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

(address of principal executive offices) (Zip code)

(Name and address of agent for service) Cara Owen 151 Detroit Street Denver, Colorado 80206 (Copy to:) Eric S. Purple Stradley Ronon Steven & 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:  10/31

Date of reporting period:  10/31/24

Item 1. Reports to Shareholders.

(a) The Registrant’s report transmitted to shareholders pursuant to Rule 30e-1 under the Investment   Company Act of 1940 is as follows:

Janus Henderson Small/Mid Cap Growth Alpha ETF

Annual Shareholder Report

October 31, 2024

ETF: JSMD - NASDAQ

This annual shareholder report contains important information about the Janus Henderson Small/Mid Cap Growth Alpha ETF ("Fund") for the period of November 1, 2023 to October 31, 2024. 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 year?

(based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Janus Henderson Small/Mid Cap Growth Alpha ETF	$35	0.30%

What impacted Fund performance over the reporting period?

For the one-year period ending October 31, 2024, the Janus Henderson Small/Mid Cap Growth Alpha ETF returned 31.54%. Its broad-based benchmark, the Russell 3000^® Index, returned 37.86%. Its performance benchmark, the Russell 2500TM Growth Index, returned 34.21%. Its additional benchmark, the Janus Henderson Small/Mid Cap Growth Alpha Index, returned 31.96%.

TOP CONTRIBUTORS TO PERFORMANCE

Stock selection in the financials sector contributed to returns relative to the Russell 2500 Growth Index. Relative performance also benefited from a position in AppLovin, the developer of an artificial intelligence-assisted mobile marketing platform that helps small- and medium-sized businesses grow their markets. HEICO, another contributor, specializes in aftermarket aerospace components, a business that has provided steady, recurring revenue streams.

TOP DETRACTORS FROM PERFORMANCE

Stock selection in the health care sector detracted relative to the Russell 2500 Growth Index. Bruker Biosciences, a maker of scientific instruments and diagnostic solutions, issued lackluster guidance during the period. Diagnostics equipment maker QuidelOrtho also detracted, as a decline in demand for COVID-related diagnostic products pressured its earnings growth.

Janus Henderson Small/Mid Cap Growth Alpha ETF

1

Total return based on a $10,000 investment

February 23, 2016, through October 31, 2024

	Janus Henderson Small/Mid Cap Growth Alpha ETF - NAV $30,021	Russell 3000® Index - $33,570	Russell 2500™ Growth Index - $27,185	Janus Henderson Small/Mid Cap Growth Alpha Index - $30,958
Feb 16	10,000	10,000	10,000	10,000
Oct 16	11,660	11,322	11,445	11,706
Oct 17	14,941	14,036	14,887	15,058
Oct 18	16,640	14,962	15,708	16,835
Oct 19	18,071	16,981	17,557	18,354
Oct 20	21,507	18,704	21,368	21,924
Oct 21	27,917	26,915	29,301	28,540
Oct 22	21,888	22,469	21,278	22,435
Oct 23	22,822	24,352	20,256	23,461
Oct 24	30,021	33,570	27,185	30,958

AVERAGE ANNUAL TOTAL RETURN	1 year	5 years	Since Inception (2/23/16)
Janus Henderson Small/Mid Cap Growth Alpha ETF - NAV	31.54%	10.69%	13.49%
Russell 3000® Index	37.86%	14.60%	14.96%
Russell 2500™ Growth Index	34.21%	9.13%	12.20%
Janus Henderson Small/Mid Cap Growth Alpha Index	31.96%	11.02%	13.89%

Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. 

Key Fund Statistics

Net assets (Millions)	$383
Number of portfolio holdings	261
Total investment advisory fee paid (Millions)	$1
Portfolio turnover rate	102%

Janus Henderson Small/Mid Cap Growth Alpha ETF

2

What did the Fund invest in?

5 Largest equity holdings - (% of net assets)

AppLovin Corp.	5.5%
Incyte Corp.	3.0%
HEICO Corp.	2.6%
Neurocrine Biosciences, Inc.	2.5%
Bentley Systems, Inc.	2.2%

Sector Allocation - (% of net assets)

Common Stocks	100.0%
Investments Purchased with Cash Collateral from Securities Lending	0.7%
Investment Companies	0.0%
Others	(0.7)%

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

3

125-65-70938E 12-24

Janus Henderson Small Cap Growth Alpha ETF

Annual Shareholder Report

October 31, 2024

ETF: JSML - NASDAQ

This annual shareholder report contains important information about the Janus Henderson Small Cap Growth Alpha ETF ("Fund") for the period of November 1, 2023 to October 31, 2024. 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 year?

(based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Janus Henderson Small Cap Growth Alpha ETF	$35	0.30%

What impacted Fund performance over the reporting period?

For the one-year period ending October 31, 2024, the Janus Henderson Small Cap Growth Alpha ETF returned 34.38%. Its broad-based benchmark, the Russell 3000^® Index, returned 37.86%. Its performance benchmark, the Russell 2000TM Growth Index, returned 36.49%. Its additional benchmark, the Janus Henderson Small Cap Growth Alpha Index, returned 34.75%.

TOP CONTRIBUTORS TO PERFORMANCE

Stock selection in industrials and financials contributed to returns relative to the Russell 2000 Growth Index. Specifically Core & Main, a distributor of water control products, benefited from higher infrastructure spending and stabilizing input prices. Doximity also contributed amid increased usage of its cloud-based platform that medical professionals use to coordinate patient care.

TOP DETRACTORS FROM PERFORMANCE

Stock selection in the information technology and health care sectors detracted relative to the Russell 2000 Growth Index. On an individual holdings basis, fertility benefits manager Progyny detracted. The stock fell after the company reported weaker-than-expected third-quarter earnings and guidance. Revenue uncertainty also pressured shares of DoubleVerify, provider of a software platform that evaluates the effectiveness of digital advertising.

Janus Henderson Small Cap Growth Alpha ETF

1

Total return based on a $10,000 investment

February 23, 2016, through October 31, 2024

	Janus Henderson Small Cap Growth Alpha ETF - NAV $27,012	Russell 3000® Index - $33,570	Russell 2000® Growth Index - $24,733	Janus Henderson Small Cap Growth Alpha Index - $27,717
Feb 16	10,000	10,000	10,000	10,000
Oct 16	11,354	11,322	11,640	11,397
Oct 17	14,626	14,036	15,248	14,717
Oct 18	16,164	14,962	15,878	16,253
Oct 19	17,689	16,981	16,894	17,892
Oct 20	19,775	18,704	19,153	20,077
Oct 21	27,743	26,915	26,517	28,227
Oct 22	19,667	22,469	19,617	20,065
Oct 23	20,102	24,352	18,121	20,569
Oct 24	27,012	33,570	24,733	27,717

AVERAGE ANNUAL TOTAL RETURN	1 year	5 years	Since Inception (2/23/16)
Janus Henderson Small Cap Growth Alpha ETF - NAV	34.38%	8.84%	12.12%
Russell 3000® Index	37.86%	14.60%	14.96%
Russell 2000® Growth Index	36.49%	7.92%	10.99%
Janus Henderson Small Cap Growth Alpha Index	34.75%	9.14%	12.45%

Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. 

