)

‡

37,500,000

37,496,813

Benefit

Street

Partners

CLO

XXI

Ltd.

2020-21A

A2R,

CME

Term

SOFR

3

Month

+

1.6616%,

5.9177%,

10/15/34

(144A)

‡

5,000,000

4,992,137

Benefit

Street

Partners

CLO

XXV

Ltd.

2021-25A

A1R,

CME

Term

SOFR

3

Month

+

1.0000%,

5.2561%,

1/15/35

(144A)

‡

146,000,000

144,626,534

Benefit

Street

Partners

CLO

XXXII

Ltd.

2023-32A

A2,

CME

Term

SOFR

3

Month

+

1.9500%,

6.2318%,

10/25/36

(144A)

‡

11,000,000

11,013,072

Benefit

Street

Partners

CLO

XXXVIII

Ltd.

2024-38A

A,

CME

Term

SOFR

3

Month

+

1.3100%,

5.6234%,

1/25/38

(144A)

‡

49,000,000

48,902,000

Birch

Grove

CLO

10

Ltd.

2024-10A

A,

CME

Term

SOFR

3

Month

+

1.3900%,

5.9491%,

1/22/38

(144A)

‡

20,400,000

20,389,470

BlueMountain

CLO

XXV

Ltd.

2019-25A

A1RR,

CME

Term

SOFR

3

Month

+

1.3500%,

5.6061%,

1/15/38

(144A)

‡

134,880,000

134,340,480

BlueMountain

CLO

XXXI

Ltd.

2021-31A

A1,

CME

Term

SOFR

3

Month

+

1.4116%,

5.6811%,

4/19/34

(144A)

‡

38,800,000

38,800,000

BlueMountain

CLO

XXXII

Ltd.

2021-32A

AR,

CME

Term

SOFR

3

Month

+

1.1000%,

5.3561%,

10/15/34

(144A)

‡

115,700,000

114,981,029

BlueMountain

CLO

XXXV

Ltd.

2022-35A

A1R,

CME

Term

SOFR

3

Month

+

1.4200%,

5.6924%,

10/22/37

(144A)

‡

81,000,000

81,040,160

Canyon

Capital

CLO

Ltd.

2014-1A

A1BR,

CME

Term

SOFR

3

Month

+

1.4316%,

5.7113%,

1/30/31

(144A)

‡

3,010,000

3,009,947

Canyon

Capital

CLO

Ltd.

2019-2A

AR2,

CME

Term

SOFR

3

Month

+

1.0100%,

5.2661%,

10/15/34

(144A)

‡

168,000,000

166,466,076

Canyon

Capital

CLO

Ltd.

2022-2A

A1R,

CME

Term

SOFR

3

Month

+

1.1800%,

5.4361%,

4/15/38

(144A)

‡

12,500,000

12,393,750

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

6

April

30,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

Canyon

CLO

Ltd.

2020-2A

AR2,

CME

Term

SOFR

3

Month

+

1.0300%,

5.2861%,

10/15/34

(144A)

‡

$

118,000,000

$

117,009,720

Canyon

CLO

Ltd.

2023-2A

A2,

CME

Term

SOFR

3

Month

+

1.7700%,

6.0261%,

5/15/37

(144A)

‡

15,000,000

14,964,257

Carlyle

Global

Market

Strategies

CLO

Ltd.

2015-5A

A1R3,

CME

Term

SOFR

3

Month

+

1.1000%,

5.3695%,

1/20/32

(144A)

‡

70,414,137

70,273,308

Carlyle

Global

Market

Strategies

CLO

Ltd.

2016-1A

A1R3,

CME

Term

SOFR

3

Month

+

1.0900%,

5.3595%,

4/20/34

(144A)

‡

104,150,000

103,420,950

Carlyle

US

CLO

Ltd.

2019-1A

A1AR,

CME

Term

SOFR

3

Month

+

1.3416%,

5.6111%,

4/20/31

(144A)

‡

15,637,233

15,621,596

Carlyle

US

CLO

Ltd.

2019-4A

A11R,

CME

Term

SOFR

3

Month

+

1.3200%,

5.5761%,

4/15/35

(144A)

‡

22,770,000

22,711,898

Carlyle

US

CLO

Ltd.

2022-4A

A2R,

CME

Term

SOFR

3

Month

+

1.5700%,

5.8518%,

7/25/36

(144A)

‡

16,150,000

16,110,613

Carlyle

US

CLO

Ltd.

2024-3A

A2,

CME

Term

SOFR

3

Month

+

1.7200%,

6.0018%,

7/25/36

(144A)

‡

24,000,000

23,941,889

Carlyle

US

CLO

Ltd.

2019-2A

AR2,

CME

Term

SOFR

3

Month

+

1.3600%,

5.6161%,

10/15/37

(144A)

‡

61,860,000

61,991,384

Carlyle

US

CLO

Ltd.

2022-5A

A2R,

CME

Term

SOFR

3

Month

+

1.6000%,

5.8561%,

10/15/37

(144A)

‡

25,000,000

24,937,018

Carlyle

US

CLO

Ltd.

2017-3A

A2R2,

CME

Term

SOFR

3

Month

+

1.5500%,

5.8195%,

10/21/37

(144A)

‡

11,000,000

10,972,441

Carlyle

US

CLO

Ltd.

2021-10A

A1R,

CME

Term

SOFR

3

Month

+

1.3100%,

5.5795%,

1/20/38

(144A)

‡

194,750,000

194,588,338

Carlyle

US

CLO

Ltd.

2021-7A

A1R,

CME

Term

SOFR

3

Month

+

1.2000%,

5.4561%,

4/15/38

(144A)

‡

82,550,000

81,480,581

CarVal

CLO

II

Ltd.

2019-1A

AR2,

CME

Term

SOFR

3

Month

+

1.0200%,

5.2895%,

4/20/32

(144A)

‡

21,916,916

21,803,064

CBAM

Ltd.

2019-11RA

A2,

CME

Term

SOFR

3

Month

+

1.7616%,

6.0311%,

1/20/35

(144A)

‡

13,889,000

13,864,598

CBAM

Ltd.

2017-1A

AR2,

CME

Term

SOFR

3

Month

+

1.3900%,

5.6595%,

1/20/38

(144A)

‡

133,000,000

133,029,287

Cedar

Funding

IV

CLO

Ltd.

2014-4A

AR3,

CME

Term

SOFR

3

Month

+

1.3400%,

5.6193%,

1/23/38

(144A)

‡

98,075,000

98,021,167

Cedar

Funding

IX

CLO

Ltd.

2018-9A

AR,

CME

Term

SOFR

3

Month

+

1.4200%,

5.6895%,

7/20/37

(144A)

‡

49,365,000

49,272,949

Cedar

Funding

VI

CLO

Ltd.

2016-6A

ARR,

CME

Term

SOFR

3

Month

+

1.3116%,

5.5811%,

4/20/34

(144A)

‡

29,619,000

29,521,548

Cedar

Funding

XIV

CLO

Ltd.

2021-14A

AR,

CME

Term

SOFR

3

Month

+

1.3800%,

5.6361%,

10/15/37

(144A)

‡

109,415,000

109,408,337

Cedar

Funding

XIX

CLO

Ltd.

2024-19A

A1,

CME

Term

SOFR

3

Month

+

1.3300%,

5.5713%,

1/23/38

(144A)

‡

41,125,000

41,103,747

CFIP

CLO

Ltd.

2021-1A

A,

CME

Term

SOFR

3

Month

+

1.4816%,

5.7511%,

1/20/35

(144A)

‡

19,000,000

18,990,500

CIFC

Funding

Ltd.

2014-4RA

A1A2,

CME

Term

SOFR

3

Month

+

0.9900%,

5.2698%,

1/17/35

(144A)

‡

110,755,000

109,592,072

CIFC

Funding

Ltd.

2022-2A

A1R,

CME

Term

SOFR

3

Month

+

0.9700%,

5.2395%,

4/19/35

(144A)

‡

90,000,000

88,962,156

CIFC

Funding

Ltd.

2022-2A

A2R,

CME

Term

SOFR

3

Month

+

1.2200%,

5.4895%,

4/19/35

(144A)

‡

13,000,000

12,957,541

CIFC

Funding

Ltd.

2022-4A

A2,

CME

Term

SOFR

3

Month

+

1.7000%,

5.9605%,

7/16/35

(144A)

‡

20,000,000

19,962,100

CIFC

Funding

Ltd.

2022-5A

A2R,

CME

Term

SOFR

3

Month

+

1.7200%,

5.9805%,

1/16/37

(144A)

‡

10,000,000

9,976,846

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

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)

CIFC

Funding

Ltd.

2014-5A

A1R3,

CME

Term

SOFR

3

Month

+

1.3800%,

5.6598%,

7/17/37

(144A)

‡

$

120,500,000

$

120,500,000

CIFC

Funding

Ltd.

2014-5A

A2R3,

CME

Term

SOFR

3

Month

+

1.5800%,

5.8598%,

7/17/37

(144A)

‡

11,250,000

11,222,448

CIFC

Funding

Ltd.

2021-4A

AR,

CME

Term

SOFR

3

Month

+

1.3600%,

5.6393%,

7/23/37

(144A)

‡

145,000,000

144,936,360

CIFC

Funding

Ltd.

2019-1A

A1R2,

CME

Term

SOFR

3

Month

+

1.3600%,

5.6295%,

10/20/37

(144A)

‡

10,000,000

9,997,138

CIFC

Funding

Ltd.

2021-5A

A1R,

CME

Term

SOFR

3

Month

+

1.2600%,

5.5161%,

1/15/38

(144A)

‡

86,635,000

86,171,615

CIFC

Funding

Ltd.

2018-1A

A1R,

CME

Term

SOFR

3

Month

+

1.3200%,

5.5895%,

1/18/38

(144A)

‡

11,600,000

11,576,800

CIFC

Funding

Ltd.

2018-1A

A2R,

CME

Term

SOFR

3

Month

+

1.5500%,

5.8195%,

1/18/38

(144A)

‡

22,000,000

21,944,443

CIFC

Funding

Ltd.

2014-3A

A1R,

CME

Term

SOFR

3

Month

+

1.1800%,

5.4549%,

3/31/38

(144A)

‡

75,000,000

74,662,500

CIFC

Funding

Ltd.

2020-4A

A1R,

CME

Term

SOFR

3

Month

+

1.3000%,

5.5561%,

1/15/40

(144A)

‡

65,000,000

65,000,000

Clover

CLO

LLC

2021-3A

AR,

CME

Term

SOFR

3

Month

+

1.0700%,

5.3518%,

1/25/35

(144A)

‡

20,000,000

19,880,000

Clover

CLO

LLC

2018-1A

A2RR,

CME

Term

SOFR

3

Month

+

1.7300%,

5.9995%,

4/20/37

(144A)

‡

30,000,000

29,927,811

Columbia

Cent

CLO

29

Ltd.

2020-29A

AR,

CME

Term

SOFR

3

Month

+

1.4316%,

5.7011%,

10/20/34

(144A)

‡

12,140,000

12,122,653

CQS

US

CLO

Ltd.

2023-3A

AJ,

CME

Term

SOFR

3

Month

+

2.1500%,

6.4318%,

1/25/37

(144A)

‡

9,000,000

9,026,640

Crown

City

CLO

IV

2022-4A

AJ,

CME

Term

SOFR

3

Month

+

1.8200%,

6.0895%,

4/20/37

(144A)

‡

19,000,000

19,029,737

Diameter

Capital

CLO

9

Ltd.

2025-9A

A,

CME

Term

SOFR

3

Month

+

1.1700%,

5.4872%,

4/20/38

(144A)

‡

149,250,000

147,843,766

Dryden

106

CLO

Ltd.

2022-106A

A1R,

CME

Term

SOFR

3

Month

+

1.3600%,

5.6161%,

10/15/37

(144A)

‡

60,000,000

59,981,730

Dryden

106

CLO

Ltd.

2022-106A

A2R,

CME

Term

SOFR

3

Month

+

1.5300%,

5.7861%,

10/15/37

(144A)

‡

15,000,000

14,961,321

Dryden

108

CLO

Ltd.

2022-108A

A1R,

CME

Term

SOFR

3

Month

+

1.3600%,

5.6295%,

7/18/37

(144A)

‡

90,000,000

89,960,481

Dryden

113

CLO

Ltd.

2022-113A

AR2,

CME

Term

SOFR

3

Month

+

1.2500%,

5.5061%,

10/15/37

(144A)

‡

49,998,000

49,843,081

Dryden

115

CLO

Ltd.

2024-115A

A2,

CME

Term

SOFR

3

Month

+

1.7000%,

5.9695%,

4/18/37

(144A)

‡

40,000,000

39,903,800

Dryden

119

CLO

Ltd.

2024-119A

A2,

CME

Term

SOFR

3

Month

+

1.7000%,

5.9561%,

4/15/36

(144A)

‡

22,000,000

21,947,290

Dryden

121

CLO

Ltd.

2024-121A

A2,

CME

Term

SOFR

3

Month

+

1.5400%,

5.8740%,

1/15/37

(144A)

‡

33,000,000

32,900,416

Dryden

45

Senior

Loan

Fund

2016-45A

A1RR,

CME

Term

SOFR

3

Month

+

1.0800%,

5.3361%,

10/15/30

(144A)

‡

576,447

574,769

Dryden

75

CLO

Ltd.

2019-75A

AR2,

CME

Term

SOFR

3

Month

+

1.3016%,

5.5577%,

4/15/34

(144A)

‡

47,290,000

47,136,010

Dryden

76

CLO

Ltd.

2019-76A

A1R2,

CME

Term

SOFR

3

Month

+

1.3700%,

5.6261%,

10/15/37

(144A)

‡

136,000,000

135,964,368

Dryden

77

CLO

Ltd.

2020-77A

AR,

CME

Term

SOFR

3

Month

+

1.3816%,

5.7035%,

5/20/34

(144A)

‡

3

3

Dryden

86

CLO

Ltd.

2020-86A

A1R,

CME

Term

SOFR

3

Month

+

1.3616%,

5.6414%,

7/17/34

(144A)

‡

38,190,000

38,096,083

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

8

April

30,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

Dryden

95

CLO

Ltd.

2021-95A

AR,

CME

Term

SOFR

3

Month

+

1.0400%,

5.3619%,

8/20/34

(144A)

‡

$

73,000,000

$

72,421,212

Eaton

Vance

CLO

Ltd.

2019-1A

AR2,

CME

Term

SOFR

3

Month

+

1.5100%,

5.7661%,

7/15/37

(144A)

‡

62,500,000

62,561,450

Elevation

CLO

Ltd.

2025-18A

A1,

CME

Term

SOFR

3

Month

+

1.2400%,

5.5253%,

3/28/38

(144A)

‡

100,000,000

99,500,000

Elmwood

CLO

24

Ltd.

2023-3A

AR,

CME

Term

SOFR

3

Month

+

1.3200%,

5.5998%,

1/17/38

(144A)

‡

108,850,000

108,850,000

Elmwood

CLO

25

Ltd.

2024-1A

A1,

CME

Term

SOFR

3

Month

+

1.5300%,

5.8098%,

4/17/37

(144A)

‡

11,200,000

11,210,257

Elmwood

CLO

25

Ltd.

2024-1A

A2,

CME

Term

SOFR

3

Month

+

1.7300%,

6.0098%,

4/17/37

(144A)

‡

10,000,000

9,976,148

Elmwood

CLO

36

Ltd.

2024-12RA

AR,

CME

Term

SOFR

3

Month

+

1.3400%,

5.6095%,

10/20/37

(144A)

‡

15,650,000

15,638,297

Elmwood

CLO

I

Ltd.

2019-1A

A2RR,

CME

Term

SOFR

3

Month

+

1.7200%,

5.9895%,

4/20/37

(144A)

‡

8,750,000

8,729,185

Elmwood

CLO

III

Ltd.

2019-3A

A1RR,

CME

Term

SOFR

3

Month

+

1.3800%,

5.6495%,

7/18/37

(144A)

‡

38,000,000

38,000,000

Elmwood

CLO

VII

Ltd.

2020-4A

A1RR,

CME

Term

SOFR

3

Month

+

1.3600%,

5.6398%,

10/17/37

(144A)

‡

30,000,000

30,000,000

Empower

CLO

Ltd.

2022-1A

A1R,

CME

Term

SOFR

3

Month

+

1.3900%,

5.6595%,

10/20/37

(144A)

‡

60,250,000

60,250,000

Fort

Greene

Park

CLO

LLC

2025-2A

AR,

CME

Term

SOFR

3

Month

+

0.9500%,

5.2224%,

4/22/34

(144A)

‡

91,090,000

90,243,300

Fortress

Credit

BSL

XVI

Ltd.

2022-3A

AR,

CME

Term

SOFR

3

Month

+

1.3700%,

5.6395%,

10/20/35

(144A)

‡

9,000,000

8,979,997

Fortress

Credit

BSL

XXIV

Ltd.

2025-1A

A,

CME

Term

SOFR

3

Month

+

1.2700%,

5.5626%,

4/20/38

(144A)

‡

16,000,000

15,874,717

Fortress

Credit

BSL

XXV

Ltd.

2024-2A

A,

CME

Term

SOFR

3

Month

+

1.6000%,

5.8752%,

7/24/37

(144A)

‡

20,000,000

20,028,818

Galaxy

XXII

CLO

Ltd.

2016-22A

ARRR,

CME

Term

SOFR

3

Month

+

1.2400%,

5.5005%,

4/16/34

(144A)

‡

141,800,000

141,222,307

Generate

CLO

19

Ltd.

2025-19A

A,

CME

Term

SOFR

3

Month

+

1.2500%,

0.0000%,

4/22/36

(144A)

‡

123,000,000

122,599,512

Generate

CLO

2

Ltd.

2A

AR2,

CME

Term

SOFR

3

Month

+

1.4100%,

5.6893%,

10/22/37

(144A)

‡

20,000,000

20,061,468

Generate

CLO

9

Ltd.

9A

AR,

CME

Term

SOFR

3

Month

+

1.3500%,

5.6195%,

1/20/38

(144A)

‡

93,250,000

93,221,969

GoldenTree

Loan

Management

US

CLO

10

Ltd.

2021-10A

AJ,

CME

Term

SOFR

3

Month

+

1.5800%,

5.8495%,

10/20/37

(144A)

‡

18,900,000

18,851,979

GoldenTree

Loan

Management

US

CLO

6

Ltd.

2019-6A

AR2,

CME

Term

SOFR

3

Month

+

0.9700%,

5.2395%,

4/20/35

(144A)

‡

106,000,000

104,751,140

Golub

Capital

Partners

CLO

53B

Ltd.

2021-53A

AR,

CME

Term

SOFR

3

Month

+

0.9800%,

5.2908%,

7/20/34

(144A)

‡

154,500,000

152,955,000

Golub

Capital

Partners

CLO

58B

Ltd.

2021-58A

A2,

CME

Term

SOFR

3

Month

+

1.7116%,

5.9934%,

1/25/35

(144A)

‡

10,000,000

9,983,622

Golub

Capital

Partners

CLO

72

B

Ltd.

2024-72A

AJ,

CME

Term

SOFR

3

Month

+

1.7500%,

6.0318%,

4/25/37

(144A)

‡

18,000,000

17,956,733

Golub

Capital

Partners

CLO

77

B

Ltd.

2024-77A

A1,

CME

Term

SOFR

3

Month

+

1.2500%,

5.5463%,

1/25/38

(144A)

‡

31,500,000

31,175,238

Green

Lakes

Park

CLO

LLC

2025-1A

ARR,

CME

Term

SOFR

3

Month

+

1.1800%,

5.4618%,

1/25/38

(144A)

‡

20,500,000

20,328,446

Guggenheim

CLO

Ltd.

2022-2A

A1R,

CME

Term

SOFR

3

Month

+

1.1500%,

5.4061%,

1/15/35

(144A)

‡

80,000,000

79,585,440

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

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)

Guggenheim

CLO

Ltd.

2022-2A

A2R,

CME

Term

SOFR

3

Month

+

1.4000%,

5.6561%,

1/15/35

(144A)

‡

$

10,000,000

$

9,983,060

Harmony-Peace

Park

CLO

Ltd.

2024-1A

A,

CME

Term

SOFR

3

Month

+

1.3500%,

5.6195%,

10/20/37

(144A)

‡

61,500,000

61,473,426

Hartwick

Park

CLO

Ltd.

2023-1A

AR,

CME

Term

SOFR

3

Month

+

1.1600%,

5.4295%,

1/20/37

(144A)

‡

28,300,000

28,117,762

Harvest

US

CLO

Ltd.

2024-1A

A2,

CME

Term

SOFR

3

Month

+

1.8500%,

6.1195%,

4/18/37

(144A)

‡

8,000,000

8,017,826

Hayfin

US

XV

Ltd.

2024-15A

A2,

CME

Term

SOFR

3

Month

+

1.9200%,

6.2026%,

4/28/37

(144A)

‡

8,000,000

8,009,237

HPS

Loan

Management

Ltd.

2021-16A

A1,

CME

Term

SOFR

3

Month

+

1.4016%,

5.6810%,

1/23/35

(144A)

‡

67,802,000

67,598,594

Invesco

CLO

Ltd.

2022-2A

A2,

CME

Term

SOFR

3

Month

+

1.7500%,

6.0224%,

7/20/35

(144A)

‡

5,000,000

4,990,490

Invesco

US

CLO

Ltd.

2024-4A

A1,

CME

Term

SOFR

3

Month

+

1.3300%,

5.6476%,

1/15/38

(144A)

‡

55,175,000

55,126,545

Katayma

CLO

I

Ltd.

2023-1A

A2,

CME

Term

SOFR

3

Month

+

2.2000%,

6.4695%,

10/20/36

(144A)

‡

16,000,000

16,026,538

Katayma

CLO

II

Ltd.

2024-2A

A1,

CME

Term

SOFR

3

Month

+

1.6500%,

5.9195%,

4/20/37

(144A)

‡

98,500,000

98,653,542

KKR

CLO

27

Ltd.

27A

A1R2,

CME

Term

SOFR

3

Month

+

1.1100%,

5.3661%,

1/15/35

(144A)

‡

144,000,000

143,003,030

KKR

CLO

27

Ltd.

27A

A2R2,

CME

Term

SOFR

3

Month

+

1.4300%,

5.6861%,

1/15/35

(144A)

‡

13,500,000

13,475,380

KKR

CLO

35

Ltd.

35A

AR,

CME

Term

SOFR

3

Month

+

1.2000%,

5.4695%,

1/20/38

(144A)

‡

187,595,000

186,078,163

KKR

CLO

40

Ltd.

40A

AR,

CME

Term

SOFR

3

Month

+

1.3000%,

5.5695%,

10/20/34

(144A)

‡

14,975,000

14,937,562

KKR

CLO

48

Ltd.

48A

A2,

CME

Term

SOFR

3

Month

+

2.0000%,

6.2695%,

10/20/36

(144A)

‡

8,750,000

8,771,697

KKR

CLO

54

Ltd.

2024-54A

A,

CME

Term

SOFR

3

Month

+

1.3200%,

5.6409%,

1/15/38

(144A)

‡

63,000,000

63,000,000

KKR

CLO

56

Ltd.

2024-56A

A1,

CME

Term

SOFR

3

Month

+

1.4000%,

5.6561%,

10/15/37

(144A)

‡

28,000,000

28,005,096

LCM

35

Ltd.

35A

A1R,

CME

Term

SOFR

3

Month

+

1.0800%,

5.3361%,

10/15/34

(144A)

‡

142,500,000

141,546,461

LCM

42

Ltd.

42A

A1,

CME

Term

SOFR

3

Month

+

1.3800%,

5.6361%,

1/15/38

(144A)

‡

15,000,000

15,000,000

LCM

Loan

Income

Fund

I

Income

Note

Issuer

Ltd.

27A

A2,

CME

Term

SOFR

3

Month

+

1.5616%,

5.8222%,

7/16/31

(144A)

‡

18,000,000

18,002,975

Madison

Park

Funding

LII

Ltd.

2021-52A

A,

CME

Term

SOFR

3

Month

+

1.3616%,

5.6340%,

1/22/35

(144A)

‡

60,085,000

60,085,000

Madison

Park

Funding

LVII

Ltd.

2022-57A

A2R,

CME

Term

SOFR

3

Month

+

1.5000%,

5.7826%,

7/27/34

(144A)

‡

16,500,000

16,469,221

Madison

Park

Funding

LX

Ltd.

2022-60A

A1R,

CME

Term

SOFR

3

Month

+

1.3700%,

5.6518%,

10/25/37

(144A)

‡

50,400,000

50,400,000

Madison

Park

Funding

LXIX

Ltd.

2024-69A

A2,

CME

Term

SOFR

3

Month

+

1.7100%,

5.9918%,

7/25/37

(144A)

‡

19,450,000

19,402,526

Madison

Park

Funding

LXVII

Ltd.

2024-67A

A1,

CME

Term

SOFR

3

Month

+

1.5100%,

5.7918%,

4/25/37

(144A)

‡

1,371,000

1,372,199

Madison

Park

Funding

XIV

Ltd.

2014-14A

AR4,

CME

Term

SOFR

3

Month

+

0.9600%,

5.2324%,

10/22/30

(144A)

‡

148,958,531

148,302,875

Madison

Park

Funding

XLVII

Ltd.

2020-47A

A2R,

CME

Term

SOFR

3

Month

+

1.7400%,

6.0095%,

4/19/37

(144A)

‡

16,000,000

15,961,974

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

10

April

30,

2025

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

XVII

Ltd.

2015-17A

AR3,

CME

Term

SOFR

3

Month

+

1.3500%,

5.6195%,

10/21/37

(144A)

‡

$

30,000,000

$

29,986,563

Madison

Park

Funding

XXIX

Ltd.

2018-29A

A1R2,

CME

Term

SOFR

3

Month

+

1.1800%,

5.4954%,

3/25/38

(144A)

‡

134,690,000

134,016,550

Madison

Park

Funding

XXVIII

Ltd.

2018-28A

A2R,

CME

Term

SOFR

3

Month

+

1.5500%,

5.8061%,

1/15/38

(144A)

‡

15,575,000

15,533,854

Madison

Park

Funding

XXX

Ltd.

2018-30A

A1R,

CME

Term

SOFR

3

Month

+

1.3600%,

5.6205%,

7/16/37

(144A)

‡

169,970,000

169,894,737

Madison

Park

Funding

XXXII

Ltd.

2018-32A

A1R2,

CME

Term

SOFR

3

Month

+

1.3600%,

5.6324%,

7/22/37

(144A)

‡

83,250,000

83,215,177

Madison

Park

Funding

XXXII

Ltd.

2018-32A

A2R2,

CME

Term

SOFR

3

Month

+

1.5600%,

5.8324%,

7/22/37

(144A)

‡

24,000,000

23,939,688

Magnetite

XLVII

Ltd.

2024-47A

A,

CME

Term

SOFR

3

Month

+

1.3300%,

5.8024%,

1/25/38

(144A)

‡

111,000,000

110,780,120

Magnetite

XXVI

Ltd.

2020-26A

AR2,

CME

Term

SOFR

3

Month

+

1.1500%,

5.4163%,

1/25/38

(144A)

‡

68,400,000

67,725,166

Magnetite

XXVIII

Ltd.

2020-28A

A1RR,

CME

Term

SOFR

3

Month

+

1.2400%,

5.4961%,

1/15/38

(144A)

‡

25,000,000

24,735,970

Magnetite

XXXIX

Ltd.

2023-39A

AR,

CME

Term

SOFR

3

Month

+

1.1700%,

5.4518%,

1/25/37

(144A)

‡

239,750,000

238,280,596

Man

US

CLO

Ltd.

2024-1A

A,

CME

Term

SOFR

3

Month

+

1.5500%,

5.8195%,

7/20/37

(144A)

‡

25,000,000

25,029,317

Marathon

CLO

XIII

Ltd.

2019-1A

ABR2,

CME

Term

SOFR

3

Month

+

1.7000%,

5.9561%,

4/15/32

(144A)

‡

12,500,000

12,524,959

Meacham

Park

CLO

Ltd.

2024-1A

A2,

CME

Term

SOFR

3

Month

+

1.5300%,

5.7995%,

10/20/37

(144A)

‡

10,000,000

9,974,334

Morgan

Stanley

Eaton

Vance

CLO

Ltd.

2023-20A

A2,

CME

Term

SOFR

3

Month

+

2.0000%,

6.2695%,

1/20/37

(144A)

‡

8,000,000

8,009,773

Nassau

Ltd.

2021-IA

A1R,

CME

Term

SOFR

3

Month

+

1.1100%,

5.3661%,

8/26/34

(144A)

‡

127,815,000

127,086,365

Neuberger

Berman

CLO

XVII

Ltd.

2014-17A

AR3,

CME

Term

SOFR

3

Month

+

1.4000%,

5.6724%,

7/22/38

(144A)

‡

31,500,000

31,447,896

Neuberger

Berman

CLO

XXI

Ltd.

2016-21A

A1R3,

CME

Term

SOFR

3

Month

+

1.3200%,

5.5895%,

1/20/39

(144A)

‡

73,000,000

72,946,491

Neuberger

Berman

CLO

XXII

Ltd.

2016-22A

A2R2,

CME

Term

SOFR

3

Month

+

1.7200%,

5.9998%,

4/15/38

(144A)

‡

15,200,000

15,163,429

Neuberger

Berman

Loan

Advisers

CLO

24

Ltd.

2017-24A

AR2,

CME

Term

SOFR

3

Month

+

1.3600%,

5.6295%,

10/19/38

(144A)

‡

76,475,000

76,475,000

Neuberger

Berman

Loan

Advisers

CLO

26

Ltd.

2017-26A

AR2,

CME

Term

SOFR

3

Month

+

1.3600%,

5.6295%,

10/18/38

(144A)

‡

57,662,000

57,639,575

Neuberger

Berman

Loan

Advisers

CLO

30

Ltd.

2018-30A

A1R2,

CME

Term

SOFR

3

Month

+

1.2400%,

5.5095%,

1/20/37

(144A)

‡

32,970,000

32,617,656

Neuberger

Berman

Loan

Advisers

CLO

31

Ltd.

2019-31A

AR2,

CME

Term

SOFR

3

Month

+

1.2300%,

5.4995%,

1/20/39

(144A)

‡

29,350,000

29,020,942

Neuberger

Berman

Loan

Advisers

CLO

33

Ltd.

2019-33A

AR2,

CME

Term

SOFR

3

Month

+

1.2200%,

5.4805%,

4/16/39

(144A)

‡

50,000,000

49,825,000

Neuberger

Berman

Loan

Advisers

CLO

38

Ltd.

2020-38A

AR2,

CME

Term

SOFR

3

Month

+

0.9600%,

5.2295%,

10/20/35

(144A)

‡

20,000,000

19,797,010

Neuberger

Berman

Loan

Advisers

CLO

42

Ltd.

2021-42A

AR,

CME

Term

SOFR

3

Month

+

0.9500%,

5.2105%,

7/16/35

(144A)

‡

25,300,000

25,131,998

Neuberger

Berman

Loan

Advisers

CLO

45

Ltd.

2021-45A

AR,

CME

Term

SOFR

3

Month

+

1.0600%,

5.3017%,

10/14/36

(144A)

‡

95,000,000

94,430,000

Neuberger

Berman

Loan

Advisers

CLO

55

Ltd.

2024-55A

A2,

CME

Term

SOFR

3

Month

+

1.7000%,

5.9695%,

4/22/38

(144A)

‡

24,750,000

24,690,672

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

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)

Neuberger

Berman

Loan

Advisers

NBLA

CLO

53

Ltd.

2023-53A

A2R,

CME

Term

SOFR

3

Month

+

1.5400%,

5.8152%,

10/24/37

(144A)

‡

$

33,000,000

$

32,917,147

New

Mountain

CLO

1

Ltd.

CLO-1A

A1RR,

CME

Term

SOFR

3

Month

+

1.2500%,

5.5061%,

1/15/38

(144A)

‡

30,000,000

29,701,443

New

Mountain

CLO

2

Ltd.

CLO-2A

A1R,

CME

Term

SOFR

3

Month

+

1.3600%,

5.6161%,

1/15/38

(144A)

‡

76,370,000

76,357,139

New

Mountain

CLO

6

Ltd.

CLO-6A

A,

CME

Term

SOFR

3

Month

+

1.4000%,

5.6561%,

10/15/37

(144A)

‡

27,500,000

27,506,314

NYACK

Park

CLO

Ltd.

2021-1A

A,

CME

Term

SOFR

3

Month

+

1.3816%,

5.6511%,

10/20/34

(144A)

‡

13

13

Oaktree

CLO

Ltd.

2021-2A

AR,

CME

Term

SOFR

3

Month

+

0.9700%,

5.2261%,

1/15/35

(144A)

‡

150,000,000

148,387,305

Oaktree

CLO

Ltd.

2020-1A

ARR,

CME

Term

SOFR

3

Month

+

1.1900%,

5.4461%,

1/15/38

(144A)

‡

81,350,000

80,623,813

Oaktree

CLO

Ltd.

2019-3A

A2R2,

CME

Term

SOFR

3

Month

+

1.5800%,

5.8495%,

1/20/38

(144A)

‡

20,200,000

20,146,539

Ocean

Trails

CLO

XIV

Ltd.

2023-14A

AR,

CME

Term

SOFR

3

Month

+

1.3400%,

5.6095%,

1/20/38

(144A)

‡

125,000,000

124,951,225

OCP

Aegis

CLO

Ltd.

2024-39A

A1,

CME

Term

SOFR

3

Month

+

1.2200%,

5.4805%,

1/16/37

(144A)

‡

150,000,000

148,738,485

OCP

Aegis

CLO

Ltd.

2024-39A

A2,

CME

Term

SOFR

3

Month

+

1.4200%,

5.6805%,

1/16/37

(144A)

‡

12,000,000

11,973,504

OCP

CLO

Ltd.

2016-11A

A2R2,

CME

Term

SOFR

3

Month

+

1.7000%,

5.9826%,

4/26/36

(144A)

‡

12,000,000

11,977,441

OCP

CLO

Ltd.

2015-9A

AR3,

CME

Term

SOFR

3

Month

+

1.1000%,

5.3561%,

1/15/37

(144A)

‡

100,000,000

99,137,710

OCP

CLO

Ltd.

2021-23A

AR,

CME

Term

SOFR

3

Month

+

1.1600%,

5.4417%,

1/17/37

(144A)

‡

266,700,000

264,938,046

OCP

CLO

Ltd.

2023-26A

AR,

CME

Term

SOFR

3

Month

+

1.0800%,

5.3992%,

4/17/37

(144A)

‡

85,000,000

84,130,017

OCP

CLO

Ltd.

2020-20A

A2R,

CME

Term

SOFR

3

Month

+

1.7300%,

5.9995%,

4/18/37

(144A)

‡

16,000,000

15,961,187

OCP

CLO

Ltd.

2024-32A

A1,

CME

Term

SOFR

3

Month

+

1.5200%,

5.7993%,

4/23/37

(144A)

‡

17,600,000

17,615,970

OCP

CLO

Ltd.

2024-32A

A2,

CME

Term

SOFR

3

Month

+

1.7200%,

5.9993%,

4/23/37

(144A)

‡

12,000,000

11,971,032

OCP

CLO

Ltd.

2020-18A

A1R2,

CME

Term

SOFR

3

Month

+

1.3700%,

5.6395%,

7/20/37

(144A)

‡

104,500,000

104,457,437

OCP

CLO

Ltd.

2017-14A

A1R,

CME

Term

SOFR

3

Month

+

1.3700%,

5.6395%,

7/20/37

(144A)

‡

162,000,000

161,950,720

OCP

CLO

Ltd.

2022-25A

A1R,

CME

Term

SOFR

3

Month

+

1.4200%,

5.6895%,

7/20/37

(144A)

‡

66,650,000

66,671,748

OCP

CLO

Ltd.

2022-25A

A2R,

CME

Term

SOFR

3

Month

+

1.6200%,

5.8895%,

7/20/37

(144A)

‡

10,000,000

9,975,045

OCP

CLO

Ltd.

2024-33A

A2,

CME

Term

SOFR

3

Month

+

1.7000%,

5.9695%,

7/20/37

(144A)

‡

12,000,000

11,970,574

OCP

CLO

Ltd.

2021-22A

AR,

CME

Term

SOFR

3

Month

+

1.3500%,

5.6195%,

10/20/37

(144A)

‡

24,940,000

24,940,200

OCP

CLO

Ltd.

2018-15A

AR,

CME

Term

SOFR

3

Month

+

1.2500%,

5.5433%,

1/20/38

(144A)

‡

99,500,000

98,486,752

OCP

CLO

Ltd.

2020-19A

A1R2,

CME

Term

SOFR

3

Month

+

1.1800%,

5.4495%,

4/20/38

(144A)

‡

177,300,000

176,413,500

OCP

CLO

Ltd.

2025-43A

A2,

CME

Term

SOFR

3

Month

+

1.6500%,

0.0000%,

7/20/38

(144A)

‡

6,100,000

6,100,000

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

12

April

30,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

Octagon

52

Ltd.

2021-1A

A2R,

CME

Term

SOFR

3

Month

+

1.6000%,

5.8793%,

7/23/37

(144A)

‡

$

10,000,000

$

9,975,146

Octagon

60

Ltd.

2022-1A

A2R,

CME

Term

SOFR

3

Month

+

1.5800%,

5.8495%,

10/20/37

(144A)

‡

15,000,000

14,961,988

Octagon

65

Ltd.

2024-4A

A2,

CME

Term

SOFR

3

Month

+

1.5800%,

5.8593%,

10/23/37

(144A)

‡

18,750,000

18,703,035

Octagon

68

Ltd.

2023-1A

A2,

CME

Term

SOFR

3

Month

+

1.9500%,

6.2195%,

10/20/36

(144A)

‡

15,000,000

15,038,706

Octagon

69

Ltd.

2024-3A

A2,

CME

Term

SOFR

3

Month

+

1.6600%,

5.9352%,

7/24/37

(144A)

‡

10,000,000

9,975,490

Octagon

71

Ltd.

2024-1A

A2,

CME

Term

SOFR

3

Month

+

1.7000%,

5.9695%,

4/18/37

(144A)

‡

15,000,000

14,964,221

Octagon

75

Ltd.

2025-1A

A1,

CME

Term

SOFR

3

Month

+

1.2000%,

5.4853%,

1/22/38

(144A)

‡

25,000,000

24,928,660

Octagon

Investment

Partners

20-R

Ltd.

2019-4A

A1RR,

CME

Term

SOFR

3

Month

+

1.4000%,

5.7147%,

8/12/37

(144A)

‡

28,000,000

28,004,281

Octagon

Investment

Partners

28

Ltd.

2016-1A

A2RR,

CME

Term

SOFR

3

Month

+

1.7200%,

5.9952%,

4/24/37

(144A)

‡

10,250,000

10,226,353

Octagon

Investment

Partners

29

Ltd.

2016-1A

A1R2,

CME

Term

SOFR

3

Month

+

1.4200%,

5.6895%,

7/18/37

(144A)

‡

63,900,000

63,922,295

Octagon

Investment

Partners

29

Ltd.

2016-1A

A2R2,

CME

Term

SOFR

3

Month

+

1.6200%,

5.8895%,

7/18/37

(144A)

‡

10,000,000

9,975,079

Octagon

Investment

Partners

32

Ltd.

2017-1A

A1R3,

CME

Term

SOFR

3

Month

+

1.3800%,

5.6361%,

10/31/37

(144A)

‡

87,000,000

86,986,941

Octagon

Investment

Partners

41

Ltd.

2019-2A

A1R2,

CME

Term

SOFR

3

Month

+

1.0900%,

5.3461%,

10/15/33

(144A)

‡

158,650,000

157,599,721

Octagon

Investment

Partners

42

Ltd.

2019-3A

A1RR,

CME

Term

SOFR

3

Month

+

1.3600%,

5.6161%,

7/15/37

(144A)

‡

97,000,000

96,954,963

Octagon

Investment

Partners

44

Ltd.

2019-1A

AR,

CME

Term

SOFR

3

Month

+

1.4416%,

5.6977%,

10/15/34

(144A)

‡

42,600,000

42,524,483

Octagon

Investment

Partners

45

Ltd.

2019-1A

A1R,

CME

Term

SOFR

3

Month

+

1.3400%,

5.5961%,

4/15/35

(144A)

‡

10,320,000

10,296,674

Octagon

Investment

Partners

50

Ltd.

2020-4A

AR,

CME

Term

SOFR

3

Month

+

1.4116%,

5.6677%,

1/15/35

(144A)

‡

53,400,000

53,317,871

Octagon

Investment

Partners

51

Ltd.

2021-1A

AR,

CME

Term

SOFR

3

Month

+

0.9900%,

5.2595%,

7/20/34

(144A)

‡

261,500,000

259,669,500

OHA

Credit

Funding

4

Ltd.

2019-4A

AR2,

CME

Term

SOFR

3

Month

+

1.2900%,

5.5624%,

1/22/38

(144A)

‡

45,350,000

45,275,739

OHA

Credit

Funding

7

Ltd.

2020-7A

AR,

CME

Term

SOFR

3

Month

+

1.3000%,

5.5695%,

2/24/37

(144A)

‡

48,500,000

48,500,000

OHA

Credit

Partners

VII

Ltd.

2012-7A

AR4,

CME

Term

SOFR

3

Month

+

1.1400%,

5.4619%,

2/20/38

(144A)

‡

22,500,000

22,267,786

OHA

Credit

Partners

XII

Ltd.

2015-12A

A2R2,

CME

Term

SOFR

3

Month

+

1.7000%,

5.9793%,

4/23/37

(144A)

‡

30,750,000

30,678,476

OHA

Credit

Partners

XIV

Ltd.

2017-14A

A2R,

CME

Term

SOFR

3

Month

+

1.5700%,

5.8395%,

7/21/37

(144A)

‡

20,000,000

19,950,218

OHA

Credit

Partners

XVI

2021-16A

AR,

CME

Term

SOFR

3

Month

+

1.3500%,

5.6195%,

10/18/37

(144A)

‡

45,500,000

45,472,841

Palmer

Square

CLO

Ltd.

2015-1A

A1B5,

CME

Term

SOFR

3

Month

+

1.3500%,

5.6800%,

5/21/34

(144A)

‡

29,000,000

28,952,022

Palmer

Square

CLO

Ltd.

2021-3A

A2,

CME

Term

SOFR

3

Month

+

1.6616%,

5.9177%,

1/15/35

(144A)

‡

16,000,000

15,973,470

Palmer

Square

CLO

Ltd.

2022-3A

A2R,

CME

Term

SOFR

3

Month

+

1.5500%,

5.8195%,

7/20/37

(144A)

‡

15,400,000

15,361,401

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

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)

Palmer

Square

CLO

Ltd.

2024-2A

A2,

CME

Term

SOFR

3

Month

+

1.6000%,

5.8695%,

7/20/37

(144A)

‡

$

6,000,000

$

5,985,256

Palmer

Square

CLO

Ltd.

2021-1A

A1AR,

CME

Term

SOFR

3

Month

+

1.1500%,

5.4195%,

4/20/38

(144A)

‡

20,000,000

19,810,060

Palmer

Square

Loan

Funding

Ltd.

2022-3A

A1BR,

CME

Term

SOFR

3

Month

+

1.4000%,

5.6561%,

4/15/31

(144A)

‡

750,000

749,926

Park

Blue

CLO

2023-IV

Ltd.

2023-4A

A2,

CME

Term

SOFR

3

Month

+

2.0000%,

6.2818%,

1/25/37

(144A)

‡

5,000,000

5,014,332

Pikes

Peak

CLO

10

2022-10A

A1R,

CME

Term

SOFR

3

Month

+

1.3600%,

5.6324%,

1/22/38

(144A)

‡

10,000,000

9,973,804

Pikes

Peak

CLO

8

2021-8A

A1R,

CME

Term

SOFR

3

Month

+

1.3300%,

5.5995%,

1/20/38

(144A)

‡

10,000,000

9,994,487

Pixley

Park

CLO

Ltd.

2024-1A

A2,

CME

Term

SOFR

3

Month

+

1.5200%,

5.8220%,

1/15/37

(144A)

‡

27,000,000

26,922,129

Post

CLO

Ltd.

2021-1A

AR,

CME

Term

SOFR

3

Month

+

1.0800%,

5.3361%,

10/15/34

(144A)

‡

189,000,000

187,674,392

Post

CLO

Ltd.

2024-1A

A1,

CME

Term

SOFR

3

Month

+

1.6000%,

5.8695%,

4/20/37

(144A)

‡

85,000,000

85,111,682

RAD

CLO

15

Ltd.

2021-15A

A,

CME

Term

SOFR

3

Month

+

1.3516%,

5.6211%,

1/20/34

(144A)

‡

22,106,985

22,112,392

RAD

CLO

21

Ltd.

2023-21A

A1R,

CME

Term

SOFR

3

Month

+

1.0700%,

5.3518%,

1/25/37

(144A)

‡

235,400,000

233,138,750

RAD

CLO

26

Ltd.

2024-26A

A,

CME

Term

SOFR

3

Month

+

1.3700%,

5.6395%,

10/20/37

(144A)

‡

100,000,000

99,984,200

Rad

CLO

7

Ltd.

2020-7A

A2R,

CME

Term

SOFR

3

Month

+

1.7000%,

5.9798%,

4/17/36

(144A)

‡

11,000,000

10,983,794

Rad

CLO

9

Ltd.

2020-9A

A1R,

CME

Term

SOFR

3

Month

+

1.3400%,

5.5961%,

1/15/38

(144A)

‡

21,500,000

21,491,185

REESE

PARK

CLO

Ltd.

2020-1A

ARR,

CME

Term

SOFR

3

Month

+

1.3200%,

5.5761%,

1/15/38

(144A)

‡

26,300,000

26,247,400

Regatta

30

Funding

Ltd.

2024-4A

A1,

CME

Term

SOFR

3

Month

+

1.3200%,

5.6330%,

1/25/38

(144A)

‡

33,500,000

33,389,685

Regatta

XI

Funding

Ltd.

2018-1A

AR,

CME

Term

SOFR

3

Month

+

1.4000%,

5.6798%,

7/17/37

(144A)

‡

68,209,866

68,215,166

Regatta

XVII

Funding

Ltd.

2020-1A

AR,

CME

Term

SOFR

3

Month

+

1.3800%,

5.6361%,

10/15/37

(144A)

‡

31,250,000

31,248,453

Regatta

XVIII

Funding

Ltd.

2021-1A

A1R,

CME

Term

SOFR

3

Month

+

1.1600%,

5.4161%,

4/15/38

(144A)

‡

38,500,000

38,307,500

Regatta

XX

Funding

Ltd.

2021-2A

AR,

CME

Term

SOFR

3

Month

+

1.1800%,

5.4361%,

1/15/38

(144A)

‡

177,790,000

176,307,143

Regatta

XXVII

Funding

Ltd.

2024-1A

A2,

CME

Term

SOFR

3

Month

+

1.7300%,

6.0126%,

4/26/37

(144A)

‡

10,000,000

9,976,311

Regatta

XXVIII

Funding

Ltd.

2024-2A

A2,

CME

Term

SOFR

3

Month

+

1.7500%,

6.0318%,

4/25/37

(144A)

‡

16,000,000

15,961,827

Riserva

CLO

Ltd.

2016-3A

ARR,

CME

Term

SOFR

3

Month

+

1.3216%,

5.5911%,

1/18/34

(144A)

‡

74,500,000

74,266,502

Rockford

Tower

CLO

Ltd.

2017-1A

AR2,

CME

Term

SOFR

3

Month

+

1.3616%,

5.6311%,

4/20/34

(144A)

‡

14,500,000

14,465,378

Rockford

Tower

CLO

Ltd.

2021-3A

A2R,

CME

Term

SOFR

3

Month

+

1.6500%,

5.9061%,

1/15/38

(144A)

‡

14,000,000

13,966,091

RR

20

Ltd.

2022-20A

A1R,

CME

Term

SOFR

3

Month

+

0.9900%,

5.2461%,

7/15/37

(144A)

‡

151,721,000

150,062,083

RR

21

Ltd.

2022-21A

A1BR,

CME

Term

SOFR

3

Month

+

1.6000%,

5.8561%,

7/15/39

(144A)

‡

15,000,000

14,962,178

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

14

April

30,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

RR

26

Ltd.

2023-26A

A1R,

CME

Term

SOFR

3

Month

+

1.1200%,

5.3761%,

4/15/38

(144A)

‡

$

129,500,000

$

128,412,705

RR

35

Ltd.

2024-35A

A1B,

CME

Term

SOFR

3

Month

+

1.5500%,

5.8520%,

1/15/40

(144A)

‡

10,000,000

9,970,359

RRX

7

Ltd.

2022-7A

A1,

CME

Term

SOFR

3

Month

+

1.3600%,

5.6161%,

7/15/35

(144A)

‡

21,350,000

21,308,246

Sandstone

Peak

III

Ltd.

2024-1A

A1,

CME

Term

SOFR

3

Month

+

1.6300%,

5.9118%,

4/25/37

(144A)

‡

66,000,000

66,098,063

Sandstone

Peak

III

Ltd.

2024-1A

A2,

CME

Term

SOFR

3

Month

+

1.8300%,

6.1118%,

4/25/37

(144A)

‡

8,000,000

8,016,473

Saratoga

Investment

Corp.

CLO

Ltd.

2013-1A

A2R4,

CME

Term

SOFR

3

Month

+

1.7600%,

6.0295%,

4/20/33

(144A)

‡

10,000,000

10,019,962

Signal

Peak

CLO

11

Ltd.

2024-11A

A2,

CME

Term

SOFR

3

Month

+

1.6800%,

5.9495%,

7/18/37

(144A)

‡

20,000,000

19,949,748

Signal

Peak

CLO

12

Ltd.

2022-12A

A1R,

CME

Term

SOFR

3

Month

+

1.4000%,

5.6695%,

7/18/37

(144A)

‡

14,000,000

14,000,000

Signal

Peak

CLO

12

Ltd.

2022-12A

A2R,

CME

Term

SOFR

3

Month

+

1.6000%,

5.8695%,

7/18/37

(144A)

‡

8,000,000

7,980,302

Signal

Peak

CLO

5

Ltd.

2018-5A

A2R,

CME

Term

SOFR

3

Month

+

1.7500%,

6.0318%,

4/25/37

(144A)

‡

24,000,000

23,942,873

Signal

Peak

CLO

9

Ltd.

2021-9A

A2R,

CME

Term

SOFR

3

Month

+

1.5500%,

5.8195%,

1/21/38

(144A)

‡

10,000,000

9,973,996

Silver

Point

CLO

1

Ltd.

2022-1A

A1R,

CME

Term

SOFR

3

Month

+

1.3200%,

5.5895%,

1/20/38

(144A)

‡

46,420,000

46,387,079

Silver

Point

CLO

2

Ltd.

2023-2A

A1R,

CME

Term

SOFR

3

Month

+

1.3700%,

5.6395%,

4/20/38

(144A)

‡

121,000,000

120,798,172

Silver

Point

CLO

4

Ltd.

2024-4A

A1,

CME

Term

SOFR

3

Month

+

1.6300%,

5.8861%,

4/15/37

(144A)

‡

27,500,000

27,539,806

Silver

Point

CLO

4

Ltd.

2024-4A

A2,

CME

Term

SOFR

3

Month

+

1.8300%,

6.0861%,

4/15/37

(144A)

‡

18,000,000

18,032,508

Silver

Point

CLO

6

Ltd.

2024-6A

A1,

CME

Term

SOFR

3

Month

+

1.4000%,

5.6561%,

10/15/37

(144A)

‡

28,750,000

28,755,293

Silver

Rock

CLO

I

Ltd.

2020-1A

A1RR,

CME

Term

SOFR

3

Month

+

1.4200%,

5.6895%,

10/20/37

(144A)

‡

25,000,000

25,000,000

Sixth

Street

CLO

IX

Ltd.

2017-9A

AR,

CME

Term

SOFR

3

Month

+

1.3800%,

5.6495%,

7/21/37

(144A)

‡

51,445,000

51,434,999

Sixth

Street

CLO

XV

Ltd.

2020-15A

AR,

CME

Term

SOFR

3

Month

+

1.3700%,

5.6452%,

10/24/37

(144A)

‡

18,800,000

18,796,593

Sixth

Street

CLO

XVII

Ltd.

2021-17A

A1R,

CME

Term

SOFR

3

Month

+

1.1500%,

5.4298%,

4/17/38

(144A)

‡

21,520,000

21,412,400

Sound

Point

CLO

IX

Ltd.

2015-2A

ARRR,

CME

Term

SOFR

3

Month

+

1.4716%,

5.7411%,

7/20/32

(144A)

‡

2,945,711

2,946,585

Sound

Point

CLO

XXVI

Ltd.

2020-1A

AR,

CME

Term

SOFR

3

Month

+

1.4316%,

5.7011%,

7/20/34

(144A)

‡

11,000,000

10,982,041

Sycamore

Tree

CLO

Ltd.

2024-5A

A2,

CME

Term

SOFR

3

Month

+

1.8000%,

6.0695%,

4/20/36

(144A)

‡

15,000,000

14,977,893

Sycamore

Tree

CLO

Ltd.

2023-3A

A1R,

CME

Term

SOFR

3

Month

+

1.6500%,

5.9195%,

4/20/37

(144A)

‡

148,000,000

148,228,764

Sycamore

Tree

CLO

Ltd.

2021-1A

AR,

CME

Term

SOFR

3

Month

+

1.3900%,

5.6595%,

1/20/38

(144A)

‡

31,000,000

31,027,522

Symphony

CLO

40

Ltd.

2023-40A

AR,

CME

Term

SOFR

3

Month

+

1.3100%,

5.5517%,

1/5/38

(144A)

‡

68,520,000

68,280,180

Symphony

CLO

45

Ltd.

2024-45A

A2,

CME

Term

SOFR

3

Month

+

1.5300%,

5.7861%,

10/15/37

(144A)

‡

10,000,000

9,974,733

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

Janus

Detroit

Street

Trust

15

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

Symphony

CLO

47

Ltd.

2025-47A

A1,

CME

Term

SOFR

3

Month

+

1.1400%,

5.4206%,

4/20/38

(144A)

‡

$

100,000,000

$

98,899,610

Symphony

CLO

XXIII

Ltd.

2020-23A

AR2,

CME

Term

SOFR

3

Month

+

0.9000%,

5.1561%,

1/15/34

(144A)

‡

13,639,748

13,530,630

Symphony

CLO

XXV

Ltd.

2021-25A

A,

CME

Term

SOFR

3

Month

+

1.2416%,

5.5111%,

4/19/34

(144A)

‡

20,000,000

19,917,300

Symphony

Loan

Funding

CLO

1

Ltd.

2024-1A

A1,

CME

Term

SOFR

3

Month

+

1.4300%,

5.7024%,

1/22/38

(144A)

‡

78,800,000

78,857,343

Symphony

Loan

Funding

CLO

1

Ltd.

2024-1A

A2,

CME

Term

SOFR

3

Month

+

1.6500%,

5.9224%,

1/22/38

(144A)

‡

12,000,000

11,969,516

TCW

CLO

Ltd.

2024-2A

A1,

CME

Term

SOFR

3

Month

+

1.4200%,

5.6998%,

7/17/37

(144A)

‡

10,000,000

10,003,192

Texas

Debt

Capital

CLO

2023-II

Ltd.

2023-2A

A1R,

CME

Term

SOFR

3

Month

+

1.3700%,

5.6395%,

10/21/37

(144A)

‡

53,000,000

52,990,094

Texas

Debt

Capital

CLO

Ltd.

2024-1A

A2,

CME

Term

SOFR

3

Month

+

1.7000%,

5.9724%,

4/22/37

(144A)

‡

16,000,000

15,962,299

Thompson

Park

CLO

Ltd.

2021-1A

A1R,

CME

Term

SOFR

3

Month

+

1.0500%,

5.3061%,

4/15/34

(144A)

‡

125,000,000

124,489,087

Tikehau

US

CLO

I

Ltd.

2021-1A

A2,

CME

Term

SOFR

3

Month

+

1.7116%,

5.9811%,

1/18/35

(144A)

‡

8,000,000

7,986,784

TRESTLES

CLO

III

Ltd.

2020-3A

A1R,

CME

Term

SOFR

3

Month

+

1.3900%,

5.6595%,

10/20/37

(144A)

‡

28,600,000

28,603,049

TRESTLES

CLO

Ltd.

2017-1A

A1RR,

CME

Term

SOFR

3

Month

+

1.4600%,

5.7418%,

7/25/37

(144A)

‡

20,250,000

20,239,877

Trestles

CLO

VI

Ltd.

2023-6A

A1R,

CME

Term

SOFR

3

Month

+

1.1800%,

5.4543%,

4/25/38

(144A)

‡

48,500,000

48,076,255

Trinitas

CLO

VI

Ltd.

2017-6A

ARRR,

CME

Term

SOFR

3

Month

+

1.3300%,

5.6118%,

1/25/34

(144A)

‡

77,410,000

77,410,000

Trinitas

CLO

XXX

Ltd.

2024-30A

A1,

CME

Term

SOFR

3

Month

+

1.3700%,

5.6493%,

10/23/37

(144A)

‡

26,500,000

26,494,567

Trinitas

CLO

XXXI

Ltd.

2024-31A

A1,

CME

Term

SOFR

3

Month

+

1.3500%,

5.6224%,

1/22/38

(144A)

‡

19,000,000

18,913,142

Trysail

CLO

Ltd.

2021-1A

A1,

CME

Term

SOFR

3

Month

+

1.5816%,

5.8511%,

7/20/32

(144A)

‡

86,157,275

86,083,818

Valley

Stream

Park

CLO

Ltd.

2022-1A

ARR,

CME

Term

SOFR

3

Month

+

1.1900%,

5.4595%,

1/20/37

(144A)

‡

10,280,000

10,229,827

Venture

32

CLO

Ltd.

2018-32A

A1,

CME

Term

SOFR

3

Month

+

1.3616%,

5.6311%,

7/18/31

(144A)

‡

5,921,660

5,921,660

Venture

42

CLO

Ltd.

2021-42A

A2,

CME

Term

SOFR

3

Month

+

1.5616%,

5.8177%,

4/15/34

(144A)

‡

5,000,000

4,992,608

Venture

46

CLO

Ltd.

2022-46A

A1R,

CME

Term

SOFR

3

Month

+

1.4500%,

5.7195%,

10/20/37

(144A)

‡

8,000,000

8,000,001

Venture

XXX

CLO

Ltd.

2017-30A

A2,

CME

Term

SOFR

3

Month

+

1.6116%,

5.8677%,

1/15/31

(144A)

‡

15,500,000

15,519,146

Vibrant

CLO

IX-R

Ltd.

2018-9RA

A1,

CME

Term

SOFR

3

Month

+

1.0000%,

5.3194%,

4/20/37

(144A)

‡

48,975,000

48,465,200

Voya

CLO

Ltd.

2021-1A

AR,

CME

Term

SOFR

3

Month

+

1.0000%,

5.2561%,

7/15/34

(144A)

‡

85,765,000

84,983,141

Voya

CLO

Ltd.

2024-1A

A1,

CME

Term

SOFR

3

Month

+

1.5200%,

5.7761%,

4/15/37

(144A)

‡

10,000,000

10,008,879

Voya

CLO

Ltd.

2020-3A

ARR,

CME

Term

SOFR

3

Month

+

1.2500%,

5.5195%,

1/20/38

(144A)

‡

129,150,000

127,851,745

Voya

CLO

Ltd.

2020-2A

A1RR,

CME

Term

SOFR

3

Month

+

1.3100%,

5.5904%,

1/20/38

(144A)

‡

70,000,000

69,952,953

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

16

April

30,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

Voya

CLO

Ltd.

2024-7A

A1,

CME

Term

SOFR

3

Month

+

1.3100%,

5.5963%,

1/20/38

(144A)

‡

$

11,950,000

$

11,939,596

Voya

Ltd.

2024-3A

A2,

CME

Term

SOFR

3

Month

+

1.5800%,

5.8495%,

7/20/37

(144A)

‡

12,000,000

11,970,136

Wellfleet

CLO

Ltd.

2022-1A

A1RN,

CME

Term

SOFR

3

Month

+

1.4200%,

5.6761%,

7/15/37

(144A)

‡

19,500,000

19,500,000

Whitebox

CLO

II

Ltd.

2020-2A

A1R2,

CME

Term

SOFR

3

Month

+

1.3800%,

5.6552%,

10/24/37

(144A)

‡

43,300,000

43,356,693

Whitebox

CLO

IV

Ltd.

2023-4A

A1R,

CME

Term

SOFR

3

Month

+

1.4900%,

5.7748%,

4/20/36

(144A)

‡

125,000,000

125,000,000

Whitebox

CLO

IV

Ltd.

2023-4A

A2R,

CME

Term

SOFR

3

Month

+

1.8000%,

6.0848%,

4/20/36

(144A)

‡

16,000,000

16,000,000

Wind

River

CLO

Ltd.

2022-1A

AR,

CME

Term

SOFR

3

Month

+

1.3500%,

5.6195%,

7/20/35

(144A)

‡

70,000,000

69,737,500

Wind

River

CLO

Ltd.

2024-1A

A,

CME

Term

SOFR

3

Month

+

1.6000%,

5.8695%,

4/20/37

(144A)

‡

62,000,000

62,083,582

Wise

CLO

Ltd.

2025-1A

A,

CME

Term

SOFR

3

Month

+

1.2300%,

5.4902%,

1/20/38

(144A)

‡

15,000,000

14,802,820

Zais

CLO

11

Ltd.

2018-11A

BR,

CME

Term

SOFR

3

Month

+

1.7900%,

6.0595%,

1/20/32

(144A)

‡

31,600,000

31,663,070

Zais

CLO

16

Ltd.

2020-16A

A1R2,

CME

Term

SOFR

3

Month

+

1.1300%,

5.3995%,

10/20/34

(144A)

‡

83,000,000

82,373,010

Zais

CLO

18

Ltd.

2022-18A

A1A,

CME

Term

SOFR

3

Month

+

1.5200%,

5.8018%,

1/25/35

(144A)

‡

46,875,000

46,855,031

Total

Collateralized

Loan

Obligations

(cost

$19,623,751,846)

19,530,574,591

Investment

Companies

-

1

.3

%

Money

Market

Funds

-

1

.3

%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

4.3351%

£,∞

(cost

$267,979,868)

267,926,283

267,979,868

Total

Investments

(total

cost

$

19,891,731,714

)

-

99

.7

%

19,798,554,459

Cash,

Receivables

and

Other

Assets,

net

of

Liabilities

-

0.3%

57,870,404

Net

Assets

-

100.0%

$19,856,424,863

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

19,798,554,459

100

.0

%

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

Janus

Detroit

Street

Trust

17

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Schedule

of

Affiliated

Investments

-

(%

of

Net

Assets)

Affiliated

Investments,

at

Value

at

10/31/24

Purchases

Sales

Proceeds

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciatio

n/

(Depreciation)

Affiliated

Investments,

at

Value

at

4/30/25

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

Shares

Held

at

4/30/25

Dividend

Income

Investment

Company

-

1.4%

Money

Market

Funds

-

1.4%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

4.3351%

∞

$

–

$

6,698,076,192

$

(

6,430,096,324

)

$

–

$

–

$

267,979,868

267,926,283

$

6,366,007

Janus

Henderson

AAA

CLO

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

April

30,

2025

18

April

30,

2025

CME

Chicago

Mercantile

Exchange

LLC

Limited

Liability

Company

SOFR

Secured

Overnight

Financing

Rate

∞

Rate

shown

is

the

7-day

yield

as

of

April

30,

2025.

£

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.

‡

Variable

or

floating

rate

security.

Rate

shown

is

the

current

rate

as

of

April

30,

2025.

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.

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

1933

Act.

Unless

otherwise

noted,

these

securities

have

been

determined

to

be

liquid

in

accordance

with

the

requirements

of

Rule

22e-4,

under

the

1940

Act.

The

total

value

of

144A

securities

as

of

the

period

ended

April

30,

2025

is

$19,530,574,591

which

represents

98.4%

of

net

assets.

The

following

is

a

summary

of

the

inputs

that

were

used

to

value

the

Fund's

investments

in

securities

and

other

financial

instruments

as

of

April

30,

2025

.

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

Total

Assets

Investments

in

Securities:

Collateralized

Loan

Obligations

$

—

$

19,530,574,591

$

—

$

19,530,574,591

Investment

Companies

—

267,979,868

—

267,979,868

Total

Assets

$

—

$

19,798,554,459

$

—

$

19,798,554,459

Janus

Henderson

AAA

CLO

ETF

Statement

of

Assets

and

Liabilities

(unaudited)

April

30,

2025

Janus

Detroit

Street

Trust

19

See

Notes

to

Financial

Statements.

Assets:

Unaffiliated

investments,

at

value

(cost

$19,623,751,846)

$

19,530,574,591

Affiliated

investments,

at

value

(cost

$267,979,868)

267,979,868

Cash

660,844

Receivables:

Investments

sold

470,205,534

Fund

units

sold

88,453,547

Dividends

1,334,489

Interest

63,983,700

Due

from

adviser

40,732

Total

Assets

20,423,233,305

Liabilities:

Payables:

Investments

purchased

159,356,415

Fund

units

purchased

404,093,205

Management

fees

3,358,822

Total

Liabilities

566,808,442

Commitments

and

contingent

liabilities

Net

Assets

$

19,856,424,863

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

19,885,000,863

Total

distributable

earnings

(loss)

(

28,576,000

)

Total

Net

Assets

$

19,856,424,863

Net

Assets

$

19,856,424,863

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

393,100,000

Net

Asset

Value

Per

Share

$

50

.51

Janus

Henderson

AAA

CLO

ETF

Statement

of

Operations

(unaudited)

For

the

year

period

ended

April

30,

2025

20

April

30,

2025

See

Notes

to

Financial

Statements.

Investment

Income:

Interest

$

524,722,734

Dividends

from

affiliates

6,366,007

Total

Investment

Income

531,088,741

Expenses:

Management

Fees

18,640,586

Total

Expenses

18,640,586

Less:

Excess

Expense

Reimbursement

and

Waivers

(

84,567

)

Net

Expenses

18,556,019

Net

Investment

Income/(Loss)

512,532,722

Net

Realized

Gain/(Loss)

on

Investments:

Investments

$

(

10,824,646

)

Total

Net

Realized

Gain/(Loss)

on

Investments

$

(

10,824,646

)

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

(

130,962,152

)

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

(

130,962,152

)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

370,745,924

Janus

Henderson

AAA

CLO

ETF

Statements

of

Changes

in

Net

Assets

Janus

Detroit

Street

Trust

21

See

Notes

to

Financial

Statements.

Period

Ended

April

30,

2025

(unaudited)

Year

Ended

October

31,

2024

Operations:

Net

investment

income/(loss)

$

512,532,722

$

586,645,236

Net

realized

gain/(loss)

on

investments

(

10,824,646

)

17,055,183

Change

in

unrealized

net

appreciation/depreciation

(

130,962,152

)

29,256,229

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

370,745,924

632,956,648

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(

517,083,552

)

(

536,543,010

)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(

517,083,552

)

(

536,543,010

)

Capital

Share

Transactions

6,037,131,958

9,397,143,529

Net

Increase/(Decrease)

in

Net

Assets

5,890,794,330

9,493,557,167

Net

Assets:

—

—

Beginning

of

Period  

13,965,630,533

4,472,073,366

End

of

Period

$

19,856,424,863

$

13,965,630,533

Janus

Henderson

AAA

CLO

ETF

Financial

Highlights

22

April

30,

2025

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

the

period

ended

April

30,

2025

(unaudited)

and

each

year

or

period

ended

October

31

2025

2024

2023

2022

2021

2020

(1)

Net

Asset

Value,

Beginning

of

Period

$50.83

$50.16

$48.82

$50.49

$49.79

$50.00

Income/(Loss)

from

Investment

Operations:

—

—

—

—

—

—

Net

investment

income/(loss)

(2)

1.40

3.38

3.16

1.26

0.58

0.02

Net

realized

and

unrealized

gain/(loss)

(0.26)

0.55

1.02

(2.00)

0.69

(0.23)

Total

from

Investment

Operations

1.14

3.93

4.18

(0.74)

1.27

(0.21)

Less

Dividends

and

Distributions:

—

—

—

—

—

—

Dividends

(from

net

investment

income)

(1.45)

(3.26)

(2.84)

(0.93)

(0.57)

—

Distributions

(from

capital

gains)

(0.01)

—

—

—

—

—

Total

Dividends

and

Distributions

(1.46)

(3.26)

(2.84)

(0.93)

(0.57)

—

Net

Asset

Value,

End

of

Period

$50.51

$50.83

$50.16

$48.82

$50.49

$49.79

Total

Return

*

2.27%

8.09%

8.81%

(1.48)%

(3)

2.55%

(0.42)%

Net

assets,

End

of

Period

(in

thousands)

$19,856,425

$13,965,631

$4,472,073

$1,662,371

$260,002

$119,486

Ratios

to

Average

Net

Assets

**

Ratio

of

Gross

Expenses

0.20%

0.20%

0.22%

0.24%

0.25%

0.25%

Ratio

of

Net

Expenses

(After

Waivers

and

Expense

Offsets)

0.20%

0.20%

0.22%

0.24%

0.25%

0.25%

Ratio

of

Net

Investment

Income/(Loss)

5.56%

6.68%

6.37%

2.54%

1.16%

1.29%

Portfolio

Turnover

Rate

(4)

53%

51%

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

(unaudited)

Janus

Detroit

Street

Trust

23

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

fourteen 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.

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

Chief

Financial

Officer

of

the

Fund/Portfolio

is

designated

as

the

Chief

Operating

Decision

Maker

(“CODM”)

as

it

relates

to

ASC

Topic

280.

The

CODM

has

concluded

that

the

Fund/Portfolio

operated

as

a

single

segment

entity

for

the

period ended

April

30,

2025.

The

key

indicator

of

performance

of

the

Fund

is

net

investment

income

as

reported

on

the

Statement

of

Operations.

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,

Janus

Henderson

AAA

CLO

ETF

Notes

to

Financial

Statements

(unaudited)

24

April

30,

2025

yields,

maturities

and

ratings.

Certain

short-term

securities

maturing

within

60

days

or

less

may

be

evaluated

and

valued

on

an

amortized

cost

basis

provided

that

the

amortized

cost

determined

approximates

market

value.

Securities

for

which

market

quotations

or

evaluated

prices

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

determined

in

good

faith

by

the

Adviser

pursuant

to

the

Valuation

Procedures. Circumstances

in

which

fair

valuation

may

be

utilized

include,

but

are

not

limited

to:

(i)

a

significant

event

that

may

affect

the

securities

of

a

single

issuer,

such

as

a

merger,

bankruptcy,

or

significant

issuer-specific

development;

(ii)

an

event

that

may

affect

an

entire

market,

such

as

a

natural

disaster

or

significant

governmental

action;

(iii)

a

nonsignificant

event

such

as

a

market

closing

early

or

not

opening,

or

a

security

trading

halt;

and

(iv)

pricing

of

a

non-valued

security

and

a

restricted

or

nonpublic

security.

Special

valuation

considerations

may

apply

with

respect

to

“odd-lot”

fixed-income

transactions

which,

due

to

their

small

size,

may

receive

evaluated

prices

by

pricing

services

which

reflect

a

large

block

trade

and

not

what

actually

could

be

obtained

for

the

odd-

lot

position.

The

value

of

the

securities

of

mutual

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

mutual

funds,

and

the

prospectuses

for

such

mutual

funds

explain

the

circumstances

under

which

they

use

fair

valuation

and

the

effects

of

using

fair

valuation.

The

value

of

the

securities

of

any

cash

management

pooled

investment

vehicles

that

operate

as

money

market

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

funds.

Valuation

Inputs

Summary 

FASB

ASC

820,

Fair

Value

Measurements

and

Disclosures

(“ASC

820”),

defines

fair

value,

establishes

a

framework

for

measuring

fair

value,

and

expands

disclosure

requirements

regarding

fair

value

measurements.

This

standard

emphasizes

that

fair

value

is

a

market-based

measurement

that

should

be

determined

based

on

the

assumptions

that

market

participants

would

use

in

pricing

an

asset

or

liability

and

establishes

a

hierarchy

that

prioritizes

inputs

to

valuation

techniques

used

to

measure

fair

value.

These

inputs

are

summarized

into

three

broad

levels: 

Level

1

–

Unadjusted

quoted

prices

in

active

markets

the

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities.

Level

2

–

Observable

inputs

other

than

unadjusted

quoted

prices

included

in

Level

1

that

are

observable

for

the

asset

or

liability

either

directly

or

indirectly.

These

inputs

may

include

quoted

prices

for

the

identical

instrument

on

an

inactive

market,

prices

for

similar

instruments,

interest

rates,

prepayment

speeds,

credit

risk,

yield

curves,

default

rates

and

similar

data.

Assets

or

liabilities

categorized

as

Level

2

in

the

hierarchy

generally

include:

debt

securities

fair

valued

in

accordance

with

the

evaluated

bid

or

ask

prices

supplied

by

a

pricing

service;

securities

traded

on

OTC

markets

and

listed

securities

for

which

no

sales

are

reported

that

are

fair

valued

at

the

latest

bid

price

(or

yield

equivalent

thereof)

obtained

from

one

or

more

dealers

transacting

in

a

market

for

such

securities

or

by

a

pricing

service

approved

by

the

Fund’s

Trustees;

and

certain

short-term

debt

securities

with

maturities

of

60

days

or

less

that

are

fair

valued

at

amortized

cost.

Other

securities

that

may

be

categorized

as

Level

2

in

the

hierarchy

include,

but

are

not

limited

to,

preferred

stocks,

bank

loans,

swaps,

investments

in

unregistered

investment

companies,

options,

and

forward

contracts.

Level

3

–

Unobservable

inputs

for

the

asset

or

liability

to

the

extent

that

relevant

observable

inputs

are

not

available,

representing

the

Fund’s

own

assumptions

about

the

assumptions

that

a

market

participant

would

use

in

valuing

the

asset

or

liability,

and

that

would

be

based

on

the

best

information

available.

There

have

been

no

significant

changes

in

valuation

techniques

used

in

valuing

any

such

positions

held

by

the

Fund

since

the

beginning

of

the

fiscal

year. 

The

inputs

or

methodology

used

for

fair

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

The

summary

of

inputs

used

as

of

April

30,

2025 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

Janus

Henderson

AAA

CLO

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

25

be

subject

to

withholding

taxes

in

foreign

jurisdictions.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value.

Interest

income

is

recorded

daily

on

an

accrual

basis

and

includes

amortization

of

premiums

and

accretion

of

discounts.

The

Fund

classifies

gains

and

losses

on

prepayments

received

as

an

adjustment

to

interest

income.

Debt

securities

may

be

placed

in

non-accrual

status

and

related

interest

income

may

be

reduced

by

stopping

current

accruals

and

writing

off

interest

receivables

when

collection

of

all

or

a

portion

of

interest

has

become

doubtful.

Gains

and

losses

are

determined

on

the

identified

cost

basis,

which

is

the

same

basis

used

for

federal

income

tax

purposes.  

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,

social

unrest,

tariffs,

financial

institution

failures,

and

economic

recessions 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

(unaudited)

26

April

30,

2025

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

Secured

Overnight

Financing

Rate

(“SOFR”),

or

the

Treasury

bill

rate.

The

interest

rates

on

floating

rate

obligations

typically

reset

quarterly,

although

rates

on

some

obligations

may

adjust

at

other

intervals.

Unexpected

changes

in

the

interest

rates

on

floating

rate

obligations

could

result

in

lower

income

to

the

Fund.

In

addition,

the

secondary

market

on

which

floating

rate

obligations

are

traded

may

be

less

liquid

than

the

market

for

investment

grade

securities

or

other

types

of

income-producing

securities,

which

may

have

an

adverse

impact

on

their

market

price.

There

is

also

a

potential

that

there

is

no

active

market

to

trade

floating

rate

obligations

and

that

there

may

be

restrictions

on

their

transfer.

As

a

result,

the

Fund

may

be

unable

to

sell

assignments

or

participations

at

the

desired

time

or

may

be

able

to

sell

only

at

a

price

less

than

fair

market

value. 

Janus

Henderson

AAA

CLO

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

27

Privately

Issued

Securities

Risk 

CLOs

are

generally

privately-issued

securities,

and

are

normally

purchased

pursuant

to

Rule144A

or

Regulation

S

under

the

Securities

Act

of

1933,

as

amended

(the

“Securities

Act”).

Privately-issued

securities

typically

may

be

resold

only

to

qualified

institutional

buyers,

in

a

privately

negotiated

transaction,

to

a

limited

number

of

purchasers,

or

in

limited

quantities

after

they

have

been

held

for

a

specified

period

of

time

and

other

conditions

are

met

for

an

exemption

from

registration.

Because

there

may

be

relatively

few

potential

purchasers

for

such

securities,

especially

under

adverse

market

or

economic

conditions

or

in

the

event

of

adverse

changes

in

the

financial

condition

of

the

issuer,

the

Fund

may

find

it

more

difficult

to

sell

such

securities

when

it

may

be

advisable

to

do

so

or

it

may

be

able

to

sell

such

securities

only

at

prices

lower

than

if

such

securities

were

more

widely

held

and

traded.

At

times,

it

also

may

be

more

difficult

to

determine

the

fair

value

of

such

securities

for

purposes

of

computing

the

Fund’s

net

asset

value

per

share

(“NAV”)

due

to

the

absence

of

an

active

trading

market.

There

can

be

no

assurance

that

a

privately-issued

security

previously

deemed

to

be

liquid

when

purchased

will

continue

to

be

liquid

for

as

long

as

it

is

held

by

the

Fund,

and

its

value

may

decline

as

a

result. 

3.

Investment

Advisory

Agreements

and

Other

Transactions

with

Affiliates 

Under

its

unitary

fee

structure,

the

Fund

pays

the

Adviser a

management

fee

in

return

for

providing

certain

investment

advisory,

supervisory,

and

administrative

services

to

the

Fund,

including

the

costs

of

transfer

agency,

custody,

fund

administration,

legal,

audit,

and

other

services. The

Adviser's fee

structure

is

designed

to

pay

substantially

all

of

the

Fund’s

expenses.

However,

the

Fund

bears

other

expenses

which

are

not

covered

under

the

management

fee

which

may

vary

and

affect

the

total

level

of

expenses

paid

by

shareholders,

such

as

distribution

fees

(if

any),

brokerage

expenses

or

commissions,

interest,

dividends,

taxes,

litigation

expenses,

acquired

fund

fees

and

expenses

(if

any),

and

extraordinary

expenses.

The

Fund’s

unitary

management

fee

provides

for

reductions

in

the

fee

rate

as

the

Fund’s

assets

grow.

As

of

the

date

of

this

report,

the

Fund’s

management

fee

was

calculated

daily

and

paid

monthly

according

to

the

following

schedule: 

For

the

period

ended April

30,

2025,

the

Fund’s

actual

management

fee

rate

(expressed

as

an

annual

rate)

was

0.20% 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

0.20% of

the

Fund’s

average

daily

net

assets.

The

Adviser

has

agreed

to

continue

the

waiver

through

February

28,

2026.

The

previous

expense

limit

for

the

period

from

February

29,

2024

through

February

28,

2025

was

0.21%.

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

(unaudited)

28

April

30,

2025

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

at

least

80%

of

its

net

assets

(plus

any

borrowings

for

investment

purposes)

in

U.S.

Government

securities

and

repurchase

agreements

that

are collateralized

by

U.S.

Government 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). There

are

no

restrictions

on

the

Fund's

ability

to

withdraw

investments

from

the

Sweep

Vehicle

at

will,

and

there

are

no

unfunded

capital

commitments

due

from

the

Fund

to

the

Sweep

Vehicle.

The

Sweep

Vehicle

does

not

charge

any

management

fee,

sales

charge

or

service

fee. 

Any

purchases

and

sales,

realized

gains/losses

and

recorded

dividends

from

affiliated

investments

during

the

period

ended

April

30,

2025 can

be

found

in

a

table

located

in

the

Schedule

of

Investments.

4.

Federal

Income

Tax

Income

and

capital

gains

distributions

are

determined

in

accordance

with

income

tax

regulations

that

may

differ

from

US

GAAP.

These

differences

are

due

to

differing

treatments

for

items

such

as

net

short-term

gains,

deferral

of

wash

sale

losses,

foreign

currency

transactions,

passive

foreign

investment

companies,

net

investment

losses,

in-kind

transactions

and

capital

loss

carryovers.

The

Fund

has

elected

to

treat

gains

and

losses

on

forward

foreign

currency

contracts

as

capital

gains

and

losses,

if

applicable.

Other

foreign

currency

gains

and

losses

on

debt

instruments

are

treated

as

ordinary

income

for

federal

income

tax

purposes

pursuant

to

Section

988

of

the

Internal

Revenue

Code. 

The

aggregate

cost

of

investments

and

the

composition

of

unrealized

appreciation

and

depreciation

of

investment

securities

for

federal

income

tax

purposes

as

of April

30,

2025 are

noted

below.

The

primary

differences

between

book

and

tax

appreciation

or

depreciation

of

investments are

wash

sale

loss

deferrals

and

amortization

on

bonds.

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$19,891,731,714

$5,388,374

$(98,565,629)

$(93,177,255)

Janus

Henderson

AAA

CLO

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

29

5.

Capital

Share

Transactions 

6.

Purchases

and

Sales

of

Investment

Securities

For

the

period

ended

April

30,

2025,

the

aggregate

cost

of

purchases

and

proceeds

from

sales

of

investment

securities

(excluding

any

short-term

securities,

short-term

options

contracts,

and

in-kind

transactions)

was

as

follows:

For

the

period

ended April

30,

2025,

the

cost

of

in-kind

purchases

and

proceeds

from

in-kind

sales,

were

as

follows: 

During

the

period

ended

April

30,

2025,

the

Fund

had

net

realized

loss of $14,653,631 from

in-kind

redemptions.

Gains

on

in-kind

transactions

are

not

considered

taxable

for

federal

income

tax

purposes.

7.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to April

30,

2025

and

through

the

date

of

the

issuance

of

the

Fund's

financial

statements

and

determined

that

there

were

no

material

events

or

transactions

that

would

require

recognition

or

disclosure

in

the

Fund's

financial

statements. 

Period

Ended

April

30,

2025

Year

Ended

October

31,

2024

Shares

Amount

Shares

Amount

Shares

sold

228,150,000

$

11,580,584,457

190,400,000

$

9,640,184,392

Shares

repurchased

(109,800,000)

(5,543,452,499

)

(4,800,000)

(243,040,863

)

Net

Increase/(Decrease)

118,350,000

$

6,037,131,958

185,600,000

$

9,397,143,529

Purchases

of

Securities

Proceeds

from

Sales

of

Securities

Purchases

of

Long-

Term

U.S.

Government

Obligations

Proceeds

from

Sales

of

Long-Term

U.S.

Government

Obligations

$12,890,465,919

$9,821,188,398

$—

$—

Purchases

of

Securities

Proceeds

from

Sales

of

Securities

Purchases

of

Long-

Term

U.S.

Government

Obligations

Proceeds

from

Sales

of

Long-Term

U.S.

Government

Obligations

$7,309,249,959

$4,625,337,485

$—

$—

Janus

Henderson

AAA

CLO

ETF

Additional

Information

(unaudited)

30

April

30,

2025

Item

8.

Changes

in

and

Disagreements

with

Accountants

for

Open-End

Management

Investment

Companies.

Not

applicable.

Item

9.

Proxy

Disclosures

for

Open-End

Management

Investment

Companies.

Not

applicable.

Item

10.

Remuneration

Paid

to

Directors,

Officers,

and

Others

of

Open-End

Management

Investment

Companies.

Because

the

Adviser

has

agreed

in

the

Investment

Advisory

Agreement

to

cover

all

operating

expenses

of

the

Fund,

subject

to

certain

exclusions

as

provided

for

therein,

the

Adviser

pays

the

compensation

to

each

Independent

Trustees

for

services

to

the

Fund

from

the

Adviser's

management

fees.

Item

11.

APPROVAL

OF

ADVISORY

AGREEMENTS

DURING

THE

PERIOD

The

Board

of

Trustees

(the

“Board”)

of

Janus

Detroit

Street

Trust

(the

“Trust”),

including

a

majority

of

the

Trustees

who

are

not

“interested

persons”

as

that

term

is

defined

in

the

Investment

Company

Act

of

1940,

as

amended

(the

“Independent

Trustees”),

met

in

person

on

April

16-17,

2025

to

consider

the

proposed

renewal

of

the

investment

management

agreement

between

Janus

Henderson

Investors

US

LLC

(the

“Adviser”)

and

the

Trust

(the

“Investment

Management

Agreement”),

on

behalf

of

Janus

Henderson

AAA

CLO

ETF

(“JAAA”),

Janus

Henderson

B-BBB

CLO

ETF

(“JBBB”),

Janus

Henderson

Corporate

Bond

ETF

(“JLQD”),

Janus

Henderson

Mortgage-Backed

Securities

ETF

(“JMBS”),

Janus

Henderson

Securitized

Income

ETF

(“JSI”),

Janus

Henderson

Short

Duration

Income

ETF

(“VNLA”),

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

(“JSML”),

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

(“JSMD”),

Janus

Henderson

U.S.

Real

Estate

ETF

(“JRE”),

and

Janus

Henderson

U.S.

Sustainable

Equity

ETF

(“SSPX”)

(each

a

separate

series

of

the

Trust,

and

collectively,

the

“Funds”).

In

the

course

of

their

consideration

of

the

renewal

of

the

Investment

Management

Agreement,

the

Independent

Trustees

met

in

executive

session

and

were

advised

by

their

independent

counsel.

In

this

regard,

the

Independent

Trustees

evaluated

the

terms

of

the

Investment

Management

Agreement

and

reviewed

the

duties

and

responsibilities

of

trustees

in

evaluating

and

approving

such

agreements.

In

considering

renewal

of

the

Investment

Management

Agreement,

the

Board

and

the

Independent

Trustees,

as

applicable,

reviewed

the

materials

provided

to

them

relating

to

the

consideration

of

the

renewal

of

the

Investment

Management

Agreement

for

the

Funds

and

other

information

provided

by

counsel

and

the

Adviser,

including:

(i)

information

regarding

the

nature,

quality

and

extent

of

the

services

provided

to

the

Funds

by

the

Adviser,

and

the

fees

charged

to

each

Fund

therefor;

(ii)

information

concerning

the

Adviser’s

financial

condition,

business,

operations,

portfolio

management

personnel,

compliance

programs,

and

profitability

with

respect

to

the

Trust

and

each

Fund;

(iii)

comparative

information

describing

each

Fund’s

advisory

fee

structures,

operating

expenses,

and

performance

information

as

compared

to

peer

fund

groups

compiled

by

an

independent

third

party;

(iv)

a

copy

of

the

Adviser’s

current

Form

ADV;

and

(v)

a

memorandum

from

counsel

to

the

Independent

Trustees

on

the

responsibilities

of

trustees

in

considering

investment

advisory

arrangements

under

the

1940

Act.

The

Board

also

considered

presentations

made

by,

and

discussions

held

with,

representatives

of

the

Adviser

throughout

the

year.

The

Trustees

also

considered

information

received

and

reviewed

in

connection

with

a

meeting

held

on

March

10,

2025

via

videoconference

to

discuss

certain

information

provided

by

the

Adviser

related

to

the

Trustees’

consideration

of

the

renewal

of

the

Investment

Management

Agreement.

The

Board

determined

that

the

information

provided

by

the

Adviser

was

thorough

and

sufficiently

responsive

to

their

request

so

as

to

permit

the

effective

consideration

of

the

renewal.

During

its

review

of

this

information,

the

Board

focused

on

and

analyzed

the

factors

that

it

deemed

relevant,

including,

among

other

factors:

(i)

the

nature,

extent

and

quality

of

the

services

provided

to

the

Funds

by

the

Adviser;

(ii)

the

Adviser’s

personnel

and

operations;

(iii)

each

Fund’s

expense

level;

(iv)

the

profitability

to

the

Adviser

under

the

Investment

Management

Agreement

with

respect

to

each

Fund;

(v)

any

“fall-out”

benefits

to

the

Adviser

and

its

affiliates

Janus

Henderson

AAA

CLO

ETF

Additional

Information

(unaudited)

Janus

Detroit

Street

Trust

31

(i.e.,

the

ancillary

benefits

realized

by

the

Adviser

and

its

affiliates

from

the

Adviser’s

relationship

with

the

Trust);

(vi)

the

effect

of

asset

growth

on

each

Fund’s

expenses;

and

(vii)

potential

conflicts

of

interest.

The

Trustees

also

considered

benefits

that

accrue

to

the

Adviser

and

its

affiliates

from

their

relationships

with

the

Trust

and

each

Fund.

The

Trustees

also

considered

that,

other

than

the

services

provided

by

the

Adviser

and

its

affiliates

pursuant

to

agreements

with

the

Funds

and

the

fees

paid

by

the

Funds

therefor,

the

Funds

and

the

Adviser

may

potentially

benefit

from

their

relationship

with

each

other

in

other

ways.

The

Trustees

considered

that

the

success

of

the

Funds

could

attract

other

business

to

the

Adviser

or

other

Janus

Henderson

funds,

and

that

the

success

of

the

Adviser

could

enhance

the

Adviser’s

ability

to

serve

the

Funds.

The

Board,

including

the

Independent

Trustees,

considered

the

following

in

respect

of

the

Funds:

(a)

The

nature,

extent

and

quality

of

services

provided

by

the

Adviser;

personnel

and

operations

of

the

Adviser.

The

Board

reviewed

the

services

that

the

Adviser

provides

to

the

Funds.

In

connection

with

the

investment

advisory

services

provided

by

the

Adviser,

the

Board

noted

the

responsibilities

that

the

Adviser

has

as

the

Funds’

investment

adviser,

including:

the

overall

supervisory

responsibility

for

the

general

management

and

investment

of

each

Fund’s

securities

portfolio;

providing

oversight

of

the

investment

performance

and

processes

and

compliance

with

each

Fund’s

investment

objectives,

policies

and

limitations;

the

implementation

of

the

investment

management

program

of

each

Fund;

the

management

of

the

day-to-day

investment

and

reinvestment

of

the

assets

of

each

Fund;

determining

daily

baskets

of

securities

and

cash

components

in

connection

with

creation

and

redemption

transactions

in

each

Fund’s

shares;

executing

portfolio

security

trades

for

purchases

and

redemptions

of

each

Fund’s

shares

conducted

on

a

cash-

in-lieu

basis;

the

review

of

brokerage

matters;

the

oversight

of

general

portfolio

compliance

with

relevant

law;

and

the

implementation

of

Board

directives

as

they

relate

to

the

Funds.

The

Board

reviewed

the

Adviser’s

experience,

resources,

and

strengths

in

managing

the

Funds

and

other

pooled

investment

vehicles,

including

an

assessment

of

the

Adviser’s

personnel.

Based

on

its

consideration

and

review

of

the

foregoing

information,

the

Board

determined

that

each

Fund

was

likely

to

continue

to

benefit

from

the

nature,

quality

and

extent

of

these

services,

as

well

as

the

Adviser’s

ability

to

render

such

services

based

on

the

Adviser’s

experience,

personnel,

operations

and

resources.

(b)

Comparison

of

services

rendered

and

fees

paid

under

other

investment

advisory

contracts,

and

the

cost

of

the

services

to

be

provided

and

profits

to

be

realized

by

the

Adviser

from

the

relationship

with

the

Funds;

“fall-out”

benefits.

The

Board

then

compared

both

the

services

rendered

and

the

fees

paid

under

other

contracts

of

the

Adviser

and

under

contracts

of

other

investment

advisers

with

respect

to

similar

ETFs.

In

particular,

the

Board

reviewed

a

report

compiled

by

an

independent

third

party

to

compare

each

Fund’s

contractual

management

fee

and

total

expense

ratio

to

other

investment

companies

within

each

Fund’s

respective

peer

grouping,

as

determined

by

the

independent

third

party.

The

information

provided

by

the

comparative

report

showed

how

the

total

expense

ratio

and

contractual

management

fee

for

each

of

the

Funds

compared

within

its

respective

peer

group

for

the

one-year

period

ended

December

31,

2024.

The

reporting

is

described

in

detail

below:

Janus

Henderson

AAA

CLO

ETF

Additional

Information

(unaudited)

32

April

30,

2025

The

total

expense

ratio

and

the

contractual

management

fee

for

JAAA

were

each

reported

in

the

3rd

quintile

of

its

respective

peer

group

(with

1st

quintile

being

the

lowest

fees/expenses

and

5th

quintile

being

the

highest

fees/

expenses).

The

total

expense

ratio

and

the

contractual

management

fee

for

JBBB

were

each

reported

in

the

1st

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JLQD

were

each

reported

in

the

3rd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JMBS

were

each

reported

in

the

1st

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JSI

were

each

reported

in

the

4th

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

VNLA

were

each

reported

in

the

1st

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JSML

were

reported

in

the

3rd

and

2nd

quintiles,

respectively.

The

total

expense

ratio

and

the

contractual

management

fee

for

JSMD

were

reported

in

the

3rd

and

2nd

quintiles,

respectively.

The

total

expense

ratio

and

the

contractual

management

fee

for

JRE

were

reported

in

the

4th

and

3rd

quintiles,

respectively.

The

total

expense

ratio

and

the

contractual

management

fee

for

SSPX

were

each

reported

in

the

2nd

quintile.

The

Board

further

considered

that

the

Adviser

had

voluntarily

agreed

to

cap

the

expenses

of

JAAA,

JMBS

and

VNLA

to

the

extent

that

such

Funds’

total

expense

ratio

exceeded

0.20%,

0.22%

and

0.23%,

respectively,

until

at

least

February

28,

2026.

The

Board

also

considered

that

the

Adviser

had

voluntarily

agreed

to

cap

the

expenses

of

JLQD

to

the

extent

that

the

Fund’s

total

expense

ratio

exceeded

0.20%

until

at

least

May

1,

2026.

The

Board

further

noted

the

Adviser’s

contractual

commitment

with

respect

to

the

Funds’

investments

in

affiliated

ETFs

to

waive

and/or

reimburse

a

portion

of

its

management

fee

in

an

amount

equal

to

a

portion

of

the

management

fee

it

earns

as

investment

adviser

to

affiliated

ETFs

in

which

a

Fund

invests

(if

any),

for

until

at

least

February 28,

2026.

The

Board

also

discussed

the

costs

incurred

by

the

Adviser

in

connection

with

its

serving

as

investment

adviser

to

the

Funds,

including

operational

costs.

After

comparing

each

Fund’s

fees

and

expenses

with

those

of

other

ETFs

in

the

Funds’

respective

peer

groups,

and

in

light

of

the

nature,

extent

and

quality

of

services

provided

by

the

Adviser

and

the

costs

incurred

by

the

Adviser

in

rendering

those

services,

as

well

as

the

profitability

of

the

Adviser

in

providing

these

services,

the

Board

concluded

that

the

level

of

fees

paid

to

the

Adviser

and

the

profitability

with

respect

to

each

Fund

was

fair

and

reasonable.

The

Board

also

considered

that

the

Adviser

may

experience

reputational

“fall-out”

benefits

based

on

the

success

of

the

Funds,

but

that

such

benefits

are

not

easily

quantifiable.

(c)

The

extent

to

which

economies

of

scale

would

be

realized

as

the

Fund

grows

and

whether

fee

levels

would

reflect

such

economies

of

scale.

The

Board

next

discussed

potential

economies

of

scale.

In

its

review,

the

Board

considered

that

the

Funds

were

positioned

to

realize

potential

economies

of

scale

as

assets

grow

over

time,

given

the

inclusion

of

management

fee

breakpoints

for

each

Fund

in

the

current

investment

advisory

agreement

at

various

asset

levels.

(d)

Investment

performance

of

the

Fund

and

the

Adviser.

Janus

Henderson

AAA

CLO

ETF

Additional

Information

(unaudited)

Janus

Detroit

Street

Trust

33

The

Board

next

discussed

the

annualized

returns

of

the

Funds

on

both

an

absolute

basis

and

relative

to

the

performance

of

funds

comprising

a

performance

universe

compiled

by

an

independent

third

party

for

each

Fund

for

the

three-month

period,

one-year

period,

two-year

period,

three-year

period,

four-year

period,

five-year

period,

and/or

since

inception

period

ended

December

31,

2024

(each

period

as

applicable).

The

Board

noted

the

following

for

each

Fund:

JAAA

was

reported

to

be

in

the

1st

quintile

of

its

performance

universe

(with

the

1st

quintile

being

the

best

performer

and

the

5th

quintile

being

the

worst

performer)

for

its

one-,

two-,

three-

and

four-year

periods;

JBBB

was

reported

to

be

in

the

1stquintile

of

its

performance

universe

for

its

one-

and

two-year

periods,

respectively;

JLQD

was

reported

to

be

in

the

2nd,

3rd,

and

2nd

quintiles

of

its

performance

universe

for

its

one-,

two-,

and

three-

year

periods,

respectively.

JMBS

was

reported

to

be

in

the

1st

quintile

of

its

performance

universe

for

its

one-,

two-,

three-,

four-,

and

five-year

periods;

JSI

was

reported

to

be

in

the

2nd,

1st,

and

1st

quintiles

of

its

performance

universe

for

its

three

month,

one

year,

and

since

inception

periods,

respectively.

VNLA

was

reported

to

be

in

the

2nd,

2nd,

2nd,

2nd,

and

1st

quintiles

of

its

performance

universe

for

each

of

its

one-

,

two-,

three-,

four-,

and

five-year

periods;

JSML

was

reported

to

be

in

the

4th,

1st,

1st,

3rd,

and

3rd

quintiles

of

its

performance

universe

for

its

one-,

two-,

three-,

four-,

and

five-year

periods,

respectively;

JSMD

was

reported

to

be

in

the

3rd,

2nd,

1st,

2nd,

and

2nd

quintiles

of

its

performance

universe

for

its

one-,

two-,

three-,

four-,

and

five-year

periods,

respectively;

JRE

was

reported

to

be

in

the

2nd,

4th,

and

2nd

quintiles

of

its

performance

universe

for

its

one-,

two-,

and

three-

year

periods,

respectively;

and

SSPX

was

reported

to

be

in

the

5th

quintile

of

its

performance

universe

for

its

one-,

two-,

and

three-

year

periods.

With

respect

to

JSML

and

JSMD,

the

Board

noted

that

these

Funds

had

operated

as

index-based

during

the

periods

described

above

and,

as

a

result,

had

been

passively

managed

to

seek

to

track

the

returns

of

specified

indices.

For

this

reason,

the

Board

also

considered

the

performance

of

these

Funds

in

relation

to

the

performance

of

each

Fund’s

respective

underlying

index

(i.e.,

“tracking

error”)

and

considered

that

the

tracking

error

was

within

anticipated

ranges.

The

Board

considered

the

Adviser’s

explanation

of

performance

results

for

each

Fund

across

the

relevant

periods

provided

as

part

of

the

consideration

of

the

renewal

of

the

Investment

Advisory

Agreement,

and

during

the

course

of

the

previous

year.

Conclusion.

No

single

factor

was

determinative

to

the

decision

of

the

Board.

Based

on

the

foregoing

and

such

other

matters

as

were

deemed

relevant,

the

Board

concluded

that

the

management

fee

rates

and

total

expense

ratios

of

each

Fund

are

reasonable

in

relation

to

the

services

provided

by

the

Adviser

to

such

Fund,

as

well

as

the

costs

incurred

and

benefits

gained

by

the

Adviser

in

providing

such

services.

The

Board

also

found

the

management

fees

to

be

reasonable

in

comparison

to

the

fees

charged

by

advisers

to

other

comparable

ETFs

and

mutual

funds

(as

applicable).

As

a

result,

the

Board

concluded

that

the

renewal

of

the

Investment

Management

Agreement

for

an

additional

one-year

period

was

in

the

best

interests

of

each

Fund.

After

full

consideration

of

the

above

factors,

as

well

as

other

factors,

the

Trustees,

including

all

of

the

Independent

Trustees

voting

separately,

determined

to

approve

the

renewal

of

the

Investment

Management

Agreement

for

each

Fund.

125-24-93087

04-25

This

report

is

submitted

for

the

general

information

of

shareholders

of

the

Fund.

It

is

not

an

offer

or

solicitation

for

the

Fund

and

is

not

authorized

for

distribution

to

prospective

investors

unless

preceded

or

accompanied

by

an

effective

prospectus.

Janus

Henderson

is

a

trademark

of

Janus

Henderson

Group

plc

or

one

of

its

subsidiaries.

©

Janus

Henderson

Group

plc.

Janus

Henderson

Investors

US

LLC

is

the

investment

adviser

and

ALPS

Distributors,

Inc.

is

the

distributor.

ALPS

is

not

affiliated

with

Janus

Henderson

or

any

of

its

subsidiaries.

SEMIANNUAL

FINANCIAL

STATEMENTS

April

30,

2025

Janus

Henderson

U.S.

Real

Estate

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

U.S.

Real

Estate

ETF

Item

7.

Financial

Statements

and

Financial

Highlights

for

Open-End

Management

Investment

Companies

Schedule

of

Investments

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

3

Statement

of

Assets

and

Liabilities

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

6

Statement

of

Operations

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

7

Statements

of

Changes

in

Net

Assets

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

8

Financial

Highlights

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

9

Notes

to

Financial

Statements

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

10

Items

8-11

-

Additional

Information

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

17

Janus

Henderson

U.S.

Real

Estate

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

Janus

Detroit

Street

Trust

3

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares

Value

Common

Stocks

-

99

.3

%

Health

Care

REITs

-

14

.9

%

Sabra

Health

Care

REIT,

Inc.

53,293

$

951,280

Ventas,

Inc.

19,571

1,371,535

Welltower,

Inc.

9,398

1,434,041

3,756,856

Hotel

&

Resort

REITs

-

2

.1

%

Ryman

Hospitality

Properties,

Inc.

6,037

530,954

Industrial

REITs

-

13

.4

%

EastGroup

Properties,

Inc.

5,301

866,289

First

Industrial

Realty

Trust,

Inc.

13,294

632,529

Lineage,

Inc.

14,669

707,486

Prologis,

Inc.

11,654

1,191,039

3,397,343

Office

REITs

-

6

.5

%

BXP,

Inc.

13,474

858,698

Highwoods

Properties,

Inc.

27,398

779,199

1,637,897

Real

Estate

Management

&

Development

-

2

.9

%

CBRE

Group,

Inc.

-

Class

A*

5,984

731,125

Residential

REITs

-

17

.4

%

American

Homes

4

Rent

-

Class

A

28,694

1,072,869

AvalonBay

Communities,

Inc.

6,571

1,379,778

Equity

LifeStyle

Properties,

Inc.

14,110

914,046

UDR,

Inc.

24,945

1,044,697

4,411,390

Retail

REITs

-

13

.1

%

Agree

Realty

Corp.

10,136

786,655

Federal

Realty

Investment

Trust

9,708

912,746

Macerich

Co.

(The)

42,700

625,982

NETSTREIT

Corp.

33,226

540,587

Realty

Income

Corp.

7,711

446,159

3,312,129

Specialized

REITs

-

29

.0

%

CubeSmart

25,664

1,043,755

Digital

Realty

Trust,

Inc.

11,450

1,838,183

Equinix,

Inc.

2,720

2,341,240

Public

Storage

4,577

1,375,068

SBA

Communications

Corp.

-

Class

A

3,076

748,698

7,346,944

Total

Common

Stocks

(cost

24,465,630)

25,124,638

Investment

Companies

-

0

.7

%

Money

Market

Funds

-

0

.7

%

Invesco

Government

&

Agency

Portfolio,

Institutional

Class,

4.2616%

∞

(cost

$172,073)

172,073

172,073

Total

Investments

(total

cost

$

24,637,703

)

-

100

.0

%

25,296,711

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

0.0%

(2,540)

Net

Assets

-

100.0%

$25,294,171

Janus

Henderson

U.S.

Real

Estate

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

4

April

30,

2025

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

$

25,296,711

100

.0

%

Schedule

of

Affiliated

Investments

-

(%

of

Net

Assets)

Affiliated

Investments,

at

Value

at

10/31/24

Purchases

Sales

Proceeds

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciatio

n/

(Depreciation)

Affiliated

Investments,

at

Value

at

4/30/25

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

Shares

Held

at

4/30/25

Dividend

Income

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

N/A

Investment

Companies

-

N/A

Janus

Henderson

Cash

Collateral

Fund

LLC,

4.2679%

∞

$

–

$

4,224,942

$

(

4,224,942

)

$

–

$

–

$

–

–

$

946

Δ

Janus

Henderson

U.S.

Real

Estate

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

April

30,

2025

Janus

Detroit

Street

Trust

5

LLC

Limited

Liability

Company

REIT

Real

Estate

Investment

Trust

*

Non-income

producing

security.

∞

Rate

shown

is

the

7-day

yield

as

of

April

30,

2025.

Δ

Net

of

income

paid

to

the

securities

lending

agent

and

rebates

paid

to

the

borrowing

counterparties.

The

following

is

a

summary

of

the

inputs

that

were

used

to

value

the

Fund's

investments

in

securities

and

other

financial

instruments

as

of

April

30,

2025

.

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

Total

Assets

Investments

in

Securities:

Common

Stocks

$

25,124,638

$

—

$

—

$

25,124,638

Investment

Companies

172,073

—

—

172,073

Total

Assets

$

25,296,711

$

—

$

—

$

25,296,711

Janus

Henderson

U.S.

Real

Estate

ETF

Statement

of

Assets

and

Liabilities

(unaudited)

April

30,

2025

6

April

30,

2025

See

Notes

to

Financial

Statements.

Assets:

Investments,

at

value

(cost

$24,637,703)

$

25,296,711

Cash

denominated

in

foreign

currency

(cost

$2,841)

2,862

Receivables:

Fund

units

sold

588,236

Dividends

2,534

Interest

592

Total

Assets

25,890,935

Liabilities:

Due

to

custodian

583,969

Payables:

Management

fees

12,795

Total

Liabilities

596,764

Commitments

and

contingent

liabilities

Net

Assets

$

25,294,171

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

24,034,202

Total

distributable

earnings

(loss)

1,259,969

Total

Net

Assets

$

25,294,171

Net

Assets

$

25,294,171

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

1,075,001

Net

Asset

Value

Per

Share

$

23

.53

Janus

Henderson

U.S.

Real

Estate

ETF

Statement

of

Operations

(unaudited)

For

the

period

ended

April

30,

2025

Janus

Detroit

Street

Trust

7

See

Notes

to

Financial

Statements.

Investment

Income:

Dividends

$

484,553

Affiliated

securities

lending

income,

net    

946

Unaffiliated

securities

lending

income,

net

313

Foreign

tax

withheld

(

5,255

)

Total

Investment

Income

480,557

Expenses:

Management

Fees

82,397

Total

Expenses

82,397

Net

Investment

Income/(Loss)

398,160

Net

Realized

Gain/(Loss)

on

Investments:

Investments

and

foreign

currency

transactions

$

436,405

Total

Net

Realized

Gain/(Loss)

on

Investments

$

436,405

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

and

foreign

currency

translations

$

(

2,058,713

)

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

(

2,058,713

)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

(

1,224,148

)

Janus

Henderson

U.S.

Real

Estate

ETF

Statements

of

Changes

in

Net

Assets

8

April

30,

2025

See

Notes

to

Financial

Statements.

Period

Ended

April

30,

2025

(unaudited)

Year

Ended

October

31,

2024

Operations:

Net

investment

income/(loss)

$

398,160

$

278,116

Net

realized

gain/(loss)

on

investments

436,405

826,503

Change

in

unrealized

net

appreciation/depreciation

(

2,058,713

)

3,319,830

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

(

1,224,148

)

4,424,449

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(

422,793

)

(

198,776

)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(

422,793

)

(

198,776

)

Capital

Share

Transactions

572,080

17,750,416

Net

Increase/(Decrease)

in

Net

Assets

(

1,074,861

)

21,976,089

Net

Assets:

—

—

Beginning

of

Period  

26,369,032

4,392,943

End

of

Period

$

25,294,171

$

26,369,032

Janus

Henderson

U.S.

Real

Estate

ETF

Financial

Highlights

Janus

Detroit

Street

Trust

9

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

the

period

ended

April

30,

2025

(unaudited)

and

each

year

or

period

ended

October

31

2025

2024

2023

2022

2021

(1)

Net

Asset

Value,

Beginning

of

Period

$25.11

$19.52

$21.39

$26.90

$25.00

Income/(Loss)

from

Investment

Operations:

—

—

—

—

—

Net

investment

income/(loss)

(2)

0.38

0.53

0.56

0.38

0.17

Net

realized

and

unrealized

gain/(loss)

(1.56)

5.60

(1.84)

(5.41)

1.80

Total

from

Investment

Operations

(1.18)

6.13

(1.28)

(5.03)

1.97

Less

Dividends

and

Distributions:

—

—

—

—

—

Dividends

(from

net

investment

income)

(0.33)

(0.54)

(0.59)

(0.48)

(0.07)

Distributions

(from

capital

gains)

(0.07)

—

—

—

—

Total

Dividends

and

Distributions

(0.40)

(0.54)

(0.59)

(0.48)

(0.07)

Net

Asset

Value,

End

of

Period

$23.53

$25.11

$19.52

$21.39

$26.90

Total

Return

*

(4.70)%

31.69%

(6.19)%

(18.85)%

7.90%

Net

assets,

End

of

Period

(in

thousands)

$25,294

$26,369

$4,393

$3,208

$11,435

Ratios

to

Average

Net

Assets

**

Ratio

of

Gross

Expenses

0.65%

0.65%

0.65%

0.65%

0.65%

Ratio

of

Net

Investment

Income/(Loss)

3.14%

2.23%

2.55%

1.46%

1.84%

Portfolio

Turnover

Rate

(3)

32%

102%

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

(unaudited)

10

April

30,

2025

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 fourteen

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.

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

Chief

Financial

Officer

of

the

Fund/Portfolio

is

designated

as

the

Chief

Operating

Decision

Maker

(“CODM”)

as

it

relates

to

ASC

Topic

280.

The

CODM

has

concluded

that

the

Fund/Portfolio

operated

as

a

single

segment

entity

for

the

period ended

April

30,

2025.

The

key

indicator

of

performance

of

the

Fund

is

net

investment

income

as

reported

on

the

Statement

of

Operations.

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,

Janus

Henderson

U.S.

Real

Estate

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

11

yields,

maturities

and

ratings.

Certain

short-term

securities

maturing

within

60

days

or

less

may

be

evaluated

and

valued

on

an

amortized

cost

basis

provided

that

the

amortized

cost

determined

approximates

market

value.

Securities

for

which

market

quotations

or

evaluated

prices

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

determined

in

good

faith

by

the

Adviser

pursuant

to

the

Valuation

Procedures. Circumstances

in

which

fair

valuation

may

be

utilized

include,

but

are

not

limited

to:

(i)

a

significant

event

that

may

affect

the

securities

of

a

single

issuer,

such

as

a

merger,

bankruptcy,

or

significant

issuer-specific

development;

(ii)

an

event

that

may

affect

an

entire

market,

such

as

a

natural

disaster

or

significant

governmental

action;

(iii)

a

nonsignificant

event

such

as

a

market

closing

early

or

not

opening,

or

a

security

trading

halt;

and

(iv)

pricing

of

a

non-valued

security

and

a

restricted

or

nonpublic

security.

Special

valuation

considerations

may

apply

with

respect

to

“odd-lot”

fixed-income

transactions

which,

due

to

their

small

size,

may

receive

evaluated

prices

by

pricing

services

which

reflect

a

large

block

trade

and

not

what

actually

could

be

obtained

for

the

odd-

lot

position.

The

value

of

the

securities

of

mutual

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

mutual

funds,

and

the

prospectuses

for

such

mutual

funds

explain

the

circumstances

under

which

they

use

fair

valuation

and

the

effects

of

using

fair

valuation.

The

value

of

the

securities

of

any

cash

management

pooled

investment

vehicles

that

operate

as

money

market

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

funds.

Valuation

Inputs

Summary 

FASB

ASC

820,

Fair

Value

Measurements

and

Disclosures

(“ASC

820”),

defines

fair

value,

establishes

a

framework

for

measuring

fair

value,

and

expands

disclosure

requirements

regarding

fair

value

measurements.

This

standard

emphasizes

that

fair

value

is

a

market-based

measurement

that

should

be

determined

based

on

the

assumptions

that

market

participants

would

use

in

pricing

an

asset

or

liability

and

establishes

a

hierarchy

that

prioritizes

inputs

to

valuation

techniques

used

to

measure

fair

value.

These

inputs

are

summarized

into

three

broad

levels: 

Level

1

–

Unadjusted

quoted

prices

in

active

markets

the

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities.

Level

2

–

Observable

inputs

other

than

unadjusted

quoted

prices

included

in

Level

1

that

are

observable

for

the

asset

or

liability

either

directly

or

indirectly.

These

inputs

may

include

quoted

prices

for

the

identical

instrument

on

an

inactive

market,

prices

for

similar

instruments,

interest

rates,

prepayment

speeds,

credit

risk,

yield

curves,

default

rates

and

similar

data.

Assets

or

liabilities

categorized

as

Level

2

in

the

hierarchy

generally

include:

debt

securities

fair

valued

in

accordance

with

the

evaluated

bid

or

ask

prices

supplied

by

a

pricing

service;

securities

traded

on

OTC

markets

and

listed

securities

for

which

no

sales

are

reported

that

are

fair

valued

at

the

latest

bid

price

(or

yield

equivalent

thereof)

obtained

from

one

or

more

dealers

transacting

in

a

market

for

such

securities

or

by

a

pricing

service

approved

by

the

Fund’s

Trustees;

and

certain

short-term

debt

securities

with

maturities

of

60

days

or

less

that

are

fair

valued

at

amortized

cost.

Other

securities

that

may

be

categorized

as

Level

2

in

the

hierarchy

include,

but

are

not

limited

to,

preferred

stocks,

bank

loans,

swaps,

investments

in

unregistered

investment

companies,

options,

and

forward

contracts.

Level

3

–

Unobservable

inputs

for

the

asset

or

liability

to

the

extent

that

relevant

observable

inputs

are

not

available,

representing

the

Fund’s

own

assumptions

about

the

assumptions

that

a

market

participant

would

use

in

valuing

the

asset

or

liability,

and

that

would

be

based

on

the

best

information

available.

There

have

been

no

significant

changes

in

valuation

techniques

used

in

valuing

any

such

positions

held

by

the

Fund

since

the

beginning

of

the

fiscal

year. 

The

inputs

or

methodology

used

for

fair

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

The

summary

of

inputs

used

as

of

April

30,

2025 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

Janus

Henderson

U.S.

Real

Estate

ETF

Notes

to

Financial

Statements

(unaudited)

12

April

30,

2025

be

subject

to

withholding

taxes

in

foreign

jurisdictions.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value.

Interest

income

is

recorded

daily

on

an

accrual

basis

and

includes

amortization

of

premiums

and

accretion

of

discounts.

The

Fund

classifies

gains

and

losses

on

prepayments

received

as

an

adjustment

to

interest

income.

Debt

securities

may

be

placed

in

non-accrual

status

and

related

interest

income

may

be

reduced

by

stopping

current

accruals

and

writing

off

interest

receivables

when

collection

of

all

or

a

portion

of

interest

has

become

doubtful.

Gains

and

losses

are

determined

on

the

identified

cost

basis,

which

is

the

same

basis

used

for

federal

income

tax

purposes.  

Estimates

The

preparation

of

financial

statements

in

conformity

with

US

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amount

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates. 

Indemnifications

In

the

normal

course

of

business,

the

Fund

may

enter

into

contracts

that

contain

provisions

for

indemnification

of

other

parties

against

certain

potential

liabilities.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

and

would

involve

future

claims

that

may

be

made

against

the

Fund

that

have

not

yet

occurred.

Currently,

the

risk

of

material

loss

from

such

claims

is

considered

remote. 

Foreign

Currency

Translations

The

Fund

does

not

isolate

that

portion

of

the

results

of

operations

resulting

from

the

effect

of

changes

in

foreign  exchange

rates

on

investments

from

the

fluctuations

arising

from

changes

in

market

prices

of

securities

held

at

the

date  of

the

financial

statements.

Net

unrealized

appreciation

or

depreciation

of

investments

and

foreign

currency

translations

arise

from

changes

in

the

value

of

assets

and

liabilities,

including

investments

in

securities

held

at

the

date

of

the

financial

statements,

resulting

from

changes

in

the

exchange

rates

and

changes

in

market

prices

of

securities

held.

Currency

gains

and

losses

are

also

calculated

on

payables

and

receivables

that

are

denominated

in

foreign

currencies.

The

payables

and

receivables

are

generally

related

to

foreign

security

transactions

and

income

translations.

Foreign

currency-denominated

assets

and

forward

currency

contracts

may

involve

more

risks

than

domestic

transactions,

including

currency

risk,

counterparty

risk,

political

and

economic

risk,

regulatory

risk

and

equity

risk.

Risks

may

arise

from

unanticipated

movements

in

the

value

of

foreign

currencies

relative

to

the

U.S.

dollar.

Dividends

and

Distributions

The

Fund

generally

declares

and

distributes

dividends

of

net

investment

income

quarterly.

Net

realized

capital

gains

(if

any)

are

distributed

annually.

The

Fund

may

treat

a

portion

of

the

amount

paid

to

redeem

shares

as

a

distribution

of

investment

company

taxable

income

and

realized

capital

gains

that

are

reflected

in

the

NAV.

This

practice,

commonly

referred

to

as

“equalization,”

has

no

effect

on

the

redeeming

shareholder

or

a

Fund’s

total

return

but

may

reduce

the

amounts

that

would

otherwise

be

required

to

be

paid

as

taxable

dividends

to

the

remaining

shareholders.

It

is

possible

that

the

Internal

Revenue

Service

(IRS)

could

challenge

the

Fund’s

equalization

methodology

or

calculations,

and

any

such

challenge

could

result

in

additional

tax,

interest,

or

penalties

to

be

paid

by

the

Fund. 

The

Fund

may

make

certain

investments

in

real

estate

investment

trusts

(“REITs”)

which

pay

dividends

to

their

shareholders

based

upon

funds

available

from

operations.

It

is

quite

common

for

these

dividends

to

exceed

the

REITs’

taxable

earnings

and

profits,

resulting

in

the

excess

portion

of

such

dividends

being

designated

as

a

return

of

capital.

If

the

Fund

distributes

such

amounts,

such

distributions

could

constitute

a

return

of

capital

to

shareholders

for

federal

income

tax

purposes. 

Federal

Income

Taxes

The

Fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

and

distribute

all

of

its

taxable

income

in

accordance

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code.

Management

has

analyzed

the

Fund’s

tax

positions

taken

for

all

open

federal

income

tax

years,

generally

a

three-year

period,

and

has

concluded

that

no

provision

for

federal

income

tax

is

required

in

the

Fund’s

financial

statements.

The

Fund

is

not

aware

of

any

tax

positions

for

which

it

is

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

benefits

will

significantly

change

in

the

next

twelve

months. 

Janus

Henderson

U.S.

Real

Estate

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

13

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,

social

unrest,

tariffs,

financial

institution

failures,

and

economic

recessions 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.

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.

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

Janus

Henderson

U.S.

Real

Estate

ETF

Notes

to

Financial

Statements

(unaudited)

14

April

30,

2025

as

permitted

by

the

SEC.

If

the

Fund

is

unable

to

recover

a

security

on

loan,

the

Fund

may

use

the

collateral

to

purchase

replacement

securities

in

the

market.

There

is

a

risk

that

the

value

of

the

collateral

could

decrease

below

the

cost

of

the

replacement

security

by

the

time

the

replacement

investment

is

made,

resulting

in

a

loss

to

the

Fund.

In

certain

circumstances

individual

loan

transactions

could

yield

negative

returns. 

Upon

receipt

of

cash

collateral, the

Adviser may

invest

it

in

affiliated

or

non-affiliated

cash

management

vehicles,

whether

registered

or

unregistered

entities,

as

permitted

by

the

1940

Act

and

rules

promulgated

thereunder.

The

Adviser

currently

intends

to

invest

the

cash

collateral

in

a

cash

management

vehicle

for

which the

Adviser serves

as

investment

adviser,

Janus

Henderson

Cash

Collateral

Fund

LLC,

or

in

time

deposits.

An

investment

in

Janus

Henderson

Cash

Collateral

Fund

LLC

is

generally

subject

to

the

same

risks

that

shareholders

experience

when

investing

in

similarly

structured

vehicles,

such

as

the

potential

for

significant

fluctuations

in

assets

as

a

result

of

the

purchase

and

redemption

activity

of

the

securities

lending

program,

a

decline

in

the

value

of

the

collateral,

and

possible

liquidity

issues.

Such

risks

may

delay

the

return

of

the

cash

collateral

and

cause

the

Fund

to

violate

its

agreement

to

return

the

cash

collateral

to

a

borrower

in

a

timely

manner.

As

adviser

to

the

Fund

and

Janus

Henderson

Cash

Collateral

Fund

LLC, the

Adviser has

an

inherent

conflict

of

interest

as

a

result

of

its

fiduciary

duties

to

both

the

Fund

and

Janus

Henderson

Cash

Collateral

Fund

LLC.

Additionally, the

Adviser receives

an

investment

advisory

fee

of

0.05%

for

managing

Janus

Henderson

Cash

Collateral

Fund

LLC

and

therefore

may

have

an

incentive

to

allocate

collateral

to

the

Janus

Henderson

Cash

Collateral

Fund

LLC,

rather

than

to

other

collateral

management

options

for

which the

Adviser does

not

receive

compensation. 

The

value

of

the

collateral

must

be

at

least

102%

of

the

market

value

of

the

loaned

securities

that

are

denominated

in

U.S.

dollars

and

105%

of

the

market

value

of

the

loaned

securities

that

are

not

denominated

in

U.S.

dollars.

Loaned

securities

and

related

collateral

are

marked-to-market

each

business

day

based

upon

the

market

value

of

the

loaned

securities

at

the

close

of

business,

employing

the

most

recent

available

pricing

information.

Collateral

levels

are

then

adjusted

based

on

this

mark-to-market

evaluation. 

Additional

required

collateral,

or

excess

collateral

returned,

is

delivered

on

the

next

business

day. 

Therefore,

the

value

of

the

collateral

held

may

be

temporarily

less

than

102%

or

105%

value

of

the

securities

on

loan.

The

cash

collateral

invested

by

the

Adviser is

disclosed

in

the

Schedule

of

Investments

(if

applicable).

Income

earned

from

the

investment

of

the

cash

collateral,

net

of

rebates

paid

to,

or

fees

paid

by,

borrowers

and

less

the

fees

paid

to

the

lending

agent

are

included

as

“Affiliated

securities

lending

income,

net”

on

the

Statement

of

Operations.

There

were

no

securities

on

loan

as

of

April

30,

2025.

3.

Investment

Advisory

Agreements

and

Other

Transactions

with

Affiliates 

Under

its

unitary

fee

structure,

the

Fund

pays

the

Adviser a

management

fee

in

return

for

providing

certain

investment

advisory,

supervisory,

and

administrative

services

to

the

Fund,

including

the

costs

of

transfer

agency,

custody,

fund

administration,

legal,

audit,

and

other

services. The

Adviser's fee

structure

is

designed

to

pay

substantially

all

of

the

Fund’s

expenses.

However,

the

Fund

bears

other

expenses

which

are

not

covered

under

the

management

fee

which

may

vary

and

affect

the

total

level

of

expenses

paid

by

shareholders,

such

as

distribution

fees

(if

any),

brokerage

expenses

or

commissions,

interest,

dividends,

taxes,

litigation

expenses,

acquired

fund

fees

and

expenses

(if

any),

and

extraordinary

expenses.

The

Fund’s

unitary

management

fee

provides

for

reductions

in

the

fee

rate

as

the

Fund’s

assets

grow.

As

of

the

date

of

this

report,

the

Fund’s

management

fee

was

calculated

daily

and

paid

monthly

according

to

the

following

schedule: 

For

the

period ended

April

30,

2025,

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,

Daily

Net

Assets

Fee

Rate

$0-$250

million

0.65%

Next

$750

million

0.60%

Over

$1

billion

0.50%

Janus

Henderson

U.S.

Real

Estate

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

15

pursuant

to

an

agreement

with

the

Adviser,

on

behalf

of

the

Fund.

As

compensation

for

such

services, the

Adviser pays

JP

Morgan

a

fee

based

on

a

percentage

of

the

Fund’s

assets,

with

a

minimum

flat

fee,

for

certain

services. The

Adviser serves

as

administrator

to

the

Fund,

providing

oversight

and

coordination

of

the

Fund’s

service

providers,

recordkeeping

and

other

administrative

services. The

Adviser does

not

receive

any

additional

compensation,

beyond

the

unitary

fee,

for

serving

as

administrator.

JP

Morgan

also

serves

as

transfer

agent

for

the

shares

of

the

Fund.

Pursuant

to

agreements

with

the

Adviser on

behalf

of

the

Fund,

J.P.

Morgan

Securities

LLC,

an

affiliate

of

JP

Morgan,

may

execute

portfolio

transactions

for

the

Fund,

including

but

not

limited

to,

transactions

in

connection

with

cash

in

lieu

transactions

for

non-US

securities. 

The

Trust

has

adopted

a

Distribution

and

Servicing

Plan

for

shares

of

the

Fund

pursuant

to

Rule

12b-1

under

the

1940

Act

(the

“Plan”).

The

Plan

permits

compensation

in

connection

with

the

distribution

and

marketing

of

Fund

shares

and/

or

the

provision

of

certain

shareholder

services.

The

Plan

permits

the

Fund

to

pay

the

Distributor

or

its

designee,

a

fee

for

the

sale

and

distribution

and/or

shareholder

servicing

of

the

shares

at

an

annual

rate

of

up

to

0.25%

of

average

daily

net

assets

of

the

Fund.

However,

the

Trustees

have

determined

not

to

authorize

payment

under

this

Plan

at

this

time.

Under

the

terms

of

the

Plan,

the

Trust

would

be

authorized

to

make

payments

to

the

Distributor

or

its

designee

for

remittance

to

retirement

plan

service

providers,

broker-dealers,

bank

trust

departments,

financial

advisors,

and

other

financial

intermediaries,

as

compensation

for

distribution

and/or

shareholder

services

performed

by

such

entities

for

their

customers

who

are

investors

in

the

Fund.

The

12b-1

fee

may

only

be

imposed

or

increased

when

the

Trustees

determine

that

it

is

in

the

best

interests

of

shareholders

to

do

so.

Because

these

fees

are

paid

out

of

the

Fund’s

assets

on

an

ongoing

basis,

to

the

extent

that

a

fee

is

authorized,

over

time

they

will

increase

the

cost

of

an

investment

in

the

Fund.

The

Plan

fee

may

cost

an

investor

more

than

other

types

of

sales

charges. 

As

of

April

30,

2025, the

Adviser

owned 900,001

share

or 85.71%

of

the

Fund.

Any

purchases

and

sales,

realized

gains/losses

and

recorded

dividends

from

affiliated

investments

during

the period

ended

April

30,

2025 can

be

found

in

a

table

located

in

the

Schedule

of

Investments.

4.

Federal

Income

Tax 

Income

and

capital

gains

distributions

are

determined

in

accordance

with

income

tax

regulations

that

may

differ

from

US

GAAP.

These

differences

are

due

to

differing

treatments

for

items

such

as

net

short-term

gains,

deferral

of

wash

sale

losses,

foreign

currency

transactions,

passive

foreign

investment

companies,

net

investment

losses,

in-kind

transactions

and

capital

loss

carryovers.

The

Fund

has

elected

to

treat

gains

and

losses

on

forward

foreign

currency

contracts

as

capital

gains

and

losses,

if

applicable.

Other

foreign

currency

gains

and

losses

on

debt

instruments

are

treated

as

ordinary

income

for

federal

income

tax

purposes

pursuant

to

Section

988

of

the

Internal

Revenue

Code. 

The

aggregate

cost

of

investments

and

the

composition

of

unrealized

appreciation

and

depreciation

of

investment

securities

for

federal

income

tax

purposes

as

of April

30,

2025 are

noted

below.

The

primary

difference

between

book

and

tax

appreciation

or

depreciation

of

investments

is

wash

sale

loss

deferrals. 

5.

Capital

Share

Transactions 

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$24,637,703

$1,684,474

$(1,025,466)

$659,008

Period

Ended

April

30,

2025

Year

Ended

October

31,

2024

Shares

Amount

Shares

Amount

Shares

sold

50,000

$

1,181,298

975,000

$

21,066,465

Shares

repurchased

(25,000)

(609,218

)

(150,000)

(3,316,049

)

Net

Increase/(Decrease)

25,000

$

572,080

825,000

$

17,750,416

Janus

Henderson

U.S.

Real

Estate

ETF

Notes

to

Financial

Statements

(unaudited)

16

April

30,

2025

6.

Purchases

and

Sales

of

Investment

Securities

For

the

period

ended

April

30,

2025,

the

aggregate

cost

of

purchases

and

proceeds

from

sales

of

investment

securities

(excluding

any

short-term

securities,

short-term

options

contracts,

and

in-kind

transactions)

was

as

follows:

For

the

period

ended April

30,

2025,

the

cost

of

in-kind

purchases

and

proceeds

from

in-kind

sales,

were

as

follows: 

During

the

period

ended

April

30,

2025,

the

Fund

had

net

realized

gain of $68,033 from

in-kind

redemptions.

Gains

on

in-kind

transactions

are

not

considered

taxable

for

federal

income

tax

purposes.

7.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to April

30,

2025

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

$8,148,313

$8,159,424

$—

$—

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

$1,180,094

$604,042

$—

$—

Janus

Henderson

U.S.

Real

Estate

ETF

Additional

Information

(unaudited)

Janus

Detroit

Street

Trust

17

Item

8.

Changes

in

and

Disagreements

with

Accountants

for

Open-End

Management

Investment

Companies.

Not

applicable.

Item

9.

Proxy

Disclosures

for

Open-End

Management

Investment

Companies.

Not

applicable.

Item

10.

Remuneration

Paid

to

Directors,

Officers,

and

Others

of

Open-End

Management

Investment

Companies.

Because

the

Adviser

has

agreed

in

the

Investment

Advisory

Agreement

to

cover

all

operating

expenses

of

the

Fund,

subject

to

certain

exclusions

as

provided

for

therein,

the

Adviser

pays

the

compensation

to

each

Independent

Trustees

for

services

to

the

Fund

from

the

Adviser's

management

fees.

Item

11.

APPROVAL

OF

ADVISORY

AGREEMENTS

DURING

THE

PERIOD

The

Board

of

Trustees

(the

“Board”)

of

Janus

Detroit

Street

Trust

(the

“Trust”),

including

a

majority

of

the

Trustees

who

are

not

“interested

persons”

as

that

term

is

defined

in

the

Investment

Company

Act

of

1940,

as

amended

(the

“Independent

Trustees”),

met

in

person

on

April

16-17,

2025

to

consider

the

proposed

renewal

of

the

investment

management

agreement

between

Janus

Henderson

Investors

US

LLC

(the

“Adviser”)

and

the

Trust

(the

“Investment

Management

Agreement”),

on

behalf

of

Janus

Henderson

AAA

CLO

ETF

(“JAAA”),

Janus

Henderson

B-BBB

CLO

ETF

(“JBBB”),

Janus

Henderson

Corporate

Bond

ETF

(“JLQD”),

Janus

Henderson

Mortgage-Backed

Securities

ETF

(“JMBS”),

Janus

Henderson

Securitized

Income

ETF

(“JSI”),

Janus

Henderson

Short

Duration

Income

ETF

(“VNLA”),

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

(“JSML”),

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

(“JSMD”),

Janus

Henderson

U.S.

Real

Estate

ETF

(“JRE”),

and

Janus

Henderson

U.S.

Sustainable

Equity

ETF

(“SSPX”)

(each

a

separate

series

of

the

Trust,

and

collectively,

the

“Funds”).

In

the

course

of

their

consideration

of

the

renewal

of

the

Investment

Management

Agreement,

the

Independent

Trustees

met

in

executive

session

and

were

advised

by

their

independent

counsel.

In

this

regard,

the

Independent

Trustees

evaluated

the

terms

of

the

Investment

Management

Agreement

and

reviewed

the

duties

and

responsibilities

of

trustees

in

evaluating

and

approving

such

agreements.

In

considering

renewal

of

the

Investment

Management

Agreement,

the

Board

and

the

Independent

Trustees,

as

applicable,

reviewed

the

materials

provided

to

them

relating

to

the

consideration

of

the

renewal

of

the

Investment

Management

Agreement

for

the

Funds

and

other

information

provided

by

counsel

and

the

Adviser,

including:

(i)

information

regarding

the

nature,

quality

and

extent

of

the

services

provided

to

the

Funds

by

the

Adviser,

and

the

fees

charged

to

each

Fund

therefor;

(ii)

information

concerning

the

Adviser’s

financial

condition,

business,

operations,

portfolio

management

personnel,

compliance

programs,

and

profitability

with

respect

to

the

Trust

and

each

Fund;

(iii)

comparative

information

describing

each

Fund’s

advisory

fee

structures,

operating

expenses,

and

performance

information

as

compared

to

peer

fund

groups

compiled

by

an

independent

third

party;

(iv)

a

copy

of

the

Adviser’s

current

Form

ADV;

and

(v)

a

memorandum

from

counsel

to

the

Independent

Trustees

on

the

responsibilities

of

trustees

in

considering

investment

advisory

arrangements

under

the

1940

Act.

The

Board

also

considered

presentations

made

by,

and

discussions

held

with,

representatives

of

the

Adviser

throughout

the

year.

The

Trustees

also

considered

information

received

and

reviewed

in

connection

with

a

meeting

held

on

March

10,

2025

via

videoconference

to

discuss

certain

information

provided

by

the

Adviser

related

to

the

Trustees’

consideration

of

the

renewal

of

the

Investment

Management

Agreement.

The

Board

determined

that

the

information

provided

by

the

Adviser

was

thorough

and

sufficiently

responsive

to

their

request

so

as

to

permit

the

effective

consideration

of

the

renewal.

During

its

review

of

this

information,

the

Board

focused

on

and

analyzed

the

factors

that

it

deemed

relevant,

including,

among

other

factors:

(i)

the

nature,

extent

and

quality

of

the

services

provided

to

the

Funds

by

the

Adviser;

(ii)

the

Adviser’s

personnel

and

operations;

(iii)

each

Fund’s

expense

level;

(iv)

the

profitability

to

the

Adviser

under

the

Investment

Management

Agreement

with

respect

to

each

Fund;

(v)

any

“fall-out”

benefits

to

the

Adviser

and

its

affiliates

Janus

Henderson

U.S.

Real

Estate

ETF

Additional

Information

(unaudited)

18

April

30,

2025

(i.e.,

the

ancillary

benefits

realized

by

the

Adviser

and

its

affiliates

from

the

Adviser’s

relationship

with

the

Trust);

(vi)

the

effect

of

asset

growth

on

each

Fund’s

expenses;

and

(vii)

potential

conflicts

of

interest.

The

Trustees

also

considered

benefits

that

accrue

to

the

Adviser

and

its

affiliates

from

their

relationships

with

the

Trust

and

each

Fund.

The

Trustees

also

considered

that,

other

than

the

services

provided

by

the

Adviser

and

its

affiliates

pursuant

to

agreements

with

the

Funds

and

the

fees

paid

by

the

Funds

therefor,

the

Funds

and

the

Adviser

may

potentially

benefit

from

their

relationship

with

each

other

in

other

ways.

The

Trustees

considered

that

the

success

of

the

Funds

could

attract

other

business

to

the

Adviser

or

other

Janus

Henderson

funds,

and

that

the

success

of

the

Adviser

could

enhance

the

Adviser’s

ability

to

serve

the

Funds.

The

Board,

including

the

Independent

Trustees,

considered

the

following

in

respect

of

the

Funds:

(a)

The

nature,

extent

and

quality

of

services

provided

by

the

Adviser;

personnel

and

operations

of

the

Adviser.

The

Board

reviewed

the

services

that

the

Adviser

provides

to

the

Funds.

In

connection

with

the

investment

advisory

services

provided

by

the

Adviser,

the

Board

noted

the

responsibilities

that

the

Adviser

has

as

the

Funds’

investment

adviser,

including:

the

overall

supervisory

responsibility

for

the

general

management

and

investment

of

each

Fund’s

securities

portfolio;

providing

oversight

of

the

investment

performance

and

processes

and

compliance

with

each

Fund’s

investment

objectives,

policies

and

limitations;

the

implementation

of

the

investment

management

program

of

each

Fund;

the

management

of

the

day-to-day

investment

and

reinvestment

of

the

assets

of

each

Fund;

determining

daily

baskets

of

securities

and

cash

components

in

connection

with

creation

and

redemption

transactions

in

each

Fund’s

shares;

executing

portfolio

security

trades

for

purchases

and

redemptions

of

each

Fund’s

shares

conducted

on

a

cash-

in-lieu

basis;

the

review

of

brokerage

matters;

the

oversight

of

general

portfolio

compliance

with

relevant

law;

and

the

implementation

of

Board

directives

as

they

relate

to

the

Funds.

The

Board

reviewed

the

Adviser’s

experience,

resources,

and

strengths

in

managing

the

Funds

and

other

pooled

investment

vehicles,

including

an

assessment

of

the

Adviser’s

personnel.

Based

on

its

consideration

and

review

of

the

foregoing

information,

the

Board

determined

that

each

Fund

was

likely

to

continue

to

benefit

from

the

nature,

quality

and

extent

of

these

services,

as

well

as

the

Adviser’s

ability

to

render

such

services

based

on

the

Adviser’s

experience,

personnel,

operations

and

resources.

(b)

Comparison

of

services

rendered

and

fees

paid

under

other

investment

advisory

contracts,

and

the

cost

of

the

services

to

be

provided

and

profits

to

be

realized

by

the

Adviser

from

the

relationship

with

the

Funds;

“fall-out”

benefits.

The

Board

then

compared

both

the

services

rendered

and

the

fees

paid

under

other

contracts

of

the

Adviser

and

under

contracts

of

other

investment

advisers

with

respect

to

similar

ETFs.

In

particular,

the

Board

reviewed

a

report

compiled

by

an

independent

third

party

to

compare

each

Fund’s

contractual

management

fee

and

total

expense

ratio

to

other

investment

companies

within

each

Fund’s

respective

peer

grouping,

as

determined

by

the

independent

third

party.

The

information

provided

by

the

comparative

report

showed

how

the

total

expense

ratio

and

contractual

management

fee

for

each

of

the

Funds

compared

within

its

respective

peer

group

for

the

one-year

period

ended

December

31,

2024.

The

reporting

is

described

in

detail

below:

Janus

Henderson

U.S.

Real

Estate

ETF

Additional

Information

(unaudited)

Janus

Detroit

Street

Trust

19

The

total

expense

ratio

and

the

contractual

management

fee

for

JAAA

were

each

reported

in

the

3rd

quintile

of

its

respective

peer

group

(with

1st

quintile

being

the

lowest

fees/expenses

and

5th

quintile

being

the

highest

fees/

expenses).

The

total

expense

ratio

and

the

contractual

management

fee

for

JBBB

were

each

reported

in

the

1st

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JLQD

were

each

reported

in

the

3rd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JMBS

were

each

reported

in

the

1st

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JSI

were

each

reported

in

the

4th

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

VNLA

were

each

reported

in

the

1st

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JSML

were

reported

in

the

3rd

and

2nd

quintiles,

respectively.

The

total

expense

ratio

and

the

contractual

management

fee

for

JSMD

were

reported

in

the

3rd

and

2nd

quintiles,

respectively.

The

total

expense

ratio

and

the

contractual

management

fee

for

JRE

were

reported

in

the

4th

and

3rd

quintiles,

respectively.

The

total

expense

ratio

and

the

contractual

management

fee

for

SSPX

were

each

reported

in

the

2nd

quintile.

The

Board

further

considered

that

the

Adviser

had

voluntarily

agreed

to

cap

the

expenses

of

JAAA,

JMBS

and

VNLA

to

the

extent

that

such

Funds’

total

expense

ratio

exceeded

0.20%,

0.22%

and

0.23%,

respectively,

until

at

least

February

28,

2026.

The

Board

also

considered

that

the

Adviser

had

voluntarily

agreed

to

cap

the

expenses

of

JLQD

to

the

extent

that

the

Fund’s

total

expense

ratio

exceeded

0.20%

until

at

least

May

1,

2026.

The

Board

further

noted

the

Adviser’s

contractual

commitment

with

respect

to

the

Funds’

investments

in

affiliated

ETFs

to

waive

and/or

reimburse

a

portion

of

its

management

fee

in

an

amount

equal

to

a

portion

of

the

management

fee

it

earns

as

investment

adviser

to

affiliated

ETFs

in

which

a

Fund

invests

(if

any),

for

until

at

least

February 28,

2026.

The

Board

also

discussed

the

costs

incurred

by

the

Adviser

in

connection

with

its

serving

as

investment

adviser

to

the

Funds,

including

operational

costs.

After

comparing

each

Fund’s

fees

and

expenses

with

those

of

other

ETFs

in

the

Funds’

respective

peer

groups,

and

in

light

of

the

nature,

extent

and

quality

of

services

provided

by

the

Adviser

and

the

costs

incurred

by

the

Adviser

in

rendering

those

services,

as

well

as

the

profitability

of

the

Adviser

in

providing

these

services,

the

Board

concluded

that

the

level

of

fees

paid

to

the

Adviser

and

the

profitability

with

respect

to

each

Fund

was

fair

and

reasonable.

The

Board

also

considered

that

the

Adviser

may

experience

reputational

“fall-out”

benefits

based

on

the

success

of

the

Funds,

but

that

such

benefits

are

not

easily

quantifiable.

(c)

The

extent

to

which

economies

of

scale

would

be

realized

as

the

Fund

grows

and

whether

fee

levels

would

reflect

such

economies

of

scale.

The

Board

next

discussed

potential

economies

of

scale.

In

its

review,

the

Board

considered

that

the

Funds

were

positioned

to

realize

potential

economies

of

scale

as

assets

grow

over

time,

given

the

inclusion

of

management

fee

breakpoints

for

each

Fund

in

the

current

investment

advisory

agreement

at

various

asset

levels.

(d)

Investment

performance

of

the

Fund

and

the

Adviser.

Janus

Henderson

U.S.

Real

Estate

ETF

Additional

Information

(unaudited)

20

April

30,

2025

The

Board

next

discussed

the

annualized

returns

of

the

Funds

on

both

an

absolute

basis

and

relative

to

the

performance

of

funds

comprising

a

performance

universe

compiled

by

an

independent

third

party

for

each

Fund

for

the

three-month

period,

one-year

period,

two-year

period,

three-year

period,

four-year

period,

five-year

period,

and/or

since

inception

period

ended

December

31,

2024

(each

period

as

applicable).

The

Board

noted

the

following

for

each

Fund:

JAAA

was

reported

to

be

in

the

1st

quintile

of

its

performance

universe

(with

the

1st

quintile

being

the

best

performer

and

the

5th

quintile

being

the

worst

performer)

for

its

one-,

two-,

three-

and

four-year

periods;

JBBB

was

reported

to

be

in

the

1stquintile

of

its

performance

universe

for

its

one-

and

two-year

periods,

respectively;

JLQD

was

reported

to

be

in

the

2nd,

3rd,

and

2nd

quintiles

of

its

performance

universe

for

its

one-,

two-,

and

three-

year

periods,

respectively.

JMBS

was

reported

to

be

in

the

1st

quintile

of

its

performance

universe

for

its

one-,

two-,

three-,

four-,

and

five-year

periods;

JSI

was

reported

to

be

in

the

2nd,

1st,

and

1st

quintiles

of

its

performance

universe

for

its

three

month,

one

year,

and

since

inception

periods,

respectively.

VNLA

was

reported

to

be

in

the

2nd,

2nd,

2nd,

2nd,

and

1st

quintiles

of

its

performance

universe

for

each

of

its

one-

,

two-,

three-,

four-,

and

five-year

periods;

JSML

was

reported

to

be

in

the

4th,

1st,

1st,

3rd,

and

3rd

quintiles

of

its

performance

universe

for

its

one-,

two-,

three-,

four-,

and

five-year

periods,

respectively;

JSMD

was

reported

to

be

in

the

3rd,

2nd,

1st,

2nd,

and

2nd

quintiles

of

its

performance

universe

for

its

one-,

two-,

three-,

four-,

and

five-year

periods,

respectively;

JRE

was

reported

to

be

in

the

2nd,

4th,

and

2nd

quintiles

of

its

performance

universe

for

its

one-,

two-,

and

three-

year

periods,

respectively;

and

SSPX

was

reported

to

be

in

the

5th

quintile

of

its

performance

universe

for

its

one-,

two-,

and

three-

year

periods.

With

respect

to

JSML

and

JSMD,

the

Board

noted

that

these

Funds

had

operated

as

index-based

during

the

periods

described

above

and,

as

a

result,

had

been

passively

managed

to

seek

to

track

the

returns

of

specified

indices.

For

this

reason,

the

Board

also

considered

the

performance

of

these

Funds

in

relation

to

the

performance

of

each

Fund’s

respective

underlying

index

(i.e.,

“tracking

error”)

and

considered

that

the

tracking

error

was

within

anticipated

ranges.

The

Board

considered

the

Adviser’s

explanation

of

performance

results

for

each

Fund

across

the

relevant

periods

provided

as

part

of

the

consideration

of

the

renewal

of

the

Investment

Advisory

Agreement,

and

during

the

course

of

the

previous

year.

Conclusion.

No

single

factor

was

determinative

to

the

decision

of

the

Board.

Based

on

the

foregoing

and

such

other

matters

as

were

deemed

relevant,

the

Board

concluded

that

the

management

fee

rates

and

total

expense

ratios

of

each

Fund

are

reasonable

in

relation

to

the

services

provided

by

the

Adviser

to

such

Fund,

as

well

as

the

costs

incurred

and

benefits

gained

by

the

Adviser

in

providing

such

services.

The

Board

also

found

the

management

fees

to

be

reasonable

in

comparison

to

the

fees

charged

by

advisers

to

other

comparable

ETFs

and

mutual

funds

(as

applicable).

As

a

result,

the

Board

concluded

that

the

renewal

of

the

Investment

Management

Agreement

for

an

additional

one-year

period

was

in

the

best

interests

of

each

Fund.

After

full

consideration

of

the

above

factors,

as

well

as

other

factors,

the

Trustees,

including

all

of

the

Independent

Trustees

voting

separately,

determined

to

approve

the

renewal

of

the

Investment

Management

Agreement

for

each

Fund.

125-24-93088

04-25

This

report

is

submitted

for

the

general

information

of

shareholders

of

the

Fund.

It

is

not

an

offer

or

solicitation

for

the

Fund

and

is

not

authorized

for

distribution

to

prospective

investors

unless

preceded

or

accompanied

by

an

effective

prospectus.

Janus

Henderson

is

a

trademark

of

Janus

Henderson

Group

plc

or

one

of

its

subsidiaries.

©

Janus

Henderson

Group

plc.

Janus

Henderson

Investors

US

LLC

is

the

investment

adviser

and

ALPS

Distributors,

Inc.

is

the

distributor.

ALPS

is

not

affiliated

with

Janus

Henderson

or

any

of

its

subsidiaries.

SEMIANNUAL

FINANCIAL

STATEMENTS

April

30,

2025

Janus

Henderson

Corporate

Bond

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

Corporate

Bond

ETF

Item

7.

Financial

Statements

and

Financial

Highlights

for

Open-End

Management

Investment

Companies

Schedule

of

Investments

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

3

Statement

of

Assets

and

Liabilities

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

12

Statement

of

Operations

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

13

Statements

of

Changes

in

Net

Assets

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

14

Financial

Highlights

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

15

Notes

to

Financial

Statements

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

16

Items

8-11

-

Additional

Information

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

29

Janus

Henderson

Corporate

Bond

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

Janus

Detroit

Street

Trust

3

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Asset-Backed

Securities

-

2.9%

CF

Hippolyta

Issuer

LLC,

1.9800%,

3/15/61

(144A)

$

510,807

$

481,970

United

Airlines

Pass-Through

Trust,

3.7500%,

9/3/26

234,662

229,992

Total

Asset-Backed

Securities

(cost

$655,379)

711,962

Bank

Loans

-

0.9%

Communication

Services

-

0.8%

Genesee

&

Wyoming,

Inc.,

First

Lien

Term

Loan,

CME

Term

SOFR

3

Month

+

1.7500%,

6.0492%, 4/10/31

‡,ƒ

199,609

196,828

Information

Technology

-

0.1%

Clearwater

Analytics

LLC,

First

Lien

Term

Loan,

CME

Term

SOFR

3

Month

+

2.2500%,

6.5195%, 4/21/32

‡,ƒ

42,000

41,790

Total

Bank

Loans

(cost

$241,499)

238,618

Corporate

Bonds

-

86.0%

Basic

Materials

-

3.4%

Barrick

Gold

Corp.,

5.8000%, 11/15/34

175,000

180,698

Barrick

North

America

Finance

LLC,

5.7000%, 5/30/41

62,000

60,724

Chevron

Phillips

Chemical

Co.

LLC,

4.7500%, 5/15/30

(144A)

60,000

60,403

Glencore

Funding

LLC,

5.6730%, 4/1/35

(144A)

95,000

94,766

Newmont

Corp.,

5.3500%, 3/15/34

242,000

246,028

Syensqo

Finance

America

LLC,

5.8500%, 6/4/34

(144A)

203,000

205,658

848,277

Communications

-

2.0%

AT&T,

Inc.,

5.4000%, 2/15/34

159,000

162,365

Frontier

Communications

Holdings

LLC,

8.6250%, 3/15/31

(144A)

230,000

243,917

Time

Warner

Cable

LLC,

6.5500%, 5/1/37

89,000

87,572

493,854

Consumer,

Cyclical

-

7.8%

Choice

Hotels

International,

Inc.,

5.8500%, 8/1/34

248,000

243,380

Ford

Motor

Co.,

3.2500%, 2/12/32

150,000

122,569

Ford

Motor

Credit

Co.

LLC,

6.7980%, 11/7/28

200,000

204,071

General

Motors

Financial

Co.,

Inc.,

ICE

LIBOR

USD

3

Month

+

3.5980%,

5.7500%, 9/30/27

‡,μ

67,000

62,360

General

Motors

Financial

Co.,

Inc.,

6.1000%, 1/7/34

146,000

146,712

Hasbro,

Inc.,

6.0500%, 5/14/34

304,000

308,564

Mattel,

Inc.,

3.7500%, 4/1/29

(144A)

130,000

122,419

Mattel,

Inc.,

5.4500%, 11/1/41

173,000

148,685

Stellantis

Finance

US,

Inc.,

5.7500%, 3/18/30

(144A)

234,000

234,092

Stellantis

Finance

US,

Inc.,

6.4500%, 3/18/35

(144A)

234,000

229,789

Warnermedia

Holdings,

Inc.,

5.1410%, 3/15/52

159,000

108,702

1,931,343

Consumer,

Non-cyclical

-

14.7%

Aetna,

Inc.,

6.6250%, 6/15/36

150,000

159,137

Amgen,

Inc.,

5.6500%, 3/2/53

149,000

143,011

Bacardi-Martini

BV,

6.0000%, 2/1/35

(144A)

199,000

199,703

CVS

Health

Corp.,

5.7000%, 6/1/34

125,000

126,942

CVS

Health

Corp.,

5.0500%, 3/25/48

131,000

111,335

Elevance

Health,

Inc.,

6.1000%, 10/15/52

80,000

81,037

Health

Care

Service

Corp.,

5.4500%, 6/15/34

(144A)

62,000

62,522

Health

Care

Service

Corp.,

5.8750%, 6/15/54

(144A)

124,000

119,403

Heartland

Dental

LLC,

10.5000%, 4/30/28

(144A)

172,000

181,235

Humana,

Inc.,

5.3750%, 4/15/31

148,000

149,903

Humana,

Inc.,

5.9500%, 3/15/34

84,000

86,179

Humana,

Inc.,

3.9500%, 8/15/49

144,000

102,779

Illumina,

Inc.,

2.5500%, 3/23/31

130,000

111,804

JBS

USA

Holding

Lux

SARL,

3.6250%, 1/15/32

139,000

125,760

Janus

Henderson

Corporate

Bond

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

4

April

30,

2025

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)

Mars,

Inc.,

5.0000%, 3/1/32

(144A)

$

44,000

$

44,353

Mars,

Inc.,

5.2000%, 3/1/35

(144A)

126,000

126,494

Mars,

Inc.,

5.7000%, 5/1/55

(144A)

34,000

33,512

McCormick

&

Co.,

Inc.,

4.7000%, 10/15/34

189,000

181,015

Pilgrim's

Pride

Corp.,

3.5000%, 3/1/32

286,000

253,774

Rollins,

Inc.,

5.2500%, 2/24/35

(144A)

160,000

159,622

Royalty

Pharma

plc,

5.4000%, 9/2/34

#

184,000

182,719

Solventum

Corp.,

5.4500%, 3/13/31

177,000

180,726

Solventum

Corp.,

5.6000%, 3/23/34

75,000

75,830

Solventum

Corp.,

6.0000%, 5/15/64

61,000

58,704

UnitedHealth

Group,

Inc.,

4.7500%, 5/15/52

63,000

53,096

UnitedHealth

Group,

Inc.,

5.6250%, 7/15/54

96,000

92,319

Universal

Health

Services,

Inc.,

2.6500%, 1/15/32

150,000

123,934

Verisk

Analytics,

Inc.,

5.2500%, 3/15/35

314,000

311,340

3,638,188

Energy

-

4.5%

Columbia

Pipelines

Holding

Co.

LLC,

5.0970%, 10/1/31

(144A)

102,000

100,677

DT

Midstream,

Inc.,

5.8000%, 12/15/34

(144A)

107,000

105,998

EQT

Corp.,

6.3750%, 4/1/29

(144A)

121,000

123,811

Hess

Midstream

Operations

LP,

5.8750%, 3/1/28

(144A)

50,000

50,105

Hess

Midstream

Operations

LP,

5.1250%, 6/15/28

(144A)

166,000

162,512

Marathon

Petroleum

Corp.,

5.1500%, 3/1/30

250,000

251,588

Occidental

Petroleum

Corp.,

5.3750%, 1/1/32

123,000

117,009

Ovintiv,

Inc.,

7.1000%, 7/15/53

92,000

89,503

Western

Midstream

Operating

LP,

5.4500%, 4/1/44

122,000

103,223

1,104,426

Financial

-

35.0%

AerCap

Ireland

Capital

DAC,

4.9500%, 9/10/34

159,000

152,378

Agree

LP,

5.6250%, 6/15/34

125,000

126,171

Ally

Financial,

Inc.,

SOFR

+

2.2900%,

6.1840%, 7/26/35

‡

160,000

157,769

Ares

Capital

Corp.,

5.9500%, 7/15/29

158,000

159,941

Arthur

J

Gallagher

&

Co.,

4.8500%, 12/15/29

#

22,000

22,272

Arthur

J

Gallagher

&

Co.,

5.0000%, 2/15/32

12,000

12,048

Arthur

J

Gallagher

&

Co.,

5.4500%, 7/15/34

79,000

80,238

Arthur

J

Gallagher

&

Co.,

5.1500%, 2/15/35

30,000

29,771

Arthur

J

Gallagher

&

Co.,

5.5500%, 2/15/55

127,000

119,629

Atlas

Warehouse

Lending

Co.

LP,

6.0500%, 1/15/28

(144A)

316,000

318,101

Bank

of

America

Corp.,

SOFR

+

1.3100%,

5.5110%, 1/24/36

‡

40,000

40,544

Barclays

plc,

SOFR

+

2.2200%,

6.4900%, 9/13/29

‡

200,000

210,543

Blackstone

Private

Credit

Fund,

7.3000%, 11/27/28

59,000

62,421

Blackstone

Private

Credit

Fund,

5.6000%, 11/22/29

(144A)

123,000

121,135

Blackstone

Secured

Lending

Fund,

5.8750%, 11/15/27

123,000

124,543

Blue

Owl

Capital

Corp.,

3.1250%, 4/13/27

95,000

90,321

Blue

Owl

Finance

LLC,

6.2500%, 4/18/34

239,000

241,135

Capital

One

Financial

Corp.,

SOFR

+

1.9050%,

5.7000%, 2/1/30

‡

21,000

21,511

Capital

One

Financial

Corp.,

SOFR

+

3.0700%,

7.6240%, 10/30/31

‡

110,000

122,531

Capital

One

Financial

Corp.,

SOFR

+

2.6000%,

5.8170%, 2/1/34

‡

61,000

61,550

Capital

One

Financial

Corp.,

SOFR

+

2.0360%,

6.1830%, 1/30/36

‡

87,000

85,917

CBRE

Services,

Inc.,

5.5000%, 6/15/35

137,000

136,486

Citigroup,

Inc.,

SOFR

+

1.8300%,

6.0200%, 1/24/36

‡

87,000

87,240

Citigroup,

Inc.,

CME

Term

SOFR

3

Month

+

1.4296%,

3.8780%, 1/24/39

‡

146,000

122,618

Cooperatieve

Rabobank

UA,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.0000%,

5.7100%, 1/21/33

(144A)

‡

305,000

315,470

Janus

Henderson

Corporate

Bond

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

Janus

Detroit

Street

Trust

5

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Corporate

Bonds

-

(continued)

Financial

-

(continued)

Danske

Bank

A/S,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.4000%,

5.7050%, 3/1/30

(144A)

‡

$

310,000

$

319,751

Deutsche

Bank

AG,

SOFR

+

1.7180%,

3.0350%, 5/28/32

‡

231,000

204,107

Discover

Financial

Services,

SOFRINDX

+

3.3700%,

7.9640%, 11/2/34

‡

105,000

120,443

Equinix

Europe

2

Financing

Corp.

LLC,

5.5000%, 6/15/34

208,000

211,872

Essex

Portfolio

LP,

5.3750%, 4/1/35

250,000

248,868

GLP

Capital

LP,

5.6250%, 9/15/34

196,000

191,618

Goldman

Sachs

Group,

Inc.

(The),

SOFR

+

1.5520%,

5.8510%, 4/25/35

‡

238,000

245,400

Goldman

Sachs

Group,

Inc.

(The),

SOFR

+

1.4200%,

5.0160%, 10/23/35

‡

192,000

186,041

ING

Groep

NV,

SOFR

+

2.0900%,

6.1140%, 9/11/34

‡

200,000

210,498

Jane

Street

Group,

6.1250%, 11/1/32

(144A)

224,000

220,165

LPL

Holdings,

Inc.,

6.0000%, 5/20/34

180,000

183,136

LPL

Holdings,

Inc.,

5.6500%, 3/15/35

89,000

88,007

Macquarie

Airfinance

Holdings

Ltd.,

5.1500%, 3/17/30

(144A)

122,000

119,723

Morgan

Stanley,

SOFR

+

1.8700%,

5.2500%, 4/21/34

‡

46,000

46,000

Morgan

Stanley,

SOFR

+

1.5550%,

5.3200%, 7/19/35

‡

126,000

125,431

Morgan

Stanley,

SOFR

+

2.6200%,

5.2970%, 4/20/37

‡

130,000

126,975

Nationwide

Building

Society,

5.1270%, 7/29/29

(144A)

200,000

203,535

OneMain

Finance

Corp.,

6.7500%, 3/15/32

171,000

167,722

PNC

Financial

Services

Group,

Inc.

(The),

SOFRINDX

+

2.1400%,

6.0370%, 10/28/33

‡

187,000

195,392

Realty

Income

Corp.,

5.1250%, 4/15/35

249,000

246,773

Sun

Communities

Operating

LP,

5.5000%, 1/15/29

63,000

64,777

Sun

Communities

Operating

LP,

2.7000%, 7/15/31

213,000

186,132

Sun

Communities

Operating

LP,

5.7000%, 1/15/33

246,000

251,641

Synchrony

Financial,

2.8750%, 10/28/31

252,000

213,516

Truist

Financial

Corp.,

SOFR

+

1.9220%,

5.7110%, 1/24/35

‡

41,000

41,708

US

Bancorp,

SOFR

+

1.6000%,

4.8390%, 2/1/34

‡

58,000

56,329

US

Bancorp,

SOFR

+

2.2600%,

5.8360%, 6/12/34

‡

135,000

139,381

US

Bancorp,

SOFR

+

1.8600%,

5.6780%, 1/23/35

‡

57,000

58,080

Ventas

Realty

LP,

5.0000%, 1/15/35

167,000

161,255

VICI

Properties

LP,

3.8750%, 2/15/29

(144A)

264,000

252,809

Wells

Fargo

&

Co.,

SOFR

+

1.9900%,

5.5570%, 7/25/34

‡

218,000

220,975

Wells

Fargo

&

Co.,

SOFR

+

1.7800%,

5.4990%, 1/23/35

‡

80,000

80,616

Willis

North

America,

Inc.,

5.3500%, 5/15/33

189,000

190,565

Willis

North

America,

Inc.,

3.8750%, 9/15/49

100,000

72,165

8,673,689

Industrial

-

4.1%

Berry

Global,

Inc.,

5.8000%, 6/15/31

120,000

124,911

Berry

Global,

Inc.,

5.6500%, 1/15/34

123,000

123,931

Boeing

Co.

(The),

6.5280%, 5/1/34

119,000

127,823

Huntington

Ingalls

Industries,

Inc.,

4.2000%, 5/1/30

#

167,000

161,166

Martin

Marietta

Materials,

Inc.,

5.5000%, 12/1/54

126,000

116,987

Molex

Electronic

Technologies

LLC,

5.2500%, 4/30/32

(144A)

60,000

60,817

Regal

Rexnord

Corp.,

6.3000%, 2/15/30

85,000

87,790

SMBC

Aviation

Capital

Finance

DAC,

5.5500%, 4/3/34

(144A)

200,000

198,099

Vontier

Corp.,

2.9500%, 4/1/31

22,000

18,966

1,020,490

Technology

-

9.2%

Booz

Allen

Hamilton,

Inc.,

5.9500%, 4/15/35

313,000

311,014

Fiserv,

Inc.,

5.1500%, 8/12/34

163,000

160,218

Foundry

JV

Holdco

LLC,

5.9000%, 1/25/33

(144A)

310,000

316,164

Foundry

JV

Holdco

LLC,

6.2000%, 1/25/37

(144A)

288,000

294,897

Janus

Henderson

Corporate

Bond

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

6

April

30,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Corporate

Bonds

-

(continued)

Technology

-

(continued)

Gartner,

Inc.,

3.6250%, 6/15/29

(144A)

$

99,000

$

92,848

Gartner,

Inc.,

3.7500%, 10/1/30

(144A)

362,000

333,201

Hewlett

Packard

Enterprise

Co.,

5.0000%, 10/15/34

126,000

121,649

Intel

Corp.,

4.7500%, 3/25/50

123,000

96,496

Intel

Corp.,

3.2000%, 8/12/61

105,000

57,138

Micron

Technology,

Inc.,

5.8000%, 1/15/35

184,000

182,875

Synopsys,

Inc.,

4.8500%, 4/1/30

33,000

33,360

Synopsys,

Inc.,

5.0000%, 4/1/32

96,000

96,667

Synopsys,

Inc.,

5.7000%, 4/1/55

50,000

48,328

VMware

LLC,

4.7000%, 5/15/30

67,000

66,391

Western

Digital

Corp.,

4.7500%, 2/15/26

54,000

53,644

2,264,890

Utilities

-

5.3%

Ameren

Corp.,

5.3750%, 3/15/35

252,000

251,625

Duke

Energy

Corp.,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.5880%,

6.4500%, 9/1/54

‡

72,000

72,151

Duke

Energy

Progress

LLC,

5.3500%, 3/15/53

91,000

84,902

NiSource,

Inc.,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.5270%,

6.3750%, 3/31/55

‡

119,000

116,097

NRG

Energy,

Inc.,

6.0000%, 2/1/33

(144A)

90,000

89,056

NRG

Energy,

Inc.,

6.2500%, 11/1/34

(144A)

78,000

77,880

PPL

Capital

Funding,

Inc.,

5.2500%, 9/1/34

254,000

253,973

Southern

Co.

(The),

5.7000%, 3/15/34

119,000

123,031

Xcel

Energy,

Inc.,

5.4500%, 8/15/33

252,000

252,925

1,321,640

Total

Corporate

Bonds

(cost

21,357,169)

21,296,797

Foreign

Government

Bonds

-

1.5%

Federative

Republic

of

Brazil,

6.6250%, 3/15/35

200,000

199,333

Republic

of

Poland,

5.3750%, 2/12/35

164,000

165,713

Total

Foreign

Government

Bonds

(cost

364,142)

365,046

U.S.

Treasury

Notes/Bonds

-

0.8%

4.6250%,

2/15/35

(cost

$200,636)

191,600

198,785

Investment

Companies

-

30.3%

Money

Market

Funds

-

30.3%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

4.3351%

£,∞

(cost

$7,489,412)

7,487,914

7,489,412

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

0.5%

Investment

Companies

-

0.4%

Janus

Henderson

Cash

Collateral

Fund

LLC,

4.2679%

£,∞

105,858

105,858

Time

Deposits

-

0.1%

Royal

Bank

of

Canada,

4.3100%,

5/1/25

26,465

26,465

Total

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

(cost

$132,323)

132,323

Total

Investments

(total

cost

$

30,440,560

)

-

122.9%

30,432,943

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(22.9%)

(5,673,456)

Net

Assets

-

100.0%

$24,759,487

Janus

Henderson

Corporate

Bond

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

Janus

Detroit

Street

Trust

7

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

$

27,831,739

91.3

%

Netherlands

725,671

2.4

United

Kingdom

533,801

1.8

Ireland

350,477

1.2

Denmark

319,751

1.1

Brazil

199,333

0.7

Canada

180,698

0.6

Poland

165,713

0.5

Luxembourg

125,760

0.4

Total

$

30,432,943

100.0%

Schedule

of

Affiliated

Investments

-

(%

of

Net

Assets)

Affiliated

Investments,

at

Value

at

10/31/24

Purchases

Sales

Proceeds

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciatio

n/

(Depreciation)

Affiliated

Investments,

at

Value

at

4/30/25

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

Shares

Held

at

4/30/25

Dividend

Income

Investment

Company

-

30.3%

Money

Market

Funds

-

30.3%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

4.3351%

∞

$

1,327,106

$

16,158,683

$

(9,996,377)

$

–

$

–

$

7,489,412

7,487,914

$

18,057

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

0.5%

Investment

Companies

-

0.4%

Janus

Henderson

Cash

Collateral

Fund

LLC,

4.2679%

∞

449,871

4,835,615

(5,179,628)

–

–

105,858

105,858

8,012

Δ

Total

Affiliated

Investments

-

30.7%

$1,776,977

$20,994,298

$(15,176,005)

$–

$–

$7,595,270

$26,069

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

9

6/30/25

$

1,873,336

$

1,458

U.S.

Treasury

5

Year

Notes

48

6/30/25

5,241,375

69,067

U.S.

Treasury

Long

Bond

51

6/18/25

5,947,875

(39,511)

U.S.

Treasury

Ultra

Bond

9

6/18/25

1,089,281

(2,113)

Total

-

Futures

Long

28,901

Futures

Short:

U.S.

Treasury

10

Year

Notes

30

6/18/25

(3,366,563)

(49,649)

U.S.

Treasury

10

Year

Ultra

Bond

76

6/18/25

(8,719,813)

(101,883)

Total

-

Futures

Short

(151,532)

Total

$(122,631)

Janus

Henderson

Corporate

Bond

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

8

April

30,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

The

following

table,

grouped

by

derivative

type,

provides

information

about

the

fair

value

and

location

of

derivatives

within

the

Statement

of

Assets

and

Liabilities

as

of

April

30,

2025.

The

following

tables

provide

information

about

the

effect

of

derivatives

and

hedging

activities

on

the

Fund’s

Statement

of

Operations

for

the period

ended

April

30,

2025.

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

April

30,

2025

Interest

Rate

Contracts

Total

Asset

Derivatives:

*

Futures

contracts

$

70,525

$

70,525

Total

Asset

Derivatives

$

70,525

$

70,525

Liability

Derivatives:

*

Futures

contracts

193,156

193,156

Total

Liability

Derivatives

$

193,156

$

193,156

*

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

Period

Ended

April

30,

2025

Amount

of

Realized

Gain/(Loss)

Recognized

on

Derivatives

Derivative

Credit

Contracts

Interest

Rate

Contracts

Total

Futures

contracts

$

—

$

(144,656)

$

(144,656)

Swap

contracts

(8,459)

—

(8,459)

Total

$

(8,459)

$

(144,656)

$

(153,115)

Amount

of

Change

in

Unrealized

Appreciation/(Depreciation)

Recognized

on

Derivatives

Derivative

Interest

Rate

Contracts

Total

Futures

contracts

$

(26,697)

$

(26,697)

Average

Ending

Monthly

Value

of

Derivative

Instruments

During

the

Period

Ended

April

30,

2025

Futures

contracts:

Average

notional

amount

of

contracts

-

long

$19,836,238

Average

notional

amount

of

contracts

-

short

15,478,867

Credit

default

swaps:

1,475,000

Average

notional

amount

-

buy

protection

750,000

Average

notional

amount

-

sell

protection

725,000

Janus

Henderson

Corporate

Bond

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

Janus

Detroit

Street

Trust

9

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Offsetting

of

Financial

Assets

and

Derivative

Assets

Counterparty

Gross

Amounts

of

Recognized

Assets

Offsetting

Asset

or

Liability

(a)

Collateral

Pledged

(b)

Net

Amount

JPMorgan

Chase

Bank

NA

$

129,582

$

—

$

(129,582)

$

—

(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

Corporate

Bond

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

April

30,

2025

10

April

30,

2025

CME

Chicago

Mercantile

Exchange

ICE

Intercontinental

Exchange

LIBOR

LIBOR

(London

Interbank

Offered

Rate)

is

a

short-term

interest

rate

that

banks

offer

one

another

and

generally

represents

current

cash

rates.

LLC

Limited

Liability

Company

LP

Limited

Partnership

plc

Public

Limited

Company

REIT

Real

Estate

Investment

Trust

SOFR

Secured

Overnight

Financing

Rate

SOFRINDX

Secured

Overnight

Financing

Rate

Compounded

Index

#

Loaned

security;

a

portion

of

the

security

is

on

loan

at

April

30,

2025.

∞

Rate

shown

is

the

7-day

yield

as

of

April

30,

2025.

£

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.

‡

Variable

or

floating

rate

security.

Rate

shown

is

the

current

rate

as

of

April

30,

2025.

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.

μ

Perpetual

security.

Perpetual

securities

have

no

stated

maturity

date,

but

they

may

be

called/redeemed

by

the

issuer.

The

date

indicated,

if

any,

represents

the

next

call

date.

ƒ

All

or

a

portion

of

this

position

is

not

funded,

or

has

been

purchased

on

a

delayed

delivery

or

when-issued

basis.

If

applicable,

interest

rates

will

be

determined

and

interest

will

begin

to

accrue

at

a

future

date.

See

Notes

to

Financial

Statements.

144A

Securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended,

are

subject

to

legal

and/or

contractual

restrictions

on

resale

and

may

not

be

publicly

sold

without

registration

under

the

1933

Act.

Unless

otherwise

noted,

these

securities

have

been

determined

to

be

liquid

in

accordance

with

the

requirements

of

Rule

22e-4,

under

the

1940

Act.

The

total

value

of

144A

securities

as

of

the

period

ended

April

30,

2025

is

$6,476,612

which

represents

26.2%

of

net

assets.

Janus

Henderson

Corporate

Bond

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

April

30,

2025

Janus

Detroit

Street

Trust

11

The

following

is

a

summary

of

the

inputs

that

were

used

to

value

the

Fund's

investments

in

securities

and

other

financial

instruments

as

of

April

30,

2025

.

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

Total

Assets

Investments

in

Securities:

Asset-Backed

Securities

$

—

$

711,962

$

—

$

711,962

Bank

Loans

—

238,618

—

238,618

Corporate

Bonds

—

21,296,797

—

21,296,797

Foreign

Government

Bonds

—

365,046

—

365,046

U.S.

Treasury

Notes/Bonds

—

198,785

—

198,785

Investment

Companies

—

7,489,412

—

7,489,412

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

—

132,323

—

132,323

Total

Investments

in

Securities

$

—

$

30,432,943

$

—

$

30,432,943

Other

Financial

Instruments

(a)

:

Futures

Contracts

$

70,525

$

—

$

—

$

70,525

Total

Assets

$

70,525

$

30,432,943

$

—

$

30,503,468

Liabilities

Other

Financial

Instruments

(a)

:

Futures

Contracts

$

193,156

$

—

$

—

$

193,156

Total

Liabilities

$

193,156

$

—

$

—

$

193,156

(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

Corporate

Bond

ETF

Statement

of

Assets

and

Liabilities

(unaudited)

April

30,

2025

12

April

30,

2025

See

Notes

to

Financial

Statements.

Assets:

Unaffiliated

investments,

at

value

(cost

$22,845,290)

(1)

$

22,837,673

Affiliated

investments,

at

value

(cost

$7,595,270)

7,595,270

Cash

84,569

Due

from

broker

for

futures

210,000

Receivables:

Investments

sold

272,365

Interest

297,372

Total

Assets

31,297,249

Liabilities:

Payable

for

variation

margin

on

futures

contracts

22,451

Collateral

on

securities

loaned

(Note

3)

132,323

Payables:

Investments

purchased

170,229

Fund

units

purchased

6,203,941

Management

fees

8,818

Total

Liabilities

6,537,762

Commitments

and

contingent

liabilities

Net

Assets

$

24,759,487

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

32,603,539

Total

distributable

earnings

(loss)

(

7,844,052

)

Total

Net

Assets

$

24,759,487

Net

Assets

$

24,759,487

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

600,001

Net

Asset

Value

Per

Share

$

41

.27

(1)

Includes

$129,582

of

securities

on

loan.

See

Note

3

in

Notes

to

Financial

Statements.

Janus

Henderson

Corporate

Bond

ETF

Statement

of

Operations

(unaudited)

For

the

period

ended

April

30,

2025

Janus

Detroit

Street

Trust

13

See

Notes

to

Financial

Statements.

Investment

Income:

Interest

$

831,541

Dividends

from

affiliates

18,057

Affiliated

securities

lending

income,

net    

8,012

Unaffiliated

securities

lending

income,

net

2,191

Total

Investment

Income

859,801

Expenses:

Management

Fees

53,895

Total

Expenses

53,895

Net

Investment

Income/(Loss)

805,906

Net

Realized

Gain/(Loss)

on

Investments:

Investments

and

foreign

currency

transactions

$

(

235,734

)

Futures

contracts

(

144,656

)

Swap

contracts

(

8,459

)

Total

Net

Realized

Gain/(Loss)

on

Investments

$

(

388,849

)

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

47,779

Futures

contracts

(

26,697

)

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

21,082

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

438,139

Janus

Henderson

Corporate

Bond

ETF

Statements

of

Changes

in

Net

Assets

14

April

30,

2025

See

Notes

to

Financial

Statements.

Period

Ended

April

30,

2025

(unaudited)

Year

Ended

October

31,

2024

Operations:

Net

investment

income/(loss)

$

805,906

$

1,537,190

Net

realized

gain/(loss)

on

investments

(

388,849

)

(

1,404,436

)

Change

in

unrealized

net

appreciation/depreciation

21,082

4,216,471

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

438,139

4,349,225

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(

882,949

)

(

1,521,574

)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(

882,949

)

(

1,521,574

)

Capital

Share

Transactions

(

6,202,080

)

—

Net

Increase/(Decrease)

in

Net

Assets

(

6,646,890

)

2,827,651

Net

Assets:

—

—

Beginning

of

Period  

31,406,377

28,578,726

End

of

Period

$

24,759,487

$

31,406,377

Janus

Henderson

Corporate

Bond

ETF

Financial

Highlights

Janus

Detroit

Street

Trust

15

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

the

period

ended

April

30,

2025

(unaudited)

and

each

year

or

period

ended

October

31

2025

2024

2023

2022

2021

(1)

Net

Asset

Value,

Beginning

of

Period

$41.88

$38.10

$39.05

$49.56

$50.00

Income/(Loss)

from

Investment

Operations:

—

—

—

—

—

Net

investment

income/(loss)

(2)

1.08

2.05

1.57

1.02

0.13

Net

realized

and

unrealized

gain/(loss)

(0.51)

3.76

(0.99)

(10.33)

(0.57)

Total

from

Investment

Operations

0.57

5.81

0.58

(9.31)

(0.44)

Less

Dividends

and

Distributions:

—

—

—

—

—

Dividends

(from

net

investment

income)

(1.18)

(2.03)

(1.53)

(1.09)

—

Distributions

(from

capital

gains)

—

—

—

(0.11)

—

Total

Dividends

and

Distributions

(1.18)

(2.03)

(1.53)

(1.20)

—

Net

Asset

Value,

End

of

Period

$41.27

$41.88

$38.10

$39.05

$49.56

Total

Return

*

1.37%

(3)

15.45%

1.33%

(19.08)%

(0.88)%

Net

assets,

End

of

Period

(in

thousands)

$24,759

$31,406

$28,579

$29,284

$49,561

Ratios

to

Average

Net

Assets

**

Ratio

of

Gross

Expenses

0.35%

0.35%

0.35%

0.35%

0.35%

Ratio

of

Net

Investment

Income/(Loss)

5.24%

4.95%

3.88%

2.28%

1.81%

Portfolio

Turnover

Rate

(4)

88%

200%

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)

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

Corporate

Bond

ETF

Notes

to

Financial

Statements

(unaudited)

16

April

30,

2025

1.

Organization

and

Significant

Accounting

Policies

Janus

Henderson Corporate

Bond

ETF (the

“Fund”,

formerly

Janus

Henderson

Sustainable

Corporate

Bond

ETF)

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 fourteen

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. 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.

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

Chief

Financial

Officer

of

the

Fund/Portfolio

is

designated

as

the

Chief

Operating

Decision

Maker

(“CODM”)

as

it

relates

to

ASC

Topic

280.

The

CODM

has

concluded

that

the

Fund/Portfolio

operated

as

a

single

segment

entity

for

the

period ended

April

30,

2025.

The

key

indicator

of

performance

of

the

Fund

is

net

investment

income

as

reported

on

the

Statement

of

Operations.

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,

Janus

Henderson

Corporate

Bond

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

17

yields,

maturities

and

ratings.

Certain

short-term

securities

maturing

within

60

days

or

less

may

be

evaluated

and

valued

on

an

amortized

cost

basis

provided

that

the

amortized

cost

determined

approximates

market

value.

Securities

for

which

market

quotations

or

evaluated

prices

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

determined

in

good

faith

by

the

Adviser

pursuant

to

the

Valuation

Procedures. Circumstances

in

which

fair

valuation

may

be

utilized

include,

but

are

not

limited

to:

(i)

a

significant

event

that

may

affect

the

securities

of

a

single

issuer,

such

as

a

merger,

bankruptcy,

or

significant

issuer-specific

development;

(ii)

an

event

that

may

affect

an

entire

market,

such

as

a

natural

disaster

or

significant

governmental

action;

(iii)

a

nonsignificant

event

such

as

a

market

closing

early

or

not

opening,

or

a

security

trading

halt;

and

(iv)

pricing

of

a

non-valued

security

and

a

restricted

or

nonpublic

security.

Special

valuation

considerations

may

apply

with

respect

to

“odd-lot”

fixed-income

transactions

which,

due

to

their

small

size,

may

receive

evaluated

prices

by

pricing

services

which

reflect

a

large

block

trade

and

not

what

actually

could

be

obtained

for

the

odd-

lot

position.

The

value

of

the

securities

of

mutual

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

mutual

funds,

and

the

prospectuses

for

such

mutual

funds

explain

the

circumstances

under

which

they

use

fair

valuation

and

the

effects

of

using

fair

valuation.

The

value

of

the

securities

of

any

cash

management

pooled

investment

vehicles

that

operate

as

money

market

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

funds.

Valuation

Inputs

Summary 

FASB

ASC

820,

Fair

Value

Measurements

and

Disclosures

(“ASC

820”),

defines

fair

value,

establishes

a

framework

for

measuring

fair

value,

and

expands

disclosure

requirements

regarding

fair

value

measurements.

This

standard

emphasizes

that

fair

value

is

a

market-based

measurement

that

should

be

determined

based

on

the

assumptions

that

market

participants

would

use

in

pricing

an

asset

or

liability

and

establishes

a

hierarchy

that

prioritizes

inputs

to

valuation

techniques

used

to

measure

fair

value.

These

inputs

are

summarized

into

three

broad

levels: 

Level

1

–

Unadjusted

quoted

prices

in

active

markets

the

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities.

Level

2

–

Observable

inputs

other

than

unadjusted

quoted

prices

included

in

Level

1

that

are

observable

for

the

asset

or

liability

either

directly

or

indirectly.

These

inputs

may

include

quoted

prices

for

the

identical

instrument

on

an

inactive

market,

prices

for

similar

instruments,

interest

rates,

prepayment

speeds,

credit

risk,

yield

curves,

default

rates

and

similar

data.

Assets

or

liabilities

categorized

as

Level

2

in

the

hierarchy

generally

include:

debt

securities

fair

valued

in

accordance

with

the

evaluated

bid

or

ask

prices

supplied

by

a

pricing

service;

securities

traded

on

OTC

markets

and

listed

securities

for

which

no

sales

are

reported

that

are

fair

valued

at

the

latest

bid

price

(or

yield

equivalent

thereof)

obtained

from

one

or

more

dealers

transacting

in

a

market

for

such

securities

or

by

a

pricing

service

approved

by

the

Fund’s

Trustees;

and

certain

short-term

debt

securities

with

maturities

of

60

days

or

less

that

are

fair

valued

at

amortized

cost.

Other

securities

that

may

be

categorized

as

Level

2

in

the

hierarchy

include,

but

are

not

limited

to,

preferred

stocks,

bank

loans,

swaps,

investments

in

unregistered

investment

companies,

options,

and

forward

contracts.

Level

3

–

Unobservable

inputs

for

the

asset

or

liability

to

the

extent

that

relevant

observable

inputs

are

not

available,

representing

the

Fund’s

own

assumptions

about

the

assumptions

that

a

market

participant

would

use

in

valuing

the

asset

or

liability,

and

that

would

be

based

on

the

best

information

available.

There

have

been

no

significant

changes

in

valuation

techniques

used

in

valuing

any

such

positions

held

by

the

Fund

since

the

beginning

of

the

fiscal

year. 

The

inputs

or

methodology

used

for

fair

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

The

summary

of

inputs

used

as

of

April

30,

2025 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

Janus

Henderson

Corporate

Bond

ETF

Notes

to

Financial

Statements

(unaudited)

18

April

30,

2025

be

subject

to

withholding

taxes

in

foreign

jurisdictions.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value.