Key Fund Statistics

Net assets (Millions)	$235
Number of portfolio holdings	209
Total investment advisory fee paid (Millions)	$0.6
Portfolio turnover rate	91%

Janus Henderson Small Cap Growth Alpha ETF

2

What did the Fund invest in?

5 Largest equity holdings - (% of net assets)

Corcept Therapeutics, Inc.	3.9%
Doximity, Inc.	3.5%
Leonardo DRS, Inc.	3.1%
CorVel Corp.	2.9%
Herc Holdings, Inc.	2.3%

Sector Allocation - (% of net assets)

Common Stocks	100.0%
Investments Purchased with Cash Collateral from Securities Lending	1.2%
Investment Companies	0.0%
Others	(1.2)%

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

3

125-65-70937E 12-24

Janus Henderson Short Duration Income ETF

Annual Shareholder Report

October 31, 2024

ETF: VNLA - NYSE Arca

This annual shareholder report contains important information about the Janus Henderson Short Duration Income ETF ("Fund") for the period of November 1, 2023 to October 31, 2024. 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.

This report describes changes to the Fund that occurred during the reporting period.

What were the costs for the year?

(based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Janus Henderson Short Duration Income ETF	$24	0.23%

What impacted Fund performance over the reporting period?

For the one-year period ending October 31, 2024, the Janus Henderson Short Duration Income ETF returned 7.26%. Its broad-based benchmark, the Bloomberg U.S. Aggregate Bond Index, returned 10.55%. Its performance benchmark, the FTSE 3-Month U.S. Treasury Bill Index, returned 5.59%.

TOP CONTRIBUTORS TO PERFORMANCE

The Fund seeks to generate consistent returns by focusing on higher-quality, shorter-dated credits that tend to offer attractive income generation – or carry – as they near maturity. The period’s gains relative to the FTSE 3-Month U.S. Treasury Bill Index were driven by the falling rates environment and the carry generated by the Fund’s core of corporate bonds.

TOP DETRACTORS FROM PERFORMANCE

The Fund utilizes derivatives in an attempt to dampen the risk posed by interest rate volatility. Given the decline in rates along the front of the yield curve, this positioning modestly detracted from returns relative to the FTSE 3-Month U.S. Treasury Bill Index during the period.

Janus Henderson Short Duration Income ETF

1

Total return based on a $10,000 investment

November 16, 2016, through October 31, 2024

	Janus Henderson Short Duration Income ETF - NAV $12,411	Bloomberg U.S. Aggregate Bond Index - $11,090	FTSE 3-Month U.S. Treasury Bill Index - $11,818
Nov 16	10,000	10,000	10,000
Oct 17	10,187	10,271	10,069
Oct 18	10,376	10,061	10,237
Oct 19	10,786	11,218	10,477
Oct 20	11,109	11,913	10,567
Oct 21	11,126	11,856	10,573
Oct 22	10,995	9,996	10,666
Oct 23	11,571	10,032	11,192
Oct 24	12,411	11,090	11,818

AVERAGE ANNUAL TOTAL RETURN	1 year	5 years	Since Inception (11/16/16)
Janus Henderson Short Duration Income ETF - NAV	7.26%	2.85%	2.75%
Bloomberg U.S. Aggregate Bond Index	10.55%	-0.23%	1.31%
FTSE 3-Month U.S. Treasury Bill Index	5.59%	2.44%	2.12%

Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.

Key Fund Statistics

Net assets (Millions)	$2,264
Number of portfolio holdingsFootnote Reference*	235
Total investment advisory fee paid (Millions)	$5.2
Portfolio turnover rate	68%
Weighted average maturity	1.86 Years
Effective duration	1.08 Years

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

Janus Henderson Short Duration Income ETF

2

What did the Fund invest in?

Sector Allocation - (% of net assets)

Corporate Bonds	74.0%
Commercial Paper	14.0%
Asset-Backed Securities	8.6%
Mortgage-Backed Securities	6.5%
Foreign Government Bonds	1.9%
Investment Companies	0.1%
Others	(5.1)%

Ratings^{Footnote Reference†} Summary – (% of Total Investments)

Aaa	7.36%
AA+	0.40%
AA	1.28%
AA-	2.22%
A+	7.10%
A	3.11%
A-	15.35%
BBB+	16.94%
BBB	25.37%
BBB-	11.93%
Other	8.94%

^†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.

What material changes have occurred since the beginning of the fiscal year?

Effective July 19, 2024, the Fund changed its investment strategy. Performance prior to July 19, 2024, reflects the Fund’s former strategy, and its performance may differed if the Fund’s current strategy had been in place. 

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

3

125-65-70936E 12-24

Janus Henderson Mortgage-Backed Securities ETF

Annual Shareholder Report

October 31, 2024

ETF: JMBS - NYSE Arca

This annual shareholder report contains important information about the Janus Henderson Mortgage-Backed Securities ETF ("Fund") for the period of November 1, 2023 to October 31, 2024. 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.

This report describes changes to the Fund that occurred during the reporting period.

What were the costs for the year?

(based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Janus Henderson Mortgage-Backed Securities ETF	$23	0.22%

What impacted Fund performance over the reporting period?

For the one-year period ending October 31, 2024, the Janus Henderson Mortgage-Backed Securities ETF returned 12.23%. Its broad-based benchmark, the Bloomberg U.S. Aggregate Bond Index, returned 10.55%. Its performance benchmark, the Bloomberg U.S. MBS Index, returned 11.44%.

TOP CONTRIBUTORS TO PERFORMANCE

Mortgage-backed securities (MBS) benefited from a rally in yields and a re-steepening of the yield curve. MBS spreads also tightened on the back of falling inflation, healthy economic data, and positive investor sentiment due to a dovish Federal Reserve. Overall yield curve exposure contributed to returns relative to the Bloomberg U.S. MBS Index as we were positioned for falling yields and the dis-inversion of the curve. An allocation to non-agency mortgages with strong fundamentals also contributed as the sector outperformed agency MBS. The Fund employed derivatives – futures, swaps, and TBA sales commitments – to manage and hedge portfolio risk, including interest rate risk, and to manage duration. Overall, the use of derivatives contributed to relative returns.

TOP DETRACTORS FROM PERFORMANCE

Security selection within agency MBS detracted from returns relative to the Bloomberg U.S. MBS Index. We continued to focus on borrower stories within specified mortgage pools, as we aim to acquire mortgages offering attractive yields without elevated levels of prepayment risk.

Janus Henderson Mortgage-Backed Securities ETF

1

Total return based on a $10,000 investment

September 12, 2018, through October 31, 2024

	Janus Henderson Mortgage-Backed Securities ETF - NAV $10,934	Bloomberg U.S. Aggregate Bond Index - $10,915	Bloomberg U.S. Mortgage Backed Securities (MBS) Index - $10,476
Sep 18	10,000	10,000	10,000
Oct 18	9,906	9,902	9,917
Oct 19	10,802	11,041	10,796
Oct 20	11,412	11,724	11,222
Oct 21	11,512	11,668	11,157
Oct 22	9,798	9,838	9,479
Oct 23	9,742	9,874	9,401
Oct 24	10,934	10,915	10,476

AVERAGE ANNUAL TOTAL RETURN	1 year	5 years	Since Inception (9/12/18)
Janus Henderson Mortgage-Backed Securities ETF - NAV	12.23%	0.24%	1.47%
Bloomberg U.S. Aggregate Bond Index	10.55%	-0.23%	1.44%
Bloomberg U.S. Mortgage Backed Securities (MBS) Index	11.44%	-0.60%	0.76%

Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.