Interest

income

is

recorded

daily

on

an

accrual

basis

and

includes

amortization

of

premiums

and

accretion

of

discounts.

The

Fund

classifies

gains

and

losses

on

prepayments

received

as

an

adjustment

to

interest

income.

Debt

securities

may

be

placed

in

non-accrual

status

and

related

interest

income

may

be

reduced

by

stopping

current

accruals

and

writing

off

interest

receivables

when

collection

of

all

or

a

portion

of

interest

has

become

doubtful.

Gains

and

losses

are

determined

on

the

identified

cost

basis,

which

is

the

same

basis

used

for

federal

income

tax

purposes.  

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,

options,

and

swaps.

Each

derivative

instrument

that

was

held

by

the

Fund

during

the

period

ended April

30,

2025 is

Janus

Henderson

Corporate

Bond

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

19

discussed

in

further

detail

below.

A

summary

of

derivative

activity

by

the

Fund

is

reflected

in

the

tables

at

the

end

of

the

Schedule

of

Investments.

The

Fund

may

use

derivatives

only

to

manage

or

hedge

portfolio

risk,

including

interest

rate

risk,

or

to

manage

duration.

The

Fund’s

exposure

to

derivatives

will

vary.

The

Fund

may

also

enter

into

short

positions

for

hedging

purposes.

The

Fund’s

use

of

derivative

instruments

involves

risks

different

from,

or

possibly

greater

than,

the

risks

associated

with

investing

directly

in

securities

and

other

traditional

investments.

Derivatives

are

subject

to

a

number

of

risks

including

liquidity

risk,

market

risk,

credit

risk,

default

risk,

counterparty

risk

and

management

risk.

They

also

involve

the

risk

of

mispricing

or

improper

valuation

and

the

risk

that

changes

in

the

value

of

the

derivative

may

not

correlate

exactly

with

the

change

in

the

value

of

the

underlying

asset,

rate

or

index.

Also,

suitable

derivative

transactions

may

not

be

available

in

all

circumstances

and

there

can

be

no

assurance

that

the

Fund

will

engage

in

these

transactions

to

reduce

exposure

to

other

risks

when

that

would

be

beneficial.

While

use

of

derivatives

to

hedge

can

reduce

or

eliminate

losses,

it

can

also

reduce

or

eliminate

gains

or

cause

losses

if

the

market

moves

in

a

manner

different

from

that

anticipated

by the

Adviser or

if

the

cost

of

the

derivative

outweighs

the

benefit

of

the

hedge.

The

Fund’s

ability

to

use

derivatives

may

also

be

limited

by

certain

regulatory

and

tax

considerations. 

In

pursuit

of

its

investment

objective,

the

Fund

may

seek

to

use

derivatives

to

increase

or

decrease

exposure

to

the

following

market

risk

factors: 

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

Janus

Henderson

Corporate

Bond

ETF

Notes

to

Financial

Statements

(unaudited)

20

April

30,

2025

no

guarantee

that

counterparty

exposure

is

reduced

and

these

arrangements

are

dependent

on

the

Adviser's

ability

to

establish

and

maintain

appropriate

systems

and

trading.

Futures

Contracts 

A

futures

contract

is

an

exchange-traded

agreement

to

take

or

make

delivery

of

an

underlying

asset

at

a

specific

time

in

the

future

for

a

specific

predetermined

negotiated

price.

The

Fund

may

enter

into

futures

contracts

to

hedge

or

protect

itself

from

fluctuations

or

other

adverse

movement

in

the

value

of

individual

securities,

the

securities

markets

generally,

or

interest

rate

fluctuations,

without

actually

buying

or

selling

the

underlying

debt

security.

The

Fund

is

subject

to

interest

rate

risk

and

equity

risk

in

the

normal

course

of

pursuing

its

investment

objective

through

its

investments

in

futures

contracts.

The

use

of

futures

contracts

may

involve

risks

such

as

the

possibility

of

illiquid

markets

or

imperfect

correlation

between

the

values

of

the

contracts

and

the

underlying

securities,

or

that

the

counterparty

will

fail

to

perform

its

obligations.

Futures

contracts

are

valued

at

the

settlement

price

on

valuation

date

as

reported

by

an

approved

vendor.

Mini

contracts,

as

defined

in

the

description

of

the

contract,

shall

be

valued

using

the

Actual

Settlement

Price

or

“ASET”

price

type

as

reported

by

an

approved

vendor.

Futures

contracts

are

marked-to-market

daily,

and

the

daily

variation

margin

is

recorded

as

a

receivable

or

payable

on

the

Statement

of

Assets

and

Liabilities

(if

applicable).

The

change

in

unrealized

net

appreciation/depreciation

is

reported

on

the

Statement

of

Operations

(if

applicable).

When

a

contract

is

closed,

a

realized

gain

or

loss

is

reported

on

the

Statement

of

Operations

(if

applicable),

equal

to

the

difference

between

the

opening

and

closing

value

of

the

contract.

With

futures,

there

is

minimal

counterparty

credit

risk

to

the

Fund

since

futures

are

exchange-traded

and

the

exchange's

clearinghouse,

as

counterparty

to

all

exchange-traded

futures,

guarantees

the

futures

against

default. 

Securities

held

by

the

Fund

that

are

designated

as

collateral

for

market

value

on

futures

contracts

are

noted

on

the

Schedule

of

Investments

(if

applicable).

Such

collateral

is

in

the

possession

of

the

Fund's

futures

option

merchant. 

During

the

period,

the

Fund

purchased

interest

rate

futures

to

increase

exposure

to

interest

rate

risk.

During

the

period,

the

Fund

sold

interest

rate

futures

to

decrease

exposure

to

interest

rate

risk.

Swaps 

Swap

agreements

are

two-party

contracts

entered

into

primarily

by

institutional

investors

for

periods

ranging

from

a

day

to

more

than

one

year

to

exchange

one

set

of

cash

flows

for

another.

The

most

significant

factor

in

the

performance

of

swap

agreements

is

the

change

in

value

of

the

specific

index,

security,

or

currency,

or

other

factors

that

determine

the

amounts

of

payments

due

to

and

from

the

Fund.

The

use

of

swaps

is

a

highly

specialized

activity

which

involves

investment

techniques

and

risks

different

from

those

associated

with

ordinary

portfolio

securities

transactions.

Swap

agreements

entail

the

risk

that

a

party

will

default

on

its

payment

obligations

to

the

Fund.

If

the

other

party

to

a

swap

defaults,

the

Fund

would

risk

the

loss

of

the

net

amount

of

the

payments

that

it

contractually

is

entitled

to

receive.

If

the

Fund

utilizes

a

swap

at

the

wrong

time

or

judges

market

conditions

incorrectly,

the

swap

may

result

in

a

loss

to

the

Fund

and

reduce

the

Fund’s

total

return.

Swap

agreements

also

bear

the

risk

that

the

Fund

will

not

be

able

to

meet

its

obligation

to

the

counterparty.

Swap

agreements

are

typically

privately

negotiated

and

entered

into

in

the

OTC

market.

However,

certain

swap

agreements

are

required

to

be

cleared

through

a

clearinghouse

and

traded

on

an

exchange

or

swap

execution

facility.

Swaps

that

are

required

to

be

cleared

are

required

to

post

initial

and

variation

margins

in

accordance

with

the

exchange

requirements.

Regulations

enacted

require

the

Fund

to

centrally

clear

certain

interest

rate

and

credit

default

index

swaps

through

a

clearinghouse

or

central

counterparty

(“CCP”).

To

clear

a

swap

with

a

CCP,

the

Fund

will

submit

the

swap

to,

and

post

collateral

with,

a

futures

clearing

merchant

(“FCM”)

that

is

a

clearinghouse

member.

Alternatively,

the

Fund

may

enter

into

a

swap

with

a

financial

institution

other

than

the

FCM

(the

“Executing

Dealer”)

and

arrange

for

the

swap

to

be

transferred

to

the

FCM

for

clearing.

The

Fund

may

also

enter

into

a

swap

with

the

FCM

itself.

The

CCP,

the

FCM,

and

the

Executing

Dealer

are

all

subject

to

regulatory

oversight

by

the

U.S.

Commodity

Futures

Trading

Commission

(“CFTC”).

A

default

or

failure

by

a

CCP

or

an

FCM,

or

the

failure

of

a

swap

to

be

transferred

from

an

Executing

Dealer

to

the

FCM

for

clearing,

may

expose

the

Fund

to

losses,

increase

its

costs,

or

prevent

the

Fund

from

entering

or

exiting

swap

positions,

accessing

collateral,

or

fully

implementing

its

investment

strategies.

The

regulatory

requirement

to

clear

certain

swaps

could,

either

temporarily

or

permanently,

reduce

the

liquidity

of

cleared

swaps

or

increase

the

costs

of

entering

into

those

swaps.

Janus

Henderson

Corporate

Bond

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

21

Index

swaps,

interest

rate

swaps,

inflation

swaps and

credit

default

swaps

are

valued

using

an

approved

vendor

supplied

price.

Basket

swaps

are

valued

using

a

broker

supplied

price.

Equity

swaps

that

consist

of

a

single

underlying

equity

are

valued

either

at

the

closing

price,

the

latest

bid

price,

or

the

last

sale

price

on

the

primary

market

or

exchange

it

trades.

The

market

value

of

swap

contracts

are

aggregated

by

positive

and

negative

values

and

are

disclosed

separately

as

an

asset

or

liability

on

the

Fund’s

Statement

of

Assets

and

Liabilities

(if

applicable).

Realized

gains

and

losses

are

reported

on

the

Statement

of

Operations

(if

applicable).

The

change

in

unrealized

net

appreciation

or

depreciation

during

the

period

is

included

in

the

Statement

of

Operations

(if

applicable).

The

Fund’s

maximum

risk

of

loss

from

counterparty

risk

or

credit

risk

is

the

discounted

value

of

the

payments

to

be

received

from/paid

to

the

counterparty

over

the

contract’s

remaining

life,

to

the

extent

that

the

amount

is

positive.

The

risk

is

mitigated

by

having

a

netting

arrangement

between

the

Fund

and

the

counterparty

and

by

the

posting

of

collateral

by

the

counterparty

to

cover

the

Fund’s

exposure

to

the

counterparty.

The

Fund

may

enter

into

various

types

of

credit

default

swap

agreements,

including

OTC

credit

default

swap

agreements

and

index

credit

default

swaps

(“CDX”),

for

investment

purposes

and

to

add

leverage

to

its

portfolio,

or

to

hedge

its

credit

exposure.

Credit

default

swaps

are

a

specific

kind

of

counterparty

agreement

that

allow

the

transfer

of

third-

party

credit

risk

from

one

party

to

the

other.

One

party

in

the

swap

is

a

lender

and

faces

credit

risk

from

a

third

party,

and

the

counterparty

in

the

credit

default

swap

agrees

to

insure

this

risk

in

exchange

for

regular

periodic

payments.

Credit

default

swaps

could

result

in

losses

if

the

Fund

does

not

correctly

evaluate

the

creditworthiness

of

the

company

or

companies

on

which

the

credit

default

swap

is

based.

Credit

default

swap

agreements

may

involve

greater

risks

than

if

the

Fund

had

invested

in

the

reference

obligation

directly

since,

in

addition

to

risks

relating

to

the

reference

obligation,

credit

default

swaps

are

subject

to

liquidity

risk,

counterparty

risk,

and

credit

risk.

The

Fund

will

generally

incur

a

greater

degree

of

risk

when

it

sells

a

credit

default

swap

than

when

it

purchases

a

credit

default

swap. 

As

a

buyer

of

a

credit

default

swap,

the

Fund

may

lose

its

investment

and

recover

nothing

should

no

credit

event

occur,

and

the

swap

is

held

to

its

termination

date.

As

seller

of

a

credit

default

swap,

if

a

credit

event

were

to

occur,

the

value

of

any

deliverable

obligation

received

by

the

Fund,

coupled

with

the

upfront

or

periodic

payments

previously

received,

may

be

less

than

what

it

pays

to

the

buyer,

resulting

in

a

loss

of

value

to

the

Fund.

If

the

Fund

is

the

seller

of

credit

protection

against

a

particular

security,

the

Fund

would

receive

an

up-front

or

periodic

payment

to

compensate

against

potential

credit

events.

As

the

seller

in

a

credit

default

swap

contract,

the

Fund

would

be

required

to

pay

the

par

value

(the

“notional

value”)

(or

other

agreed-upon

value)

of

a

referenced

debt

obligation

to

the

counterparty

in

the

event

of

a

default

by

a

third

party,

such

as

a

U.S.

or

foreign

corporate

issuer,

on

the

debt

obligation.

In

return,

the

Fund

would

receive

from

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract

provided

that

no

event

of

default

has

occurred.

If

no

default

occurs,

the

Fund

would

keep

the

stream

of

payments

and

would

have

no

payment

obligations.

As

the

seller,

the

Fund

would

effectively

add

leverage

to

its

portfolio

because,

in

addition

to

its

total

net

assets,

the

Fund

would

be

subject

to

investment

exposure

on

the

notional

value

of

the

swap.

The

maximum

potential

amount

of

future

payments

(undiscounted)

that

the

Fund

as

a

seller

could

be

required

to

make

in

a

credit

default

transaction

would

be

the

notional

amount

of

the

agreement.

As

a

buyer

of

credit

protection,

the

Fund

is

entitled

to

receive

the

par

(or

other

agreed-upon)

value

of

a

referenced

debt

obligation

from

the

counterparty

to

the

contract

in

the

event

of

a

default

or

other

credit

event

by

a

third

party,

such

as

a

U.S.

or

foreign

issuer,

on

the

debt

obligation.

In

return,

the

Fund

as

buyer

would

pay

to

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract

provided

that

no

credit

event

has

occurred.

If

no

credit

event

occurs,

the

Fund

would

have

spent

the

stream

of

payments

and

potentially

received

no

benefit

from

the

contract.

During

the

period,

the

Fund

purchased

protection

via

the

credit

default

swap

market

in

order

to

reduce

credit

risk

exposure

to

individual

corporates,

countries

and/or

credit

indices

where

gaining

this

exposure

via

the

cash

bond

market

was

less

attractive. 

During

the

period,

the

Fund

sold

protection

via

the

credit

default

swap

market

in

order

to

gain

credit

risk

exposure

to

individual

corporates,

countries

and/or

credit

indices

where

gaining

this

exposure

via

the

cash

bond

market

was

less

attractive.

There

were

no

credit

default

swaps

held

as

of

April

30,

2025.

Janus

Henderson

Corporate

Bond

ETF

Notes

to

Financial

Statements

(unaudited)

22

April

30,

2025

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,

social

unrest,

tariffs,

financial

institution

failures,

and

economic

recessions 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.

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.

Privately

Issued

Securities

Risk 

Privately-issued

securities

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. 

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

Janus

Henderson

Corporate

Bond

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

23

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

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.

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. 

Janus

Henderson

Corporate

Bond

ETF

Notes

to

Financial

Statements

(unaudited)

24

April

30,

2025

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.

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.

The Offsetting

Assets

and

Liabilities

tables located

in

the

Schedule

of

Investments present

gross

amounts

of

recognized

assets

and/or

liabilities

and

the

net

amounts

after

deducting

collateral

that

has

been

pledged

by

counterparties

or

has

been

pledged

to

counterparties

(if

applicable).

For

corresponding

information

grouped

by

type

of

instrument,

see

the

“Fair

Value

of

Derivative

Instruments

(not

accounted

for

as

hedging

instruments) as

of

April

30,

2025"

table

located

in

the

Fund’s

Schedule

of

Investments.

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

Janus

Henderson

Corporate

Bond

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

25

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.

As

of

April

30,

2025,

securities

lending

transactions

accounted

for

as

secured

borrowings

with

an

overnight

and

continuous

contractual

maturity

are

$129,582

for

equity

securities.

Gross

amounts

of

recognized

liabilities

for

securities

lending

(collateral

received)

as

of

April

30,

2025 is $132,323,

resulting

in

the

net

amount

due

to

the

counterparty

of

$2,741.

Loans

The

Fund

may

invest

in

various

commercial

loans,

including

bank

loans,

bridge

loans,

debtor-in-possession

(“DIP”)

loans,

mezzanine

loans,

and

other

fixed

and

floating

rate

loans.

These

loans

may

be

acquired

through

loan

participations

and

assignments

or

on

a

when-issued

basis.

Below

are

descriptions

of

the

types

of

loans

held

by

the

Fund

as of

 April

30,

2025. 

 •

Bank

Loans

-

Bank

loans

are

obligations

of

companies

or

other

entities

entered

into

in

connection

with

recapitalizations,

acquisitions,

and

refinancings.

The

Fund’s

investments

in

bank

loans

are

generally

acquired

as

a

participation

interest

in,

or

assignment

of,

loans

originated

by

a

lender

or

other

financial

institution.

These

investments

may

include

institutionally-

traded

floating

and

fixed-rate

debt

securities.

•

Floating

Rate

Loans

–

Floating

rate

loans

are

debt

securities

that

have

floating

interest

rates,

that

adjust

periodically,

and

are

tied

to

a

benchmark

lending

rate,

such

as

Secured

Overnight

Financing

Rate

(“SOFR”).

In

other

cases,

the

lending

rate

could

be

tied

to

the

prime

rate

offered

by

one

or

more

major

U.S.

banks

or

the

rate

paid

on

large

certificates

Janus

Henderson

Corporate

Bond

ETF

Notes

to

Financial

Statements

(unaudited)

26

April

30,

2025

of

deposit

traded

in

the

secondary

markets.

If

the

benchmark

lending

rate

changes,

the

rate

payable

to

lenders

under

the

loan

will

change

at

the

next

scheduled

adjustment

date

specified

in

the

loan

agreement.

Floating

rate

loans

are

typically

issued

to

companies

(‘‘borrowers’’)

in

connection

with

recapitalizations,

acquisitions,

and

refinancings.

Floating

rate

loan

investments

are

generally

below

investment

grade.

Senior

floating

rate

loans

are

secured

by

specific

collateral

of

a

borrower

and

are

senior

in

the

borrower’s

capital

structure.

The

senior

position

in

the

borrower’s

capital

structure

generally

gives

holders

of

senior

loans

a

claim

on

certain

of

the

borrower’s

assets

that

is

senior

to

subordinated

debt

and

preferred

and

common

stock

in

the

case

of

a

borrower’s

default.

Floating

rate

loan

investments

may

involve

foreign

borrowers,

and

investments

may

be

denominated

in

foreign

currencies.

Floating

rate

loans

often

involve

borrowers

whose

financial

condition

is

troubled

or

uncertain

and

companies

that

are

highly

leveraged.

The

Fund

may

invest

in

obligations

of

borrowers

who

are

in

bankruptcy

proceedings.

While

the

Fund

generally

expects

to

invest

in

fully

funded

term

loans,

certain

of

the

loans

in

which

the

Fund

may

invest

include

revolving

loans,

bridge

loans,

and

delayed

draw

term

loans.

Purchasers

of

floating

rate

loans

may

pay

and/or

receive

certain

fees.

The

Fund

may

receive

fees

such

as

covenant

waiver

fees

or

prepayment

penalty

fees.

The

Fund

may

pay

fees

such

as

facility

fees.

Such

fees

may

affect

the

Fund’s

return. 

4.

Investment

Advisory

Agreements

and

Other

Transactions

with

Affiliates 

Under

its

unitary

fee

structure,

the

Fund

pays

the

Adviser a

management

fee

in

return

for

providing

certain

investment

advisory,

supervisory,

and

administrative

services

to

the

Fund,

including

the

costs

of

transfer

agency,

custody,

fund

administration,

legal,

audit,

and

other

services. The

Adviser's fee

structure

is

designed

to

pay

substantially

all

of

the

Fund’s

expenses.

However,

the

Fund

bears

other

expenses

which

are

not

covered

under

the

management

fee

which

may

vary

and

affect

the

total

level

of

expenses

paid

by

shareholders,

such

as

distribution

fees

(if

any),

brokerage

expenses

or

commissions,

interest,

dividends,

taxes,

litigation

expenses,

acquired

fund

fees

and

expenses

(if

any),

and

extraordinary

expenses.

The

Fund’s

unitary

management

fee

provides

for

reductions

in

the

fee

rate

as

the

Fund’s

assets

grow.

As

of

the

date

of

this

report,

the

Fund’s

management

fee

was

calculated

daily

and

paid

monthly

according

to

the

following

schedule: 

For

the

period ended

April

30,

2025,

the

Fund’s

actual

management

fee

rate

(expressed

as

an

annual

rate)

was

0.35% of

the

Fund’s

average

daily

net

assets.

J.P.

Morgan

Chase

Bank,

N.A.

(“JP

Morgan")

provides

certain

fund

administration

services

to

the

Fund,

including

services

related

to

the

Fund’s

accounting,

including

calculating

the

daily

NAV,

audit

coordination,

tax,

and

reporting

obligations,

pursuant

to

an

agreement

with

the

Adviser,

on

behalf

of

the

Fund.

As

compensation

for

such

services, the

Adviser pays

JP

Morgan

a

fee

based

on

a

percentage

of

the

Fund’s

assets,

with

a

minimum

flat

fee,

for

certain

services. The

Adviser serves

as

administrator

to

the

Fund,

providing

oversight

and

coordination

of

the

Fund’s

service

providers,

recordkeeping

and

other

administrative

services. The

Adviser does

not

receive

any

additional

compensation,

beyond

the

unitary

fee,

for

serving

as

administrator.

JP

Morgan

also

serves

as

transfer

agent

for

the

shares

of

the

Fund.

Pursuant

to

agreements

with

the

Adviser on

behalf

of

the

Fund,

J.P.

Morgan

Securities

LLC,

an

affiliate

of

JP

Morgan,

may

execute

portfolio

transactions

for

the

Fund,

including

but

not

limited

to,

transactions

in

connection

with

cash

in

lieu

transactions

for

non-US

securities. 

The

Trust

has

adopted

a

Distribution

and

Servicing

Plan

for

shares

of

the

Fund

pursuant

to

Rule

12b-1

under

the

1940

Act

(the

“Plan”).

The

Plan

permits

compensation

in

connection

with

the

distribution

and

marketing

of

Fund

shares

and/

or

the

provision

of

certain

shareholder

services.

The

Plan

permits

the

Fund

to

pay

the

Distributor

or

its

designee,

a

fee

for

the

sale

and

distribution

and/or

shareholder

servicing

of

the

shares

at

an

annual

rate

of

up

to

0.25%

of

average

daily

net

assets

of

the

Fund.

However,

the

Trustees

have

determined

not

to

authorize

payment

under

this

Plan

at

this

time.

Under

the

terms

of

the

Plan,

the

Trust

would

be

authorized

to

make

payments

to

the

Distributor

or

its

designee

for

remittance

to

retirement

plan

service

providers,

broker-dealers,

bank

trust

departments,

financial

advisors,

and

other

Daily

Net

Assets

Fee

Rate

$0-$500

million

0.35%

Over

$500

million

0.30%

Janus

Henderson

Corporate

Bond

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

27

financial

intermediaries,

as

compensation

for

distribution

and/or

shareholder

services

performed

by

such

entities

for

their

customers

who

are

investors

in

the

Fund.

The

12b-1

fee

may

only

be

imposed

or

increased

when

the

Trustees

determine

that

it

is

in

the

best

interests

of

shareholders

to

do

so.

Because

these

fees

are

paid

out

of

the

Fund’s

assets

on

an

ongoing

basis,

to

the

extent

that

a

fee

is

authorized,

over

time

they

will

increase

the

cost

of

an

investment

in

the

Fund.

The

Plan

fee

may

cost

an

investor

more

than

other

types

of

sales

charges. 

As

of

April

30,

2025, the

Adviser

owned 550,001

shares

or 91.67%

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

at

least

80%

of

its

net

assets

(plus

any

borrowings

for

investment

purposes)

in

U.S.

Government

securities

and

repurchase

agreements

that

are collateralized

by

U.S.

Government 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). There

are

no

restrictions

on

the

Fund's

ability

to

withdraw

investments

from

the

Sweep

Vehicle

at

will,

and

there

are

no

unfunded

capital

commitments

due

from

the

Fund

to

the

Sweep

Vehicle.

The

Sweep

Vehicle

does

not

charge

any

management

fee,

sales

charge

or

service

fee. 

Any

purchases

and

sales,

realized

gains/losses

and

recorded

dividends

from

affiliated

investments

during

the

period

ended

April

30,

2025 can

be

found

in

a

table

located

in

the

Schedule

of

Investments.

5.

Federal

Income

Tax

Income

and

capital

gains

distributions

are

determined

in

accordance

with

income

tax

regulations

that

may

differ

from

US

GAAP.

These

differences

are

due

to

differing

treatments

for

items

such

as

net

short-term

gains,

deferral

of

wash

sale

losses,

foreign

currency

transactions,

passive

foreign

investment

companies,

net

investment

losses,

in-kind

transactions

and

capital

loss

carryovers.

The

Fund

has

elected

to

treat

gains

and

losses

on

forward

foreign

currency

contracts

as

capital

gains

and

losses,

if

applicable.

Other

foreign

currency

gains

and

losses

on

debt

instruments

are

treated

as

ordinary

income

for

federal

income

tax

purposes

pursuant

to

Section

988

of

the

Internal

Revenue

Code. 

Accumulated

capital

losses

noted

below

represent

net

capital

loss

carryovers,

as

of

October

31,

2024,

that

may

be

available

to

offset

future

realized

capital

gains

and

thereby

reduce

future

taxable

gains

distributions.

The

following

table

shows

these

capital

loss

carryovers. 

The

aggregate

cost

of

investments

and

the

composition

of

unrealized

appreciation

and

depreciation

of

investment

securities

for

federal

income

tax

purposes

as

of April

30,

2025 are

noted

below.

The

primary

differences

between

book

and

tax

appreciation

or

depreciation

of

investments are

wash

sale

loss

deferrals

and

amortization

on

bonds.

Capital

Loss

Carryover

Schedule

For

the

year

ended

October

31,

2024

No

Expiration

Short-Term

Long-Term

Accumulated

Capital

Losses

$(3,108,884)

$(4,357,428)

$(7,466,312)

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$30,440,560

$284,674

$(292,291)

$(7,617)

Janus

Henderson

Corporate

Bond

ETF

Notes

to

Financial

Statements

(unaudited)

28

April

30,

2025

6.

Capital

Share

Transactions 

7.

Purchases

and

Sales

of

Investment

Securities

For

the

period

ended

April

30,

2025,

the

aggregate

cost

of

purchases

and

proceeds

from

sales

of

investment

securities

(excluding

any

short-term

securities,

short-term

options

contracts,

and

in-kind

transactions)

was

as

follows:

8.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to April

30,

2025

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

other

than

the

following:

As

of

May

1,

2025,

the

Adviser

has

contractually

agreed

to

waive

and/or

reimburse

its

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

0.20%

for

at

least

a

one-year

term

commencing

on

May

1,

2025.

Period

Ended

April

30,

2025

Year

Ended

October

31,

2024

Shares

Amount

Shares

Amount

Shares

sold

—

$

—

—

$

—

Shares

repurchased

(150,000)

(6,202,080)

—

—

Net

Increase/(Decrease)

(150,000)

$

(6,202,080)

—

$

—

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

$25,378,456

$33,262,614

$311,975

$108,224

Janus

Henderson

Corporate

Bond

ETF

Additional

Information

(unaudited)

Janus

Detroit

Street

Trust

29

Item

8.

Changes

in

and

Disagreements

with

Accountants

for

Open-End

Management

Investment

Companies.

Not

applicable.

Item

9.

Proxy

Disclosures

for

Open-End

Management

Investment

Companies.

Not

applicable.

Item

10.

Remuneration

Paid

to

Directors,

Officers,

and

Others

of

Open-End

Management

Investment

Companies.

Because

the

Adviser

has

agreed

in

the

Investment

Advisory

Agreement

to

cover

all

operating

expenses

of

the

Fund,

subject

to

certain

exclusions

as

provided

for

therein,

the

Adviser

pays

the

compensation

to

each

Independent

Trustees

for

services

to

the

Fund

from

the

Adviser's

management

fees.

Item

11.

APPROVAL

OF

ADVISORY

AGREEMENTS

DURING

THE

PERIOD

The

Board

of

Trustees

(the

“Board”)

of

Janus

Detroit

Street

Trust

(the

“Trust”),

including

a

majority

of

the

Trustees

who

are

not

“interested

persons”

as

that

term

is

defined

in

the

Investment

Company

Act

of

1940,

as

amended

(the

“Independent

Trustees”),

met

in

person

on

April

16-17,

2025

to

consider

the

proposed

renewal

of

the

investment

management

agreement

between

Janus

Henderson

Investors

US

LLC

(the

“Adviser”)

and

the

Trust

(the

“Investment

Management

Agreement”),

on

behalf

of

Janus

Henderson

AAA

CLO

ETF

(“JAAA”),

Janus

Henderson

B-BBB

CLO

ETF

(“JBBB”),

Janus

Henderson

Corporate

Bond

ETF

(“JLQD”),

Janus

Henderson

Mortgage-Backed

Securities

ETF

(“JMBS”),

Janus

Henderson

Securitized

Income

ETF

(“JSI”),

Janus

Henderson

Short

Duration

Income

ETF

(“VNLA”),

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

(“JSML”),

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

(“JSMD”),

Janus

Henderson

U.S.

Real

Estate

ETF

(“JRE”),

and

Janus

Henderson

U.S.

Sustainable

Equity

ETF

(“SSPX”)

(each

a

separate

series

of

the

Trust,

and

collectively,

the

“Funds”).

In

the

course

of

their

consideration

of

the

renewal

of

the

Investment

Management

Agreement,

the

Independent

Trustees

met

in

executive

session

and

were

advised

by

their

independent

counsel.

In

this

regard,

the

Independent

Trustees

evaluated

the

terms

of

the

Investment

Management

Agreement

and

reviewed

the

duties

and

responsibilities

of

trustees

in

evaluating

and

approving

such

agreements.

In

considering

renewal

of

the

Investment

Management

Agreement,

the

Board

and

the

Independent

Trustees,

as

applicable,

reviewed

the

materials

provided

to

them

relating

to

the

consideration

of

the

renewal

of

the

Investment

Management

Agreement

for

the

Funds

and

other

information

provided

by

counsel

and

the

Adviser,

including:

(i)

information

regarding

the

nature,

quality

and

extent

of

the

services

provided

to

the

Funds

by

the

Adviser,

and

the

fees

charged

to

each

Fund

therefor;

(ii)

information

concerning

the

Adviser’s

financial

condition,

business,

operations,

portfolio

management

personnel,

compliance

programs,

and

profitability

with

respect

to

the

Trust

and

each

Fund;

(iii)

comparative

information

describing

each

Fund’s

advisory

fee

structures,

operating

expenses,

and

performance

information

as

compared

to

peer

fund

groups

compiled

by

an

independent

third

party;

(iv)

a

copy

of

the

Adviser’s

current

Form

ADV;

and

(v)

a

memorandum

from

counsel

to

the

Independent

Trustees

on

the

responsibilities

of

trustees

in

considering

investment

advisory

arrangements

under

the

1940

Act.

The

Board

also

considered

presentations

made

by,

and

discussions

held

with,

representatives

of

the

Adviser

throughout

the

year.

The

Trustees

also

considered

information

received

and

reviewed

in

connection

with

a

meeting

held

on

March

10,

2025

via

videoconference

to

discuss

certain

information

provided

by

the

Adviser

related

to

the

Trustees’

consideration

of

the

renewal

of

the

Investment

Management

Agreement.

The

Board

determined

that

the

information

provided

by

the

Adviser

was

thorough

and

sufficiently

responsive

to

their

request

so

as

to

permit

the

effective

consideration

of

the

renewal.

During

its

review

of

this

information,

the

Board

focused

on

and

analyzed

the

factors

that

it

deemed

relevant,

including,

among

other

factors:

(i)

the

nature,

extent

and

quality

of

the

services

provided

to

the

Funds

by

the

Adviser;

(ii)

the

Adviser’s

personnel

and

operations;

(iii)

each

Fund’s

expense

level;

(iv)

the

profitability

to

the

Adviser

under

the

Investment

Management

Agreement

with

respect

to

each

Fund;

(v)

any

“fall-out”

benefits

to

the

Adviser

and

its

affiliates

Janus

Henderson

Corporate

Bond

ETF

Additional

Information

(unaudited)

30

April

30,

2025

(i.e.,

the

ancillary

benefits

realized

by

the

Adviser

and

its

affiliates

from

the

Adviser’s

relationship

with

the

Trust);

(vi)

the

effect

of

asset

growth

on

each

Fund’s

expenses;

and

(vii)

potential

conflicts

of

interest.

The

Trustees

also

considered

benefits

that

accrue

to

the

Adviser

and

its

affiliates

from

their

relationships

with

the

Trust

and

each

Fund.

The

Trustees

also

considered

that,

other

than

the

services

provided

by

the

Adviser

and

its

affiliates

pursuant

to

agreements

with

the

Funds

and

the

fees

paid

by

the

Funds

therefor,

the

Funds

and

the

Adviser

may

potentially

benefit

from

their

relationship

with

each

other

in

other

ways.

The

Trustees

considered

that

the

success

of

the

Funds

could

attract

other

business

to

the

Adviser

or

other

Janus

Henderson

funds,

and

that

the

success

of

the

Adviser

could

enhance

the

Adviser’s

ability

to

serve

the

Funds.

The

Board,

including

the

Independent

Trustees,

considered

the

following

in

respect

of

the

Funds:

(a)

The

nature,

extent

and

quality

of

services

provided

by

the

Adviser;

personnel

and

operations

of

the

Adviser.

The

Board

reviewed

the

services

that

the

Adviser

provides

to

the

Funds.

In

connection

with

the

investment

advisory

services

provided

by

the

Adviser,

the

Board

noted

the

responsibilities

that

the

Adviser

has

as

the

Funds’

investment

adviser,

including:

the

overall

supervisory

responsibility

for

the

general

management

and

investment

of

each

Fund’s

securities

portfolio;

providing

oversight

of

the

investment

performance

and

processes

and

compliance

with

each

Fund’s

investment

objectives,

policies

and

limitations;

the

implementation

of

the

investment

management

program

of

each

Fund;

the

management

of

the

day-to-day

investment

and

reinvestment

of

the

assets

of

each

Fund;

determining

daily

baskets

of

securities

and

cash

components

in

connection

with

creation

and

redemption

transactions

in

each

Fund’s

shares;

executing

portfolio

security

trades

for

purchases

and

redemptions

of

each

Fund’s

shares

conducted

on

a

cash-

in-lieu

basis;

the

review

of

brokerage

matters;

the

oversight

of

general

portfolio

compliance

with

relevant

law;

and

the

implementation

of

Board

directives

as

they

relate

to

the

Funds.

The

Board

reviewed

the

Adviser’s

experience,

resources,

and

strengths

in

managing

the

Funds

and

other

pooled

investment

vehicles,

including

an

assessment

of

the

Adviser’s

personnel.

Based

on

its

consideration

and

review

of

the

foregoing

information,

the

Board

determined

that

each

Fund

was

likely

to

continue

to

benefit

from

the

nature,

quality

and

extent

of

these

services,

as

well

as

the

Adviser’s

ability

to

render

such

services

based

on

the

Adviser’s

experience,

personnel,

operations

and

resources.

(b)

Comparison

of

services

rendered

and

fees

paid

under

other

investment

advisory

contracts,

and

the

cost

of

the

services

to

be

provided

and

profits

to

be

realized

by

the

Adviser

from

the

relationship

with

the

Funds;

“fall-out”

benefits.

The

Board

then

compared

both

the

services

rendered

and

the

fees

paid

under

other

contracts

of

the

Adviser

and

under

contracts

of

other

investment

advisers

with

respect

to

similar

ETFs.

In

particular,

the

Board

reviewed

a

report

compiled

by

an

independent

third

party

to

compare

each

Fund’s

contractual

management

fee

and

total

expense

ratio

to

other

investment

companies

within

each

Fund’s

respective

peer

grouping,

as

determined

by

the

independent

third

party.

The

information

provided

by

the

comparative

report

showed

how

the

total

expense

ratio

and

contractual

management

fee

for

each

of

the

Funds

compared

within

its

respective

peer

group

for

the

one-year

period

ended

December

31,

2024.

The

reporting

is

described

in

detail

below:

Janus

Henderson

Corporate

Bond

ETF

Additional

Information

(unaudited)

Janus

Detroit

Street

Trust

31

The

total

expense

ratio

and

the

contractual

management

fee

for

JAAA

were

each

reported

in

the

3rd

quintile

of

its

respective

peer

group

(with

1st

quintile

being

the

lowest

fees/expenses

and

5th

quintile

being

the

highest

fees/

expenses).

The

total

expense

ratio

and

the

contractual

management

fee

for

JBBB

were

each

reported

in

the

1st

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JLQD

were

each

reported

in

the

3rd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JMBS

were

each

reported

in

the

1st

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JSI

were

each

reported

in

the

4th

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

VNLA

were

each

reported

in

the

1st

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JSML

were

reported

in

the

3rd

and

2nd

quintiles,

respectively.

The

total

expense

ratio

and

the

contractual

management

fee

for

JSMD

were

reported

in

the

3rd

and

2nd

quintiles,

respectively.

The

total

expense

ratio

and

the

contractual

management

fee

for

JRE

were

reported

in

the

4th

and

3rd

quintiles,

respectively.

The

total

expense

ratio

and

the

contractual

management

fee

for

SSPX

were

each

reported

in

the

2nd

quintile.

The

Board

further

considered

that

the

Adviser

had

voluntarily

agreed

to

cap

the

expenses

of

JAAA,

JMBS

and

VNLA

to

the

extent

that

such

Funds’

total

expense

ratio

exceeded

0.20%,

0.22%

and

0.23%,

respectively,

until

at

least

February

28,

2026.

The

Board

also

considered

that

the

Adviser

had

voluntarily

agreed

to

cap

the

expenses

of

JLQD

to

the

extent

that

the

Fund’s

total

expense

ratio

exceeded

0.20%

until

at

least

May

1,

2026.

The

Board

further

noted

the

Adviser’s

contractual

commitment

with

respect

to

the

Funds’

investments

in

affiliated

ETFs

to

waive

and/or

reimburse

a

portion

of

its

management

fee

in

an

amount

equal

to

a

portion

of

the

management

fee

it

earns

as

investment

adviser

to

affiliated

ETFs

in

which

a

Fund

invests

(if

any),

for

until

at

least

February 28,

2026.

The

Board

also

discussed

the

costs

incurred

by

the

Adviser

in

connection

with

its

serving

as

investment

adviser

to

the

Funds,

including

operational

costs.

After

comparing

each

Fund’s

fees

and

expenses

with

those

of

other

ETFs

in

the

Funds’

respective

peer

groups,

and

in

light

of

the

nature,

extent

and

quality

of

services

provided

by

the

Adviser

and

the

costs

incurred

by

the

Adviser

in

rendering

those

services,

as

well

as

the

profitability

of

the

Adviser

in

providing

these

services,

the

Board

concluded

that

the

level

of

fees

paid

to

the

Adviser

and

the

profitability

with

respect

to

each

Fund

was

fair

and

reasonable.

The

Board

also

considered

that

the

Adviser

may

experience

reputational

“fall-out”

benefits

based

on

the

success

of

the

Funds,

but

that

such

benefits

are

not

easily

quantifiable.

(c)

The

extent

to

which

economies

of

scale

would

be

realized

as

the

Fund

grows

and

whether

fee

levels

would

reflect

such

economies

of

scale.

The

Board

next

discussed

potential

economies

of

scale.

In

its

review,

the

Board

considered

that

the

Funds

were

positioned

to

realize

potential

economies

of

scale

as

assets

grow

over

time,

given

the

inclusion

of

management

fee

breakpoints

for

each

Fund

in

the

current

investment

advisory

agreement

at

various

asset

levels.

(d)

Investment

performance

of

the

Fund

and

the

Adviser.

Janus

Henderson

Corporate

Bond

ETF

Additional

Information

(unaudited)

32

April

30,

2025

The

Board

next

discussed

the

annualized

returns

of

the

Funds

on

both

an

absolute

basis

and

relative

to

the

performance

of

funds

comprising

a

performance

universe

compiled

by

an

independent

third

party

for

each

Fund

for

the

three-month

period,

one-year

period,

two-year

period,

three-year

period,

four-year

period,

five-year

period,

and/or

since

inception

period

ended

December

31,

2024

(each

period

as

applicable).

The

Board

noted

the

following

for

each

Fund:

JAAA

was

reported

to

be

in

the

1st

quintile

of

its

performance

universe

(with

the

1st

quintile

being

the

best

performer

and

the

5th

quintile

being

the

worst

performer)

for

its

one-,

two-,

three-

and

four-year

periods;

JBBB

was

reported

to

be

in

the

1stquintile

of

its

performance

universe

for

its

one-

and

two-year

periods,

respectively;

JLQD

was

reported

to

be

in

the

2nd,

3rd,

and

2nd

quintiles

of

its

performance

universe

for

its

one-,

two-,

and

three-

year

periods,

respectively.

JMBS

was

reported

to

be

in

the

1st

quintile

of

its

performance

universe

for

its

one-,

two-,

three-,

four-,

and

five-year

periods;

JSI

was

reported

to

be

in

the

2nd,

1st,

and

1st

quintiles

of

its

performance

universe

for

its

three

month,

one

year,

and

since

inception

periods,

respectively.

VNLA

was

reported

to

be

in

the

2nd,

2nd,

2nd,

2nd,

and

1st

quintiles

of

its

performance

universe

for

each

of

its

one-

,

two-,

three-,

four-,

and

five-year

periods;

JSML

was

reported

to

be

in

the

4th,

1st,

1st,

3rd,

and

3rd

quintiles

of

its

performance

universe

for

its

one-,

two-,

three-,

four-,

and

five-year

periods,

respectively;

JSMD

was

reported

to

be

in

the

3rd,

2nd,

1st,

2nd,

and

2nd

quintiles

of

its

performance

universe

for

its

one-,

two-,

three-,

four-,

and

five-year

periods,

respectively;

JRE

was

reported

to

be

in

the

2nd,

4th,

and

2nd

quintiles

of

its

performance

universe

for

its

one-,

two-,

and

three-

year

periods,

respectively;

and

SSPX

was

reported

to

be

in

the

5th

quintile

of

its

performance

universe

for

its

one-,

two-,

and

three-

year

periods.

With

respect

to

JSML

and

JSMD,

the

Board

noted

that

these

Funds

had

operated

as

index-based

during

the

periods

described

above

and,

as

a

result,

had

been

passively

managed

to

seek

to

track

the

returns

of

specified

indices.

For

this

reason,

the

Board

also

considered

the

performance

of

these

Funds

in

relation

to

the

performance

of

each

Fund’s

respective

underlying

index

(i.e.,

“tracking

error”)

and

considered

that

the

tracking

error

was

within

anticipated

ranges.

The

Board

considered

the

Adviser’s

explanation

of

performance

results

for

each

Fund

across

the

relevant

periods

provided

as

part

of

the

consideration

of

the

renewal

of

the

Investment

Advisory

Agreement,

and

during

the

course

of

the

previous

year.

Conclusion.

No

single

factor

was

determinative

to

the

decision

of

the

Board.

Based

on

the

foregoing

and

such

other

matters

as

were

deemed

relevant,

the

Board

concluded

that

the

management

fee

rates

and

total

expense

ratios

of

each

Fund

are

reasonable

in

relation

to

the

services

provided

by

the

Adviser

to

such

Fund,

as

well

as

the

costs

incurred

and

benefits

gained

by

the

Adviser

in

providing

such

services.

The

Board

also

found

the

management

fees

to

be

reasonable

in

comparison

to

the

fees

charged

by

advisers

to

other

comparable

ETFs

and

mutual

funds

(as

applicable).

As

a

result,

the

Board

concluded

that

the

renewal

of

the

Investment

Management

Agreement

for

an

additional

one-year

period

was

in

the

best

interests

of

each

Fund.

After

full

consideration

of

the

above

factors,

as

well

as

other

factors,

the

Trustees,

including

all

of

the

Independent

Trustees

voting

separately,

determined

to

approve

the

renewal

of

the

Investment

Management

Agreement

for

each

Fund.

125-24-93092

04-25

This

report

is

submitted

for

the

general

information

of

shareholders

of

the

Fund.

It

is

not

an

offer

or

solicitation

for

the

Fund

and

is

not

authorized

for

distribution

to

prospective

investors

unless

preceded

or

accompanied

by

an

effective

prospectus.

Janus

Henderson

is

a

trademark

of

Janus

Henderson

Group

plc

or

one

of

its

subsidiaries.

©

Janus

Henderson

Group

plc.

Janus

Henderson

Investors

US

LLC

is

the

investment

adviser

and

ALPS

Distributors,

Inc.

is

the

distributor.

ALPS

is

not

affiliated

with

Janus

Henderson

or

any

of

its

subsidiaries.

SEMIANNUAL

FINANCIAL

STATEMENTS

April

30,

2025

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Item

7.

Financial

Statements

and

Financial

Highlights

for

Open-End

Management

Investment

Companies

Schedule

of

Investments

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

3

Statement

of

Assets

and

Liabilities

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

6

Statement

of

Operations

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

7

Statements

of

Changes

in

Net

Assets

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

8

Financial

Highlights

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

9

Notes

to

Financial

Statements

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

10

Items

8-11

-

Additional

Information

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

17

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

Janus

Detroit

Street

Trust

3

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares

Value

Common

Stocks

-

97.5%

Automobile

Components

-

1.3%

Aptiv

plc*

1,813

$

103,450

Biotechnology

-

2.9%

Vertex

Pharmaceuticals,

Inc.*

470

239,465

Building

Products

-

2.5%

Advanced

Drainage

Systems,

Inc.

1,282

145,494

Carrier

Global

Corp.

984

61,540

207,034

Capital

Markets

-

1.4%

S&P

Global,

Inc.

227

113,511

Construction

&

Engineering

-

3.2%

API

Group

Corp.*

3,112

117,727

Stantec,

Inc.

1,617

141,647

259,374

Electrical

Equipment

-

2.4%

NEXTracker,

Inc.

-

Class

A*

2,036

82,682

nVent

Electric

plc

2,003

109,985

192,667

Electronic

Equipment,

Instruments

&

Components

-

4.3%

Keysight

Technologies,

Inc.*

1,321

192,073

TE

Connectivity

plc

1,065

155,895

347,968

Entertainment

-

4.7%

Spotify

Technology

SA*

618

379,440

Financial

Services

-

5.1%

Mastercard,

Inc.

-

Class

A

594

325,548

Walker

&

Dunlop,

Inc.

1,219

93,302

418,850

Food

Products

-

0.8%

McCormick

&

Co.,

Inc.

(Non-Voting)

873

66,924

Ground

Transportation

-

2.8%

Uber

Technologies,

Inc.*

2,845

230,474

Health

Care

Equipment

&

Supplies

-

1.7%

Lantheus

Holdings,

Inc.*

1,298

135,433

Health

Care

Providers

&

Services

-

7.3%

Encompass

Health

Corp.

1,991

232,927

Humana,

Inc.

186

48,776

McKesson

Corp.

435

310,064

591,767

Independent

Power

and

Renewable

Electricity

Producers

-

1.1%

Boralex,

Inc.

-

Class

A

4,182

92,705

Insurance

-

12.3%

Arthur

J

Gallagher

&

Co.

863

276,756

Marsh

&

McLennan

Cos.,

Inc.

1,038

234,038

Progressive

Corp.

(The)

1,733

488,255

999,049

Life

Sciences

Tools

&

Services

-

3.1%

Bruker

Corp.

1,192

47,752

ICON

plc*

874

132,359

Revvity,

Inc.

808

75,491

255,602

Machinery

-

6.5%

Westinghouse

Air

Brake

Technologies

Corp.

1,832

338,443

Xylem,

Inc.

1,589

191,586

530,029

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

4

April

30,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares

Value

Common

Stocks

-

(continued)

Pharmaceuticals

-

2.7%

Eli

Lilly

&

Co.

243

$

218,445

Semiconductors

&

Semiconductor

Equipment

-

10.6%

Lam

Research

Corp.

1,202

86,147

Nova

Ltd.*

233

45,717

NVIDIA

Corp.

4,169

454,088

ON

Semiconductor

Corp.*

1,136

45,099

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

(ADR)

1,374

229,032

860,083

Software

-

11.6%

Autodesk,

Inc.*

684

187,587

Cadence

Design

Systems,

Inc.*

510

151,847

Microsoft

Corp.

1,540

608,701

948,135

Specialized

REITs

-

1.8%

Equinix,

Inc.

172

148,049

Specialty

Retail

-

2.3%

Home

Depot,

Inc.

(The)

519

187,094

Trading

Companies

&

Distributors

-

1.8%

Core

&

Main,

Inc.

-

Class

A*

2,855

150,401

Wireless

Telecommunication

Services

-

3.3%

T-Mobile

US,

Inc.

1,093

269,916

Total

Common

Stocks

(cost

7,149,882)

7,945,865

Investment

Companies

-

2.5%

Money

Market

Funds

-

2.5%

Federated

Hermes

Government

Obligations

Tax-Managed

Fund,

Institutional

Class,

4.1500%

∞

(cost

$204,977)

204,977

204,977

Total

Investments

(total

cost

$

7,354,859

)

-

100.0%

8,150,842

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

0.0%

(1,079)

Net

Assets

-

100.0%

$8,149,763

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

6,760,612

82.9

%

Ireland

391,704

4.8

Sweden

379,440

4.7

Canada

234,352

2.9

Taiwan

229,032

2.8

United

Kingdom

109,985

1.3

Israel

45,717

0.6

Total

$

8,150,842

100.0%

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

April

30,

2025

Janus

Detroit

Street

Trust

5

ADR

American

Depositary

Receipt

plc

Public

Limited

Company

REIT

Real

Estate

Investment

Trust

*

Non-income

producing

security.

∞

Rate

shown

is

the

7-day

yield

as

of

April

30,

2025.

The

following

is

a

summary

of

the

inputs

that

were

used

to

value

the

Fund's

investments

in

securities

and

other

financial

instruments

as

of

April

30,

2025

.

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

Total

Assets

Investments

in

Securities:

Common

Stocks

$

7,945,865

$

—

$

—

$

7,945,865

Investment

Companies

204,977

—

—

204,977

Total

Assets

$

8,150,842

$

—

$

—

$

8,150,842

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Statement

of

Assets

and

Liabilities

(unaudited)

April

30,

2025

6

April

30,

2025

See

Notes

to

Financial

Statements.

Assets:

Investments,

at

value

(cost

$7,354,859)

$

8,150,842

Receivables:

Dividends

1,829

Interest

870

Total

Assets

8,153,541

Liabilities:

Payables:

Management

fees

3,778

Total

Liabilities

3,778

Commitments

and

contingent

liabilities

Net

Assets

$

8,149,763

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

10,009,868

Total

distributable

earnings

(loss)

(

1,860,105

)

Total

Net

Assets

$

8,149,763

Net

Assets

$

8,149,763

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

300,001

Net

Asset

Value

Per

Share

$

27

.17

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Statement

of

Operations

(unaudited)

For

the

period

ended

April

30,

2025

Janus

Detroit

Street

Trust

7

See

Notes

to

Financial

Statements.

Investment

Income:

Dividends

$

40,894

Foreign

tax

withheld

(

269

)

Total

Investment

Income

40,625

Expenses:

Management

Fees

23,181

Total

Expenses

23,181

Net

Investment

Income/(Loss)

17,444

Net

Realized

Gain/(Loss)

on

Investments:

Investments

and

foreign

currency

transactions

$

123,740

Total

Net

Realized

Gain/(Loss)

on

Investments

$

123,740

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

(

118,747

)

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

(

118,747

)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

22,437

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Statements

of

Changes

in

Net

Assets

8

April

30,

2025

See

Notes

to

Financial

Statements.

Period

Ended

April

30,

2025

(unaudited)

Year

Ended

October

31,

2024

Operations:

Net

investment

income/(loss)

$

17,444

$

32,259

Net

realized

gain/(loss)

on

investments

123,740

66,122

Change

in

unrealized

net

appreciation/depreciation

(

118,747

)

2,203,296

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

22,437

2,301,677

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(

20,997

)

(

34,843

)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(

20,997

)

(

34,843

)

Capital

Share

Transactions

24,419

(

1,299,128

)

Net

Increase/(Decrease)

in

Net

Assets

25,859

967,706

Net

Assets:

—

—

Beginning

of

Period  

8,123,904

7,156,198

End

of

Period

$

8,149,763

$

8,123,904

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Financial

Highlights

(unaudited)

Janus

Detroit

Street

Trust

9

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

the

period

ended

April

30,

2025

(unaudited)

and

each

year

or

period

ended

October

31

2025

2024

2023

2022

2021

(1)

Net

Asset

Value,

Beginning

of

Period

$27.08

$20.45

$18.99

$25.38

$25.00

Income/(Loss)

from

Investment

Operations:

—

—

—

—

—

Net

investment

income/(loss)

(2)

0.06

0.10

0.08

0.04

—

(3)

Net

realized

and

unrealized

gain/(loss)

0.10

6.64

1.46

(6.32)

0.38

Total

from

Investment

Operations

0.16

6.74

1.54

(6.28)

0.38

Less

Dividends

and

Distributions:

—

—

—

—

—

Dividends

(from

net

investment

income)

(0.07)

(0.11)

(0.08)

(0.11)

—

Total

Dividends

and

Distributions

(0.07)

(0.11)

(0.08)

(0.11)

—

Net

Asset

Value,

End

of

Period

$27.17

$27.08

$20.45

$18.99

$25.38

Total

Return

*

0.58%

32.97%

8.11%

(24.82)%

1.52%

Net

assets,

End

of

Period

(in

thousands)

$8,150

$8,124

$7,156

$19,935

$51,394

Ratios

to

Average

Net

Assets

**

Ratio

of

Gross

Expenses

0.55%

0.55%

0.55%

0.55%

0.55%

Ratio

of

Net

Investment

Income/(Loss)

0.41%

0.39%

0.40%

0.19%

(0.01)%

Portfolio

Turnover

Rate

(4)

14%

20%

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

(unaudited)

10

April

30,

2025

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 fourteen

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.

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

Chief

Financial

Officer

of

the

Fund/Portfolio

is

designated

as

the

Chief

Operating

Decision

Maker

(“CODM”)

as

it

relates

to

ASC

Topic

280.

The

CODM

has

concluded

that

the

Fund/Portfolio

operated

as

a

single

segment

entity

for

the

period ended

April

30,

2025.

The

key

indicator

of

performance

of

the

Fund

is

net

investment

income

as

reported

on

the

Statement

of

Operations.

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

U.S.

Sustainable

Equity

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

11

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

April

30,

2025 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

U.S.

Sustainable

Equity

ETF

Notes

to

Financial

Statements

(unaudited)

12

April

30,

2025

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

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 

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

13

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,

social

unrest,

tariffs,

financial

institution

failures,

and

economic

recessions 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.

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

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Notes

to

Financial

Statements

(unaudited)

14

April

30,

2025

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

period ended

April

30,

2025,

the

Fund’s

actual

management

fee

rate

(expressed

as

an

annual

rate)

was

0.55% of

the

Fund’s

average

daily

net

assets.

J.P.

Morgan

Chase

Bank,

N.A.

(“JP

Morgan")

provides

certain

fund

administration

services

to

the

Fund,

including

services

related

to

the

Fund’s

accounting,

including

calculating

the

daily

NAV,

audit

coordination,

tax,

and

reporting

obligations,

pursuant

to

an

agreement

with

the

Adviser,

on

behalf

of

the

Fund.

As

compensation

for

such

services, the

Adviser pays

JP

Morgan

a

fee

based

on

a

percentage

of

the

Fund’s

assets,

with

a

minimum

flat

fee,

for

certain

services. The

Adviser serves

as

administrator

to

the

Fund,

providing

oversight

and

coordination

of

the

Fund’s

service

providers,

recordkeeping

and

other

administrative

services. The

Adviser does

not

receive

any

additional

compensation,

beyond

the

unitary

fee,

for

serving

as

administrator.

JP

Morgan

also

serves

as

transfer

agent

for

the

shares

of

the

Fund.

Pursuant

to

agreements

with

the

Adviser on

behalf

of

the

Fund,

J.P.

Morgan

Securities

LLC,

an

affiliate

of

JP

Morgan,

may

execute

portfolio

transactions

for

the

Fund,

including

but

not

limited

to,

transactions

in

connection

with

cash

in

lieu

transactions

for

non-US

securities. 

The

Trust

has

adopted

a

Distribution

and

Servicing

Plan

for

shares

of

the

Fund

pursuant

to

Rule

12b-1

under

the

1940

Act

(the

“Plan”).

The

Plan

permits

compensation

in

connection

with

the

distribution

and

marketing

of

Fund

shares

and/

or

the

provision

of

certain

shareholder

services.

The

Plan

permits

the

Fund

to

pay

the

Distributor

or

its

designee,

a

fee

for

the

sale

and

distribution

and/or

shareholder

servicing

of

the

shares

at

an

annual

rate

of

up

to

0.25%

of

average

daily

net

assets

of

the

Fund.

However,

the

Trustees

have

determined

not

to

authorize

payment

under

this

Plan

at

this

time.

Under

the

terms

of

the

Plan,

the

Trust

would

be

authorized

to

make

payments

to

the

Distributor

or

its

designee

for

remittance

to

retirement

plan

service

providers,

broker-dealers,

bank

trust

departments,

financial

advisors,

and

other

financial

intermediaries,

as

compensation

for

distribution

and/or

shareholder

services

performed

by

such

entities

for

their

customers

who

are

investors

in

the

Fund.

The

12b-1

fee

may

only

be

imposed

or

increased

when

the

Trustees

determine

that

it

is

in

the

best

interests

of

shareholders

to

do

so.

Because

these

fees

are

paid

out

of

the

Fund’s

assets

on

an

ongoing

basis,

to

the

extent

that

a

fee

is

authorized,

over

time

they

will

increase

the

cost

of

an

investment

in

the

Fund.

The

Plan

fee

may

cost

an

investor

more

than

other

types

of

sales

charges. 

As

of

April

30,

2025, the

Adviser

owned 225,001

shares

or 75%

of

the

Fund.

4.

Federal

Income

Tax 

Income

and

capital

gains

distributions

are

determined

in

accordance

with

income

tax

regulations

that

may

differ

from

US

GAAP.

These

differences

are

due

to

differing

treatments

for

items

such

as

net

short-term

gains,

deferral

of

wash

sale

losses,

foreign

currency

transactions,

passive

foreign

investment

companies,

net

investment

losses,

in-kind

transactions

and

capital

loss

carryovers.

Daily

Net

Assets

Fee

Rate

$0-$250

million

0.55%

Over

$250

million

0.50%

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

15

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,

2024,

that

may

be

available

to

offset

future

realized

capital

gains

and

thereby

reduce

future

taxable

gains

distributions.

The

following

table

shows

these

capital

loss

carryovers. 

The

aggregate

cost

of

investments

and

the

composition

of

unrealized

appreciation

and

depreciation

of

investment

securities

for

federal

income

tax

purposes

as

of April

30,

2025 are

noted

below.

The

primary

difference

between

book

and

tax

appreciation

or

depreciation

of

investments

is

wash

sale

loss

deferrals. 

5.

Capital

Share

Transactions 

6.

Purchases

and

Sales

of

Investment

Securities

For

the

period

ended

April

30,

2025,

the

aggregate

cost

of

purchases

and

proceeds

from

sales

of

investment

securities

(excluding

any

short-term

securities,

short-term

options

contracts,

and

in-kind

transactions)

was

as

follows:

For

the

period

ended April

30,

2025,

the

cost

of

in-kind

purchases

and

proceeds

from

in-kind

sales,

were

as

follows: 

During

the

period

ended

April

30,

2025,

the

Fund

had

net

realized

gain of $303,127 from

in-kind

redemptions.

Gains

on

in-kind

transactions

are

not

considered

taxable

for

federal

income

tax

purposes.

Capital

Loss

Carryover

Schedule

For

the

year

ended

October

31,

2024

No

Expiration

Short-Term

Long-Term

Accumulated

Capital

Losses

$(1,395,307)

$(1,384,644)

$(2,779,951)

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$7,354,859

$1,516,138

$(720,155)

$795,983

Period

Ended

April

30,

2025

Year

Ended

October

31,

2024

Shares

Amount

Shares

Amount

Shares

sold

50,000

$

1,390,017

25,000

$

654,820

Shares

repurchased

(50,000)

(1,365,598

)

(75,000)

(1,953,948

)

Net

Increase/(Decrease)

—

$

24,419

(50,000)

$

(1,299,128

)

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

$1,148,533

$1,230,923

$—

$—

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

$1,355,228

$1,271,525

$—

$—

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Notes

to

Financial

Statements

(unaudited)

16

April

30,

2025

7.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to April

30,

2025

and

through

the

date

of

the

issuance

of

the

Fund's

financial

statements

and

determined

that

there

were

no

material

events

or

transactions

that

would

require

recognition

or

disclosure

in

the

Fund's

financial

statements. 

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Additional

Information

(unaudited)

Janus

Detroit

Street

Trust

17

Item

8.

Changes

in

and

Disagreements

with

Accountants

for

Open-End

Management

Investment

Companies.

Not

applicable.

Item

9.

Proxy

Disclosures

for

Open-End

Management

Investment

Companies.

Not

applicable.

Item

10.

Remuneration

Paid

to

Directors,

Officers,

and

Others

of

Open-End

Management

Investment

Companies.

Because

the

Adviser

has

agreed

in

the

Investment

Advisory

Agreement

to

cover

all

operating

expenses

of

the

Fund,

subject

to

certain

exclusions

as

provided

for

therein,

the

Adviser

pays

the

compensation

to

each

Independent

Trustees

for

services

to

the

Fund

from

the

Adviser's

management

fees.

Item

11.

APPROVAL

OF

ADVISORY

AGREEMENTS

DURING

THE

PERIOD

The

Board

of

Trustees

(the

“Board”)

of

Janus

Detroit

Street

Trust

(the

“Trust”),

including

a

majority

of

the

Trustees

who

are

not

“interested

persons”

as

that

term

is

defined

in

the

Investment

Company

Act

of

1940,

as

amended

(the

“Independent

Trustees”),

met

in

person

on

April

16-17,

2025

to

consider

the

proposed

renewal

of

the

investment

management

agreement

between

Janus

Henderson

Investors

US

LLC

(the

“Adviser”)

and

the

Trust

(the

“Investment

Management

Agreement”),

on

behalf

of

Janus

Henderson

AAA

CLO

ETF

(“JAAA”),

Janus

Henderson

B-BBB

CLO

ETF

(“JBBB”),

Janus

Henderson

Corporate

Bond

ETF

(“JLQD”),

Janus

Henderson

Mortgage-Backed

Securities

ETF

(“JMBS”),

Janus

Henderson

Securitized

Income

ETF

(“JSI”),

Janus

Henderson

Short

Duration

Income

ETF

(“VNLA”),

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

(“JSML”),

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

(“JSMD”),

Janus

Henderson

U.S.

Real

Estate

ETF

(“JRE”),

and

Janus

Henderson

U.S.

Sustainable

Equity

ETF

(“SSPX”)

(each

a

separate

series

of

the

Trust,

and

collectively,

the

“Funds”).

In

the

course

of

their

consideration

of

the

renewal

of

the

Investment

Management

Agreement,

the

Independent

Trustees

met

in

executive

session

and

were

advised

by

their

independent

counsel.

In

this

regard,

the

Independent

Trustees

evaluated

the

terms

of

the

Investment

Management

Agreement

and

reviewed

the

duties

and

responsibilities

of

trustees

in

evaluating

and

approving

such

agreements.

In

considering

renewal

of

the

Investment

Management

Agreement,

the

Board

and

the

Independent

Trustees,

as

applicable,

reviewed

the

materials

provided

to

them

relating

to

the

consideration

of

the

renewal

of

the

Investment

Management

Agreement

for

the

Funds

and

other

information

provided

by

counsel

and

the

Adviser,

including:

(i)

information

regarding

the

nature,

quality

and

extent

of

the

services

provided

to

the

Funds

by

the

Adviser,

and

the

fees

charged

to

each

Fund

therefor;

(ii)

information

concerning

the

Adviser’s

financial

condition,

business,

operations,

portfolio

management

personnel,

compliance

programs,

and

profitability

with

respect

to

the

Trust

and

each

Fund;

(iii)

comparative

information

describing

each

Fund’s

advisory

fee

structures,

operating

expenses,

and

performance

information

as

compared

to

peer

fund

groups

compiled

by

an

independent

third

party;

(iv)

a

copy

of

the

Adviser’s

current

Form

ADV;

and

(v)

a

memorandum

from

counsel

to

the

Independent

Trustees

on

the

responsibilities

of

trustees

in

considering

investment

advisory

arrangements

under

the

1940

Act.

The

Board

also

considered

presentations

made

by,

and

discussions

held

with,

representatives

of

the

Adviser

throughout

the

year.

The

Trustees

also

considered

information

received

and

reviewed

in

connection

with

a

meeting

held

on

March

10,

2025

via

videoconference

to

discuss

certain

information

provided

by

the

Adviser

related

to

the

Trustees’

consideration

of

the

renewal

of

the

Investment

Management

Agreement.

The

Board

determined

that

the

information

provided

by

the

Adviser

was

thorough

and

sufficiently

responsive

to

their

request

so

as

to

permit

the

effective

consideration

of

the

renewal.

During

its

review

of

this

information,

the

Board

focused

on

and

analyzed

the

factors

that

it

deemed

relevant,

including,

among

other

factors:

(i)

the

nature,

extent

and

quality

of

the

services

provided

to

the

Funds

by

the

Adviser;

(ii)

the

Adviser’s

personnel

and

operations;

(iii)

each

Fund’s

expense

level;

(iv)

the

profitability

to

the

Adviser

under

the

Investment

Management

Agreement

with

respect

to

each

Fund;

(v)

any

“fall-out”

benefits

to

the

Adviser

and

its

affiliates

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Additional

Information

(unaudited)

18

April

30,

2025

(i.e.,

the

ancillary

benefits

realized

by

the

Adviser

and

its

affiliates

from

the

Adviser’s

relationship

with

the

Trust);

(vi)

the

effect

of

asset

growth

on

each

Fund’s

expenses;

and

(vii)

potential

conflicts

of

interest.

The

Trustees

also

considered

benefits

that

accrue

to

the

Adviser

and

its

affiliates

from

their

relationships

with

the

Trust

and

each

Fund.

The

Trustees

also

considered

that,

other

than

the

services

provided

by

the

Adviser

and

its

affiliates

pursuant

to

agreements

with

the

Funds

and

the

fees

paid

by

the

Funds

therefor,

the

Funds

and

the

Adviser

may

potentially

benefit

from

their

relationship

with

each

other

in

other

ways.

The

Trustees

considered

that

the

success

of

the

Funds

could

attract

other

business

to

the

Adviser

or

other

Janus

Henderson

funds,

and

that

the

success

of

the

Adviser

could

enhance

the

Adviser’s

ability

to

serve

the

Funds.

The

Board,

including

the

Independent

Trustees,

considered

the

following

in

respect

of

the

Funds:

(a)

The

nature,

extent

and

quality

of

services

provided

by

the

Adviser;

personnel

and

operations

of

the

Adviser.

The

Board

reviewed

the

services

that

the

Adviser

provides

to

the

Funds.

In

connection

with

the

investment

advisory

services

provided

by

the

Adviser,

the

Board

noted

the

responsibilities

that

the

Adviser

has

as

the

Funds’

investment

adviser,

including:

the

overall

supervisory

responsibility

for

the

general

management

and

investment

of

each

Fund’s

securities

portfolio;

providing

oversight

of

the

investment

performance

and

processes

and

compliance

with

each

Fund’s

investment

objectives,

policies

and

limitations;

the

implementation

of

the

investment

management

program

of

each

Fund;

the

management

of

the

day-to-day

investment

and

reinvestment

of

the

assets

of

each

Fund;

determining

daily

baskets

of

securities

and

cash

components

in

connection

with

creation

and

redemption

transactions

in

each

Fund’s

shares;

executing

portfolio

security

trades

for

purchases

and

redemptions

of

each

Fund’s

shares

conducted

on

a

cash-

in-lieu

basis;

the

review

of

brokerage

matters;

the

oversight

of

general

portfolio

compliance

with

relevant

law;

and

the

implementation

of

Board

directives

as

they

relate

to

the

Funds.

The

Board

reviewed

the

Adviser’s

experience,

resources,

and

strengths

in

managing

the

Funds

and

other

pooled

investment

vehicles,

including

an

assessment

of

the

Adviser’s

personnel.

Based

on

its

consideration

and

review

of

the

foregoing

information,

the

Board

determined

that

each

Fund

was

likely

to

continue

to

benefit

from

the

nature,

quality

and

extent

of

these

services,

as

well

as

the

Adviser’s

ability

to

render

such

services

based

on

the

Adviser’s

experience,

personnel,

operations

and

resources.

(b)

Comparison

of

services

rendered

and

fees

paid

under

other

investment

advisory

contracts,

and

the

cost

of

the

services

to

be

provided

and

profits

to

be

realized

by

the

Adviser

from

the

relationship

with

the

Funds;

“fall-out”

benefits.

The

Board

then

compared

both

the

services

rendered

and

the

fees

paid

under

other

contracts

of

the

Adviser

and

under

contracts

of

other

investment

advisers

with

respect

to

similar

ETFs.

In

particular,

the

Board

reviewed

a

report

compiled

by

an

independent

third

party

to

compare

each

Fund’s

contractual

management

fee

and

total

expense

ratio

to

other

investment

companies

within

each

Fund’s

respective

peer

grouping,

as

determined

by

the

independent

third

party.

The

information

provided

by

the

comparative

report

showed

how

the

total

expense

ratio

and

contractual

management

fee

for

each

of

the

Funds

compared

within

its

respective

peer

group

for

the

one-year

period

ended

December

31,

2024.

The

reporting

is

described

in

detail

below:

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Additional

Information

(unaudited)

Janus

Detroit

Street

Trust

19

The

total

expense

ratio

and

the

contractual

management

fee

for

JAAA

were

each

reported

in

the

3rd

quintile

of

its

respective

peer

group

(with

1st

quintile

being

the

lowest

fees/expenses

and

5th

quintile

being

the

highest

fees/

expenses).

The

total

expense

ratio

and

the

contractual

management

fee

for

JBBB

were

each

reported

in

the

1st

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JLQD

were

each

reported

in

the

3rd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JMBS

were

each

reported

in

the

1st

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JSI

were

each

reported

in

the

4th

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

VNLA

were

each

reported

in

the

1st

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JSML

were

reported

in

the

3rd

and

2nd

quintiles,

respectively.

The

total

expense

ratio

and

the

contractual

management

fee

for

JSMD

were

reported

in

the

3rd

and

2nd

quintiles,

respectively.

The

total

expense

ratio

and

the

contractual

management

fee

for

JRE

were

reported

in

the

4th

and

3rd

quintiles,

respectively.

The

total

expense

ratio

and

the

contractual

management

fee

for

SSPX

were

each

reported

in

the

2nd

quintile.

The

Board

further

considered

that

the

Adviser

had

voluntarily

agreed

to

cap

the

expenses

of

JAAA,

JMBS

and

VNLA

to

the

extent

that

such

Funds’

total

expense

ratio

exceeded

0.20%,

0.22%

and

0.23%,

respectively,

until

at

least

February

28,

2026.

The

Board

also

considered

that

the

Adviser

had

voluntarily

agreed

to

cap

the

expenses

of

JLQD

to

the

extent

that

the

Fund’s

total

expense

ratio

exceeded

0.20%

until

at

least

May

1,

2026.

The

Board

further

noted

the

Adviser’s

contractual

commitment

with

respect

to

the

Funds’

investments

in

affiliated

ETFs

to

waive

and/or

reimburse

a

portion

of

its

management

fee

in

an

amount

equal

to

a

portion

of

the

management

fee

it

earns

as

investment

adviser

to

affiliated

ETFs

in

which

a

Fund

invests

(if

any),

for

until

at

least

February 28,

2026.

The

Board

also

discussed

the

costs

incurred

by

the

Adviser

in

connection

with

its

serving

as

investment

adviser

to

the

Funds,

including

operational

costs.

After

comparing

each

Fund’s

fees

and

expenses

with

those

of

other

ETFs

in

the

Funds’

respective

peer

groups,

and

in

light

of

the

nature,

extent

and

quality

of

services

provided

by

the

Adviser

and

the

costs

incurred

by

the

Adviser

in

rendering

those

services,

as

well

as

the

profitability

of

the

Adviser

in

providing

these

services,

the

Board

concluded

that

the

level

of

fees

paid

to

the

Adviser

and

the

profitability

with

respect

to

each

Fund

was

fair

and

reasonable.

The

Board

also

considered

that

the

Adviser

may

experience

reputational

“fall-out”

benefits

based

on

the

success

of

the

Funds,

but

that

such

benefits

are

not

easily

quantifiable.

(c)

The

extent

to

which

economies

of

scale

would

be

realized

as

the

Fund

grows

and

whether

fee

levels

would

reflect

such

economies

of

scale.

The

Board

next

discussed

potential

economies

of

scale.

In

its

review,

the

Board

considered

that

the

Funds

were

positioned

to

realize

potential

economies

of

scale

as

assets

grow

over

time,

given

the

inclusion

of

management

fee

breakpoints

for

each

Fund

in

the

current

investment

advisory

agreement

at

various

asset

levels.

(d)

Investment

performance

of

the

Fund

and

the

Adviser.

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Additional

Information

(unaudited)

20

April

30,

2025

The

Board

next

discussed

the

annualized

returns

of

the

Funds

on

both

an

absolute

basis

and

relative

to

the

performance

of

funds

comprising

a

performance

universe

compiled

by

an

independent

third

party

for

each

Fund

for

the

three-month

period,

one-year

period,

two-year

period,

three-year

period,

four-year

period,

five-year

period,

and/or

since

inception

period

ended

December

31,

2024

(each

period

as

applicable).

The

Board

noted

the

following

for

each

Fund:

JAAA

was

reported

to

be

in

the

1st

quintile

of

its

performance

universe

(with

the

1st

quintile

being

the

best

performer

and

the

5th

quintile

being

the

worst

performer)

for

its

one-,

two-,

three-

and

four-year

periods;

JBBB

was

reported

to

be

in

the

1stquintile

of

its

performance

universe

for

its

one-

and

two-year

periods,

respectively;

JLQD

was

reported

to

be

in

the

2nd,

3rd,

and

2nd

quintiles

of

its

performance

universe

for

its

one-,

two-,

and

three-

year

periods,

respectively.

JMBS

was

reported

to

be

in

the

1st

quintile

of

its

performance

universe

for

its

one-,

two-,

three-,

four-,

and

five-year

periods;

JSI

was

reported

to

be

in

the

2nd,

1st,

and

1st

quintiles

of

its

performance

universe

for

its

three

month,

one

year,

and

since

inception

periods,

respectively.

VNLA

was

reported

to

be

in

the

2nd,

2nd,

2nd,

2nd,

and

1st

quintiles

of

its

performance

universe

for

each

of

its

one-

,

two-,

three-,

four-,

and

five-year

periods;

JSML

was

reported

to

be

in

the

4th,

1st,

1st,

3rd,

and

3rd

quintiles

of

its

performance

universe

for

its

one-,

two-,

three-,

four-,

and

five-year

periods,

respectively;

JSMD

was

reported

to

be

in

the

3rd,

2nd,

1st,

2nd,

and

2nd

quintiles

of

its

performance

universe

for

its

one-,

two-,

three-,

four-,

and

five-year

periods,

respectively;

JRE

was

reported

to

be

in

the

2nd,

4th,

and

2nd

quintiles

of

its

performance

universe

for

its

one-,

two-,

and

three-

year

periods,

respectively;

and

SSPX

was

reported

to

be

in

the

5th

quintile

of

its

performance

universe

for

its

one-,

two-,

and

three-

year

periods.

With

respect

to

JSML

and

JSMD,

the

Board

noted

that

these

Funds

had

operated

as

index-based

during

the

periods

described

above

and,

as

a

result,

had

been

passively

managed

to

seek

to

track

the

returns

of

specified

indices.

For

this

reason,

the

Board

also

considered

the

performance

of

these

Funds

in

relation

to

the

performance

of

each

Fund’s

respective

underlying

index

(i.e.,

“tracking

error”)

and

considered

that

the

tracking

error

was

within

anticipated

ranges.

The

Board

considered

the

Adviser’s

explanation

of

performance

results

for

each

Fund

across

the

relevant

periods

provided

as

part

of

the

consideration

of

the

renewal

of

the

Investment

Advisory

Agreement,

and

during

the

course

of

the

previous

year.

Conclusion.

No

single

factor

was

determinative

to

the

decision

of

the

Board.

Based

on

the

foregoing

and

such

other

matters

as

were

deemed

relevant,

the

Board

concluded

that

the

management

fee

rates

and

total

expense

ratios

of

each

Fund

are

reasonable

in

relation

to

the

services

provided

by

the

Adviser

to

such

Fund,

as

well

as

the

costs

incurred

and

benefits

gained

by

the

Adviser

in

providing

such

services.

The

Board

also

found

the

management

fees

to

be

reasonable

in

comparison

to

the

fees

charged

by

advisers

to

other

comparable

ETFs

and

mutual

funds

(as

applicable).

As

a

result,

the

Board

concluded

that

the

renewal

of

the

Investment

Management

Agreement

for

an

additional

one-year

period

was

in

the

best

interests

of

each

Fund.

After

full

consideration

of

the

above

factors,

as

well

as

other

factors,

the

Trustees,

including

all

of

the

Independent

Trustees

voting

separately,

determined

to

approve

the

renewal

of

the

Investment

Management

Agreement

for

each

Fund.

125-24-93093

04-25

This

report

is

submitted

for

the

general

information

of

shareholders

of

the

Fund.

It

is

not

an

offer

or

solicitation

for

the

Fund

and

is

not

authorized

for

distribution

to

prospective

investors

unless

preceded

or

accompanied

by

an

effective

prospectus.

Janus

Henderson

is

a

trademark

of

Janus

Henderson

Group

plc

or

one

of

its

subsidiaries.

©

Janus

Henderson

Group

plc.

Janus

Henderson

Investors

US

LLC

is

the

investment

adviser

and

ALPS

Distributors,

Inc.

is

the

distributor.

ALPS

is

not

affiliated

with

Janus

Henderson

or

any

of

its

subsidiaries.

SEMIANNUAL

FINANCIAL

STATEMENTS

April

30,

2025

Janus

Henderson

B-BBB

CLO

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

B-BBB

CLO

ETF

Item

7.

Financial

Statements

and

Financial

Highlights

for

Open-End

Management

Investment

Companies

Schedule

of

Investments

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

3

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

Items

8-11

-

Additional

Information

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

25

Janus

Henderson

B-BBB

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

Janus

Detroit

Street

Trust

3

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

91

.5

%

1988

CLO

1

Ltd.

2022-1A

D1R,

CME

Term

SOFR

3

Month

+

3.1000%,

7.3561%,

10/15/39

(144A)

‡

$

1,000,000

$

967,215

522

Funding

CLO

Ltd.

2020-6A

DR,

CME

Term

SOFR

3

Month

+

3.4116%,

7.6910%,

10/23/34

(144A)

‡

13,000,000

13,000,000

522

Funding

CLO

Ltd.

2019-5A

DR,

CME

Term

SOFR

3

Month

+

3.2500%,

7.5061%,

4/15/35

(144A)

‡

14,150,000

13,540,163

AB

BSL

CLO

1

Ltd.

2020-1A

DR,

CME

Term

SOFR

3

Month

+

3.4500%,

7.7061%,

1/15/35

(144A)

‡

2,000,000

1,999,800

AB

BSL

CLO

2

Ltd.

2021-2A

D,

CME

Term

SOFR

3

Month

+

3.6116%,

7.8677%,

4/15/34

(144A)

‡

3,000,000

2,879,675

AGL

CLO

14

Ltd.

2021-14A

DR,

CME

Term

SOFR

3

Month

+

2.8500%,

7.1195%,

12/2/34

(144A)

‡

7,250,000

7,175,653

AGL

CLO

21

Ltd.

2022-21A

D2R,

CME

Term

SOFR

3

Month

+

4.4000%,

8.6695%,

10/21/37

(144A)

‡

2,200,000

2,199,908

Allegany

Park

CLO

Ltd.

2019-1A

DR,

CME

Term

SOFR

3

Month

+

3.1000%,

7.3695%,

1/20/35

(144A)

‡

2,000,000

1,982,737

AMMC

CLO

24

Ltd.

2021-24A

DR,

CME

Term

SOFR

3

Month

+

2.9500%,

7.2195%,

1/20/35

(144A)

‡

3,000,000

2,907,216

AMMC

CLO

27

Ltd.

2022-27A

DR,

CME

Term

SOFR

3

Month

+

2.7000%,

6.9695%,

1/20/37

(144A)

‡

8,240,000

8,178,200

AMMC

CLO

28

Ltd.

2024-28A

D1,

CME

Term

SOFR

3

Month

+

3.5000%,

7.7695%,

7/20/37

(144A)

‡

5,000,000

5,032,563

Anchorage

Capital

CLO

16

Ltd.

2020-16A

D1R2,

CME

Term

SOFR

3

Month

+

2.9000%,

7.1695%,

1/19/38

(144A)

‡

9,250,000

9,209,300

Anchorage

Capital

CLO

25

Ltd.

2022-25A

D,

CME

Term

SOFR

3

Month

+

3.5000%,

7.7695%,

4/20/35

(144A)

‡

3,500,000

3,454,357

Annisa

CLO

Ltd.

2016-2A

ERR,

CME

Term

SOFR

3

Month

+

6.9270%,

11.1965%,

7/20/31

(144A)

‡

3,000,000

2,947,658

Apidos

CLO

Xxv

2016-25A

D2R3,

CME

Term

SOFR

3

Month

+

3.9500%,

8.2195%,

1/20/37

(144A)

‡

4,500,000

4,406,847

Apidos

CLO

XXXVIII

2021-38A

D,

CME

Term

SOFR

3

Month

+

3.2116%,

7.4811%,

1/21/34

(144A)

‡

8,360,000

8,338,097

Ares

LXII

CLO

Ltd.

2021-62A

D,

CME

Term

SOFR

3

Month

+

3.3616%,

7.6434%,

1/25/34

(144A)

‡

3,000,000

2,984,451

Ares

LXIV

CLO

Ltd.

2022-64A

DR,

CME

Term

SOFR

3

Month

+

3.2500%,

7.5061%,

10/24/39

(144A)

‡

2,500,000

2,489,000

Ares

LXV

CLO

Ltd.

2022-65A

D,

CME

Term

SOFR

3

Month

+

3.6500%,

7.9318%,

7/25/34

(144A)

‡

10,750,000

10,776,880

Ares

XLI

CLO

Ltd.

2016-41A

DR,

CME

Term

SOFR

3

Month

+

3.2616%,

7.5177%,

4/15/34

(144A)

‡

2,475,000

2,453,668

Ares

XLIII

CLO

Ltd.

2017-43A

D2R2,

CME

Term

SOFR

3

Month

+

4.1000%,

8.3561%,

1/15/38

(144A)

‡

7,000,000

7,055,846

Ares

XXXIX

CLO

Ltd.

2016-39A

ER3,

CME

Term

SOFR

3

Month

+

6.7500%,

11.0195%,

7/18/37

(144A)

‡

3,500,000

3,497,195

Atlas

Senior

Loan

Fund

Ltd.

2021-16A

D,

CME

Term

SOFR

3

Month

+

3.9616%,

8.2311%,

1/20/34

(144A)

‡

8,400,000

8,040,109

Bain

Capital

Credit

CLO

Ltd.

2019-3A

DRR,

CME

Term

SOFR

3

Month

+

2.8000%,

7.0932%,

10/21/34

(144A)

‡

6,500,000

6,375,936

Bain

Capital

Credit

CLO

Ltd.

2019-3A

ERR,

CME

Term

SOFR

3

Month

+

6.8500%,

11.1432%,

10/21/34

(144A)

‡

10,000,000

9,716,101

Bain

Capital

Credit

CLO

Ltd.

2020-3A

DRR,

CME

Term

SOFR

3

Month

+

3.1000%,

7.3793%,

10/23/34

(144A)

‡

5,845,000

5,610,712

Bain

Capital

Credit

CLO

Ltd.

2017-2A

ER3,

CME

Term

SOFR

3

Month

+

7.3400%,

11.6218%,

7/25/37

(144A)

‡

6,560,000

6,470,247

Janus

Henderson

B-BBB

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

4

April

30,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

Ballyrock

CLO

18

Ltd.

2021-18A

C1R,

CME

Term

SOFR

3

Month

+

2.8500%,

6.0709%,

4/15/38

(144A)

‡

$

4,000,000

$

3,929,960

Ballyrock

CLO

28

Ltd.

2024-28A

C1,

CME

Term

SOFR

3

Month

+

2.8000%,

7.1269%,

1/20/38

(144A)

‡

6,500,000

6,389,414

Barings

CLO

Ltd.

2021-1A

D,

CME

Term

SOFR

3

Month

+

3.1616%,

7.4434%,

4/25/34

(144A)

‡

3,990,000

3,860,584

Barings

CLO

Ltd.

2019-1A

DR,

CME

Term

SOFR

3

Month

+

3.9116%,

8.1677%,

4/15/35

(144A)

‡

3,600,000

3,560,057

Barings

CLO

Ltd.

2020-4A

D2R,

CME

Term

SOFR

3

Month

+

5.0000%,

9.2695%,

10/20/37

(144A)

‡

5,000,000

5,006,148

Barings

CLO

Ltd.

2022-2A

D2R,

CME

Term

SOFR

3

Month

+

5.0000%,

9.2561%,

7/15/39

(144A)

‡

3,000,000

3,009,263

Benefit

Street

Partners

CLO

XXV

Ltd.

2021-25A

DR,

CME

Term

SOFR

3

Month

+

2.3500%,

6.6061%,

1/15/35

(144A)

‡

10,000,000

9,803,971

Bethpage

Park

CLO

Ltd.

2021-1A

D,

CME

Term

SOFR

3

Month

+

3.2116%,

7.4677%,

10/15/36

(144A)

‡

1,500,000

1,484,007

Birch

Grove

CLO

11

Ltd.

2024-11A

D1,

CME

Term

SOFR

3

Month

+

3.1000%,

7.4489%,

1/22/38

(144A)

‡

15,500,000

15,024,342

Birch

Grove

CLO

2

Ltd.

2021-2A

D1R,

CME

Term

SOFR

3

Month

+

3.1500%,

7.4195%,

10/19/37

(144A)

‡

3,000,000

2,904,644

Birch

Grove

CLO

3

Ltd.

2021-3A

D2R,

CME

Term

SOFR

3

Month

+

3.8500%,

8.1195%,

1/19/38

(144A)

‡

5,000,000

4,890,683

BlueMountain

CLO

XXV

Ltd.

2019-25A

D1RR,

CME

Term

SOFR

3

Month

+

3.2500%,

7.5061%,

1/15/38

(144A)

‡

12,500,000

12,457,368

BlueMountain

CLO

XXV

Ltd.

2019-25A

ERR,

CME

Term

SOFR

3

Month

+

7.4200%,

11.6761%,

1/15/38

(144A)

‡

4,275,000

4,118,961

BlueMountain

CLO

XXVI

Ltd.

2019-26A

D1R,

CME

Term

SOFR

3

Month

+

3.7616%,

8.0311%,

10/20/34

(144A)

‡

8,270,000

8,186,660

BlueMountain

CLO

XXVI

Ltd.

2019-26A

D2R,

CME

Term

SOFR

3

Month

+

4.6316%,

8.9011%,

10/20/34

(144A)

‡

4,500,000

4,510,260

BlueMountain

CLO

XXX

Ltd.

2020-30A

DR,

CME

Term

SOFR

3

Month

+

3.3000%,

7.5561%,

4/15/35

(144A)

‡

10,950,000

10,826,965

BlueMountain

CLO

XXXII

Ltd.

2021-32A

DR,

CME

Term

SOFR

3

Month

+

3.1000%,

7.3561%,

10/15/34

(144A)

‡

19,250,000

18,535,894

BlueMountain

CLO

XXXIV

Ltd.

2022-34A

D,

CME

Term

SOFR

3

Month

+

3.7500%,

8.0195%,

4/20/35

(144A)

‡

9,210,000

9,098,458

Canyon

Capital

CLO

Ltd.

2021-2A

D,

CME

Term

SOFR

3

Month

+

3.6116%,

7.8677%,

4/15/34

(144A)

‡

5,250,000

5,185,204

Canyon

Capital

CLO

Ltd.

2019-2A

DR2,

CME

Term

SOFR

3

Month

+

2.8500%,

7.1061%,

10/15/34

(144A)

‡

10,000,000

9,912,115

Canyon

Capital

CLO

Ltd.

2022-1A

D,

CME

Term

SOFR

3

Month

+

3.2000%,

7.4605%,

4/15/35

(144A)

‡

2,000,000

1,988,074

Canyon

Capital

CLO

Ltd.

2019-1A

D1RR,

CME

Term

SOFR

3

Month

+

3.6500%,

7.9061%,

7/15/37

(144A)

‡

2,600,000

2,625,317

Canyon

CLO

Ltd.

2020-2A

DR2,

CME

Term

SOFR

3

Month

+

2.9500%,

7.2061%,

10/15/34

(144A)

‡

5,000,000

4,994,249

Capital

Four

US

CLO

I

Ltd.

2021-1A

D,

CME

Term

SOFR

3

Month

+

3.8816%,

8.1511%,

1/18/35

(144A)

‡

7,430,000

7,432,453

Carlyle

Global

Market

Strategies

CLO

Ltd.

2016-3A

DRRR,

CME

Term

SOFR

3

Month

+

2.8500%,

7.1195%,

7/20/34

(144A)

‡

10,000,000

9,803,196

Carlyle

US

CLO

Ltd.

2020-2A

CR,

CME

Term

SOFR

3

Month

+

3.4616%,

7.7434%,

1/25/35

(144A)

‡

10,600,000

10,475,657

Carlyle

US

CLO

Ltd.

2023-4A

D,

CME

Term

SOFR

3

Month

+

4.1000%,

8.3818%,

10/25/36

(144A)

‡

7,700,000

7,707,551

Janus

Henderson

B-BBB

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

Janus

Detroit

Street

Trust

5

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

Carlyle

US

CLO

Ltd.

2019-3A

DRR,

CME

Term

SOFR

3

Month

+

7.3400%,

11.6095%,

4/20/37

(144A)

‡

$

2,500,000

$

2,498,579

Carlyle

US

CLO

Ltd.

2017-2A

D2R2,

CME

Term

SOFR

3

Month

+

4.7500%,

9.0195%,

7/20/37

(144A)

‡

6,750,000

6,749,694

Carlyle

US

CLO

Ltd.

2021-6A

D1R,

CME

Term

SOFR

3

Month

+

2.8000%,

7.0561%,

1/15/38

(144A)

‡

5,000,000

4,907,235

Carlyle

US

CLO

Ltd.

2021-7A

D1R,

CME

Term

SOFR

3

Month

+

3.0000%,

7.2561%,

4/15/40

(144A)

‡

5,300,000

5,109,781

CBAMR

Ltd.

2018-8A

DR,

CME

Term

SOFR

3

Month

+

4.0000%,

8.2561%,

7/15/37

(144A)

‡

16,330,000

16,471,606

CBAMR

Ltd.

2019-9A

DR,

CME

Term

SOFR

3

Month

+

4.1500%,

8.4061%,

7/15/37

(144A)

‡

18,000,000

17,998,900

Chenango

Park

CLO

Ltd.

2018-1A

CR,

CME

Term

SOFR

3

Month

+

2.7500%,

7.0061%,

4/15/30

(144A)

‡

6,500,000

6,408,247

CIFC

Funding

2021-2A

D,

CME

Term

SOFR

3

Month

+

2.9116%,

7.1677%,

4/15/34

(144A)

‡

6,000,000

5,975,281

CIFC

Funding

Ltd.

2021-3A

D,

CME

Term

SOFR

3

Month

+

3.2616%,

7.5177%,

7/15/36

(144A)

‡

5,050,000

5,038,031

CIFC

Funding

Ltd.

2014-5A

D1R3,

CME

Term

SOFR

3

Month

+

3.2500%,

7.5298%,

7/17/37

(144A)

‡

5,000,000

4,962,472

CQS

US

CLO

Ltd.

2021-1A

E,

CME

Term

SOFR

3

Month

+

7.5116%,

11.7811%,

1/20/35

(144A)

‡

4,433,000

4,217,152

CQS

US

CLO

Ltd.

2023-3A

D,

CME

Term

SOFR

3

Month

+

4.2000%,

8.4818%,

1/25/37

(144A)

‡

1,150,000

1,151,379

Crown

City

CLO

II

2020-2A

CR,

CME

Term

SOFR

3

Month

+

3.3500%,

7.6195%,

4/20/35

(144A)

‡

12,200,000

11,590,615

Crown

City

CLO

III

2021-1A

C,

CME

Term

SOFR

3

Month

+

3.5616%,

7.8311%,

7/20/34

(144A)

‡

5,250,000

5,160,214

Crown

City

CLO

IV

2022-4A

C1R,

CME

Term

SOFR

3

Month

+

4.5000%,

8.7695%,

4/20/37

(144A)

‡

5,000,000

4,975,000

Crown

City

CLO

V

2023-5A

C1AR,

CME

Term

SOFR

3

Month

+

4.1000%,

8.3695%,

4/20/37

(144A)

‡

6,250,000

6,336,524

Crown

City

CLO

VI

2024-6A

E,

CME

Term

SOFR

3

Month

+

6.5000%,

10.7561%,

7/15/37

(144A)

‡

3,250,000

3,202,432

Dryden

102

CLO

Ltd.

2023-102A

D,

CME

Term

SOFR

3

Month

+

4.5500%,

8.8061%,

10/15/36

(144A)

‡

4,000,000

4,011,480

Dryden

113

CLO

Ltd.

2022-113A

D1R2,

CME

Term

SOFR

3

Month

+

3.1000%,

7.3561%,

10/15/37

(144A)

‡

3,900,000

3,756,369

Dryden

113

CLO

Ltd.

2022-113A

D2R2,

CME

Term

SOFR

3

Month

+

4.5000%,

8.7561%,

10/15/37

(144A)

‡

3,800,000

3,801,835

Dryden

68

CLO

Ltd.

2019-68A

DR,

CME

Term

SOFR

3

Month

+

3.6116%,

7.8677%,

7/15/35

(144A)

‡

6,500,000

6,211,760

Dryden

78

CLO

Ltd.

2020-78A

D1AR,

CME

Term

SOFR

3

Month

+

3.7500%,

8.0298%,

4/17/37

(144A)

‡

5,500,000

5,531,540

Dryden

78

CLO

Ltd.

2020-78A

D2R,

CME

Term

SOFR

3

Month

+

5.7500%,

10.0298%,

4/17/37

(144A)

‡

4,000,000

4,006,970

Dryden

83

CLO

Ltd.

2020-83A

ER,

CME

Term

SOFR

3

Month

+

6.3200%,

10.5895%,

4/18/37

(144A)

‡

5,000,000

5,061,672

Dryden

86

CLO

Ltd.

2020-86A

DR,

CME

Term

SOFR

3

Month

+

3.4616%,

7.7414%,

7/17/34

(144A)

‡

6,000,000

5,916,551

Dryden

94

CLO

Ltd.

2022-94A

D2R,

CME

Term

SOFR

3

Month

+

5.1000%,

9.3561%,

10/15/37

(144A)

‡

3,000,000

3,009,342

Dryden

97

CLO

Ltd.

2022-97A

D,

CME

Term

SOFR

3

Month

+

3.2000%,

7.4724%,

4/20/35

(144A)

‡

3,000,000

2,957,236

Janus

Henderson

B-BBB

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

6

April

30,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

Dryden

98

CLO

Ltd.

2022-98A

D,

CME

Term

SOFR

3

Month

+

3.1000%,

7.3695%,

4/20/35

(144A)

‡

$

7,300,000

$

7,195,342

Eaton

Vance

CLO

Ltd.

2019-1A

D1R2,

CME

Term

SOFR

3

Month

+

3.3500%,

7.6061%,

7/15/37

(144A)

‡

8,395,000

8,361,454

Elevation

CLO

Ltd.

2018-3A

DR,

CME

Term

SOFR

3

Month

+

3.8716%,

8.1534%,

1/25/35

(144A)

‡

7,900,000

7,564,329

Elmwood

CLO

16

Ltd.

2022-3A

DR,

CME

Term

SOFR

3

Month

+

3.8000%,

8.0695%,

4/20/37

(144A)

‡

2,000,000

2,007,618

Elmwood

CLO

18

Ltd.

2022-5A

D1RR,

CME

Term

SOFR

3

Month

+

2.9500%,

7.2298%,

7/17/37

(144A)

‡

3,000,000

2,891,671

Elmwood

CLO

30

Ltd.

2024-6A

D2,

CME

Term

SOFR

3

Month

+

4.2500%,

8.5298%,

7/17/37

(144A)

‡

5,500,000

5,506,838

Elmwood

CLO

31

Ltd.

2024-7A

D2,

CME

Term

SOFR

3

Month

+

4.2000%,

8.4798%,

7/17/37

(144A)

‡

2,500,000

2,503,127

Elmwood

CLO

II

Ltd.

2019-2A

D1RR,

CME

Term

SOFR

3

Month

+

3.0500%,

7.3195%,

10/20/37

(144A)

‡

4,870,000

4,685,239

Elmwood

CLO

VII

Ltd.

2020-4A

D2RR,

CME

Term

SOFR

3

Month

+

4.3500%,

8.6298%,

10/17/37

(144A)

‡

2,500,000

2,499,857

Elmwood

CLO

VIII

Ltd.

2021-1A

DR,

CME

Term

SOFR

3

Month

+

3.8000%,

8.0695%,

4/20/37

(144A)

‡

1,565,000

1,570,870

Elmwood

CLO

X

Ltd.

2021-3A

DR,

CME

Term

SOFR

3

Month

+

3.3000%,

7.5695%,

4/20/34

(144A)

‡

3,020,000

2,984,886

Elmwood

CLO

XII

Ltd.

2021-5A

D2R,

CME

Term

SOFR

3

Month

+

4.3500%,

8.6061%,

10/15/37

(144A)

‡

2,400,000

2,399,846

Empower

CLO

Ltd.

2022-1A

D1R,

CME

Term

SOFR

3

Month

+

3.0000%,

7.2695%,

10/20/37

(144A)

‡

4,000,000

3,869,247

Flatiron

CLO

28

Ltd.

2024-1A

D2,

CME

Term

SOFR

3

Month

+

4.2500%,

8.5061%,

7/15/36

(144A)

‡

2,250,000

2,249,859

Generate

CLO

10

Ltd.

2022-10A

D1R,

CME

Term

SOFR

3

Month

+

2.8500%,

7.1659%,

1/22/38

(144A)

‡

5,000,000

4,922,921

Generate

CLO

16

Ltd.

2024-16A

D2,

CME

Term

SOFR

3

Month

+

4.5000%,

8.7695%,

7/20/37

(144A)

‡

3,500,000

3,502,107

Generate

CLO

4

Ltd.

4A

ERR,

CME

Term

SOFR

3

Month

+

6.9000%,

11.1695%,

7/20/37

(144A)

‡

9,240,000

8,929,388

Generate

CLO

5

Ltd.

5A

D1R,

CME

Term

SOFR

3

Month

+

3.7000%,

7.9724%,

7/22/37

(144A)

‡

4,000,000

3,984,002

Generate

CLO

7

Ltd.

7A

D1R,

CME

Term

SOFR

3

Month

+

4.0000%,

8.2724%,

4/22/37

(144A)

‡

4,227,000

4,131,256

Generate

CLO

9

Ltd.

9A

D1R,

CME

Term

SOFR

3

Month

+

3.1000%,

7.3695%,

1/20/38

(144A)

‡

7,000,000

6,751,067

Halsey

Point

CLO

I

Ltd.

2019-1A

D1R,

CME

Term

SOFR

3

Month

+

3.8000%,

8.0695%,

10/20/37

(144A)

‡

5,000,000

4,874,792

Halsey

Point

CLO

I

Ltd.

2019-1A

D2R,

CME

Term

SOFR

3

Month

+

5.5000%,

9.7695%,

10/20/37

(144A)

‡

6,000,000

5,999,681

HalseyPoint

CLO

3

Ltd.

2020-3A

D1R,

CME

Term

SOFR

3

Month

+

4.3000%,

8.5796%,

7/30/37

(144A)

‡

6,840,000

6,861,746

Hayfin

US

XII

Ltd.

2020-12A

DR,

CME

Term

SOFR

3

Month

+

3.2500%,

7.5195%,

1/20/38

(144A)

‡

4,340,000

4,320,904

Invesco

CLO

Ltd.

2021-2A

D,

CME

Term

SOFR

3

Month

+

3.1616%,

7.4177%,

7/15/34

(144A)

‡

1,000,000

983,741

Invesco

US

CLO

Ltd.

2023-3A

D,

CME

Term

SOFR

3

Month

+

5.4000%,

9.6561%,

7/15/36

(144A)

‡

1,600,000

1,609,722

KKR

CLO

27

Ltd.

27A

D1R2,

CME

Term

SOFR

3

Month

+

2.9000%,

7.1561%,

1/15/35

(144A)

‡

4,650,000

4,610,484

Janus

Henderson

B-BBB

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

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)

KKR

CLO

27

Ltd.

27A

D2R2,

CME

Term

SOFR

3

Month

+

4.1000%,

8.3561%,

1/15/35

(144A)

‡

$

4,500,000

$

4,435,175

KKR

CLO

35

Ltd.

35A

DR,

CME

Term

SOFR

3

Month

+

2.7500%,

7.0195%,

1/20/38

(144A)

‡

10,900,000

10,711,846

LCM

33

Ltd.

33A

D,

CME

Term

SOFR

3

Month

+

3.4616%,

7.7311%,

7/20/34

(144A)

‡

4,500,000

4,300,101

LCM

41

Ltd.

41A

D1,

CME

Term

SOFR

3

Month

+

4.5500%,

8.8061%,

4/15/36

(144A)

‡

15,000,000

14,931,192

Madison

Park

Funding

LIV

Ltd.

2022-54A

D2R,

CME

Term

SOFR

3

Month

+

4.2500%,

8.5195%,

10/21/37

(144A)

‡

10,000,000

9,999,595

Madison

Park

Funding

LIX

Ltd.

2021-59A

D1AR,

CME

Term

SOFR

3

Month

+

3.3000%,

7.5695%,

4/18/37

(144A)

‡

2,500,000

2,489,000

Madison

Park

Funding

LVII

Ltd.

2022-57A

DR,

CME

Term

SOFR

3

Month

+

2.9500%,

7.2326%,

7/27/34

(144A)

‡

2,000,000

1,924,469

Madison

Park

Funding

XLV

Ltd.

2020-45A

DRR,

CME

Term

SOFR

3

Month

+

2.9000%,

7.1561%,

7/15/34

(144A)

‡

19,400,000

19,067,393

Madison

Park

Funding

XXXIII

Ltd.

2019-33A

DR,

CME

Term

SOFR

3

Month

+

3.1000%,

7.3561%,

10/15/32

(144A)

‡

3,500,000

3,475,457

Madison

Park

Funding

XXXIV

Ltd.

2019-34A

D1RR,

CME

Term

SOFR

3

Month

+

3.3500%,

7.6105%,

10/16/37

(144A)

‡

3,000,000

2,989,873

Madison

Park

Funding

XXXIX

Ltd.

2021-39A

DR,

CME

Term

SOFR

3

Month

+

3.2000%,

7.4724%,

10/22/34

(144A)

‡

15,050,000

14,440,668

Madison

Park

Funding

XXXVIII

Ltd.

2021-38A

D,

CME

Term

SOFR

3

Month

+

3.1616%,

7.4414%,

7/17/34

(144A)

‡

2,000,000

1,982,456

Magnetite

Xlii

Ltd.

2024-42A

D2,

CME

Term

SOFR

3

Month

+

3.9500%,

8.2613%,

1/25/38

(144A)

‡

2,500,000

2,525,861

Magnetite

XVII

Ltd.

2016-17A

DR2,

CME

Term

SOFR

3

Month

+

3.5000%,

7.7695%,

4/20/37

(144A)

‡

6,778,000

6,786,520

Magnetite

XXIII

Ltd.

2019-23A

DR,

CME

Term

SOFR

3

Month

+

3.3116%,

7.5934%,

1/25/35

(144A)

‡

3,700,000

3,699,630

Magnetite

XXXIX

Ltd.

2023-39A

D2R,

CME

Term

SOFR

3

Month

+

3.9000%,

8.1818%,

1/25/37

(144A)

‡

4,000,000

4,029,714

Marathon

CLO

Ltd.

2021-16A

C,

CME

Term

SOFR

3

Month

+

3.7616%,

8.0177%,

4/15/34

(144A)

‡

6,100,000

6,027,754

Mariner

CLO

LLC

2016-3A

D1R3,

CME

Term

SOFR

3

Month

+

4.1500%,

8.4293%,

1/23/37

(144A)

‡

5,250,000

5,253,051

Morgan

Stanley

Eaton

Vance

CLO

Ltd.

2021-1A

D,

CME

Term

SOFR

3

Month

+

3.3616%,

7.6409%,

10/20/34

(144A)

‡

2,640,000

2,588,071

Neuberger

Berman

Loan

Advisers

CLO

25

Ltd.

2017-25A

D2R2,

CME

Term

SOFR

3

Month

+

4.4500%,

8.7195%,

7/18/38

(144A)

‡

4,500,000

4,508,484

Neuberger

Berman

Loan

Advisers

CLO

38

Ltd.

2020-38A

DR2,

CME

Term

SOFR

3

Month

+

2.6000%,

6.8695%,

10/20/36

(144A)

‡

2,000,000

1,958,893

Neuberger

Berman

Loan

Advisers

CLO

46

Ltd.

2021-46A

DR,

CME

Term

SOFR

3

Month

+

2.6500%,

6.9195%,

1/20/37

(144A)

‡

8,500,000

8,432,611

Neuberger

Berman

Loan

Advisers

CLO

49

Ltd.

2022-49A

DR,

CME

Term

SOFR

3

Month

+

2.8000%,

7.0818%,

7/25/35

(144A)

‡

2,150,000

2,134,876

Northwoods

Capital

22

Ltd.

2020-22A

DRR,

CME

Term

SOFR

3

Month

+

4.9500%,

9.2493%,

9/16/31

(144A)

‡

10,587,000

10,617,792

Obra

CLO

1

Ltd.

2024-1A

D1,

CME

Term

SOFR

3

Month

+

3.4000%,

7.8231%,

1/20/38

(144A)

‡

6,300,000

6,249,500

Ocean

Trails

CLO

8

2020-8A

DRR,

CME

Term

SOFR

3

Month

+

3.4000%,

7.6561%,

7/15/34

(144A)

‡

2,500,000

2,491,343

OCP

Aegis

CLO

Ltd.

2024-39A

D2,

CME

Term

SOFR

3

Month

+

4.1000%,

8.3605%,

1/16/37

(144A)

‡

4,000,000

4,027,551

Janus

Henderson

B-BBB

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

8

April

30,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

OCP

CLO

Ltd.

2021-23A

D2R,

CME

Term

SOFR

3

Month

+

3.9000%,

8.1817%,

1/17/37

(144A)

‡

$

4,000,000

$

4,039,596

OCP

CLO

Ltd.

2024-33A

D2,

CME

Term

SOFR

3

Month

+

4.4000%,

8.6695%,

7/20/37

(144A)

‡

2,300,000

2,308,851

OCP

CLO

Ltd.

2022-25A

D2R,

CME

Term

SOFR

3

Month

+

4.5000%,

8.7695%,

7/20/37

(144A)

‡

3,750,000

3,759,525

OCP

CLO

Ltd.

2015-10A

D1R3,

CME

Term

SOFR

3

Month

+

2.8500%,

7.1326%,

1/26/38

(144A)

‡

12,000,000

11,818,097

Octagon

54

Ltd.

2021-1A

D,

CME

Term

SOFR

3

Month

+

3.3116%,

7.5677%,

7/15/34

(144A)

‡

1,750,000

1,734,257

Octagon

56

Ltd.

2021-1A

D,

CME

Term

SOFR

3

Month

+

3.4616%,

7.7177%,

10/15/34

(144A)

‡

2,000,000

1,910,671

Octagon

57

Ltd.

2021-1A

D,

CME

Term

SOFR

3

Month

+

3.3616%,

7.6177%,

10/15/34

(144A)

‡

3,750,000

3,705,686

Octagon

70

Alto

Ltd.

2023-1A

D,

CME

Term

SOFR

3

Month

+

4.0900%,

8.3595%,

10/20/36

(144A)

‡

7,500,000

7,499,707

Octagon

75

Ltd.

2025-1A

D2,

CME

Term

SOFR

3

Month

+

3.6500%,

7.9353%,

1/22/38

(144A)

‡

6,300,000

6,337,488

Octagon

Investment

Partners

29

Ltd.

2016-1A

DR2,

CME

Term

SOFR

3

Month

+

3.3000%,

7.5695%,

7/18/39

(144A)

‡

6,000,000

5,964,091

Octagon

Investment

Partners

32

Ltd.

2017-1A

ER3,

CME

Term

SOFR

3

Month

+

7.2700%,

11.5261%,

10/31/37

(144A)

‡

4,000,000

4,031,924

Octagon

Investment

Partners

44

Ltd.

2019-1A

DR,

CME

Term

SOFR

3

Month

+

3.5116%,

7.7677%,

10/15/34

(144A)

‡

10,600,000

10,131,735

OHA

Credit

Funding

9

Ltd.

2021-9A

D2R,

CME

Term

SOFR

3

Month

+

4.2000%,

8.4695%,

10/19/37

(144A)

‡

3,000,000

3,003,865

OHA

Credit

Partners

VII

Ltd.

2012-7A

D1R4,

CME

Term

SOFR

3

Month

+

2.5000%,

6.8219%,

2/20/38

(144A)

‡

9,500,000

9,324,935

OHA

Credit

Partners

XVI

2021-16A

D2R,

CME

Term

SOFR

3

Month

+

4.1500%,

8.4195%,

10/18/37

(144A)

‡

4,500,000

4,510,934

OHA

Loan

Funding

Ltd.

2016-1A

D2R2,

CME

Term

SOFR

3

Month

+

4.3500%,

8.6195%,

7/20/37

(144A)

‡

4,000,000

4,007,629

Palmer

Square

CLO

Ltd.

2021-4A

D,

CME

Term

SOFR

3

Month

+

3.2116%,

7.4677%,

10/15/34

(144A)

‡

12,000,000

11,968,560

Park

Avenue

Institutional

Advisers

CLO

Ltd.

2021-1A

C,

CME

Term

SOFR

3

Month

+

4.0616%,

8.3311%,

1/20/34

(144A)

‡

5,000,000

5,002,550

Peace

Park

CLO

Ltd.

2021-1A

D,

CME

Term

SOFR

3

Month

+

3.2116%,

7.4811%,

10/20/34

(144A)

‡

4,750,000

4,737,555

Point

Au

Roche

Park

CLO

Ltd.

2021-1A

D,

CME

Term

SOFR

3

Month

+

3.0616%,

7.3311%,

7/20/34

(144A)

‡

8,950,000

8,876,521

Post

CLO

Ltd.

2021-1A

DR,

CME

Term

SOFR

3

Month

+

3.0000%,

7.2561%,

10/15/34

(144A)

‡

7,200,000

6,940,362

Post

CLO

Ltd.

2022-1A

D,

CME

Term

SOFR

3

Month

+

3.2000%,

7.4724%,

4/20/35

(144A)

‡

10,750,000

10,660,442

Post

CLO

VI

Ltd.

2024-2A

D1,

CME

Term

SOFR

3

Month

+

3.2000%,

7.6555%,

1/20/38

(144A)

‡

12,250,000

11,897,259

Post

CLO

VI

Ltd.

2024-2A

D2,

CME

Term

SOFR

3

Month

+

4.4000%,

8.8555%,

1/20/38

(144A)

‡

2,000,000

2,011,409

PPM

CLO

2

Ltd.

2019-2A

DR2A,

CME

Term

SOFR

3

Month

+

4.6600%,

8.9205%,

4/16/37

(144A)

‡

10,000,000

9,575,873

PPM

CLO

2

Ltd.

2019-2A

DR2B,

CME

Term

SOFR

3

Month

+

5.5700%,

9.8305%,

4/16/37

(144A)

‡

4,000,000

3,999,600

PPM

CLO

7

Ltd.

2024-7A

D1A,

CME

Term

SOFR

3

Month

+

3.6000%,

7.8695%,

7/20/37

(144A)

‡

10,000,000

10,025,775

Janus

Henderson

B-BBB

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

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)

RAD

CLO

21

Ltd.

2023-21A

D1R,

CME

Term

SOFR

3

Month

+

2.6000%,

6.8818%,

1/25/37

(144A)

‡

$

480,000

$

461,825

RAD

CLO

26

Ltd.

2024-26A

D2,

CME

Term

SOFR

3

Month

+

4.2500%,

8.5195%,

10/20/37

(144A)

‡

2,250,000

2,249,909

REESE

PARK

CLO

Ltd.

2020-1A

D2RR,

CME

Term

SOFR

3

Month

+

4.0000%,

8.2561%,

1/15/38

(144A)

‡

7,500,000

7,376,579

Regatta

XVIII

Funding

Ltd.

2021-1A

D1R,

CME

Term

SOFR

3

Month

+

2.6000%,

6.8561%,

4/15/38

(144A)

‡

3,000,000

2,940,859

Regatta

XXIV

Funding

Ltd.

2021-5A

D1R,

CME

Term

SOFR

3

Month

+

2.8000%,

7.0695%,

1/20/38

(144A)

‡

10,700,000

10,501,245

Riserva

CLO

Ltd.

2016-3A

DRR,

CME

Term

SOFR

3

Month

+

3.5116%,

7.7811%,

1/18/34

(144A)

‡

7,250,000

6,923,957

Rockford

Tower

CLO

Ltd.

2021-2A

D,

CME

Term

SOFR

3

Month

+

3.5116%,

7.7811%,

7/20/34

(144A)

‡

2,000,000

2,000,001

Romark

CLO

III

Ltd.

2019-3A

CR,

CME

Term

SOFR

3

Month

+

3.5616%,

7.8177%,

10/15/34

(144A)

‡

10,500,000

10,500,110

Romark

CLO

IV

Ltd.

2021-4A

C2,

CME

Term

SOFR

3

Month

+

5.2616%,

9.4718%,

7/10/34

(144A)

‡

1,500,000

1,502,566

Romark

CLO

V

Ltd.

2021-5A

D,

CME

Term

SOFR

3

Month

+

3.8916%,

8.1477%,

1/15/35

(144A)

‡

7,000,000

6,847,622

RR

17

Ltd.

2021-17A

C,

CME

Term

SOFR

3

Month

+

3.2116%,

7.4677%,

7/15/34

(144A)

‡

4,000,000

3,969,821

RR

7

Ltd.

2019-7A

C1B,

CME

Term

SOFR

3

Month

+

3.1000%,

7.3561%,

1/15/37

(144A)

‡

1,000,000

996,830

RR

7

Ltd.

2019-7A

D1B,

CME

Term

SOFR

3

Month

+

6.5000%,

10.7561%,

1/15/37

(144A)

‡

5,000,000

4,950,676

Sandstone

Peak

III

Ltd.

2024-1A

D1,

CME

Term

SOFR

3

Month

+

3.8500%,

8.1318%,

4/25/37

(144A)

‡

6,750,000

6,826,874

Sandstone

Peak

Ltd.

2021-1A

DR,

CME

Term

SOFR

3

Month

+

3.3500%,

7.6061%,

10/15/34

(144A)

‡

10,375,000

10,326,292

Signal

Peak

CLO

5

Ltd.

2018-5A

D1R,

CME

Term

SOFR

3

Month

+

4.2000%,

8.4818%,

4/25/37

(144A)

‡

7,000,000

6,999,836

Sixth

Street

CLO

VIII

Ltd.

2017-8A

CR2,

CME

Term

SOFR

3

Month

+

2.9500%,

7.2195%,

10/20/34

(144A)

‡

10,000,000

9,621,836

Sound

Point

CLO

2025R-1

Ltd.

2025-1RA

D1,

CME

Term

SOFR

3

Month

+

3.2500%,

7.5295%,

2/20/38

(144A)

‡

12,100,000

12,057,633

Southwick

Park

CLO

LLC

2019-4A

DR,

CME

Term

SOFR

3

Month

+

3.2116%,

7.4811%,

7/20/32

(144A)

‡

5,380,000

5,327,050

TCW

CLO

Ltd.

2020-1A

CR3,

CME

Term

SOFR

3

Month

+

2.0000%,

6.2695%,

4/20/34

(144A)

‡

2,000,000

1,985,259

TCW

CLO

Ltd.

2018-1A

D1R3,

CME

Term

SOFR

3

Month

+

3.5000%,

7.7818%,

10/25/35

(144A)

‡

4,592,066

4,496,794

TCW

CLO

Ltd.

2021-1A

D1R1,

CME

Term

SOFR

3

Month

+

3.1000%,

7.3695%,

1/20/38

(144A)

‡

16,000,000

15,443,766

TICP

CLO

XII

Ltd.

2018-12A

DR,

CME

Term

SOFR

3

Month

+

3.5616%,

7.8177%,

7/15/34

(144A)

‡

5,150,000

5,156,234

TRESTLES

CLO

III

Ltd.

2020-3A

D1R,

CME

Term

SOFR

3

Month

+

3.1500%,

7.4195%,

10/20/37

(144A)

‡

3,900,000

3,770,408

TRESTLES

CLO

V

Ltd.

2021-5A

D,

CME

Term

SOFR

3

Month

+

3.3616%,

7.6311%,

10/20/34

(144A)

‡

3,000,000

2,974,660

Trinitas

CLO

VII

Ltd.

2017-7A

D2R,

CME

Term

SOFR

3

Month

+

3.5616%,

7.8434%,

1/25/35

(144A)

‡

6,500,000

6,222,118

Trinitas

CLO

XII

Ltd.

2020-12A

D,

CME

Term

SOFR

3

Month

+

4.2616%,

8.5434%,

4/25/33

(144A)

‡

5,000,000

5,009,550

Janus

Henderson

B-BBB

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

10

April

30,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

Trinitas

CLO

XVI

Ltd.

2021-16A

D,

CME

Term

SOFR

3

Month

+

3.5616%,

7.8311%,

7/20/34

(144A)

‡

$

2,250,000

$

2,252,723

Trinitas

CLO

XVII

Ltd.

2021-17A

D,

CME

Term

SOFR

3

Month

+

3.7616%,

8.0311%,

10/20/34

(144A)

‡

6,300,000

6,218,357

Trinitas

CLO

XX

Ltd.

2022-20A

D1R,

CME

Term

SOFR

3

Month

+

3.0000%,

7.2695%,

7/20/35

(144A)

‡

4,000,000

3,867,514

Unity-Peace

Park

CLO

Ltd.

2022-1A

D,

CME

Term

SOFR

3

Month

+

3.5000%,

7.7724%,

4/20/35

(144A)

‡

4,000,000

3,959,370

Venture

44

CLO

Ltd.

2021-44A

D1,

CME

Term

SOFR

3

Month

+

3.4916%,

7.7611%,

10/20/34

(144A)

‡

2,000,000

1,962,057

Venture

XXII

CLO

Ltd.

2015-22A

DR,

CME

Term

SOFR

3

Month

+

3.0116%,

7.2677%,

1/15/31

(144A)

‡

2,500,000

2,386,075

Voya

CLO

Ltd.

2021-1A

DR,

CME

Term

SOFR

3

Month

+

2.8000%,

7.0561%,

7/15/34

(144A)

‡

11,500,000

11,401,714

Voya

CLO

Ltd.

2019-4A

DR,

CME

Term

SOFR

3

Month

+

3.4616%,

7.7177%,

1/15/35

(144A)

‡

1,250,000

1,235,295

Warwick

Capital

CLO

5

Ltd.

2024-5A

E,

CME

Term

SOFR

3

Month

+

5.5000%,

9.8153%,

1/20/38

(144A)

‡

4,000,000

4,000,000

Wellfleet

CLO

Ltd.

2021-4A

D,

CME

Term

SOFR

3

Month

+

3.4416%,

7.7234%,

4/25/34

(144A)

‡

5,100,000

5,056,677

Whetstone

Park

CLO

Ltd.

2021-1A

D,

CME

Term

SOFR

3

Month

+

3.1616%,

7.4311%,

1/20/35

(144A)

‡

2,350,000

2,316,219

Wind

River

CLO

Ltd.

2021-4A

D,

CME

Term

SOFR

3

Month

+

3.4616%,

7.7311%,

1/20/35

(144A)

‡

12,500,000

11,969,259

Wind

River

CLO

Ltd.

2022-2A

D,

CME

Term

SOFR

3

Month

+

4.7000%,

8.9724%,

7/20/35

(144A)

‡

8,000,000

7,979,200

Total

Collateralized

Loan

Obligations

(cost

$1,190,369,881)

1,170,109,423

Exchange

Traded

Fund

-

5

.6

%

Janus

Henderson

AAA

CLO

ETF

£

(cost

$71,352,987)

1,418,010

71,666,225

Investment

Companies

-

2

.5

%

Money

Market

Funds

-

2

.5

%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

4.3351%

£,∞

(cost

$31,724,232)

31,717,888

31,724,232

Total

Investments

(total

cost

$

1,293,447,100

)

-

99

.6

%

1,273,499,880

Cash,

Receivables

and

Other

Assets,

net

of

Liabilities

-

0.4%

5,543,473

Net

Assets

-

100.0%

$1,279,043,353

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

1,273,499,880

100

.0

%

Janus

Henderson

B-BBB

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

Janus

Detroit

Street

Trust

11

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Schedule

of

Affiliated

Investments

-

(%

of

Net

Assets)

Affiliated

Investments,

at

Value

at

10/31/24

Purchases

Sales

Proceeds

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciatio

n/

(Depreciation)

Affiliated

Investments,

at

Value

at

4/30/25

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

Shares

Held

at

4/30/25

Dividend

Income

Investment

Company

-

8.1%

Exchange

Traded

Fund

-

5.6%

Janus

Henderson

AAA

CLO

ETF

$

–

$

121,903,217

$

(

50,475,599

)

$

(

74,631

)

$

313,238

$

71,666,225

1,418,010

$

273,581

Money

Market

Funds

-

2.5%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

4.3351%

∞

8,960,001

766,226,278

(

743,462,047

)

–

–

31,724,232

31,717,888

699,120

Total

Affiliated

Investments

-

8.1%

$8,960,001

$888,129,495

$(793,937,646)

$(74,631)

$313,238

$103,390,457

$972,701

Janus

Henderson

B-BBB

CLO

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

April

30,

2025

12

April

30,

2025

CME

Chicago

Mercantile

Exchange

ETF

Exchange

Traded

Fund

LLC

Limited

Liability

Company

SOFR

Secured

Overnight

Financing

Rate

∞

Rate

shown

is

the

7-day

yield

as

of

April

30,

2025.

£

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.

‡

Variable

or

floating

rate

security.

Rate

shown

is

the

current

rate

as

of

April

30,

2025.

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.

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

1933

Act.

Unless

otherwise

noted,

these

securities

have

been

determined

to

be

liquid

in

accordance

with

the

requirements

of

Rule

22e-4,

under

the

1940

Act.

The

total

value

of

144A

securities

as

of

the

period

ended

April

30,

2025

is

$1,170,109,423

which

represents

91.5%

of

net

assets.

The

following

is

a

summary

of

the

inputs

that

were

used

to

value

the

Fund's

investments

in

securities

and

other

financial

instruments

as

of

April

30,

2025

.

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

Total

Assets

Investments

in

Securities:

Collateralized

Loan

Obligations

$

—

$

1,170,109,423

$

—

$

1,170,109,423

Exchange

Traded

Fund

71,666,225

—

—

71,666,225

Investment

Companies

—

31,724,232

—

31,724,232

Total

Assets

$

71,666,225

$

1,201,833,655

$

—

$

1,273,499,880

Janus

Henderson

B-BBB

CLO

ETF

Statement

of

Assets

and

Liabilities

(unaudited)

April

30,

2025

Janus

Detroit

Street

Trust

13

See

Notes

to

Financial

Statements.

Assets:

Unaffiliated

investments,

at

value

(cost

$1,190,369,881)

$

1,170,109,423

Affiliated

investments,

at

value

(cost

$103,077,219)

103,390,457

Cash

49,803

Receivables:

Investments

sold

48,782,732

Interest

5,277,275

Due

from

adviser

3,368

Total

Assets

1,327,613,058

Liabilities:

Payables:

Fund

units

purchased

47,994,122

Management

fees

575,583

Total

Liabilities

48,569,705

Commitments

and

contingent

liabilities

Net

Assets

$

1,279,043,353

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

1,323,209,835

Total

distributable

earnings

(loss)

(

44,166,482

)

Total

Net

Assets

$

1,279,043,353

Net

Assets

$

1,279,043,353

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

26,650,000

Net

Asset

Value

Per

Share

$

47

.99

Janus

Henderson

B-BBB

CLO

ETF

Statement

of

Operations

(unaudited)

For

the

period

ended

April

2025

14

April

30,

2025

See

Notes

to

Financial

Statements.

Investment

Income:

Interest

$

57,621,591

Dividends

from

affiliates

972,701

Total

Investment

Income

58,594,292

Expenses:

Management

Fees

3,640,374

Total

Expenses

3,640,374

Less:

Excess

Expense

Reimbursement

and

Waivers

(

12,033

)

Net

Expenses

3,628,341

Net

Investment

Income/(Loss)

54,965,951

Net

Realized

Gain/(Loss)

on

Investments:

Investments

$

(

23,889,479

)

Investments

in

affiliates

(

74,631

)

Total

Net

Realized

Gain/(Loss)

on

Investments

$

(

23,964,110

)

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

(

26,187,194

)

Investments

in

affiliates

313,238

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

(

25,873,956

)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

5,127,885

Janus

Henderson

B-BBB

CLO

ETF

Statements

of

Changes

in

Net

Assets

Janus

Detroit

Street

Trust

15

See

Notes

to

Financial

Statements.

Period

Ended

April

30,

2025

(unaudited)

Year

Ended

October

31,

2024

Operations:

Net

investment

income/(loss)

$

54,965,951

$

47,409,032

Net

realized

gain/(loss)

on

investments

(

23,964,110

)

1,144,695

Change

in

unrealized

net

appreciation/depreciation

(

25,873,956

)

8,813,363

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

5,127,885

57,367,090

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(

58,034,564

)

(

42,200,013

)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(

58,034,564

)

(

42,200,013

)

Capital

Share

Transactions

206,332,086

977,184,193

Net

Increase/(Decrease)

in

Net

Assets

153,425,407

992,351,270

Net

Assets:

—

—

Beginning

of

Period  

1,125,617,946

133,266,676

End

of

Period

$

1,279,043,353

$

1,125,617,946

Janus

Henderson

B-BBB

CLO

ETF

Financial

Highlights

16

April

30,

2025

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

the

period

ended

April

30,

2025

(unaudited)

and

each

year

or

period

ended

October

31

2025

2024

2023

2022

(1)

Net

Asset

Value,

Beginning

of

Period

$49.26

$46.76

$43.67

$50.00

Income/(Loss)

from

Investment

Operations:

—

—

—

—

Net

investment

income/(loss)

(2)

1.69

3.99

3.88

1.80

Net

realized

and

unrealized

gain/(loss)

(1.12)

2.32

2.90

(6.71)

Total

from

Investment

Operations

0.57

6.31

6.78

(4.91)

Less

Dividends

and

Distributions:

—

—

—

—

Dividends

(from

net

investment

income)

(1.84)

(3.81)

(3.69)

(1.42)

Total

Dividends

and

Distributions

(1.84)

(3.81)

(3.69)

(1.42)

Net

Asset

Value,

End

of

Period

$47.99

$49.26

$46.76

$43.67

Total

Return

*

1.14%

13.99%

16.05%

(9.96)%

(3)

Net

assets,

End

of

Period

(in

thousands)

$1,279,043

$1,125,618

$133,267

$78,610

Ratios

to

Average

Net

Assets

**

Ratio

of

Gross

Expenses

0.46%

0.47%

0.49%

0.49%

Ratio

of

Net

Expenses

(After

Waivers

and

Expense

Offsets)

0.46%

0.47%

0.48%

0.48%

Ratio

of

Net

Investment

Income/(Loss)

6.97%

8.19%

8.44%

4.75%

Portfolio

Turnover

Rate

(4)

49%

90%

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

(unaudited)

Janus

Detroit

Street

Trust

17

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

fourteen 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.

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

Chief

Financial

Officer

of

the

Fund/Portfolio

is

designated

as

the

Chief

Operating

Decision

Maker

(“CODM”)

as

it

relates

to

ASC

Topic

280.

The

CODM

has

concluded

that

the

Fund/Portfolio

operated

as

a

single

segment

entity

for

the

period ended

April

30,

2025.

The

key

indicator

of

performance

of

the

Fund

is

net

investment

income

as

reported

on

the

Statement

of

Operations.

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,

Janus

Henderson

B-BBB

CLO

ETF

Notes

to

Financial

Statements

(unaudited)

18

April

30,

2025

yields,

maturities

and

ratings.

Certain

short-term

securities

maturing

within

60

days

or

less

may

be

evaluated

and

valued

on

an

amortized

cost

basis

provided

that

the

amortized

cost

determined

approximates

market

value.

Securities

for

which

market

quotations

or

evaluated

prices

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

determined

in

good

faith

by

the

Adviser

pursuant

to

the

Valuation

Procedures. Circumstances

in

which

fair

valuation

may

be

utilized

include,

but

are

not

limited

to:

(i)

a

significant

event

that

may

affect

the

securities

of

a

single

issuer,

such

as

a

merger,

bankruptcy,

or

significant

issuer-specific

development;

(ii)

an

event

that

may

affect

an

entire

market,

such

as

a

natural

disaster

or

significant

governmental

action;

(iii)

a

nonsignificant

event

such

as

a

market

closing

early

or

not

opening,

or

a

security

trading

halt;

and

(iv)

pricing

of

a

non-valued

security

and

a

restricted

or

nonpublic

security.

Special

valuation

considerations

may

apply

with

respect

to

“odd-lot”

fixed-income

transactions

which,

due

to

their

small

size,

may

receive

evaluated

prices

by

pricing

services

which

reflect

a

large

block

trade

and

not

what

actually

could

be

obtained

for

the

odd-

lot

position.

The

value

of

the

securities

of

mutual

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

mutual

funds,

and

the

prospectuses

for

such

mutual

funds

explain

the

circumstances

under

which

they

use

fair

valuation

and

the

effects

of

using

fair

valuation.

The

value

of

the

securities

of

any

cash

management

pooled

investment

vehicles

that

operate

as

money

market

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

funds.

Valuation

Inputs

Summary 

FASB

ASC

820,

Fair

Value

Measurements

and

Disclosures

(“ASC

820”),

defines

fair

value,

establishes

a

framework

for

measuring

fair

value,

and

expands

disclosure

requirements

regarding

fair

value

measurements.

This

standard

emphasizes

that

fair

value

is

a

market-based

measurement

that

should

be

determined

based

on

the

assumptions

that

market

participants

would

use

in

pricing

an

asset

or

liability

and

establishes

a

hierarchy

that

prioritizes

inputs

to

valuation

techniques

used

to

measure

fair

value.

These

inputs

are

summarized

into

three

broad

levels: 

Level

1

–

Unadjusted

quoted

prices

in

active

markets

the

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities.

Level

2

–

Observable

inputs

other

than

unadjusted

quoted

prices

included

in

Level

1

that

are

observable

for

the

asset

or

liability

either

directly

or

indirectly.

These

inputs

may

include

quoted

prices

for

the

identical

instrument

on

an

inactive

market,

prices

for

similar

instruments,

interest

rates,

prepayment

speeds,

credit

risk,

yield

curves,

default

rates

and

similar

data.

Assets

or

liabilities

categorized

as

Level

2

in

the

hierarchy

generally

include:

debt

securities

fair

valued

in

accordance

with

the

evaluated

bid

or

ask

prices

supplied

by

a

pricing

service;

securities

traded

on

OTC

markets

and

listed

securities

for

which

no

sales

are

reported

that

are

fair

valued

at

the

latest

bid

price

(or

yield

equivalent

thereof)

obtained

from

one

or

more

dealers

transacting

in

a

market

for

such

securities

or

by

a

pricing

service

approved

by

the

Fund’s

Trustees;

and

certain

short-term

debt

securities

with

maturities

of

60

days

or

less

that

are

fair

valued

at

amortized

cost.

Other

securities

that

may

be

categorized

as

Level

2

in

the

hierarchy

include,

but

are

not

limited

to,

preferred

stocks,

bank

loans,

swaps,

investments

in

unregistered

investment

companies,

options,

and

forward

contracts.

Level

3

–

Unobservable

inputs

for

the

asset

or

liability

to

the

extent

that

relevant

observable

inputs

are

not

available,

representing

the

Fund’s

own

assumptions

about

the

assumptions

that

a

market

participant

would

use

in

valuing

the

asset

or

liability,

and

that

would

be

based

on

the

best

information

available.

There

have

been

no

significant

changes

in

valuation

techniques

used

in

valuing

any

such

positions

held

by

the

Fund

since

the

beginning

of

the

fiscal

year. 

The

inputs

or

methodology

used

for

fair

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

The

summary

of

inputs

used

as

of

April

30,

2025 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

Janus

Henderson

B-BBB

CLO

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

19

be

subject

to

withholding

taxes

in

foreign

jurisdictions.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value.

Interest

income

is

recorded

daily

on

an

accrual

basis

and

includes

amortization

of

premiums

and

accretion

of

discounts.

The

Fund

classifies

gains

and

losses

on

prepayments

received

as

an

adjustment

to

interest

income.

Debt

securities

may

be

placed

in

non-accrual

status

and

related

interest

income

may

be

reduced

by

stopping

current

accruals

and

writing

off

interest

receivables

when

collection

of

all

or

a

portion

of

interest

has

become

doubtful.

Gains

and

losses

are

determined

on

the

identified

cost

basis,

which

is

the

same

basis

used

for

federal

income

tax

purposes.  

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,

social

unrest,

tariffs,

financial

institution

failures,

and

economic

recessions 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

(unaudited)

20

April

30,

2025

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. 

Liquidity Risk 

Liquidity

risk

refers

to

the

possibility

that

the

Fund

may

not

be

able

to

sell

or

buy

a

security

or

close

out

an

investment

contract

at

a

favorable

price

or

time.

Consequently,

the

Fund

may

have

to

accept

a

lower

price

to

sell

a

security,

sell

other

securities

to

raise

cash,

or

give

up

an

investment

opportunity,

any

of

which

could

have

a

negative

effect

on

the

Fund’s

performance.

Infrequent

trading

of

securities

also

may

lead

to

an

increase

in

their

price

volatility.

CLOs,

and

their

underlying

loan

obligations,

are

typically

not

registered

for

sale

to

the

public

and

therefore

are

subject

to

certain

restrictions

on

transfer

and

sale,

potentially

making

them

less

liquid

than

other

types

of

securities.

Additionally,

when

the

Fund

purchases

a

newly

issued

CLO

directly

from

the

issuer

(rather

than

from

the

secondary

market),

there

often

may

be

Janus

Henderson

B-BBB

CLO

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

21

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

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: 

For

the

period

ended April

30,

2025,

the

Fund’s

actual

management

fee

rate

(expressed

as

an

annual

rate)

was

0.46% 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

28,

2025.

The

Adviser

may

not

recover

amounts

previously

waived

or

reimbursed

under

this

agreement.

During

the period

ended April

30,

2025,

the

Adviser

Daily

Net

Assets

Fee

Rate

$0-$500

million

0.49%

Over

$500

million

0.45%

Janus

Henderson

B-BBB

CLO

ETF

Notes

to

Financial

Statements

(unaudited)

22

April

30,

2025

waived

$12,033 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

at

least

80%

of

its

net

assets

(plus

any

borrowings

for

investment

purposes)

in

U.S.

Government

securities

and

repurchase

agreements

that

are collateralized

by

U.S.

Government 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). There

are

no

restrictions

on

the

Fund's

ability

to

withdraw

investments

from

the

Sweep

Vehicle

at

will,

and

there

are

no

unfunded

capital

commitments

due

from

the

Fund

to

the

Sweep

Vehicle.

The

Sweep

Vehicle

does

not

charge

any

management

fee,

sales

charge

or

service

fee. 

Any

purchases

and

sales,

realized

gains/losses

and

recorded

dividends

from

affiliated

investments

during

the

period

ended

April

30,

2025 can

be

found

in

a

table

located

in

the

Schedule

of

Investments.

4.

Federal

Income

Tax

Income

and

capital

gains

distributions

are

determined

in

accordance

with

income

tax

regulations

that

may

differ

from

US

GAAP.

These

differences

are

due

to

differing

treatments

for

items

such

as

net

short-term

gains,

deferral

of

wash

sale

losses,

foreign

currency

transactions,

passive

foreign

investment

companies,

net

investment

losses,

in-kind

transactions

and

capital

loss

carryovers.

The

Fund

has

elected

to

treat

gains

and

losses

on

forward

foreign

currency

contracts

as

capital

gains

and

losses,

if

applicable.

Other

foreign

currency

gains

and

losses

on

debt

instruments

are

treated

as

ordinary

income

for

federal

income

tax

purposes

pursuant

to

Section

988

of

the

Internal

Revenue

Code. 

Janus

Henderson

B-BBB

CLO

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

23

Accumulated

capital

losses

noted

below

represent

net

capital

loss

carryovers,

as

of

October

31,

2024,

that

may

be

available

to

offset

future

realized

capital

gains

and

thereby

reduce

future

taxable

gains

distributions.

The

following

table

shows

these

capital

loss

carryovers. 

The

aggregate

cost

of

investments

and

the

composition

of

unrealized

appreciation

and

depreciation

of

investment

securities

for

federal

income

tax

purposes

as

of April

30,

2025 are

noted

below.

The

primary

differences

between

book

and

tax

appreciation

or

depreciation

of

investments are

wash

sale

loss

deferrals

and

amortization

on

bonds.

5.

Capital

Share

Transactions 

6.

Purchases

and

Sales

of

Investment

Securities

For

the

period

ended

April

30,

2025,

the

aggregate

cost

of

purchases

and

proceeds

from

sales

of

investment

securities

(excluding

any

short-term

securities,

short-term

options

contracts,

and

in-kind

transactions)

was

as

follows:

For

the

period

ended April

30,

2025,

the

cost

of

in-kind

purchases

and

proceeds

from

in-kind

sales,

were

as

follows: 

During

the

period

ended

April

30,

2025,

the

Fund

had

net

realized

loss of $14,145,790 from

in-kind

redemptions.

Gains

on

in-kind

transactions

are

not

considered

taxable

for

federal

income

tax

purposes.

Capital

Loss

Carryover

Schedule

For

the

year

ended

October

31,

2024

No

Expiration

Short-Term

Long-Term

Accumulated

Capital

Losses

$(1,507,530)

$(2,191,883)

$(3,699,413)

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$1,293,447,100

$1,615,625

$(21,562,845)

$(19,947,220)

Period

Ended

April

30,

2025

Year

Ended

October

31,

2024

Shares

Amount

Shares

Amount

Shares

sold

22,800,000

$

1,123,118,422

21,400,000

$

1,045,640,745

Shares

repurchased

(19,000,000)

(916,786,336)

(1,400,000)

(68,456,552)

Net

Increase/(Decrease)

3,800,000

$

206,332,086

20,000,000

$

977,184,193

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

$1,063,307,532

$736,580,148

$—

$—

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

$386,544,857

$553,433,362

$—

$—

Janus

Henderson

B-BBB

CLO

ETF

Notes

to

Financial

Statements

(unaudited)

24

April

30,

2025

7.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to April

30,

2025

and

through

the

date

of

the

issuance

of

the

Fund's

financial

statements

and

determined

that

there

were

no

material

events

or

transactions

that

would

require

recognition

or

disclosure

in

the

Fund's

financial

statements. 

Janus

Henderson

B-BBB

CLO

ETF

Report

of

Independent

Registered

Public

Accounting

Firm

Janus

Detroit

Street

Trust

1

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,

2024,

the

related

statement

of

operations

for

the

year

ended

October

31,

2024,

the

statement

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2024,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

two

years

in

the

period

ended

October

31,

2024

and

for

the

period

January

11,

2022

(commencement

of

operations)

through

October

31,

2022

(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,

2024,

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,

2024

and

the

financial

highlights

for

each

of

the

two

years

in

the

period

ended

October

31,

2024

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

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

audits

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,

2024,

by

correspondence

with

the

custodian,

transfer

agent

and

brokers;

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

23,

2024

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

Janus

Henderson

Funds

since

1990.

Janus

Henderson

B-BBB

CLO

ETF

Additional

Information

(unaudited)

Janus

Detroit

Street

Trust

25

Item

8.

Changes

in

and

Disagreements

with

Accountants

for

Open-End

Management

Investment

Companies.

Not

applicable.

Item

9.

Proxy

Disclosures

for

Open-End

Management

Investment

Companies.

Not

applicable.

Item

10.

Remuneration

Paid

to

Directors,

Officers,

and

Others

of

Open-End

Management

Investment

Companies.

Because

the

Adviser

has

agreed

in

the

Investment

Advisory

Agreement

to

cover

all

operating

expenses

of

the

Fund,

subject

to

certain

exclusions

as

provided

for

therein,

the

Adviser

pays

the

compensation

to

each

Independent

Trustees

for

services

to

the

Fund

from

the

Adviser's

management

fees.

Item

11.

APPROVAL

OF

ADVISORY

AGREEMENTS

DURING

THE

PERIOD

The

Board

of

Trustees

(the

“Board”)

of

Janus

Detroit

Street

Trust

(the

“Trust”),

including

a

majority

of

the

Trustees

who

are

not

“interested

persons”

as

that

term

is

defined

in

the

Investment

Company

Act

of

1940,

as

amended

(the

“Independent

Trustees”),

met

in

person

on

April

16-17,

2025

to

consider

the

proposed

renewal

of

the

investment

management

agreement

between

Janus

Henderson

Investors

US

LLC

(the

“Adviser”)

and

the

Trust

(the

“Investment

Management

Agreement”),

on

behalf

of

Janus

Henderson

AAA

CLO

ETF

(“JAAA”),

Janus

Henderson

B-BBB

CLO

ETF

(“JBBB”),

Janus

Henderson

Corporate

Bond

ETF

(“JLQD”),

Janus

Henderson

Mortgage-Backed

Securities

ETF

(“JMBS”),

Janus

Henderson

Securitized

Income

ETF

(“JSI”),

Janus

Henderson

Short

Duration

Income

ETF

(“VNLA”),

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

(“JSML”),

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

(“JSMD”),

Janus

Henderson

U.S.

Real

Estate

ETF

(“JRE”),

and

Janus

Henderson

U.S.

Sustainable

Equity

ETF

(“SSPX”)

(each

a

separate

series

of

the

Trust,

and

collectively,

the

“Funds”).

In

the

course

of

their

consideration

of

the

renewal

of

the

Investment

Management

Agreement,

the

Independent

Trustees

met

in

executive

session

and

were

advised

by

their

independent

counsel.

In

this

regard,

the

Independent

Trustees

evaluated

the

terms

of

the

Investment

Management

Agreement

and

reviewed

the

duties

and

responsibilities

of

trustees

in

evaluating

and

approving

such

agreements.

In

considering

renewal

of

the

Investment

Management

Agreement,

the

Board

and

the

Independent

Trustees,

as

applicable,

reviewed

the

materials

provided

to

them

relating

to

the

consideration

of

the

renewal

of

the

Investment

Management

Agreement

for

the

Funds

and

other

information

provided

by

counsel

and

the

Adviser,

including:

(i)

information

regarding

the

nature,

quality

and

extent

of

the

services

provided

to

the

Funds

by

the

Adviser,

and

the

fees

charged

to

each

Fund

therefor;

(ii)

information

concerning

the

Adviser’s

financial

condition,

business,

operations,

portfolio

management

personnel,

compliance

programs,

and

profitability

with

respect

to

the

Trust

and

each

Fund;

(iii)

comparative

information

describing

each

Fund’s

advisory

fee

structures,

operating

expenses,

and

performance

information

as

compared

to

peer

fund

groups

compiled

by

an

independent

third

party;

(iv)

a

copy

of

the

Adviser’s

current

Form

ADV;

and

(v)

a

memorandum

from

counsel

to

the

Independent

Trustees

on

the

responsibilities

of

trustees

in

considering

investment

advisory

arrangements

under

the

1940

Act.

The

Board

also

considered

presentations

made

by,

and

discussions

held

with,

representatives

of

the

Adviser

throughout

the

year.

The

Trustees

also

considered

information

received

and

reviewed

in

connection

with

a

meeting

held

on

March

10,

2025

via

videoconference

to

discuss

certain

information

provided

by

the

Adviser

related

to

the

Trustees’

consideration

of

the

renewal

of

the

Investment

Management

Agreement.

The

Board

determined

that

the

information

provided

by

the

Adviser

was

thorough

and

sufficiently

responsive

to

their

request

so

as

to

permit

the

effective

consideration

of

the

renewal.

During

its

review

of

this

information,

the

Board

focused

on

and

analyzed

the

factors

that

it

deemed

relevant,

including,

among

other

factors:

(i)

the

nature,

extent

and

quality

of

the

services

provided

to

the

Funds

by

the

Adviser;

(ii)

the

Adviser’s

personnel

and

operations;

(iii)

each

Fund’s

expense

level;

(iv)

the

profitability

to

the

Adviser

under

the

Investment

Management

Agreement

with

respect

to

each

Fund;

(v)

any

“fall-out”

benefits

to

the

Adviser

and

its

affiliates

Janus

Henderson

B-BBB

CLO

ETF

Additional

Information

(unaudited)

26

April

30,

2025

(i.e.,

the

ancillary

benefits

realized

by

the

Adviser

and

its

affiliates

from

the

Adviser’s

relationship

with

the

Trust);

(vi)

the

effect

of

asset

growth

on

each

Fund’s

expenses;

and

(vii)

potential

conflicts

of

interest.

The

Trustees

also

considered

benefits

that

accrue

to

the

Adviser

and

its

affiliates

from

their

relationships

with

the

Trust

and

each

Fund.

The

Trustees

also

considered

that,

other

than

the

services

provided

by

the

Adviser

and

its

affiliates

pursuant

to

agreements

with

the

Funds

and

the

fees

paid

by

the

Funds

therefor,

the

Funds

and

the

Adviser

may

potentially

benefit

from

their

relationship

with

each

other

in

other

ways.

The

Trustees

considered

that

the

success

of

the

Funds

could

attract

other

business

to

the

Adviser

or

other

Janus

Henderson

funds,

and

that

the

success

of

the

Adviser

could

enhance

the

Adviser’s

ability

to

serve

the

Funds.

The

Board,

including

the

Independent

Trustees,

considered

the

following

in

respect

of

the

Funds:

(a)

The

nature,

extent

and

quality

of

services

provided

by

the

Adviser;

personnel

and

operations

of

the

Adviser.

The

Board

reviewed

the

services

that

the

Adviser

provides

to

the

Funds.

In

connection

with

the

investment

advisory

services

provided

by

the

Adviser,

the

Board

noted

the

responsibilities

that

the

Adviser

has

as

the

Funds’

investment

adviser,

including:

the

overall

supervisory

responsibility

for

the

general

management

and

investment

of

each

Fund’s

securities

portfolio;

providing

oversight

of

the

investment

performance

and

processes

and

compliance

with

each

Fund’s

investment

objectives,

policies

and

limitations;

the

implementation

of

the

investment

management

program

of

each

Fund;

the

management

of

the

day-to-day

investment

and

reinvestment

of

the

assets

of

each

Fund;

determining

daily

baskets

of

securities

and

cash

components

in

connection

with

creation

and

redemption

transactions

in

each

Fund’s

shares;

executing

portfolio

security

trades

for

purchases

and

redemptions

of

each

Fund’s

shares

conducted

on

a

cash-

in-lieu

basis;

the

review

of

brokerage

matters;

the

oversight

of

general

portfolio

compliance

with

relevant

law;

and

the

implementation

of

Board

directives

as

they

relate

to

the

Funds.

The

Board

reviewed

the

Adviser’s

experience,

resources,

and

strengths

in

managing

the

Funds

and

other

pooled

investment

vehicles,

including

an

assessment

of

the

Adviser’s

personnel.

Based

on

its

consideration

and

review

of

the

foregoing

information,

the

Board

determined

that

each

Fund

was

likely

to

continue

to

benefit

from

the

nature,

quality

and

extent

of

these

services,

as

well

as

the

Adviser’s

ability

to

render

such

services

based

on

the

Adviser’s

experience,

personnel,

operations

and

resources.

(b)

Comparison

of

services

rendered

and

fees

paid

under

other

investment

advisory

contracts,

and

the

cost

of

the

services

to

be

provided

and

profits

to

be

realized

by

the

Adviser

from

the

relationship

with

the

Funds;

“fall-out”

benefits.

The

Board

then

compared

both

the

services

rendered

and

the

fees

paid

under

other

contracts

of

the

Adviser

and

under

contracts

of

other

investment

advisers

with

respect

to

similar

ETFs.

In

particular,

the

Board

reviewed

a

report

compiled

by

an

independent

third

party

to

compare

each

Fund’s

contractual

management

fee

and

total

expense

ratio

to

other

investment

companies

within

each

Fund’s

respective

peer

grouping,

as

determined

by

the

independent

third

party.

The

information

provided

by

the

comparative

report

showed

how

the

total

expense

ratio

and

contractual

management

fee

for

each

of

the

Funds

compared

within

its

respective

peer

group

for

the

one-year

period

ended

December

31,

2024.

The

reporting

is

described

in

detail

below:

Janus

Henderson

B-BBB

CLO

ETF

Additional

Information

(unaudited)

Janus

Detroit

Street

Trust

27

The

total

expense

ratio

and

the

contractual

management

fee

for

JAAA

were

each

reported

in

the

3rd

quintile

of

its

respective

peer

group

(with

1st

quintile

being

the

lowest

fees/expenses

and

5th

quintile

being

the

highest

fees/

expenses).

The

total

expense

ratio

and

the

contractual

management

fee

for

JBBB

were

each

reported

in

the

1st

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JLQD

were

each

reported

in

the

3rd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JMBS

were

each

reported

in

the

1st

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JSI

were

each

reported

in

the

4th

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

VNLA

were

each

reported

in

the

1st

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JSML

were

reported

in

the

3rd

and

2nd

quintiles,

respectively.

The

total

expense

ratio

and

the

contractual

management

fee

for

JSMD

were

reported

in

the

3rd

and

2nd

quintiles,

respectively.

The

total

expense

ratio

and

the

contractual

management

fee

for

JRE

were

reported

in

the

4th

and

3rd

quintiles,

respectively.

The

total

expense

ratio

and

the

contractual

management

fee

for

SSPX

were

each

reported

in

the

2nd

quintile.

The

Board

further

considered

that

the

Adviser

had

voluntarily

agreed

to

cap

the

expenses

of

JAAA,

JMBS

and

VNLA

to

the

extent

that

such

Funds’

total

expense

ratio

exceeded

0.20%,

0.22%

and

0.23%,

respectively,

until

at

least

February

28,

2026.

The

Board

also

considered

that

the

Adviser

had

voluntarily

agreed

to

cap

the

expenses

of

JLQD

to

the

extent

that

the

Fund’s

total

expense

ratio

exceeded

0.20%

until

at

least

May

1,

2026.

The

Board

further

noted

the

Adviser’s

contractual

commitment

with

respect

to

the

Funds’

investments

in

affiliated

ETFs

to

waive

and/or

reimburse

a

portion

of

its

management

fee

in

an

amount

equal

to

a

portion

of

the

management

fee

it

earns

as

investment

adviser

to

affiliated

ETFs

in

which

a

Fund

invests

(if

any),

for

until

at

least

February 28,

2026.

The

Board

also

discussed

the

costs

incurred

by

the

Adviser

in

connection

with

its

serving

as

investment

adviser

to

the

Funds,

including

operational

costs.

After

comparing

each

Fund’s

fees

and

expenses

with

those

of

other

ETFs

in

the

Funds’

respective

peer

groups,

and

in

light

of

the

nature,

extent

and

quality

of

services

provided

by

the

Adviser

and

the

costs

incurred

by

the

Adviser

in

rendering

those

services,

as

well

as

the

profitability

of

the

Adviser

in

providing

these

services,

the

Board

concluded

that

the

level

of

fees

paid

to

the

Adviser

and

the

profitability

with

respect

to

each

Fund

was

fair

and

reasonable.

The

Board

also

considered

that

the

Adviser

may

experience

reputational

“fall-out”

benefits

based

on

the

success

of

the

Funds,

but

that

such

benefits

are

not

easily

quantifiable.

(c)

The

extent

to

which

economies

of

scale

would

be

realized

as

the

Fund

grows

and

whether

fee

levels

would

reflect

such

economies

of

scale.

The

Board

next

discussed

potential

economies

of

scale.

In

its

review,

the

Board

considered

that

the

Funds

were

positioned

to

realize

potential

economies

of

scale

as

assets

grow

over

time,

given

the

inclusion

of

management

fee

breakpoints

for

each

Fund

in

the

current

investment

advisory

agreement

at

various

asset

levels.

(d)

Investment

performance

of

the

Fund

and

the

Adviser.

Janus

Henderson

B-BBB

CLO

ETF

Additional

Information

(unaudited)

28

April

30,

2025

The

Board

next

discussed

the

annualized

returns

of

the

Funds

on

both

an

absolute

basis

and

relative

to

the

performance

of

funds

comprising

a

performance

universe

compiled

by

an

independent

third

party

for

each

Fund

for

the

three-month

period,

one-year

period,

two-year

period,

three-year

period,

four-year

period,

five-year

period,

and/or

since

inception

period

ended

December

31,

2024

(each

period

as

applicable).

The

Board

noted

the

following

for

each

Fund:

JAAA

was

reported

to

be

in

the

1st

quintile

of

its

performance

universe

(with

the

1st

quintile

being

the

best

performer

and

the

5th

quintile

being

the

worst

performer)

for

its

one-,

two-,

three-

and

four-year

periods;

JBBB

was

reported

to

be

in

the

1stquintile

of

its

performance

universe

for

its

one-

and

two-year

periods,

respectively;

JLQD

was

reported

to

be

in

the

2nd,

3rd,

and

2nd

quintiles

of

its

performance

universe

for

its

one-,

two-,

and

three-

year

periods,

respectively.

JMBS

was

reported

to

be

in

the

1st

quintile

of

its

performance

universe

for

its

one-,

two-,

three-,

four-,

and

five-year

periods;

JSI

was

reported

to

be

in

the

2nd,

1st,

and

1st

quintiles

of

its

performance

universe

for

its

three

month,

one

year,

and

since

inception

periods,

respectively.

VNLA

was

reported

to

be

in

the

2nd,

2nd,

2nd,

2nd,

and

1st

quintiles

of

its

performance

universe

for

each

of

its

one-

,

two-,

three-,

four-,

and

five-year

periods;

JSML

was

reported

to

be

in

the

4th,

1st,

1st,

3rd,

and

3rd

quintiles

of

its

performance

universe

for

its

one-,

two-,

three-,

four-,

and

five-year

periods,

respectively;

JSMD

was

reported

to

be

in

the

3rd,

2nd,

1st,

2nd,

and

2nd

quintiles

of

its

performance

universe

for

its

one-,

two-,

three-,

four-,

and

five-year

periods,

respectively;

JRE

was

reported

to

be

in

the

2nd,

4th,

and

2nd

quintiles

of

its

performance

universe

for

its

one-,

two-,

and

three-

year

periods,

respectively;

and

SSPX

was

reported

to

be

in

the

5th

quintile

of

its

performance

universe

for

its

one-,

two-,

and

three-

year

periods.

With

respect

to

JSML

and

JSMD,

the

Board

noted

that

these

Funds

had

operated

as

index-based

during

the

periods

described

above

and,

as

a

result,

had

been

passively

managed

to

seek

to

track

the

returns

of

specified

indices.

For

this

reason,

the

Board

also

considered

the

performance

of

these

Funds

in

relation

to

the

performance

of

each

Fund’s

respective

underlying

index

(i.e.,

“tracking

error”)

and

considered

that

the

tracking

error

was

within

anticipated

ranges.

The

Board

considered

the

Adviser’s

explanation

of

performance

results

for

each

Fund

across

the

relevant

periods

provided

as

part

of

the

consideration

of

the

renewal

of

the

Investment

Advisory

Agreement,

and

during

the

course

of

the

previous

year.

Conclusion.

No

single

factor

was

determinative

to

the

decision

of

the

Board.

Based

on

the

foregoing

and

such

other

matters

as

were

deemed

relevant,

the

Board

concluded

that

the

management

fee

rates

and

total

expense

ratios

of

each

Fund

are

reasonable

in

relation

to

the

services

provided

by

the

Adviser

to

such

Fund,

as

well

as

the

costs

incurred

and

benefits

gained

by

the

Adviser

in

providing

such

services.

The

Board

also

found

the

management

fees

to

be

reasonable

in

comparison

to

the

fees

charged

by

advisers

to

other

comparable

ETFs

and

mutual

funds

(as

applicable).

As

a

result,

the

Board

concluded

that

the

renewal

of

the

Investment

Management

Agreement

for

an

additional

one-year

period

was

in

the

best

interests

of

each

Fund.

After

full

consideration

of

the

above

factors,

as

well

as

other

factors,

the

Trustees,

including

all

of

the

Independent

Trustees

voting

separately,

determined

to

approve

the

renewal

of

the

Investment

Management

Agreement

for

each

Fund.

125-24-93094

04-25

This

report

is

submitted

for

the

general

information

of

shareholders

of

the

Fund.

It

is

not

an

offer

or

solicitation

for

the

Fund

and

is

not

authorized

for

distribution

to

prospective

investors

unless

preceded

or

accompanied

by

an

effective

prospectus.

Janus

Henderson

is

a

trademark

of

Janus

Henderson

Group

plc

or

one

of

its

subsidiaries.

©

Janus

Henderson

Group

plc.

Janus

Henderson

Investors

US

LLC

is

the

investment

adviser

and

ALPS

Distributors,

Inc.

is

the

distributor.

ALPS

is

not

affiliated

with

Janus

Henderson

or

any

of

its

subsidiaries.

SEMIANNUAL

FINANCIAL

STATEMENTS

April

30,

2025

Janus

Henderson

Securitized

Income

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

Securitized

Income

ETF

Item

7.

Financial

Statements

and

Financial

Highlights

for

Open-End

Management

Investment

Companies

Schedule

of

Investments

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

3

Statement

of

Assets

and

Liabilities

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

18

Statement

of

Operations

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

19

Statement

of

Changes

in

Net

Assets

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

20

Financial

Highlights

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

21

Notes

to

Financial

Statements

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

22

Items

8-11

-

Additional

Information

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

36

Janus

Henderson

Securitized

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

Janus

Detroit

Street

Trust

3

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Asset-Backed

Securities

-

34.2%

ACHM

Mortgage

Trust,

7.2600%,

5/25/39

(144A)

$

2,084,178

$

2,155,044

ACHV

ABS

TRUST,

8.4700%,

3/18/30

(144A)

1,337,246

1,355,397

ACHV

ABS

TRUST,

8.6000%,

11/25/30

(144A)

1,894,000

1,915,118

ACHV

ABS

TRUST,

6.4200%,

4/25/31

(144A)

42,517

42,791

Affirm

Asset

Securitization

Trust,

7.8100%,

9/15/28

(144A)

250,000

251,878

Affirm

Asset

Securitization

Trust,

8.7800%,

9/15/28

(144A)

250,000

251,980

Affirm

Asset

Securitization

Trust,

7.7700%,

11/15/28

(144A)

149,955

150,275

Affirm

Asset

Securitization

Trust,

8.2500%,

11/15/28

(144A)

250,000

251,252

Affirm

Asset

Securitization

Trust,

6.1600%,

2/15/29

(144A)

500,000

502,455

Affirm

Asset

Securitization

Trust,

6.1600%,

2/15/29

(144A)

3,392,000

3,408,654

Affirm

Asset

Securitization

Trust,

6.8900%,

2/15/29

(144A)

700,000

702,955

Affirm

Asset

Securitization

Trust,

6.8900%,

2/15/29

(144A)

500,000

502,110

Affirm

Asset

Securitization

Trust,

6.5700%,

5/15/29

(144A)

2,500,000

2,514,391

Ally

Auto

Receivables

Trust,

5.8000%,

2/16/32

(144A)

500,000

506,968

Ally

Bank

Auto

Credit-Linked

Notes,

7.9170%,

5/17/32

(144A)

525,467

528,790

Ally

Bank

Auto

Credit-Linked

Notes,

9.8920%,

5/17/32

(144A)

669,384

679,703

Ally

Bank

Auto

Credit-Linked

Notes,

12.7480%,

5/17/32

(144A)

403,666

407,827

Ally

Bank

Auto

Credit-Linked

Notes,

6.6780%,

9/15/32

(144A)

1,610,874

1,594,741

Ally

Bank

Auto

Credit-Linked

Notes,

8.0360%,

9/15/32

(144A)

1,530,330

1,545,887

Alterna

Funding

III

LLC,

7.1360%,

5/16/39

(144A)

1,929,763

1,943,183

Amur

Equipment

Finance

Receivables

XIII

LLC,

9.6600%,

4/20/32

(144A)

375,000

384,174

Amur

Equipment

Finance

Receivables

XIV

LLC,

8.8800%,

10/20/32

(144A)

500,000

502,006

Arivo

Acceptance

Auto

Loan

Receivables

Trust,

6.8700%,

6/17/30

(144A)

1,500,000

1,536,022

Auxilior

Term

Funding

LLC,

10.9700%,

12/15/32

(144A)

200,000

204,793

Bayview

Opportunity

Master

Fund

VII

LLC,

SOFR30A

+

2.0500%,

6.4037%,

12/26/31

(144A)

‡

1,264,544

1,275,738

Bayview

Opportunity

Master

Fund

VII

LLC,

SOFR30A

+

3.6000%,

7.9537%,

12/26/31

(144A)

‡

894,303

909,438

Bayview

Opportunity

Master

Fund

VII

LLC,

SOFR30A

+

1.8000%,

6.1537%,

6/25/47

(144A)

‡

837,036

833,641

Bayview

Opportunity

Master

Fund

VII

LLC,

SOFR30A

+

2.7500%,

7.1037%,

6/25/47

(144A)

‡

813,121

833,080

Bayview

Opportunity

Master

Fund

VII

Trust,

6.3600%,

7/16/29

(144A)

500,000

509,501

BHG

Securitization

Trust,

5.8100%,

4/17/35

(144A)

244,160

248,697

BHG

Securitization

Trust,

6.4900%,

4/17/35

(144A)

500,000

506,733

Blue

Bridge

Funding

LLC,

9.4800%,

11/15/30

(144A)

200,000

203,526

Blue

Bridge

Funding

LLC,

9.5000%,

11/15/30

(144A)

546,000

524,160

Brex

Commercial

Charge

Card

Master

Trust,

6.6800%,

7/15/27

(144A)

1,500,000

1,518,635

Bridgecrest

Lending

Auto

Securitization

Trust,

6.0300%,

11/15/29

500,000

506,467

Business

Jet

Securities

LLC,

6.9240%,

5/15/39

(144A)

1,701,855

1,723,053

CarMax

Auto

Owner

Trust,

6.0000%,

7/15/30

1,620,000

1,643,233

Carvana

Auto

Receivables

Trust,

3.1600%,

6/12/28

(144A)

5,427,666

5,256,927

Carvana

Auto

Receivables

Trust,

5.6600%,

3/10/33

(144A)

5,422,873

5,422,801

CF

Hippolyta

Issuer

LLC,

1.6900%,

7/15/60

(144A)

1,596,717

1,578,275

CF

Hippolyta

Issuer

LLC,

2.2800%,

7/15/60

(144A)

1,371,664

1,349,709

Coinstar

Funding

LLC,

5.2160%,

4/25/47

(144A)

2,760,000

2,463,981

Commonbond

Student

Loan

Trust,

4.0000%,

5/25/40

(144A)

103,500

99,882

Commonbond

Student

Loan

Trust,

4.0000%,

10/25/40

(144A)

106,143

99,321

Commonbond

Student

Loan

Trust,

3.4700%,

5/25/41

(144A)

172,925

155,004

Commonbond

Student

Loan

Trust,

4.1200%,

9/25/45

(144A)

84,418

78,198

Commonbond

Student

Loan

Trust,

4.2500%,

2/25/46

(144A)

98,238

95,444

Commonbond

Student

Loan

Trust,

1.4000%,

3/25/52

(144A)

209,119

163,898

Compass

Datacenters

Issuer

II

LLC,

5.7500%,

2/25/49

(144A)

1,000,000

1,010,646

Compass

Datacenters

Issuer

II

LLC,

5.9990%,

8/25/49

(144A)

2,250,000

2,244,733

Janus

Henderson

Securitized

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

4

April

30,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Asset-Backed

Securities

-

(continued)

CP

EF

Asset

Securitization

II

LLC,

7.4800%,

3/15/32

(144A)

$

200,366

$

202,313

CP

EF

Asset

Securitization

II

LLC,

7.5600%,

3/15/32

(144A)

250,000

245,858

CP

EF

Asset

Securitization

II

LLC,

7.7700%,

3/15/32

(144A)

250,000

254,176

CPC

Asset

Securitization

III

LLC,

13.4500%,

8/15/30

(144A)

1,000,000

999,874

Crockett

Partners

Equipment

Co.

IIA

LLC,

6.7800%,

1/20/31

(144A)

859,071

860,767

Crockett

Partners

Equipment

Co.

IIA

LLC,

10.1600%,

1/20/31

(144A)

859,071

894,047

CyrusOne

Data

Centers

Issuer

I

LLC,

5.4500%,

4/20/48

(144A)

221,105

218,637

CyrusOne

Data

Centers

Issuer

I

LLC,

5.5600%,

11/20/48

(144A)

150,000

151,067

CyrusOne

Data

Centers

Issuer

I

LLC,

4.6500%,

3/22/49

(144A)

735,000

709,475

Dext

ABS

LLC,

8.3000%,

5/15/34

(144A)

300,000

321,598

Exeter

Automobile

Receivables

Trust,

5.8400%,

6/17/30

500,000

506,558

Exeter

Automobile

Receivables

Trust,

7.8900%,

8/15/31

(144A)

750,000

765,004

Exeter

Automobile

Receivables

Trust,

7.8400%,

10/15/31

(144A)

2,700,000

2,728,588

ExteNet

Issuer

LLC,

9.0500%,

7/25/54

(144A)

1,500,000

1,554,222

FHF

Issuer

Trust,

6.2600%,

3/15/30

(144A)

1,200,000

1,224,119

FHF

Issuer

Trust,

6.4300%,

7/15/30

(144A)

1,202,000

1,236,289

FHF

Issuer

Trust,

7.4200%,

5/15/31

(144A)

1,000,000

1,031,044

FHF

Issuer

Trust,

5.6900%,

8/15/31

(144A)

2,854,000

2,866,475

FHF

Issuer

Trust,

7.1500%,

9/15/31

(144A)

1,800,000

1,863,308

FIGRE

Trust,

6.4360%,

11/25/53

(144A)

‡

1,786,224

1,824,242

FIGRE

Trust,

6.7490%,

3/25/54

(144A)

‡

1,167,152

1,199,860

FIGRE

Trust,

5.9370%,

7/25/54

(144A)

‡

497,093

501,267

FIGRE

Trust,

6.2290%,

7/25/54

(144A)

‡

3,150,220

3,176,435

FIGRE

Trust,

5.2520%,

9/25/54

(144A)

‡

243,157

241,054

FIGRE

Trust,

5.3010%,

9/25/54

(144A)

‡

871,312

862,955

FIGRE

Trust,

5.7750%,

3/25/55

(144A)

‡

942,025

945,436

FIGRE

Trust,

5.7580%,

6/25/55

(144A)

‡

1,145,000

1,149,038

Finance

of

America

Structured

Securities

Trust,

3.5000%,

2/25/74

(144A)

Ç

922,343

891,387

Finance

of

America

Structured

Securities

Trust,

3.5000%,

4/25/74

(144A)

Ç

2,277,961

2,195,827

Fora

Financial

Asset

Securitization

LLC,

6.3300%,

8/15/29

(144A)

2,500,000

2,519,929

Foundation

Finance

Trust,

9.1000%,

6/15/49

(144A)

1,120,000

1,194,452

Foundation

Finance

Trust,

8.1300%,

12/15/49

(144A)

1,374,252

1,450,494

FREED

ABS

Trust,

3.3500%,

3/19/29

(144A)

85,426

84,787

GLS

Auto

Select

Receivables

Trust,

7.9300%,

7/15/30

(144A)

400,000

424,744

Gracie

Point

International

Funding,

SOFR90A

+

4.5000%,

8.9244%,

9/1/26

(144A)

‡

2,000,000

1,993,378

Gracie

Point

International

Funding

LLC,

SOFR90A

+

2.1000%,

6.5218%,

3/1/28

(144A)

‡

1,724,000

1,707,734

Gracie

Point

International

Funding

LLC,

SOFR90A

+

3.5000%,

7.9218%,

3/1/28

(144A)

‡

500,000

495,673

Gracie

Point

International

Funding

LLC,

SOFR90A

+

7.1500%,

11.5718%,

3/1/28

(144A)

‡

600,000

599,402

Hotwire

Funding

LLC,

4.4590%,

11/20/51

(144A)

4,500,000

4,312,153

Hotwire

Funding

LLC,

9.1880%,

6/20/54

(144A)

1,500,000

1,580,048

Huntington

Bank

Auto

Credit-Linked

Notes,

SOFR30A

+

3.1500%,

7.5004%,

5/20/32

(144A)

‡

1,931,747

1,940,739

Huntington

Bank

Auto

Credit-Linked

Notes,

SOFR30A

+

5.2500%,

9.6004%,

5/20/32

(144A)

‡

724,405

739,197

Huntington

Bank

Auto

Credit-Linked

Notes,

SOFR30A

+

2.6000%,

6.9504%,

10/20/32

(144A)

‡

2,227,844

2,235,073

Huntington

Bank

Auto

Credit-Linked

Notes,

SOFR30A

+

4.0000%,

8.3504%,

10/20/32

(144A)

‡

1,417,003

1,425,231

Huntington

Bank

Auto

Credit-Linked

Notes,

SOFR30A

+

2.2500%,

6.6004%,

3/21/33

(144A)

‡

3,229,150

3,229,129

Janus

Henderson

Securitized

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

Janus

Detroit

Street

Trust

5

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Asset-Backed

Securities

-

(continued)

Huntington

Bank

Auto

Credit-Linked

Notes,

SOFR30A

+

3.5000%,

7.8504%,

3/21/33

(144A)

‡

$

1,395,609

$

1,395,596

Jersey

Mike's

Funding

LLC,

4.4330%,

2/15/50

(144A)

1,980,000

1,955,811

JPMorgan

Chase

Bank

NA,

8.4820%,

12/26/28

(144A)

1,478,664

1,485,380

LAD

Auto

Receivables

Trust,

6.1500%,

6/16/31

(144A)

500,000

509,106

Lendbuzz

Securitization

Trust,

6.5200%,

7/16/29

(144A)

2,650,000

2,724,686

Lendbuzz

Securitization

Trust,

6.5800%,

9/15/29

(144A)

500,000

510,773

Lendbuzz

Securitization

Trust,

7.5800%,

9/15/30

(144A)

2,500,000

2,589,555

Lendbuzz

Securitization

Trust,

7.4500%,

5/15/31

(144A)

4,500,000

4,693,854

Libra

Solutions

LLC,

5.8800%,

9/30/38

(144A)

2,000,000

2,006,043

Luxury

Lease

Partners

Auto

Lease

Trust,

7.2920%,

7/15/30

(144A)

480,996

483,179

Luxury

Lease

Partners

Auto

Lease

Trust,

10.4910%,

7/15/30

(144A)

300,000

301,759

Marlette

Funding

Trust,

8.1500%,

4/15/33

(144A)

700,000

708,682

Marlette

Funding

Trust,

7.9200%,

6/15/33

(144A)

900,000

906,062

Marlette

Funding

Trust,

8.1500%,

12/15/33

(144A)

500,000

521,552

Mission

Lane

Credit

Card

Master

Trust,

7.6900%,

11/15/28

(144A)

1,278,000

1,280,765

Mission

Lane

Credit

Card

Master

Trust,

9.6700%,

11/15/28

(144A)

2,000,000

2,008,208

MVW

LLC,

5.7500%,

9/22/42

(144A)

1,544,000

1,559,487

NetCredit

Combined

Receivables

LLC,

7.4300%,

10/21/30

(144A)

691,264

694,936

New

Economy

Assets-Phase

1

Sponsor

LLC,

1.9100%,

10/20/61

(144A)

615,000

574,079

NRM

FNT1

Excess

LLC,

7.3980%,

11/25/31

(144A)

Ç

5,018,103

5,050,800

Oak

Street

Investment

Grade

Net

Lease

Fund,

2.2100%,

11/20/50

(144A)

451,659

407,300

OnDeck

Asset

Securitization

IV

LLC,

5.5200%,

4/19/32

(144A)

4,500,000

4,503,923

OnDeck

Asset

Securitization

IV

LLC,

6.6400%,

4/19/32

(144A)

1,500,000

1,501,868

OnDeck

Asset

Securitization

Trust

IV

LLC,

7.1500%,

6/17/31

(144A)

1,000,000

1,031,514

OnDeck

Asset

Securitization

Trust

IV

LLC,

8.9900%,

6/17/31

(144A)

1,000,000

1,023,617

Pawneee

Equipment

Receivables

LLC,

7.2300%,

7/17/28

(144A)

250,000

246,809

Pear

LLC,

6.9500%,

2/15/36

(144A)

328,235

331,672

Post

Road

Equipment

Finance

LLC,

6.7700%,

10/15/30

(144A)

400,000

410,790

Post

Road

Equipment

Finance

LLC,

8.5000%,

12/15/31

(144A)

450,000

467,193

Post

Road

Equipment

Finance

LLC,

7.0800%,

5/17/32

(144A)

2,000,000

2,030,089

Prosper

Marketplace

Issuance

Trust,

7.4800%,

7/16/29

(144A)

390,243

391,046

Prosper

Marketplace

Issuance

Trust,

6.9600%,

8/15/29

(144A)

750,000

757,810

PRPM

LLC,

5.4870%,

11/25/26

(144A)

Ç

1,007,056

1,016,535

RAM

LLC,

6.6690%,

2/15/39

(144A)

1,320,472

1,327,000

RAM

LLC,

7.7850%,

2/15/39

(144A)

440,089

441,824

RCKT

Mortgage

Trust,

6.3250%,

2/25/44

(144A)

‡

807,749

813,854

RCKT

Mortgage

Trust,

5.5460%,

9/25/44

(144A)

Ç

1,421,366

1,423,735

RCKT

Mortgage

Trust,

5.6030%,

2/25/55

(144A)

Ç

3,289,764

3,275,910

RCKT

Mortgage

Trust,

5.8110%,

5/25/55

(144A)

Ç

5,559,543

5,611,704

Reach

ABS

Trust,

6.9000%,

2/18/31

(144A)

2,295,000

2,350,904

Reach

ABS

Trust,

5.8800%,

7/15/31

(144A)

259,458

260,407

Reach

ABS

Trust,

8.8300%,

7/15/31

(144A)

1,000,000

1,027,342

Reach

ABS

Trust,

5.9900%,

8/16/32

(144A)

2,000,000

1,997,776

ReadyCap

Lending

Small

Business

Loan

Trust,

US

Prime

Rate

+

0.0700%,

7.5700%,

4/25/48

(144A)

‡

273,860

276,912

Saluda

Grade

Alternative

Mortgage

Trust,

7.0670%,

8/25/53

(144A)

‡

3,638,406

3,755,825

Saluda

Grade

Alternative

Mortgage

Trust,

6.7180%,

11/25/53

(144A)

‡

4,580,208

4,709,249

Saluda

Grade

Alternative

Mortgage

Trust,

6.6030%,

4/25/54

(144A)

Ç

2,004,303

2,056,264

Santander

Bank

Auto

Credit-Linked

Notes,

5.2810%,

5/15/32

(144A)

16,969

16,964

Santander

Bank

Auto

Credit-Linked

Notes,

7.7620%,

6/15/32

(144A)

4,203,533

4,216,984

Santander

Bank

Auto

Credit-Linked

Notes,

10.1710%,

6/15/32

(144A)

3,688,119

3,766,972

Santander

Bank

Auto

Credit-Linked

Notes,

6.7990%,

1/18/33

(144A)

250,000

247,902

Santander

Bank

Auto

Credit-Linked

Notes,

8.8810%,

1/18/33

(144A)

900,000

902,349

Janus

Henderson

Securitized

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

6

April

30,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Asset-Backed

Securities

-

(continued)

Santander

Bank

Auto

Credit-Linked

Notes,

12.2310%,

1/18/33

(144A)

$

900,000

$

902,827

Santander

Bank

Auto

Credit-Linked

Notes,

10.0680%,

6/15/33

(144A)

84,121

84,851

Santander

Bank

Auto

Credit-Linked

Notes,

6.6630%,

12/15/33

(144A)

361,732

365,278

Santander

Bank

Auto

Credit-Linked

Notes,

8.4080%,

12/15/33

(144A)

1,808,658

1,822,445

Santander

Consumer

Auto

Receivables

Trust,

2.9700%,

6/15/28

(144A)

203,222

201,483

SBNA

Auto

Receivables

Trust,

8.0000%,

4/15/32

(144A)

1,000,000

1,007,581

Sierra

Timeshare

Receivables

Funding

LLC,

7.4800%,

6/20/41

(144A)

628,198

631,571

Sierra

Timeshare

Receivables

Funding

LLC,

6.9300%,

8/20/41

(144A)

736,135

719,188

SoFi

Consumer

Loan

Program

Trust,

5.7200%,

2/27/34

(144A)

3,000,000

2,993,691

Sotheby's

Artfi

Master

Trust,

6.8300%,

12/22/31

(144A)

4,250,000

4,256,428

Theorem

Funding

Trust,

8.9500%,

4/15/29

(144A)

900,000

916,299

Towd

Point

Mortgage

Trust,

6.0490%,

1/25/64

(144A)

‡

734,979

737,518

Towd

Point

Mortgage

Trust,

6.3500%,

2/25/64

(144A)

‡

910,953

917,866

Tricolor

Auto

Securitization

Trust,

6.9900%,

1/18/28

(144A)

500,000

504,800

Tricolor

Auto

Securitization

Trust,

8.6100%,

4/17/28

(144A)

1,500,000

1,539,377

Tricolor

Auto

Securitization

Trust,

5.7200%,

10/15/29

(144A)

11,502,000

11,500,401

Tricolor

Auto

Securitization

Trust,

6.8400%,

4/15/31

(144A)

3,240,000

3,233,763

TSC

SPV

Funding

LLC,

6.2910%,

8/20/54

(144A)

1,496,250

1,480,106

United

Auto

Credit

Securitization

Trust,

7.0600%,

10/10/29

(144A)

1,500,000

1,516,054

United

Auto

Credit

Securitization

Trust,

8.3000%,

11/12/29

(144A)

1,000,000

1,017,634

Upstart

Securitization

Trust,

4.0600%,

3/20/31

(144A)

68,737

68,536

Upstart

Securitization

Trust,

8.2500%,

10/20/33

(144A)

500,000

518,325

US

Auto

Funding

Trust,

3.9800%,

4/15/25

(144A)

28,518

28,304

US

Bank

NA,

6.7890%,

8/25/32

(144A)

3,137,624

3,175,171

US

Bank

NA,

9.7850%,

8/25/32

(144A)

103,211

105,415

VB-S1

Issuer

LLC-VBTEL,

6.6440%,

5/15/54

(144A)

1,500,000

1,530,700

VB-S1

Issuer

LLC-VBTEL,

8.8710%,

5/15/54

(144A)

1,150,000

1,200,591

Vertical

Bridge

Holdings

LLC,

3.2290%,

9/15/50

(144A)

1,750,000

1,730,695

Westgate

Resorts

LLC,

3.8380%,

8/20/36

(144A)

107,972

106,083

Westgate

Resorts

LLC,

10.1400%,

12/20/37

(144A)

151,609

154,770

Westgate

Resorts

LLC,

7.0600%,

1/20/38

(144A)

786,995

799,014

Westgate

Resorts

LLC,

9.2600%,

1/20/38

(144A)

786,995

798,392

Wingspire

Equipment

Finance

LLC,

6.3100%,

9/20/32

(144A)

2,500,000

2,477,492

Total

Asset-Backed

Securities

(cost

$243,854,276)

246,249,203

Collateralized

Loan

Obligations

-

0.7%

Sandstone

Peak

III

Ltd.

2024-1A

C,

CME

Term

SOFR

3

Month

+

2.6500%,

6.9318%,

4/25/37

(144A)

‡

2,500,000

2,506,437

Zais

CLO

11

Ltd.

2018-11A

BR,

CME

Term

SOFR

3

Month

+

1.7900%,

6.0595%,

1/20/32

(144A)

‡

2,500,000

2,504,990

Total

Collateralized

Loan

Obligations

(cost

$5,000,000)

5,011,427

Convertible

Bond

-

0.2%

Consumer

Staples

-

0.2%

Herbalife

Ltd.,

4.2500%, 6/15/28

(cost

$1,395,842)

1,702,000

1,394,619

Corporate

Bonds

-

1.2%

Communications

-

0.1%

AMC

Networks,

Inc.,

10.2500%, 1/15/29

(144A)#

755,000

775,706

Consumer,

Non-cyclical

-

0.2%

Garda

World

Security

Corp.,

6.0000%, 6/1/29

(144A)#

1,333,000

1,246,839

Surgery

Center

Holdings,

Inc.,

7.2500%, 4/15/32

(144A)#

310,000

309,296

1,556,135

Financial

-

0.9%

Atlas

Warehouse

Lending

Co.