Key Fund Statistics

Net assets (Millions)	$4,699
Number of portfolio holdingsFootnote Reference*	606
Total investment advisory fee paid (Millions)	$8.5
Portfolio turnover rate	57%
Weighted average maturity	7.83 Years
Effective duration	6.69 Years

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

Janus Henderson Mortgage-Backed Securities ETF

2

What did the Fund invest in?

Sector Allocation - (% of net assets)

Mortgage-Backed Securities	152.9%
Asset-Backed Securities	10.7%
Investment Companies	4.3%
Corporate Bond	0.2%
Others	(68.1)%

Ratings^{Footnote Reference†} Summary – (% of Total Investments)

AAA	2.44%
Aa	105.59%
A	3.06%
Baa	2.23%
Ba	1.52%
B	0.22%
Caa	0.07%
Other	(15.13)%

^†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.

What material changes have occurred since the beginning of the fiscal year?

Effective February 28, 2024, the Fund's contractual limit on total fund operating expense changed from 0.28% to 0.23%. The cap excludes distribution fees, brokerage expenses and commissions, interest, dividends, taxes, litigation expenses, acquired fund fees and expenses, and other extraordinary expenses.

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

3

125-65-70934E 12-24

Janus Henderson AAA CLO ETF

Annual Shareholder Report

October 31, 2024

ETF: JAAA - NYSE Arca

This annual shareholder report contains important information about the Janus Henderson AAA CLO ETF ("Fund") for the period of November 1, 2023 to October 31, 2024. 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 year?

(based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Janus Henderson AAA CLO ETF	$21	0.20%

What impacted Fund performance over the reporting period?

For the one-year period ending October 31, 2024, the Janus Henderson AAA CLO ETF returned 8.09%. Its broad-based benchmark, the Bloomberg U.S. Aggregate Bond Index, returned 10.55%. Its performance benchmark, the J.P. Morgan CLOIE AAA Index, returned 7.80%.

TOP CONTRIBUTORS TO PERFORMANCE

As yields fell on the back of cooling inflation and a more dovish Federal Reserve, the Fund’s slightly longer duration aided returns versus the J.P. Morgan CLOIE AAA Index. Small allocations to AA and A rated CLOs also contributed as investors embraced risk assets amid continued U.S. economic resilience. Strong fundamentals, including the favorable macroeconomic environment and reasonable leverage levels, led to spread tightening within AAA CLOs. Robust demand technicals – driven by attractive overall yields and money flows into CLOs – also contributed to spread narrowing.

TOP DETRACTORS FROM PERFORMANCE

Security selection within AAA rated CLOs weighed on returns relative to the J.P. Morgan CLOIE AAA Index. Our overweight to the highest-quality CLO managers detracted as lower-rated managers rallied amid the risk-on trade.

Janus Henderson AAA CLO ETF

1

Total return based on a $10,000 investment

October 16, 2020, through October 31, 2024

	Janus Henderson AAA CLO ETF - NAV $11,833	Bloomberg U.S. Aggregate Bond Index - $9,267	J.P. Morgan CLOIE AAA Index - $11,913
Oct 20	10,000	10,000	10,000
Oct 20	9,958	9,954	9,979
Oct 21	10,210	9,906	10,223
Oct 22	10,061	8,353	10,131
Oct 23	10,947	8,383	11,051
Oct 24	11,833	9,267	11,913

AVERAGE ANNUAL TOTAL RETURN	1 year	Since Inception (10/16/20)
Janus Henderson AAA CLO ETF - NAV	8.09%	4.25%
Bloomberg U.S. Aggregate Bond Index	10.55%	-1.87%
J.P. Morgan CLOIE AAA Index	7.80%	4.43%

Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.

Key Fund Statistics

Net assets (Millions)	$13,966
Number of portfolio holdings	394
Total investment advisory fee paid (Millions)	$18
Portfolio turnover rate	51%
Weighted average maturity	4.81 Years
Effective duration	0.25 Years

Janus Henderson AAA CLO ETF

2

What did the Fund invest in?

Sector Allocation - (% of net assets)

Collateralized Loan Obligations	99.7%
Others	0.3%

Ratings^{Footnote Reference†} Summary – (% of Total Investments)

AAA	99.03%
Aa	0.62%
A	0.67%
Other	(0.32)%

^†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.

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

3

125-65-70931E 12-24

Janus Henderson U.S. Real Estate ETF

Annual Shareholder Report

October 31, 2024

ETF: JRE - NYSE Arca

This annual shareholder report contains important information about the Janus Henderson U.S. Real Estate ETF ("Fund") for the period of November 1, 2023 to October 31, 2024. 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 year?

(based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Janus Henderson U.S. Real Estate ETF	$75	0.65%

What impacted Fund performance over the reporting period?

For the one-year period ending October 31, 2024, the Janus Henderson U.S. Real Estate ETF returned 31.69%. Its broad-based benchmark, the Russell 3000^® Index, returned 37.86%. Its performance benchmark, the FTSE Nareit Equity REITs Index, returned 36.80%.

TOP CONTRIBUTORS TO PERFORMANCE

Wyndham Hotels and Resorts contributed to returns relative to the FTSE Nareit Equity REITs Index following strong results and signs of inflecting demand for economy and mid-scale hotels, which has been subdued for over a year. U.S. West Coast office landlord Kilroy benefited from improving sentiment driven by declining base rates and credit spreads, which caused some cyclical parts of the property market to outperform.

TOP DETRACTORS FROM PERFORMANCE

Multi-family residential landlord Canadian Apartment Properties detracted, declining sharply after the Canadian government announced immigration cuts to curb population growth. Self-storage company Public Storage and industrial property company Eastgroup also detracted. Eastgroup declined as sentiment towards the industrial sector soured on less visible near-term demand.

Janus Henderson U.S. Real Estate ETF

1

Total return based on a $10,000 investment

June 22, 2021, through October 31, 2024

	Janus Henderson U.S. Real Estate ETF - NAV $10,816	Russell 3000® Index - $13,459	FTSE Nareit Equity REITs Index - $11,242
Jun 21	10,000	10,000	10,000
Oct 21	10,790	10,791	10,740
Oct 22	8,756	9,008	8,752
Oct 23	8,214	9,763	8,218
Oct 24	10,816	13,459	11,242

AVERAGE ANNUAL TOTAL RETURN	1 year	Since Inception (6/22/21)
Janus Henderson U.S. Real Estate ETF - NAV	31.69%	2.36%
Russell 3000® Index	37.86%	9.25%
FTSE Nareit Equity REITs Index	36.80%	3.55%

Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.

 Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.

Key Fund Statistics

Net assets (Millions)	$26
Number of portfolio holdings	25
Total investment advisory fee paid (Millions)	$0.1
Portfolio turnover rate	102%

Janus Henderson U.S. Real Estate ETF

2

What did the Fund invest in?