LP,

6.2500%, 1/15/30

(144A)

4,854,000

4,865,143

Janus

Henderson

Securitized

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

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

-

(continued)

Rithm

Capital

Corp.,

8.0000%, 4/1/29

(144A)

$

1,417,000

$

1,414,689

6,279,832

Total

Corporate

Bonds

(cost

8,637,816)

8,611,673

Mortgage-Backed

Securities

-

103.4%

ABL

,

7.4570

%

,

9/25/29

(144A)

Ç

5,160,000

5,160,820

BAMLL

Re-REMIC

Trust

1.4238%, 11/27/48

(144A)

‡

400,119

377,989

1.5173%, 11/27/48

(144A)

‡

400,000

380,712

0.0099%, 2/27/51

(144A)

‡

1,784,783

1,276,027

0.0000%, 11/27/51

(144A)

§

1,892,604

1,373,863

0.9605%, 9/27/52

(144A)

‡

2,405,067

2,004,573

BMP

,

CME

Term

SOFR

1

Month

+

2.3905%

,

6.7124

%

,

6/15/41

(144A)

‡

3,750,000

3,692,917

BPR

Trust

,

5.8500

%

,

11/5/41

(144A)

‡

2,610,000

2,494,307

Brean

Asset-Backed

Securities

Trust

4.5000%, 5/25/64

(144A)

2,560,000

2,362,984

5.0000%, 9/25/64

(144A)

1,727,763

1,700,859

BX

,

CME

Term

SOFR

1

Month

+

2.3645%

,

6.6865

%

,

1/15/34

(144A)

‡

1,283,520

1,271,748

BX

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

3.4380%,

7.7599%, 11/15/28

(144A)

‡

500,000

499,286

CME

Term

SOFR

1

Month

+

2.6897%,

7.0116%, 3/15/34

(144A)

‡

2,000,000

1,977,155

CME

Term

SOFR

1

Month

+

2.1145%,

6.4363%, 9/15/36

(144A)

‡

5,333,000

5,240,532

CME

Term

SOFR

1

Month

+

1.4668%,

5.7888%, 5/15/38

(144A)

‡

175,000

173,246

CME

Term

SOFR

1

Month

+

2.0668%,

6.3888%, 5/15/38

(144A)

‡

2,067,100

2,045,579

CME

Term

SOFR

1

Month

+

1.5145%,

5.8365%, 6/15/38

(144A)

‡

4,164,505

4,126,497

CME

Term

SOFR

1

Month

+

1.9409%,

6.2628%, 2/15/39

(144A)

‡

309,909

307,993

CME

Term

SOFR

1

Month

+

2.6898%,

7.0117%, 2/15/39

(144A)

‡

4,737,182

4,712,006

CME

Term

SOFR

1

Month

+

1.8920%,

6.2138%, 12/15/39

(144A)

‡

2,529,952

2,503,657

CME

Term

SOFR

1

Month

+

2.6898%,

7.0117%, 3/15/41

(144A)

‡

1,815,877

1,791,345

7.9698%, 8/13/41

(144A)

‡

4,702,000

4,682,840

CME

Term

SOFR

1

Month

+

2.2412%,

6.5632%, 10/15/41

(144A)

‡

1,918,360

1,904,713

CME

Term

SOFR

1

Month

+

2.7905%,

7.1125%, 10/15/41

(144A)

‡

959,180

947,561

CME

Term

SOFR

1

Month

+

2.8796%,

7.2006%, 10/15/41

(144A)

‡

850,000

847,898

CME

Term

SOFR

1

Month

+

3.9266%,

8.2475%, 10/15/41

(144A)

‡

850,000

841,509

BX

Trust

CME

Term

SOFR

1

Month

+

3.4640%,

7.7860%, 10/15/26

(144A)

‡

2,040,266

1,970,146

CME

Term

SOFR

1

Month

+

2.4401%,

6.7619%, 7/15/29

(144A)

‡

1,000,000

982,418

CME

Term

SOFR

1

Month

+

2.8894%,

7.2113%, 7/15/29

(144A)

‡

3,130,000

3,010,426

CME

Term

SOFR

1

Month

+

2.9413%,

7.2632%, 3/15/30

(144A)

‡

2,782,000

2,740,417

CME

Term

SOFR

1

Month

+

2.3590%,

6.6810%, 10/15/36

(144A)

‡

1,500,000

1,480,287

CME

Term

SOFR

1

Month

+

2.7080%,

7.0300%, 10/15/36

(144A)

‡

3,088,000

3,036,771

CME

Term

SOFR

1

Month

+

2.1110%,

6.4328%, 4/15/39

(144A)

‡

196,616

194,162

CME

Term

SOFR

1

Month

+

2.9592%,

7.2810%, 4/15/39

(144A)

‡

558,389

551,421

CME

Term

SOFR

1

Month

+

2.6400%,

6.9619%, 2/15/41

(144A)

‡

2,650,000

2,603,625

CME

Term

SOFR

1

Month

+

1.9412%,

6.2630%, 4/15/41

(144A)

‡

1,267,924

1,255,284

CME

Term

SOFR

1

Month

+

2.6901%,

7.0120%, 4/15/41

(144A)

‡

6,762,264

6,695,707

BXHPP

Trust

CME

Term

SOFR

1

Month

+

0.7645%,

5.0865%, 8/15/36

(144A)

‡

820,000

773,170

CME

Term

SOFR

1

Month

+

1.0145%,

5.3365%, 8/15/36

(144A)

‡

250,000

229,248

CME

Term

SOFR

1

Month

+

1.2145%,

5.5365%, 8/15/36

(144A)

‡

1,950,000

1,758,308

BXP

Trust

3.5390%, 6/13/39

(144A)

‡

2,310,000

2,195,613

3.5390%, 6/13/39

(144A)

‡

3,080,000

2,872,496

Janus

Henderson

Securitized

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

8

April

30,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Mortgage-Backed

Securities

-

(continued)

CALI

Mortgage

Trust

,

4.1580

%

,

3/10/39

(144A)

$

1,700,000

$

1,504,654

CAMB

Commercial

Mortgage

Trust

,

CME

Term

SOFR

1

Month

+

2.0470%

,

6.3690

%

,

12/15/37

(144A)

‡

2,663,782

2,647,415

CENT

Trust

,

CME

Term

SOFR

1

Month

+

3.1500%

,

7.4719

%

,

9/15/38

(144A)

‡

750,000

748,119

Chase

Mortgage

Finance

Corp.

,

SOFR30A

+

1.5500%

,

5.9037

%

,

2/25/50

(144A)

‡

309,191

296,396

Citigroup

Commercial

Mortgage

Trust

,

CME

Term

SOFR

1

Month

+

4.6145%

,

8.9365

%

,

10/15/38

(144A)

‡

2,400,000

2,354,593

COMM

Mortgage

Trust

3.1400%, 10/10/36

(144A)

2,120,000

1,875,875

CME

Term

SOFR

1

Month

+

2.8890%,

7.2109%, 6/15/41

(144A)

‡

1,250,000

1,239,401

CME

Term

SOFR

1

Month

+

3.2890%,

7.6109%, 6/15/41

(144A)

‡

1,250,000

1,242,662

CONE

Trust

,

CME

Term

SOFR

1

Month

+

1.6417%

,

5.9636

%

,

8/15/41

(144A)

‡

2,000,000

1,991,172

Connecticut

Avenue

Securities

Trust

SOFR30A

+

1.5500%,

5.9037%, 10/25/41

(144A)

‡

690,775

690,147

SOFR30A

+

3.1000%,

7.4537%, 10/25/41

(144A)

‡

3,372,000

3,425,741

SOFR30A

+

1.6500%,

6.0037%, 12/25/41

(144A)

‡

6,219,572

6,233,700

SOFR30A

+

2.7500%,

7.1037%, 12/25/41

(144A)

‡

2,250,000

2,275,757

SOFR30A

+

3.9000%,

8.2537%, 7/25/43

(144A)

‡

375,000

391,630

SOFR30A

+

3.5500%,

7.9037%, 10/25/43

(144A)

‡

1,730,000

1,786,790

SOFR30A

+

1.8000%,

6.1537%, 1/25/44

(144A)

‡

520,000

520,212

SOFR30A

+

1.8000%,

6.1537%, 2/25/44

(144A)

‡

331,138

330,524

SOFR30A

+

1.9500%,

6.3027%, 3/25/44

(144A)

‡

788,000

787,901

SOFR30A

+

1.0000%,

5.3537%, 7/25/44

(144A)

‡

1,463,425

1,461,822

SOFR30A

+

1.7000%,

6.0537%, 7/25/44

(144A)

‡

3,000,000

2,986,978

SOFR30A

+

1.6000%,

5.9537%, 9/25/44

(144A)

‡

577,442

576,625

SOFR30A

+

1.5000%,

5.8527%, 1/25/45

(144A)

‡

1,054,000

1,046,312

SOFR30A

+

1.6000%,

5.9537%, 3/25/45

(144A)

‡

2,750,000

2,757,597

SOFR30A

+

2.2500%,

6.6037%, 3/25/45

(144A)

‡

767,000

770,049

COOPR

Residential

Mortgage

Trust

,

5.6540

%

,

5/25/60

(144A)

Ç

4,116,000

4,138,508

CSMC

Trust

,

CME

Term

SOFR

1

Month

+

2.1145%

,

6.4365

%

,

11/15/38

(144A)

‡

2,000,000

1,963,029

DC

Trust

,

7.2861

%

,

4/13/40

(144A)

‡

1,500,000

1,510,423

DROP

Mortgage

Trust

,

CME

Term

SOFR

1

Month

+

1.2645%

,

5.5865

%

,

10/15/43

(144A)

‡

1,250,000

1,161,806

EFMT

,

5.8770

%

,

1/25/60

(144A)

Ç

2,457,276

2,463,868

Extended

Stay

America

Trust

CME

Term

SOFR

1

Month

+

2.9645%,

7.2865%, 7/15/38

(144A)

‡

429,740

426,992

CME

Term

SOFR

1

Month

+

3.8145%,

8.1365%, 7/15/38

(144A)

‡

2,965,209

2,928,144

FHLMC

STACR

REMIC

Trust

SOFR30A

+

1.6500%,

6.0037%, 1/25/34

(144A)

‡

73,973

74,169

SOFR30A

+

2.1000%,

6.4537%, 9/25/41

(144A)

‡

4,100,848

4,095,722

SOFR30A

+

3.3500%,

7.7037%, 9/25/41

(144A)

‡

2,000,000

2,034,375

SOFR30A

+

6.2500%,

10.6037%, 9/25/41

(144A)

‡

1,170,000

1,207,520

SOFR30A

+

1.8000%,

6.1537%, 11/25/41

(144A)

‡

5,274,435

5,289,987

SOFR30A

+

3.6500%,

8.0037%, 11/25/41

(144A)

‡

1,000,000

1,025,938

SOFR30A

+

2.3500%,

6.7037%, 12/25/41

(144A)

‡

1,600,000

1,605,957

SOFR30A

+

7.0000%,

11.3537%, 12/25/41

(144A)

‡

2,150,000

2,295,054

SOFR30A

+

7.1000%,

11.4537%, 1/25/42

(144A)

‡

2,350,000

2,490,260

SOFR30A

+

3.7500%,

8.1037%, 2/25/42

(144A)

‡

1,794,071

1,859,269

SOFR30A

+

1.9500%,

6.3037%, 2/25/44

(144A)

‡

382,632

384,243

SOFR30A

+

2.0000%,

6.3537%, 3/25/44

(144A)

‡

3,000,000

2,998,320

SOFR30A

+

1.4500%,

5.8037%, 10/25/44

(144A)

‡

3,122,429

3,108,109

SOFR30A

+

1.1500%,

5.5037%, 2/25/45

(144A)

‡

5,789,591

5,770,000

SOFR30A

+

1.6500%,

6.0037%, 2/25/45

(144A)

‡

16,814,815

16,678,028

Janus

Henderson

Securitized

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

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)

Finance

of

America

Structured

Securities

Trust

3.5000%, 4/25/74

(144A)

$

2,903,214

$

2,780,729

3.5000%, 2/25/75

(144A)

2,883,955

2,751,799

FNMA

,

SOFR30A

+

3.3000%

,

7.6537

%

,

11/25/41

(144A)

‡

1,141,001

1,160,969

FNMA

Connecticut

Avenue

Securities

,

SOFR30A

+

2.0000%

,

6.3537

%

,

11/25/41

(144A)

‡

941,210

940,612

FNMA,

REMIC

SOFR30A

+

1.1000%,

5.4537%, 3/25/55

‡

13,285,002

13,202,403

SOFR30A

+

1.2000%,

5.5537%, 3/25/55

‡

5,052,311

5,029,308

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

3.0000%,

TBA, 30

Year

Maturity

^

25,640,000

22,228,906

3.5000%,

TBA, 30

Year

Maturity

^

30,930,000

27,900,778

4.0000%,

TBA, 30

Year

Maturity

^

1,738,000

1,618,977

4.5000%,

TBA, 30

Year

Maturity

^

3,680,000

3,518,371

5.0000%,

TBA, 30

Year

Maturity

^

61,479,000

60,183,146

5.5000%,

TBA, 30

Year

Maturity

^

99,760,000

99,528,457

6.0000%,

TBA, 30

Year

Maturity

^

57,605,000

58,432,208

6.5000%,

TBA, 30

Year

Maturity

^

60,613,000

62,419,267

FREMF

Mortgage

Trust

,

5.8224

%

,

11/25/28

(144A)

‡

4,000,000

3,707,116

FS

Commercial

Mortgage

Trust

,

9.3827

%

,

11/10/39

(144A)

‡

5,750,000

5,857,510

Galaxy

Senior

Participation

Interest

Trust

1

,

0.0000

%

,

7/31/26

¢,‡

3,192,040

3,209,105

GNMA

,

CME

Term

SOFR

1

Month

+

0.2645%

,

4.5831

%

,

8/20/35

‡

113,221

110,743

Great

Wolf

Trust

CME

Term

SOFR

1

Month

+

2.3910%,

6.7129%, 3/15/39

(144A)

‡

700,000

695,158

CME

Term

SOFR

1

Month

+

2.8900%,

7.2119%, 3/15/39

(144A)

‡

4,425,000

4,393,835

GWT

,

CME

Term

SOFR

1

Month

+

3.6384%

,

7.9603

%

,

5/15/41

(144A)

‡

2,000,000

1,960,007

Homeward

Opportunities

Fund

Trust

7.1200%, 7/25/29

(144A)

Ç

3,070,000

3,082,344

8.5700%, 7/25/29

(144A)

Ç

3,391,000

3,399,252

5.4760%, 3/25/40

(144A)

Ç

5,650,000

5,645,803

Hudsons

Bay

Simon

JV

Trust

3.9141%, 8/5/34

(144A)

95,771

95,054

4.1545%, 8/5/34

(144A)

1,960,000

1,908,109

4.6662%, 8/5/34

(144A)

140,000

138,391

4.9056%, 8/5/34

(144A)

2,500,000

2,408,723

5.3310%, 8/5/34

(144A)

‡

410,000

403,393

5.6286%, 8/5/34

(144A)

‡

859,000

789,679

ILPT

Commercial

Mortgage

Trust

,

CME

Term

SOFR

1

Month

+

5.9400%

,

10.2619

%

,

10/15/39

(144A)

‡

500,000

493,619

J.P.

Morgan

Mortgage

Trust

,

6.0190

%

,

6/25/54

(144A)

Ç

5,067,638

5,103,994

JPMorgan

Chase

Bank

NA

CME

Term

SOFR

1

Month

+

2.3645%,

6.6911%, 10/25/57

(144A)

‡

6,643,395

6,767,563

CME

Term

SOFR

1

Month

+

2.6145%,

6.9411%, 10/25/57

(144A)

‡

4,799,067

4,888,064

CME

Term

SOFR

1

Month

+

3.4645%,

7.7911%, 10/25/57

(144A)

‡

400,542

412,240

CME

Term

SOFR

1

Month

+

4.4645%,

8.7911%, 10/25/57

(144A)

‡

783,074

821,241

JW

Commercial

Mortgage

Trust

,

CME

Term

SOFR

1

Month

+

2.3901%

,

6.7119

%

,

6/15/39

(144A)

‡

1,500,000

1,477,500

KRE

Commercial

Mortgage

Trust

,

CME

Term

SOFR

1

Month

+

1.3000%

,

5.6219

%

,

3/15/42

(144A)

‡

5,902,000

5,834,309

LHOME

Mortgage

Trust

7.0170%, 1/25/29

(144A)

Ç

2,311,000

2,327,433

7.1280%, 3/25/29

(144A)

Ç

321,901

325,298

8.8970%, 3/25/29

(144A)

Ç

1,175,000

1,185,455

6.9000%, 5/25/29

(144A)

Ç

3,040,000

3,073,915

Janus

Henderson

Securitized

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

10

April

30,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Mortgage-Backed

Securities

-

(continued)

LHOME

Mortgage

Trust

-

(continued)

8.3730%, 5/25/29

(144A)

Ç

$

1,400,000

$

1,411,858

6.0920%, 7/25/39

(144A)

Ç

3,130,000

3,125,247

5.7510%, 9/25/39

(144A)

Ç

3,766,000

3,747,702

Life

Mortgage

Trust

CME

Term

SOFR

1

Month

+

1.8645%,

6.1865%, 3/15/38

(144A)

‡

1,050,000

1,027,410

CME

Term

SOFR

1

Month

+

2.4645%,

6.7865%, 3/15/38

(144A)

‡

1,484,000

1,439,914

CME

Term

SOFR

1

Month

+

2.0931%,

6.4150%, 5/15/39

(144A)

‡

2,250,000

2,025,000

CME

Term

SOFR

1

Month

+

2.5419%,

6.8638%, 5/15/39

(144A)

‡

2,215,000

1,952,120

Mello

Warehouse

Securitization

Trust

,

CME

Term

SOFR

1

Month

+

5.2500%

,

9.5766

%

,

10/25/57

(144A)

‡

542,000

533,061

MHC

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

2.7154%,

7.0374%, 4/15/38

(144A)

‡

2,660,000

2,636,227

CME

Term

SOFR

1

Month

+

3.3154%,

7.6374%, 4/15/38

(144A)

‡

1,020,000

1,005,177

MKT

Mortgage

Trust

,

3.0386

%

,

2/12/40

(144A)

‡

1,541,000

880,833

MTN

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

1.8956%,

6.2256%, 3/15/39

(144A)

‡

2,500,000

2,493,330

CME

Term

SOFR

1

Month

+

2.9428%,

7.2728%, 3/15/39

(144A)

‡

1,175,000

1,168,371

New

Residential

Mortgage

Loan

Trust

,

7.1010

%

,

3/25/39

(144A)

Ç

2,677,000

2,703,561

NRM

FHT1

Excess

Owner

LLC

,

6.5450

%

,

3/25/32

(144A)

Ç

5,953,714

5,976,055

OPEN

Trust

,

CME

Term

SOFR

1

Month

+

3.8380%

,

8.1599

%

,

11/15/40

(144A)

‡

2,080,000

2,075,846

PRET

LLC

,

0.0000

%

,

4/25/55

(144A)

Ç

5,430,000

5,429,999

PRET

Trust

4.0000%, 8/25/64

(144A)

Ç

1,039,000

997,586

4.0000%, 7/25/69

(144A)

Ç

6,517,100

6,255,697

PRPM

LLC

6.9590%, 2/25/29

(144A)

Ç

437,776

442,132

6.4690%, 5/25/30

(144A)

Ç

3,429,000

3,436,994

3.2500%, 4/26/55

(144A)

2,400,000

2,272,532

Rain

City

Mortgage

Trust

,

8.0210

%

,

11/25/29

(144A)

‡

560,000

562,586

RCKT

Mortgage

Trust

6.5150%, 6/25/43

(144A)

‡

375,987

378,044

6.0470%, 8/25/44

(144A)

Ç

2,649,340

2,674,775

5.1580%, 10/25/44

(144A)

Ç

3,141,601

3,131,570

5.4896%, 11/25/44

(144A)

Ç

3,355,839

3,364,945

5.6408%, 11/25/44

(144A)

Ç

1,867,467

1,874,185

5.6830%, 12/25/44

(144A)

Ç

3,817,549

3,820,370

5.6530%, 1/25/45

(144A)

Ç

7,645,596

7,692,596

Saluda

Grade

Alternative

Mortgage

Trust

7.0000%, 4/25/29

(144A)

Ç

6,343,044

6,280,819

7.5000%, 2/25/30

(144A)

Ç

3,721,485

3,723,226

7.7620%, 4/25/30

(144A)

Ç

1,640,000

1,652,850

7.4390%, 7/25/30

(144A)

Ç

2,818,750

2,831,071

8.6830%, 7/25/30

(144A)

Ç

1,450,000

1,454,747

SCG

Commercial

Mortgage

Trust

,

CME

Term

SOFR

1

Month

+

2.9500%

,

7.2719

%

,

3/15/35

(144A)

‡

3,350,000

3,319,557

SMRT

,

CME

Term

SOFR

1

Month

+

3.3500%

,

7.6720

%

,

1/15/39

(144A)

‡

2,025,000

1,903,691

SREIT

Trust

,

CME

Term

SOFR

1

Month

+

2.7327%

,

7.0547

%

,

11/15/36

(144A)

‡

2,334,000

2,313,147

STWD

Trust

CME

Term

SOFR

1

Month

+

1.4895%,

5.8115%, 7/15/36

(144A)

‡

1,200,000

1,192,500

CME

Term

SOFR

1

Month

+

2.7870%,

7.1090%, 7/15/36

(144A)

‡

2,937,600

2,912,635

Janus

Henderson

Securitized

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

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)

TYSN

Mortgage

Trust

,

6.7991

%

,

12/10/33

(144A)

‡

$

500,000

$

523,215

Vontive

Mortgage

Trust

,

6.5070

%

,

3/25/30

(144A)

Ç

2,283,000

2,301,037

WB

Commercial

Mortgage

Trust

7.1334%, 3/15/40

(144A)

‡

2,500,000

2,516,918

8.2778%, 3/15/40

(144A)

‡

500,000

508,770

Wells

Fargo

Commercial

Mortgage

Trust

6.4338%, 7/15/35

(144A)

‡

2,500,000

2,492,951

6.3820%, 3/15/38

(144A)

‡

2,776,000

2,763,224

7.1375%, 3/15/38

(144A)

‡

1,735,000

1,742,727

CME

Term

SOFR

1

Month

+

3.0892%,

7.4110%, 8/15/41

(144A)

‡

3,100,000

3,092,980

Worldwide

Plaza

Trust

,

3.5263

%

,

11/10/36

(144A)

528,000

360,531

Total

Mortgage-Backed

Securities

(cost

$743,758,712)

745,133,010

Common

Stocks

-

0.2%

Chemicals

-

0.1%

Celanese

Corp.

-

Class

A

7,169

319,092

Hotels,

Restaurants

&

Leisure

-

0.0%

Churchill

Downs,

Inc.

2,695

243,655

Pharmaceuticals

-

0.1%

Teva

Pharmaceutical

Industries

Ltd.

(ADR)*

43,173

669,613

Total

Common

Stocks

(cost

1,603,229)

1,232,360

Investment

Companies

-

3.7%

Money

Market

Funds

-

3.7%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

4.3351%

£,∞

(cost

$26,514,053)

26,508,751

26,514,053

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

0.2%

Investment

Companies

-

0.2%

Janus

Henderson

Cash

Collateral

Fund

LLC,

4.2679%

£,∞

1,248,264

1,248,264

Time

Deposits

-

0.0%

Royal

Bank

of

Canada,

4.3100%,

5/1/25

312,066

312,066

Total

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

(cost

$1,560,330)

1,560,330

Total

Investments

(total

cost

$

1,032,324,258

)

-

143.8%

1,035,706,675

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(43.8%)

(315,423,865)

Net

Assets

-

100.0%

$720,282,810

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

1,031,796,845

99.6

%

Cayman

Islands

1,993,378

0.2

Canada

1,246,839

0.1

Israel

669,613

0.1

Total

$1,035,706,675

100.0%

Schedule

of

TBA

sales

commitments

-

(%

of

Net

Assets)

Principal

Amounts

Value

Securities

Sold

Short

-

(5.1)%

Mortgage-Backed

Securities

-

(5.1)%

FNMA/FHLMC

UMBS,

30

Year,

Single

Family,

2.5000%,

TBA,

30

Year

Maturity

^

$

(44,565,000)

$

(37,037,838)

Total

Securities

Sold

Short

(proceeds

$36,865,352)

$

(37,037,838)

Janus

Henderson

Securitized

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

12

April

30,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Summary

of

Investments

by

Country

-

(Short

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

(37,037,838)

100.0%

Schedule

of

Affiliated

Investments

-

(%

of

Net

Assets)

Affiliated

Investments,

at

Value

at

10/31/24

Purchases

Sales

Proceeds

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciatio

n/

(Depreciation)

Affiliated

Investments,

at

Value

at

4/30/25

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

Shares

Held

at

4/30/25

Dividend

Income

Investment

Company

-

3.7%

Exchange

Traded

Fund

-

N/A

Janus

Henderson

AAA

CLO

ETF

$

–

$

31,420,372

$

(31,048,439)

$

(371,933)

$

–

$

–

–

$

282,505

Janus

Henderson

B-BBB

CLO

ETF

–

30,743,965

(29,824,741)

(919,224)

–

–

–

723,364

Money

Market

Funds

-

3.7%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

4.3351%

∞

13,588,210

346,947,717

(334,021,874)

–

–

26,514,053

26,508,751

549,565

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

0.2%

Investment

Companies

-

0.2%

Janus

Henderson

Cash

Collateral

Fund

LLC,

4.2679%

∞

–

3,485,835

(2,237,571)

–

–

1,248,264

1,248,264

2,829

Δ

Total

Affiliated

Investments

-

3.9%

$13,588,210

$412,597,889

$(397,132,625)

$(1,291,157)

$–

$27,762,317

$1,558,263

Schedule

of

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

and

Unrealized

Appreciation

(Depreciation)

Futures

Long:

3

Month

SOFR

125

3/17/26

$

30,217,188

$

209,144

3

Month

SOFR

125

9/15/26

30,320,313

301,331

3

Month

SOFR

125

12/15/26

30,331,250

312,269

3

months

SOFR

125

6/16/26

30,284,375

266,956

U.S.

Treasury

2

Year

Notes

600

6/30/25

124,889,063

946,369

U.S.

Treasury

5

Year

Notes

504

6/30/25

55,034,438

302,395

Total

-

Futures

Long

2,338,464

Futures

Short:

U.S.

Treasury

10

Year

Notes

141

6/18/25

(15,822,844)

(238,030)

U.S.

Treasury

10

Year

Ultra

Bond

310

6/18/25

(35,567,656)

(588,950)

Total

-

Futures

Short

(826,980)

Total

$1,511,484

Janus

Henderson

Securitized

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

Janus

Detroit

Street

Trust

13

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

The

following

table,

grouped

by

derivative

type,

provides

information

about

the

fair

value

and

location

of

derivatives

within

the

Statement

of

Assets

and

Liabilities

as

of

April

30,

2025.

Schedule

of

OTC

Total

Return

Swaps

Counterparty/Return

Paid

by

the

Fund

Return

Received

by

Fund

Payment

Frequency

Termination

Date

Notional

Amount

Swap

Contracts,

at

Value

and

Unrealized

Appreciation/

(Depreciation)

JPMorgan

Chase

Bank

NA:1

day

SOFR

+

0.4%

Janus

Henderson

AAA

CLO

ETF

Quarterly

07/25/2025

USD

120,948

$

5,686

JPMorgan

Chase

Bank

NA:1

day

SOFR

+

0.4%

Janus

Henderson

AAA

CLO

ETF

Quarterly

07/25/2025

USD

181,335

8,525

JPMorgan

Chase

Bank

NA:1

day

SOFR

+

0.25%

Janus

Henderson

AAA

CLO

ETF

Quarterly

07/25/2025

USD

154,000

7,402

$21,613

Schedule

of

Exchange-Traded

Written

Call

Options

Reference

Asset

Number

of

Contracts

Exercise

Price

Expiration

Date

Notional

Amount

Premiums

Received

Unrealized

Appreciation/

(Depreciation)

Option

Written,

at

Value

100

oz

Gold

82

3,775.00

USD

05/27/2025

$

8,200

$

(30,242)

$

4,822

$

(25,420)

Light

Sweet

Crude

Oil

130

69.50

USD

05/15/2025

130,000

(22,100)

9,100

(13,000)

S&P

500

Emini

Index

24

6,450.00

USD

06/20/2025

1,200

(1,475)

(145)

(1,620)

U.S.

Treasury

10

Year

Notes

236

115.25

USD

05/23/2025

23,600,000

(29,158)

(342)

(29,500)

$(82,975)

$13,435

$(69,540)

Schedule

of

Exchange-Traded

Written

Put

Options

Reference

Asset

Number

of

Contracts

Exercise

Price

Expiration

Date

Notional

Amount

Premiums

Received

Unrealized

Appreciation/

(Depreciation)

Option

Written,

at

Value

100

oz

Gold

82

2,755.00

USD

05/27/2025

$

8,200

$

(5,642)

$

(1,738)

$

(7,380)

Light

Sweet

Crude

Oil

130

55.50

USD

05/15/2025

130,000

(96,200)

(115,700)

(211,900)

S&P

500

Emini

Index

24

4,575.00

USD

06/20/2025

1,200

(19,775)

575

(19,200)

U.S.

Treasury

10

Year

Notes

236

108.25

USD

05/23/2025

23,600,000

(3,345)

(4,030)

(7,375)

$(124,962)

$(120,893)

$(245,855)

Fair

Value

of

Derivative

Instruments

(not

accounted

for

as

hedging

instruments)

as

of

April

30,

2025

Interest

Rate

Contracts

Equity

Contracts

Commodity

Contracts

Total

Asset

Derivatives:

Swaps

-

OTC

$

—

$

21,613

$

–

$

21,613

*

Futures

contracts

2,338,464

–

–

2,338,464

Total

Asset

Derivatives

$

2,338,464

$

21,613

$

–

$

2,360,077

Liability

Derivatives:

–

*

Futures

contracts

826,980

–

–

826,980

Written

options,

at

value

36,875

(20,820)

(257,700)

315,395

Total

Liability

Derivatives

$

863,855

$

(20,820)

$

(257,700)

$

1,142,375

*

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).

Janus

Henderson

Securitized

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

14

April

30,

2025

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 period

ended

April

30,

2025.

Please

see

the

“Net

realized

and

change

in

unrealized

gain/(loss)

on

investments”

sections

of

the

Fund’s

Statement

of

Operations.

The

Effect

of

Derivative

Instruments

(not

accounted

for

as

hedging

instruments)

on

the

Statement

of

Operations

for

the

Period

Ended

April

30,

2025

Amount

of

Realized

Gain/(Loss)

Recognized

on

Derivatives

Derivative

Credit

Contracts

Interest

Rate

Contracts

Equity

Contracts

Total

Futures

contracts

$

—

$

(2,158,098)

$

—

$

(2,158,098)

Swap

contracts

(123,539)

—

(192,826)

(316,365)

Total

$

(123,539)

$

(2,158,098)

$

(192,826)

$

(2,474,463)

Amount

of

Change

in

Unrealized

Appreciation/(Depreciation)

Recognized

on

Derivatives

Derivative

Credit

Contracts

Interest

Rate

Contracts

Equity

Contracts

Commodity

Contracts

Total

Futures

contracts

$

—

$

3,377,602

$

–

$

–

$

3,377,602

Swap

contracts

(18,584)

—

21,613

–

3,029

Written

options

contracts

—

(4,372)

430

(103,516)

(107,458)

Total

$

(18,584)

$

3,373,230

$

22,043

$

(103,516)

$

3,273,173

Average

Ending

Monthly

Value

of

Derivative

Instruments

During

the

Period

Ended

April

30,

2025

Futures

contracts:

Average

notional

amount

of

contracts

-

long

$231,322,325

Average

notional

amount

of

contracts

-

short

34,230,453

Total

return

swaps:

Average

notional

amount

76,047

Options:

Average

value

of

option

contracts

written

52,566

Offsetting

of

Financial

Assets

and

Derivative

Assets

Counterparty

Gross

Amounts

of

Recognized

Assets

Offsetting

Asset

or

Liability

(a)

Collateral

Pledged

(b)

Net

Amount

JPMorgan

Chase

Bank

NA

$

21,613

$

—

$

—

$

21,613

Total

$

21,613

$

—

$

—

$

21,613

(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

Securitized

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

Janus

Detroit

Street

Trust

15

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Counterparty

Gross

Amounts

of

Recognized

Assets

Offsetting

Asset

or

Liability

(a)

Collateral

Pledged

(b)

Net

Amount

JPMorgan

Chase

Bank

NA

$

1,527,031

$

—

$

(1,527,031

)

$

—

(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

Securitized

Income

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

April

30,

2025

16

April

30,

2025

ADR

American

Depositary

Receipt

CME

Chicago

Mercantile

Exchange

ETF

Exchange

Traded

Fund

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

LLC

Limited

Liability

Company

REMIC

Real

Estate

Mortgage

Investment

Conduit

SOFR

Secured

Overnight

Financing

Rate

SOFR30A

Secured

Overnight

Financing

Rate

30

Day

Average

SOFR90A

Secured

Overnight

Financing

Rate

90

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

*

Non-income

producing

security.

¢

Security

is

valued

using

significant

unobservable

inputs.

The

total

value

of

Level

3

securities

as

of

the

period

ended

April

30,

2025

is

$3,209,105,

which

represents

0.4%

of

net

assets.

#

Loaned

security;

a

portion

of

the

security

is

on

loan

at

April

30,

2025.

∞

Rate

shown

is

the

7-day

yield

as

of

April

30,

2025.

£

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.

‡

Variable

or

floating

rate

security.

Rate

shown

is

the

current

rate

as

of

April

30,

2025.

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.

¤

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

1933

Act.

Unless

otherwise

noted,

these

securities

have

been

determined

to

be

liquid

in

accordance

with

the

requirements

of

Rule

22e-4,

under

the

1940

Act.

The

total

value

of

144A

securities

as

of

the

period

ended

April

30,

2025

is

$644,967,386

which

represents

89.5%

of

net

assets.

Janus

Henderson

Securitized

Income

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

April

30,

2025

Janus

Detroit

Street

Trust

17

§

PO

–

Principal

Only

^

Settlement

is

on

a

delayed

delivery

or

when-issued

basis

with

final

maturity

TBA

in

the

future.

The

following

is

a

summary

of

the

inputs

that

were

used

to

value

the

Fund's

investments

in

securities

and

other

financial

instruments

as

of

April

30,

2025

.

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

Total

Assets

Investments

in

Securities:

Asset-Backed

Securities

$

—

$

246,249,203

$

—

$

246,249,203

Collateralized

Loan

Obligations

—

5,011,427

—

5,011,427

Convertible

Bond

—

1,394,619

—

1,394,619

Corporate

Bonds

—

8,611,673

—

8,611,673

Mortgage-Backed

Securities

—

741,923,905

3,209,105

745,133,010

Common

Stocks

1,232,360

—

—

1,232,360

Investment

Companies

—

26,514,053

—

26,514,053

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

—

1,560,330

—

1,560,330

Total

Investments

in

Securities

$

1,232,360

$

1,031,265,210

$

3,209,105

$

1,035,706,675

Other

Financial

Instruments

(a)

:

Futures

Contracts

$

2,338,464

$

—

$

—

$

2,338,464

Total

Return

Swap

—

21,613

—

21,613

Total

Other

Financial

Instruments

$

2,338,464

$

21,613

$

—

$

2,360,077

Total

Assets

$

3,570,824

$

1,031,286,823

$

3,209,105

$

1,038,066,752

Liabilities

TBA

sales

commitments:

Mortgage-Backed

Securities

$

—

$

37,037,838

$

—

$

37,037,838

Other

Financial

Instruments

(a)

:

Futures

Contracts

$

826,980

$

—

$

—

$

826,980

Options

Written,

at

Value

315,395

—

—

315,395

Total

Liabilities

$

1,142,375

$

37,037,838

$

—

$

38,180,213

(a)

Other

financial

instruments

include

futures

and

written

options

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.

Written

options

are

reported

at

their

market

value

at

measurement

date.

Janus

Henderson

Securitized

Income

ETF

Statement

of

Assets

and

Liabilities

(unaudited)

April

30,

2025

18

April

30,

2025

See

Notes

to

Financial

Statements.

Assets:

Unaffiliated

investments,

at

value

(cost

$1,004,561,941)

(1)

$

1,007,944,358

Affiliated

investments,

at

value

(cost

$27,762,317)

27,762,317

Cash

191,735

Due

from

broker

for

centrally

cleared

swaps

164

Due

from

broker

for

futures

2,470,000

Receivable

for

variation

margin

on

futures

contracts

190,493

Receivables:

TBA

investments

sold

36,865,352

Fund

units

sold

28,748,480

Dividends

156

Interest

2,202,816

Affiliated

securities

lending

income,

net

36

OTC

swap

contracts,

at

value

21,613

Collateral

for

To

be

Announced

Transactions

40,000

Due

from

adviser

2,992

Total

Assets

1,106,440,512

Liabilities:

TBA

sales

commitments,

at

value

(proceeds

$36,865,352)

37,037,838

Collateral

on

securities

loaned

(Note

3)

1,560,330

Options

written,

at

value

(premiums

received

$207,937)

315,395

Payables:

Investments

purchased

13,038,720

TBA

investments

purchased

333,923,676

Management

fees

281,743

Total

Liabilities

386,157,702

Commitments

and

contingent

liabilities

Net

Assets

$

720,282,810

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

714,014,076

Total

distributable

earnings

(loss)

6,268,734

Total

Net

Assets

$

720,282,810

Net

Assets

$

720,282,810

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

13,800,000

Net

Asset

Value

Per

Share

$

52

.19

(1)

Includes

$1,527,031

of

securities

on

loan.

See

Note

3

in

Notes

to

Financial

Statements.

Janus

Henderson

Securitized

Income

ETF

Statement

of

Operations

(unaudited)

For

the

period

ended

April

30,

2025

Janus

Detroit

Street

Trust

19

See

Notes

to

Financial

Statements.

Investment

Income:

Interest

$

17,532,955

Dividends

from

affiliates

1,555,434

Affiliated

securities

lending

income,

net    

2,829

Unaffiliated

securities

lending

income,

net

724

Foreign

tax

withheld

(

218

)

Total

Investment

Income

19,091,724

Expenses:

Management

Fees

1,386,028

Total

Expenses

1,386,028

Less:

Excess

Expense

Reimbursement

and

Waivers

(

47,666

)

Net

Expenses

1,338,362

Net

Investment

Income/(Loss)

17,753,362

Net

Realized

Gain/(Loss)

on

Investments:

Investments

$

24,768

Investments

in

affiliates

(

1,291,157

)

TBA

sales

commitments

261,551

Futures

contracts

(

2,158,098

)

Swap

contracts

(

316,365

)

Total

Net

Realized

Gain/(Loss)

on

Investments

$

(

3,479,301

)

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

2,456,803

TBA

sales

commitments

(

172,612

)

Futures

contracts

3,377,602

Swap

contracts

3,029

Written

options

contracts

(

107,458

)

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

5,557,364

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

19,831,425

Janus

Henderson

Securitized

Income

ETF

Statement

of

Changes

in

Net

Assets

20

April

30,

2025

See

Notes

to

Financial

Statements.

Period

Ended

April

30,

2025

(unaudited)

Period

Ended

October

31,

2024

(1)

Operations:

Net

investment

income/(loss)

$

17,753,362

$

13,871,631

Net

realized

gain/(loss)

on

investments

(

3,479,301

)

2,739,414

Change

in

unrealized

net

appreciation/depreciation

5,557,364

(

921,794

)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

19,831,425

15,689,251

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(

17,655,871

)

(

11,596,071

)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(

17,655,871

)

(

11,596,071

)

Capital

Share

Transactions

333,316,369

380,697,707

Net

Increase/(Decrease)

in

Net

Assets

335,491,923

384,790,887

Net

Assets:

—

—

Beginning

of

Period  

384,790,887

—

End

of

Period

$

720,282,810

$

384,790,887

(1)

Period

from

November

8,

2023

(commencement

of

operations)

through

October

31,

2024.

Janus

Henderson

Securitized

Income

ETF

Financial

Highlights

Janus

Detroit

Street

Trust

21

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

the

period

ended

April

30,

2025

(unaudited)

and

each

year

or

period

ended

October

31

2025

2024

(1)

Net

Asset

Value,

Beginning

of

Period

$52.00

$50.00

Income/(Loss)

from

Investment

Operations:

—

—

Net

investment

income/(loss)

(2)

1.60

3.37

Net

realized

and

unrealized

gain/(loss)

0.32

1.36

Total

from

Investment

Operations

1.92

4.73

Less

Dividends

and

Distributions:

—

—

Dividends

(from

net

investment

income)

(1.62)

(2.73)

Distributions

(from

capital

gains)

(0.11)

—

Total

Dividends

and

Distributions

(1.73)

(2.73)

Net

Asset

Value,

End

of

Period

$52.19

$52.00

Total

Return

*

3.76%

9.65%

Net

assets,

End

of

Period

(in

thousands)

$720,283

$384,791

Ratios

to

Average

Net

Assets

**

Ratio

of

Gross

Expenses

0.49%

0.49%

Ratio

of

Net

Expenses

(After

Waivers

and

Expense

Offsets)

0.47%

0.48%

Ratio

of

Net

Investment

Income/(Loss)

6.24%

6.63%

Portfolio

Turnover

Rate

(3)(4)

40%

94%

*

Total

return

not

annualized

for

periods

of

less

than

one

full

year.

**

Annualized

for

periods

of

less

than

one

full

year.

(1)

Period

from

November

8,

2023

(commencement

of

operations)

through

October

31,

2024.

(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

Securitized

Income

ETF

Notes

to

Financial

Statements

(unaudited)

22

April

30,

2025

1.

Organization

and

Significant

Accounting

Policies

Janus

Henderson Securitized

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 fourteen

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

current

income

with

a

focus

on

preservation

of

capital.

The

Fund

is

classified

as

nondiversified,

as

defined

in

the

1940

Act.

Janus

Henderson

Investors

US

LLC

is

the

investment

adviser

(the

“Adviser”)

to

the

Fund.

The

Fund

is

an

actively-managed

exchange-traded

fund.

Unlike

shares

of

traditional

mutual

funds,

shares

of

the

Fund

are

not

individually

redeemable

and

may

only

be

purchased

or

redeemed

directly

from

the

Fund

at

net

asset

value

(“NAV”)

in

large

increments

called

“Creation

Units”

by

certain

participants,

known

as

“Authorized

Participants.”

The

size

of

a

Creation

Unit

to

purchase

shares

of

the

Fund

may

differ

from

the

size

of

a

Creation

Unit

to

redeem

shares

of

the

Fund.

The

Fund

will

issue

or

redeem

Creation

Units

in

exchange

for

portfolio

securities

and/or

cash.

Except

when

aggregated

in

Creation

Units,

Fund

shares

are

not

redeemable

securities

of

the

Fund.

Shares

of

the

Fund

are

listed

and

trade

on NYSE

Arca,

Inc.

(the

"Exchange"),

and

individual

investors

can

purchase

or

sell

shares

in

much

smaller

increments

for

cash

in

the

secondary

market

through

a

broker.

These

transactions,

which

do

not

involve

the

Fund,

are

made

at

market

prices

that

may

vary

throughout

the

day

and

differ

from

the

Fund’s

NAV.

As

a

result,

you

may

pay

more

than

NAV

(a

premium)

when

you

purchase

shares

and

receive

less

than

NAV

(a

discount)

when

you

sell

shares,

in

the

secondary

market.

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

Chief

Financial

Officer

of

the

Fund/Portfolio

is

designated

as

the

Chief

Operating

Decision

Maker

(“CODM”)

as

it

relates

to

ASC

Topic

280.

The

CODM

has

concluded

that

the

Fund/Portfolio

operated

as

a

single

segment

entity

for

the

period ended

April

30,

2025.

The

key

indicator

of

performance

of

the

Fund

is

net

investment

income

as

reported

on

the

Statement

of

Operations.

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

Securitized

Income

ETF

Notes

to

Financial

Statements

(unaudited)

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

period.

The

inputs

or

methodology

used

for

fair

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

The

summary

of

inputs

used

as

of

April

30,

2025 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.

The

following

describes

the

amounts

of

transfers

into

or

out

of

Level

3

of

the

fair

value

hierarchy

during

the

period:

Financial

assets

of

$3,209,105

were

transferred

out

of

Level 2

into

Level 3

since

the

current

market

for

the

securities'

previously

quoted prices

are

now considered

inactive.

Janus

Henderson

Securitized

Income

ETF

Notes

to

Financial

Statements

(unaudited)

24

April

30,

2025

Investment

Transactions

and

Investment

Income

Investment

transactions

are

accounted

for

as

of

the

date

purchased

or

sold

(trade

date).

Dividend

income

is

recorded

on

the

ex-dividend

date.

Certain

dividends

from

foreign

securities

will

be

recorded

as

soon

as

the

Fund

is

informed

of

the

dividend,

if

such

information

is

obtained

subsequent

to

the

ex-dividend

date.

Dividends

from

foreign

securities

may

be

subject

to

withholding

taxes

in

foreign

jurisdictions.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value.

Interest

income

is

recorded

daily

on

an

accrual

basis

and

includes

amortization

of

premiums

and

accretion

of

discounts.

The

Fund

classifies

gains

and

losses

on

prepayments

received

as

an

adjustment

to

interest

income.

Debt

securities

may

be

placed

in

non-accrual

status

and

related

interest

income

may

be

reduced

by

stopping

current

accruals

and

writing

off

interest

receivables

when

collection

of

all

or

a

portion

of

interest

has

become

doubtful.

Gains

and

losses

are

determined

on

the

identified

cost

basis,

which

is

the

same

basis

used

for

federal

income

tax

purposes.  

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

period

ended April

30,

2025 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

Janus

Henderson

Securitized

Income

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

25

the

change

in

the

value

of

the

underlying

asset,

rate

or

index.

Also,

suitable

derivative

transactions

may

not

be

available

in

all

circumstances

and

there

can

be

no

assurance

that

the

Fund

will

engage

in

these

transactions

to

reduce

exposure

to

other

risks

when

that

would

be

beneficial.

While

use

of

derivatives

to

hedge

can

reduce

or

eliminate

losses,

it

can

also

reduce

or

eliminate

gains

or

cause

losses

if

the

market

moves

in

a

manner

different

from

that

anticipated

by the

Adviser or

if

the

cost

of

the

derivative

outweighs

the

benefit

of

the

hedge.

The

Fund’s

ability

to

use

derivatives

may

also

be

limited

by

certain

regulatory

and

tax

considerations. 

In

pursuit

of

its

investment

objective,

the

Fund

may

seek

to

use

derivatives

to

increase

or

decrease

exposure

to

the

following

market

risk

factors: 

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.

Janus

Henderson

Securitized

Income

ETF

Notes

to

Financial

Statements

(unaudited)

26

April

30,

2025

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.

With

futures,

there

is

minimal

counterparty

credit

risk

to

the

Fund

since

futures

are

exchange-traded

and

the

exchange's

clearinghouse,

as

counterparty

to

all

exchange-traded

futures,

guarantees

the

futures

against

default. 

Securities

held

by

the

Fund

that

are

designated

as

collateral

for

market

value

on

futures

contracts

are

noted

on

the

Schedule

of

Investments

(if

applicable).

Such

collateral

is

in

the

possession

of

the

Fund's

futures

option

merchant. 

During

the

period,

the

Fund

purchased

interest

rate

futures

to

increase

exposure

to

interest

rate

risk.

During

the

period,

the

Fund

sold

interest

rate

futures

to

decrease

exposure

to

interest

rate

risk.

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.

In

writing

an

option,

the

Fund

bears

the

risk

of

an

unfavorable

change

in

the

price

of

the

security

underlying

the

written

option.

When

an

option

is

written,

the

Fund

receives

a

premium

and

becomes

obligated

to

sell

or

purchase

the

underlying

security

at

a

fixed

price,

upon

exercise

of

the

option.

Options

written

are

reported

as

a

liability

on

the

Statement

of

Assets

and

Liabilities

as

“Options

written,

at

value”

(if

applicable).

The

risk

in

writing

call

options

is

that

the

Fund

gives

up

the

opportunity

for

profit

if

the

market

price

of

the

security

increases

and

the

options

are

exercised.

The 

risk

in

writing

put

Janus

Henderson

Securitized

Income

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

27

options

is

that

the

Fund

may

incur

a

loss

if

the

market

price

of

the

security

decreases

and

the

options

are

exercised.

The

risk

in

buying

options

is

that

the

Fund

pays

a

premium

whether

or

not

the

options

are

exercised.

Exercise

of

an

option

written

by

the

Fund

could

result

in

the

Fund

buying

or

selling

a

security

at

a

price

different

from

the

current

market

value.

During

the

period,

the

Fund

wrote

call

options

on

commodity

futures

for

the

purpose

of

decreasing

exposure

to

commodity

risk

and/or

generating

income.

During

the

period,

the

Fund

wrote

put

options

on

commodity

futures

for

the

purpose

of

increasing

exposure

to

commodity

risk

and/or

generating

income.

During

the

period,

the

Fund wrote call

options

on

bond

futures

in

order

to

reduce

interest

rate

risk

where

reducing

this

exposure

via

other

markets

such

as

the

cash

bond

market

was

less

attractive. 

During

the

period,

the

Fund wrote put

options

on

bond

futures

in

order

to increase

interest

rate

risk

where increasing

this

exposure

via

other

markets

such

as

the

cash

bond

market

was

less

attractive.

During

the

period,

the

Fund

wrote

call

options

on

various

equity

index

futures

for

the

purpose

of

decreasing

exposure

to

broad

equity

risk

and/or

generating

carry.

During

the

period,

the

Fund

wrote

put

options

on

various

equity

index

futures

for

the

purpose

of

increasing

exposure

to

broad

equity

risk

and/or

generating

carry.

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).

Janus

Henderson

Securitized

Income

ETF

Notes

to

Financial

Statements

(unaudited)

28

April

30,

2025

The

Fund’s

maximum

risk

of

loss

from

counterparty

risk

or

credit

risk

is

the

discounted

value

of

the

payments

to

be

received

from/paid

to

the

counterparty

over

the

contract’s

remaining

life,

to

the

extent

that

the

amount

is

positive.

The

risk

is

mitigated

by

having

a

netting

arrangement

between

the

Fund

and

the

counterparty

and

by

the

posting

of

collateral

by

the

counterparty

to

cover

the

Fund’s

exposure

to

the

counterparty.

The

Fund

may

enter

into

various

types

of

credit

default

swap

agreements,

including

OTC

credit

default

swap

agreements

and

index

credit

default

swaps

(“CDX”),

for

investment

purposes

and

to

add

leverage

to

its

portfolio,

or

to

hedge

its

credit

exposure.

Credit

default

swaps

are

a

specific

kind

of

counterparty

agreement

that

allow

the

transfer

of

third-

party

credit

risk

from

one

party

to

the

other.

One

party

in

the

swap

is

a

lender

and

faces

credit

risk

from

a

third

party,

and

the

counterparty

in

the

credit

default

swap

agrees

to

insure

this

risk

in

exchange

for

regular

periodic

payments.

Credit

default

swaps

could

result

in

losses

if

the

Fund

does

not

correctly

evaluate

the

creditworthiness

of

the

company

or

companies

on

which

the

credit

default

swap

is

based.

Credit

default

swap

agreements

may

involve

greater

risks

than

if

the

Fund

had

invested

in

the

reference

obligation

directly

since,

in

addition

to

risks

relating

to

the

reference

obligation,

credit

default

swaps

are

subject

to

liquidity

risk,

counterparty

risk,

and

credit

risk.

The

Fund

will

generally

incur

a

greater

degree

of

risk

when

it

sells

a

credit

default

swap

than

when

it

purchases

a

credit

default

swap. 

As

a

buyer

of

a

credit

default

swap,

the

Fund

may

lose

its

investment

and

recover

nothing

should

no

credit

event

occur,

and

the

swap

is

held

to

its

termination

date.

As

seller

of

a

credit

default

swap,

if

a

credit

event

were

to

occur,

the

value

of

any

deliverable

obligation

received

by

the

Fund,

coupled

with

the

upfront

or

periodic

payments

previously

received,

may

be

less

than

what

it

pays

to

the

buyer,

resulting

in

a

loss

of

value

to

the

Fund.

If

the

Fund

is

the

seller

of

credit

protection

against

a

particular

security,

the

Fund

would

receive

an

up-front

or

periodic

payment

to

compensate

against

potential

credit

events.

As

the

seller

in

a

credit

default

swap

contract,

the

Fund

would

be

required

to

pay

the

par

value

(the

“notional

value”)

(or

other

agreed-upon

value)

of

a

referenced

debt

obligation

to

the

counterparty

in

the

event

of

a

default

by

a

third

party,

such

as

a

U.S.

or

foreign

corporate

issuer,

on

the

debt

obligation.

In

return,

the

Fund

would

receive

from

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract

provided

that

no

event

of

default

has

occurred.

If

no

default

occurs,

the

Fund

would

keep

the

stream

of

payments

and

would

have

no

payment

obligations.

As

the

seller,

the

Fund

would

effectively

add

leverage

to

its

portfolio

because,

in

addition

to

its

total

net

assets,

the

Fund

would

be

subject

to

investment

exposure

on

the

notional

value

of

the

swap.

The

maximum

potential

amount

of

future

payments

(undiscounted)

that

the

Fund

as

a

seller

could

be

required

to

make

in

a

credit

default

transaction

would

be

the

notional

amount

of

the

agreement.

As

a

buyer

of

credit

protection,

the

Fund

is

entitled

to

receive

the

par

(or

other

agreed-upon)

value

of

a

referenced

debt

obligation

from

the

counterparty

to

the

contract

in

the

event

of

a

default

or

other

credit

event

by

a

third

party,

such

as

a

U.S.

or

foreign

issuer,

on

the

debt

obligation.

In

return,

the

Fund

as

buyer

would

pay

to

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract

provided

that

no

credit

event

has

occurred.

If

no

credit

event

occurs,

the

Fund

would

have

spent

the

stream

of

payments

and

potentially

received

no

benefit

from

the

contract.

During

the

period,

the

Fund

purchased

protection

via

the

credit

default

swap

market

in

order

to

reduce

credit

risk

exposure

to

individual

corporates,

countries

and/or

credit

indices

where

gaining

this

exposure

via

the

cash

bond

market

was

less

attractive. 

There

were

no

credit

default

swaps

held

as

of

April

30,

2025.

Total

return

swaps

involve

an

exchange

by

two

parties

in

which

one

party

makes

payments

based

on

a

set

rate,

either

fixed

or

variable,

while

the

other

party

makes

payments

based

on

the

return

of

an

underlying

asset,

which

includes

both

the

income

it

generates

and

any

capital

gains

over

the

payment

period.

A

fixed-income

total

return

swap

may

be

written

on

many

different

kinds

of

underlying

reference

assets,

and

may

include

different

indices

for

various

kinds

of

debt

securities

(e.g.,

U.S.

investment

grade

bonds,

high-yield

bonds,

or

emerging

market

bonds).

During

the

period,

the

Fund

entered

into

total

return

swaps

on

to

increase

exposure

to

equity

risk.

These

total

return

swaps

require

the

Fund

to

pay

a

floating

reference

interest

rate,

and

an

amount

equal

to

the

negative

price

movement

of

securities

or

an

index

multiplied

by

the

notional

amount

of

the

contract.

The

Fund

will

receive

payments

equal

to

the

positive

price

movement

of

the

same

securities

or

index

multiplied

by

the

notional

amount

of

the

contract

and,

in

some

cases,

dividends

paid

on

the

securities.

Janus

Henderson

Securitized

Income

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

29

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,

social

unrest,

tariffs,

financial

institution

failures,

and

economic

recessions 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.

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.

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. 

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.

Privately

Issued

Securities

Risk 

Privately-issued

securities

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. 

Janus

Henderson

Securitized

Income

ETF

Notes

to

Financial

Statements

(unaudited)

30

April

30,

2025

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.

To

mitigate

the

counterparty

credit

risk

and

in

accordance

with

FINRA

4210

regulatory

requirements

on

TBA

commitments

and

other

types

of

forward-settling

transactions,

the

Fund

enters

into

a

Master

Securities

Forward

Transaction

Agreement

(“MSFTA”)

bilaterally

with

each

counterparty

with

which

it

undertakes

transactions.

An

MSFTA

gives

each

party

to

the

agreement

the

right

to

terminate

all

transactions

traded

under

such

agreement

if

there

is

a

specified

deterioration

in

the

credit

quality

of

the

other

party.

Upon

an

event

of

default

or

a

termination

of

an

MSFTA,

the

non-defaulting

party

has

the

right

to

close

out

all

transactions

traded

under

such

agreement

and

to

net

amounts

owed

under

each

transaction

to

one

net

amount

payable

by

the

defaulting

party.

This

right

to

close

out

and

net

payments

across

all

transactions

traded

under

an

MSFTA

may

result

in

a

reduction

of

the

Fund’s

credit

risk

to

such

counterparty

equal

to

any

amounts

payable

by

the

Fund

under

the

applicable

transactions,

if

any.

Janus

Henderson

Securitized

Income

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

31

For

mortgage-backed

and

asset-backed

securities

traded

under

an

MSFTA,

the

collateral

and

margining

requirements

are

contract

specific.

Amounts

across

all

transactions

traded

under

an

MSFTA

are

netted

and

an

amount

is

posted

from

one

party

to

the

other

to

collateralize

such

obligations.

Cash

that

has

been

pledged

to

cover

the

Fund’s

collateral

or

margin

obligations

under

an

MSFTA,

if

any,

will

be

reported

separately

on

the

Statement

of

Assets

and

Liabilities

as

restricted

cash. 

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.

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,

Janus

Henderson

Securitized

Income

ETF

Notes

to

Financial

Statements

(unaudited)

32

April

30,

2025

the

Fund

may

offset

with

each

counterparty

certain

derivative

financial

instruments’

payables

and/or

receivables

with

collateral

held

and/or

posted

and

create

one

single

net

payment.

The Offsetting

Assets

and

Liabilities

tables located

in

the

Schedule

of

Investments present

gross

amounts

of

recognized

assets

and/or

liabilities

and

the

net

amounts

after

deducting

collateral

that

has

been

pledged

by

counterparties

or

has

been

pledged

to

counterparties

(if

applicable).

For

corresponding

information

grouped

by

type

of

instrument,

see

the

“Fair

Value

of

Derivative

Instruments

(not

accounted

for

as

hedging

instruments) as

of

April

30,

2025"

table

located

in

the

Fund’s

Schedule

of

Investments.

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.

As

of

April

30,

2025,

securities

lending

transactions

accounted

for

as

secured

borrowings

with

an

overnight

and

continuous

contractual

Janus

Henderson

Securitized

Income

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

33

maturity

are

$1,527,031

for

equity

securities.

Gross

amounts

of

recognized

liabilities

for

securities

lending

(collateral

received)

as

of

April

30,

2025 is $1,560,330,

resulting

in

the

net

amount

due

to

the

counterparty

of

$33,299.

4.

Investment

Advisory

Agreements

and

Other

Transactions

with

Affiliates 

Under

its

unitary

fee

structure,

the

Fund

pays

the

Adviser a

management

fee

in

return

for

providing

certain

investment

advisory,

supervisory,

and

administrative

services

to

the

Fund,

including

the

costs

of

transfer

agency,

custody,

fund

administration,

legal,

audit,

and

other

services. The

Adviser's fee

structure

is

designed

to

pay

substantially

all

of

the

Fund’s

expenses.

However,

the

Fund

bears

other

expenses

which

are

not

covered

under

the

management

fee

which

may

vary

and

affect

the

total

level

of

expenses

paid

by

shareholders,

such

as

distribution

fees

(if

any),

brokerage

expenses

or

commissions,

interest,

dividends,

taxes,

litigation

expenses,

acquired

fund

fees

and

expenses

(if

any),

and

extraordinary

expenses.

The

Fund’s

unitary

management

fee

provides

for

reductions

in

the

fee

rate

as

the

Fund’s

assets

grow.

As

of

the

date

of

this

report,

the

Fund’s

management

fee

was

calculated

daily

and

paid

monthly

according

to

the

following

schedule: 

For

the

period

ended April

30,

2025,

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

28,

2025.

The

Adviser

may

not

recover

amounts

previously

waived

or

reimbursed

under

this

agreement.

During

the

period

ended April

30,

2025,

the

Adviser

waived

$47,666 of

the

Fund’s

management

fee,

attributable

to

the

Fund’s

investment

in

the

Janus

Henderson

AAA

CLO

ETF

and

Janus

Henderson

B-BBB

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

Daily

Net

Assets

Fee

Rate

$0-$1

billion

0.49%

Next

$2

billion

0.46%

Over

$3

billion

0.43%

Janus

Henderson

Securitized

Income

ETF

Notes

to

Financial

Statements

(unaudited)

34

April

30,

2025

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

at

least

80%

of

its

net

assets

(plus

any

borrowings

for

investment

purposes)

in

U.S.

Government

securities

and

repurchase

agreements

that

are collateralized

by

U.S.

Government 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). There

are

no

restrictions

on

the

Fund's

ability

to

withdraw

investments

from

the

Sweep

Vehicle

at

will,

and

there

are

no

unfunded

capital

commitments

due

from

the

Fund

to

the

Sweep

Vehicle.

The

Sweep

Vehicle

does

not

charge

any

management

fee,

sales

charge

or

service

fee. 

Any

purchases

and

sales,

realized

gains/losses

and

recorded

dividends

from

affiliated

investments

during

the

period

ended

April

30,

2025 can

be

found

in

a

table

located

in

the

Schedule

of

Investments.

5.

Federal

Income

Tax

Income

and

capital

gains

distributions

are

determined

in

accordance

with

income

tax

regulations

that

may

differ

from

US

GAAP.

These

differences

are

due

to

differing

treatments

for

items

such

as

net

short-term

gains,

deferral

of

wash

sale

losses,

foreign

currency

transactions,

passive

foreign

investment

companies,

net

investment

losses,

in-kind

transactions

and

capital

loss

carryovers.

The

Fund

has

elected

to

treat

gains

and

losses

on

forward

foreign

currency

contracts

as

capital

gains

and

losses,

if

applicable.

Other

foreign

currency

gains

and

losses

on

debt

instruments

are

treated

as

ordinary

income

for

federal

income

tax

purposes

pursuant

to

Section

988

of

the

Internal

Revenue

Code. 

The

aggregate

cost

of

investments

and

the

composition

of

unrealized

appreciation

and

depreciation

of

investment

securities

for

federal

income

tax

purposes

as

of April

30,

2025 are

noted

below.

The

primary

differences

between

book

and

tax

appreciation

or

depreciation

of

investments are

wash

sale

loss

deferrals

and

amortization

on

bonds.

6.

Capital

Share

Transactions 

7.

Purchases

and

Sales

of

Investment

Securities

For

the

period

ended 

April

30,

2025,

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: 

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$1,032,324,258

$6,311,721

$(2,929,304)

$3,382,417

Period

Ended

April

30,

2025

Period

Ended

October

31,

2024

(1)

Shares

Amount

Shares

Amount

Shares

sold

7,600,000

$

395,591,445

7,400,000

$

380,697,707

Shares

repurchased

(1,200,000)

(62,275,076

)

—

—

Net

Increase/(Decrease)

6,400,000

$

333,316,369

7,400,000

$

380,697,707

(1)

Period

from

November

8,

2023

(commencement

of

operations)

through

October

31,

2024.

Janus

Henderson

Securitized

Income

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

35

8.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to April

30,

2025

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

$511,291,277

$222,089,053

$—

$—

Janus

Henderson

Securitized

Income

ETF

Additional

Information

(unaudited)

36

April

30,

2025

Item

8.

Changes

in

and

Disagreements

with

Accountants

for

Open-End

Management

Investment

Companies.

Not

applicable.

Item

9.

Proxy

Disclosures

for

Open-End

Management

Investment

Companies.

Not

applicable.

Item

10.

Remuneration

Paid

to

Directors,

Officers,

and

Others

of

Open-End

Management

Investment

Companies.

Because

the

Adviser

has

agreed

in

the

Investment

Advisory

Agreement

to

cover

all

operating

expenses

of

the

Fund,

subject

to

certain

exclusions

as

provided

for

therein,

the

Adviser

pays

the

compensation

to

each

Independent

Trustees

for

services

to

the

Fund

from

the

Adviser's

management

fees.

Item

11.

APPROVAL

OF

ADVISORY

AGREEMENTS

DURING

THE

PERIOD

The

Board

of

Trustees

(the

“Board”)

of

Janus

Detroit

Street

Trust

(the

“Trust”),

including

a

majority

of

the

Trustees

who

are

not

“interested

persons”

as

that

term

is

defined

in

the

Investment

Company

Act

of

1940,

as

amended

(the

“Independent

Trustees”),

met

in

person

on

April

16-17,

2025

to

consider

the

proposed

renewal

of

the

investment

management

agreement

between

Janus

Henderson

Investors

US

LLC

(the

“Adviser”)

and

the

Trust

(the

“Investment

Management

Agreement”),

on

behalf

of

Janus

Henderson

AAA

CLO

ETF

(“JAAA”),

Janus

Henderson

B-BBB

CLO

ETF

(“JBBB”),

Janus

Henderson

Corporate

Bond

ETF

(“JLQD”),

Janus

Henderson

Mortgage-Backed

Securities

ETF

(“JMBS”),

Janus

Henderson

Securitized

Income

ETF

(“JSI”),

Janus

Henderson

Short

Duration

Income

ETF

(“VNLA”),

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

(“JSML”),

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

(“JSMD”),

Janus

Henderson

U.S.

Real

Estate

ETF

(“JRE”),

and

Janus

Henderson

U.S.

Sustainable

Equity

ETF

(“SSPX”)

(each

a

separate

series

of

the

Trust,

and

collectively,

the

“Funds”).

In

the

course

of

their

consideration

of

the

renewal

of

the

Investment

Management

Agreement,

the

Independent

Trustees

met

in

executive

session

and

were

advised

by

their

independent

counsel.

In

this

regard,

the

Independent

Trustees

evaluated

the

terms

of

the

Investment

Management

Agreement

and

reviewed

the

duties

and

responsibilities

of

trustees

in

evaluating

and

approving

such

agreements.

In

considering

renewal

of

the

Investment

Management

Agreement,

the

Board

and

the

Independent

Trustees,

as

applicable,

reviewed

the

materials

provided

to

them

relating

to

the

consideration

of

the

renewal

of

the

Investment

Management

Agreement

for

the

Funds

and

other

information

provided

by

counsel

and

the

Adviser,

including:

(i)

information

regarding

the

nature,

quality

and

extent

of

the

services

provided

to

the

Funds

by

the

Adviser,

and

the

fees

charged

to

each

Fund

therefor;

(ii)

information

concerning

the

Adviser’s

financial

condition,

business,

operations,

portfolio

management

personnel,

compliance

programs,

and

profitability

with

respect

to

the

Trust

and

each

Fund;

(iii)

comparative

information

describing

each

Fund’s

advisory

fee

structures,

operating

expenses,

and

performance

information

as

compared

to

peer

fund

groups

compiled

by

an

independent

third

party;

(iv)

a

copy

of

the

Adviser’s

current

Form

ADV;

and

(v)

a

memorandum

from

counsel

to

the

Independent

Trustees

on

the

responsibilities

of

trustees

in

considering

investment

advisory

arrangements

under

the

1940

Act.

The

Board

also

considered

presentations

made

by,

and

discussions

held

with,

representatives

of

the

Adviser

throughout

the

year.

The

Trustees

also

considered

information

received

and

reviewed

in

connection

with

a

meeting

held

on

March

10,

2025

via

videoconference

to

discuss

certain

information

provided

by

the

Adviser

related

to

the

Trustees’

consideration

of

the

renewal

of

the

Investment

Management

Agreement.

The

Board

determined

that

the

information

provided

by

the

Adviser

was

thorough

and

sufficiently

responsive

to

their

request

so

as

to

permit

the

effective

consideration

of

the

renewal.

During

its

review

of

this

information,

the

Board

focused

on

and

analyzed

the

factors

that

it

deemed

relevant,

including,

among

other

factors:

(i)

the

nature,

extent

and

quality

of

the

services

provided

to

the

Funds

by

the

Adviser;

(ii)

the

Adviser’s

personnel

and

operations;

(iii)

each

Fund’s

expense

level;

(iv)

the

profitability

to

the

Adviser

under

the

Investment

Management

Agreement

with

respect

to

each

Fund;

(v)

any

“fall-out”

benefits

to

the

Adviser

and

its

affiliates

Janus

Henderson

Securitized

Income

ETF

Additional

Information

(unaudited)

Janus

Detroit

Street

Trust

37

(i.e.,

the

ancillary

benefits

realized

by

the

Adviser

and

its

affiliates

from

the

Adviser’s

relationship

with

the

Trust);

(vi)

the

effect

of

asset

growth

on

each

Fund’s

expenses;

and

(vii)

potential

conflicts

of

interest.

The

Trustees

also

considered

benefits

that

accrue

to

the

Adviser

and

its

affiliates

from

their

relationships

with

the

Trust

and

each

Fund.

The

Trustees

also

considered

that,

other

than

the

services

provided

by

the

Adviser

and

its

affiliates

pursuant

to

agreements

with

the

Funds

and

the

fees

paid

by

the

Funds

therefor,

the

Funds

and

the

Adviser

may

potentially

benefit

from

their

relationship

with

each

other

in

other

ways.

The

Trustees

considered

that

the

success

of

the

Funds

could

attract

other

business

to

the

Adviser

or

other

Janus

Henderson

funds,

and

that

the

success

of

the

Adviser

could

enhance

the

Adviser’s

ability

to

serve

the

Funds.

The

Board,

including

the

Independent

Trustees,

considered

the

following

in

respect

of

the

Funds:

(a)

The

nature,

extent

and

quality

of

services

provided

by

the

Adviser;

personnel

and

operations

of

the

Adviser.

The

Board

reviewed

the

services

that

the

Adviser

provides

to

the

Funds.

In

connection

with

the

investment

advisory

services

provided

by

the

Adviser,

the

Board

noted

the

responsibilities

that

the

Adviser

has

as

the

Funds’

investment

adviser,

including:

the

overall

supervisory

responsibility

for

the

general

management

and

investment

of

each

Fund’s

securities

portfolio;

providing

oversight

of

the

investment

performance

and

processes

and

compliance

with

each

Fund’s

investment

objectives,

policies

and

limitations;

the

implementation

of

the

investment

management

program

of

each

Fund;

the

management

of

the

day-to-day

investment

and

reinvestment

of

the

assets

of

each

Fund;

determining

daily

baskets

of

securities

and

cash

components

in

connection

with

creation

and

redemption

transactions

in

each

Fund’s

shares;

executing

portfolio

security

trades

for

purchases

and

redemptions

of

each

Fund’s

shares

conducted

on

a

cash-

in-lieu

basis;

the

review

of

brokerage

matters;

the

oversight

of

general

portfolio

compliance

with

relevant

law;

and

the

implementation

of

Board

directives

as

they

relate

to

the

Funds.

The

Board

reviewed

the

Adviser’s

experience,

resources,

and

strengths

in

managing

the

Funds

and

other

pooled

investment

vehicles,

including

an

assessment

of

the

Adviser’s

personnel.

Based

on

its

consideration

and

review

of

the

foregoing

information,

the

Board

determined

that

each

Fund

was

likely

to

continue

to

benefit

from

the

nature,

quality

and

extent

of

these

services,

as

well

as

the

Adviser’s

ability

to

render

such

services

based

on

the

Adviser’s

experience,

personnel,

operations

and

resources.

(b)

Comparison

of

services

rendered

and

fees

paid

under

other

investment

advisory

contracts,

and

the

cost

of

the

services

to

be

provided

and

profits

to

be

realized

by

the

Adviser

from

the

relationship

with

the

Funds;

“fall-out”

benefits.

The

Board

then

compared

both

the

services

rendered

and

the

fees

paid

under

other

contracts

of

the

Adviser

and

under

contracts

of

other

investment

advisers

with

respect

to

similar

ETFs.

In

particular,

the

Board

reviewed

a

report

compiled

by

an

independent

third

party

to

compare

each

Fund’s

contractual

management

fee

and

total

expense

ratio

to

other

investment

companies

within

each

Fund’s

respective

peer

grouping,

as

determined

by

the

independent

third

party.

The

information

provided

by

the

comparative

report

showed

how

the

total

expense

ratio

and

contractual

management

fee

for

each

of

the

Funds

compared

within

its

respective

peer

group

for

the

one-year

period

ended

December

31,

2024.

The

reporting

is

described

in

detail

below:

Janus

Henderson

Securitized

Income

ETF

Additional

Information

(unaudited)

38

April

30,

2025

The

total

expense

ratio

and

the

contractual

management

fee

for

JAAA

were

each

reported

in

the

3rd

quintile

of

its

respective

peer

group

(with

1st

quintile

being

the

lowest

fees/expenses

and

5th

quintile

being

the

highest

fees/

expenses).

The

total

expense

ratio

and

the

contractual

management

fee

for

JBBB

were

each

reported

in

the

1st

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JLQD

were

each

reported

in

the

3rd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JMBS

were

each

reported

in

the

1st

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JSI

were

each

reported

in

the

4th

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

VNLA

were

each

reported

in

the

1st

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JSML

were

reported

in

the

3rd

and

2nd

quintiles,

respectively.

The

total

expense

ratio

and

the

contractual

management

fee

for

JSMD

were

reported

in

the

3rd

and

2nd

quintiles,

respectively.

The

total

expense

ratio

and

the

contractual

management

fee

for

JRE

were

reported

in

the

4th

and

3rd

quintiles,

respectively.

The

total

expense

ratio

and

the

contractual

management

fee

for

SSPX

were

each

reported

in

the

2nd

quintile.

The

Board

further

considered

that

the

Adviser

had

voluntarily

agreed

to

cap

the

expenses

of

JAAA,

JMBS

and

VNLA

to

the

extent

that

such

Funds’

total

expense

ratio

exceeded

0.20%,

0.22%

and

0.23%,

respectively,

until

at

least

February

28,

2026.

The

Board

also

considered

that

the

Adviser

had

voluntarily

agreed

to

cap

the

expenses

of

JLQD

to

the

extent

that

the

Fund’s

total

expense

ratio

exceeded

0.20%

until

at

least

May

1,

2026.

The

Board

further

noted

the

Adviser’s

contractual

commitment

with

respect

to

the

Funds’

investments

in

affiliated

ETFs

to

waive

and/or

reimburse

a

portion

of

its

management

fee

in

an

amount

equal

to

a

portion

of

the

management

fee

it

earns

as

investment

adviser

to

affiliated

ETFs

in

which

a

Fund

invests

(if

any),

for

until

at

least

February 28,

2026.

The

Board

also

discussed

the

costs

incurred

by

the

Adviser

in

connection

with

its

serving

as

investment

adviser

to

the

Funds,

including

operational

costs.

After

comparing

each

Fund’s

fees

and

expenses

with

those

of

other

ETFs

in

the

Funds’

respective

peer

groups,

and

in

light

of

the

nature,

extent

and

quality

of

services

provided

by

the

Adviser

and

the

costs

incurred

by

the

Adviser

in

rendering

those

services,

as

well

as

the

profitability

of

the

Adviser

in

providing

these

services,

the

Board

concluded

that

the

level

of

fees

paid

to

the

Adviser

and

the

profitability

with

respect

to

each

Fund

was

fair

and

reasonable.

The

Board

also

considered

that

the

Adviser

may

experience

reputational

“fall-out”

benefits

based

on

the

success

of

the

Funds,

but

that

such

benefits

are

not

easily

quantifiable.

(c)

The

extent

to

which

economies

of

scale

would

be

realized

as

the

Fund

grows

and

whether

fee

levels

would

reflect

such

economies

of

scale.

The

Board

next

discussed

potential

economies

of

scale.

In

its

review,

the

Board

considered

that

the

Funds

were

positioned

to

realize

potential

economies

of

scale

as

assets

grow

over

time,

given

the

inclusion

of

management

fee

breakpoints

for

each

Fund

in

the

current

investment

advisory

agreement

at

various

asset

levels.

(d)

Investment

performance

of

the

Fund

and

the

Adviser.

Janus

Henderson

Securitized

Income

ETF

Additional

Information

(unaudited)

Janus

Detroit

Street

Trust

39

The

Board

next

discussed

the

annualized

returns

of

the

Funds

on

both

an

absolute

basis

and

relative

to

the

performance

of

funds

comprising

a

performance

universe

compiled

by

an

independent

third

party

for

each

Fund

for

the

three-month

period,

one-year

period,

two-year

period,

three-year

period,

four-year

period,

five-year

period,

and/or

since

inception

period

ended

December

31,

2024

(each

period

as

applicable).

The

Board

noted

the

following

for

each

Fund:

JAAA

was

reported

to

be

in

the

1st

quintile

of

its

performance

universe

(with

the

1st

quintile

being

the

best

performer

and

the

5th

quintile

being

the

worst

performer)

for

its

one-,

two-,

three-

and

four-year

periods;

JBBB

was

reported

to

be

in

the

1stquintile

of

its

performance

universe

for

its

one-

and

two-year

periods,

respectively;

JLQD

was

reported

to

be

in

the

2nd,

3rd,

and

2nd

quintiles

of

its

performance

universe

for

its

one-,

two-,

and

three-

year

periods,

respectively.

JMBS

was

reported

to

be

in

the

1st

quintile

of

its

performance

universe

for

its

one-,

two-,

three-,

four-,

and

five-year

periods;

JSI

was

reported

to

be

in

the

2nd,

1st,

and

1st

quintiles

of

its

performance

universe

for

its

three

month,

one

year,

and

since

inception

periods,

respectively.

VNLA

was

reported

to

be

in

the

2nd,

2nd,

2nd,

2nd,

and

1st

quintiles

of

its

performance

universe

for

each

of

its

one-

,

two-,

three-,

four-,

and

five-year

periods;

JSML

was

reported

to

be

in

the

4th,

1st,

1st,

3rd,

and

3rd

quintiles

of

its

performance

universe

for

its

one-,

two-,

three-,

four-,

and

five-year

periods,

respectively;

JSMD

was

reported

to

be

in

the

3rd,

2nd,

1st,

2nd,

and

2nd

quintiles

of

its

performance

universe

for

its

one-,

two-,

three-,

four-,

and

five-year

periods,

respectively;

JRE

was

reported

to

be

in

the

2nd,

4th,

and

2nd

quintiles

of

its

performance

universe

for

its

one-,

two-,

and

three-

year

periods,

respectively;

and

SSPX

was

reported

to

be

in

the

5th

quintile

of

its

performance

universe

for

its

one-,

two-,

and

three-

year

periods.

With

respect

to

JSML

and

JSMD,

the

Board

noted

that

these

Funds

had

operated

as

index-based

during

the

periods

described

above

and,

as

a

result,

had

been

passively

managed

to

seek

to

track

the

returns

of

specified

indices.

For

this

reason,

the

Board

also

considered

the

performance

of

these

Funds

in

relation

to

the

performance

of

each

Fund’s

respective

underlying

index

(i.e.,

“tracking

error”)

and

considered

that

the

tracking

error

was

within

anticipated

ranges.

The

Board

considered

the

Adviser’s

explanation

of

performance

results

for

each

Fund

across

the

relevant

periods

provided

as

part

of

the

consideration

of

the

renewal

of

the

Investment

Advisory

Agreement,

and

during

the

course

of

the

previous

year.

Conclusion.

No

single

factor

was

determinative

to

the

decision

of

the

Board.

Based

on

the

foregoing

and

such

other

matters

as

were

deemed

relevant,

the

Board

concluded

that

the

management

fee

rates

and

total

expense

ratios

of

each

Fund

are

reasonable

in

relation

to

the

services

provided

by

the

Adviser

to

such

Fund,

as

well

as

the

costs

incurred

and

benefits

gained

by

the

Adviser

in

providing

such

services.

The

Board

also

found

the

management

fees

to

be

reasonable

in

comparison

to

the

fees

charged

by

advisers

to

other

comparable

ETFs

and

mutual

funds

(as

applicable).

As

a

result,

the

Board

concluded

that

the

renewal

of

the

Investment

Management

Agreement

for

an

additional

one-year

period

was

in

the

best

interests

of

each

Fund.

After

full

consideration

of

the

above

factors,

as

well

as

other

factors,

the

Trustees,

including

all

of

the

Independent

Trustees

voting

separately,

determined

to

approve

the

renewal

of

the

Investment

Management

Agreement

for

each

Fund.

125-24-93098

04-25

This

report

is

submitted

for

the

general

information

of

shareholders

of

the

Fund.

It

is

not

an

offer

or

solicitation

for

the

Fund

and

is

not

authorized

for

distribution

to

prospective

investors

unless

preceded

or

accompanied

by

an

effective

prospectus.

Janus

Henderson

is

a

trademark

of

Janus

Henderson

Group

plc

or

one

of

its

subsidiaries.

©

Janus

Henderson

Group

plc.

Janus

Henderson

Investors

US

LLC

is

the

investment

adviser

and

ALPS

Distributors,

Inc.

is

the

distributor.

ALPS

is

not

affiliated

with

Janus

Henderson

or

any

of

its

subsidiaries.

SEMIANNUAL

FINANCIAL

STATEMENTS

April

30,

2025

Janus

Henderson

Emerging

Market

Debt

Hard

Currency

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

Emerging

Market

Debt

Hard

Currency

ETF

Item

7.

Financial

Statements

and

Financial

Highlights

for

Open-End

Management

Investment

Companies

Schedule

of

Investments

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

3

Statement

of

Assets

and

Liabilities

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

16

Statement

of

Operations

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

17

Statement

of

Changes

in

Net

Assets

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

18

Financial

Highlights

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

19

Notes

to

Financial

Statements

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

20

Items

8-11

-

Additional

Information

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

30

Janus

Henderson

Emerging

Market

Debt

Hard

Currency

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

Janus

Detroit

Street

Trust

3

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Corporate

Bonds

-

9.3%

Cayman

Islands

-

0.4%

Kingston

Airport

Revenue

Finance

Ltd.,

6.7500%, 12/15/36

(144A)

$

743,000

$

734,456

Georgia

-

0.2%

Georgian

Railway

JSC,

4.0000%, 6/17/28

500,000

442,400

Malaysia

-

0.2%

Petronas

Capital

Ltd.,

5.8480%, 4/3/55

(144A)

450,000

447,393

Netherlands

-

0.3%

DTEK

Energy

BV,

7.0000%

(3.50%

Cash,

4.00%

PIK), 12/31/27

Ø

744,922

547,034

Nigeria

-

0.8%

Africa

Finance

Corp.,

5.5500%, 10/8/29

(144A)

1,579,000

1,559,690

Oman

-

1.5%

EDO

Sukuk

Ltd.,

5.6620%, 7/3/31

2,000,000

2,013,080

Mazoon

Assets

Co.

SAOC,

5.2500%, 10/9/31

(144A)

1,117,000

1,101,641

3,114,721

South

Africa

-

1.4%

Eskom

Holdings

SOC

Ltd.,

8.4500%, 8/10/28

2,700,000

2,754,000

Turkey

-

0.7%

TC

Ziraat

Bankasi

A/S,

8.0000%, 1/16/29

1,450,000

1,475,375

United

Arab

Emirates

-

2.4%

Abu

Dhabi

Crude

Oil

Pipeline

LLC,

4.6000%, 11/2/47

700,000

619,791

Abu

Dhabi

Developmental

Holding

Co.

PJSC,

5.5000%, 5/8/34

1,500,000

1,557,483

Abu

Dhabi

National

Energy

Co.

PJSC,

4.3750%, 10/9/31

(144A)

100,000

98,390

Abu

Dhabi

National

Energy

Co.

PJSC,

4.7500%, 3/9/37

(144A)

1,133,000

1,083,431

Adnoc

Murban

Rsc

Ltd.,

5.1250%, 9/11/54

(144A)

993,000

892,957

MDGH

GMTN

RSC

Ltd.,

2.5000%, 5/21/26

300,000

293,695

Oztel

Holdings

SPC

Ltd.,

6.6250%, 4/24/28

300,000

309,285

4,855,032

United

Kingdom

-

0.3%

NAK

Naftogaz

Ukraine,

7.1250%, 7/19/26

Ø

EUR

544,133

537,749

Uzbekistan

-

1.1%

Ipoteka

-Bank

ATIB,

5.5000%, 11/19/25

$

500,000

495,000

Jscb

Agrobank

,

9.2500%, 10/2/29

200,000

206,510

Jscb

Agrobank

,

9.2500%, 10/2/29

(144A)

694,000

716,592

Uzbek

Industrial

and

Construction

Bank

ATB,

8.9500%, 7/24/29

800,000

818,400

2,236,502

Total

Corporate

Bonds

(cost

18,811,488)

18,704,352

Foreign

Government

Bonds

-

84.8%

Albania

-

0.2%

Republic

of

Albania,

4.7500%, 2/14/35

(144A)

EUR

406,000

439,847

Angola

-

0.7%

Republic

of

Angola,

8.0000%, 11/26/29

$

800,000

637,568

Republic

of

Angola,

8.7500%, 4/14/32

700,000

549,080

Republic

of

Angola,

9.1250%, 11/26/49

450,000

306,801

1,493,449

Argentina

-

4.0%

Argentine

Republic,

0.7500%, 7/9/30

Ç

2,596,000

1,985,940

Argentine

Republic,

4.1250%, 7/9/35

Ç

2,850,000

1,900,619

Argentine

Republic,

5.0000%, 1/9/38

Ç

1,450,000

1,009,543

Argentine

Republic,

3.5000%, 7/9/41

Ç

1,000,000

603,515

Provincia

de

Buenos

Aires,

6.6250%, 9/1/37

Ç

1,336,078

895,172

YPF

SA,

9.5000%, 1/17/31

820,000

845,932

YPF

SA,

8.7500%, 9/11/31

(144A)

800,000

808,581

8,049,302

Janus

Henderson

Emerging

Market

Debt

Hard

Currency

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

4

April

30,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Foreign

Government

Bonds

-

(continued)

Azerbaijan

-

1.1%

Republic

of

Azerbaijan,

3.5000%, 9/1/32

$

600,000

$

523,800

Southern

Gas

Corridor

CJSC,

6.8750%, 3/24/26

1,500,000

1,515,000

State

Oil

Co.

of

the

Azerbaijan

Republic,

6.9500%, 3/18/30

200,000

208,000

2,246,800

Bahamas

-

1.1%

Commonwealth

of

the

Bahamas,

6.0000%, 11/21/28

1,200,000

1,137,393

Commonwealth

of

the

Bahamas,

8.9500%, 10/15/32

1,000,000

1,005,664

2,143,057

Bahrain

-

0.6%

CBB

International

Sukuk

Programme

Co.

SPC,

3.9500%, 9/16/27

1,250,000

1,195,462

Benin

-

0.3%

Benin

Government

Bond,

7.9600%, 2/13/38

200,000

179,922

Benin

Government

Bond,

8.3750%, 1/23/41

(144A)

514,000

469,796

649,718

Brazil

-

1.7%

Federative

Republic

of

Brazil,

6.0000%, 10/20/33

1,800,000

1,772,901

Federative

Republic

of

Brazil,

6.1250%, 3/15/34

1,000,000

978,554

Federative

Republic

of

Brazil,

4.7500%, 1/14/50

1,000,000

702,823

3,454,278

Bulgaria

-

0.4%

Republic

of

Bulgaria,

5.0000%, 3/5/37

366,000

354,056

Republic

of

Bulgaria,

4.2500%, 9/5/44

EUR

465,000

523,303

877,359

Cameroon

-

0.4%

Republic

of

Cameroon,

5.9500%, 7/7/32

EUR

1,000,000

829,759

Cayman

Islands

-

0.7%

Sharjah

Sukuk

Program

Ltd.,

3.2000%, 7/13/31

$

1,500,000

1,325,028

Chile

-

2.1%

Corp.

Nacional

del

Cobre

de

Chile,

3.0000%, 9/30/29

1,000,000

918,436

Corp.