5 Largest equity holdings - (% of net assets)

Equinix, Inc.	10.6%
Welltower, Inc.	8.4%
Realty Income Corp.	7.9%
Public Storage	7.8%
Prologis, Inc.	5.4%

Sector Allocation - (% of net assets)

Common Stocks	99.2%
Investment Companies	0.8%
Others	0.0%

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

3

125-65-70940E 12-24

Janus Henderson Corporate Bond ETF

Annual Shareholder Report

October 31, 2024

ETF: JLQD - NYSE Arca

This annual shareholder report contains important information about the Janus Henderson Corporate Bond ETF ("Fund"), (formerly Janus Henderson Sustainable Corporate Bond ETF), for the period of  November 1, 2023 to October 31, 2024.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.

This report describes changes to the Fund that occurred during the reporting period.

What were the costs for the year?

(based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Janus Henderson Corporate Bond ETF	$38	0.35%

What impacted Fund performance over the reporting period?

For the one-year period ending October 31, 2024, the Janus Henderson Corporate Bond ETF returned 15.45%. Its broad-based benchmark, the Bloomberg U.S. Aggregate Bond Index, returned 10.55%. Its performance benchmark, the Bloomberg U.S. Corporate Bond Index, returned 13.63%.

TOP CONTRIBUTORS TO PERFORMANCE

Security selection within corporate investment-grade holdings, particularly within A and BBB rated securities, was the key contributor to returns relative to the Bloomberg U.S. Corporate Bond Index. On an industry basis, security selection within technology and banking contributed. Notable individual issuers included Capital One Financial and Teva Pharmaceuticals. Out-of-index allocations to high-yield corporates, asset-backed securities, and emerging markets high yield contributed further as spreads in risk assets tightened.

TOP DETRACTORS FROM PERFORMANCE

Overall yield curve positioning detracted from returns relative to the Bloomberg U.S. Corporate Bond Index; the Fund was underweight duration through the latter half of the year when bond yields rallied. On an industry level, exposure to life insurance and wirelines detracted. Individual issuer detractors included Athene Global Funding and Lloyds Banking Group.

Janus Henderson Corporate Bond ETF

1

Total return based on a $10,000 investment

September 8, 2021, through October 31, 2024

	Janus Henderson Corporate Bond ETF - NAV $9,383	Bloomberg U.S. Aggregate Bond Index - $9,284	Bloomberg U.S. Corporate Bond Index - $9,339
Sep 21	10,000	10,000	10,000
Oct 21	9,912	9,925	9,943
Oct 22	8,021	8,368	7,997
Oct 23	8,128	8,398	8,218
Oct 24	9,383	9,284	9,339

AVERAGE ANNUAL TOTAL RETURN	1 year	Since Inception (9/8/21)
Janus Henderson Corporate Bond ETF - NAV	15.45%	-2.00%
Bloomberg U.S. Aggregate Bond Index	10.55%	-2.33%
Bloomberg U.S. Corporate Bond Index	13.63%	-2.15%

Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.

Key Fund Statistics

Net assets (Millions)	$31
Number of portfolio holdingsFootnote Reference*	183
Total investment advisory fee paid (Millions)	$0.1
Portfolio turnover rate	200%
Weighted average maturity	8.76 Years
Effective duration	6.60 Years

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

Janus Henderson Corporate Bond ETF

2

What did the Fund invest in?

Sector Allocation - (% of net assets)

Corporate Bonds	92.5%
Investment Companies	4.2%
Asset-Backed Securities	2.3%
Investments Purchased with Cash Collateral from Securities Lending	1.8%
Bank Loans	1.7%
Foreign Government Bonds	1.0%
Others	(3.5)%

Ratings^{Footnote Reference†} Summary – (% of Total Investments)

Aa	2.36%
A	20.13%
Baa	63.92%
Ba	8.81%
B	3.35%
Other	1.43%

^†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.

What material changes have occurred since the beginning of the fiscal year?

Effective May 13, 2024, the name of the Fund changed from Janus Henderson Sustainable Corporate Bond ETF to Janus Henderson Corporate Bond ETF, as well as its ticker, investment objective and principal investment strategies. Performance prior to May 13, 2024, reflects the Fund’s former strategy, and its performance may have differed if the Fund’s current strategy had been in place.

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

3

125-65-70939E 12-24

Janus Henderson U.S. Sustainable Equity ETF

Annual Shareholder Report

October 31, 2024

ETF: SSPX - NYSE Arca

This annual shareholder report contains important information about the Janus Henderson U.S. Sustainable Equity ETF ("Fund") for the period of November 1, 2023 to October 31, 2024. 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 year?

(based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Janus Henderson U.S. Sustainable Equity ETF	$64	0.55%

What impacted Fund performance over the reporting period?

For the one-year period ending October 31, 2024, the Janus Henderson U.S. Sustainable Equity ETF returned 32.97%. Its benchmark, the S&P 500^® Index, returned 38.02%.

TOP CONTRIBUTORS TO PERFORMANCE

Stock selection within the information technology and industrials sectors contributed to returns relative to the S&P 500 Index. Notable individual contributors included semiconductor firm NVIDIA and rail equipment and systems provider Wabtec. NVIDIA posted strong results and appears well placed to benefit from continued earnings upgrades. Wabtec enjoyed strong results and raised its full-year guidance.

TOP DETRACTORS FROM PERFORMANCE

Stock selection within the healthcare sector weighed most on results relative to the S&P 500 Index, with healthcare insurer Humana the top individual detractor. Humana reported increasing hospital utilization trends, which led to concerns about lower margins in the future. There was also speculation that Humana would face a downgrade in its star ratings, which are assigned and published by the Centers for Medicare and Medicaid Services.

Janus Henderson U.S. Sustainable Equity ETF

1

Total return based on a $10,000 investment

September 8, 2021, through October 31, 2024

	Janus Henderson U.S. Sustainable Equity ETF - NAV $10,972	S&P 500® Index - $13,265
Sep 21	10,000	10,000
Oct 21	10,152	10,219
Oct 22	7,632	8,726
Oct 23	8,251	9,611
Oct 24	10,972	13,265

AVERAGE ANNUAL TOTAL RETURN	1 year	Since Inception (9/8/21)
Janus Henderson U.S. Sustainable Equity ETF - NAV	32.97%	2.99%
S&P 500® Index	38.02%	9.40%

Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.

Key Fund Statistics

Net assets (Millions)	$8
Number of portfolio holdings	41
Total investment advisory fee paid (Millions)	$0
Portfolio turnover rate	20%

Janus Henderson U.S. Sustainable Equity ETF

2

What did the Fund invest in?

5 Largest equity holdings - (% of net assets)

Microsoft Corp.	7.7%
NVIDIA Corp.	6.8%
Progressive Corp. (The)	5.2%
T-Mobile US, Inc.	5.0%
Westinghouse Air Brake Technologies Corp.	4.7%

Sector Allocation - (% of net assets)

Common Stocks	97.7%
Investment Companies	2.3%
Others	0.0%

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

3

125-65-70941E 12-24

Janus Henderson B-BBB CLO ETF

Annual Shareholder Report

October 31, 2024

ETF: JBBB - Cboe BZX Exchange

This annual shareholder report contains important information about the Janus Henderson B-BBB CLO ETF ("Fund") for the period of November 1, 2023 to October 31, 2024. 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 year?

(based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Janus Henderson B-BBB CLO ETF	$50	0.47%

What impacted Fund performance over the reporting period?

For the one-year period ending October 31, 2024, the Janus Henderson B-BBB CLO ETF returned 13.99%. Its broad-based benchmark, the Bloomberg U.S. Aggregate Bond Index, returned 10.55%. Its performance benchmark, the J.P. Morgan CLO BBB Index, returned 15.43%.

TOP CONTRIBUTORS TO PERFORMANCE

The Fund’s slightly longer duration contributed to returns relative to the J.P. Morgan CLO BBB Index as yields fell on the back of cooling inflation and a more dovish Federal Reserve.

TOP DETRACTORS FROM PERFORMANCE

Strong fundamentals, including the favorable macroeconomic environment and reasonable leverage levels, led to significant spread tightening within BBB CLOs. Robust demand technicals – driven by attractive overall yields and money flows into CLOs – also contributed to spread narrowing. Security selection within BBB rated CLOs resulted in underperformance relative to the J.P. Morgan CLO BBB Index. An overweight allocation to A rated CLOs also detracted, as did underweight allocations to BB and B CLOs. Our overweight to the higher-quality CLO managers detracted as lower-rated managers rallied amid the period’s risk-on trade.

Janus Henderson B-BBB CLO ETF

1

Total return based on a $10,000 investment

January 11, 2022, through October 31, 2024

	Janus Henderson B-BBB CLO ETF - NAV $11,913	Bloomberg U.S. Aggregate Bond Index - $9,488	JP Morgan CLO BBB Index - $12,545
Jan 22	10,000	10,000	10,000
Oct 22	9,006	8,552	9,198
Oct 23	10,451	8,583	10,868
Oct 24	11,913	9,488	12,545

AVERAGE ANNUAL TOTAL RETURN	1 year	Since Inception (1/11/22)
Janus Henderson B-BBB CLO ETF - NAV	13.99%	6.45%
Bloomberg U.S. Aggregate Bond Index	10.55%	-1.86%
JP Morgan CLO BBB Index	15.43%	8.42%

Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.

Key Fund Statistics

Net assets (Millions)	$1,126
Number of portfolio holdings	232
Total investment advisory fee paid (Millions)	$2.7
Portfolio turnover rate	90%
Weighted average maturity	6.99 Years
Effective duration	0.30 Years

Janus Henderson B-BBB CLO ETF

2

What did the Fund invest in?

Sector Allocation - (% of net assets)

Collateralized Loan Obligations	100.9%
Investment Companies	0.8%
Others	(1.7)%

Ratings^{Footnote Reference†} Summary – (% of Total Investments)

Baa	98.62%
Ba	1.19%
Other	0.19%

^†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.

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

3

125-65-70932E 12-24

Janus Henderson Securitized Income ETF

Annual Shareholder Report

October 31, 2024

ETF: JSI - NYSE Arca

This annual shareholder report contains important information about the Janus Henderson Securitized Income ETF ("Fund") for the period of November 8, 2023 (inception) to October 31, 2024. 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 year?

(based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investmentFootnote Reference*	Costs paid as a percentage of a $10,000 investment
Janus Henderson Securitized Income ETF	$50	0.48%

Footnote	Description
Footnote*	Amount shown reflects the expenses of the Fund from inception date through October 31, 2024. Expenses would be higher if the Fund had been in operations of the full year.

What impacted Fund performance over the reporting period?

For the period from inception to October 31, 2024, the Janus Henderson Securitized Income ETF returned 9.65%. Its broad-based benchmark, the Bloomberg U.S. Aggregate Bond Index, returned 7.66%. Its performance benchmark, the ICE BofA US ABS & CMBS TR, returned 8.48%.

TOP CONTRIBUTORS TO PERFORMANCE

Overall yield curve positioning contributed to returns relative to the ICE BofA US ABS & CMBS TR as the Fund maintained a longer duration position than the benchmark in a period where yields fell. Exposure to asset-backed securities (ABS) contributed on an asset allocation and security selection basis. An underweight allocation to to-be-announced (TBA) mortgage-backed securities (MBS) contributed further, as did allocations to collateralized loan obligations, non-agency mortgages, and commercial mortgage-backed securities (CMBS).

TOP DETRACTORS FROM PERFORMANCE

An out-of-index allocation to agency MBS detracted from returns compared to the ICE BofA US ABS & CMBS TR as the sector underperformed relative to ABS and CMBS. A small cash position also weighed on results as returns on cash lagged risk assets.

Janus Henderson Securitized Income ETF

1

Total return based on a $10,000 investment

November 8, 2023, through October 31, 2024

	Janus Henderson Securitized Income ETF - NAV $10,965	Bloomberg U.S. Aggregate Bond Index $10,766	ICE BofA U.S. ABS & CMBS Index $10,848
Nov 23	10,000	10,000	10,000
Nov 23	10,116	10,180	10,097
Dec 23	10,337	10,570	10,301
Jan 24	10,435	10,541	10,412
Feb 24	10,376	10,392	10,386
Mar 24	10,486	10,488	10,460
Apr 24	10,426	10,223	10,384
May 24	10,574	10,396	10,496
Jun 24	10,656	10,495	10,573
Jul 24	10,826	10,740	10,722
Aug 24	10,943	10,894	10,821
Sep 24	11,074	11,040	10,930
Oct 24	10,965	10,766	10,848

AVERAGE ANNUAL TOTAL RETURN	Since Inception (11/8/23)
Janus Henderson Securitized Income ETF - NAV	9.65%
Bloomberg U.S. Aggregate Bond Index	7.66%
ICE BofA U.S. ABS & CMBS Index	8.48%

Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.

Key Fund Statistics

Net assets (Millions)	$385
Number of portfolio holdingsFootnote Reference*	327
Total investment advisory fee paid (Millions)	$1
Portfolio turnover rate	94%
Weighted average maturity	3.93 Years
Effective duration	3.60 Years

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

Janus Henderson Securitized Income ETF

2

What did the Fund invest in?

Sector Allocation - (% of net assets)

Mortgage-Backed Securities	85.0%
Asset-Backed Securities	43.3%
Investment Companies	3.5%
Collateralized Loan Obligations	2.1%
Corporate Bond	0.4%
Others	(34.3)%

Ratings^{Footnote Reference†} Summary – (% of Total Investments)

AAA	6.96%
Aa	32.58%
A	12.77%
Baa	15.76%
Ba	12.40%
B	3.35%
Other	16.18%

^†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.

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

3

125-65-70935E 12-24

Janus Henderson Emerging Market Debt Hard Currency ETF

Annual Shareholder Report

October 31, 2024

ETF: JEMB - NYSE Arca

This annual shareholder report contains important information about the Janus Henderson Emerging Market Debt Hard Currency ETF ("Fund") for the period of August 13, 2024 (inception) to October 31, 2024. 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 year?