Nacional

del

Cobre

de

Chile,

3.7000%, 1/30/50

950,000

642,808

Republic

of

Chile,

2.5500%, 7/27/33

1,000,000

836,050

Republic

of

Chile,

3.5000%, 1/25/50

1,700,000

1,185,750

Republic

of

Chile,

3.5000%, 4/15/53

1,000,000

681,650

4,264,694

Colombia

-

3.6%

Colombia

Government

Bond,

7.3750%, 4/25/30

574,000

582,122

Colombia

Government

Bond,

8.5000%, 4/25/35

487,000

494,655

Ecopetrol

SA,

8.3750%, 1/19/36

500,000

468,044

Republic

of

Colombia,

4.5000%, 3/15/29

500,000

469,296

Republic

of

Colombia,

3.1250%, 4/15/31

600,000

482,335

Republic

of

Colombia,

7.5000%, 2/2/34

1,050,000

1,022,136

Republic

of

Colombia,

7.7500%, 11/7/36

732,000

697,272

Republic

of

Colombia,

5.0000%, 6/15/45

2,000,000

1,299,556

Republic

of

Colombia,

5.2000%, 5/15/49

1,000,000

645,513

Republic

of

Colombia,

8.7500%, 11/14/53

700,000

669,054

Republic

of

Colombia,

8.3750%, 11/7/54

350,000

320,119

Republic

of

Colombia,

3.8750%, 2/15/61

300,000

152,923

7,303,025

Costa

Rica

-

1.6%

Republic

of

Costa

Rica,

6.5500%, 4/3/34

400,000

408,800

Republic

of

Costa

Rica,

7.1580%, 3/12/45

1,350,000

1,375,024

Republic

of

Costa

Rica,

7.3000%, 11/13/54

1,350,000

1,373,548

3,157,372

Janus

Henderson

Emerging

Market

Debt

Hard

Currency

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

Janus

Detroit

Street

Trust

5

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Foreign

Government

Bonds

-

(continued)

Dominican

Republic

-

4.4%

Dominican

Republic

Government

Bond,

5.5000%, 2/22/29

$

1,000,000

$

984,750

Dominican

Republic

Government

Bond,

4.5000%, 1/30/30

2,000,000

1,858,800

Dominican

Republic

Government

Bond,

4.8750%, 9/23/32

3,500,000

3,138,625

Dominican

Republic

Government

Bond,

6.0000%, 2/22/33

600,000

578,580

Dominican

Republic

Government

Bond,

6.9500%, 3/15/37

(144A)

1,300,000

1,290,640

Dominican

Republic

Government

Bond,

6.5000%, 2/15/48

650,000

597,415

Dominican

Republic

Government

Bond,

7.1500%, 2/24/55

(144A)

450,000

440,145

8,888,955

Ecuador

-

1.2%

Republic

of

Ecuador,

6.9000%, 7/31/30

Ç

1,255,244

937,166

Republic

of

Ecuador,

5.5000%, 7/31/35

Ç

1,547,015

927,140

Republic

of

Ecuador,

5.0000%, 7/31/40

Ç

1,200,000

625,656

2,489,962

Egypt

-

2.0%

Arab

Republic

of

Egypt,

7.0529%, 1/15/32

1,450,000

1,210,750

Arab

Republic

of

Egypt,

7.6250%, 5/29/32

900,000

766,062

Arab

Republic

of

Egypt,

7.9030%, 2/21/48

500,000

343,138

Arab

Republic

of

Egypt,

8.7002%, 3/1/49

800,000

589,360

Arab

Republic

of

Egypt,

8.1500%, 11/20/59

1,000,000

687,400

Arab

Republic

of

Egypt,

7.5000%, 2/16/61

650,000

422,113

4,018,823

El

Salvador

-

0.6%

Republic

of

El

Salvador,

8.2500%, 4/10/32

700,000

689,997

Republic

of

El

Salvador,

7.6250%, 2/1/41

650,000

578,954

1,268,951

Georgia

-

0.3%

Republic

of

Georgia,

2.7500%, 4/22/26

700,000

671,300

Ghana

-

2.7%

Republic

of

Ghana,

0.0000%, 7/3/26

(144A)

¤

62,400

58,906

Republic

of

Ghana,

5.0000%, 7/3/29

Ç

5,200,000

4,438,460

Republic

of

Ghana,

5.0000%, 7/3/29

(144A)

Ç

629,200

537,054

Republic

of

Ghana,

0.0000%, 1/3/30

(144A)

¤

90,041

68,440

Republic

of

Ghana,

5.0000%, 7/3/35

(144A)

Ç

604,800

411,264

5,514,124

Guatemala

-

0.5%

Republic

of

Guatemala,

5.3750%, 4/24/32

200,000

191,916

Republic

of

Guatemala,

6.6000%, 6/13/36

500,000

499,383

Republic

of

Guatemala,

4.6500%, 10/7/41

500,000

385,493

1,076,792

Hungary

-

1.3%

Hungary

Government

Bond,

1.1250%, 4/28/26

EUR

1,000,000

1,122,561

Hungary

Government

Bond,

5.5000%, 6/16/34

$

600,000

578,535

MFB

Magyar

Fejlesztesi

Bank

Zrt

.,

6.5000%, 6/29/28

1,000,000

1,028,015

2,729,111

Indonesia

-

0.9%

Pertamina

Persero

PT,

4.7000%, 7/30/49

1,000,000

801,249

Perusahaan

Listrik

Negara

PT,

4.8750%, 7/17/49

200,000

159,981

Perusahaan

Listrik

Negara

PT,

4.3750%, 2/5/50

500,000

370,887

Republic

of

Indonesia,

3.8500%, 10/15/30

250,000

239,222

Republic

of

Indonesia,

4.8500%, 1/11/33

200,000

197,593

1,768,932

Iraq

-

0.8%

Republic

of

Iraq,

5.8000%, 1/15/28

1,642,500

1,591,786

Janus

Henderson

Emerging

Market

Debt

Hard

Currency

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

6

April

30,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Foreign

Government

Bonds

-

(continued)

Ivory

Coast

-

1.2%

Republic

of

Cote

d'Ivoire,

4.8750%, 1/30/32

EUR

296,000

$

290,690

Republic

of

Cote

d'Ivoire,

6.1250%, 6/15/33

$

550,000

474,111

Republic

of

Cote

d'Ivoire,

8.0750%, 4/1/36

(144A)

1,701,000

1,572,312

Republic

of

Cote

d'Ivoire,

6.8750%, 10/17/40

EUR

200,000

184,949

2,522,062

Jamaica

-

0.8%

Jamaica

Government

Bond,

8.0000%, 3/15/39

$

1,400,000

1,585,738

Jordan

-

0.8%

Hashemite

Kingdom

of

Jordan,

5.7500%, 1/31/27

800,000

790,960

Hashemite

Kingdom

of

Jordan,

5.8500%, 7/7/30

700,000

644,854

Hashemite

Kingdom

of

Jordan,

7.3750%, 10/10/47

200,000

167,825

1,603,639

Kazakhstan

-

0.8%

Development

Bank

of

Kazakhstan

JSC,

5.6250%, 4/7/30

(144A)

1,700,000

1,683,315

Macedonia,

the

Former

Yugoslav

Republic

of

-

1.6%

Republic

of

North

Macedonia,

3.6750%, 6/3/26

EUR

1,400,000

1,581,545

Republic

of

North

Macedonia,

6.9600%, 3/13/27

EUR

100,000

117,989

Republic

of

North

Macedonia,

1.6250%, 3/10/28

EUR

1,450,000

1,512,304

3,211,838

Mexico

-

4.9%

Petroleos

Mexicanos

,

6.5000%, 3/13/27

$

1,700,000

1,661,005

Petroleos

Mexicanos

,

8.7500%, 6/2/29

500,000

491,729

Petroleos

Mexicanos

,

6.8400%, 1/23/30

150,000

133,610

Petroleos

Mexicanos

,

5.9500%, 1/28/31

2,500,000

2,068,410

Petroleos

Mexicanos

,

6.7000%, 2/16/32

1,850,000

1,585,748

Petroleos

Mexicanos

,

6.7500%, 9/21/47

1,275,000

856,322

United

Mexican

States,

6.0000%, 5/13/30

282,000

289,072

United

Mexican

States,

4.7500%, 4/27/32

750,000

701,976

United

Mexican

States,

4.8750%, 5/19/33

1,200,000

1,104,106

United

Mexican

States,

6.8750%, 5/13/37

265,000

267,566

United

Mexican

States,

4.4000%, 2/12/52

500,000

335,934

United

Mexican

States,

7.3750%, 5/13/55

350,000

346,458

United

Mexican

States,

3.7710%, 5/24/61

200,000

113,594

9,955,530

Mongolia

-

1.6%

City

of

Ulaanbaatar

Mongolia,

7.7500%, 8/21/27

2,000,000

1,974,700

State

of

Mongolia,

6.6250%, 2/25/30

(144A)

500,000

480,644

State

of

Mongolia,

4.4500%, 7/7/31

1,000,000

842,957

3,298,301

Montenegro

-

1.4%

Republic

of

Montenegro,

7.2500%, 3/12/31

1,600,000

1,611,400

Republic

of

Montenegro,

4.8750%, 4/1/32

(144A)

EUR

1,059,000

1,167,000

2,778,400

Nigeria

-

2.1%

Federal

Republic

of

Nigeria,

7.6250%, 11/21/25

$

1,000,000

997,300

Federal

Republic

of

Nigeria,

6.5000%, 11/28/27

2,000,000

1,880,680

Federal

Republic

of

Nigeria,

9.6250%, 6/9/31

(144A)

206,000

193,908

Federal

Republic

of

Nigeria,

7.3750%, 9/28/33

800,000

654,280

Federal

Republic

of

Nigeria,

10.3750%, 12/9/34

(144A)

333,000

314,365

Federal

Republic

of

Nigeria,

7.6250%, 11/28/47

440,000

311,771

4,352,304

Oman

-

3.3%

Oman

Sovereign

Sukuk

SAOC,

4.8750%, 6/15/30

550,000

545,842

Janus

Henderson

Emerging

Market

Debt

Hard

Currency

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

Janus

Detroit

Street

Trust

7

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Foreign

Government

Bonds

-

(continued)

Oman

-

(continued)

Sultanate

of

Oman

Government

Bond,

4.7500%, 6/15/26

$

800,000

$

795,496

Sultanate

of

Oman

Government

Bond,

5.6250%, 1/17/28

1,000,000

1,011,688

Sultanate

of

Oman

Government

Bond,

7.3750%, 10/28/32

1,600,000

1,791,982

Sultanate

of

Oman

Government

Bond,

6.5000%, 3/8/47

2,050,000

2,033,920

Sultanate

of

Oman

Government

Bond,

6.7500%, 1/17/48

500,000

505,366

Sultanate

of

Oman

Government

Bond,

7.0000%, 1/25/51

50,000

52,013

6,736,307

Pakistan

-

1.1%

Islamic

Republic

of

Pakistan,

6.0000%, 4/8/26

200,000

188,500

Islamic

Republic

of

Pakistan,

6.8750%, 12/5/27

1,725,000

1,514,550

Islamic

Republic

of

Pakistan,

7.3750%, 4/8/31

600,000

472,910

2,175,960

Panama

-

2.2%

Republic

of

Panama,

3.1600%, 1/23/30

1,150,000

1,006,062

Republic

of

Panama,

2.2520%, 9/29/32

2,100,000

1,532,898

Republic

of

Panama,

4.5000%, 4/16/50

950,000

608,836

Republic

of

Panama,

6.8530%, 3/28/54

500,000

430,570

Republic

of

Panama,

4.5000%, 4/1/56

300,000

182,951

Republic

of

Panama,

3.8700%, 7/23/60

1,300,000

701,793

4,463,110

Paraguay

-

1.0%

Republic

of

Paraguay,

2.7390%, 1/29/33

1,900,000

1,596,000

Republic

of

Paraguay,

5.6000%, 3/13/48

500,000

438,210

2,034,210

Peru

-

1.8%

Corp.

Financiera

de

Desarrollo

SA,

5.5000%, 5/6/30

585,000

586,439

Corp.

Financiera

de

Desarrollo

SA,

5.5000%, 5/6/30

(144A)

585,000

586,439

Petroleos

del

Peru

SA,

4.7500%, 6/19/32

2,200,000

1,614,504

Republic

of

Peru,

2.7830%, 1/23/31

650,000

574,813

Republic

of

Peru,

5.3750%, 2/8/35

300,000

295,368

3,657,563

Philippines

-

1.0%

Republic

of

Philippines,

1.9500%, 1/6/32

1,000,000

840,698

Republic

of

Philippines,

5.2500%, 5/14/34

1,075,000

1,088,761

1,929,459

Poland

-

1.3%

Bank

Gospodarstwa

Krajowego

,

5.7500%, 7/9/34

1,750,000

1,788,623

Republic

of

Poland,

5.5000%, 4/4/53

650,000

608,681

Republic

of

Poland,

5.5000%, 3/18/54

300,000

278,842

2,676,146

Qatar

-

2.7%

QatarEnergy

,

2.2500%, 7/12/31

750,000

655,335

State

of

Qatar,

4.7500%, 5/29/34

2,900,000

2,949,375

State

of

Qatar,

4.4000%, 4/16/50

2,100,000

1,779,876

5,384,586

Romania

-

1.6%

Romania

Government

Bond,

3.0000%, 2/14/31

450,000

374,615

Romania

Government

Bond,

6.3750%, 1/30/34

700,000

663,068

Romania

Government

Bond,

5.1250%, 6/15/48

900,000

656,550

Romanian

Government

Bond,

5.7500%, 3/24/35

500,000

443,110

Romanian

Government

Bond,

5.7500%, 3/24/35

(144A)

1,334,000

1,182,217

3,319,560

Janus

Henderson

Emerging

Market

Debt

Hard

Currency

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

8

April

30,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Foreign

Government

Bonds

-

(continued)

Saudi

Arabia

-

5.2%

Kingdom

of

Saudi

Arabia,

3.2500%, 10/26/26

$

1,300,000

$

1,279,785

Kingdom

of

Saudi

Arabia,

3.3750%, 3/5/32

(144A)

EUR

642,000

729,081

Kingdom

of

Saudi

Arabia,

5.5000%, 10/25/32

$

1,500,000

1,554,388

Kingdom

of

Saudi

Arabia,

2.2500%, 2/2/33

1,500,000

1,241,205

Kingdom

of

Saudi

Arabia,

5.0000%, 1/16/34

1,300,000

1,292,517

Kingdom

of

Saudi

Arabia,

5.0000%, 4/17/49

1,500,000

1,285,560

Kingdom

of

Saudi

Arabia,

5.0000%, 1/18/53

600,000

508,686

Kingdom

of

Saudi

Arabia,

3.7500%, 1/21/55

1,500,000

1,012,212

KSA

Sukuk

Ltd.,

2.2500%, 5/17/31

600,000

521,251

KSA

Sukuk

Ltd.,

5.2500%, 6/4/34

1,100,000

1,125,322

10,550,007

Senegal

-

0.5%

Republic

of

Senegal,

4.7500%, 3/13/28

EUR

500,000

479,429

Republic

of

Senegal,

6.2500%, 5/23/33

$

200,000

139,248

Republic

of

Senegal,

5.3750%, 6/8/37

EUR

550,000

399,455

1,018,132

South

Africa

-

1.3%

Republic

of

South

Africa,

4.8750%, 4/14/26

$

750,000

744,791

Republic

of

South

Africa,

5.6500%, 9/27/47

450,000

323,280

Republic

of

South

Africa,

5.7500%, 9/30/49

800,000

573,028

Republic

of

South

Africa,

7.3000%, 4/20/52

400,000

343,050

Republic

of

South

Africa,

7.9500%, 11/19/54

(144A)

758,000

692,531

2,676,680

Sri

Lanka

-

1.1%

Democratic

Socialist

Republic

of

Sri

Lanka,

4.0000%, 4/15/28

743,080

685,387

Democratic

Socialist

Republic

of

Sri

Lanka,

3.1000%, 1/15/30

Ç

310,770

250,170

Democratic

Socialist

Republic

of

Sri

Lanka,

3.3500%, 3/15/33

Ç

609,570

422,127

Democratic

Socialist

Republic

of

Sri

Lanka,

3.6000%, 6/15/35

Ç

411,600

265,453

Democratic

Socialist

Republic

of

Sri

Lanka,

3.6000%, 5/15/36

Ç

285,660

198,534

Democratic

Socialist

Republic

of

Sri

Lanka,

3.6000%, 2/15/38

Ç

571,560

400,092

2,221,763

Tajikistan

-

0.2%

Republic

of

Tajikistan,

7.1250%, 9/14/27

416,667

407,571

Trinidad

and

Tobago

-

0.4%

Republic

of

Trinidad

and

Tobago,

4.5000%, 6/26/30

950,000

856,901

Tunisia

-

0.9%

Tunisian

Republic,

6.3750%, 7/15/26

EUR

1,700,000

1,872,278

Turkey

-

4.3%

Hazine

Mustesarligi

Varlik

Kiralama

A/S,

5.1250%, 6/22/26

$

1,350,000

1,336,435

Istanbul

Metropolitan

Municipality,

10.5000%, 12/6/28

1,700,000

1,806,658

Republic

of

Turkiye

(The),

6.5000%, 9/20/33

850,000

787,346

Republic

of

Turkiye

(The),

4.8750%, 4/16/43

1,200,000

810,302

Republic

of

Turkiye

(The),

5.7500%, 5/11/47

1,100,000

794,779

Turkiye

Ihracat

Kredi

Bankasi

A/S,

7.5000%, 2/6/28

2,000,000

2,016,120

Turkiye

Vakiflar

Bankasi

TAO,

9.0000%, 10/12/28

200,000

209,808

Turkiye

Vakiflar

Bankasi

TAO,

6.8750%, 1/7/30

(144A)

900,000

874,745

8,636,193

Ukraine

-

1.8%

NPC

Ukrenergo

,

6.8750%, 11/9/28

700,000

567,291

Ukraine

Government

Bond,

1.7500%, 2/1/29

Ç

28,844

17,999

Ukraine

Government

Bond,

1.7500%, 2/1/29

(144A)

Ç

200,000

124,800

Ukraine

Government

Bond,

0.0000%, 2/1/30

Ç

10,667

5,221

Ukraine

Government

Bond,

0.0000%, 2/1/34

(144A)

Ç

400,000

153,900

Janus

Henderson

Emerging

Market

Debt

Hard

Currency

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

Janus

Detroit

Street

Trust

9

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Foreign

Government

Bonds

-

(continued)

Ukraine

-

(continued)

Ukraine

Government

Bond,

0.0000%, 2/1/34

Ç

$

39,862

$

15,337

Ukraine

Government

Bond,

1.7500%, 2/1/34

(144A)

Ç

600,000

299,070

Ukraine

Government

Bond,

1.7500%, 2/1/34

Ç

78,412

39,084

Ukraine

Government

Bond,

0.0000%, 2/1/35

(144A)

Ç

200,000

100,618

Ukraine

Government

Bond,

0.0000%, 2/1/35

Ç

686,686

345,465

Ukraine

Government

Bond,

1.7500%, 2/1/35

(144A)

Ç

700,000

344,288

Ukraine

Government

Bond,

1.7500%, 2/1/35

Ç

58,435

28,741

Ukraine

Government

Bond,

0.0000%, 2/1/36

(144A)

Ç

200,000

100,086

Ukraine

Government

Bond,

1.7500%, 2/1/36

(144A)

Ç

200,000

96,437

Ukraine

Government

Bond,

1.7500%, 2/1/36

Ç

229,591

110,705

Ukraine

Government

Bond,

7.7500%, 8/1/41

‡

1,900,000

1,356,197

3,705,239

United

Arab

Emirates

-

0.8%

Finance

Department

Government

of

Sharjah,

3.6250%, 3/10/33

100,000

85,306

Sharjah

Sukuk

Program

Ltd.,

6.1250%, 3/6/36

1,000,000

997,296

Sharjah

Sukuk

Program

Ltd.,

4.0000%, 7/28/50

700,000

444,723

1,527,325

Uruguay

-

1.8%

Oriental

Republic

of

Uruguay,

5.7500%, 10/28/34

1,900,000

1,983,125

Oriental

Republic

of

Uruguay,

4.9750%, 4/20/55

400,000

351,500

Oriental

Republic

of

Uruguay,

5.2500%, 9/10/60

1,550,000

1,397,744

3,732,369

Uzbekistan

-

1.2%

Republic

of

Uzbekistan,

5.3750%, 5/29/27

EUR

1,000,000

1,159,485

Republic

of

Uzbekistan,

3.9000%, 10/19/31

$

250,000

211,799

Uzbekneftegaz

JSC,

8.7500%, 5/7/30

(144A)

1,059,000

1,059,000

2,430,284

Zambia

-

0.9%

Republic

of

Zambia,

5.7500%, 6/30/33

Ç

1,518,879

1,318,843

Republic

of

Zambia,

0.5000%, 12/31/53

1,040,000

592,436

1,911,279

Total

Foreign

Government

Bonds

(cost

175,310,416)

172,361,935

Investment

Companies

-

4.1%

Money

Market

Funds

-

4.1%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

4.3351%

£,∞

(cost

$8,323,453)

8,321,789

8,323,453

Total

Investments

(total

cost

$

202,445,357

)

-

98.2%

199,389,740

Cash,

Receivables

and

Other

Assets,

net

of

Liabilities

-

1.8%

3,542,556

Net

Assets

-

100.0%

$202,932,296

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

Saudi

Arabia

$

10,550,007

5.3

%

Turkey

10,111,568

5.1

Mexico

9,955,530

5.0

Oman

9,851,028

4.9

Janus

Henderson

Emerging

Market

Debt

Hard

Currency

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

10

April

30,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

(continued)

Country

Value

%

of

Investment

Securities

Dominican

Republic

$

8,888,955

4.5

%

United

States

8,323,453

4.2

Argentina

8,049,302

4.0

Colombia

7,303,025

3.7

United

Arab

Emirates

6,382,357

3.2

Nigeria

5,911,994

3.0

Ghana

5,514,124

2.8

South

Africa

5,430,680

2.9

Qatar

5,384,586

2.7

Uzbekistan

4,666,786

2.3

Panama

4,463,110

2.2

Chile

4,264,694

2.1

Egypt

4,018,823

2.0

Uruguay

3,732,369

1.9

Ukraine

3,705,239

1.9

Peru

3,657,563

1.8

Brazil

3,454,278

1.7

Romania

3,319,560

1.7

Mongolia

3,298,301

1.7

Macedonia,

the

Former

Yugoslav

Republic

of

3,211,838

1.6

Costa

Rica

3,157,372

1.6

Montenegro

2,778,400

1.4

Hungary

2,729,111

1.4

Poland

2,676,146

1.3

Ivory

Coast

2,522,062

1.3

Ecuador

2,489,962

1.2

Azerbaijan

2,246,800

1.1

Sri

Lanka

2,221,763

1.1

Pakistan

2,175,960

1.1

Bahamas

2,143,057

1.1

Cayman

Islands

2,059,484

1.0

Paraguay

2,034,210

1.0

Philippines

1,929,459

1.0

Zambia

1,911,279

1.0

Tunisia

1,872,278

0.9

Indonesia

1,768,932

0.9

Kazakhstan

1,683,315

0.8

Jordan

1,603,639

0.8

Iraq

1,591,786

0.8

Jamaica

1,585,738

0.8

Angola

1,493,449

0.7

El

Salvador

1,268,951

0.6

Bahrain

1,195,462

0.6

Janus

Henderson

Emerging

Market

Debt

Hard

Currency

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

Janus

Detroit

Street

Trust

11

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

(continued)

Country

Value

%

of

Investment

Securities

Georgia

$

1,113,700

0.6

%

Guatemala

1,076,792

0.5

Senegal

1,018,132

0.5

Bulgaria

877,359

0.4

Trinidad

and

Tobago

856,901

0.4

Cameroon

829,759

0.4

Benin

649,718

0.3

Netherlands

547,034

0.3

United

Kingdom

537,749

0.3

Malaysia

447,393

0.2

Albania

439,847

0.2

Tajikistan

407,571

0.2

Total

$

199,389,740

100.0

%

Schedule

of

Affiliated

Investments

-

(%

of

Net

Assets)

Affiliated

Investments,

at

Value

at

10/31/24

Purchases

Sales

Proceeds

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciatio

n/

(Depreciation)

Affiliated

Investments,

at

Value

at

4/30/25

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

Shares

Held

at

4/30/25

Dividend

Income

Investment

Company

-

4.1%

Money

Market

Funds

-

4.1%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

4.3351%

∞

$

8,380,259

$

74,109,330

$

(74,166,136)

$

–

$

–

$

8,323,453

8,321,789

$

180,634

Schedule

of

Forward

Foreign

Currency

Exchange

Contracts

Counterparty/

Foreign

Currency

Settlement

Date

Foreign

Currency

Amount

Sold/

(Purchased)

USD

Currency

Amount

Sold/

(Purchased)

Market

Value

and

Unrealized

Appreciation

(Depreciation)

BNP

Paribas

SA

Euro

7/3/25

(232,833)

$

257,207

$

8,532

Euro

7/3/25

(141,433)

155,298

6,124

Euro

7/3/25

173,521

(197,665)

(379)

Euro

7/3/25

(808,182)

923,011

(612)

Euro

7/3/25

13,305,176

(14,712,701)

(472,850)

(459,185)

Total

$(459,185)

Janus

Henderson

Emerging

Market

Debt

Hard

Currency

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

12

April

30,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

The

following

table,

grouped

by

derivative

type,

provides

information

about

the

fair

value

and

location

of

derivatives

within

the

Statement

of

Assets

and

Liabilities

as

of

April

30,

2025.

The

following

tables

provide

information

about

the

effect

of

derivatives

and

hedging

activities

on

the

Fund’s

Statement

of

Operations

for

the period

ended

April

30,

2025.

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

23

6/30/25

$

4,787,414

$

27,103

U.S.

Treasury

5

Year

Notes

117

6/30/25

12,775,852

226,878

U.S.

Treasury

Long

Bond

187

6/18/25

21,808,875

162,795

U.S.

Treasury

Ultra

Bond

44

6/18/25

5,325,375

18,668

Total

-

Futures

Long

435,444

Futures

Short:

Euro-

Bobl

15

6/6/25

(2,039,841)

(32,044)

Euro-Bund

13

6/6/25

(1,947,412)

(26,617)

Euro-

buxl

3

6/6/25

(423,212)

13,055

Euro-Schatz

45

6/6/25

(5,502,609)

(33,459)

U.S.

Treasury

10

Year

Notes

64

6/18/25

(7,182,000)

(172,024)

U.S.

Treasury

10

Year

Ultra

Bond

54

6/18/25

(6,195,656)

(39,863)

Total

-

Futures

Short

(290,952)

Total

$144,492

Fair

Value

of

Derivative

Instruments

(not

accounted

for

as

hedging

instruments)

as

of

April

30,

2025

Interest

Rate

Contracts

Currency

Contracts

Total

Asset

Derivatives:

Forward

foreign

currency

exchange

contracts

$

—

$

14,656

$

14,656

*

Futures

contracts

448,499

—

448,499

Total

Asset

Derivatives

$

448,499

$

14,656

$

463,155

Liability

Derivatives:

Forward

foreign

currency

exchange

contracts

—

473,841

473,841

*

Futures

contracts

304,007

—

304,007

Total

Liability

Derivatives

$

304,007

$

473,841

$

777,848

*

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).

Janus

Henderson

Emerging

Market

Debt

Hard

Currency

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

Janus

Detroit

Street

Trust

13

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Please

see

the

“Net

realized

and

change

in

unrealized

gain/(loss)

on

investments”

sections

of

the

Fund’s

Statement

of

Operations.

The

Effect

of

Derivative

Instruments

(not

accounted

for

as

hedging

instruments)

on

the

Statement

of

Operations

for

the

Period

Ended

April

30,

2025

Amount

of

Realized

Gain/(Loss)

Recognized

on

Derivatives

Derivative

Interest

Rate

Contracts

Currency

Contracts

Total

Forward

foreign

currency

exchange

contracts

$

—

$

(139,310)

$

(139,310)

Futures

contracts

(1,833,328)

—

(1,833,328)

Total

$

(1,833,328)

$

(139,310)

$

(1,972,638)

Amount

of

Change

in

Unrealized

Appreciation/(Depreciation)

Recognized

on

Derivatives

Derivative

Interest

Rate

Contracts

Currency

Contracts

Total

Forward

foreign

currency

exchange

contracts

$

—

$

(358,782)

$

(358,782)

Futures

contracts

1,203,847

—

1,203,847

Total

$

1,203,847

$

(358,782)

$

845,065

Average

Ending

Monthly

Value

of

Derivative

Instruments

During

the

Period

Ended

April

30,

2025

Futures

contracts:

Average

notional

amount

of

contracts

-

long

$47,966,301

Average

notional

amount

of

contracts

-

short

30,427,576

Forward

foreign

currency

exchange

contracts:

Average

amounts

purchased

-

in

USD

1,270,810

Average

amounts

sold

-

in

USD

15,375,489

Offsetting

of

Financial

Assets

and

Derivative

Assets

Counterparty

Gross

Amounts

of

Recognized

Assets

Offsetting

Asset

or

Liability

(a)

Collateral

Pledged

(b)

Net

Amount

BNP

Paribas

SA

$

14,656

$

(14,656)

$

—

$

—

Total

$

14,656

$

(14,656)

$

—

$

—

Offsetting

of

Financial

Liabilities

and

Derivative

Liabilities

Counterparty

Gross

Amounts

of

Recognized

Liabilities

Offsetting

Asset

or

Liability

(a)

Collateral

Pledged

(b)

Net

Amount

BNP

Paribas

SA

$

473,841

$

(14,656)

$

—

$

459,185

Total

$

473,841

$

(14,656)

$

—

$

459,185

(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

Emerging

Market

Debt

Hard

Currency

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

April

30,

2025

14

April

30,

2025

CJSC

Closed

Joint

Stock

Company

JSC

Joint

Stock

Company

LLC

Limited

Liability

Company

PIK

Pay-in-kind

(PIK)

bonds

give

the

issuer

an

option

to

make

the

interest

payment

in

case

of

additional

securities.

PJSC

Public

Joint

Stock

Company

SAOC

Societe

Anonyme

Omanaise

Close

SPC

Special

Purpose

Company

∞

Rate

shown

is

the

7-day

yield

as

of

April

30,

2025.

£

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.

Ø

Payment-in-kind

security

which

may

pay

interest/dividends

in

additional

par/shares

and/or

in

cash.

Rates

shown

are

the

current

rate

and

possible

payment

rates.

‡

Variable

or

floating

rate

security.

Rate

shown

is

the

current

rate

as

of

April

30,

2025.

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.

¤

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

1933

Act.

Unless

otherwise

noted,

these

securities

have

been

determined

to

be

liquid

in

accordance

with

the

requirements

of

Rule

22e-4,

under

the

1940

Act.

The

total

value

of

144A

securities

as

of

the

period

ended

April

30,

2025

is

$22,913,979

which

represents

11.3%

of

net

assets.

Janus

Henderson

Emerging

Market

Debt

Hard

Currency

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

April

30,

2025

Janus

Detroit

Street

Trust

15

The

following

is

a

summary

of

the

inputs

that

were

used

to

value

the

Fund's

investments

in

securities

and

other

financial

instruments

as

of

April

30,

2025

.

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

Total

Assets

Investments

in

Securities:

Corporate

Bonds

$

—

$

18,704,352

$

—

$

18,704,352

Foreign

Government

Bonds

—

172,361,935

—

172,361,935

Investment

Companies

—

8,323,453

—

8,323,453

Total

Investments

in

Securities

$

—

$

199,389,740

$

—

$

199,389,740

Other

Financial

Instruments

(a)

:

Forward

Foreign

Currency

Exchange

Contracts

$

—

$

14,656

$

—

$

14,656

Futures

Contracts

448,499

—

—

448,499

Total

Other

Financial

Instruments

$

448,499

$

14,656

$

—

$

463,155

Total

Assets

$

448,499

$

199,404,396

$

—

$

199,852,895

Liabilities

Other

Financial

Instruments

(a)

:

Forward

Foreign

Currency

Exchange

Contracts

$

—

$

473,841

$

—

$

473,841

Futures

Contracts

304,007

—

—

304,007

Total

Liabilities

$

304,007

$

473,841

$

—

$

777,848

(a)

Other

financial

instruments

include

forward

foreign

currency

exchange

contracts

and

futures

contracts.

Forward

foreign

currency

exchange

contracts

and

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

Emerging

Market

Debt

Hard

Currency

ETF

Statement

of

Assets

and

Liabilities

(unaudited)

April

30,

2025

16

April

30,

2025

See

Notes

to

Financial

Statements.

Assets:

Unaffiliated

investments,

at

value

(cost

$194,121,904)

$

191,066,287

Affiliated

investments,

at

value

(cost

$8,323,453)

8,323,453

Cash

denominated

in

foreign

currency

(cost

$732,025)

733,415

Forward

foreign

currency

exchange

contracts

14,656

Due

from

broker

for

futures

1,150,000

Receivables:

Investments

sold

3,520,264

Interest

3,010,607

Total

Assets

207,818,682

Liabilities:

Payable

for

variation

margin

on

futures

contracts

116,872

Forward

foreign

currency

exchange

contracts

473,841

Payables:

Investments

purchased

4,205,300

Management

fees

90,373

Total

Liabilities

4,886,386

Commitments

and

contingent

liabilities

Net

Assets

$

202,932,296

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

208,988,453

Total

distributable

earnings

(loss)

(

6,056,157

)

Total

Net

Assets

$

202,932,296

Net

Assets

$

202,932,296

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

4,050,000

Net

Asset

Value

Per

Share

$

50

.11

Janus

Henderson

Emerging

Market

Debt

Hard

Currency

ETF

Statement

of

Operations

(unaudited)

For

the

period

ended

April

30,

2025

Janus

Detroit

Street

Trust

17

See

Notes

to

Financial

Statements.

Investment

Income:

Interest

$

7,101,006

Dividends

from

affiliates

180,634

Total

Investment

Income

7,281,640

Expenses:

Management

Fees

537,900

Total

Expenses

537,900

Net

Investment

Income/(Loss)

6,743,740

Net

Realized

Gain/(Loss)

on

Investments:

Investments

and

foreign

currency

transactions

$

(

1,863,421

)

Forward

foreign

currency

exchange

contracts

(

139,310

)

Futures

contracts

(

1,833,328

)

Total

Net

Realized

Gain/(Loss)

on

Investments

$

(

3,836,059

)

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

and

foreign

currency

translations

$

(

1,005,070

)

Forward

foreign

currency

exchange

contracts

(

358,782

)

Futures

contracts

1,203,847

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

(

160,005

)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

2,747,676

Janus

Henderson

Emerging

Market

Debt

Hard

Currency

ETF

Statement

of

Changes

in

Net

Assets

18

April

30,

2025

See

Notes

to

Financial

Statements.

Period

Ended

April

30,

2025

(unaudited)

Period

Ended

October

31,

2024

(1)

Operations:

Net

investment

income/(loss)

$

6,743,740

$

2,702,916

Net

realized

gain/(loss)

on

investments

(

3,836,059

)

388,830

Change

in

unrealized

net

appreciation/depreciation

(

160,005

)

(

3,165,715

)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

2,747,676

(

73,969

)

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(

7,393,549

)

(

1,336,315

)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(

7,393,549

)

(

1,336,315

)

Capital

Share

Transactions

(

16,313,768

)

225,302,221

Net

Increase/(Decrease)

in

Net

Assets

(

20,959,641

)

223,891,937

Net

Assets:

—

—

Beginning

of

Period  

223,891,937

—

End

of

Period

$

202,932,296

$

223,891,937

(1)

Period

from

August

13,

2024

(commencement

of

operations)

through

October

31,

2024.

Janus

Henderson

Emerging

Market

Debt

Hard

Currency

ETF

Financial

Highlights

Janus

Detroit

Street

Trust

19

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

the

period

ended

April

30,

2025

(unaudited)

and

each

year

or

period

ended

October

31

2025

2024

(1)

Net

Asset

Value,

Beginning

of

Period

$50.88

$50.00

Income/(Loss)

from

Investment

Operations:

—

—

Net

investment

income/(loss)

(2)

1.63

0.73

Net

realized

and

unrealized

gain/(loss)

(0.63)

0.45

(3)

Total

from

Investment

Operations

1.00

1.18

(3)

Less

Dividends

and

Distributions:

—

—

Dividends

(from

net

investment

income)

(1.77)

(0.30)

Total

Dividends

and

Distributions

(1.77)

(0.30)

Net

Asset

Value,

End

of

Period

$50.11

$50.88

Total

Return

*

2.05%

(4)

2.36%

(4)

Net

assets,

End

of

Period

(in

thousands)

$202,932

$223,892

Ratios

to

Average

Net

Assets

**

Ratio

of

Gross

Expenses

0.52%

0.52%

Ratio

of

Net

Investment

Income/(Loss)

6.53%

6.59%

Portfolio

Turnover

Rate

(5)

31%

11%

*

Total

return

not

annualized

for

periods

of

less

than

one

full

year.

**

Annualized

for

periods

of

less

than

one

full

year.

(1)

Period

from

August

13,

2024

(commencement

of

operations)

through

October

31,

2024.

(2)

Per

share

amounts

are

calculated

based

on

average

shares

outstanding

during

the

year

or

period.

(3)

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.

(4)

The

return

includes

adjustments

in

accordance

with

generally

accepted

accounting

principles

required

at

period

end

date.

(5)

Portfolio

turnover

rate

excludes

securities

received

or

delivered

from

in-kind

processing

of

creation

or

redemptions.

Janus

Henderson

Emerging

Market

Debt

Hard

Currency

ETF

Notes

to

Financial

Statements

(unaudited)

20

April

30,

2025

1.

Organization

and

Significant

Accounting

Policies

Janus

Henderson Emerging

Markets

Debt

Hard

Currency 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 fourteen

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

return,

from

a

combination

of

income

and

capital

growth

over

the

long

term.

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.

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

Chief

Financial

Officer

of

the

Fund/Portfolio

is

designated

as

the

Chief

Operating

Decision

Maker

(“CODM”)

as

it

relates

to

ASC

Topic

280.

The

CODM

has

concluded

that

the

Fund/Portfolio

operated

as

a

single

segment

entity

for

the

period ended

April

30,

2025.

The

key

indicator

of

performance

of

the

Fund

is

net

investment

income

as

reported

on

the

Statement

of

Operations.

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,

Janus

Henderson

Emerging

Market

Debt

Hard

Currency

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

21

yields,

maturities

and

ratings.

Certain

short-term

securities

maturing

within

60

days

or

less

may

be

evaluated

and

valued

on

an

amortized

cost

basis

provided

that

the

amortized

cost

determined

approximates

market

value.

Securities

for

which

market

quotations

or

evaluated

prices

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

determined

in

good

faith

by

the

Adviser

pursuant

to

the

Valuation

Procedures. Circumstances

in

which

fair

valuation

may

be

utilized

include,

but

are

not

limited

to:

(i)

a

significant

event

that

may

affect

the

securities

of

a

single

issuer,

such

as

a

merger,

bankruptcy,

or

significant

issuer-specific

development;

(ii)

an

event

that

may

affect

an

entire

market,

such

as

a

natural

disaster

or

significant

governmental

action;

(iii)

a

nonsignificant

event

such

as

a

market

closing

early

or

not

opening,

or

a

security

trading

halt;

and

(iv)

pricing

of

a

non-valued

security

and

a

restricted

or

nonpublic

security.

Special

valuation

considerations

may

apply

with

respect

to

“odd-lot”

fixed-income

transactions

which,

due

to

their

small

size,

may

receive

evaluated

prices

by

pricing

services

which

reflect

a

large

block

trade

and

not

what

actually

could

be

obtained

for

the

odd-

lot

position.

The

value

of

the

securities

of

mutual

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

mutual

funds,

and

the

prospectuses

for

such

mutual

funds

explain

the

circumstances

under

which

they

use

fair

valuation

and

the

effects

of

using

fair

valuation.

The

value

of

the

securities

of

any

cash

management

pooled

investment

vehicles

that

operate

as

money

market

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

funds.

Valuation

Inputs

Summary 

FASB

ASC

820,

Fair

Value

Measurements

and

Disclosures

(“ASC

820”),

defines

fair

value,

establishes

a

framework

for

measuring

fair

value,

and

expands

disclosure

requirements

regarding

fair

value

measurements.

This

standard

emphasizes

that

fair

value

is

a

market-based

measurement

that

should

be

determined

based

on

the

assumptions

that

market

participants

would

use

in

pricing

an

asset

or

liability

and

establishes

a

hierarchy

that

prioritizes

inputs

to

valuation

techniques

used

to

measure

fair

value.

These

inputs

are

summarized

into

three

broad

levels: 

Level

1

–

Unadjusted

quoted

prices

in

active

markets

the

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities.

Level

2

–

Observable

inputs

other

than

unadjusted

quoted

prices

included

in

Level

1

that

are

observable

for

the

asset

or

liability

either

directly

or

indirectly.

These

inputs

may

include

quoted

prices

for

the

identical

instrument

on

an

inactive

market,

prices

for

similar

instruments,

interest

rates,

prepayment

speeds,

credit

risk,

yield

curves,

default

rates

and

similar

data.

Assets

or

liabilities

categorized

as

Level

2

in

the

hierarchy

generally

include:

debt

securities

fair

valued

in

accordance

with

the

evaluated

bid

or

ask

prices

supplied

by

a

pricing

service;

securities

traded

on

OTC

markets

and

listed

securities

for

which

no

sales

are

reported

that

are

fair

valued

at

the

latest

bid

price

(or

yield

equivalent

thereof)

obtained

from

one

or

more

dealers

transacting

in

a

market

for

such

securities

or

by

a

pricing

service

approved

by

the

Fund’s

Trustees;

and

certain

short-term

debt

securities

with

maturities

of

60

days

or

less

that

are

fair

valued

at

amortized

cost.

Other

securities

that

may

be

categorized

as

Level

2

in

the

hierarchy

include,

but

are

not

limited

to,

preferred

stocks,

bank

loans,

swaps,

investments

in

unregistered

investment

companies,

options,

and

forward

contracts.

Level

3

–

Unobservable

inputs

for

the

asset

or

liability

to

the

extent

that

relevant

observable

inputs

are

not

available,

representing

the

Fund’s

own

assumptions

about

the

assumptions

that

a

market

participant

would

use

in

valuing

the

asset

or

liability,

and

that

would

be

based

on

the

best

information

available.

There

have

been

no

significant

changes

in

valuation

techniques

used

in

valuing

any

such

positions

held

by

the

Fund

since

the

beginning

of

the

period.

The

inputs

or

methodology

used

for

fair

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

The

summary

of

inputs

used

as

of

April

30,

2025 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

Janus

Henderson

Emerging

Market

Debt

Hard

Currency

ETF

Notes

to

Financial

Statements

(unaudited)

22

April

30,

2025

be

subject

to

withholding

taxes

in

foreign

jurisdictions.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value.

Interest

income

is

recorded

daily

on

an

accrual

basis

and

includes

amortization

of

premiums

and

accretion

of

discounts.

The

Fund

classifies

gains

and

losses

on

prepayments

received

as

an

adjustment

to

interest

income.

Debt

securities

may

be

placed

in

non-accrual

status

and

related

interest

income

may

be

reduced

by

stopping

current

accruals

and

writing

off

interest

receivables

when

collection

of

all

or

a

portion

of

interest

has

become

doubtful.

Gains

and

losses

are

determined

on

the

identified

cost

basis,

which

is

the

same

basis

used

for

federal

income

tax

purposes.  

Estimates

The

preparation

of

financial

statements

in

conformity

with

US

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amount

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates. 

Indemnifications

In

the

normal

course

of

business,

the

Fund

may

enter

into

contracts

that

contain

provisions

for

indemnification

of

other

parties

against

certain

potential

liabilities.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

and

would

involve

future

claims

that

may

be

made

against

the

Fund

that

have

not

yet

occurred.

Currently,

the

risk

of

material

loss

from

such

claims

is

considered

remote. 

Foreign

Currency

Translations

The

Fund

does

not

isolate

that

portion

of

the

results

of

operations

resulting

from

the

effect

of

changes

in

foreign  exchange

rates

on

investments

from

the

fluctuations

arising

from

changes

in

market

prices

of

securities

held

at

the

date  of

the

financial

statements.

Net

unrealized

appreciation

or

depreciation

of

investments

and

foreign

currency

translations

arise

from

changes

in

the

value

of

assets

and

liabilities,

including

investments

in

securities

held

at

the

date

of

the

financial

statements,

resulting

from

changes

in

the

exchange

rates

and

changes

in

market

prices

of

securities

held.

Currency

gains

and

losses

are

also

calculated

on

payables

and

receivables

that

are

denominated

in

foreign

currencies.

The

payables

and

receivables

are

generally

related

to

foreign

security

transactions

and

income

translations.

Foreign

currency-denominated

assets

and

forward

currency

contracts

may

involve

more

risks

than

domestic

transactions,

including

currency

risk,

counterparty

risk,

political

and

economic

risk,

regulatory

risk

and

equity

risk.

Risks

may

arise

from

unanticipated

movements

in

the

value

of

foreign

currencies

relative

to

the

U.S.

dollar.

Dividends

and

Distributions

Dividends

from

net

investment

income

are

generally

declared

and

distributed

monthly.

Net

realized

capital

gains

(if

any)

are

distributed

annually.

The

Fund

may

treat

a

portion

of

the

amount

paid

to

redeem

shares

as

a

distribution

of

investment

company

taxable

income

and

realized

capital

gains

that

are

reflected

in

the

NAV.

This

practice,

commonly

referred

to

as

“equalization,”

has

no

effect

on

the

redeeming

shareholder

or

a

Fund’s

total

return

but

may

reduce

the

amounts

that

would

otherwise

be

required

to

be

paid

as

taxable

dividends

to

the

remaining

shareholders.

It

is

possible

that

the

Internal

Revenue

Service

(IRS)

could

challenge

the

Fund’s

equalization

methodology

or

calculations,

and

any

such

challenge

could

result

in

additional

tax,

interest,

or

penalties

to

be

paid

by

the

Fund. 

Federal

Income

Taxes

The

Fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

and

distribute

all

of

its

taxable

income

in

accordance

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code.

Management

has

analyzed

the

Fund’s

tax

positions

taken

for

all

open

federal

income

tax

years,

generally

a

three-year

period,

and

has

concluded

that

no

provision

for

federal

income

tax

is

required

in

the

Fund’s

financial

statements.

The

Fund

is

not

aware

of

any

tax

positions

for

which

it

is

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

benefits

will

significantly

change

in

the

next

twelve

months. 

2.

Derivative

Instruments 

The

Fund

may

invest

in

various

types

of

derivatives.

A

derivative

is

a

financial

instrument

whose

performance

is

derived

from

the

performance

of

another

asset.

The

Fund

may

invest

in

derivative

instruments

including,

but

not

limited

to

futures,

forwards,

options,

and

swaps.

Each

derivative

instrument

that

was

held

by

the

Fund

during

the

period

ended April

30,

Janus

Henderson

Emerging

Market

Debt

Hard

Currency

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

23

2025 

is

discussed

in

further

detail

below.

A

summary

of

derivative

activity

by

the

Fund

is

reflected

in

the

tables

at

the

end

of

the

Schedule

of

Investments.

The

Fund

may

use

derivative

instruments

for

various

investment

purposes,

such

as

to

manage

or

hedge

portfolio

risk,

including

interest

rate

risk,

enhance

return

or

to

manage

duration.

The

Fund’s

use

of

derivative

instruments

involves

risks

different

from,

or

possibly

greater

than,

the

risks

associated

with

investing

directly

in

securities

and

other

traditional

investments.

Derivatives

are

subject

to

a

number

of

risks

including

liquidity

risk,

market

risk,

credit

risk,

default

risk,

counterparty

risk

and

management

risk.

They

also

involve

the

risk

of

mispricing

or

improper

valuation

and

the

risk

that

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

Janus

Henderson

Emerging

Market

Debt

Hard

Currency

ETF

Notes

to

Financial

Statements

(unaudited)

24

April

30,

2025

derivatives,

centrally

cleared

derivatives,

forward

foreign

currency

exchange

contracts,

short

sales,

and/or

securities

with

extended

settlement

dates.

There

is

no

guarantee

that

counterparty

exposure

is

reduced

and

these

arrangements

are

dependent

on

the

Adviser's ability

to

establish

and

maintain

appropriate

systems

and

trading. 

Forward

Foreign

Currency

Exchange

Contracts

A

forward

foreign

currency

exchange

contract

(“forward

currency

contract”)

is

an

obligation

to

buy

or

sell

a

specified

currency

at

a

future

date

at

a

negotiated

rate

(which

may

be

U.S.

dollars

or

a

foreign

currency).

The

Fund

may

enter

into

forward

currency

contracts

for

hedging

purposes,

including,

but

not

limited

to,

reducing

exposure

to

changes

in

foreign

currency

exchange

rates

on

foreign

portfolio

holdings

and

locking

in

the

U.S.

dollar

cost

of

firm

purchase

and

sale

commitments

for

securities

denominated

in

or

exposed

to

foreign

currencies.

The

Fund

may

also

invest

in

forward

currency

contracts

for

nonhedging

purposes

such

as

seeking

to

enhance

returns.

The

Fund

is

subject

to

currency

risk

and

counterparty

risk

in

the

normal

course

of

pursuing

its

investment

objective

through

its

investments

in

forward

currency

contracts.

Forward

currency

contracts

are

valued

by

converting

the

foreign

value

to

U.S.

dollars

by

using

the

current

spot

U.S.

dollar

exchange

rate

and/or

forward

rate

for

that

currency.

Exchange

and

forward

rates

as

of

the

close

of

the London

Stock

Exchange are

used

to

value

the

forward

currency

contracts.

The

unrealized

appreciation/(depreciation)

for

forward

currency

contracts

is

reported

in

the

Statement

of

Assets

and

Liabilities

as

a

receivable

or

payable

(if

applicable)

and

in

the

Statement

of

Operations

for

the

change

in

unrealized

net

appreciation/depreciation

(if

applicable).

The

realized gain

or

loss

arising

from

the

difference

between

the

U.S.

dollar

cost

of

the

original

contract

and

the

value

of

the

foreign

currency

in

U.S.

dollars

upon

closing

a

forward

currency

contract

is

reported

on

the

Statement

of

Operations

(if

applicable).

During

the

period,

the

Fund

entered

into

forward

currency

contracts

with

the

obligation

to

purchase

foreign

currencies

in

the

future

at

an

agreed

upon

rate

in

order

to

take

a

positive

outlook

on

the

related

currency.

These

forward

contracts

seek

to

increase

exposure

to

currency

risk.

During

the

period,

the

Fund

entered

into

forward

currency

contracts

with

the

obligation

to

purchase

foreign

currencies

in

the

future

at

an

agreed

upon

rate

in

order

to

decrease

exposure

to

currency

risk

associated

with

foreign

currency

denominated

securities

held

by

the

Fund.

During

the

period,

the

Fund

entered

into

forward

currency

contracts

with

the

obligation

to

sell

foreign

currencies

in

the

future

at

an

agreed

upon

rate

in

order

to

take

a

negative

outlook

on

the

related

currency.

These

forward

contracts

seek

to

increase

exposure

to

currency

risk.

During

the

period,

the

Fund

entered

into

forward

currency

contracts

with

the

obligation

to

sell

foreign

currencies

in

the

future

at

an

agreed

upon

rate

in

order

to

decrease

exposure

to

currency

risk

associated

with

foreign

currency

denominated

securities

held

by

the

Fund.

Futures

Contracts 

A

futures

contract

is

an

exchange-traded

agreement

to

take

or

make

delivery

of

an

underlying

asset

at

a

specific

time

in

the

future

for

a

specific

predetermined

negotiated

price.

The

Fund

may

enter

into

futures

contracts

for

the

purchase

or

sale

for

future

delivery

of

(i)

fixed-income

securities,

and

U.S.

government

securities

and

Treasuries,

or

(ii)

contracts

based

on

interest

rates.

The

Fund

is

subject

to

interest

rate

risk

and

equity

risk

in

the

normal

course

of

pursuing

its

investment

objective

through

its

investments

in

futures

contracts.

The

Fund

may

also

use

such

derivative

instruments

to

hedge

or

protect

from

adverse

movements

in

securities

prices

or

interest

rates.

The

use

of

futures

contracts

may

involve

risks

such

as

the

possibility

of

illiquid

markets

or

imperfect

correlation

between

the

values

of

the

contracts

and

the

underlying

securities,

or

that

the

counterparty

will

fail

to

perform

its

obligations.

Futures

contracts are

valued

at

the

settlement

price

on

valuation

date

as

reported

by

an

approved

vendor.

Mini

contracts,

as

defined

in

the

description

of

the

contract,

shall

be

valued

using

the

Actual

Settlement

Price

or

“ASET”

price

type

as

reported

by

an

approved

vendor.

Futures

contracts

are

marked-to-market

daily,

and

the

daily

variation

margin

is

recorded

as

a

receivable

or

payable

on

the

Statement

of

Assets

and

Liabilities

(if

applicable).

The

change

in

unrealized

net

appreciation/depreciation

is

reported

on

the

Statement

of

Operations

(if

applicable).

When

a

contract

is

closed,

a

realized

gain

or

loss

is

reported

on

the

Statement

of

Operations

(if

applicable),

equal

to

the

difference

between

the

opening

and

closing

value

of

the

contract.

Janus

Henderson

Emerging

Market

Debt

Hard

Currency

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

25

Securities

held

by

the

Fund

that

are

designated

as

collateral

for

market

value

on

futures

contracts

are

noted

on

the

Schedule

of

Investments

(if

applicable).

Such

collateral

is

in

the

possession

of

the

Fund's

futures

option

merchant. 

With

futures,

there

is

minimal

counterparty

credit

risk

to

the

Fund

since

futures

are

exchange-traded

and

the

exchange's

clearinghouse,

as

counterparty

to

all

exchange-traded

futures,

guarantees

the

futures

against

default. 

During

the

period,

the

Fund

purchased

interest

rate

futures

to

increase

exposure

to

interest

rate

risk.

During

the

period,

the

Fund

sold

interest

rate

futures

to

decrease

exposure

to

interest

rate

risk.

3.

Other

Investments

and

Strategies 

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,

social

unrest,

tariffs,

financial

institution

failures,

and

economic

recessions 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.

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.

Emerging

Markets

Risk

Emerging

market

securities

involve

a

number

of

risks,

which

may

result

from

less

government

supervision

and

regulation

of

business

and

industry

practices

(including

the

potential

lack

of

strict

finance

and

accounting

controls

and

standards),

stock

exchanges,

brokers,

and

listed

companies.

Information

about

emerging

market

companies,

including

financial

information,

may

be

less

available

or

reliable

and

the

Adviser’s

ability

to

conduct

due

diligence

with

respect

to

such

companies

may

be

limited.

Accordingly,

these

investments

may

be

potentially

more

volatile

in

price

and

less

liquid

than

investments

in

developed

securities

markets,

resulting

in

greater

risk

to

investors.

There

is

a

risk

in

developing

countries

that

a

current

or

future

economic

or

political

crisis

could

lead

to

price

controls,

forced

mergers

of

companies,

expropriation

or

confiscatory

taxation,

imposition

or

enforcement

of

foreign

ownership

limits,

seizure,

nationalization,

sanctions

or

imposition

of

restrictions

by

various

governmental

entities

on

investment

and

trading,

or

creation

of

government

monopolies,

any

of

which

may

have

a

detrimental

effect

on

the

Fund’s

investments.

In

addition,

the

taxation

systems

at

the

federal,

regional,

and

local

levels

in

developing

or

emerging

market

countries

may

be

less

transparent,

inconsistently

enforced,

and

subject

to

change.

Emerging

markets

may

be

subject

to

a

higher

degree

of

corruption

and

fraud

than

developed

markets,

and

financial

institutions

and

transaction

counterparties

may

have

less

financial

sophistication,

creditworthiness,

and/or

resources

than

participants

in

developed

markets.

In

addition,

the

Fund’s

investments

may

be

denominated

in

foreign

currencies

and

therefore,

changes

in

the

value

of

a

foreign

currency

compared

to

the

U.S.

dollar

may

affect

the

value

of

the

Fund’s

investments.

To

the

extent

that

the

Fund

invests

a

significant

portion

of

its

assets

in

the

securities

of

emerging

markets

issuers

in

or

companies

of

a

single

country

or

region,

it

is

more

likely

to

be

impacted

by

events

or

conditions

affecting

that

country

or

region,

which

could

have

a

negative

impact

on

the

Fund’s

performance.

Janus

Henderson

Emerging

Market

Debt

Hard

Currency

ETF

Notes

to

Financial

Statements

(unaudited)

26

April

30,

2025

Foreign

Exposure

Risk

The

Fund

normally

has

significant

exposure

to

foreign

markets

as

a

result

of

its

investments

in

foreign

securities,

including

investments

in

emerging

markets,

which

can

be

more

volatile

than

the

U.S.

markets.

As

a

result,

its

returns

and

net

asset

value

may

be

affected

by

fluctuations

in

currency

exchange

rates

or

political

or

economic

conditions

in

a

particular

country.

In

some

foreign

markets,

there

may

not

be

protection

against

failure

by

other

parties

to

complete

transactions.

It

may

not

be

possible

for

the

Fund

to

repatriate

capital,

dividends,

interest,

and

other

income

from

a

particular

country

or

governmental

entity.

In

addition,

a

market

swing

in

one

or

more

countries

or

regions

where

the

Fund

has

invested

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.

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. 

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.

Janus

Henderson

Emerging

Market

Debt

Hard

Currency

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

27

In

order

to

better

define

its

contractual

rights

and

to

secure

rights

that

will

help

the

Fund

mitigate

its

counterparty

risk,

the

Fund

may

enter

into

an

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreement

(“ISDA

Master

Agreement”)

or

similar

agreement

with

its

derivative

contract

counterparties.

An

ISDA

Master

Agreement

is

a

bilateral

agreement

between

the

Fund

and

a

counterparty

that

governs

OTC

derivatives

and

forward

foreign

currency

exchange

contracts

and

typically

contains,

among

other

things,

collateral

posting

terms

and

netting

provisions

in

the

event

of

a

default

and/or

termination

event.

Under

an

ISDA

Master

Agreement,

in

the

event

of

a

default

and/or

termination

event,

the

Fund

may

offset

with

each

counterparty

certain

derivative

financial

instruments’

payables

and/or

receivables

with

collateral

held

and/or

posted

and

create

one

single

net

payment.

The Offsetting

Assets

and

Liabilities

tables located

in

the

Schedule

of

Investments present

gross

amounts

of

recognized

assets

and/or

liabilities

and

the

net

amounts

after

deducting

collateral

that

has

been

pledged

by

counterparties

or

has

been

pledged

to

counterparties

(if

applicable).

For

corresponding

information

grouped

by

type

of

instrument,

see

the

“Fair

Value

of

Derivative

Instruments

(not

accounted

for

as

hedging

instruments) as

of

April

30,

2025"

table

located

in

the

Fund’s

Schedule

of

Investments.

The

Fund

generally

does

not

exchange

collateral

on

its

forward

currency

contracts

with

its

counterparties;

however,

all

liquid

securities

and

restricted

cash

are

considered

to

cover

in

an

amount

at

all

times

equal

to

or

greater

than

the

Fund’s

commitment

with

respect

to

these

contracts.

Certain

securities

may

be

segregated

at

the

Fund’s

custodian.

These

segregated

securities

are

denoted

on

the

accompanying

Schedule

of

Investments

and

are

evaluated

daily

to

ensure

their

cover

and/or

market

value

equals

or

exceeds

the

Fund’s

corresponding

forward

foreign

currency

exchange

contract’s

obligation

value. 

4.

Investment

Advisory

Agreements

and

Other

Transactions

with

Affiliates 

Under

its

unitary

fee

structure,

the

Fund

pays

the

Adviser a

management

fee

in

return

for

providing

certain

investment

advisory,

supervisory,

and

administrative

services

to

the

Fund,

including

the

costs

of

transfer

agency,

custody,

fund

administration,

legal,

audit,

and

other

services. The

Adviser's fee

structure

is

designed

to

pay

substantially

all

of

the

Fund’s

expenses.

However,

the

Fund

bears

other

expenses

which

are

not

covered

under

the

management

fee

which

may

vary

and

affect

the

total

level

of

expenses

paid

by

shareholders,

such

as

distribution

fees

(if

any),

brokerage

expenses

or

commissions,

interest,

dividends,

taxes,

litigation

expenses,

acquired

fund

fees

and

expenses

(if

any),

and

extraordinary

expenses.

The

Fund’s

unitary

management

fee

provides

for

reductions

in

the

fee

rate

as

the

Fund’s

assets

grow.

As

of

the

date

of

this

report,

the

Fund’s

management

fee

was

calculated

daily

and

paid

monthly

according

to

the

following

schedule: 

For

the

period

ended April

30,

2025,

the

Fund’s

actual

management

fee

rate

(expressed

as

an

annual

rate)

was

0.52% 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/

Daily

Net

Assets

Fee

Rate

$0-$500

million

0.52%

Over

$500

million

0.48%

Janus

Henderson

Emerging

Market

Debt

Hard

Currency

ETF

Notes

to

Financial

Statements

(unaudited)

28

April

30,

2025

or

the

provision

of

certain

shareholder

services.

The

Plan

permits

the

Fund

to

pay

the

Distributor

or

its

designee,

a

fee

for

the

sale

and

distribution

and/or

shareholder

servicing

of

the

shares

at

an

annual

rate

of

up

to

0.25%

of

average

daily

net

assets

of

the

Fund.

However,

the

Trustees

have

determined

not

to

authorize

payment

under

this

Plan

at

this

time.

Under

the

terms

of

the

Plan,

the

Trust

would

be

authorized

to

make

payments

to

the

Distributor

or

its

designee

for

remittance

to

retirement

plan

service

providers,

broker-dealers,

bank

trust

departments,

financial

advisors,

and

other

financial

intermediaries,

as

compensation

for

distribution

and/or

shareholder

services

performed

by

such

entities

for

their

customers

who

are

investors

in

the

Fund.

The

12b-1

fee

may

only

be

imposed

or

increased

when

the

Trustees

determine

that

it

is

in

the

best

interests

of

shareholders

to

do

so.

Because

these

fees

are

paid

out

of

the

Fund’s

assets

on

an

ongoing

basis,

to

the

extent

that

a

fee

is

authorized,

over

time

they

will

increase

the

cost

of

an

investment

in

the

Fund.

The

Plan

fee

may

cost

an

investor

more

than

other

types

of

sales

charges. 

As

of

April

30,

2025, the

Adviser

owned 3,814,574

shares

or 94.19%

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

at

least

80%

of

its

net

assets

(plus

any

borrowings

for

investment

purposes)

in

U.S.

Government

securities

and

repurchase

agreements

that

are collateralized

by

U.S.

Government 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). There

are

no

restrictions

on

the

Fund's

ability

to

withdraw

investments

from

the

Sweep

Vehicle

at

will,

and

there

are

no

unfunded

capital

commitments

due

from

the

Fund

to

the

Sweep

Vehicle.

The

Sweep

Vehicle

does

not

charge

any

management

fee,

sales

charge

or

service

fee. 

Any

purchases

and

sales,

realized

gains/losses

and

recorded

dividends

from

affiliated

investments

during

the period

ended

April

30,

2025 can

be

found

in

a

table

located

in

the

Schedule

of

Investments.

5.

Federal

Income

Tax

Income

and

capital

gains

distributions

are

determined

in

accordance

with

income

tax

regulations

that

may

differ

from

US

GAAP.

These

differences

are

due

to

differing

treatments

for

items

such

as

net

short-term

gains,

deferral

of

wash

sale

losses,

foreign

currency

transactions,

passive

foreign

investment

companies,

net

investment

losses,

in-kind

transactions

and

capital

loss

carryovers.

The

Fund

has

elected

to

treat

gains

and

losses

on

forward

foreign

currency

contracts

as

capital

gains

and

losses,

if

applicable.

Other

foreign

currency

gains

and

losses

on

debt

instruments

are

treated

as

ordinary

income

for

federal

income

tax

purposes

pursuant

to

Section

988

of

the

Internal

Revenue

Code. 

Accumulated

capital

losses

noted

below

represent

net

capital

loss

carryovers,

as

of

October

31,

2024,

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. 

Capital

Loss

Carryover

Schedule

For

the

year

ended

October

31,

2024

No

Expiration

Short-Term

Long-Term

Accumulated

Capital

Losses

$(573,554)

$(611,074)

$(1,184,628)

Janus

Henderson

Emerging

Market

Debt

Hard

Currency

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

29

The

aggregate

cost

of

investments

and

the

composition

of

unrealized

appreciation

and

depreciation

of

investment

securities

for

federal

income

tax

purposes

as

of April

30,

2025 are

noted

below.

The

primary

differences

between

book

and

tax

appreciation

or

depreciation

of

investments are

wash

sale

loss

deferrals

and

amortization

on

bonds.

6.

Capital

Share

Transactions 

7.

Purchases

and

Sales

of

Investment

Securities

For

the

period

ended

April

30,

2025,

the

aggregate

cost

of

purchases

and

proceeds

from

sales

of

investment

securities

(excluding

any

short-term

securities,

short-term

options

contracts,

and

in-kind

transactions)

was

as

follows:

8.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to April

30,

2025

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)

$202,445,357

$3,164,373

$(6,219,990)

$(3,055,617)

Period

Ended

April

30,

2025

Period

Ended

October

31,

2024

(1)

Shares

Amount

Shares

Amount

Shares

sold

750,000

$

38,287,631

4,400,000

$

225,302,221

Shares

repurchased

(1,100,000)

(54,601,399

)

—

—

Net

Increase/(Decrease)

(350,000)

$

(16,313,768

)

4,400,000

$

225,302,221

(1)

Period

from

August

13,

2024

(commencement

of

operations)

through

October

31,

2024.

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

$61,995,761

$81,714,903

$—

$—

Janus

Henderson

Emerging

Market

Debt

Hard

Currency

ETF

Additional

Information

(unaudited)

30

April

30,

2025

Item

8.

Changes

in

and

Disagreements

with

Accountants

for

Open-End

Management

Investment

Companies.

Not

applicable.

Item

9.

Proxy

Disclosures

for

Open-End

Management

Investment

Companies.

Not

applicable.

Item

10.

Remuneration

Paid

to

Directors,

Officers,

and

Others

of

Open-End

Management

Investment

Companies.

Because

the

Adviser

has

agreed

in

the

Investment

Advisory

Agreement

to

cover

all

operating

expenses

of

the

Fund,

subject

to

certain

exclusions

as

provided

for

therein,

the

Adviser

pays

the

compensation

to

each

Independent

Trustees

for

services

to

the

Fund

from

the

Adviser's

management

fees.

Item

11.

APPROVAL

OF

ADVISORY

AGREEMENTS

DURING

THE

PERIOD

The

Board

of

Trustees

(the

“Board”)

of

Janus

Detroit

Street

Trust

(the

“Trust”),

including

a

majority

of

the

Trustees

who

are

not

“interested

persons”

as

that

term

is

defined

in

the

Investment

Company

Act

of

1940,

as

amended

(the

“Independent

Trustees”),

met

in

person

on

April

16-17,

2025

to

consider

the

proposed

renewal

of

the

investment

management

agreement

between

Janus

Henderson

Investors

US

LLC

(the

“Adviser”)

and

the

Trust

(the

“Investment

Management

Agreement”),

on

behalf

of

Janus

Henderson

AAA

CLO

ETF

(“JAAA”),

Janus

Henderson

B-BBB

CLO

ETF

(“JBBB”),

Janus

Henderson

Corporate

Bond

ETF

(“JLQD”),

Janus

Henderson

Mortgage-Backed

Securities

ETF

(“JMBS”),

Janus

Henderson

Securitized

Income

ETF

(“JSI”),

Janus

Henderson

Short

Duration

Income

ETF

(“VNLA”),

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

(“JSML”),

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

(“JSMD”),

Janus

Henderson

U.S.

Real

Estate

ETF

(“JRE”),

and

Janus

Henderson

U.S.

Sustainable

Equity

ETF

(“SSPX”)

(each

a

separate

series

of

the

Trust,

and

collectively,

the

“Funds”).

In

the

course

of

their

consideration

of

the

renewal

of

the

Investment

Management

Agreement,

the

Independent

Trustees

met

in

executive

session

and

were

advised

by

their

independent

counsel.

In

this

regard,

the

Independent

Trustees

evaluated

the

terms

of

the

Investment

Management

Agreement

and

reviewed

the

duties

and

responsibilities

of

trustees

in

evaluating

and

approving

such

agreements.

In

considering

renewal

of

the

Investment

Management

Agreement,

the

Board

and

the

Independent

Trustees,

as

applicable,

reviewed

the

materials

provided

to

them

relating

to

the

consideration

of

the

renewal

of

the

Investment

Management

Agreement

for

the

Funds

and

other

information

provided

by

counsel

and

the

Adviser,

including:

(i)

information

regarding

the

nature,

quality

and

extent

of

the

services

provided

to

the

Funds

by

the

Adviser,

and

the

fees

charged

to

each

Fund

therefor;

(ii)

information

concerning

the

Adviser’s

financial

condition,

business,

operations,

portfolio

management

personnel,

compliance

programs,

and

profitability

with

respect

to

the

Trust

and

each

Fund;

(iii)

comparative

information

describing

each

Fund’s

advisory

fee

structures,

operating

expenses,

and

performance

information

as

compared

to

peer

fund

groups

compiled

by

an

independent

third

party;

(iv)

a

copy

of

the

Adviser’s

current

Form

ADV;

and

(v)

a

memorandum

from

counsel

to

the

Independent

Trustees

on

the

responsibilities

of

trustees

in

considering

investment

advisory

arrangements

under

the

1940

Act.

The

Board

also

considered

presentations

made

by,

and

discussions

held

with,

representatives

of

the

Adviser

throughout

the

year.

The

Trustees

also

considered

information

received

and

reviewed

in

connection

with

a

meeting

held

on

March

10,

2025

via

videoconference

to

discuss

certain

information

provided

by

the

Adviser

related

to

the

Trustees’

consideration

of

the

renewal

of

the

Investment

Management

Agreement.

The

Board

determined

that

the

information

provided

by

the

Adviser

was

thorough

and

sufficiently

responsive

to

their

request

so

as

to

permit

the

effective

consideration

of

the

renewal.

During

its

review

of

this

information,

the

Board

focused

on

and

analyzed

the

factors

that

it

deemed

relevant,

including,

among

other

factors:

(i)

the

nature,

extent

and

quality

of

the

services

provided

to

the

Funds

by

the

Adviser;

(ii)

the

Adviser’s

personnel

and

operations;

(iii)

each

Fund’s

expense

level;

(iv)

the

profitability

to

the

Adviser

under

the

Investment

Management

Agreement

with

respect

to

each

Fund;

(v)

any

“fall-out”

benefits

to

the

Adviser

and

its

affiliates

Janus

Henderson

Emerging

Market

Debt

Hard

Currency

ETF

Additional

Information

(unaudited)

Janus

Detroit

Street

Trust

31

(i.e.,

the

ancillary

benefits

realized

by

the

Adviser

and

its

affiliates

from

the

Adviser’s

relationship

with

the

Trust);

(vi)

the

effect

of

asset

growth

on

each

Fund’s

expenses;

and

(vii)

potential

conflicts

of

interest.

The

Trustees

also

considered

benefits

that

accrue

to

the

Adviser

and

its

affiliates

from

their

relationships

with

the

Trust

and

each

Fund.

The

Trustees

also

considered

that,

other

than

the

services

provided

by

the

Adviser

and

its

affiliates

pursuant

to

agreements

with

the

Funds

and

the

fees

paid

by

the

Funds

therefor,

the

Funds

and

the

Adviser

may

potentially

benefit

from

their

relationship

with

each

other

in

other

ways.

The

Trustees

considered

that

the

success

of

the

Funds

could

attract

other

business

to

the

Adviser

or

other

Janus

Henderson

funds,

and

that

the

success

of

the

Adviser

could

enhance

the

Adviser’s

ability

to

serve

the

Funds.

The

Board,

including

the

Independent

Trustees,

considered

the

following

in

respect

of

the

Funds:

(a)

The

nature,

extent

and

quality

of

services

provided

by

the

Adviser;

personnel

and

operations

of

the

Adviser.

The

Board

reviewed

the

services

that

the

Adviser

provides

to

the

Funds.

In

connection

with

the

investment

advisory

services

provided

by

the

Adviser,

the

Board

noted

the

responsibilities

that

the

Adviser

has

as

the

Funds’

investment

adviser,

including:

the

overall

supervisory

responsibility

for

the

general

management

and

investment

of

each

Fund’s

securities

portfolio;

providing

oversight

of

the

investment

performance

and

processes

and

compliance

with

each

Fund’s

investment

objectives,

policies

and

limitations;

the

implementation

of

the

investment

management

program

of

each

Fund;

the

management

of

the

day-to-day

investment

and

reinvestment

of

the

assets

of

each

Fund;

determining

daily

baskets

of

securities

and

cash

components

in

connection

with

creation

and

redemption

transactions

in

each

Fund’s

shares;

executing

portfolio

security

trades

for

purchases

and

redemptions

of

each

Fund’s

shares

conducted

on

a

cash-

in-lieu

basis;

the

review

of

brokerage

matters;

the

oversight

of

general

portfolio

compliance

with

relevant

law;

and

the

implementation

of

Board

directives

as

they

relate

to

the

Funds.

The

Board

reviewed

the

Adviser’s

experience,

resources,

and

strengths

in

managing

the

Funds

and

other

pooled

investment

vehicles,

including

an

assessment

of

the

Adviser’s

personnel.

Based

on

its

consideration

and

review

of

the

foregoing

information,

the

Board

determined

that

each

Fund

was

likely

to

continue

to

benefit

from

the

nature,

quality

and

extent

of

these

services,

as

well

as

the

Adviser’s

ability

to

render

such

services

based

on

the

Adviser’s

experience,

personnel,

operations

and

resources.

(b)

Comparison

of

services

rendered

and

fees

paid

under

other

investment

advisory

contracts,

and

the

cost

of

the

services

to

be

provided

and

profits

to

be

realized

by

the

Adviser

from

the

relationship

with

the

Funds;

“fall-out”

benefits.

The

Board

then

compared

both

the

services

rendered

and

the

fees

paid

under

other

contracts

of

the

Adviser

and

under

contracts

of

other

investment

advisers

with

respect

to

similar

ETFs.

In

particular,

the

Board

reviewed

a

report

compiled

by

an

independent

third

party

to

compare

each

Fund’s

contractual

management

fee

and

total

expense

ratio

to

other

investment

companies

within

each

Fund’s

respective

peer

grouping,

as

determined

by

the

independent

third

party.

The

information

provided

by

the

comparative

report

showed

how

the

total

expense

ratio

and

contractual

management

fee

for

each

of

the

Funds

compared

within

its

respective

peer

group

for

the

one-year

period

ended

December

31,

2024.

The

reporting

is

described

in

detail

below:

Janus

Henderson

Emerging

Market

Debt

Hard

Currency

ETF

Additional

Information

(unaudited)

32

April

30,

2025

The

total

expense

ratio

and

the

contractual

management

fee

for

JAAA

were

each

reported

in

the

3rd

quintile

of

its

respective

peer

group

(with

1st

quintile

being

the

lowest

fees/expenses

and

5th

quintile

being

the

highest

fees/

expenses).

The

total

expense

ratio

and

the

contractual

management

fee

for

JBBB

were

each

reported

in

the

1st

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JLQD

were

each

reported

in

the

3rd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JMBS

were

each

reported

in

the

1st

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JSI

were

each

reported

in

the

4th

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

VNLA

were

each

reported

in

the

1st

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JSML

were

reported

in

the

3rd

and

2nd

quintiles,

respectively.

The

total

expense

ratio

and

the

contractual

management

fee

for

JSMD

were

reported

in

the

3rd

and

2nd

quintiles,

respectively.

The

total

expense

ratio

and

the

contractual

management

fee

for

JRE

were

reported

in

the

4th

and

3rd

quintiles,

respectively.

The

total

expense

ratio

and

the

contractual

management

fee

for

SSPX

were

each

reported

in

the

2nd

quintile.

The

Board

further

considered

that

the

Adviser

had

voluntarily

agreed

to

cap

the

expenses

of

JAAA,

JMBS

and

VNLA

to

the

extent

that

such

Funds’

total

expense

ratio

exceeded

0.20%,

0.22%

and

0.23%,

respectively,

until

at

least

February

28,

2026.

The

Board

also

considered

that

the

Adviser

had

voluntarily

agreed

to

cap

the

expenses

of

JLQD

to

the

extent

that

the

Fund’s

total

expense

ratio

exceeded

0.20%

until

at

least

May

1,

2026.

The

Board

further

noted

the

Adviser’s

contractual

commitment

with

respect

to

the

Funds’

investments

in

affiliated

ETFs

to

waive

and/or

reimburse

a

portion

of

its

management

fee

in

an

amount

equal

to

a

portion

of

the

management

fee

it

earns

as

investment

adviser

to

affiliated

ETFs

in

which

a

Fund

invests

(if

any),

for

until

at

least

February 28,

2026.

The

Board

also

discussed

the

costs

incurred

by

the

Adviser

in

connection

with

its

serving

as

investment

adviser

to

the

Funds,

including

operational

costs.

After

comparing

each

Fund’s

fees

and

expenses

with

those

of

other

ETFs

in

the

Funds’

respective

peer

groups,

and

in

light

of

the

nature,

extent

and

quality

of

services

provided

by

the

Adviser

and

the

costs

incurred

by

the

Adviser

in

rendering

those

services,

as

well

as

the

profitability

of

the

Adviser

in

providing

these

services,

the

Board

concluded

that

the

level

of

fees

paid

to

the

Adviser

and

the

profitability

with

respect

to

each

Fund

was

fair

and

reasonable.

The

Board

also

considered

that

the

Adviser

may

experience

reputational

“fall-out”

benefits

based

on

the

success

of

the

Funds,

but

that

such

benefits

are

not

easily

quantifiable.

(c)

The

extent

to

which

economies

of

scale

would

be

realized

as

the

Fund

grows

and

whether

fee

levels

would

reflect

such

economies

of

scale.

The

Board

next

discussed

potential

economies

of

scale.

In

its

review,

the

Board

considered

that

the

Funds

were

positioned

to

realize

potential

economies

of

scale

as

assets

grow

over

time,

given

the

inclusion

of

management

fee

breakpoints

for

each

Fund

in

the

current

investment

advisory

agreement

at

various

asset

levels.

(d)

Investment

performance

of

the

Fund

and

the

Adviser.

Janus

Henderson

Emerging

Market

Debt

Hard

Currency

ETF

Additional

Information

(unaudited)

Janus

Detroit

Street

Trust

33

The

Board

next

discussed

the

annualized

returns

of

the

Funds

on

both

an

absolute

basis

and

relative

to

the

performance

of

funds

comprising

a

performance

universe

compiled

by

an

independent

third

party

for

each

Fund

for

the

three-month

period,

one-year

period,

two-year

period,

three-year

period,

four-year

period,

five-year

period,

and/or

since

inception

period

ended

December

31,

2024

(each

period

as

applicable).

The

Board

noted

the

following

for

each

Fund:

JAAA

was

reported

to

be

in

the

1st

quintile

of

its

performance

universe

(with

the

1st

quintile

being

the

best

performer

and

the

5th

quintile

being

the

worst

performer)

for

its

one-,

two-,

three-

and

four-year

periods;

JBBB

was

reported

to

be

in

the

1stquintile

of

its

performance

universe

for

its

one-

and

two-year

periods,

respectively;

JLQD

was

reported

to

be

in

the

2nd,

3rd,

and

2nd

quintiles

of

its

performance

universe

for

its

one-,

two-,

and

three-

year

periods,

respectively.

JMBS

was

reported

to

be

in

the

1st

quintile

of

its

performance

universe

for

its

one-,

two-,

three-,

four-,

and

five-year

periods;

JSI

was

reported

to

be

in

the

2nd,

1st,

and

1st

quintiles

of

its

performance

universe

for

its

three

month,

one

year,

and

since

inception

periods,

respectively.

VNLA

was

reported

to

be

in

the

2nd,

2nd,

2nd,

2nd,

and

1st

quintiles

of

its

performance

universe

for

each

of

its

one-

,

two-,

three-,

four-,

and

five-year

periods;

JSML

was

reported

to

be

in

the

4th,

1st,

1st,

3rd,

and

3rd

quintiles

of

its

performance

universe

for

its

one-,

two-,

three-,

four-,

and

five-year

periods,

respectively;

JSMD

was

reported

to

be

in

the

3rd,

2nd,

1st,

2nd,

and

2nd

quintiles

of

its

performance

universe

for

its

one-,

two-,

three-,

four-,

and

five-year

periods,

respectively;

JRE

was

reported

to

be

in

the

2nd,

4th,

and

2nd

quintiles

of

its

performance

universe

for

its

one-,

two-,

and

three-

year

periods,

respectively;

and

SSPX

was

reported

to

be

in

the

5th

quintile

of

its

performance

universe

for

its

one-,

two-,

and

three-

year

periods.

With

respect

to

JSML

and

JSMD,

the

Board

noted

that

these

Funds

had

operated

as

index-based

during

the

periods

described

above

and,

as

a

result,

had

been

passively

managed

to

seek

to

track

the

returns

of

specified

indices.

For

this

reason,

the

Board

also

considered

the

performance

of

these

Funds

in

relation

to

the

performance

of

each

Fund’s

respective

underlying

index

(i.e.,

“tracking

error”)

and

considered

that

the

tracking

error

was

within

anticipated

ranges.

The

Board

considered

the

Adviser’s

explanation

of

performance

results

for

each

Fund

across

the

relevant

periods

provided

as

part

of

the

consideration

of

the

renewal

of

the

Investment

Advisory

Agreement,

and

during

the

course

of

the

previous

year.

Conclusion.

No

single

factor

was

determinative

to

the

decision

of

the

Board.

Based

on

the

foregoing

and

such

other

matters

as

were

deemed

relevant,

the

Board

concluded

that

the

management

fee

rates

and

total

expense

ratios

of

each

Fund

are

reasonable

in

relation

to

the

services

provided

by

the

Adviser

to

such

Fund,

as

well

as

the

costs

incurred

and

benefits

gained

by

the

Adviser

in

providing

such

services.

The

Board

also

found

the

management

fees

to

be

reasonable

in

comparison

to

the

fees

charged

by

advisers

to

other

comparable

ETFs

and

mutual

funds

(as

applicable).

As

a

result,

the

Board

concluded

that

the

renewal

of

the

Investment

Management

Agreement

for

an

additional

one-year

period

was

in

the

best

interests

of

each

Fund.

After

full

consideration

of

the

above

factors,

as

well

as

other

factors,

the

Trustees,

including

all

of

the

Independent

Trustees

voting

separately,

determined

to

approve

the

renewal

of

the

Investment

Management

Agreement

for

each

Fund.

125-24-93099

04-25

This

report

is

submitted

for

the

general

information

of

shareholders

of

the

Fund.

It

is

not

an

offer

or

solicitation

for

the

Fund

and

is

not

authorized

for

distribution

to

prospective

investors

unless

preceded

or

accompanied

by

an

effective

prospectus.

Janus

Henderson

is

a

trademark

of

Janus

Henderson

Group

plc

or

one

of

its

subsidiaries.

©

Janus

Henderson

Group

plc.

Janus

Henderson

Investors

US

LLC

is

the

investment

adviser

and

ALPS

Distributors,

Inc.

is

the

distributor.

ALPS

is

not

affiliated

with

Janus

Henderson

or

any

of

its

subsidiaries.

SEMIANNUAL

FINANCIAL

STATEMENTS

April

30,

2025

Janus

Henderson

Mid

Cap

Growth

Alpha

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

Mid

Cap

Growth

Alpha

ETF

Item

7.

Financial

Statements

and

Financial

Highlights

for

Open-End

Management

Investment

Companies

Schedule

of

Investments

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

3

Statement

of

Assets

and

Liabilities

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

8

Statement

of

Operations

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

9

Statement

of

Changes

in

Net

Assets

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

10

Financial

Highlights

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

11

Notes

to

Financial

Statements

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

12

Items

8-11

-

Additional

Information

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

19

Janus

Henderson

Mid

Cap

Growth

Alpha

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

Janus

Detroit

Street

Trust

3

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares

Value

Common

Stocks

-

100.2%

Aerospace

&

Defense

-

2.2%

Axon

Enterprise,

Inc.*

384

$

235,507

HEICO

Corp.

-

Class

A

643

129,198

364,705

Air

Freight

&

Logistics

-

1.1%

Expeditors

International

of

Washington,

Inc.

1,629

179,043

Beverages

-

0.4%

Celsius

Holdings,

Inc.*

2,110

73,766

Biotechnology

-

1.7%

Exelixis,

Inc.*

7,223

282,780

Building

Products

-

1.7%

Advanced

Drainage

Systems,

Inc.

196

22,244

Carlisle

Cos.,

Inc.

701

266,016

288,260

Capital

Markets

-

7.8%

Ameriprise

Financial,

Inc.

1,003

472,433

Coinbase

Global,

Inc.

-

Class

A*

1,176

238,599

Houlihan

Lokey,

Inc.

-

Class

A

1,509

244,579

Lazard,

Inc.

-

Class

A

6,238

242,658

XP,

Inc.

-

Class

A

6,320

101,752

1,300,021

Commercial

Services

&

Supplies

-

3.3%

Rollins,

Inc.

6,104

348,721

Veralto

Corp.

2,184

209,446

558,167

Communications

Equipment

-

0.9%

Ubiquiti,

Inc.

474

154,737

Construction

&

Engineering

-

3.0%

Comfort

Systems

USA,

Inc.

398

158,225

EMCOR

Group,

Inc.

716

286,901

Quanta

Services,

Inc.

198

57,953

503,079

Consumer

Finance

-

1.0%

Credit

Acceptance

Corp.*

244

118,931

SoFi

Technologies,

Inc.*

4,042

50,565

169,496

Containers

&

Packaging

-

0.4%

Sealed

Air

Corp.

2,715

74,825

Diversified

Consumer

Services

-

2.8%

Duolingo,

Inc.

-

Class

A*

220

85,686

Grand

Canyon

Education,

Inc.*

1,025

182,829

H&R

Block,

Inc.

3,324

200,670

469,185

Electric

Utilities

-

1.8%

NRG

Energy,

Inc.

2,774

303,975

Electrical

Equipment

-

1.1%

Vertiv

Holdings

Co.

-

Class

A

2,126

181,518

Electronic

Equipment,

Instruments

&

Components

-

1.1%

CDW

Corp.

1,054

169,230

Jabil,

Inc.

79

11,578

180,808

Entertainment

-

0.9%

Live

Nation

Entertainment,

Inc.*

1,100

145,695

Financial

Services

-

5.8%

Corpay,

Inc.*

1,184

385,238

Janus

Henderson

Mid

Cap

Growth

Alpha

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

4

April

30,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares

Value

Common

Stocks

-

(continued)

Financial

Services

-

(continued)

Equitable

Holdings,

Inc.

6,794

$

335,963

Western

Union

Co.

(The)

25,030

248,048

969,249

Food

Products

-

2.3%

Hershey

Co.

(The)

1,656

276,867

Pilgrim's

Pride

Corp.

1,873

102,228

379,095

Ground

Transportation

-

0.4%

Lyft,

Inc.

-

Class

A*

5,271

65,360

Health

Care

Equipment

&

Supplies

-

2.2%

GE

HealthCare

Technologies,

Inc.

899

63,227

ResMed,

Inc.

1,302

308,040

371,267

Health

Care

Providers

&

Services

-

2.6%

Cencora,

Inc.

137

40,096

DaVita,

Inc.*

2,059

291,452

Molina

Healthcare,

Inc.*

335

109,548

441,096

Health

Care

Technology

-

0.2%

Doximity,

Inc.

-

Class

A*

470

26,734

Hotels,

Restaurants

&

Leisure

-

2.3%

Darden

Restaurants,

Inc.

1,612

323,432

Light

&

Wonder,

Inc.*

817

69,755

393,187

Household

Durables

-

2.5%

Somnigroup

International,

Inc.

5,092

310,917

TopBuild

Corp.*

367

108,544

419,461

Independent

Power

and

Renewable

Electricity

Producers

-

0.9%

Vistra

Corp.

1,147

148,686

Insurance

-

5.9%

Allstate

Corp.

(The)

1,522

301,949

Brown

&

Brown,

Inc.*

2,795

309,127

Kinsale

Capital

Group,

Inc.

209

90,969

Markel

Group,

Inc.*

156

283,702

985,747

Interactive

Media

&

Services

-

1.2%

Pinterest,

Inc.

-

Class

A*

7,935

200,914

IT

Services

-

3.2%

GoDaddy,

Inc.

-

Class

A*

1,901

358,016

Okta,

Inc.

-

Class

A*

1,614

181,026

539,042

Leisure

Products

-

0.8%

Hasbro,

Inc.

2,271

140,575

Life

Sciences

Tools

&

Services

-

1.0%

Medpace

Holdings,

Inc.*

516

159,129

Machinery

-

0.6%

Lincoln

Electric

Holdings,

Inc.

521

91,800

Media

-

1.5%

Nexstar

Media

Group,

Inc.

-

Class

A

1,713

256,368

Oil,

Gas

&

Consumable

Fuels

-

2.4%

Cheniere

Energy,

Inc.

1,720

397,509

Professional

Services

-

5.3%

Booz

Allen

Hamilton

Holding

Corp.

-

Class

A

2,157

258,883

Janus

Henderson

Mid

Cap

Growth

Alpha

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

Janus

Detroit

Street

Trust

5

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares

Value

Common

Stocks

-

(continued)

Professional

Services

-

(continued)

Paychex,

Inc.

2,412

$

354,854

Paycom

Software,

Inc.

196

44,372

Verisk

Analytics,

Inc.

-

Class

A

759

224,990

883,099

Retail

REITs

-

1.9%

Simon

Property

Group,

Inc.

2,064

324,832

Software

-

18.4%

Appfolio,

Inc.

-

Class

A*

260

53,695

AppLovin

Corp.

-

Class

A*

1,577

424,702

Docusign,

Inc.

-

Class

A*

3,438

281,057

Manhattan

Associates,

Inc.*

1,754

311,142

Nutanix,

Inc.

-

Class

A*

983

67,532

Palantir

Technologies,

Inc.

-

Class

A*

12,172

1,441,652

Pegasystems,

Inc.

3,012

277,345

Teradata

Corp.*

9,204

197,886

Unity

Software,

Inc.*

1,134

23,893

3,078,904

Specialized

REITs

-

1.0%

Lamar

Advertising

Co.

-

Class

A

1,513

172,195

Specialty

Retail

-

2.7%

Murphy

USA,

Inc.

129

64,315

Ulta

Beauty,

Inc.*

714

282,487

Williams-Sonoma,

Inc.

714

110,292

457,094

Technology

Hardware,

Storage

&

Peripherals

-

0.5%

Super

Micro

Computer,

Inc.*

2,719

86,627

Textiles,

Apparel

&

Luxury

Goods

-

2.1%

Crocs,

Inc.*

2,195

211,642

Deckers

Outdoor

Corp.*

1,295

143,525

355,167

Trading

Companies

&

Distributors

-

1.3%

Core

&

Main,

Inc.

-

Class

A*

4,234

223,047

Total

Common

Stocks

(cost

16,562,310)

16,796,244

Total

Investments

(total

cost

$

16,562,310

)

-

100.2%

16,796,244

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(0.2%)

(25,186)

Net

Assets

-

100.0%

$16,771,058

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

16,694,492

99.4

%

Brazil

101,752

0.6

Total

$

16,796,244

100.0%

Janus

Henderson

Mid

Cap

Growth

Alpha

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

6

April

30,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Schedule

of

Affiliated

Investments

-

(%

of

Net

Assets)

Affiliated

Investments,

at

Value

at

10/31/24

Purchases

Sales

Proceeds

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciatio

n/

(Depreciation)

Affiliated

Investments,

at

Value

at

4/30/25

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

Shares

Held

at

4/30/25

Dividend

Income

Investment

Company

-

N/A

Money

Market

Funds

-

N/A

Janus

Henderson

Cash

Liquidity

Fund

LLC,

4.3351%

∞

$

1,360

$

148,198

$

(149,558)

$

–

$

–

$

–

–

$

228

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

N/A

Investment

Companies

-

N/A

Janus

Henderson

Cash

Collateral

Fund

LLC,

4.2679%

∞

–

110,367

(110,367)

–

–

–

–

63

Δ

Total

Affiliated

Investments

-

N/A

$1,360

$258,565

$(259,925)

$–

$–

$–

$291

Janus

Henderson

Mid

Cap

Growth

Alpha

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

April

30,

2025

Janus

Detroit

Street

Trust

7

LLC

Limited

Liability

Company

REIT

Real

Estate

Investment

Trust

*

Non-income

producing

security.

∞

Rate

shown

is

the

7-day

yield

as

of

April

30,

2025.

Δ

Net

of

income

paid

to

the

securities

lending

agent

and

rebates

paid

to

the

borrowing

counterparties.

The

following

is

a

summary

of

the

inputs

that

were

used

to

value

the

Fund's

investments

in

securities

and

other

financial

instruments

as

of

April

30,

2025

.

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

Total

Assets

Investments

in

Securities:

Common

Stocks

$

16,796,244

$

—

$

—

$

16,796,244

Total

Assets

$

16,796,244

$

—

$

—

$

16,796,244

Janus

Henderson

Mid

Cap

Growth

Alpha

ETF

Statement

of

Assets

and

Liabilities

(unaudited)

April

30,

2025

8

April

30,

2025

See

Notes

to

Financial

Statements.

Assets:

Investments,

at

value

(cost

$16,562,310)

$

16,796,244

Receivables:

Dividends

2,918

Interest

36

Affiliated

securities

lending

income,

net

5

Total

Assets

16,799,203

Liabilities:

Due

to

custodian

24,100

Payables:

Management

fees

4,045

Total

Liabilities

28,145

Commitments

and

contingent

liabilities

Net

Assets

$

16,771,058

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

18,221,686

Total

distributable

earnings

(loss)

(

1,450,628

)

Total

Net

Assets

$

16,771,058

Net

Assets

$

16,771,058

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

650,000

Net

Asset

Value

Per

Share

$

25

.80

Janus

Henderson

Mid

Cap

Growth

Alpha

ETF

Statement

of

Operations

(unaudited)

For

the

period

ended

April

30,

2025

Janus

Detroit

Street

Trust

9

See

Notes

to

Financial

Statements.

Investment

Income:

Dividends

$

89,983

Dividends

from

affiliates

228

Affiliated

securities

lending

income,

net    

63

Unaffiliated

securities

lending

income,

net

30

Foreign

tax

withheld

(

39

)

Total

Investment

Income

90,265

Expenses:

Management

Fees

24,441

Total

Expenses

24,441

Net

Investment

Income/(Loss)

65,824

Net

Realized

Gain/(Loss)

on

Investments:

Investments

$

(

1,705,295

)

Total

Net

Realized

Gain/(Loss)

on

Investments

$

(

1,705,295

)

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

13,301

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

13,301

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

(

1,626,170

)

Janus

Henderson

Mid

Cap

Growth

Alpha

ETF

Statement

of

Changes

in

Net

Assets

10

April

30,

2025

See

Notes

to

Financial

Statements.

Period

Ended

April

30,

2025

(unaudited)

Period

Ended

October

31,

2024

(1)

Operations:

Net

investment

income/(loss)

$

65,824

$

1,197

Net

realized

gain/(loss)

on

investments

(

1,705,295

)

(

70

)

Change

in

unrealized

net

appreciation/depreciation

13,301

220,633

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

(

1,626,170

)

221,760

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(

46,218

)

—

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(

46,218

)

—

Capital

Share

Transactions

12,597,879

5,623,807

Net

Increase/(Decrease)

in

Net

Assets

10,925,491

5,845,567

Net

Assets:

—

—

Beginning

of

Period  

5,845,567

—

End

of

Period

$

16,771,058

$

5,845,567

(1)

Period

from

September

17,

2024

(commencement

of

operations)

through

October

31,

2024.

Janus

Henderson

Mid

Cap

Growth

Alpha

ETF

Financial

Highlights

Janus

Detroit

Street

Trust

11

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

the

period

ended

April

30,

2025

(unaudited)

and

each

year

or

period

ended

October

31

2025

2024

(1)

Net

Asset

Value,

Beginning

of

Period

$25.98

$25.00

Income/(Loss)

from

Investment

Operations:

—

—

Net

investment

income/(loss)

(2)

0.11

0.01

Net

realized

and

unrealized

gain/(loss)

(0.22)

0.97

Total

from

Investment

Operations

(0.11)

0.98

Less

Dividends

and

Distributions:

—

—

Dividends

(from

net

investment

income)

(0.07)

—

Total

Dividends

and

Distributions

(0.07)

—

Net

Asset

Value,

End

of

Period

$25.80

$25.98

Total

Return

*

(0.42)%

3.92%

Net

assets,

End

of

Period

(in

thousands)

$16,771

$5,846

Ratios

to

Average

Net

Assets

**

Ratio

of

Gross

Expenses

0.30%

0.30%

Ratio

of

Net

Investment

Income/(Loss)

0.80%

0.17%

Portfolio

Turnover

Rate

(3)

188%

0%

(4)

*

Total

return

not

annualized

for

periods

of

less

than

one

full

year.

**

Annualized

for

periods

of

less

than

one

full

year.

(1)

Period

from

September

17,

2024

(commencement

of

operations)

through

October

31,

2024.

(2)

Per

share

amounts

are

calculated

based

on

average

shares

outstanding

during

the

year

or

period.

(3)

Portfolio

turnover

rate

excludes

securities

received

or

delivered

from

in-kind

processing

of

creation

or

redemptions.

(4)

Amount

is

less

than

0.5%

Janus

Henderson

Mid

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

(unaudited)

12

April

30,

2025

1.

Organization

and

Significant

Accounting

Policies

Janus

Henderson 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 fourteen

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

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 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.

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

Chief

Financial

Officer

of

the

Fund/Portfolio

is

designated

as

the

Chief

Operating

Decision

Maker

(“CODM”)

as

it

relates

to

ASC

Topic

280.

The

CODM

has

concluded

that

the

Fund/Portfolio

operated

as

a

single

segment

entity

for

the

period ended

April

30,

2025.

The

key

indicator

of

performance

of

the

Fund

is

net

investment

income

as

reported

on

the

Statement

of

Operations.

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,

Janus

Henderson

Mid

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

13

yields,

maturities

and

ratings.

Certain

short-term

securities

maturing

within

60

days

or

less

may

be

evaluated

and

valued

on

an

amortized

cost

basis

provided

that

the

amortized

cost

determined

approximates

market

value.

Securities

for

which

market

quotations

or

evaluated

prices

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

determined

in

good

faith

by

the

Adviser

pursuant

to

the

Valuation

Procedures. Circumstances

in

which

fair

valuation

may

be

utilized

include,

but

are

not

limited

to:

(i)

a

significant

event

that

may

affect

the

securities

of

a

single

issuer,

such

as

a

merger,

bankruptcy,

or

significant

issuer-specific

development;

(ii)

an

event

that

may

affect

an

entire

market,

such

as

a

natural

disaster

or

significant

governmental

action;

(iii)

a

nonsignificant

event

such

as

a

market

closing

early

or

not

opening,

or

a

security

trading

halt;

and

(iv)

pricing

of

a

non-valued

security

and

a

restricted

or

nonpublic

security.

Special

valuation

considerations

may

apply

with

respect

to

“odd-lot”

fixed-income

transactions

which,

due

to

their

small

size,

may

receive

evaluated

prices

by

pricing

services

which

reflect

a

large

block

trade

and

not

what

actually

could

be

obtained

for

the

odd-

lot

position.

The

value

of

the

securities

of

mutual

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

mutual

funds,

and

the

prospectuses

for

such

mutual

funds

explain

the

circumstances

under

which

they

use

fair

valuation

and

the

effects

of

using

fair

valuation.

The

value

of

the

securities

of

any

cash

management

pooled

investment

vehicles

that

operate

as

money

market

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

funds.

Valuation

Inputs

Summary 

FASB

ASC

820,

Fair

Value

Measurements

and

Disclosures

(“ASC

820”),

defines

fair

value,

establishes

a

framework

for

measuring

fair

value,

and

expands

disclosure

requirements

regarding

fair

value

measurements.

This

standard

emphasizes

that

fair

value

is

a

market-based

measurement

that

should

be

determined

based

on

the

assumptions

that

market

participants

would

use

in

pricing

an

asset

or

liability

and

establishes

a

hierarchy

that

prioritizes

inputs

to

valuation

techniques

used

to

measure

fair

value.

These

inputs

are

summarized

into

three

broad

levels: 

Level

1

–

Unadjusted

quoted

prices

in

active

markets

the

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities.

Level

2

–

Observable

inputs

other

than

unadjusted

quoted

prices

included

in

Level

1

that

are

observable

for

the

asset

or

liability

either

directly

or

indirectly.

These

inputs

may

include

quoted

prices

for

the

identical

instrument

on

an

inactive

market,

prices

for

similar

instruments,

interest

rates,

prepayment

speeds,

credit

risk,

yield

curves,

default

rates

and

similar

data.

Assets

or

liabilities

categorized

as

Level

2

in

the

hierarchy

generally

include:

debt

securities

fair

valued

in

accordance

with

the

evaluated

bid

or

ask

prices

supplied

by

a

pricing

service;

securities

traded

on

OTC

markets

and

listed

securities

for

which

no

sales

are

reported

that

are

fair

valued

at

the

latest

bid

price

(or

yield

equivalent

thereof)

obtained

from

one

or

more

dealers

transacting

in

a

market

for

such

securities

or

by

a

pricing

service

approved

by

the

Fund’s

Trustees;

and

certain

short-term

debt

securities

with

maturities

of

60

days

or

less

that

are

fair

valued

at

amortized

cost.

Other

securities

that

may

be

categorized

as

Level

2

in

the

hierarchy

include,

but

are

not

limited

to,

preferred

stocks,

bank

loans,

swaps,

investments

in

unregistered

investment

companies,

options,

and

forward

contracts.

Level

3

–

Unobservable

inputs

for

the

asset

or

liability

to

the

extent

that

relevant

observable

inputs

are

not

available,

representing

the

Fund’s

own

assumptions

about

the

assumptions

that

a

market

participant

would

use

in

valuing

the

asset

or

liability,

and

that

would

be

based

on

the

best

information

available.

There

have

been

no

significant

changes

in

valuation

techniques

used

in

valuing

any

such

positions

held

by

the

Fund

since

the

beginning

of

the

period.

The

inputs

or

methodology

used

for

fair

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

The

summary

of

inputs

used

as

of

April

30,

2025 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

Janus

Henderson

Mid

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

(unaudited)

14

April

30,

2025

be

subject

to

withholding

taxes

in

foreign

jurisdictions.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value.

Interest

income

is

recorded

daily

on

an

accrual

basis

and

includes

amortization

of

premiums

and

accretion

of

discounts.

The

Fund

classifies

gains

and

losses

on

prepayments

received

as

an

adjustment

to

interest

income.

Debt

securities

may

be

placed

in

non-accrual

status

and

related

interest

income

may

be

reduced

by

stopping

current

accruals

and

writing

off

interest

receivables

when

collection

of

all

or

a

portion

of

interest

has

become

doubtful.

Gains

and

losses

are

determined

on

the

identified

cost

basis,

which

is

the

same

basis

used

for

federal

income

tax

purposes.  

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,

Janus

Henderson

Mid

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

15

political,

economic

and

other

conditions

and

events,

such

as

natural

disasters,

health

emergencies

(e.g.,

epidemics

and

pandemics),

terrorism,

conflicts,

including

related

sanctions,

social

unrest,

tariffs,

financial

institution

failures,

and

economic

recessions 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.

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.

Mid-Sized

Companies

Risk 

Investments

in

securities

issued

by

mid-sized

companies

may

involve

greater

risks

than

are

customarily

associated

with

larger,

more

established

companies. 

Securities

issued

by

mid-sized

companies

tend

to

be

more

volatile

than

securities

issued

by

larger

or

more

established

companies

and

may

underperform

as

compared

to

the

securities

of

larger

or

more

established

companies. 

These

holdings

are

also

subject

to

wider

price

fluctuations

and

tend

to

be

less

liquid

than

stocks

of

larger

or

more

established

companies,

which

could

have

significant

adverse

effect

on

the

Fund's

returns,

especially

as

market

conditions

change.

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

Janus

Henderson

Mid

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

(unaudited)

16

April

30,

2025

at

the

close

of

business,

employing

the

most

recent

available

pricing

information.

Collateral

levels

are

then

adjusted

based

on

this

mark-to-market

evaluation. 

Additional

required

collateral,

or

excess

collateral

returned,

is

delivered

on

the

next

business

day. 

Therefore,

the

value

of

the

collateral

held

may

be

temporarily

less

than

102%

or

105%

value

of

the

securities

on

loan.

The

cash

collateral

invested

by

the

Adviser

is

disclosed

in

the

Schedule

of

Investments

(if

applicable).

Income

earned

from

the

investment

of

the

cash

collateral,

net

of

rebates

paid

to,

or

fees

paid

by,

borrowers

and

less

the

fees

paid

to

the

lending

agent

are

included

as

“Affiliated

securities

lending

income,

net”

on

the

Statement

of

Operations.

There

were

no

securities

on

loan

as

of

April

30,

2025.

3.

Investment

Advisory

Agreements

and

Other

Transactions

with

Affiliates 

Under

its

unitary

fee

structure,

the

Fund

pays

the

Adviser a

management

fee

in

return

for

providing

certain

investment

advisory,

supervisory,

and

administrative

services

to

the

Fund,

including

the

costs

of

transfer

agency,

custody,

fund

administration,

legal,

audit,

and

other

services. The

Adviser's fee

structure

is

designed

to

pay

substantially

all

of

the

Fund’s

expenses.

However,

the

Fund

bears

other

expenses

which

are

not

covered

under

the

management

fee

which

may

vary

and

affect

the

total

level

of

expenses

paid

by

shareholders,

such

as

distribution

fees

(if

any),

brokerage

expenses

or

commissions,

interest,

dividends,

taxes,

litigation

expenses,

acquired

fund

fees

and

expenses

(if

any),

and

extraordinary

expenses.

The

Fund’s

unitary

management

fee

provides

for

reductions

in

the

fee

rate

as

the

Fund’s

assets

grow.

As

of

the

date

of

this

report,

the

Fund’s

management

fee

was

calculated

daily

and

paid

monthly

according

to

the

following

schedule: 

For

the

period

ended April

30,

2025,

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

Daily

Net

Assets

Fee

Rate

$0-$500

million

0.30%

Next

$500

million

0.25%

Over

$1

billion

0.20%

Janus

Henderson

Mid

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

17

they

will

increase

the

cost

of

an

investment

in

the

Fund.

The

Plan

fee

may

cost

an

investor

more

than

other

types

of

sales

charges.

At

this

time, the

Adviser does

not

intend

to

seek

shareholder

approval

for

implementation

of

the

Plan. 

As

of

April

30,

2025, the

Adviser

owned 200,000

shares

or 30.77%

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

at

least

80%

of

its

net

assets

(plus

any

borrowings

for

investment

purposes)

in

U.S.

Government

securities

and

repurchase

agreements

that

are collateralized

by

U.S.

Government 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). There

are

no

restrictions

on

the

Fund's

ability

to

withdraw

investments

from

the

Sweep

Vehicle

at

will,

and

there

are

no

unfunded

capital

commitments

due

from

the

Fund

to

the

Sweep

Vehicle.

The

Sweep

Vehicle

does

not

charge

any

management

fee,

sales

charge

or

service

fee. 

Any

purchases

and

sales,

realized

gains/losses

and

recorded

dividends

from

affiliated

investments

during

the

period

ended

April

30,

2025 can

be

found

in

a

table

located

in

the

Schedule

of

Investments.

4.

Federal

Income

Tax

Income

and

capital

gains

distributions

are

determined

in

accordance

with

income

tax

regulations

that

may

differ

from

US

GAAP.

These

differences

are

due

to

differing

treatments

for

items

such

as

net

short-term

gains,

deferral

of

wash

sale

losses,

foreign

currency

transactions,

passive

foreign

investment

companies,

net

investment

losses,

in-kind

transactions

and

capital

loss

carryovers.

The

Fund

has

elected

to

treat

gains

and

losses

on

forward

foreign

currency

contracts

as

capital

gains

and

losses,

if

applicable.

Other

foreign

currency

gains

and

losses

on

debt

instruments

are

treated

as

ordinary

income

for

federal

income

tax

purposes

pursuant

to

Section

988

of

the

Internal

Revenue

Code. 

Accumulated

capital

losses

noted

below

represent

net

capital

loss

carryovers,

as

of

October

31,

2024,

that

may

be

available

to

offset

future

realized

capital

gains

and

thereby

reduce

future

taxable

gains

distributions.

The

following

table

shows

these

capital

loss

carryovers. 

The

aggregate

cost

of

investments

and

the

composition

of

unrealized

appreciation

and

depreciation

of

investment

securities

for

federal

income

tax

purposes

as

of April

30,

2025 are

noted

below.

The

primary

difference

between

book

and

tax

appreciation

or

depreciation

of

investments

is

wash

sale

loss

deferrals. 

Capital

Loss

Carryover

Schedule

For

the

year

ended

October

31,

2024

No

Expiration

Short-Term

Long-Term

Accumulated

Capital

Losses

$(70)

$—

$(70)

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$16,562,310

$992,647

$(758,713)

$233,934

Janus

Henderson

Mid

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

(unaudited)

18

April

30,

2025

5.

Capital

Share

Transactions 

6.

Purchases

and

Sales

of

Investment

Securities

For

the

period

ended

April

30,

2025,

the

aggregate

cost

of

purchases

and

proceeds

from

sales

of

investment

securities

(excluding

any

short-term

securities,

short-term

options

contracts,

and

in-kind

transactions)

was

as

follows:

For

the

period

ended April

30,

2025,

the

cost

of

in-kind

purchases

and

proceeds

from

in-kind

sales,

were

as

follows: 

During

the

period

ended

April

30,

2025,

the

Fund

had

net

realized

gain of $62,868 from

in-kind

redemptions.

Gains

on

in-kind

transactions

are

not

considered

taxable

for

federal

income

tax

purposes.

7.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to April

30,

2025

and

through

the

date

of

the

issuance

of

the

Fund's

financial

statements

and

determined

that

there

were

no

material

events

or

transactions

that

would

require

recognition

or

disclosure

in

the

Fund's

financial

statements. 

Period

Ended

April

30,

2025

Period

Ended

October

31,

2024

(1)

Shares

Amount

Shares

Amount

Shares

sold

500,000

$

14,487,013

225,000

$

5,623,807

Shares

repurchased

(75,000)

(1,889,134

)

—

—

Net

Increase/(Decrease)

425,000

$

12,597,879

225,000

$

5,623,807

(1)

Period

from

September

17,

2024

(commencement

of

operations)

through

October

31,

2024.

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

$29,643,257

$29,585,507

$—

$—

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

$14,471,967

$1,886,473

$—

$—

Janus

Henderson

Mid

Cap

Growth

Alpha

ETF

Additional

Information

(unaudited)

Janus

Detroit

Street

Trust

19

Item

8.

Changes

in

and

Disagreements

with

Accountants

for

Open-End

Management

Investment

Companies.

Not

applicable.

Item

9.

Proxy

Disclosures

for

Open-End

Management

Investment

Companies.

Not

applicable.

Item

10.

Remuneration

Paid

to

Directors,

Officers,

and

Others

of

Open-End

Management

Investment

Companies.

Because

the

Adviser

has

agreed

in

the

Investment

Advisory

Agreement

to

cover

all

operating

expenses

of

the

Fund,

subject

to

certain

exclusions

as

provided

for

therein,

the

Adviser

pays

the

compensation

to

each

Independent

Trustees

for

services

to

the

Fund

from

the

Adviser's

management

fees.

Item

11.

APPROVAL

OF

ADVISORY

AGREEMENTS

DURING

THE

PERIOD

The

Board

of

Trustees

(the

“Board”)

of

Janus

Detroit

Street

Trust

(the

“Trust”),

including

a

majority

of

the

Trustees

who

are

not

“interested

persons”

as

that

term

is

defined

in

the

Investment

Company

Act

of

1940,

as

amended

(the

“Independent

Trustees”),

met

in

person

on

April

16-17,

2025

to

consider

the

proposed

renewal

of

the

investment

management

agreement

between

Janus

Henderson

Investors

US

LLC

(the

“Adviser”)

and

the

Trust

(the

“Investment

Management

Agreement”),

on

behalf

of

Janus

Henderson

AAA

CLO

ETF

(“JAAA”),

Janus

Henderson

B-BBB

CLO

ETF

(“JBBB”),

Janus

Henderson

Corporate

Bond

ETF

(“JLQD”),

Janus

Henderson

Mortgage-Backed

Securities

ETF

(“JMBS”),

Janus

Henderson

Securitized

Income

ETF

(“JSI”),

Janus

Henderson

Short

Duration

Income

ETF

(“VNLA”),

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

(“JSML”),

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

(“JSMD”),

Janus

Henderson

U.S.

Real

Estate

ETF

(“JRE”),

and

Janus

Henderson

U.S.

Sustainable

Equity

ETF

(“SSPX”)

(each

a

separate

series

of

the

Trust,

and

collectively,

the

“Funds”).

In

the

course

of

their

consideration

of

the

renewal

of

the

Investment

Management

Agreement,

the

Independent

Trustees

met

in

executive

session

and

were

advised

by

their

independent

counsel.

In

this

regard,

the

Independent

Trustees

evaluated

the

terms

of

the

Investment

Management

Agreement

and

reviewed

the

duties

and

responsibilities

of

trustees

in

evaluating

and

approving

such

agreements.

In

considering

renewal

of

the

Investment

Management

Agreement,

the

Board

and

the

Independent

Trustees,

as

applicable,

reviewed

the

materials

provided

to

them

relating

to

the

consideration

of

the

renewal

of

the

Investment

Management

Agreement

for

the

Funds

and

other

information

provided

by

counsel

and

the

Adviser,

including:

(i)

information

regarding

the

nature,

quality

and

extent

of

the

services

provided

to

the

Funds

by

the

Adviser,

and

the

fees

charged

to

each

Fund

therefor;

(ii)

information

concerning

the

Adviser’s

financial

condition,

business,

operations,

portfolio

management

personnel,

compliance

programs,

and

profitability

with

respect

to

the

Trust

and

each

Fund;

(iii)

comparative

information

describing

each

Fund’s

advisory

fee

structures,

operating

expenses,

and

performance

information

as

compared

to

peer

fund

groups

compiled

by

an

independent

third

party;

(iv)

a

copy

of

the

Adviser’s

current

Form

ADV;

and

(v)

a

memorandum

from

counsel

to

the

Independent

Trustees

on

the

responsibilities

of

trustees

in

considering

investment

advisory

arrangements

under

the

1940

Act.

The

Board

also

considered

presentations

made

by,

and

discussions

held

with,

representatives

of

the

Adviser

throughout

the

year.

The

Trustees

also

considered

information

received

and

reviewed

in

connection

with

a

meeting

held

on

March

10,

2025

via

videoconference

to

discuss

certain

information

provided

by

the

Adviser

related

to

the

Trustees’

consideration

of

the

renewal

of

the

Investment

Management

Agreement.

The

Board

determined

that

the

information

provided

by

the

Adviser

was

thorough

and

sufficiently

responsive

to

their

request

so

as

to

permit

the

effective

consideration

of

the

renewal.

During

its

review

of

this

information,

the

Board

focused

on

and

analyzed

the

factors

that

it

deemed

relevant,

including,

among

other

factors:

(i)

the

nature,

extent

and

quality

of

the

services

provided

to

the

Funds

by

the

Adviser;

(ii)

the

Adviser’s

personnel

and

operations;

(iii)

each

Fund’s

expense

level;

(iv)

the

profitability

to

the

Adviser

under

the

Investment

Management

Agreement

with

respect

to

each

Fund;

(v)

any

“fall-out”

benefits

to

the

Adviser

and

its

affiliates

Janus

Henderson

Mid

Cap

Growth

Alpha

ETF

Additional

Information

(unaudited)

20

April

30,

2025

(i.e.,

the

ancillary

benefits

realized

by

the

Adviser

and

its

affiliates

from

the

Adviser’s

relationship

with

the

Trust);

(vi)

the

effect

of

asset

growth

on

each

Fund’s

expenses;

and

(vii)

potential

conflicts

of

interest.

The

Trustees

also

considered

benefits

that

accrue

to

the

Adviser

and

its

affiliates

from

their

relationships

with

the

Trust

and

each

Fund.

The

Trustees

also

considered

that,

other

than

the

services

provided

by

the

Adviser

and

its

affiliates

pursuant

to

agreements

with

the

Funds

and

the

fees

paid

by

the

Funds

therefor,

the

Funds

and

the

Adviser

may

potentially

benefit

from

their

relationship

with

each

other

in

other

ways.

The

Trustees

considered

that

the

success

of

the

Funds

could

attract

other

business

to

the

Adviser

or

other

Janus

Henderson

funds,

and

that

the

success

of

the

Adviser

could

enhance

the

Adviser’s

ability

to

serve

the

Funds.

The

Board,

including

the

Independent

Trustees,

considered

the

following

in

respect

of

the

Funds:

(a)

The

nature,

extent

and

quality

of

services

provided

by

the

Adviser;

personnel

and

operations

of

the

Adviser.

The

Board

reviewed

the

services

that

the

Adviser

provides

to

the

Funds.

In

connection

with

the

investment

advisory

services

provided

by

the

Adviser,

the

Board

noted

the

responsibilities

that

the

Adviser

has

as

the

Funds’

investment

adviser,

including:

the

overall

supervisory

responsibility

for

the

general

management

and

investment

of

each

Fund’s

securities

portfolio;

providing

oversight

of

the

investment

performance

and

processes

and

compliance

with

each

Fund’s

investment

objectives,

policies

and

limitations;

the

implementation

of

the

investment

management

program

of

each

Fund;

the

management

of

the

day-to-day

investment

and

reinvestment

of

the

assets

of

each

Fund;

determining

daily

baskets

of

securities

and

cash

components

in

connection

with

creation

and

redemption

transactions

in

each

Fund’s

shares;

executing

portfolio

security

trades

for

purchases

and

redemptions

of

each

Fund’s

shares

conducted

on

a

cash-

in-lieu

basis;

the

review

of

brokerage

matters;

the

oversight

of

general

portfolio

compliance

with

relevant

law;

and

the

implementation

of

Board

directives

as

they

relate

to

the

Funds.

The

Board

reviewed

the

Adviser’s

experience,

resources,

and

strengths

in

managing

the

Funds

and

other

pooled

investment

vehicles,

including

an

assessment

of

the

Adviser’s

personnel.

Based

on

its

consideration

and

review

of

the

foregoing

information,

the

Board

determined

that

each

Fund

was

likely

to

continue

to

benefit

from

the

nature,

quality

and

extent

of

these

services,

as

well

as

the

Adviser’s

ability

to

render

such

services

based

on

the

Adviser’s

experience,

personnel,

operations

and

resources.

(b)

Comparison

of

services

rendered

and

fees

paid

under

other

investment

advisory

contracts,

and

the

cost

of

the

services

to

be

provided

and

profits

to

be

realized

by

the

Adviser

from

the

relationship

with

the

Funds;

“fall-out”

benefits.

The

Board

then

compared

both

the

services

rendered

and

the

fees

paid

under

other

contracts

of

the

Adviser

and

under

contracts

of

other

investment

advisers

with

respect

to

similar

ETFs.

In

particular,

the

Board

reviewed

a

report

compiled

by

an

independent

third

party

to

compare

each

Fund’s

contractual

management

fee

and

total

expense

ratio

to

other

investment

companies

within

each

Fund’s

respective

peer

grouping,

as

determined

by

the

independent

third

party.

The

information

provided

by

the

comparative

report

showed

how

the

total

expense

ratio

and

contractual

management

fee

for

each

of

the

Funds

compared

within

its

respective

peer

group

for

the

one-year

period

ended

December

31,

2024.

The

reporting

is

described

in

detail

below:

Janus

Henderson

Mid

Cap

Growth

Alpha

ETF

Additional

Information

(unaudited)

Janus

Detroit

Street

Trust

21

The

total

expense

ratio

and

the

contractual

management

fee

for

JAAA

were

each

reported

in

the

3rd

quintile

of

its

respective

peer

group

(with

1st

quintile

being

the

lowest

fees/expenses

and

5th

quintile

being

the

highest

fees/

expenses).

The

total

expense

ratio

and

the

contractual

management

fee

for

JBBB

were

each

reported

in

the

1st

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JLQD

were

each

reported

in

the

3rd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JMBS

were

each

reported

in

the

1st

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JSI

were

each

reported

in

the

4th

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

VNLA

were

each

reported

in

the

1st

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JSML

were

reported

in

the

3rd

and

2nd

quintiles,

respectively.

The

total

expense

ratio

and

the

contractual

management

fee

for

JSMD

were

reported

in

the

3rd

and

2nd

quintiles,

respectively.

The

total

expense

ratio

and

the

contractual

management

fee

for

JRE

were

reported

in

the

4th

and

3rd

quintiles,

respectively.

The

total

expense

ratio

and

the

contractual

management

fee

for

SSPX

were

each

reported

in

the

2nd

quintile.

The

Board

further

considered

that

the

Adviser

had

voluntarily

agreed

to

cap

the

expenses

of

JAAA,

JMBS

and

VNLA

to

the

extent

that

such

Funds’

total

expense

ratio

exceeded

0.20%,

0.22%

and

0.23%,

respectively,

until

at

least

February

28,

2026.

The

Board

also

considered

that

the

Adviser

had

voluntarily

agreed

to

cap

the

expenses

of

JLQD

to

the

extent

that

the

Fund’s

total

expense

ratio

exceeded

0.20%

until

at

least

May

1,

2026.

The

Board

further

noted

the

Adviser’s

contractual

commitment

with

respect

to

the

Funds’

investments

in

affiliated

ETFs

to

waive

and/or

reimburse

a

portion

of

its

management

fee

in

an

amount

equal

to

a

portion

of

the

management

fee

it

earns

as

investment

adviser

to

affiliated

ETFs

in

which

a

Fund

invests

(if

any),

for

until

at

least

February 28,

2026.

The

Board

also

discussed

the

costs

incurred

by

the

Adviser

in

connection

with

its

serving

as

investment

adviser

to

the

Funds,

including

operational

costs.

After

comparing

each

Fund’s

fees

and

expenses

with

those

of

other

ETFs

in

the

Funds’

respective

peer

groups,

and

in

light

of

the

nature,

extent

and

quality

of

services

provided

by

the

Adviser

and

the

costs

incurred

by

the

Adviser

in

rendering

those

services,

as

well

as

the

profitability

of

the

Adviser

in

providing

these

services,

the

Board

concluded

that

the

level

of

fees

paid

to

the

Adviser

and

the

profitability

with

respect

to

each

Fund

was

fair

and

reasonable.

The

Board

also

considered

that

the

Adviser

may

experience

reputational

“fall-out”

benefits

based

on

the

success

of

the

Funds,

but

that

such

benefits

are

not

easily

quantifiable.

(c)

The

extent

to

which

economies

of

scale

would

be

realized

as

the

Fund

grows

and

whether

fee

levels

would

reflect

such

economies

of

scale.

The

Board

next

discussed

potential

economies

of

scale.

In

its

review,

the

Board

considered

that

the

Funds

were

positioned

to

realize

potential

economies

of

scale

as

assets

grow

over

time,

given

the

inclusion

of

management

fee

breakpoints

for

each

Fund

in

the

current

investment

advisory

agreement

at

various

asset

levels.

(d)

Investment

performance

of

the

Fund

and

the

Adviser.

Janus

Henderson

Mid

Cap

Growth

Alpha

ETF

Additional

Information

(unaudited)

22

April

30,

2025

The

Board

next

discussed

the

annualized

returns

of

the

Funds

on

both

an

absolute

basis

and

relative

to

the

performance

of

funds

comprising

a

performance

universe

compiled

by

an

independent

third

party

for

each

Fund

for

the

three-month

period,

one-year

period,

two-year

period,

three-year

period,

four-year

period,

five-year

period,

and/or

since

inception

period

ended

December

31,

2024

(each

period

as

applicable).

The

Board

noted

the

following

for

each

Fund:

JAAA

was

reported

to

be

in

the

1st

quintile

of

its

performance

universe

(with

the

1st

quintile

being

the

best

performer

and

the

5th

quintile

being

the

worst

performer)

for

its

one-,

two-,

three-

and

four-year

periods;

JBBB

was

reported

to

be

in

the

1stquintile

of

its

performance

universe

for

its

one-

and

two-year

periods,

respectively;

JLQD

was

reported

to

be

in

the

2nd,

3rd,

and

2nd

quintiles

of

its

performance

universe

for

its

one-,

two-,

and

three-

year

periods,

respectively.

JMBS

was

reported

to

be

in

the

1st

quintile

of

its

performance

universe

for

its

one-,

two-,

three-,

four-,

and

five-year

periods;

JSI

was

reported

to

be

in

the

2nd,

1st,

and

1st

quintiles

of

its

performance

universe

for

its

three

month,

one

year,

and

since

inception

periods,

respectively.

VNLA

was

reported

to

be

in

the

2nd,

2nd,

2nd,

2nd,

and

1st

quintiles

of

its

performance

universe

for

each

of

its

one-

,

two-,

three-,

four-,

and

five-year

periods;

JSML

was

reported

to

be

in

the

4th,

1st,

1st,

3rd,

and

3rd

quintiles

of

its

performance

universe

for

its

one-,

two-,

three-,

four-,

and

five-year

periods,

respectively;

JSMD

was

reported

to

be

in

the

3rd,

2nd,

1st,

2nd,

and

2nd

quintiles

of

its

performance

universe

for

its

one-,

two-,

three-,

four-,

and

five-year

periods,

respectively;

JRE

was

reported

to

be

in

the

2nd,

4th,

and

2nd

quintiles

of

its

performance

universe

for

its

one-,

two-,

and

three-

year

periods,

respectively;

and

SSPX

was

reported

to

be

in

the

5th

quintile

of

its

performance

universe

for

its

one-,

two-,

and

three-

year

periods.

With

respect

to

JSML

and

JSMD,

the

Board

noted

that

these

Funds

had

operated

as

index-based

during

the

periods

described

above

and,

as

a

result,

had

been

passively

managed

to

seek

to

track

the

returns

of

specified

indices.

For

this

reason,

the

Board

also

considered

the

performance

of

these

Funds

in

relation

to

the

performance

of

each

Fund’s

respective

underlying

index

(i.e.,

“tracking

error”)

and

considered

that

the

tracking

error

was

within

anticipated

ranges.

The

Board

considered

the

Adviser’s

explanation

of

performance

results

for

each

Fund

across

the

relevant

periods

provided

as

part

of

the

consideration

of

the

renewal

of

the

Investment

Advisory

Agreement,

and

during

the

course

of

the

previous

year.

Conclusion.

No

single

factor

was

determinative

to

the

decision

of

the

Board.

Based

on

the

foregoing

and

such

other

matters

as

were

deemed

relevant,

the

Board

concluded

that

the

management

fee

rates

and

total

expense

ratios

of

each

Fund

are

reasonable

in

relation

to

the

services

provided

by

the

Adviser

to

such

Fund,

as

well

as

the

costs

incurred

and

benefits

gained

by

the

Adviser

in

providing

such

services.

The

Board

also

found

the

management

fees

to

be

reasonable

in

comparison

to

the

fees

charged

by

advisers

to

other

comparable

ETFs

and

mutual

funds

(as

applicable).

As

a

result,

the

Board

concluded

that

the

renewal

of

the

Investment

Management

Agreement

for

an

additional

one-year

period

was

in

the

best

interests

of

each

Fund.

After

full

consideration

of

the

above

factors,

as

well

as

other

factors,

the

Trustees,

including

all

of

the

Independent

Trustees

voting

separately,

determined

to

approve

the

renewal

of

the

Investment

Management

Agreement

for

each

Fund.

125-24-93100

04-25

This

report

is

submitted

for

the

general

information

of

shareholders

of

the

Fund.

It

is

not

an

offer

or

solicitation

for

the

Fund

and

is

not

authorized

for

distribution

to

prospective

investors

unless

preceded

or

accompanied

by

an

effective

prospectus.

Janus

Henderson

is

a

trademark

of

Janus

Henderson

Group

plc

or

one

of

its

subsidiaries.

©

Janus

Henderson

Group

plc.

Janus

Henderson

Investors

US

LLC

is

the

investment

adviser

and

ALPS

Distributors,

Inc.

is

the

distributor.

ALPS

is

not

affiliated

with

Janus

Henderson

or

any

of

its

subsidiaries.

SEMIANNUAL

FINANCIAL

STATEMENTS

April

30,

2025

Janus

Henderson

Income

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

Income

ETF

Item

7.

Financial

Statements

and

Financial

Highlights

for

Open-End

Management

Investment

Companies

Schedule

of

Investments

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

3

Statement

of

Assets

and

Liabilities

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

21

Statement

of

Operations

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

22

Statements

of

Changes

in

Net

Assets

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

23

Financial

Highlights

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

24

Notes

to

Financial

Statements

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

25

Items

8-11

-

Additional

Information

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

39

Janus

Henderson

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

Janus

Detroit

Street

Trust

3

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Asset-Backed

Securities

-

8.6%

ACHM

Mortgage

Trust,

7.2600%,

5/25/39

(144A)

$

661,326

$

683,812

ACHV

ABS

TRUST,

8.4700%,

3/18/30

(144A)

286,010

289,893

Affirm

Asset

Securitization

Trust,

6.1600%,

2/15/29

(144A)

565,000

567,774

Ally

Bank

Auto

Credit-Linked

Notes,

8.0360%,

9/15/32

(144A)

402,719

406,812

Bayview

Opportunity

Master

Fund

VII

LLC,

SOFR30A

+

3.6000%,

7.9537%,

12/26/31

(144A)

‡

596,202

606,292

Bayview

Opportunity

Master

Fund

VII

LLC,

SOFR30A

+

2.7500%,

7.1037%,

6/25/47

(144A)

‡

83,704

85,758

Business

Jet

Securities

LLC,

9.1320%,

5/15/39

(144A)

246,171

249,907

Carvana

Auto

Receivables

Trust,

3.1600%,

6/12/28

(144A)

461,275

446,764

CF

Hippolyta

Issuer

LLC,

2.2800%,

7/15/60

(144A)

292,322

287,643

Coinstar

Funding

LLC,

5.2160%,

4/25/47

(144A)

239,200

213,545

Exeter

Automobile

Receivables

Trust,

7.8400%,

10/15/31

(144A)

95,000

96,006

FHF

Issuer

Trust,

5.6900%,

8/15/31

(144A)

305,000

306,333

FHF

Issuer

Trust,

5.9500%,

6/15/32

(144A)

193,000

192,175

FIGRE

Trust,

5.9740%,

12/25/54

(144A)

‡

466,991

466,579

Foundation

Finance

Trust,

9.1000%,

6/15/49

(144A)

240,000

255,954

Huntington

Bank

Auto

Credit-Linked

Notes,

6.1530%,

5/20/32

(144A)

460,400

465,662

Huntington

Bank

Auto

Credit-Linked

Notes,

SOFR30A

+

5.2500%,

9.6004%,

5/20/32

(144A)

‡

225,370

229,972

Mission

Lane

Credit

Card

Master

Trust,

7.6900%,

11/15/28

(144A)

160,000

160,346

Mission

Lane

Credit

Card

Master

Trust,

9.6700%,

11/15/28

(144A)

318,000

319,305

MVW

LLC,

5.7500%,

9/22/42

(144A)

307,000

310,079

PRET

LLC,

5.4871%,

10/25/51

(144A)

‡

294,707

294,038

Reach

ABS

Trust,

6.9000%,

2/18/31

(144A)

198,000

202,823

Santander

Bank

Auto

Credit-Linked

Notes,

7.7620%,

6/15/32

(144A)

576,269

578,113

Santander

Bank

Auto

Credit-Linked

Notes,

8.8810%,

1/18/33

(144A)

900,000

902,349

Santander

Bank

Auto

Credit-Linked

Notes,

6.6630%,

12/15/33

(144A)

289,385

292,222

Sierra

Timeshare

Receivables

Funding

LLC,

6.8600%,

1/21/42

(144A)

468,814

456,299

Sotheby's

Artfi

Master

Trust,

7.9100%,

12/22/31

(144A)

500,000

502,779

Tricolor

Auto

Securitization

Trust,

5.7200%,

10/15/29

(144A)

802,000

801,889

US

Bank

NA,

6.7890%,

8/25/32

(144A)

103,211

104,446

Westlake

Automobile

Receivables

Trust,

3.4200%,

4/15/27

(144A)

1,000,000

989,565

Total

Asset-Backed

Securities

(cost

$11,776,076)

11,765,134

Bank

Loans

-

8.4%

Client

Specific

-

0.2%

Spa

Holdings

3

Oy,

First

Lien

Term

Loan

B,

CME

Term

SOFR

3

Month

+

3.7500%,

8.3108%, 2/4/28

‡,ƒ

300,000

296,625

Communication

Services

-

1.0%

CCI

Buyer,

Inc.,

First

Lien

Term

Loan,

CME

Term

SOFR

3

Month

+

4.0000%,

8.2992%, 12/17/27

‡,ƒ

300,000

299,817

CE

Intermediate

I

LLC,

First

Lien

Term

Loan,

CME

Term

SOFR

3

Month

+

3.0000%,

7.2978%, 3/25/32

‡,ƒ

139,000

137,495

DIRECTV

Financing

LLC,

First

Lien

Term

Loan

B,

CME

Term

SOFR

3

Month

+

5.2500%,

9.7913%, 8/2/29

‡,ƒ

263,633

254,440

International

Entertainment

JJCo

.

3

Ltd.,

First

Lien

Term

Loan

B,

7.8849%, 4/2/32

‡,ƒ

149,000

148,628

Summer

BC

Bidco

B

LLC,

First

Lien

Term

Loan

B1,

CME

Term

SOFR

3

Month

+

5.0000%,

9.5592%, 2/15/29

‡,ƒ

121,000

119,285

Summer

BC

Holdco

B

SARL,

First

Lien

Term

Loan

B,

CME

Term

SOFR

3

Month

+

5.0000%,

9.5592%, 2/15/29

‡,ƒ

421,000

415,034

1,374,699

Communications

-

0.1%

Cengage

Learning,

Inc.,

First

Lien

Term

Loan,

CME

Term

SOFR

1

Month

+

3.5000%,

7.8267%, 3/24/31

‡,ƒ

149,625

148,826

Janus

Henderson

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

4

April

30,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Bank

Loans

-

(continued)

Consumer

Discretionary

-

0.8%

Gloves

Buyer,

Inc.,

First

Lien

Term

Loan,

CME

Term

SOFR

12

Month

+

4.2500%,

8.4568%, 1/16/32

‡,ƒ

$

362,000

$

344,986

Lernen

Bidco

.

Ltd.,

8.1971%, 9/30/31

‡,ƒ

300,000

298,125

Varsity

Brands,

Inc.,

First

Lien

Term

Loan

B,

CME

Term

SOFR

3

Month

+

3.5000%,

7.8185%, 8/26/31

‡,ƒ

463,000

454,319

1,097,430

Consumer

Staples

-

0.3%

Celsius

Holdings,

Inc.,

First

Lien

Term

Loan,

CME

Term

SOFR

3

Month

+

3.2500%,

7.5476%, 4/1/32

‡,ƒ

158,000

156,946

Journey

Personal

Care

Corp.,

First

Lien

Term

Loan

B,

CME

Term

SOFR

3

Month

+

3.7500%,

8.0492%, 3/1/28

‡,ƒ

114,415

113,223

Solina

Group

Services

SAS,

First

Lien

Term

Loan,

CME

Term

SOFR

3

Month

+

3.2500%,

7.5488%, 3/12/29

‡,ƒ

170,000

168,725

438,894

Financials

-

0.5%

Aretec

Group,

Inc.,

First

Lien

Term

Loan

B3,

CME

Term

SOFR

1

Month

+

3.5000%,

7.8216%, 8/9/30

‡,ƒ

300,000

298,125

Mermaid

Bidco

,

Inc.,

First

Lien

Term

Loan

B,

CME

Term

SOFR

3

Month

+

3.2500%,

7.5531%, 7/3/31

‡,ƒ

289,271

286,379

OVG

Business

Services

LLC,

First

Lien

Term

Loan,

CME

Term

SOFR

1

Month

+

3.0000%,

7.3216%, 6/25/31

‡,ƒ

97,510

96,413

680,917

Health

Care

-

1.4%

Dermatology

Intermediate

Holdings

III,

Inc.,

First

Lien

Term

Loan,

CME

Term

SOFR

3

Month

+

4.2500%,

8.5297%, 3/26/29

‡,ƒ

278,976

257,238

Financiere

Mendel

SAS,

First

Lien

Term

Loan

B,

CME

Term

SOFR

1

Month

+

2.7500%,

7.0647%, 11/8/30

‡,ƒ

66,833

66,498

Heartland

Dental

LLC,

First

Lien

Term

Loan,

CME

Term

SOFR

1

Month

+

4.5000%,

8.8216%, 4/28/28

‡,ƒ

300,000

296,325

IQVIA,

Inc.,

First

Lien

Term

Loan

B5,

CME

Term

SOFR

3

Month

+

1.7500%,

6.0492%, 1/2/31

‡,ƒ

328,178

327,685

LifePoint

Health,

Inc.,

First

Lien

Term

Loan,

CME

Term

SOFR

3

Month

+

3.5000%,

7.8168%, 5/19/31

‡,ƒ

80,798

78,728

Star

Parent,

Inc.,

First

Lien

Term

Loan,

CME

Term

SOFR

3

Month

+

4.0000%,

8.2992%, 9/27/30

‡,ƒ

420,633

406,176

VetStrategy

Canada

Holdings,

Inc.,

First

Lien

Term

Loan

C,

CME

Term

SOFR

3

Month

+

3.7500%,

8.0492%, 12/12/28

‡,ƒ

420,000

416,149

1,848,799

Industrials

-

0.8%

Arcline

FM

Holdings

LLC,

First

Lien

Term

Loan,

CME

Term

SOFR

1

Month

+

3.5000%,

7.8193%, 6/24/30

‡,ƒ

150,533

149,968

Foundation

Building

Materials,

Inc.,

First

Lien

Term

Loan,

CME

Term

SOFR

3

Month

+

4.0000%,

8.5524%, 1/29/31

‡,ƒ

273,618

251,436

Foundation

Building

Materials,

Inc.,

First

Lien

Term

Loan

B3,

CME

Term

SOFR

12

Month

+

5.2500%,

9.3029%, 1/29/31

‡,ƒ

98,000

90,814

Inizio

Group

Ltd.,

First

Lien

Term

Loan,

CME

Term

SOFR

3

Month

+

4.2500%,

8.6492%, 8/21/28

‡,ƒ

278,000

268,965

NA

Rail

Hold

Co.

LLC,

First

Lien

Term

Loan

B3,

CME

Term

SOFR

3

Month

+

3.0000%,

7.2859%, 3/8/32

‡,ƒ

106,000

105,503

Stonepeak

Nile

Parent

LLC,

First

Lien

Term

Loan,

CME

Term

SOFR

3

Month

+

2.7500%,

6.9797%, 4/9/32

‡,ƒ

176,000

172,737

1,039,423

Janus

Henderson

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

Janus

Detroit

Street

Trust

5

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Bank

Loans

-

(continued)

Information

Technology

-

1.7%

Clearwater

Analytics

LLC,

First

Lien

Term

Loan,

CME

Term

SOFR

3

Month

+

2.2500%,

6.5195%, 4/21/32

‡,ƒ

$

63,000

$

62,685

Fortress

Intermediate

3,

Inc.,

First

Lien

Term

Loan,

CME

Term

SOFR

1

Month

+

3.7500%,

8.0716%, 6/27/31

‡,ƒ

300,000

293,250

Getty

Images,

Inc.,

First

Lien

Term

Loan

B1,

11.2500%, 2/21/30

ƒ

73,000

71,905

Hoya

Midco

LLC,

First

Lien

Term

Loan,

CME

Term

SOFR

3

Month

+

2.2500%,

6.5297%, 2/5/29

‡,ƒ

422,000

413,560

Leia

Finco

US

LLC,

First

Lien

Term

Loan,

CME

Term

SOFR

3

Month

+

3.2500%,

7.4576%, 10/9/31

‡,ƒ

140,000

138,989

Modena

Buyer

LLC,

First

Lien

Term

Loan,

CME

Term

SOFR

3

Month

+

4.5000%,

8.7910%, 7/1/31

‡,ƒ

474,119

448,464

Project

Alpha

Intermediate

Holding,

Inc.,

First

Lien

Term

Loan,

CME

Term

SOFR

6

Month

+

3.2500%,

7.5492%, 10/28/30

‡,ƒ

300,000

298,542

Project

Alpha

Intermediate

Holding,

Inc.,

Second

Lien

Term

Loan,

CME

Term

SOFR

12

Month

+

5.0000%,

8.7767%, 11/22/32

‡,ƒ

32,000

30,600

Proofpoint,

Inc.,

First

Lien

Term

Loan,

CME

Term

SOFR

1

Month

+

3.0000%,

7.3216%, 8/31/28

‡,ƒ

224,433

222,974

X

Corp.,

First

Lien

Term

Loan

B3,

9.5000%, 2/14/30

ƒ

249,000

242,723

Zodiac

Purchaser

LLC,

First

Lien

Term

Loan,

CME

Term

SOFR

1

Month

+

3.5000%,

7.8216%, 2/16/32

‡,ƒ

176,000

173,580

2,397,272

Materials

-

1.3%

Barentz

International

BV,

First

Lien

Term

Loan

B3,

CME

Term

SOFR

3

Month

+

3.2500%,

7.6492%, 3/3/31

‡,ƒ

250,000

246,562

Lonza

Group

AG,

First

Lien

Term

Loan

B,

CME

Term

SOFR

3

Month

+

3.9250%,

8.3242%, 7/3/28

‡,ƒ

459,300

417,338

ProAmpac

PG

Borrower

LLC,

First

Lien

Term

Loan,

CME

Term

SOFR

3

Month

+

4.0000%,

8.2824%, 9/15/28

‡,ƒ

420,000

412,440

SCIH

Salt

Holdings,

Inc.,

First

Lien

Term

Loan

B1,

CME

Term

SOFR

3

Month

+

3.0000%,

7.2797%, 1/31/29

‡,ƒ

245,385

242,875

White

Cap

Supply

Holdings

LLC,

First

Lien

Term

Loan

C,

CME

Term

SOFR

1

Month

+

3.2500%,

7.5750%, 10/19/29

‡,ƒ

426,308

414,776

1,733,991

Utilities

-

0.3%

Long

Ridge

Energy

LLC,

First

Lien

Term

Loan

B,

CME

Term

SOFR

1

Month

+

4.5000%,

8.8250%, 2/19/32

‡,ƒ

224,000

211,120

Talen

Energy

Supply

LLC,

First

Lien

Term

Loan

B,

CME

Term

SOFR

3

Month

+

2.5000%,

6.8180%, 12/11/31

‡,ƒ

249,375

248,218

459,338

Total

Bank

Loans

(cost

$11,687,192)

11,516,214

Collateralized

Loan

Obligations

-

8.0%

Ares

LIII

CLO

Ltd.

2019-53A

A1R,

CME

Term

SOFR

3

Month

+

1.2800%,

5.5552%,

10/24/36

(144A)

‡

1,072,000

1,066,287

ARES

Loan

Funding

III

Ltd.

2022-ALF3A

A1R,

CME

Term

SOFR

3

Month

+

1.2700%,

5.5518%,

7/25/36

(144A)

‡

1,300,000

1,292,850

Ares

LXV

CLO

Ltd.

2022-65A

D,

CME

Term

SOFR

3

Month

+

3.6500%,

7.9318%,

7/25/34

(144A)

‡

250,000

250,625

Ballyrock

CLO

22

Ltd.

2024-22A

A1A,

CME

Term

SOFR

3

Month

+

1.5400%,

5.7961%,

4/15/37

(144A)

‡

250,000

250,244

BlueMountain

CLO

XXXI

Ltd.

2021-31A

A1,

CME

Term

SOFR

3

Month

+

1.4116%,

5.6811%,

4/19/34

(144A)

‡

350,000

350,000

Cedar

Funding

IX

CLO

Ltd.

2018-9A

AR,

CME

Term

SOFR

3

Month

+

1.4200%,

5.6895%,

7/20/37

(144A)

‡

500,000

499,068

Janus

Henderson

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

6

April

30,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

CIFC

Funding

Ltd.

2021-3A

D,

CME

Term

SOFR

3

Month

+

3.2616%,

7.5177%,

7/15/36

(144A)

‡

$

250,000

$

249,407

CIFC

Funding

Ltd.

2023-3A

D,

CME

Term

SOFR

3

Month

+

4.2500%,

8.5195%,

1/20/37

(144A)

‡

250,000

250,299

CIFC

Funding

Ltd.

2021-1A

A1R,

CME

Term

SOFR

3

Month

+

1.4200%,

5.7018%,

7/25/37

(144A)

‡

400,000

400,149

KKR

CLO

36

Ltd.

36A

A,

CME

Term

SOFR

3

Month

+

1.4416%,

5.6977%,

10/15/34

(144A)

‡

1,000,000

1,000,000

Madison

Park

Funding

LXVI

Ltd.

2024-66A

A2,

CME

Term

SOFR

3

Month

+

1.5800%,

5.9260%,

10/21/37

(144A)

‡

1,000,000

996,975

Neuberger

Berman

Loan

Advisers

CLO

42

Ltd.

2021-42A

AR,

CME

Term

SOFR

3

Month

+

0.9500%,

5.2105%,

7/16/35

(144A)

‡

1,000,000

993,359

Oaktree

CLO

Ltd.

2024-26A

D1,

CME

Term

SOFR

3

Month

+

3.4500%,

7.7195%,

4/20/37

(144A)

‡

500,000

499,663

Octagon

75

Ltd.

2025-1A

D2,

CME

Term

SOFR

3

Month

+

3.6500%,

7.9353%,

1/22/38

(144A)

‡

700,000

704,165

Palmer

Square

CLO

Ltd.

2022-3A

D1R,

CME

Term

SOFR

3

Month

+

2.9500%,

7.2195%,

7/20/37

(144A)

‡

640,000

637,197

Rad

CLO

10

Ltd.

2021-10A

A,

CME

Term

SOFR

3

Month

+

1.4316%,

5.7110%,

4/23/34

(144A)

‡

1,050,000

1,049,522

Wind

River

CLO

Ltd.

2021-4A

D,

CME

Term

SOFR

3

Month

+

3.4616%,

7.7311%,

1/20/35

(144A)

‡

500,000

478,770

Total

Collateralized

Loan

Obligations

(cost

$10,983,937)

10,968,580

Convertible

Bond

-

0.1%

Consumer

Staples

-

0.1%

Herbalife

Ltd.,

4.2500%, 6/15/28

(cost

$145,246)

184,000

150,770

Corporate

Bonds

-

36.5%

Basic

Materials

-

2.0%

Capstone

Copper

Corp.,

6.7500%, 3/31/33

(144A)

329,000

323,262

Celanese

US

Holdings

LLC,

6.6290%, 7/15/32Ç

72,000

70,786

Celanese

US

Holdings

LLC,

6.9500%, 11/15/33Ç

218,000

218,423

Fedrigoni

SpA,

EURIBOR

3

Month

+

4.0000%,

6.3550%, 1/15/30‡

EUR

320,000

357,810

First

Quantum

Minerals

Ltd.,

8.0000%, 3/1/33

(144A)

$

400,000

395,752

FMG

Resources

August

2006

Pty.

Ltd.,

4.3750%, 4/1/31

(144A)

314,000

284,180

Mineral

Resources

Ltd.,

9.2500%, 10/1/28

(144A)

266,000

251,560

Olympus

Water

US

Holding

Corp.,

5.3750%, 10/1/29

EUR

320,000

332,840

Taseko

Mines

Ltd.,

8.2500%, 5/1/30

(144A)

$

299,000

301,902

Tronox,

Inc.,

4.6250%, 3/15/29

(144A)

338,000

273,603

2,810,118

Communications

-

2.8%

AMC

Networks,

Inc.,

10.2500%, 1/15/29

(144A)

289,000

296,926

AMC

Networks,

Inc.,

4.2500%, 2/15/29

169,000

124,430

Charter

Communications

Operating

LLC,

6.5500%, 6/1/34

383,000

394,974

CSC

Holdings

LLC,

11.2500%, 5/15/28

(144A)

400,000

391,006

Fibercop

SpA,

7.8750%, 7/31/28

EUR

220,000

277,335

Level

3

Financing,

Inc.,

3.7500%, 7/15/29

(144A)

$

406,000

305,223

Lumen

Technologies,

Inc.,

4.1250%, 4/15/29

(144A)

195,411

183,686

Lumen

Technologies,

Inc.,

10.0000%, 10/15/32

(144A)

184,918

184,456

McGraw-Hill

Education,

Inc.,

8.0000%, 8/1/29

(144A)

102,000

101,019

McGraw-Hill

Education,

Inc.,

7.3750%, 9/1/31

(144A)

270,000

275,875

Midcontinent

Communications,

8.0000%, 8/15/32

(144A)

270,000

275,264

Nexstar

Media,

Inc.,

4.7500%, 11/1/28

(144A)

273,000

257,074

Univision

Communications,

Inc.,

8.5000%, 7/31/31

(144A)

419,000

395,652

Janus

Henderson

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

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)

Communications

-

(continued)

Ziggo

Bond

Co.

BV,

6.1250%, 11/15/32

EUR

320,000

$

344,572

3,807,492

Consumer,

Cyclical

-

9.1%

Adler

Pelzer

Holding

GmbH,

9.5000%, 4/1/27

EUR

220,000

233,829

Allwyn

Entertainment

Financing

UK

plc,

7.2500%, 4/30/30

EUR

320,000

383,767

Amer

Sports

Co.,

6.7500%, 2/16/31

(144A)

$

135,000

136,545

American

Airlines,

Inc.,

8.5000%, 5/15/29

(144A)

437,000

445,388

Aston

Martin

Capital

Holdings

Ltd.,

10.3750%, 3/31/29

GBP

320,000

375,257

Beazer

Homes

USA,

Inc.,

7.5000%, 3/15/31

(144A)

$

302,000

291,786

Bertrand

Franchise

Finance

SAS,

EURIBOR

3

Month

+

3.7500%,

5.9860%, 7/18/30‡

EUR

320,000

362,441

Caesars

Entertainment,

Inc.,

6.0000%, 10/15/32

(144A)

$

331,000

312,048

Carvana

Co.,

4.8750%, 9/1/29

(144A)

564,000

500,725

Carvana

Co.,

11.0000%

(11.00%

Cash,

13.00%

PIK), 6/1/30

(144A)Ø

558,227

591,076

CD&R

Firefly

Bidco

plc,

8.6250%, 4/30/29

GBP

320,000

435,977

Champ

Acquisition

Corp.,

8.3750%, 12/1/31

(144A)

$

224,000

235,979

CT

Investment

GmbH,

6.3750%, 4/15/30

EUR

320,000

374,218

eG

Global

Finance

plc,

11.0000%, 11/30/28

EUR

320,000

402,864

Forvia

SE,

8.0000%, 6/15/30

(144A)

$

533,000

530,643

Foundation

Building

Materials,

Inc.,

6.0000%, 3/1/29

(144A)

156,000

131,491

Full

House

Resorts,

Inc.,

8.2500%, 2/15/28

(144A)

363,000

339,724

General

Motors

Financial

Co.,

Inc.,

ICE

LIBOR

USD

3

Month

+

3.5980%,

5.7500%, 9/30/27‡,μ

293,000

272,709

Grupo

Antolin-Irausa

SA,

10.3750%, 1/30/30

EUR

200,000

151,699

Hasbro,

Inc.,

6.0500%, 5/14/34

$

521,000

528,821

Hilton

Grand

Vacations

Borrower

LLC,

4.8750%, 7/1/31

(144A)

338,000

294,130

JB

Poindexter

&

Co.,

Inc.,

8.7500%, 12/15/31

(144A)

165,000

165,887

LBM

Acquisition

LLC,

6.2500%, 1/15/29

(144A)

300,000

262,885

LGI

Homes,

Inc.,

4.0000%, 7/15/29

(144A)

652,000

567,371

LHMC

Finco

2

Sarl,

7.2500%

(7.25%

Cash,

8.00%

PIK), 10/2/25Ø

EUR

320,567

364,404

Lions

Gate

Capital

Holdings

1,

Inc.,

5.5000%, 4/15/29

(144A)

$

317,000

286,092

Mattel,

Inc.,

5.4500%, 11/1/41

321,000

275,884

Mohegan

Tribal

Gaming

Authority,

8.2500%, 4/15/30

(144A)

327,000

326,947

Patrick

Industries,

Inc.,

6.3750%, 11/1/32

(144A)

292,000

283,482

Penn

Entertainment,

Inc.,

4.1250%, 7/1/29

(144A)

508,000

445,575

Pinewood

Finco

plc,

6.0000%, 3/27/30

GBP

220,000

292,332

Pinnacle

Bidco

plc,

8.2500%, 10/11/28

EUR

320,000

384,676

QXO

Building

Products,

Inc.,

6.7500%, 4/30/32

(144A)

$

191,000

191,494

SIG

plc,

9.7500%, 10/31/29

EUR

220,000

249,022

Victra

Holdings

LLC,

8.7500%, 9/15/29

(144A)

$

442,000

448,549

Warnermedia

Holdings,

Inc.,

5.1410%, 3/15/52

227,000

155,191

White

Cap

Buyer

LLC,

6.8750%, 10/15/28

(144A)

62,000

60,410

Wynn

Macau

Ltd.,

5.1250%, 12/15/29

(144A)

470,000

433,918

12,525,236

Consumer,

Non-cyclical

-

4.4%

Allied

Universal

Holdco

LLC,

4.8750%, 6/1/28

GBP

246,000

312,564

CVS

Health

Corp.,

4.7800%, 3/25/38

$

201,000

181,277

CVS

Health

Corp.,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.8860%,

7.0000%, 3/10/55‡

169,000

170,952

Garda

World

Security

Corp.,

6.0000%, 6/1/29

(144A)

298,000

278,738

Garda

World

Security

Corp.,

8.2500%, 8/1/32

(144A)

172,000

168,971

Garda

World

Security

Corp.,

8.3750%, 11/15/32

(144A)

131,000

129,221

Heartland

Dental

LLC,

10.5000%, 4/30/28

(144A)

485,000

511,041

Janus

Henderson

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

8

April

30,

2025

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)

HLF

Financing

Sarl

LLC,

12.2500%, 4/15/29

(144A)

$

175,000

$

185,688

HLF

Financing

Sarl

LLC,

4.8750%, 6/1/29

(144A)

103,000

78,663

Humana,

Inc.,

5.8750%, 3/1/33

299,000

306,196

Iceland

Bondco

plc,

4.3750%, 5/15/28

GBP

320,000

391,093

JBS

USA

Holding

Lux

SARL,

6.7500%, 3/15/34

$

270,000

292,712

Keurig

Dr

Pepper,

Inc.,

5.1500%, 5/15/35

270,000

269,461

LifePoint

Health,

Inc.,

11.0000%, 10/15/30

(144A)

27,000

29,555

Organon

&

Co.,

5.1250%, 4/30/31

(144A)

646,000

542,221

Picard

Groupe

SAS,

6.3750%, 7/1/29

EUR

220,000

260,714

Pilgrim's

Pride

Corp.,

6.2500%, 7/1/33

$

279,000

290,581

Raven

Acquisition

Holdings

LLC,

6.8750%, 11/15/31

(144A)

588,000

573,503

Rentokil

Terminix

Funding

LLC,

5.6250%, 4/28/35

(144A)

200,000

200,669

Solventum

Corp.,

5.6000%, 3/23/34

122,000

123,350

Surgery

Center

Holdings,

Inc.,

7.2500%, 4/15/32

(144A)

67,000

66,848

Teva

Pharmaceutical

Finance

Co.

LLC,

6.1500%, 2/1/36

310,000

303,230

Veritiv

Operating

Co.,

10.5000%, 11/30/30

(144A)

420,000

438,711

6,105,959

Diversified

-

0.2%

ProGroup

AG,

5.3750%, 4/15/31

EUR

320,000

351,068

Energy

-

2.3%

Civitas

Resources,

Inc.,

8.7500%, 7/1/31

(144A)

$

331,000

314,625

Columbia

Pipelines

Holding

Co.

LLC,

5.0970%, 10/1/31

(144A)

125,000

123,379

DT

Midstream,

Inc.,

5.8000%, 12/15/34

(144A)

271,000

268,462

FTAI

Infra

Escrow

Holdings

LLC,

10.5000%, 6/1/27

(144A)

393,000

406,296

ITT

Holdings

LLC,

6.5000%, 8/1/29

(144A)

160,000

146,089

Occidental

Petroleum

Corp.,

5.5500%, 10/1/34

426,000

397,614

OEG

Finance

plc,

7.2500%, 9/27/29

EUR

320,000

367,855

Rockies

Express

Pipeline

LLC,

6.7500%, 3/15/33

(144A)

$

101,000

102,619

Sunoco

LP,

6.2500%, 7/1/33

(144A)

239,000

238,678

Tallgrass

Energy

Partners

LP,

6.0000%, 9/1/31

(144A)

457,000

421,295

TerraForm

Power

Operating

LLC,

4.7500%, 1/15/30

(144A)

334,000

314,804

3,101,716

Financial

-

6.8%

American

Express

Co.,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.8540%,

3.5500%, 9/15/26‡,μ

452,000

432,489

Aretec

Group,

Inc.,

10.0000%, 8/15/30

(144A)

253,000

272,418

Bank

of

America

Corp.,

SOFR

+

1.6970%,

5.7440%, 2/12/36‡

834,000

832,210

Blue

Owl

Credit

Income

Corp.,

5.8000%, 3/15/30

(144A)

361,000

353,493

Blue

Owl

Finance

LLC,

6.2500%, 4/18/34

122,000

123,090

BroadStreet

Partners,

Inc.,

5.8750%, 4/15/29

(144A)

290,000

280,003

Burford

Capital

Global

Finance

LLC,

6.8750%, 4/15/30

(144A)

428,000

427,138

Capital

One

Financial

Corp.,

SOFR

+

2.0360%,

6.1830%, 1/30/36‡

732,000

722,884

CBRE

Services,

Inc.,

5.5000%, 6/15/35

312,000

310,831

Citigroup,

Inc.,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.4170%,

3.8750%, 2/18/26‡,μ

441,000

428,898

Discover

Financial

Services,

SOFRINDX

+

3.3700%,

7.9640%, 11/2/34‡

106,000

121,591

GGAM

Finance

Ltd.,

8.0000%, 6/15/28

(144A)

393,000

412,464

GLP

Capital

LP,

4.0000%, 1/15/31

453,000

420,139

Jane

Street

Group,

6.7500%, 5/1/33

(144A)

112,000

112,528

JPMorgan

Chase

&

Co.,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.8500%,

3.6500%, 6/1/26‡,μ

441,000

427,256

JPMorgan

Chase

&

Co.,

SOFR

+

1.0100%,

5.1400%, 1/24/31‡

124,000

126,632

LPL

Holdings,

Inc.,

6.0000%, 5/20/34

123,000

125,143

Janus

Henderson

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

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)

LPL

Holdings,

Inc.,

5.7500%, 6/15/35

$

213,000

$

211,842

Macquarie

Airfinance

Holdings

Ltd.,

6.5000%, 3/26/31

(144A)

284,000

291,724

Morgan

Stanley,

CME

Term

SOFR

3

Month

+

1.8896%,

4.4310%, 1/23/30‡

128,000

127,036

Navient

Corp.,

4.8750%, 3/15/28

312,000

300,109

Navient

Corp.,

5.5000%, 3/15/29

106,000

100,353

OneMain

Finance

Corp.,

6.7500%, 3/15/32

470,000

460,990

PNC

Financial

Services

Group,

Inc.

(The),

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.2380%,

6.2000%, 9/15/27‡,μ

314,000

313,793

Rithm

Capital

Corp.,

8.0000%, 4/1/29

(144A)

280,000

279,543

Sixth

Street

Lending

Partners,

6.5000%, 3/11/29

218,000

221,658

Starwood

Property

Trust,

Inc.,

6.5000%, 10/15/30

(144A)

249,000

251,236

StoneX

Group,

Inc.,

7.8750%, 3/1/31

(144A)

377,000

392,469

Uniti

Group

LP,

6.0000%, 1/15/30

(144A)

147,000

131,461

US

Bancorp,

SOFR

+

1.8600%,

5.6780%, 1/23/35‡

123,000

125,331

VICI

Properties

LP,

5.6250%, 4/1/35

220,000

217,708

9,354,460

Industrial

-

3.0%

Ardagh

Metal

Packaging

Finance

USA

LLC,

3.0000%, 9/1/29

EUR

540,000

519,086

Assemblin

Caverion

Group

AB,

EURIBOR

3

Month

+

3.5000%,

5.8490%, 7/1/31‡

EUR

320,000

360,154

Bombardier,

Inc.,

7.4500%, 5/1/34

(144A)

$

667,000

700,038

Mauser

Packaging

Solutions

Holding

Co.,

9.2500%, 4/15/27

(144A)

305,000

279,842

Molex

Electronic

Technologies

LLC,

5.2500%, 4/30/32

(144A)

106,000

107,444

Quikrete

Holdings,

Inc.,

6.7500%, 3/1/33

(144A)

410,000

411,534

Rand

Parent

LLC,

8.5000%, 2/15/30

(144A)

380,000

353,357

Regal

Rexnord

Corp.,

6.4000%, 4/15/33

312,000

317,929

Reno

de

Medici

SpA,

EURIBOR

3

Month

+

5.0000%,

7.5010%, 4/15/29‡

EUR

320,000

281,841

Stonepeak

Nile

Parent

LLC,

7.2500%, 3/15/32

(144A)

$

198,000

201,020

Wilsonart

LLC,

11.0000%, 8/15/32

(144A)

603,000

545,847

4,078,092

Technology

-

2.3%

AppLovin

Corp.,

5.5000%, 12/1/34

125,000

124,876

Cloud

Software

Group,

Inc.,

6.5000%, 3/31/29

(144A)

319,000

319,114

Cloud

Software

Group,

Inc.,

9.0000%, 9/30/29

(144A)

323,000

325,400

Crowdstrike

Holdings,

Inc.,

3.0000%, 2/15/29

181,000

167,838

Fiserv,

Inc.,

5.1500%, 8/12/34

128,000

125,815

Intel

Corp.,

5.7000%, 2/10/53

139,000

123,809

Intel

Corp.,

3.1000%, 2/15/60

492,000

262,937

NetApp,

Inc.,

5.7000%, 3/17/35

414,000

415,885

Rocket

Software,

Inc.,

6.5000%, 2/15/29

(144A)

334,000

317,690

TeamSystem

SpA,

EURIBOR

3

Month

+

3.5000%,

5.7790%, 7/31/31‡

EUR

320,000

362,654

Unisys

Corp.,

6.8750%, 11/1/27

(144A)

$

266,000

255,972

Western

Digital

Corp.,

2.8500%, 2/1/29

329,000

300,208

3,102,198

Utilities

-

3.6%

Algonquin

Power

&

Utilities

Corp.,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.2490%,

4.7500%, 1/18/82‡

452,000

424,321

Alpha

Generation

LLC,

6.7500%, 10/15/32

(144A)

423,000

431,084

Ameren

Corp.,

5.3750%, 3/15/35

484,000

483,279

American

Electric

Power

Co.,

Inc.,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.6750%,

3.8750%, 2/15/62‡

298,000

279,932

Calpine

Corp.,

5.0000%, 2/1/31

(144A)

273,000

262,596

Calpine

Corp.,

3.7500%, 3/1/31

(144A)

288,000

266,245

Janus

Henderson

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

10

April

30,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Corporate

Bonds

-

(continued)

Utilities

-

(continued)

Duke

Energy

Corp.,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.5880%,

6.4500%, 9/1/54‡

$

127,000

$

127,267

EP

Infrastructure

A/S,

1.8160%, 3/2/31

EUR

320,000

318,317

Long

Ridge

Energy

LLC,

8.7500%, 2/15/32

(144A)

$

465,000

442,777

NiSource,

Inc.,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.5270%,

6.3750%, 3/31/55‡

425,000

414,631

NRG

Energy,

Inc.,

7.0000%, 3/15/33

(144A)

442,000

476,222

NRG

Energy,

Inc.,

6.2500%, 11/1/34

(144A)

287,000

286,559

Vistra

Operations

Co.

LLC,

6.9500%, 10/15/33

(144A)

723,000

776,352

4,989,582

Total

Corporate

Bonds

(cost

50,101,821)

50,225,921

Mortgage-Backed

Securities

-

45.6%

BAMLL

Re-REMIC

Trust

0.0099%, 2/27/51

(144A)

‡

243,129

173,825

0.0000%, 11/27/51

(144A)

§

257,817

187,152

0.9605%, 9/27/52

(144A)

‡

327,626

273,069

BX

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

2.1145%,

6.4363%, 9/15/36

(144A)

‡

325,000

319,365

CME

Term

SOFR

1

Month

+

2.4645%,

6.7865%, 6/15/38

(144A)

‡

284,940

281,750

CME

Term

SOFR

1

Month

+

1.9409%,

6.2628%, 2/15/39

(144A)

‡

148,756

147,837

CME

Term

SOFR

1

Month

+

1.2928%,

5.6147%, 12/15/39

(144A)

‡

193,169

192,408

CME

Term

SOFR

1

Month

+

1.6423%,

5.9642%, 12/15/39

(144A)

‡

75,955

75,271

CME

Term

SOFR

1

Month

+

1.8920%,

6.2138%, 12/15/39

(144A)

‡

468,857

463,984

7.9698%, 8/13/41

(144A)

‡

888,000

884,382

CME

Term

SOFR

1

Month

+

2.7905%,

7.1125%, 10/15/41

(144A)

‡

216,775

214,149

BX

Trust

CME

Term

SOFR

1

Month

+

2.8894%,

7.2113%, 7/15/29

(144A)

‡

250,000

240,449

CME

Term

SOFR

1

Month

+

2.9413%,

7.2632%, 3/15/30

(144A)

‡

301,000

296,501

CME

Term

SOFR

1

Month

+

2.3590%,

6.6810%, 10/15/36

(144A)

‡

325,000

320,729

CME

Term

SOFR

1

Month

+

2.7080%,

7.0300%, 10/15/36

(144A)

‡

600,000

590,046

CME

Term

SOFR

1

Month

+

0.7492%,

5.0711%, 4/15/39

(144A)

‡

464,729

461,249

CME

Term

SOFR

1

Month

+

2.1110%,

6.4328%, 4/15/39

(144A)

‡

232,364

229,465

CME

Term

SOFR

1

Month

+

2.6901%,

7.0120%, 4/15/41

(144A)

‡

211,321

209,241

BXHPP

Trust

CME

Term

SOFR

1

Month

+

0.7645%,

5.0865%, 8/15/36

(144A)

‡

220,000

207,436

CME

Term

SOFR

1

Month

+

1.0145%,

5.3365%, 8/15/36

(144A)

‡

375,000

343,871

BXP

Trust

,

3.5390

%

,

6/13/39

(144A)

‡

240,000

228,116

CAMB

Commercial

Mortgage

Trust

,

CME

Term

SOFR

1

Month

+

2.0470%

,

6.3690

%

,

12/15/37

(144A)

‡

1,000,000

993,856

Citigroup

Commercial

Mortgage

Trust

,

CME

Term

SOFR

1

Month

+

4.6145%

,

8.9365

%

,

10/15/38

(144A)

‡

1,000,000

981,080

COMM

Mortgage

Trust

,

3.5134

%

,

8/15/57

(144A)

‡

500,000

444,835

Connecticut

Avenue

Securities

Trust

SOFR30A

+

4.5000%,

8.8537%, 1/25/42

(144A)

‡

500,000

517,500

SOFR30A

+

5.9000%,

10.2537%, 7/25/43

(144A)

‡

1,000,000

1,053,813

SOFR30A

+

2.8000%,

7.1527%, 3/25/44

(144A)

‡

1,425,000

1,437,495

SOFR30A

+

1.7000%,

6.0537%, 7/25/44

(144A)

‡

190,000

189,175

SOFR30A

+

1.6000%,

5.9537%, 9/25/44

(144A)

‡

61,632

61,545

SOFR30A

+

1.5000%,

5.8527%, 1/25/45

(144A)

‡

112,000

111,183

SOFR30A

+

1.7000%,

6.0527%, 1/25/45

(144A)

‡

1,390,536

1,354,573

SOFR30A

+

1.9500%,

6.3027%, 2/25/45

(144A)

‡

830,000

815,516

SOFR30A

+

1.6000%,

5.9537%, 3/25/45

(144A)

‡

190,000

190,525

SOFR30A

+

2.2500%,

6.6037%, 3/25/45

(144A)

‡

86,000

86,342

Janus

Henderson

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

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)

COOPR

Residential

Mortgage

Trust

,

5.6540

%

,

5/25/60

(144A)

Ç

$

820,000

$

824,484

DROP

Mortgage

Trust

,

CME

Term

SOFR

1

Month

+

1.2645%

,

5.5865

%

,

10/15/43

(144A)

‡

325,000

302,070

Extended

Stay

America

Trust

,

CME

Term

SOFR

1

Month

+

3.8145%

,

8.1365

%

,

7/15/38

(144A)

‡

472,714

466,806

Fashion

Show

Mall

LLC

,

5.8259

%

,

10/10/41

(144A)

‡

1,000,000

1,010,854

FHLMC

STACR

REMIC

Trust

SOFR30A

+

6.2500%,

10.6037%, 10/25/33

(144A)

‡

250,000

297,309

SOFR30A

+

2.1000%,

6.4537%, 9/25/41

(144A)

‡

440,000

439,450

SOFR30A

+

6.2500%,

10.6037%, 9/25/41

(144A)

‡

160,000

165,131

SOFR30A

+

7.0000%,

11.3537%, 12/25/41

(144A)

‡

158,000

168,660

SOFR30A

+

3.7500%,

8.1037%, 2/25/42

(144A)

‡

985,000

1,020,795

SOFR30A

+

1.8000%,

6.1537%, 8/25/44

(144A)

‡

325,000

324,190

SOFR30A

+

1.4500%,

5.8037%, 10/25/44

(144A)

‡

325,000

323,509

SOFR30A

+

1.3500%,

5.7037%, 1/25/45

(144A)

‡

380,000

374,925

SOFR30A

+

1.6500%,

6.0037%, 2/25/45

(144A)

‡

350,000

347,153

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

2.5000%,

TBA, 30

Year

Maturity

^

105,000

87,265

3.0000%,

TBA, 30

Year

Maturity

^

4,468,000

3,873,586

3.5000%,

TBA, 30

Year

Maturity

^

5,733,000

5,171,521

4.0000%,

TBA, 30

Year

Maturity

^

1,559,000

1,452,235

4.5000%,

TBA, 30

Year

Maturity

^

3,298,000

3,153,149

5.0000%,

TBA, 30

Year

Maturity

^

1,963,000

1,921,624

5.5000%,

TBA, 30

Year

Maturity

^

6,438,000

6,423,057

6.0000%,

TBA, 30

Year

Maturity

^

3,207,000

3,253,053

6.5000%,

TBA, 30

Year

Maturity

^

153,000

157,559

FREMF

Mortgage

Trust

,

5.8224

%

,

11/25/28

(144A)

‡

162,000

150,138

Galaxy

Senior

Participation

Interest

Trust

1

,

0.0000

%

,

7/31/26

¢,‡

425,603

427,878

GNMA

II,

30

Year,

Single

Family

3.5000%,

TBA, 30

Year

Maturity

^

2,092,000

1,900,159

4.0000%,

TBA, 30

Year

Maturity

^

204,000

189,813

5.0000%,

TBA, 30

Year

Maturity

^

96,000

94,136

5.5000%,

TBA, 30

Year

Maturity

^

68,000

67,935

Great

Wolf

Trust

,

CME

Term

SOFR

1

Month

+

2.8900%

,

7.2119

%

,

3/15/39

(144A)

‡

325,000

322,711

GS

Mortgage

Securities

Corp.

Trust

,

CME

Term

SOFR

1

Month

+

2.6500%

,

6.9699

%

,

11/25/41

(144A)

‡

330,000

330,007

GWT

,

CME

Term

SOFR

1

Month

+

2.9395%

,

7.2613

%

,

5/15/41

(144A)

‡

1,330,000

1,320,956

Hudsons

Bay

Simon

JV

Trust

3.9141%, 8/5/34

(144A)

66,082

65,587

4.1545%, 8/5/34

(144A)

238,000

231,699

5.3310%, 8/5/34

(144A)

‡

100,000

98,389

JPMorgan

Chase

Bank

NA

CME

Term

SOFR

1

Month

+

2.3645%,

6.6911%, 10/25/57

(144A)

‡

953,064

970,877

CME

Term

SOFR

1

Month

+

2.6145%,

6.9411%, 10/25/57

(144A)

‡

724,343

737,776

LHOME

Mortgage

Trust

,

7.1280

%

,

3/25/29

(144A)

Ç

325,000

328,430

Life

Mortgage

Trust

,

CME

Term

SOFR

1

Month

+

2.5419%

,

6.8638

%

,

5/15/39

(144A)

‡

165,000

145,417

MHC

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

2.7154%,

7.0374%, 4/15/38

(144A)

‡

320,000

317,140

CME

Term

SOFR

1

Month

+

3.3154%,

7.6374%, 4/15/38

(144A)

‡

680,000

670,118

MHP

CME

Term

SOFR

1

Month

+

3.9575%,

8.2794%, 1/15/27

(144A)

‡

800,000

777,593

CME

Term

SOFR

1

Month

+

2.3145%,

6.6365%, 7/15/38

(144A)

‡

325,000

321,154

Janus

Henderson

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

12

April

30,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Mortgage-Backed

Securities

-

(continued)

MTN

Commercial

Mortgage

Trust

,

CME

Term

SOFR

1

Month

+

5.2852%

,

9.6152

%

,

3/15/39

(144A)

‡

$

457,000

$

451,594

New

Residential

Mortgage

Loan

Trust

,

7.1010

%

,

3/25/39

(144A)

Ç

323,000

326,205

NRM

FHT1

Excess

Owner

LLC

,

6.5450

%

,

3/25/32

(144A)

Ç

648,808

651,243

PRET

LLC

,

0.0000

%

,

4/25/55

(144A)

Ç

1,080,000

1,080,000

Prima

Capital

CRE

Securitization

Ltd.

,

5.5000

%

,

10/1/33

(144A)

175,000

140,114

PRPM

LLC

,

6.4690

%

,

5/25/30

(144A)

Ç

684,000

685,595

RCKT

Mortgage

Trust

,

5.6830

%

,

12/25/44

(144A)

Ç

343,579

343,833

Saluda

Grade

Alternative

Mortgage

Trust

7.0000%, 4/25/29

(144A)

Ç

678,587

671,930

7.5000%, 2/25/30

(144A)

Ç

170,000

170,080

SREIT

Trust

,

CME

Term

SOFR

1

Month

+

2.7327%

,

7.0547

%

,

11/15/36

(144A)

‡

165,000

163,526

STWD

Trust

,

CME

Term

SOFR

1

Month

+

2.7870%

,

7.1090

%

,

7/15/36

(144A)

‡

262,400

260,170

SWCH

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

3.3402%,

7.6621%, 3/15/42

(144A)

‡

170,000

163,202

CME

Term

SOFR

1

Month

+

4.2389%,

8.5608%, 3/15/42

(144A)

‡

170,000

163,203

TEXAS

Commercial

Mortgage

Trust

,

CME

Term

SOFR

1

Month

+

3.0906%

,

7.4125

%

,

4/15/42

(144A)

‡

271,000

268,969

TYSN

Mortgage

Trust

,

6.7991

%

,

12/10/33

(144A)

‡

713,000

746,104

Vontive

Mortgage

Trust

,

6.5070

%

,

3/25/30

(144A)

Ç

230,000

231,817

Wells

Fargo

Commercial

Mortgage

Trust

6.3820%, 3/15/38

(144A)

‡

302,000

300,610

7.1375%, 3/15/38

(144A)

‡

189,000

189,842

Worldwide

Plaza

Trust

,

3.5263

%

,

11/10/36

(144A)

160,000

109,252

Total

Mortgage-Backed

Securities

(cost

$62,710,439)

62,721,320

Common

Stocks

-

0.4%

Chemicals

-

0.1%

Celanese

Corp.

-

Class

A

1,888

84,035

Health

Care

Providers

&

Services

-

0.1%

Surgery

Partners,

Inc.*

7,011

153,892

Hotels,

Restaurants

&

Leisure

-

0.1%

Churchill

Downs,

Inc.

1,142

103,248

Pharmaceuticals

-

0.1%

Teva

Pharmaceutical

Industries

Ltd.

(ADR)*

10,269

159,272

Total

Common

Stocks

(cost

553,224)

500,447

Exchange

Traded

Funds

-

5.6%

Franklin

Senior

Loan

ETF

143,556

3,439,602

Janus

Henderson

Emerging

Markets

Debt

Hard

Currency

ETF

£

84,318

4,228,607

7,668,209

Total

Exchange

Traded

Funds

(cost

$7,645,870)

7,668,209

Investment

Companies

-

13.4%

Money

Market

Funds

-

13.4%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

4.3351%

£,∞

(cost

$18,388,635)

18,384,958

18,388,635

Total

Investments

(total

cost

$

173,992,440

)

-

126.6%

173,905,230

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(26.6%)

(36,503,746)

Net

Assets

-

100.0%

$137,401,484

Janus

Henderson

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

Janus

Detroit

Street

Trust

13

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

$

157,677,062

90.8

%

United

Kingdom

4,429,274

2.5

Canada

3,138,354

1.8

Luxembourg

1,384,714

0.8

Italy

1,279,640

0.7

France

1,220,296

0.7

Germany

959,115

0.6

Netherlands

591,134

0.3

Australia

535,740

0.3

Macau

433,918

0.2

Switzerland

417,338

0.2

Ireland

412,464

0.2

Sweden

360,154

0.2

Czech

Republic

318,317

0.2

Finland

296,625

0.2

Israel

159,272

0.1

Spain

151,699

0.1

Cayman

Islands

140,114

0.1

Total

$173,905,230

100.0%

Schedule

of

Affiliated

Investments

-

(%

of

Net

Assets)

Affiliated

Investments,

at

Value

at

11/12/2024

Purchases

Sales

Proceeds

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciatio

n/

(Depreciation)

Affiliated

Investments,

at

Value

at

4/30/25

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

Shares

Held

at

4/30/25

Dividend

Income

Investment

Company

-

16.5%

Exchange

Traded

Fund

-

3.1%

Janus

Henderson

Emerging

Markets

Debt

Hard

Currency

ETF

$

–

$

6,290,876

$

(1,965,342)

$

(69,022)

$

(27,905)

$

4,228,607

84,318

$

77,821

Money

Market

Funds

-

13.4%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

4.3351%

∞

–

70,294,768

(51,906,132)

–

(1)

18,388,635

18,384,958

90,610

Total

Affiliated

Investments

-

16.5%

$–

$76,585,644

$(53,871,474)

$(69,022)

$(27,906)

$22,617,242

$168,431

Janus

Henderson

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

14

April

30,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Schedule

of

Forward

Foreign

Currency

Exchange

Contracts

Counterparty/

Foreign

Currency

Settlement

Date

Foreign

Currency

Amount

Sold/

(Purchased)

USD

Currency

Amount

Sold/

(Purchased)

Market

Value

and

Unrealized

Appreciation

(Depreciation)

BNP

Paribas

SA

Euro

7/3/25

811,212

$

(935,093)

$

9,236

Euro

7/3/25

(119,103)

130,779

5,157

Euro

7/3/25

(3,430)

3,760

154

Euro

7/3/25

130,874

(149,453)

83

Euro

7/3/25

1,994

(2,273)

(3)

Euro

7/3/25

79,689

(90,944)

(8)

Euro

7/3/25

(1,177)

1,357

(13)

Euro

7/3/25

(78,262)

89,470

(148)

Euro

7/3/25

(106,518)

121,725

(153)

Euro

7/3/25

102,677

(117,030)

(158)

Euro

7/3/25

123,190

(140,330)

(269)

Euro

7/3/25

796,068

(907,345)

(1,228)

Euro

7/3/25

4,539,857

(5,020,118)

(161,341)

Great

British

Pound

7/3/25

488,567

(653,826)

1,090

Great

British

Pound

7/3/25

899,216

(1,159,768)

(41,603)

(189,204)

Total

$(189,204)

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

11

6/18/25

$

1,234,406

$

(12,640)

U.S.

Treasury

2

Year

Notes

129

6/30/25

26,851,149

81,657

U.S.

Treasury

5

Year

Notes

293

6/30/25

31,994,227

336,430

U.S.

Treasury

Ultra

Bond

2

6/18/25

242,063

8,372

Total

-

Futures

Long

413,819

Futures

Short:

U.S.

Treasury

10

Year

Ultra

Bond

29

6/18/25

(3,327,297)

(55,338)

U.S.

Treasury

Long

Bond

21

6/18/25

(2,449,125)

(1,461)

Total

-

Futures

Short

(56,799)

Total

$357,020

Schedule

of

OTC

Total

Return

Swaps

Counterparty/Return

Paid

by

the

Fund

Return

Received

by

Fund

Payment

Frequency

Termination

Date

Notional

Amount

Swap

Contracts,

at

Value

and

Unrealized

Appreciation/

(Depreciation)

JPMorgan

Chase

Bank

NA:1

day

SOFR

+

0.25%

Janus

Henderson

AAA

CLO

ETF

Quarterly

07/25/2025

USD

50,000

$

2,403

Janus

Henderson

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

Janus

Detroit

Street

Trust

15

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

The

following

table,

grouped

by

derivative

type,

provides

information

about

the

fair

value

and

location

of

derivatives

within

the

Statement

of

Assets

and

Liabilities

as

of

April

30,

2025.

The

following

tables

provide

information

about

the

effect

of

derivatives

and

hedging

activities

on

the

Fund’s

Statement

of

Operations

for

the period

ended

April

30,

2025.

Schedule

of

Exchange-Traded

Written

Call

Options

Reference

Asset

Number

of

Contracts

Exercise

Price

Expiration

Date

Notional

Amount

Premiums

Received

Unrealized

Appreciation/

(Depreciation)

Option

Written,

at

Value

100

oz

Gold

16

3,775.00

USD

05/27/2025

$

1,600

$

(5,901)

$

941

$

(4,960)

Light

Sweet

Crude

Oil

25

69.50

USD

05/15/2025

25,000

(4,250)

1,750

(2,500)

S&P

500

Emini

Index

4

6,450.00

USD

06/20/2025

200

(246)

(24)

(270)

U.S.

Treasury

10

Year

Notes

46

115.25

USD

05/23/2025

4,600,000

(5,683)

(67)

(5,750)

$(16,080)

$2,600

$(13,480)

Schedule

of

Exchange-Traded

Written

Put

Options

Reference

Asset

Number

of

Contracts

Exercise

Price

Expiration

Date

Notional

Amount

Premiums

Received

Unrealized

Appreciation/

(Depreciation)

Option

Written,

at

Value

100

oz

Gold

16

2,755.00

USD

05/27/2025

$

1,600

$

(1,101)

$

(339)

$

(1,440)

Light

Sweet

Crude

Oil

25

55.50

USD

05/15/2025

25,000

(18,500)

(22,250)

(40,750)

S&P

500

Emini

Index

4

4,575.00

USD

06/20/2025

200

(3,296)

96

(3,200)

U.S.

Treasury

10

Year

Notes

46

108.25

USD

05/23/2025

4,600,000

(652)

(785)

(1,437)

$(23,549)

$(23,278)

$(46,827)

Fair

Value

of

Derivative

Instruments

(not

accounted

for

as

hedging

instruments)

as

of

April

30,

2025

Interest

Rate

Contracts

Currency

Contracts

Equity

Contracts

Commodity

Contracts

Total

Asset

Derivatives:

Forward

foreign

currency

exchange

contracts

$

—

$

15,720

$

–

$

–

$

15,720

Swaps

-

OTC

—

—

2,403

–

2,403

*

Futures

contracts

426,459

—

–

–

426,459

Total

Asset

Derivatives

$

426,459

$

15,720

$

2,403

$

–

$

444,582

Liability

Derivatives:

–

Forward

foreign

currency

exchange

contracts

—

204,924

–

–

204,924

*

Futures

contracts

69,439

—

–

–

69,439

Written

options,

at

value

7,187

—

(3,470)

(49,650)

60,307

Total

Liability

Derivatives

$

76,626

$

204,924

$

(3,470)

$

(49,650)

$

334,670

*

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).

Janus

Henderson

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

16

April

30,

2025

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Please

see

the

“Net

realized

and

change

in

unrealized

gain/(loss)

on

investments”

sections

of

the

Fund’s

Statement

of

Operations.