(based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investmentFootnote Reference*	Costs paid as a percentage of a $10,000 investment
Janus Henderson Emerging Market Debt Hard Currency ETF	$11	0.52%

Footnote	Description
Footnote*	Amount shown reflects the expenses of the Fund from inception date through October 31, 2024. Expenses would be higher if the Fund had been in operations of the full year.

What impacted Fund performance over the reporting period?

For the period from inception to October 31, 2024, the Janus Henderson Emerging Markets Debt Hard Currency ETF returned 2.36%. Its broad-based benchmark, the Bloomberg Global Aggregate Bond Index, returned -1.03%. Its performance benchmark, the J.P. Morgan EMBI Global Core Index, returned 1.44%.

TOP CONTRIBUTORS TO PERFORMANCE

For the period from Fund inception, credit spreads tightened, particularly in the high-yield segment. As a result, our small overweight to credit risk aided returns relative to the J.P. Morgan EMBI Global Core Index. Country allocation and security selection contributed positively with the latter being the most significant. At the country level, overweight allocations to Argentina, Mongolia, Ukraine, and El Salvador were beneficial. Bond picking in Mexico (Pemex), Oman and UAE also aided performance. The Fund utilized futures and forward foreign currency exchange contracts to manage interest rate and credit risk and make investment gains. Overall, the use of derivatives contributed to results.

TOP DETRACTORS FROM PERFORMANCE

Detractors from returns relative to the J.P. Morgan EMBI Global Core Index included an overweight to Mozambique, an underweight to Kenya, and security selection in Zambia.

Janus Henderson Emerging Market Debt Hard Currency ETF

1

AVERAGE ANNUAL TOTAL RETURN	Since Inception (8/13/24)
Janus Henderson Emerging Market Debt Hard Currency ETF - NAV	2.36%
Bloomberg Global Aggregate Bond Index	-1.03%
JPM EMBI Global Core Index	1.44%

Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. 

Key Fund Statistics

Net assets (Millions)	$224
Number of portfolio holdingsFootnote Reference*	221
Total investment advisory fee paid (Millions)	$0.2
Portfolio turnover rate	11%
Weighted average maturity	10.57 Years
Effective duration	6.99 Years

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

Janus Henderson Emerging Market Debt Hard Currency ETF

2

What did the Fund invest in?

Sector Allocation - (% of net assets)

Foreign Government Bonds	87.0%
Corporate Bonds	8.4%
Investment Companies	3.7%
Others	0.9%

Ratings^{Footnote Reference†} Summary – (% of Total Investments)

Aa	6.69%
A	8.77%
Baa	17.79%
Ba	30.45%
B	18.78%
Caa	11.79%
Ca	1.49%
D	0.83%
Other	3.41%

Top Country Allocations - (% of net investments)

Saudi Arabia	5.6%
Turkey	5.2%
Mexico	5.0%
Oman	5.0%
Dominican Republic	4.4%

^†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.

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

3

125-65-71250E 12-24

Janus Henderson Mid Cap Growth Alpha ETF

Annual Shareholder Report

October 31, 2024

ETF: JMID - NASDAQ

This annual shareholder report contains important information about the Janus Henderson Mid Cap Growth Alpha ETF ("Fund") for the period of September 17, 2024 (inception) to October 31, 2024. 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 year?

(based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investmentFootnote Reference*	Costs paid as a percentage of a $10,000 investment
Janus Henderson Mid Cap Growth Alpha ETF	$4	0.30%

Footnote	Description
Footnote*	Amount shown reflects the expenses of the Fund from inception date through October 31, 2024. Expenses would be higher if the Fund had been in operations of the full year.

What impacted Fund performance over the reporting period?

For the period from inception to October 31, 2024, the Janus Henderson Mid Cap Growth Alpha ETF returned 3.92%. Its broad-based benchmark, the Russell 3000^® Index, returned 1.47%. Its performance benchmark, the Russell Midcap^® Growth Index, returned 3.94%.

TOP CONTRIBUTORS TO PERFORMANCE

Stock selection in the information technology and energy sectors contributed to returns relative to the Russell Midcap Growth Index for the period since the Fund’s inception. Individual contributors included AppLovin, which has developed an artificial intelligence-assisted mobile marketing platform that helps small- and medium-sized businesses grow their markets. Multichannel used car retailer CarMax, another contributor, reported strong sales and earnings growth that aided the stock performance.

TOP DETRACTORS FROM PERFORMANCE

For the period since the Fund’s inception, stock selection in the financials and utilities sectors detracted relative to the Russell Midcap Growth Index. Among individual holdings, footwear company Crocs was a leading detractor after issuing weak guidance. Solar energy products supplier Enphase Energy also detracted, as the stock fell on worries over slowing exports to Europe.

Janus Henderson Mid Cap Growth Alpha ETF

1

AVERAGE ANNUAL TOTAL RETURN	Since Inception (9/17/24)
Janus Henderson Mid Cap Growth Alpha ETF - NAV	3.92%
Russell 3000® Index	1.47%
Russell Midcap Growth Index	3.94%

Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.

Key Fund Statistics

Net assets (Millions)	$6
Number of portfolio holdings	96
Total investment advisory fee paid (Millions)	$0
Portfolio turnover rate	0%

Janus Henderson Mid Cap Growth Alpha ETF

2

What did the Fund invest in?

5 Largest equity holdings - (% of net assets)

AppLovin Corp.	3.3%
Ameriprise Financial, Inc.	2.7%
NU Holdings Ltd.	2.7%
WW Grainger, Inc.	2.4%
Palantir Technologies, Inc.	2.4%

Sector Allocation - (% of net assets)

Common Stocks	100.0%
Investment Companies	0.0%
Others	0.0%

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

3

125-65-71261E 12-24

(b) Not applicable.

Item 2 - Code of Ethics

Code of Ethics

(a) As of the end of the period covered by this report, the Registrant has adopted a code of ethics (the “Fund Code of Ethics for Principal Executive Officer and Senior Financial Officers”) that applies to the Registrant’s Principal Executive Officer and Principal Financial Officer; the Registrant’s Principal Financial Officer also serves as the Principal Accounting Officer.

(c) There was no amendment to the Registrant’s code of ethics described in Item 2(a) above during the period covered by the report.

(d) There was no waiver granted, either actual or implicit, from a provision to the Registrant’s code of ethics described in Item 2(a) above during the period covered by the report.

(e) Not applicable.

(f)(3) The Registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the Registrant at 1-877-335-2687, and ask for a copy of the Registrant’s Code of Ethics for its Principal Executive Officer and Senior Financial Officers.

Item 3 - Audit Committee Financial Expert

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

Item 4 - Principal Accountant Fees and Services

(a) Audit Fees

The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Registrant’s  annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $492,660 in the fiscal year ended 2024 and $437,485 in the fiscal year ended 2023.

(b) Audit-Related Fees

The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the Registrant’s' financial statements and are not reported under paragraph (a) of this Item were $0 in the fiscal year ended 2024 and $0 in the fiscal year ended 2023.

(c) Tax Fees

The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning were $0 in the fiscal year ended 2024 and $0 in the fiscal year ended 2023.

The nature of the services comprising the fees disclosed under this category includes tax compliance, tax planning, tax advice, and corporate actions review.

(d) All Other Fees

The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item were $0 in the fiscal year ended 2024 and $0 in the fiscal year ended 2023.

(e) Pre-Approval Policies and Procedures

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

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

(f) Not applicable as less than 50%

(g) The aggregate non-audit fees billed by the Registrant's accountant for services rendered to the Registrant, and rendered to the Registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant for each of the last two fiscal years of the Registrant were $0 in the fiscal year ended 2024 and $0 in the fiscal year ended 2023.

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

(i) Not applicable.

(j) Not applicable.

Item 5 - Audit Committee of Listed Registrants

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

Item 6 - Investments

(a) Schedule of Investments is contained in the Reports to Shareholders included under Item 7 of this Form N-CSR.

(b) Not applicable.

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

ANNUAL

FINANCIAL

STATEMENTS

October

31,

2024

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

Report

of

Independent

Registered

Public

Accounting

Firm

...

24

Designation

Requirements

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

25

Items

8-11

-

Additional

Information

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

26

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Schedule

of

Investments

October

31,

2024

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%

Aerospace

&

Defense

-

2.6%

HEICO

Corp.

41,279

$

10,111,291

VirTra,

Inc.

#

,*

3,837

23,406

10,134,697

Automobile

Components

-

0.0%

XPEL,

Inc.*

3,273

126,240

Banks

-

2.5%

Amalgamated

Financial

Corp.

6,579

218,193

Axos

Financial,

Inc.*

12,214

827,132

Bancorp,

Inc.

(The)*

10,476

526,524

Bank

First

Corp.

#

2,149

197,729

Bankwell

Financial

Group,

Inc.

1,686

48,068

Business

First

Bancshares,

Inc.

5,475

143,390

Byline

Bancorp,

Inc.

9,503

255,726

California

Bancorp*

6,894

100,514

Capital

Bancorp,

Inc.

2,986

75,396

Capital

City

Bank

Group,

Inc.

3,636

127,260

Civista

Bancshares,

Inc.

3,378

68,810

Coastal

Financial

Corp.*

2,888

181,915

CrossFirst

Bankshares,

Inc.*

10,571

165,965

Customers

Bancorp,

Inc.*

6,804

313,868

Esquire

Financial

Holdings,

Inc.

1,784

118,779

ESSA

Bancorp,

Inc.

2,192

41,253

Five

Star

Bancorp

4,576

137,646

Franklin

Financial

Services

Corp.

946

30,915

Greene

County

Bancorp,

Inc.

3,655

102,340

HomeTrust

Bancshares,

Inc.

3,757

124,545

International

Bancshares

Corp.

13,351

817,882

MainStreet

Bancshares,

Inc.

1,632

28,185

Metropolitan

Bank

Holding

Corp.*

2,402

128,507

National

Bank

Holdings

Corp.

-

Class

A

8,139

365,929

Northeast

Bank

1,712

152,128

Northeast

Community

Bancorp,

Inc.

3,009

78,114

Oak

Valley

Bancorp

1,794

48,438

Old

Second

Bancorp,

Inc.

9,628

158,092

Orange

County

Bancorp,

Inc.

1,216

64,351

Orrstown

Financial

Services,

Inc.

4,159

155,713

Pathward

Financial,

Inc.

5,361

379,344

Plumas

Bancorp

1,266

52,552

Preferred

Bank

2,876

242,648

Princeton

Bancorp,

Inc.

1,476

51,837

QCR

Holdings,

Inc.

3,615

285,946

Southern

Missouri

Bancorp,

Inc.

2,437

144,514

Southern

States

Bancshares,

Inc.

1,914

59,545

Third

Coast

Bancshares,

Inc.*

2,934

95,560

Unity

Bancorp,

Inc.

2,142

82,853

USCB

Financial

Holdings,

Inc.

4,213

61,173

Westamerica

Bancorp

5,728

295,107

Western

Alliance

Bancorp

23,633

1,966,502

9,520,888

Beverages

-

1.0%

Celsius

Holdings,

Inc.*

46,562

1,400,585

Coca-Cola

Consolidated,

Inc.

1,548

1,740,354

Duckhorn

Portfolio,

Inc.

(The)*

29,379

321,994

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Schedule

of

Investments

October

31,

2024

4

October

31,

2024

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Common

Stocks

-

(continued)

Beverages

-

(continued)

MGP

Ingredients,

Inc.

4,394

$

211,088

3,674,021

Biotechnology

-

7.4%

Catalyst

Pharmaceuticals,

Inc.*

94,747

2,065,485

Halozyme

Therapeutics,

Inc.*

101,123

5,113,790

Incyte

Corp.*

153,746

11,395,653

Neurocrine

Biosciences,

Inc.*

80,607

9,694,604

28,269,532

Broadline

Retail

-

0.2%

Etsy,

Inc.*

13,594

699,275

Building

Products

-

3.4%

AAON,

Inc.

27,830

3,178,743

Advanced

Drainage

Systems,

Inc.

26,633

3,991,754

CSW

Industrials,

Inc.

5,334

1,883,436

Quanex

Building

Products

Corp.

11,406

331,458

Simpson

Manufacturing

Co.,

Inc.

14,484

2,604,078

Tecnoglass,

Inc.

#

16,145

1,106,417

13,095,886

Capital

Markets

-

1.8%

Blue

Owl

Capital

Corp.

III

26,487

385,651

Hamilton

Lane,

Inc.

-

Class

A

8,729

1,568,077

Heritage

Global,

Inc.*

8,018

13,631

Interactive

Brokers

Group,

Inc.

-

Class

A

23,366

3,565,184

PJT

Partners,

Inc.

-

Class

A

5,108

709,808

Victory

Capital

Holdings,

Inc.

-

Class

A

13,910

833,626

7,075,977

Chemicals

-

0.3%

Hawkins,

Inc.

10,457

1,117,853

Commercial

Services

&

Supplies

-

3.3%

Aris

Water

Solutions,

Inc.

-

Class

A

10,500

173,250

Rollins,

Inc.

166,374

7,842,870

Tetra

Tech,

Inc.

91,947

4,494,370

12,510,490

Communications

Equipment

-

0.1%

Clearfield,

Inc.*

8,506

305,621

Construction

&

Engineering

-

3.2%

Bowman

Consulting

Group

Ltd.

-

Class

A*

6,253

126,936

Comfort

Systems

USA,

Inc.

12,257

4,792,977

IES

Holdings,

Inc.*

6,863

1,500,698

MYR

Group,

Inc.*

5,671

742,901

Primoris

Services

Corp.

18,438

1,154,588

Sterling

Infrastructure,

Inc.*

10,559

1,630,837

WillScot

Holdings

Corp.*

64,751

2,145,848

12,094,785

Construction

Materials

-

1.7%

Eagle

Materials,

Inc.

16,820

4,801,437

United

States

Lime

&

Minerals,

Inc.

14,305

1,613,318

6,414,755

Consumer

Finance

-

0.4%

Atlanticus

Holdings

Corp.*

3,165

117,706

Enova

International,

Inc.*

5,667

492,519

SLM

Corp.

46,684

1,028,449

1,638,674

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Schedule

of

Investments

October

31,

2024

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)

Consumer

Staples

Distribution

&

Retail

-

2.0%

BJ's

Wholesale

Club

Holdings,

Inc.*

26,487

$

2,244,243

Casey's

General

Stores,

Inc.