The

Effect

of

Derivative

Instruments

(not

accounted

for

as

hedging

instruments)

on

the

Statement

of

Operations

for

the

Period

Ended

April

30,

2025

Amount

of

Realized

Gain/(Loss)

Recognized

on

Derivatives

Derivative

Credit

Contracts

Interest

Rate

Contracts

Currency

Contracts

Equity

Contracts

Commodity

Contracts

Total

Forward

foreign

currency

exchange

contracts

$

—

$

—

$

(274,831

)

$

—

$

—

$

(274,831)

Futures

contracts

—

126,554

—

—

(86,675)

39,879

Swap

contracts

(8,002)

—

—

(17,662)

—

(25,664)

Written

options

contracts

—

5,539

—

7,124

17,869

30,532

Total

$

(8,002)

$

132,093

$

(274,831

)

$

(10,538)

$

17,869

$

(230,084)

Amount

of

Change

in

Unrealized

Appreciation/(Depreciation)

Recognized

on

Derivatives

Derivative

Interest

Rate

Contracts

Currency

Contracts

Equity

Contracts

Commodity

Contracts

Total

Forward

foreign

currency

exchange

contracts

$

—

$

(189,204

)

$

–

$

–

$

(189,204

)

Futures

contracts

357,020

—

–

–

357,020

Swap

contracts

—

—

2,403

–

2,403

Written

options

contracts

(852

)

—

72

(19,898

)

(20,678

)

Total

$

356,168

$

(189,204

)

$

2,475

$

(19,898

)

$

149,541

Average

Ending

Monthly

Value

of

Derivative

Instruments

During

the

Period

Ended

April

30,

2025

Futures

contracts:

Average

notional

amount

of

contracts

-

long

$29,477,518

Average

notional

amount

of

contracts

-

short

2,710,880

Forward

foreign

currency

exchange

contracts:

Average

amounts

purchased

-

in

USD

2,299,641

Average

amounts

sold

-

in

USD

9,723,317

Credit

default

swaps:

719,068

Average

notional

amount

-

buy

protection

369,068

Average

notional

amount

-

sell

protection

350,000

Total

return

swaps:

Average

notional

amount

8,333

Options:

Average

value

of

option

contracts

written

14,531

Offsetting

of

Financial

Assets

and

Derivative

Assets

Counterparty

Gross

Amounts

of

Recognized

Assets

Offsetting

Asset

or

Liability

(a)

Collateral

Pledged

(b)

Net

Amount

BNP

Paribas

SA

$

15,720

$

(15,720

)

$

—

$

—

JPMorgan

Chase

Bank

NA

2,403

—

—

2,403

Total

$

18,123

$

(15,720

)

$

—

$

2,403

Janus

Henderson

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

Janus

Detroit

Street

Trust

17

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Offsetting

of

Financial

Liabilities

and

Derivative

Liabilities

Counterparty

Gross

Amounts

of

Recognized

Liabilities

Offsetting

Asset

or

Liability

(a)

Collateral

Pledged

(b)

Net

Amount

BNP

Paribas

SA

$

204,924

$

(15,720

)

$

—

$

189,204

Total

$

204,924

$

(15,720

)

$

—

$

189,204

(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

Income

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

April

30,

2025

18

April

30,

2025

ADR

American

Depositary

Receipt

CME

Chicago

Mercantile

Exchange

ETF

Exchange

Traded

Fund

EURIBOR

Euro

Interbank

Offered

Rate

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

GBP

British

Pound

GNMA

Government

National

Mortgage

Association

ICE

Intercontinental

Exchange

LIBOR

LIBOR

(London

Interbank

Offered

Rate)

is

a

short-term

interest

rate

that

banks

offer

one

another

and

generally

represents

current

cash

rates.

LLC

Limited

Liability

Company

LP

Limited

Partnership

PIK

Pay-in-kind

(PIK)

bonds

give

the

issuer

an

option

to

make

the

interest

payment

in

case

of

additional

securities.

plc

Public

Limited

Company

REIT

Real

Estate

Investment

Trust

REMIC

Real

Estate

Mortgage

Investment

Conduit

SOFR

Secured

Overnight

Financing

Rate

SOFR30A

Secured

Overnight

Financing

Rate

30

Day

Average

SOFR90A

Secured

Overnight

Financing

Rate

90

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

*

Non-income

producing

security.

¢

Security

is

valued

using

significant

unobservable

inputs.

The

total

value

of

Level

3

securities

as

of

the

period

ended

April

30,

2025

is

$427,878,

which

represents

0.3%

of

net

assets.

∞

Rate

shown

is

the

7-day

yield

as

of

April

30,

2025.

£

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.

Janus

Henderson

Income

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

April

30,

2025

Janus

Detroit

Street

Trust

19

Ç

Step

bond.

The

coupon

rate

will

increase

or

decrease

periodically

based

upon

a

predetermined

schedule.

The

rate

shown

reflects

the

current

rate.

Ø

Payment-in-kind

security

which

may

pay

interest/dividends

in

additional

par/shares

and/or

in

cash.

Rates

shown

are

the

current

rate

and

possible

payment

rates.

‡

Variable

or

floating

rate

security.

Rate

shown

is

the

current

rate

as

of

April

30,

2025.

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.

¤

Zero

coupon

bond.

μ

Perpetual

security.

Perpetual

securities

have

no

stated

maturity

date,

but

they

may

be

called/redeemed

by

the

issuer.

The

date

indicated,

if

any,

represents

the

next

call

date.

ƒ

All

or

a

portion

of

this

position

is

not

funded,

or

has

been

purchased

on

a

delayed

delivery

or

when-issued

basis.

If

applicable,

interest

rates

will

be

determined

and

interest

will

begin

to

accrue

at

a

future

date.

See

Notes

to

Financial

Statements.

144A

Securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended,

are

subject

to

legal

and/or

contractual

restrictions

on

resale

and

may

not

be

publicly

sold

without

registration

under

the

1933

Act.

Unless

otherwise

noted,

these

securities

have

been

determined

to

be

liquid

in

accordance

with

the

requirements

of

Rule

22e-4,

under

the

1940

Act.

The

total

value

of

144A

securities

as

of

the

period

ended

April

30,

2025

is

$84,564,295

which

represents

61.5%

of

net

assets.

§

PO

–

Principal

Only

^

Settlement

is

on

a

delayed

delivery

or

when-issued

basis

with

final

maturity

TBA

in

the

future.

Janus

Henderson

Income

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

April

30,

2025

20

April

30,

2025

The

following

is

a

summary

of

the

inputs

that

were

used

to

value

the

Fund's

investments

in

securities

and

other

financial

instruments

as

of

April

30,

2025

.

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

Total

Assets

Investments

in

Securities:

Asset-Backed

Securities

$

—

$

11,765,134

$

—

$

11,765,134

Bank

Loans

—

11,516,214

—

11,516,214

Collateralized

Loan

Obligations

—

10,968,580

—

10,968,580

Convertible

Bond

—

150,770

—

150,770

Corporate

Bonds

—

50,225,921

—

50,225,921

Mortgage-Backed

Securities

—

62,293,442

427,878

62,721,320

Common

Stocks

500,447

—

—

500,447

Exchange

Traded

Funds

7,668,209

—

—

7,668,209

Investment

Companies

—

18,388,635

—

18,388,635

Total

Investments

in

Securities

$

8,168,656

$

165,308,696

$

427,878

$

173,905,230

Other

Financial

Instruments

(a)

:

Forward

Foreign

Currency

Exchange

Contracts

$

—

$

15,720

$

—

$

15,720

Futures

Contracts

426,459

—

—

426,459

Total

Return

Swap

—

2,403

—

2,403

Total

Other

Financial

Instruments

$

426,459

$

18,123

$

—

$

444,582

Total

Assets

$

8,595,115

$

165,326,819

$

427,878

$

174,349,812

Liabilities

Other

Financial

Instruments

(a)

:

Forward

Foreign

Currency

Exchange

Contracts

$

—

$

204,924

$

—

$

204,924

Futures

Contracts

69,439

—

—

69,439

Options

Written,

at

Value

60,307

—

—

60,307

Total

Other

Financial

Instruments

$

129,746

$

204,924

$

—

$

334,670

Total

Liabilities

$

129,746

$

204,924

$

—

$

334,670

Janus

Henderson

Income

ETF

Statement

of

Assets

and

Liabilities

(unaudited)

April

30,

2025

Janus

Detroit

Street

Trust

21

See

Notes

to

Financial

Statements.

Assets:

Unaffiliated

investments,

at

value

(cost

$151,347,292)

$

151,287,988

Affiliated

investments,

at

value

(cost

$22,645,148)

22,617,242

Cash

denominated

in

foreign

currency

(cost

$11,226)

11,226

Forward

foreign

currency

exchange

contracts

15,720

Due

from

broker

for

futures

690,000

Receivable

for

variation

margin

on

futures

contracts

57,431

Receivables:

Investments

sold

938,873

Dividends

802

Interest

1,004,584

OTC

swap

contracts,

at

value

2,403

Due

from

adviser

1,181

Total

Assets

176,627,450

Liabilities:

Forward

foreign

currency

exchange

contracts

204,924

Options

written,

at

value

(premiums

received

$39,629)

60,307

Due

to

custodian

139,524

Payables:

Investments

purchased

11,266,460

TBA

investments

purchased

27,514,587

Management

fees

39,419

Accrued

expenses

and

other

liabilities

745

Total

Liabilities

39,225,966

Commitments

and

contingent

liabilities

Net

Assets

$

137,401,484

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

137,186,930

Total

distributable

earnings

(loss)

214,554

Total

Net

Assets

$

137,401,484

Net

Assets

$

137,401,484

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

2,750,000

Net

Asset

Value

Per

Share

$

49

.96

Janus

Henderson

Income

ETF

Statement

of

Operations

For

the

period

ended

April

30,

2025

(1)

(unaudited)

22

April

30,

2025

See

Notes

to

Financial

Statements.

Investment

Income:

Interest

$

1,857,414

Dividends

from

affiliates

168,431

Dividends

38,523

Foreign

tax

withheld

(6,335

)

Total

Investment

Income

2,058,033

Expenses:

Management

Fees

161,397

Total

Expenses

161,397

Less:

Excess

Expense

Reimbursement

and

Waivers

(6,423

)

Net

Expenses

154,974

Net

Investment

Income/(Loss)

1,903,059

Net

Realized

Gain/(Loss)

on

Investments:

Investments

and

foreign

currency

transactions

$

(3,533

)

Investments

in

affiliates

(69,022

)

TBA

sales

commitments

69,162

Forward

foreign

currency

exchange

contracts

(274,831

)

Futures

contracts

39,879

Swap

contracts

(25,664

)

Written

options

contracts

30,532

Total

Net

Realized

Gain/(Loss)

on

Investments

$

(233,477

)

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

and

foreign

currency

translations

$

(54,577

)

Investments

in

affiliates

(27,906

)

Forward

foreign

currency

exchange

contracts

(189,204

)

Futures

contracts

357,020

Swap

contracts

2,403

Written

options

contracts

(20,678

)

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

67,058

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

1,736,640

(1)

Period

from

November

12,

2024

(commencement

of

operations)

through

April

30,

2025.

Janus

Henderson

Income

ETF

Statement

of

Changes

in

Net

Assets

Janus

Detroit

Street

Trust

23

See

Notes

to

Financial

Statements.

Period

Ended

April

30,

2025

(1)

(Unaudited)

Operations:

Net

investment

income/(loss)

$

1,903,059

Net

realized

gain/(loss)

on

investments

(233,477

)

Change

in

unrealized

net

appreciation/depreciation

67,058

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

1,736,640

Dividends

and

Distributions

to

Shareholders:

—

Dividends

and

Distributions

(1,522,086

)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(1,522,086

)

Capital

Share

Transactions

137,186,930

Net

Increase/(Decrease)

in

Net

Assets

137,401,484

Net

Assets:

—

Beginning

of

Period  

—

End

of

Period

$

137,401,484

(1)

Period

from

November

12,

2024

(commencement

of

operations)

through

April

30,

2025.

Janus

Henderson

Income

ETF

Financial

Highlights

24

April

30,

2025

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

the

period

ended

April

30,

2025

(unaudited)

2025

(1)

Net

Asset

Value,

Beginning

of

Period

$50.00

Income/(Loss)

from

Investment

Operations:

—

Net

investment

income/(loss)

(2)

1.41

Net

realized

and

unrealized

gain/(loss)

(0.37)

Total

from

Investment

Operations

1.04

Less

Dividends

and

Distributions:

—

Dividends

(from

net

investment

income)

(1.08)

Total

Dividends

and

Distributions

(1.08)

Net

Asset

Value,

End

of

Period

$49.96

Total

Return

*

2.09%

Net

assets,

End

of

Period

(in

thousands)

$137,401

Ratios

to

Average

Net

Assets

**

Ratio

of

Gross

Expenses

0.51%

Ratio

of

Net

Expenses

(After

Waivers

and

Expense

Offsets)

0.49%

Ratio

of

Net

Investment

Income/(Loss)

6.03%

Portfolio

Turnover

Rate

(3)(4)

58%

*

Total

return

not

annualized

for

periods

of

less

than

one

full

year.

**

Annualized

for

periods

of

less

than

one

full

year.

(1)

Period

from

November

12,

2024

(commencement

of

operations)

through

April

30,

2025.

(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

Income

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

25

1.

Organization

and

Significant

Accounting

Policies

Janus

Henderson

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.

The

financial

statements

include

information

for

the

period

from November

24,

2024

(commencement

of

operations)

through

April

30,

2025. As

of

the

date

of

this

report,

the

Trust

offers fourteen

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

high

current

income

with

a

secondary

focus

on

capital

appreciation.

The

Fund

is

classified

as

non-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.

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

Chief

Financial

Officer

of

the

Fund/Portfolio

is

designated

as

the

Chief

Operating

Decision

Maker

(“CODM”)

as

it

relates

to

ASC

Topic

280.

The

CODM

has

concluded

that

the

Fund/Portfolio

operated

as

a

single

segment

entity

for

the

period ended

April

30,

2025.

The

key

indicator

of

performance

of

the

Fund

is

net

investment

income

as

reported

on

the

Statement

of

Operations.

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

Janus

Henderson

Income

ETF

Notes

to

Financial

Statements

(unaudited)

26

April

30,

2025

evaluated

bid

price

supplied

by

the

pricing

service

is

an

evaluation

that

may

consider

factors

such

as

security

prices,

yields,

maturities

and

ratings.

Certain

short-term

securities

maturing

within

60

days

or

less

may

be

evaluated

and

valued

on

an

amortized

cost

basis

provided

that

the

amortized

cost

determined

approximates

market

value.

Securities

for

which

market

quotations

or

evaluated

prices

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

determined

in

good

faith

by

the

Adviser

pursuant

to

the

Valuation

Procedures. Circumstances

in

which

fair

valuation

may

be

utilized

include,

but

are

not

limited

to:

(i)

a

significant

event

that

may

affect

the

securities

of

a

single

issuer,

such

as

a

merger,

bankruptcy,

or

significant

issuer-specific

development;

(ii)

an

event

that

may

affect

an

entire

market,

such

as

a

natural

disaster

or

significant

governmental

action;

(iii)

a

nonsignificant

event

such

as

a

market

closing

early

or

not

opening,

or

a

security

trading

halt;

and

(iv)

pricing

of

a

non-valued

security

and

a

restricted

or

nonpublic

security.

Special

valuation

considerations

may

apply

with

respect

to

“odd-lot”

fixed-income

transactions

which,

due

to

their

small

size,

may

receive

evaluated

prices

by

pricing

services

which

reflect

a

large

block

trade

and

not

what

actually

could

be

obtained

for

the

odd-

lot

position.

The

value

of

the

securities

of

mutual

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

mutual

funds,

and

the

prospectuses

for

such

mutual

funds

explain

the

circumstances

under

which

they

use

fair

valuation

and

the

effects

of

using

fair

valuation.

The

value

of

the

securities

of

any

cash

management

pooled

investment

vehicles

that

operate

as

money

market

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

funds.

Valuation

Inputs

Summary 

FASB

ASC

820,

Fair

Value

Measurements

and

Disclosures

(“ASC

820”),

defines

fair

value,

establishes

a

framework

for

measuring

fair

value,

and

expands

disclosure

requirements

regarding

fair

value

measurements.

This

standard

emphasizes

that

fair

value

is

a

market-based

measurement

that

should

be

determined

based

on

the

assumptions

that

market

participants

would

use

in

pricing

an

asset

or

liability

and

establishes

a

hierarchy

that

prioritizes

inputs

to

valuation

techniques

used

to

measure

fair

value.

These

inputs

are

summarized

into

three

broad

levels: 

Level

1

–

Unadjusted

quoted

prices

in

active

markets

the

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities.

Level

2

–

Observable

inputs

other

than

unadjusted

quoted

prices

included

in

Level

1

that

are

observable

for

the

asset

or

liability

either

directly

or

indirectly.

These

inputs

may

include

quoted

prices

for

the

identical

instrument

on

an

inactive

market,

prices

for

similar

instruments,

interest

rates,

prepayment

speeds,

credit

risk,

yield

curves,

default

rates

and

similar

data.

Assets

or

liabilities

categorized

as

Level

2

in

the

hierarchy

generally

include:

debt

securities

fair

valued

in

accordance

with

the

evaluated

bid

or

ask

prices

supplied

by

a

pricing

service;

securities

traded

on

OTC

markets

and

listed

securities

for

which

no

sales

are

reported

that

are

fair

valued

at

the

latest

bid

price

(or

yield

equivalent

thereof)

obtained

from

one

or

more

dealers

transacting

in

a

market

for

such

securities

or

by

a

pricing

service

approved

by

the

Fund’s

Trustees;

and

certain

short-term

debt

securities

with

maturities

of

60

days

or

less

that

are

fair

valued

at

amortized

cost.

Other

securities

that

may

be

categorized

as

Level

2

in

the

hierarchy

include,

but

are

not

limited

to,

preferred

stocks,

bank

loans,

swaps,

investments

in

unregistered

investment

companies,

options,

and

forward

contracts.

Level

3

–

Unobservable

inputs

for

the

asset

or

liability

to

the

extent

that

relevant

observable

inputs

are

not

available,

representing

the

Fund’s

own

assumptions

about

the

assumptions

that

a

market

participant

would

use

in

valuing

the

asset

or

liability,

and

that

would

be

based

on

the

best

information

available.

There

have

been

no

significant

changes

in

valuation

techniques

used

in

valuing

any

such

positions

held

by

the

Fund

since

the

beginning

of

the

period.

The

inputs

or

methodology

used

for

fair

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

The

summary

of

inputs

used

as

of

April

30,

2025 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.

Janus

Henderson

Income

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

27

Investment

Transactions

and

Investment

Income

Investment

transactions

are

accounted

for

as

of

the

date

purchased

or

sold

(trade

date).

Dividend

income

is

recorded

on

the

ex-dividend

date.

Certain

dividends

from

foreign

securities

will

be

recorded

as

soon

as

the

Fund

is

informed

of

the

dividend,

if

such

information

is

obtained

subsequent

to

the

ex-dividend

date.

Dividends

from

foreign

securities

may

be

subject

to

withholding

taxes

in

foreign

jurisdictions.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value.

Interest

income

is

recorded

daily

on

an

accrual

basis

and

includes

amortization

of

premiums

and

accretion

of

discounts.

The

Fund

classifies

gains

and

losses

on

prepayments

received

as

an

adjustment

to

interest

income.

Debt

securities

may

be

placed

in

non-accrual

status

and

related

interest

income

may

be

reduced

by

stopping

current

accruals

and

writing

off

interest

receivables

when

collection

of

all

or

a

portion

of

interest

has

become

doubtful.

Gains

and

losses

are

determined

on

the

identified

cost

basis,

which

is

the

same

basis

used

for

federal

income

tax

purposes.  

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. 

Janus

Henderson

Income

ETF

Notes

to

Financial

Statements

(unaudited)

28

April

30,

2025

2.

Derivative

Instruments 

The

Fund

may

invest

in

various

types

of

derivatives.

A

derivative

is

a

financial

instrument

whose

performance

is

derived

from

the

performance

of

another

asset.

The

Fund

may

invest

in

derivative

instruments

including,

but

not

limited

to

futures,

forwards,

options,

and

swaps.

Each

derivative

instrument

that

was

held

by

the

Fund

during

the

period

ended April

30,

2025 

is

discussed

in

further

detail

below.

A

summary

of

derivative

activity

by

the

Fund

is

reflected

in

the

tables

at

the

end

of

the

Schedule

of

Investments.

The

Fund

may

use

derivatives

only

to

manage

or

hedge

portfolio

risk,

including

interest

rate

risk,

or

to

manage

duration.

The

Fund’s

exposure

to

derivatives

will

vary.

The

Fund

may

also

enter

into

short

positions

for

hedging

purposes.

The

Fund’s

use

of

derivative

instruments

involves

risks

different

from,

or

possibly

greater

than,

the

risks

associated

with

investing

directly

in

securities

and

other

traditional

investments.

Derivatives

are

subject

to

a

number

of

risks

including

liquidity

risk,

market

risk,

credit

risk,

default

risk,

counterparty

risk

and

management

risk.

They

also

involve

the

risk

of

mispricing

or

improper

valuation

and

the

risk

that

changes

in

the

value

of

the

derivative

may

not

correlate

exactly

with

the

change

in

the

value

of

the

underlying

asset,

rate

or

index.

Also,

suitable

derivative

transactions

may

not

be

available

in

all

circumstances

and

there

can

be

no

assurance

that

the

Fund

will

engage

in

these

transactions

to

reduce

exposure

to

other

risks

when

that

would

be

beneficial.

While

use

of

derivatives

to

hedge

can

reduce

or

eliminate

losses,

it

can

also

reduce

or

eliminate

gains

or

cause

losses

if

the

market

moves

in

a

manner

different

from

that

anticipated

by the

Adviser or

if

the

cost

of

the

derivative

outweighs

the

benefit

of

the

hedge.

The

Fund’s

ability

to

use

derivatives

may

also

be

limited

by

certain

regulatory

and

tax

considerations. 

In

pursuit

of

its

investment

objective,

the

Fund

may

seek

to

use

derivatives

to

increase

or

decrease

exposure

to

the

following

market

risk

factors: 

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

Janus

Henderson

Income

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

29

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.

Forward

Foreign

Currency

Exchange

Contracts

A

forward

foreign

currency

exchange

contract

(“forward

currency

contract”)

is

an

obligation

to

buy

or

sell

a

specified

currency

at

a

future

date

at

a

negotiated

rate

(which

may

be

U.S.

dollars

or

a

foreign

currency).

The

Fund

may

enter

into

forward

currency

contracts

for

hedging

purposes,

including,

but

not

limited

to,

reducing

exposure

to

changes

in

foreign

currency

exchange

rates

on

foreign

portfolio

holdings

and

locking

in

the

U.S.

dollar

cost

of

firm

purchase

and

sale

commitments

for

securities

denominated

in

or

exposed

to

foreign

currencies.

The

Fund

may

also

invest

in

forward

currency

contracts

for

nonhedging

purposes

such

as

seeking

to

enhance

returns.

The

Fund

is

subject

to

currency

risk

and

counterparty

risk

in

the

normal

course

of

pursuing

its

investment

objective

through

its

investments

in

forward

currency

contracts.

Forward

currency

contracts

are

valued

by

converting

the

foreign

value

to

U.S.

dollars

by

using

the

current

spot

U.S.

dollar

exchange

rate

and/or

forward

rate

for

that

currency.

Exchange

and

forward

rates

as

of

the

close

of

the London

Stock

Exchange are

used

to

value

the

forward

currency

contracts.

The

unrealized

appreciation/(depreciation)

for

forward

currency

contracts

is

reported

in

the

Statement

of

Assets

and

Liabilities

as

a

receivable

or

payable

(if

applicable)

and

in

the

Statement

of

Operations

for

the

change

in

unrealized

net

appreciation/depreciation

(if

applicable).

The

realized gain

or

loss

arising

from

the

difference

between

the

U.S.

dollar

cost

of

the

original

contract

and

the

value

of

the

foreign

currency

in

U.S.

dollars

upon

closing

a

forward

currency

contract

is

reported

on

the

Statement

of

Operations

(if

applicable).

During

the

period,

the

Fund

entered

into

forward

currency

contracts

with

the

obligation

to

purchase

foreign

currencies

in

the

future

at

an

agreed

upon

rate

in

order

to

decrease

exposure

to

currency

risk

associated

with

foreign

currency

denominated

securities

held

by

the

Fund.

During

the

period,

the

Fund

entered

into

forward

currency

contracts

with

the

obligation

to

purchase

foreign

currencies

in

the

future

at

an

agreed

upon

rate

in

order

to

take

a

positive

outlook

on

the

related

currency.

These

forward

contracts

seek

to

increase

exposure

to

currency

risk.

During

the

period,

the

Fund

entered

into

forward

currency

contracts

with

the

obligation

to

sell

foreign

currencies

in

the

future

at

an

agreed

upon

rate

in

order

to

take

a

negative

outlook

on

the

related

currency.

These

forward

contracts

seek

to

increase

exposure

to

currency

risk.

During

the

period,

the

Fund

entered

into

forward

currency

contracts

with

the

obligation

to

sell

foreign

currencies

in

the

future

at

an

agreed

upon

rate

in

order

to

decrease

exposure

to

currency

risk

associated

with

foreign

currency

denominated

securities

held

by

the

Fund.

Futures

Contracts 

A

futures

contract

is

an

exchange-traded

agreement

to

take

or

make

delivery

of

an

underlying

asset

at

a

specific

time

in

the

future

for

a

specific

predetermined

negotiated

price.

The

Fund

may

enter

into

futures

contracts

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

Income

ETF

Notes

to

Financial

Statements

(unaudited)

30

April

30,

2025

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

period,

the

Fund

purchased

interest

rate

futures

to

increase

exposure

to

interest

rate

risk.

During

the

period,

the

Fund

sold

interest

rate

futures

to

decrease

exposure

to

interest

rate

risk.

Swaps 

Swap

agreements

are

two-party

contracts

entered

into

primarily

by

institutional

investors

for

periods

ranging

from

a

day

to

more

than

one

year

to

exchange

one

set

of

cash

flows

for

another.

The

most

significant

factor

in

the

performance

of

swap

agreements

is

the

change

in

value

of

the

specific

index,

security,

or

currency,

or

other

factors

that

determine

the

amounts

of

payments

due

to

and

from

the

Fund.

The

use

of

swaps

is

a

highly

specialized

activity

which

involves

investment

techniques

and

risks

different

from

those

associated

with

ordinary

portfolio

securities

transactions.

Swap

agreements

entail

the

risk

that

a

party

will

default

on

its

payment

obligations

to

the

Fund.

If

the

other

party

to

a

swap

defaults,

the

Fund

would

risk

the

loss

of

the

net

amount

of

the

payments

that

it

contractually

is

entitled

to

receive.

If

the

Fund

utilizes

a

swap

at

the

wrong

time

or

judges

market

conditions

incorrectly,

the

swap

may

result

in

a

loss

to

the

Fund

and

reduce

the

Fund’s

total

return.

Swap

agreements

also

bear

the

risk

that

the

Fund

will

not

be

able

to

meet

its

obligation

to

the

counterparty.

Swap

agreements

are

typically

privately

negotiated

and

entered

into

in

the

OTC

market.

However,

certain

swap

agreements

are

required

to

be

cleared

through

a

clearinghouse

and

traded

on

an

exchange

or

swap

execution

facility.

Swaps

that

are

required

to

be

cleared

are

required

to

post

initial

and

variation

margins

in

accordance

with

the

exchange

requirements.

Regulations

enacted

require

the

Fund

to

centrally

clear

certain

interest

rate

and

credit

default

index

swaps

through

a

clearinghouse

or

central

counterparty

(“CCP”).

To

clear

a

swap

with

a

CCP,

the

Fund

will

submit

the

swap

to,

and

post

collateral

with,

a

futures

clearing

merchant

(“FCM”)

that

is

a

clearinghouse

member.

Alternatively,

the

Fund

may

enter

into

a

swap

with

a

financial

institution

other

than

the

FCM

(the

“Executing

Dealer”)

and

arrange

for

the

swap

to

be

transferred

to

the

FCM

for

clearing.

The

Fund

may

also

enter

into

a

swap

with

the

FCM

itself.

The

CCP,

the

FCM,

and

the

Executing

Dealer

are

all

subject

to

regulatory

oversight

by

the

U.S.

Commodity

Futures

Trading

Commission

(“CFTC”).

A

default

or

failure

by

a

CCP

or

an

FCM,

or

the

failure

of

a

swap

to

be

transferred

from

an

Executing

Dealer

to

the

FCM

for

clearing,

may

expose

the

Fund

to

losses,

increase

its

costs,

or

prevent

the

Fund

from

entering

or

exiting

swap

positions,

accessing

collateral,

or

fully

implementing

its

investment

strategies.

The

regulatory

requirement

to

clear

certain

swaps

could,

either

temporarily

or

permanently,

reduce

the

liquidity

of

cleared

swaps

or

increase

the

costs

of

entering

into

those

swaps.

Index

swaps,

interest

rate

swaps,

inflation

swaps and

credit

default

swaps

are

valued

using

an

approved

vendor

supplied

price.

Basket

swaps

are

valued

using

a

broker

supplied

price.

Equity

swaps

that

consist

of

a

single

underlying

equity

are

valued

either

at

the

closing

price,

the

latest

bid

price,

or

the

last

sale

price

on

the

primary

market

or

exchange

it

trades.

The

market

value

of

swap

contracts

are

aggregated

by

positive

and

negative

values

and

are

disclosed

separately

as

an

asset

or

liability

on

the

Fund’s

Statement

of

Assets

and

Liabilities

(if

applicable).

Realized

gains

and

losses

are

reported

on

the

Statement

of

Operations

(if

applicable).

The

change

in

unrealized

net

appreciation

or

depreciation

during

the

period

is

included

in

the

Statement

of

Operations

(if

applicable).

The

Fund’s

maximum

risk

of

loss

from

counterparty

risk

or

credit

risk

is

the

discounted

value

of

the

payments

to

be

received

from/paid

to

the

counterparty

over

the

contract’s

remaining

life,

to

the

extent

that

the

amount

is

positive.

The

risk

is

mitigated

by

having

a

netting

arrangement

between

the

Fund

and

the

counterparty

and

by

the

posting

of

collateral

by

the

counterparty

to

cover

the

Fund’s

exposure

to

the

counterparty.

The

Fund

may

enter

into

various

types

of

credit

default

swap

agreements,

including

OTC

credit

default

swap

agreements

and

index

credit

default

swaps

(“CDX”),

for

investment

purposes

and

to

add

leverage

to

its

portfolio,

or

to

hedge

its

credit

exposure.

Credit

default

swaps

are

a

specific

kind

of

counterparty

agreement

that

allow

the

transfer

of

third-

party

Janus

Henderson

Income

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

31

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

period,

the

Fund

purchased

protection

via

the

credit

default

swap

market

in

order

to

reduce

credit

risk

exposure

to

individual

corporates,

countries

and/or

credit

indices

where

gaining

this

exposure

via

the

cash

bond

market

was

less

attractive. 

During

the

period,

the

Fund

sold

protection

via

the

credit

default

swap

market

in

order

to

gain

credit

risk

exposure

to

individual

corporates,

countries

and/or

credit

indices

where

gaining

this

exposure

via

the

cash

bond

market

was

less

attractive.

There

were

no

credit

default

swaps

held

as

of

April

30,

2025.

Total

return

swaps

involve

an

exchange

by

two

parties

in

which

one

party

makes

payments

based

on

a

set

rate,

either

fixed

or

variable,

while

the

other

party

makes

payments

based

on

the

return

of

an

underlying

asset,

which

includes

both

the

income

it

generates

and

any

capital

gains

over

the

payment

period.

A

fixed-income

total

return

swap

may

be

written

on

many

different

kinds

of

underlying

reference

assets,

and

may

include

different

indices

for

various

kinds

of

debt

securities

(e.g.,

U.S.

investment

grade

bonds,

high-yield

bonds,

or

emerging

market

bonds).

During

the

period,

the

Fund

entered

into

total

return

swaps

on

to

increase

exposure

to

equity

risk.

These

total

return

swaps

require

the

Fund

to

pay

a

floating

reference

interest

rate,

and

an

amount

equal

to

the

negative

price

movement

of

securities

or

an

index

multiplied

by

the

notional

amount

of

the

contract.

The

Fund

will

receive

payments

equal

to

the

positive

price

movement

of

the

same

securities

or

index

multiplied

by

the

notional

amount

of

the

contract

and,

in

some

cases,

dividends

paid

on

the

securities.

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)

Janus

Henderson

Income

ETF

Notes

to

Financial

Statements

(unaudited)

32

April

30,

2025

“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.

In

writing

an

option,

the

Fund

bears

the

risk

of

an

unfavorable

change

in

the

price

of

the

security

underlying

the

written

option.

When

an

option

is

written,

the

Fund

receives

a

premium

and

becomes

obligated

to

sell

or

purchase

the

underlying

security

at

a

fixed

price,

upon

exercise

of

the

option.

Options

written

are

reported

as

a

liability

on

the

Statement

of

Assets

and

Liabilities

as

“Options

written,

at

value”

(if

applicable).

The

risk

in

writing

call

options

is

that

the

Fund

gives

up

the

opportunity

for

profit

if

the

market

price

of

the

security

increases

and

the

options

are

exercised.

The 

risk

in

writing

put

options

is

that

the

Fund

may

incur

a

loss

if

the

market

price

of

the

security

decreases

and

the

options

are

exercised.

The

risk

in

buying

options

is

that

the

Fund

pays

a

premium

whether

or

not

the

options

are

exercised.

Exercise

of

an

option

written

by

the

Fund

could

result

in

the

Fund

buying

or

selling

a

security

at

a

price

different

from

the

current

market

value.

During

the

period,

the

Fund

wrote

call

options

on

commodity

futures

for

the

purpose

of

decreasing

exposure

to

commodity

risk

and/or

generating

income.

During

the

period,

the

Fund

wrote

put

options

on

commodity

futures

for

the

purpose

of

increasing

exposure

to

commodity

risk

and/or

generating

income.

During

the

period,

the

Fund wrote call

options

on

bond

futures

in

order

to

reduce

interest

rate

risk

where

reducing

this

exposure

via

other

markets

such

as

the

cash

bond

market

was

less

attractive. 

During

the

period,

the

Fund wrote put

options

on

bond

futures

in

order

to increase

interest

rate

risk

where increasing

this

exposure

via

other

markets

such

as

the

cash

bond

market

was

less

attractive.

During

the

period,

the

Fund

wrote

call

options

on

various

equity

index

futures

for

the

purpose

of

decreasing

exposure

to

broad

equity

risk

and/or

generating

carry.

During

the

period,

the

Fund

wrote

put

options

on

various

equity

index

futures

for

the

purpose

of

increasing

exposure

to

broad

equity

risk

and/or

generating

carry.

Janus

Henderson

Income

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

33

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,

social

unrest,

tariffs,

financial

institution

failures,

and

economic

recessions 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.

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.

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. 

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.

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. 

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.

Privately

Issued

Securities

Risk 

Privately-issued

securities

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

Janus

Henderson

Income

ETF

Notes

to

Financial

Statements

(unaudited)

34

April

30,

2025

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. 

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

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. 

Janus

Henderson

Income

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

35

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.

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

Janus

Henderson

Income

ETF

Notes

to

Financial

Statements

(unaudited)

36

April

30,

2025

“Fair

Value

of

Derivative

Instruments

(not

accounted

for

as

hedging

instruments) as

of

April

30,

2025"

table

located

in

the

Fund’s

Schedule

of

Investments.

The

Fund

generally

does

not

exchange

collateral

on

its

forward

currency

contracts

with

its

counterparties;

however,

all

liquid

securities

and

restricted

cash

are

considered

to

cover

in

an

amount

at

all

times

equal

to

or

greater

than

the

Fund’s

commitment

with

respect

to

these

contracts.

Certain

securities

may

be

segregated

at

the

Fund’s

custodian.

These

segregated

securities

are

denoted

on

the

accompanying

Schedule

of

Investments

and

are

evaluated

daily

to

ensure

their

cover

and/or

market

value

equals

or

exceeds

the

Fund’s

corresponding

forward

foreign

currency

exchange

contract’s

obligation

value. 

Loans

The

Fund

may

invest

in

various

commercial

loans,

including

bank

loans,

bridge

loans,

debtor-in-possession

(“DIP”)

loans,

mezzanine

loans,

and

other

fixed

and

floating

rate

loans.

These

loans

may

be

acquired

through

loan

participations

and

assignments

or

on

a

when-issued

basis.

Below

are

descriptions

of

the

types

of

loans

held

by

the

Fund

as of

 April

30,

2025. 

 •

Bank

Loans

-

Bank

loans

are

obligations

of

companies

or

other

entities

entered

into

in

connection

with

recapitalizations,

acquisitions,

and

refinancings.

The

Fund’s

investments

in

bank

loans

are

generally

acquired

as

a

participation

interest

in,

or

assignment

of,

loans

originated

by

a

lender

or

other

financial

institution.

These

investments

may

include

institutionally-

traded

floating

and

fixed-rate

debt

securities.

•

Floating

Rate

Loans

–

Floating

rate

loans

are

debt

securities

that

have

floating

interest

rates,

that

adjust

periodically,

and

are

tied

to

a

benchmark

lending

rate,

such

as

Secured

Overnight

Financing

Rate

(“SOFR”).

In

other

cases,

the

lending

rate

could

be

tied

to

the

prime

rate

offered

by

one

or

more

major

U.S.

banks

or

the

rate

paid

on

large

certificates

of

deposit

traded

in

the

secondary

markets.

If

the

benchmark

lending

rate

changes,

the

rate

payable

to

lenders

under

the

loan

will

change

at

the

next

scheduled

adjustment

date

specified

in

the

loan

agreement.

Floating

rate

loans

are

typically

issued

to

companies

(‘‘borrowers’’)

in

connection

with

recapitalizations,

acquisitions,

and

refinancings.

Floating

rate

loan

investments

are

generally

below

investment

grade.

Senior

floating

rate

loans

are

secured

by

specific

collateral

of

a

borrower

and

are

senior

in

the

borrower’s

capital

structure.

The

senior

position

in

the

borrower’s

capital

structure

generally

gives

holders

of

senior

loans

a

claim

on

certain

of

the

borrower’s

assets

that

is

senior

to

subordinated

debt

and

preferred

and

common

stock

in

the

case

of

a

borrower’s

default.

Floating

rate

loan

investments

may

involve

foreign

borrowers,

and

investments

may

be

denominated

in

foreign

currencies.

Floating

rate

loans

often

involve

borrowers

whose

financial

condition

is

troubled

or

uncertain

and

companies

that

are

highly

leveraged.

The

Fund

may

invest

in

obligations

of

borrowers

who

are

in

bankruptcy

proceedings.

While

the

Fund

generally

expects

to

invest

in

fully

funded

term

loans,

certain

of

the

loans

in

which

the

Fund

may

invest

include

revolving

loans,

bridge

loans,

and

delayed

draw

term

loans.

Purchasers

of

floating

rate

loans

may

pay

and/or

receive

certain

fees.

The

Fund

may

receive

fees

such

as

covenant

waiver

fees

or

prepayment

penalty

fees.

The

Fund

may

pay

fees

such

as

facility

fees.

Such

fees

may

affect

the

Fund’s

return. 

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: 

Janus

Henderson

Income

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

37

For

the

period

ended April

30,

2025,

the

Fund’s

actual

management

fee

rate

(expressed

as

an

annual

rate)

was

0.51% 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

28,

2026.

The

Adviser

may

not

recover

amounts

previously

waived

or

reimbursed

under

this

agreement.

During

the period

ended April

30,

2025,

the

Adviser

waived

$6,423 of

the

Fund’s

management

fee,

attributable

to

the

Fund’s

investment

in

the

Janus

Henderson

Emerging

Markets

Debt

Hard

Currency

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. 

As

of

April

30,

2025, the

Adviser

owned 400,000

shares

or 14.55%

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

at

least

80%

of

its

net

assets

(plus

any

borrowings

for

investment

purposes)

in

U.S.

Government

securities

and

repurchase

agreements

that

are collateralized

by

U.S.

Government 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). There

are

no

restrictions

on

the

Fund's

ability

Daily

Net

Assets

Fee

Rate

$0-$1

billion

0.52%

Next

$2

billion

0.50%

Over

$3

billion

0.48%

Janus

Henderson

Income

ETF

Notes

to

Financial

Statements

(unaudited)

38

April

30,

2025

to

withdraw

investments

from

the

Sweep

Vehicle

at

will,

and

there

are

no

unfunded

capital

commitments

due

from

the

Fund

to

the

Sweep

Vehicle.

The

Sweep

Vehicle

does

not

charge

any

management

fee,

sales

charge

or

service

fee. 

Any

purchases

and

sales,

realized

gains/losses

and

recorded

dividends

from

affiliated

investments

during

the

period

ended

April

30,

2025 can

be

found

in

a

table

located

in

the

Schedule

of

Investments.

5.

Federal

Income

Tax

Income

and

capital

gains

distributions

are

determined

in

accordance

with

income

tax

regulations

that

may

differ

from

US

GAAP.

These

differences

are

due

to

differing

treatments

for

items

such

as

net

short-term

gains,

deferral

of

wash

sale

losses,

foreign

currency

transactions,

passive

foreign

investment

companies,

net

investment

losses,

in-kind

transactions

and

capital

loss

carryovers.

The

Fund

has

elected

to

treat

gains

and

losses

on

forward

foreign

currency

contracts

as

capital

gains

and

losses,

if

applicable.

Other

foreign

currency

gains

and

losses

on

debt

instruments

are

treated

as

ordinary

income

for

federal

income

tax

purposes

pursuant

to

Section

988

of

the

Internal

Revenue

Code. 

The

aggregate

cost

of

investments

and

the

composition

of

unrealized

appreciation

and

depreciation

of

investment

securities

for

federal

income

tax

purposes

as

of April

30,

2025 are

noted

below.

The

primary

differences

between

book

and

tax

appreciation

or

depreciation

of

investments are

wash

sale

loss

deferrals

and

amortization

on

bonds.

6.

Capital

Share

Transactions 

7.

Purchases

and

Sales

of

Investment

Securities

For

the

period

ended 

April

30,

2025,

the

aggregate

cost

of

purchases

and

proceeds

from

sales

of

investment

securities

(excluding

any

short-term

securities,

short-term

options

contracts,

TBAs

and

in-kind

transactions)

was

as

follows: 

8.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to April

30,

2025

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)

$173,992,440

$917,314

$(1,004,524)

$(87,210)

Period

Ended

April

30,

2025

(1)

Shares

Amount

Shares

sold

2,750,001

$

137,186,980

Shares

repurchased

(1)

(50

)

Net

Increase/(Decrease)

2,750,000

$

137,186,930

(1)

Period

from

November

12,

2024

(commencement

of

operations)

through

April

30,

2025.

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

$167,108,507

$39,466,149

$—

$—

Janus

Henderson

Income

ETF

Additional

Information

(unaudited)

Janus

Detroit

Street

Trust

39

Item

8.

Changes

in

and

Disagreements

with

Accountants

for

Open-End

Management

Investment

Companies.

Not

applicable.

Item

9.

Proxy

Disclosures

for

Open-End

Management

Investment

Companies.

Not

applicable.

Item

10.

Remuneration

Paid

to

Directors,

Officers,

and

Others

of

Open-End

Management

Investment

Companies.

Because

the

Adviser

has

agreed

in

the

Investment

Advisory

Agreement

to

cover

all

operating

expenses

of

the

Fund,

subject

to

certain

exclusions

as

provided

for

therein,

the

Adviser

pays

the

compensation

to

each

Independent

Trustees

for

services

to

the

Fund

from

the

Adviser's

management

fees.

Item

11.

APPROVAL

OF

ADVISORY

AGREEMENTS

DURING

THE

PERIOD

The

Trustees

of

Janus

Detroit

Street

Trust

(the

“Trust”),

including

the

Trustees

who

are

not

“interested

persons”

(the

“Independent

Trustees”)

as

that

term

is

defined

in

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

met

in

person

on

October

24,

2024

to

consider

the

proposed

investment

management

agreement

(the

“Investment

Management

Agreement”)

for

Janus

Henderson

Income

ETF

(the

“New

Fund”).

In

the

course

of

their

consideration

of

the

Investment

Management

Agreement,

the

Independent

Trustees

met

in

executive

session

and

were

advised

by

their

independent

counsel.

In

this

regard,

the

Board,

including

the

Independent

Trustees,

evaluated

the

terms

of

the

Investment

Management

Agreement

and

reviewed

the

duties

and

responsibilities

of

the

Trustees

in

evaluating

and

approving

such

agreements.

In

considering

approval

of

the

Investment

Management

Agreement,

the

Board,

including

the

Independent

Trustees,

reviewed

the

materials

provided

to

it

relating

to

their

consideration

of

the

Investment

Management

Agreement

for

the

New

Fund

and

other

information

provided

by

counsel

and

Janus

Henderson

Investors

US

LLC,

the

proposed

investment

adviser

to

the

New

Fund

(the

“Adviser”),

including:

(i)

a

copy

of

the

form

of

Investment

Management

Agreement

with

respect

to

the

Adviser’s

management

of

the

assets

of

the

New

Fund;

(ii)

information

regarding

the

nature,

quality

and

extent

of

the

services

to

be

provided

to

the

New

Fund

by

the

Adviser,

and

the

fees

to

be

charged

to

the

New

Fund

therefor;

(iii)

information

concerning

the

Adviser’s

financial

condition,

business,

operations,

portfolio

management

personnel

and

compliance

programs;

(iv)

information

describing

the

New

Fund’s

anticipated

advisory

fee

structure

and

operating

expenses;

(v)

a

copy

of

the

Adviser’s

current

Form

ADV;

and

(vi)

a

memorandum

from

counsel

on

the

responsibilities

of

trustees

in

considering

investment

advisory

arrangements

under

the

1940

Act.

The

Board

also

considered

presentations

made

by,

and

discussions

held

with,

representatives

of

the

Adviser.

The

Board

also

received

information

comparing

the

proposed

advisory

fee

and

expenses

of

the

New

Fund

to

those

of

other,

third-party

exchange-

traded

funds

(“ETFs”)

considered

to

be

comparable.

The

Board

determined

that

the

information

provided

by

the

Adviser

was

thorough

and

sufficiently

responsive

to

their

request

so

as

to

permit

the

effective

consideration

of

the

Investment

Management

Agreement.

During

its

review

of

this

information,

the

Board

focused

on

and

analyzed

the

factors

that

it

deemed

relevant,

including:

the

nature,

extent

and

quality

of

the

services

to

be

provided

to

the

New

Fund

by

the

Adviser;

the

Adviser’s

personnel

and

operations;

the

New

Fund’s

proposed

expense

level;

the

anticipated

profitability

to

the

Adviser

under

the

Investment

Management

Agreement

at

certain

asset

levels;

“fall-out”

benefits

to

the

Adviser

and

its

affiliates

(i.e.,

the

ancillary

benefits

realized

by

the

Adviser

and

its

affiliates

from

the

Adviser’s

relationship

with

the

Trust);

the

effect

of

asset

growth

on

the

New

Fund’s

expenses;

and

potential

conflicts

of

interest.

The

Trustees

also

considered

benefits

that

accrue

to

the

Adviser

and

its

affiliates

from

their

relationships

with

the

New

Fund.

The

Trustees

also

considered

that,

other

than

the

services

provided

by

the

Adviser

and

its

affiliates

pursuant

to

agreements

with

the

New

Fund

and

the

fees

to

be

paid

by

the

New

Fund

therefor,

the

New

Fund

and

the

Adviser

may

Janus

Henderson

Income

ETF

Additional

Information

(unaudited)

40

April

30,

2025

potentially

benefit

from

their

relationship

with

each

other

in

other

ways.

The

Trustees

considered

that

the

success

of

the

New

Fund

could

attract

other

business

to

the

Adviser

or

other

Janus

Henderson

funds,

and

that

the

success

of

the

Adviser

could

enhance

the

Adviser’s

ability

to

serve

the

New

Fund.

The

Board,

including

the

Independent

Trustees,

considered

the

following

in

respect

of

the

New

Fund:

(a)

The

nature,

extent,

and

quality

of

services

to

be

provided

by

the

Adviser;

personnel

and

operations

of

the

Adviser

The

Board

reviewed

the

services

that

the

Adviser

would

provide

to

the

New

Fund.

In

connection

with

the

investment

advisory

services

to

be

provided

by

the

Adviser,

the

Board

noted

the

responsibilities

that

the

Adviser

would

have

as

the

New

Fund’s

investment

adviser,

including:

the

overall

supervisory

responsibility

for

the

general

management

and

investment

of

the

New

Fund’s

securities

portfolio;

providing

oversight

of

the

investment

performance

and

processes

and

compliance

with

the

New

Fund’s

investment

objectives,

policies

and

limitations;

the

implementation

of

the

investment

management

program

of

the

New

Fund;

the

management

of

the

day-to-day

investment

and

reinvestment

of

the

assets

of

the

New

Fund;

determining

daily

baskets

of

securities

and

cash

components,

and

negotiating

custom

baskets

in

connection

with

creation

and

redemption

transactions

in

the

New

Fund’s

shares;

executing

portfolio

security

trades

for

purchases

and

redemptions

of

New

Fund

shares

conducted

on

a

cash

basis;

the

review

of

brokerage

matters;

the

oversight

of

general

portfolio

compliance

with

relevant

law;

and

the

implementation

of

Board

directives

as

they

relate

to

the

New

Fund.

The

Board

reviewed

the

Adviser’s

experience,

resources

and

strengths

in

managing

other

pooled

investment

vehicles,

such

as

the

other

funds

in

the

Trust,

including

the

Adviser’s

personnel.

Based

on

its

consideration

and

review

of

the

foregoing

information,

the

Board

determined

that

the

New

Fund

was

likely

to

benefit

from

the

nature,

quality

and

extent

of

these

services,

as

well

as

the

Adviser’s

ability

to

render

such

services

based

on

the

Adviser’s

experience,

personnel,

operations

and

resources.

(b)

Comparison

of

services

to

be

rendered

and

fees

to

be

paid

under

other

investment

advisory

contracts,

and

the

cost

of

the

services

to

be

provided

and

profits

to

be

realized

by

the

Adviser

from

the

relationship

with

the

New

Fund;

“fall-out”

benefits.

The

Board

then

compared

both

the

services

to

be

rendered

and

the

proposed

fees

to

be

paid

under

the

Investment

Management

Agreement,

with

fees

paid

under

contracts

of

other

investment

advisers

for

comparable

ETFs.

In

particular,

the

Board

compared

the

New

Fund’s

proposed

management

fee

and

projected

expense

ratio

to

other

investment

companies

anticipated

to

be

in

the

New

Fund’s

peer

group.

The

Board

noted

that

the

Adviser

was

recommending

a

unitary

fee

that

was

above

the

median

contractual

management

fee

and

equal

to

the

average

contractual

management

fee

of

the

New

Fund’s

anticipated

peer

group,

and

in

addition

would

include

contractual

breakpoints

that

could

potentially

reduce

the

unitary

fee

further

depending

on

the

New

Fund’s

asset

growth.

The

Board

also

noted

that

the

projected

total

net

expense

ratio

of

the

New

Fund

was

higher

than

the

median

total

net

expense

ratio

and

lower

than

the

average

total

net

expense

ratio

of

the

anticipated

peer

group.

The

Board

further

noted

the

contractual

expense

limitation

agreement

with

respect

to

investments

by

the

New

Fund

in

affiliated

ETFs.

The

Board

also

discussed

the

anticipated

costs

and

projected

profitability

of

the

Adviser

in

connection

with

its

serving

as

investment

adviser

to

the

New

Fund,

including

operational

costs.

After

comparing

the

New

Fund’s

proposed

fees

with

those

of

the

ETFs

in

the

New

Fund’s

anticipated

peer

group,

and

in

light

of

the

nature,

extent

and

quality

of

services

proposed

to

be

provided

by

the

Adviser

and

the

costs

expected

to

be

Janus

Henderson

Income

ETF

Additional

Information

(unaudited)

Janus

Detroit

Street

Trust

41

incurred

by

the

Adviser

in

rendering

those

services,

the

Board

concluded

that

the

level

of

fees

proposed

to

be

paid

to

the

Adviser

with

respect

to

the

New

Fund

was

fair

and

reasonable.

The

Board

also

considered

that

the

Adviser

may

experience

reputational

“fall-out”

benefits

based

on

the

success

of

the

New

Fund,

but

that

such

benefits

are

not

easily

quantifiable.

(c)

The

extent

to

which

economies

of

scale

would

be

realized

as

the

Fund

grows

and

whether

fee

levels

would

reflect

such

economies

of

scale.

The

Board

next

discussed

potential

economies

of

scale.

Since

the

New

Fund

had

not

commenced

operations,

and

the

eventual

aggregate

amount

of

assets

was

uncertain,

the

Adviser

was

not

able

to

provide

the

Board

specific

information

concerning

the

extent

to

which

economies

of

scale

would

be

realized

as

the

New

Fund

grows

and

whether

the

management

fee

level

would

reflect

such

economies

of

scale,

if

any.

The

Board

recognized

the

uncertainty

in

launching

a

new

investment

product

and

estimating

future

asset

levels;

however,

the

Board

noted

that

the

fee

schedule

proposed

by

the

Adviser

for

the

New

Fund

contained

a

breakpoint

for

assets

above

$1

billion

and

again

at

$3

billion.

The

Board

also

noted

the

unitary

fee

structure,

pursuant

to

which

the

Adviser

pays,

with

certain

exceptions,

any

excess

costs

incurred

to

operate

the

New

Fund.

The

Board

acknowledged

the

unitary

fee

cap

effectively

puts

the

risk

of

higher

costs

at

lower

asset

levels

on

the

Adviser

rather

than

the

New

Fund.

(d)

Investment

performance

of

the

Fund

and

the

Adviser

Because

the

New

Fund

is

newly

formed

and

had

not

commenced

operations,

the

Board

did

not

consider

the

investment

performance

of

the

New

Fund.

Conclusion.

No

single

factor

was

determinative

to

the

decision

of

the

Board.

Based

on

the

foregoing

and

such

other

matters

as

were

deemed

relevant,

the

Board

concluded

that

the

proposed

management

fee

rate

and

projected

total

expense

ratio

are

reasonable

in

relation

to

the

services

to

be

provided

by

the

Adviser

to

the

New

Fund,

as

well

as

the

costs

to

be

incurred

and

benefits

to

be

gained

by

the

Adviser

in

providing

such

services.

The

Board

also

found

the

proposed

management

fee

to

be

reasonable

in

comparison

to

the

fees

charged

by

advisers

to

other

comparable

ETFs.

As

a

result,

the

Board

concluded

that

the

initial

approval

of

the

Investment

Management

Agreement

was

in

the

best

interests

of

the

New

Fund.

After

full

consideration

of

the

above

factors,

as

well

as

other

factors,

the

Trustees,

including

all

of

the

Independent

Trustees

voting

separately,

determined

to

approve

the

Investment

Management

Agreement

for

the

New

Fund.

125-24-93101

04-25

This

report

is

submitted

for

the

general

information

of

shareholders

of

the

Fund.

It

is

not

an

offer

or

solicitation

for

the

Fund

and

is

not

authorized

for

distribution

to

prospective

investors

unless

preceded

or

accompanied

by

an

effective

prospectus.

Janus

Henderson

is

a

trademark

of

Janus

Henderson

Group

plc

or

one

of

its

subsidiaries.

©

Janus

Henderson

Group

plc.

Janus

Henderson

Investors

US

LLC

is

the

investment

adviser

and

ALPS

Distributors,

Inc.

is

the

distributor.

ALPS

is

not

affiliated

with

Janus

Henderson

or

any

of

its

subsidiaries.

SEMIANNUAL

FINANCIAL

STATEMENTS

April

30,

2025

Janus

Henderson

Transformational

Growth

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

Transformational

Growth

ETF

Item

7.

Financial

Statements

and

Financial

Highlights

for

Open-End

Management

Investment

Companies

Schedule

of

Investments

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

3

Statement

of

Assets

and

Liabilities

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

6

Statement

of

Operations

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

7

Statements

of

Changes

in

Net

Assets

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

8

Financial

Highlights

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

9

Notes

to

Financial

Statements

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

10

Items

8-11

-

Additional

Information

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

16

Janus

Henderson

Transformational

Growth

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

Janus

Detroit

Street

Trust

3

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares

Value

Common

Stocks

-

98.3%

Aerospace

&

Defense

-

5.0%

Howmet

Aerospace,

Inc.

7,764

$

1,075,935

Beverages

-

4.4%

Monster

Beverage

Corp.*

15,638

940,157

Biotechnology

-

7.4%

Madrigal

Pharmaceuticals,

Inc.*

3,775

1,260,510

Vaxcyte,

Inc.*

9,393

336,645

1,597,155

Broadline

Retail

-

11.6%

Amazon.com,

Inc.*

8,341

1,538,247

MercadoLibre,

Inc.*

412

960,310

2,498,557

Capital

Markets

-

7.9%

Intercontinental

Exchange,

Inc.

10,188

1,711,278

Financial

Services

-

4.6%

Mastercard,

Inc.

-

Class

A

1,809

991,441

Health

Care

Providers

&

Services

-

3.9%

UnitedHealth

Group,

Inc.

2,026

833,577

Hotels,

Restaurants

&

Leisure

-

15.7%

Booking

Holdings,

Inc.

197

1,004,558

Chipotle

Mexican

Grill,

Inc.

-

Class

A*

14,930

754,264

DoorDash,

Inc.

-

Class

A*

4,058

782,748

DraftKings,

Inc.

-

Class

A*

25,583

851,658

3,393,228

IT

Services

-

2.7%

Shopify,

Inc.

-

Class

A*

6,163

585,485

Machinery

-

3.2%

Chart

Industries,

Inc.*

5,068

684,079

Pharmaceuticals

-

3.8%

Eli

Lilly

&

Co.

907

815,348

Semiconductors

&

Semiconductor

Equipment

-

15.3%

Broadcom,

Inc.

6,900

1,328,043

Marvell

Technology,

Inc.

8,118

473,848

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

(ADR)

8,973

1,495,709

3,297,600

Software

-

12.8%

Datadog,

Inc.

-

Class

A*

4,061

414,872

HubSpot,

Inc.*

740

452,510

Oracle

Corp.

10,608

1,492,757

PTC,

Inc.*

2,536

393,004

2,753,143

Total

Common

Stocks

(cost

22,182,156)

21,176,983

Investment

Companies

-

1.0%

Money

Market

Funds

-

1.0%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

4.3351%

£,∞

(cost

$222,141)

222,096

222,141

Total

Investments

(total

cost

$

22,404,297

)

-

99.3%

21,399,124

Cash,

Receivables

and

Other

Assets,

net

of

Liabilities

-

0.7%

149,098

Net

Assets

-

100.0%

$21,548,222

Janus

Henderson

Transformational

Growth

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

4

April

30,

2025

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

$

18,357,620

85.8

%

Taiwan

1,495,709

7.0

Uruguay

960,310

4.5

Canada

585,485

2.7

Total

$

21,399,124

100.0%

Schedule

of

Affiliated

Investments

-

(%

of

Net

Assets)

Affiliated

Investments,

at

Value

at

2/4/25

Purchases

Sales

Proceeds

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciatio

n/

(Depreciation)

Affiliated

Investments,

at

Value

at

4/30/25

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

Shares

Held

at

4/30/25

Dividend

Income

Investment

Company

-

1.0%

Money

Market

Funds

-

1.0%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

4.3351%

∞

$

–

$

263,905

$

(41,764)

$

–

$

–

$

222,141

222,096

$

924

Janus

Henderson

Transformational

Growth

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

April

30,

2025

Janus

Detroit

Street

Trust

5

ADR

American

Depositary

Receipt

LLC

Limited

Liability

Company

*

Non-income

producing

security.

∞

Rate

shown

is

the

7-day

yield

as

of

April

30,

2025.

£

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

following

is

a

summary

of

the

inputs

that

were

used

to

value

the

Fund's

investments

in

securities

and

other

financial

instruments

as

of

April

30,

2025

.

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

Total

Assets

Investments

in

Securities:

Common

Stocks

$

21,176,983

$

—

$

—

$

21,176,983

Investment

Companies

—

222,141

—

222,141

Total

Assets

$

21,176,983

$

222,141

$

—

$

21,399,124

Janus

Henderson

Transformational

Growth

ETF

Statement

of

Assets

and

Liabilities

(unaudited)

April

30,

2025

6

April

30,

2025

See

Notes

to

Financial

Statements.

Assets:

Unaffiliated

investments,

at

value

(cost

$22,182,156)

$

21,176,983

Affiliated

investments,

at

value

(cost

$222,141)

222,141

Receivables:

Investments

sold

227,689

Dividends

1,862

Interest

637

Total

Assets

21,629,312

Liabilities:

Payables:

Investments

purchased

72,138

Management

fees

8,952

Total

Liabilities

81,090

Commitments

and

contingent

liabilities

Net

Assets

$

21,548,222

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

22,607,414

Total

distributable

earnings

(loss)

(

1,059,192

)

Total

Net

Assets

$

21,548,222

Net

Assets

$

21,548,222

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

975,000

Net

Asset

Value

Per

Share

$

22

.10

Janus

Henderson

Transformational

Growth

ETF

Statement

of

Operations

(unaudited)

For

the

period

ended

April

30,

2025

(1)

Janus

Detroit

Street

Trust

7

See

Notes

to

Financial

Statements.

Investment

Income:

Dividends

$

15,342

Dividends

from

affiliates

924

Foreign

tax

withheld

(

426

)

Total

Investment

Income

15,840

Expenses:

Management

Fees

15,330

Total

Expenses

15,330

Net

Investment

Income/(Loss)

510

Net

Realized

Gain/(Loss)

on

Investments:

Investments

$

(

51,718

)

Total

Net

Realized

Gain/(Loss)

on

Investments

$

(

51,718

)

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

(

1,005,173

)

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

(

1,005,173

)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

(

1,056,381

)

(1)

Period

from

February

4,

2025

(commencement

of

operations)

through

April

30,

2025.

Janus

Henderson

Transformational

Growth

ETF

Statement

of

Changes

in

Net

Assets

8

April

30,

2025

See

Notes

to

Financial

Statements.

Period

Ended

April

30,

2025

(1)

(Unaudited)

Operations:

Net

investment

income/(loss)

$

510

Net

realized

gain/(loss)

on

investments

(

51,718

)

Change

in

unrealized

net

appreciation/depreciation

(

1,005,173

)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

(

1,056,381

)

Dividends

and

Distributions

to

Shareholders:

—

Dividends

and

Distributions

(

2,811

)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(

2,811

)

Capital

Share

Transactions

22,607,414

Net

Increase/(Decrease)

in

Net

Assets

21,548,222

Net

Assets:

—

Beginning

of

Period  

—

End

of

Period

$

21,548,222

(1)

Period

from

February

4,

2025

(commencement

of

operations)

through

April

30,

2025.

Janus

Henderson

Transformational

Growth

ETF

Financial

Highlights

Janus

Detroit

Street

Trust

9

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

the

period

ended

April

30,

2025

(unaudited)

2025

(1)

Net

Asset

Value,

Beginning

of

Period

$25.00

Income/(Loss)

from

Investment

Operations:

—

Net

investment

income/(loss)

(2)

—

(3)

Net

realized

and

unrealized

gain/(loss)

(2.89)

(4)

Total

from

Investment

Operations

(2.89)

(4)

Less

Dividends

and

Distributions:

—

Dividends

(from

net

investment

income)

(0.01)

Total

Dividends

and

Distributions

(0.01)

Net

Asset

Value,

End

of

Period

$22.10

Total

Return

*

(11.57)%

Net

assets,

End

of

Period

(in

thousands)

$21,548

Ratios

to

Average

Net

Assets

**

Ratio

of

Gross

Expenses

0.57%

Ratio

of

Net

Investment

Income/(Loss)

0.02%

Portfolio

Turnover

Rate

(5)

8%

*

Total

return

not

annualized

for

periods

of

less

than

one

full

year.

**

Annualized

for

periods

of

less

than

one

full

year.

(1)

Period

from

February

4,

2025

(commencement

of

operations)

through

April

30,

2025.

(2)

Per

share

amounts

are

calculated

based

on

average

shares

outstanding

during

the

year

or

period.

(3)

Amount

is

less

than

$0.005

(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)

Portfolio

turnover

rate

excludes

securities

received

or

delivered

from

in-kind

processing

of

creation

or

redemptions.

Janus

Henderson

Transformational

Growth

ETF

Notes

to

Financial

Statements

(unaudited)

10

April

30,

2025

1.

Organization

and

Significant

Accounting

Policies

Janus

Henderson Transformational

Growth ETF (the

“Fund”)

is

a

series

fund.

The

Fund

is

part

of

Janus

Detroit

Street

Trust

(the

“Trust”),

which

is

organized

as

a

Delaware

statutory

trust

and

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company,

and

therefore

has

applied

the

specialized

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

(“ASC”)

Topic

946.

The

financial

statements

include

information

for

the

period

from

February 4,

2025

through

April

30,

2025. As

of

the

date

of

this

report,

the

Trust

offers fourteen

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 non-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.

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

Chief

Financial

Officer

of

the

Fund/Portfolio

is

designated

as

the

Chief

Operating

Decision

Maker

(“CODM”)

as

it

relates

to

ASC

Topic

280.

The

CODM

has

concluded

that

the

Fund/Portfolio

operated

as

a

single

segment

entity

for

the

period ended

April

30,

2025.

The

key

indicator

of

performance

of

the

Fund

is

net

investment

income

as

reported

on

the

Statement

of

Operations.

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,

Janus

Henderson

Transformational

Growth

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

11

yields,

maturities

and

ratings.

Certain

short-term

securities

maturing

within

60

days

or

less

may

be

evaluated

and

valued

on

an

amortized

cost

basis

provided

that

the

amortized

cost

determined

approximates

market

value.

Securities

for

which

market

quotations

or

evaluated

prices

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

determined

in

good

faith

by

the

Adviser

pursuant

to

the

Valuation

Procedures. Circumstances

in

which

fair

valuation

may

be

utilized

include,

but

are

not

limited

to:

(i)

a

significant

event

that

may

affect

the

securities

of

a

single

issuer,

such

as

a

merger,

bankruptcy,

or

significant

issuer-specific

development;

(ii)

an

event

that

may

affect

an

entire

market,

such

as

a

natural

disaster

or

significant

governmental

action;

(iii)

a

nonsignificant

event

such

as

a

market

closing

early

or

not

opening,

or

a

security

trading

halt;

and

(iv)

pricing

of

a

non-valued

security

and

a

restricted

or

nonpublic

security.

Special

valuation

considerations

may

apply

with

respect

to

“odd-lot”

fixed-income

transactions

which,

due

to

their

small

size,

may

receive

evaluated

prices

by

pricing

services

which

reflect

a

large

block

trade

and

not

what

actually

could

be

obtained

for

the

odd-

lot

position.

The

value

of

the

securities

of

mutual

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

mutual

funds,

and

the

prospectuses

for

such

mutual

funds

explain

the

circumstances

under

which

they

use

fair

valuation

and

the

effects

of

using

fair

valuation.

The

value

of

the

securities

of

any

cash

management

pooled

investment

vehicles

that

operate

as

money

market

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

funds.

Valuation

Inputs

Summary 

FASB

ASC

820,

Fair

Value

Measurements

and

Disclosures

(“ASC

820”),

defines

fair

value,

establishes

a

framework

for

measuring

fair

value,

and

expands

disclosure

requirements

regarding

fair

value

measurements.

This

standard

emphasizes

that

fair

value

is

a

market-based

measurement

that

should

be

determined

based

on

the

assumptions

that

market

participants

would

use

in

pricing

an

asset

or

liability

and

establishes

a

hierarchy

that

prioritizes

inputs

to

valuation

techniques

used

to

measure

fair

value.

These

inputs

are

summarized

into

three

broad

levels: 

Level

1

–

Unadjusted

quoted

prices

in

active

markets

the

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities.

Level

2

–

Observable

inputs

other

than

unadjusted

quoted

prices

included

in

Level

1

that

are

observable

for

the

asset

or

liability

either

directly

or

indirectly.

These

inputs

may

include

quoted

prices

for

the

identical

instrument

on

an

inactive

market,

prices

for

similar

instruments,

interest

rates,

prepayment

speeds,

credit

risk,

yield

curves,

default

rates

and

similar

data.

Assets

or

liabilities

categorized

as

Level

2

in

the

hierarchy

generally

include:

debt

securities

fair

valued

in

accordance

with

the

evaluated

bid

or

ask

prices

supplied

by

a

pricing

service;

securities

traded

on

OTC

markets

and

listed

securities

for

which

no

sales

are

reported

that

are

fair

valued

at

the

latest

bid

price

(or

yield

equivalent

thereof)

obtained

from

one

or

more

dealers

transacting

in

a

market

for

such

securities

or

by

a

pricing

service

approved

by

the

Fund’s

Trustees;

and

certain

short-term

debt

securities

with

maturities

of

60

days

or

less

that

are

fair

valued

at

amortized

cost.

Other

securities

that

may

be

categorized

as

Level

2

in

the

hierarchy

include,

but

are

not

limited

to,

preferred

stocks,

bank

loans,

swaps,

investments

in

unregistered

investment

companies,

options,

and

forward

contracts.

Level

3

–

Unobservable

inputs

for

the

asset

or

liability

to

the

extent

that

relevant

observable

inputs

are

not

available,

representing

the

Fund’s

own

assumptions

about

the

assumptions

that

a

market

participant

would

use

in

valuing

the

asset

or

liability,

and

that

would

be

based

on

the

best

information

available.

There

have

been

no

significant

changes

in

valuation

techniques

used

in

valuing

any

such

positions

held

by

the

Fund

since

the

beginning

of

the

period.

The

inputs

or

methodology

used

for

fair

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

The

summary

of

inputs

used

as

of

April

30,

2025 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

Janus

Henderson

Transformational

Growth

ETF

Notes

to

Financial

Statements

(unaudited)

12

April

30,

2025

be

subject

to

withholding

taxes

in

foreign

jurisdictions.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value.

Interest

income

is

recorded

daily

on

an

accrual

basis

and

includes

amortization

of

premiums

and

accretion

of

discounts.

The

Fund

classifies

gains

and

losses

on

prepayments

received

as

an

adjustment

to

interest

income.

Debt

securities

may

be

placed

in

non-accrual

status

and

related

interest

income

may

be

reduced

by

stopping

current

accruals

and

writing

off

interest

receivables

when

collection

of

all

or

a

portion

of

interest

has

become

doubtful.

Gains

and

losses

are

determined

on

the

identified

cost

basis,

which

is

the

same

basis

used

for

federal

income

tax

purposes.  

Estimates

The

preparation

of

financial

statements

in

conformity

with

US

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amount

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates. 

Indemnifications

In

the

normal

course

of

business,

the

Fund

may

enter

into

contracts

that

contain

provisions

for

indemnification

of

other

parties

against

certain

potential

liabilities.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

and

would

involve

future

claims

that

may

be

made

against

the

Fund

that

have

not

yet

occurred.

Currently,

the

risk

of

material

loss

from

such

claims

is

considered

remote. 

Dividends

and

Distributions

The

Fund

generally

declares

and

distributes

dividends

of

net

investment

income

quarterly.

Net

realized

capital

gains

(if

any)

are

distributed

annually.

The

Fund

may

treat

a

portion

of

the

amount

paid

to

redeem

shares

as

a

distribution

of

investment

company

taxable

income

and

realized

capital

gains

that

are

reflected

in

the

NAV.

This

practice,

commonly

referred

to

as

“equalization,”

has

no

effect

on

the

redeeming

shareholder

or

a

Fund’s

total

return

but

may

reduce

the

amounts

that

would

otherwise

be

required

to

be

paid

as

taxable

dividends

to

the

remaining

shareholders.

It

is

possible

that

the

Internal

Revenue

Service

(IRS)

could

challenge

the

Fund’s

equalization

methodology

or

calculations,

and

any

such

challenge

could

result

in

additional

tax,

interest,

or

penalties

to

be

paid

by

the

Fund. 

Federal

Income

Taxes

The

Fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

and

distribute

all

of

its

taxable

income

in

accordance

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code.

Management

has

analyzed

the

Fund’s

tax

positions

taken

for

all

open

federal

income

tax

years,

generally

a

three-year

period,

and

has

concluded

that

no

provision

for

federal

income

tax

is

required

in

the

Fund’s

financial

statements.

The

Fund

is

not

aware

of

any

tax

positions

for

which

it

is

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

benefits

will

significantly

change

in

the

next

twelve

months. 

2.

Other

Investments

and

Strategies 

Market Risk 

The

value

of

the

Fund’s

portfolio

may

decrease

if

the

value

of

one

or

more

issuers

in

the

Fund’s

portfolio

decreases.

Further,

regardless

of

how

well

individual

companies

or

securities

perform,

the

value

of

the

Fund’s

portfolio

could

also

decrease

if

there

are

deteriorating

economic

or

market

conditions,

including,

but

not

limited

to,

a

general

decline

in

prices

on

the

stock

markets,

a

general

decline

in

real

estate

markets,

a

decline

in

commodities

prices,

or

if

the

market

favors

different

types

of

securities

than

the

types

of

securities

in

which

the

Fund

invests.

If

the

value

of

the

Fund’s

portfolio

decreases,

the

Fund’s

NAV

will

also

decrease,

which

means

if

you

sell

your

shares

in

the

Fund

you

may

lose

money.

Market

risk

may

affect

a

single

issuer,

industry,

economic

sector,

or

the

market

as

a

whole.

The

increasing

interconnectivity

between

global

economies

and

financial

markets

increases

the

likelihood

that

events

or

conditions

in

one

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

Social,

political,

economic

and

other

conditions

and

events,

such

as

natural

disasters,

health

emergencies

(e.g.,

epidemics

and

pandemics),

terrorism,

conflicts,

including

related

sanctions,

social

unrest,

tariffs,

financial

institution

failures,

and

economic

recessions 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

Transformational

Growth

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

13

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.

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.

3.

Investment

Advisory

Agreements

and

Other

Transactions

with

Affiliates 

Under

its

unitary

fee

structure,

the

Fund

pays

the

Adviser a

management

fee

in

return

for

providing

certain

investment

advisory,

supervisory,

and

administrative

services

to

the

Fund,

including

the

costs

of

transfer

agency,

custody,

fund

administration,

legal,

audit,

and

other

services. The

Adviser's fee

structure

is

designed

to

pay

substantially

all

of

the

Fund’s

expenses.

However,

the

Fund

bears

other

expenses

which

are

not

covered

under

the

management

fee

which

may

vary

and

affect

the

total

level

of

expenses

paid

by

shareholders,

such

as

distribution

fees

(if

any),

brokerage

expenses

or

commissions,

interest,

dividends,

taxes,

litigation

expenses,

acquired

fund

fees

and

expenses

(if

any),

and

extraordinary

expenses.

The

Fund’s

unitary

management

fee

provides

for

reductions

in

the

fee

rate

as

the

Fund’s

assets

grow.

As

of

the

date

of

this

report,

the

Fund’s

management

fee

was

calculated

daily

and

paid

monthly

according

to

the

following

schedule: 

For

the

period

ended April

30,

2025,

the

Fund’s

actual

management

fee

rate

(expressed

as

an

annual

rate)

was

0.57% 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

Daily

Net

Assets

Fee

Rate

$0-$500

million

0.57%

Next

$500

million

0.55%

Over

$1

billion

0.52%

Janus

Henderson

Transformational

Growth

ETF

Notes

to

Financial

Statements

(unaudited)

14

April

30,

2025

Distributor

or

its

designee,

a

fee

for

the

sale

and

distribution

and/or

shareholder

servicing

of

the

shares

at

an

annual

rate

of

up

to

0.25%

of

average

daily

net

assets

of

the

Fund.

Under

the

terms

of

the

Plan,

the

Fund

would

be

authorized

to

make

payments

to

the

Distributor

or

its

designee

for

remittance

to

retirement

plan

service

providers,

broker-dealers,

bank

trust

departments,

financial

advisors,

and

other

financial

intermediaries,

as

compensation

for

distribution

and/or

shareholder

services

performed

by

such

entities

for

their

customers

who

are

investors

in

the

Fund.

The

12b-1

fee

may

only

be

imposed

or

increased

when

(i)

the

Trustees

determine

that

it

is

in

the

best

interests

of

shareholders

to

do

so,

and

(ii)

the

imposition

of

or

increase

in

the

12b-1

fee

is

first

approved

by

the

Fund’s

shareholders.

Because

these

fees

are

paid

out

of

the

Fund’s

assets

on

an

ongoing

basis,

to

the

extent

that

a

fee

is

authorized

by

shareholders

in

the

future,

over

time

they

will

increase

the

cost

of

an

investment

in

the

Fund.

The

Plan

fee

may

cost

an

investor

more

than

other

types

of

sales

charges.

At

this

time, the

Adviser does

not

intend

to

seek

shareholder

approval

for

implementation

of

the

Plan. 

As

of

April

30,

2025, the

Adviser

owned 850,000

shares

or 87.18%

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

at

least

80%

of

its

net

assets

(plus

any

borrowings

for

investment

purposes)

in

U.S.

Government

securities

and

repurchase

agreements

that

are collateralized

by

U.S.

Government 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). There

are

no

restrictions

on

the

Fund's

ability

to

withdraw

investments

from

the

Sweep

Vehicle

at

will,

and

there

are

no

unfunded

capital

commitments

due

from

the

Fund

to

the

Sweep

Vehicle.

The

Sweep

Vehicle

does

not

charge

any

management

fee,

sales

charge

or

service

fee. 

Any

purchases

and

sales,

realized

gains/losses

and

recorded

dividends

from

affiliated

investments

during

the

period

ended

April

30,

2025 can

be

found

in

a

table

located

in

the

Schedule

of

Investments.

4.

Federal

Income

Tax

Income

and

capital

gains

distributions

are

determined

in

accordance

with

income

tax

regulations

that

may

differ

from

US

GAAP.

These

differences

are

due

to

differing

treatments

for

items

such

as

net

short-term

gains,

deferral

of

wash

sale

losses,

foreign

currency

transactions,

passive

foreign

investment

companies,

net

investment

losses,

in-kind

transactions

and

capital

loss

carryovers.

The

Fund

has

elected

to

treat

gains

and

losses

on

forward

foreign

currency

contracts

as

capital

gains

and

losses,

if

applicable.

Other

foreign

currency

gains

and

losses

on

debt

instruments

are

treated

as

ordinary

income

for

federal

income

tax

purposes

pursuant

to

Section

988

of

the

Internal

Revenue

Code. 

The

aggregate

cost

of

investments

and

the

composition

of

unrealized

appreciation

and

depreciation

of

investment

securities

for

federal

income

tax

purposes

as

of April

30,

2025 are

noted

below.

The

primary

differences

between

book

and

tax

appreciation

or

depreciation

of

investments are

wash

sale

loss

deferrals

and

amortization

on

bonds.

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$22,404,297

$495,866

$(1,501,039)

$(1,005,173)

Janus

Henderson

Transformational

Growth

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

15

5.

Capital

Share

Transactions 

6.

Purchases

and

Sales

of

Investment

Securities

For

the

period

ended

April

30,

2025,

the

aggregate

cost

of

purchases

and

proceeds

from

sales

of

investment

securities

(excluding

any

short-term

securities,

short-term

options

contracts,

and

in-kind

transactions)

was

as

follows:

For

the

period

ended April

30,

2025,

the

cost

of

in-kind

purchases

and

proceeds

from

in-kind

sales,

were

as

follows: 

7.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to April

30,

2025

and

through

the

date

of

the

issuance

of

the

Fund's

financial

statements

and

determined

that

there

were

no

material

events

or

transactions

that

would

require

recognition

or

disclosure

in

the

Fund's

financial

statements. 

Period

Ended

April

30,

2025

(1)

Shares

Amount

Shares

sold

975,001

$

22,607,439

Shares

repurchased

(1)

(25

)

Net

Increase/(Decrease)

975,000

$

22,607,414

(1)

Period

from

February

4,

2025

(commencement

of

operations)

through

April

30,

2025.

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

$5,504,294

$784,327

$—

$—

Purchases

of

Securities

Proceeds

from

Sales

of

Securities

Purchases

of

Long-

Term

U.S.

Government

Obligations

Proceeds

from

Sales

of

Long-Term

U.S.

Government

Obligations

$17,513,909

$—

$—

$—

Janus

Henderson

Transformational

Growth

ETF

Additional

Information

(unaudited)

16

April

30,

2025

Item

8.

Changes

in

and

Disagreements

with

Accountants

for

Open-End

Management

Investment

Companies.

Not

applicable.

Item

9.

Proxy

Disclosures

for

Open-End

Management

Investment

Companies.

Not

applicable.

Item

10.

Remuneration

Paid

to

Directors,

Officers,

and

Others

of

Open-End

Management

Investment

Companies.

Because

the

Adviser

has

agreed

in

the

Investment

Advisory

Agreement

to

cover

all

operating

expenses

of

the

Fund,

subject

to

certain

exclusions

as

provided

for

therein,

the

Adviser

pays

the

compensation

to

each

Independent

Trustees

for

services

to

the

Fund

from

the

Adviser's

management

fees.

Item

11.

APPROVAL

OF

ADVISORY

AGREEMENTS

DURING

THE

PERIOD

The

Trustees

of

Janus

Detroit

Street

Trust

(the

“Trust”),

including

the

Trustees

who

are

not

“interested

persons”

(the

“Independent

Trustees”)

as

that

term

is

defined

in

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

met

in

person

on

October

24,

2024

to

consider

the

proposed

investment

management

agreement

(the

“Investment

Management

Agreement”)

for

Janus

Henderson

Transformational

Growth

ETF

(the

“New

Fund”).

In

the

course

of

their

consideration

of

the

Investment

Management

Agreement,

the

Independent

Trustees

met

in

executive

session

and

were

advised

by

their

independent

counsel.

In

this

regard,

the

Board,

including

the

Independent

Trustees,

evaluated

the

terms

of

the

Investment

Management

Agreement

and

reviewed

the

duties

and

responsibilities

of

the

Trustees

in

evaluating

and

approving

such

agreements.

In

considering

approval

of

the

Investment

Management

Agreement,

the

Board,

including

the

Independent

Trustees,

reviewed

the

materials

provided

to

it

relating

to

their

consideration

of

the

Investment

Management

Agreement

for

the

New

Fund

and

other

information

provided

by

counsel

and

Janus

Henderson

Investors

US

LLC,

the

proposed

investment

adviser

to

the

New

Fund

(the

“Adviser”),

including:

(i)

a

copy

of

the

form

of

Investment

Management

Agreement

with

respect

to

the

Adviser’s

management

of

the

assets

of

the

New

Fund;

(ii)

information

regarding

the

nature,

quality

and

extent

of

the

services

to

be

provided

to

the

New

Fund

by

the

Adviser,

and

the

fees

to

be

charged

to

the

New

Fund

therefor;

(iii)

information

concerning

the

Adviser’s

financial

condition,

business,

operations,

portfolio

management

personnel

and

compliance

programs;

(iv)

information

describing

the

New

Fund’s

anticipated

advisory

fee

structure

and

operating

expenses;

(v)

a

copy

of

the

Adviser’s

current

Form

ADV;

and

(vi)

a

memorandum

from

counsel

on

the

responsibilities

of

trustees

in

considering

investment

advisory

arrangements

under

the

1940

Act.

The

Board

also

considered

presentations

made

by,

and

discussions

held

with,

representatives

of

the

Adviser.

The

Board

also

received

information

comparing

the

proposed

advisory

fee

and

expenses

of

the

New

Fund

to

those

of

other,

third-party

exchange-

traded

funds

(“ETFs”)

considered

to

be

comparable.

The

Board

determined

that

the

information

provided

by

the

Adviser

was

thorough

and

sufficiently

responsive

to

their

request

so

as

to

permit

the

effective

consideration

of

the

Investment

Management

Agreement.

During

its

review

of

this

information,

the

Board

focused

on

and

analyzed

the

factors

that

it

deemed

relevant,

including:

the

nature,

extent

and

quality

of

the

services

to

be

provided

to

the

New

Fund

by

the

Adviser;

the

Adviser’s

personnel

and

operations;

the

New

Fund’s

proposed

expense

level;

the

anticipated

profitability

to

the

Adviser

under

the

Investment

Management

Agreement

at

certain

asset

levels;

“fall-out”

benefits

to

the

Adviser

and

its

affiliates

(i.e.,

the

ancillary

benefits

realized

by

the

Adviser

and

its

affiliates

from

the

Adviser’s

relationship

with

the

Trust);

the

effect

of

asset

growth

on

the

New

Fund’s

expenses;

and

potential

conflicts

of

interest.

The

Trustees

also

considered

benefits

that

accrue

to

the

Adviser

and

its

affiliates

from

their

relationships

with

the

New

Fund.

The

Trustees

also

considered

that,

other

than

the

services

provided

by

the

Adviser

and

its

affiliates

pursuant

to

agreements

with

the

New

Fund

and

the

fees

to

be

paid

by

the

New

Fund

therefor,

the

New

Fund

and

the

Adviser

may

Janus

Henderson

Transformational

Growth

ETF

Additional

Information

(unaudited)

Janus

Detroit

Street

Trust

17

potentially

benefit

from

their

relationship

with

each

other

in

other

ways.

The

Trustees

considered

that

the

success

of

the

New

Fund

could

attract

other

business

to

the

Adviser

or

other

Janus

Henderson

funds,

and

that

the

success

of

the

Adviser

could

enhance

the

Adviser’s

ability

to

serve

the

New

Fund.

The

Board,

including

the

Independent

Trustees,

considered

the

following

in

respect

of

the

New

Fund:

(a)

The

nature,

extent,

and

quality

of

services

to

be

provided

by

the

Adviser;

personnel

and

operations

of

the

Adviser

The

Board

reviewed

the

services

that

the

Adviser

would

provide

to

the

New

Fund.

In

connection

with

the

investment

advisory

services

to

be

provided

by

the

Adviser,

the

Board

noted

the

responsibilities

that

the

Adviser

would

have

as

the

New

Fund’s

investment

adviser,

including:

the

overall

supervisory

responsibility

for

the

general

management

and

investment

of

the

New

Fund’s

securities

portfolio;

providing

oversight

of

the

investment

performance

and

processes

and

compliance

with

the

New

Fund’s

investment

objectives,

policies

and

limitations;

the

implementation

of

the

investment

management

program

of

the

New

Fund;

the

management

of

the

day-to-day

investment

and

reinvestment

of

the

assets

of

the

New

Fund;

determining

daily

baskets

of

securities

and

cash

components,

and

negotiating

custom

baskets

in

connection

with

creation

and

redemption

transactions

in

the

New

Fund’s

shares;

executing

portfolio

security

trades

for

purchases

and

redemptions

of

New

Fund

shares

conducted

on

a

cash

basis;

the

review

of

brokerage

matters;

the

oversight

of

general

portfolio

compliance

with

relevant

law;

and

the

implementation

of

Board

directives

as

they

relate

to

the

New

Fund.

The

Board

reviewed

the

Adviser’s

experience,

resources

and

strengths

in

managing

other

pooled

investment

vehicles,

such

as

the

other

funds

in

the

Trust,

including

the

Adviser’s

personnel.

Based

on

its

consideration

and

review

of

the

foregoing

information,

the

Board

determined

that

the

New

Fund

was

likely

to

benefit

from

the

nature,

quality

and

extent

of

these

services,

as

well

as

the

Adviser’s

ability

to

render

such

services

based

on

the

Adviser’s

experience,

personnel,

operations

and

resources.

(b)

Comparison

of

services

to

be

rendered

and

fees

to

be

paid

under

other

investment

advisory

contracts,

and

the

cost

of

the

services

to

be

provided

and

profits

to

be

realized

by

the

Adviser

from

the

relationship

with

the

New

Fund;

“fall-out”

benefits.

The

Board

then

compared

both

the

services

to

be

rendered

and

the

proposed

fees

to

be

paid

under

the

Investment

Management

Agreement,

with

fees

paid

under

contracts

of

other

investment

advisers

for

comparable

ETFs.

In

particular,

the

Board

compared

the

New

Fund’s

proposed

management

fee

and

projected

expense

ratio

to

other

investment

companies

anticipated

to

be

in

the

New

Fund’s

peer

group.

The

Board

noted

that

the

Adviser

was

recommending

a

unitary

fee

that

was

equal

to

the

peer

group

median

and

lower

than

the

peer

group

average

for

contractual

management

fees

of

the

New

Fund’s

anticipated

peer

group,

and

in

addition

would

include

contractual

breakpoints

that

could

potentially

reduce

the

unitary

fee

further

depending

on

the

New

Fund’s

asset

growth.

The

Board

also

noted

that

the

projected

total

net

expense

ratio

of

the

New

Fund

was

lower

than

the

median

total

net

expense

ratio

and

average

total

net

expense

ratio

of

the

anticipated

peer

group.

The

Board

further

noted

the

contractual

expense

limitation

agreement

with

respect

to

investments

by

the

New

Fund

in

affiliated

ETFs.

The

Board

also

discussed

the

anticipated

costs

and

projected

profitability

of

the

Adviser

in

connection

with

its

serving

as

investment

adviser

to

the

New

Fund,

including

operational

costs.

After

comparing

the

New

Fund’s

proposed

fees

with

those

of

the

ETFs

in

the

New

Fund’s

anticipated

peer

group,

and

in

light

of

the

nature,

extent

and

quality

of

services

proposed

to

be

provided

by

the

Adviser

and

the

costs

expected

to

be

Janus

Henderson

Transformational

Growth

ETF

Additional

Information

(unaudited)

18

April

30,

2025

incurred

by

the

Adviser

in

rendering

those

services,

the

Board

concluded

that

the

level

of

fees

proposed

to

be

paid

to

the

Adviser

with

respect

to

the

New

Fund

was

fair

and

reasonable.

The

Board

also

considered

that

the

Adviser

may

experience

reputational

“fall-out”

benefits

based

on

the

success

of

the

New

Fund,

but

that

such

benefits

are

not

easily

quantifiable.

(c)

The

extent

to

which

economies

of

scale

would

be

realized

as

the

Fund

grows

and

whether

fee

levels

would

reflect

such

economies

of

scale.

The

Board

next

discussed

potential

economies

of

scale.

Since

the

New

Fund

had

not

commenced

operations,

and

the

eventual

aggregate

amount

of

assets

was

uncertain,

the

Adviser

was

not

able

to

provide

the

Board

specific

information

concerning

the

extent

to

which

economies

of

scale

would

be

realized

as

the

New

Fund

grows

and

whether

the

management

fee

level

would

reflect

such

economies

of

scale,

if

any.

The

Board

recognized

the

uncertainty

in

launching

a

new

investment

product

and

estimating

future

asset

levels;

however,

the

Board

noted

that

the

fee

schedule

proposed

by

the

Adviser

for

the

New

Fund

contained

a

breakpoint

for

assets

above

$500

million

and

again

above

$1

billion.

The

Board

also

noted

the

unitary

fee

structure,

pursuant

to

which

the

Adviser

pays,

with

certain

exceptions,

any

excess

costs

incurred

to

operate

the

New

Fund.

The

Board

acknowledged

the

unitary

fee

cap

effectively

puts

the

risk

of

higher

costs

at

lower

asset

levels

on

the

Adviser

rather

than

the

New

Fund.

(d)

Investment

performance

of

the

Fund

and

the

Adviser

Because

the

New

Fund

is

newly

formed

and

had

not

commenced

operations,

the

Board

did

not

consider

the

investment

performance

of

the

New

Fund.

Conclusion.

No

single

factor

was

determinative

to

the

decision

of

the

Board.

Based

on

the

foregoing

and

such

other

matters

as

were

deemed

relevant,

the

Board

concluded

that

the

proposed

management

fee

rate

and

projected

total

expense

ratio

are

reasonable

in

relation

to

the

services

to

be

provided

by

the

Adviser

to

the

New

Fund,

as

well

as

the

costs

to

be

incurred

and

benefits

to

be

gained

by

the

Adviser

in

providing

such

services.

The

Board

also

found

the

proposed

management

fee

to

be

reasonable

in

comparison

to

the

fees

charged

by

advisers

to

other

comparable

ETFs.

As

a

result,

the

Board

concluded

that

the

initial

approval

of

the

Investment

Management

Agreement

was

in

the

best

interests

of

the

New

Fund.

After

full

consideration

of

the

above

factors,

as

well

as

other

factors,

the

Trustees,

including

all

of

the

Independent

Trustees

voting

separately,

determined

to

approve

the

Investment

Management

Agreement

for

the

New

Fund.

125-24-93102

04-25

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

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. 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 16. 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 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

(a)     Not applicable.

(b)    Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

(a)     Not applicable.

(b)    Not applicable.

Item 19. 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) Not applicable.
	(3)  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. (4) Not applicable. (5) 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: June 26, 2025

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

By:	/s/ Nick Cherney
	Nick Cherney
	President and Chief Executive Officer (Principal Executive Officer)
Date: June 26, 2025

By:	/s/ Jesper Nergaard
	Jesper Nergaard
	Vice President, Chief Financial Officer, Treasurer and Principal Accounting Officer (Principal Financial Officer and Principal Accounting Officer)
Date: June 26, 2025