7,413

2,920,870

Sprouts

Farmers

Market,

Inc.*

20,004

2,569,114

7,734,227

Containers

&

Packaging

-

1.1%

Graphic

Packaging

Holding

Co.

150,145

4,243,098

Distributors

-

0.0%

GigaCloud

Technology,

Inc.

-

Class

A

#

,*

3,954

90,033

Diversified

Consumer

Services

-

0.1%

Stride,

Inc.*

5,127

478,246

Diversified

REITs

-

0.2%

Essential

Properties

Realty

Trust,

Inc.

19,653

622,804

Electric

Utilities

-

0.1%

Otter

Tail

Corp.

5,873

461,148

Electrical

Equipment

-

1.0%

Array

Technologies,

Inc.*

52,191

340,807

Atkore,

Inc.

12,321

1,056,649

NEXTracker,

Inc.

-

Class

A*

49,275

1,962,131

Preformed

Line

Products

Co.

1,688

207,624

Shoals

Technologies

Group,

Inc.

-

Class

A*

57,249

309,717

3,876,928

Electronic

Equipment,

Instruments

&

Components

-

4.4%

Badger

Meter,

Inc.

17,572

3,515,279

ePlus,

Inc.*

16,051

1,427,736

Fabrinet*

21,599

5,204,711

Napco

Security

Technologies,

Inc.

22,031

847,753

OSI

Systems,

Inc.*

9,899

1,308,747

Plexus

Corp.*

16,266

2,343,930

Sanmina

Corp.*

32,650

2,288,765

16,936,921

Energy

Equipment

&

Services

-

0.2%

Atlas

Energy

Solutions,

Inc.

-

Class

A

#

34,705

679,177

Entertainment

-

0.1%

Vivid

Seats,

Inc.

-

Class

A*

58,985

240,069

Financial

Services

-

0.9%

HA

Sustainable

Infrastructure

Capital,

Inc.

25,067

877,094

International

Money

Express,

Inc.*

7,000

123,130

Merchants

Bancorp

9,823

362,862

NMI

Holdings,

Inc.

-

Class

A*

17,104

661,583

Paymentus

Holdings,

Inc.

-

Class

A*

4,799

118,103

Payoneer

Global,

Inc.*

81,969

706,573

Sezzle,

Inc.

#

,*

1,202

258,021

Velocity

Financial,

Inc.*

7,108

136,545

3,243,911

Food

Products

-

0.4%

Darling

Ingredients,

Inc.*

31,770

1,242,525

Mama's

Creations,

Inc.*

7,445

55,465

Vital

Farms,

Inc.*

8,609

298,560

1,596,550

Health

Care

Equipment

&

Supplies

-

2.4%

Lantheus

Holdings,

Inc.*

55,425

6,087,882

Semler

Scientific,

Inc.

#

,*

5,580

163,941

STAAR

Surgical

Co.*

39,266

1,138,321

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Schedule

of

Investments

October

31,

2024

6

October

31,

2024

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Common

Stocks

-

(continued)

Health

Care

Equipment

&

Supplies

-

(continued)

Tactile

Systems

Technology,

Inc.*

19,133

$

277,620

UFP

Technologies,

Inc.*

6,127

1,635,909

9,303,673

Health

Care

Providers

&

Services

-

4.6%

Addus

HomeCare

Corp.*

14,449

1,797,745

CorVel

Corp.*

13,675

4,072,689

Cross

Country

Healthcare,

Inc.*

26,989

307,945

DocGo,

Inc.

#

,*

81,677

286,686

Ensign

Group,

Inc.

(The)

45,593

7,066,459

Option

Care

Health,

Inc.*

136,486

3,144,637

Progyny,

Inc.*

72,065

1,084,578

17,760,739

Health

Care

REITs

-

0.1%

American

Healthcare

REIT,

Inc.

14,894

396,180

Health

Care

Technology

-

1.1%

Doximity,

Inc.

-

Class

A*

99,917

4,170,536

Hotels,

Restaurants

&

Leisure

-

0.6%

Bowlero

Corp.

-

Class

A

#

10,704

111,000

Caesars

Entertainment,

Inc.*

25,615

1,025,881

Target

Hospitality

Corp.*

11,899

88,767

Wingstop,

Inc.

3,471

998,572

2,224,220

Household

Durables

-

1.5%

Dream

Finders

Homes,

Inc.

-

Class

A*

4,086

121,967

Green

Brick

Partners,

Inc.*

5,271

363,752

Installed

Building

Products,

Inc.

3,345

725,530

Lovesac

Co.

(The)*

1,843

53,742

M/I

Homes,

Inc.*

3,247

492,213

Meritage

Homes

Corp.

4,319

782,603

Smith

Douglas

Homes

Corp.

-

Class

A*

1,048

34,710

Toll

Brothers,

Inc.

12,160

1,780,710

TopBuild

Corp.*

3,573

1,262,627

5,617,854

Household

Products

-

0.0%

Oil-Dri

Corp.

of

America

1,025

69,546

Independent

Power

and

Renewable

Electricity

Producers

-

0.0%

Altus

Power,

Inc.

-

Class

A*

22,462

77,269

Industrial

REITs

-

0.6%

Innovative

Industrial

Properties,

Inc.

3,177

410,437

Plymouth

Industrial

REIT,

Inc.

5,087

103,368

Rexford

Industrial

Realty,

Inc.

24,607

1,055,394

Terreno

Realty

Corp.

10,861

651,117

2,220,316

Insurance

-

3.7%

Enstar

Group

Ltd.*

3,269

1,054,253

Erie

Indemnity

Co.

-

Class

A

9,916

4,450,697

Goosehead

Insurance,

Inc.

-

Class

A*

5,196

565,844

Hagerty,

Inc.

-

Class

A*

19,280

207,646

HCI

Group,

Inc.

2,250

254,948

Kingsway

Financial

Services,

Inc.*

5,971

53,440

Kinsale

Capital

Group,

Inc.

4,997

2,139,266

Palomar

Holdings,

Inc.*

5,626

505,046

RLI

Corp.

9,821

1,531,781

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Schedule

of

Investments

October

31,

2024

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)

Ryan

Specialty

Holdings,

Inc.

-

Class

A

25,836

$

1,701,817

Selective

Insurance

Group,

Inc.

13,058

1,185,928

Skyward

Specialty

Insurance

Group,

Inc.*

8,607

380,515

14,031,181

Interactive

Media

&

Services

-

0.6%

Shutterstock,

Inc.

15,843

508,402

ZoomInfo

Technologies,

Inc.

-

Class

A*

163,299

1,804,454

2,312,856

IT

Services

-

2.1%

Amdocs

Ltd.

68,232

5,987,017

DigitalOcean

Holdings,

Inc.*

55,006

2,177,137

8,164,154

Leisure

Products

-

0.2%

Acushnet

Holdings

Corp.

7,323

448,900

YETI

Holdings,

Inc.*

10,009

352,417

801,317

Life

Sciences

Tools

&

Services

-

5.7%

Bruker

Corp.

120,855

6,841,602

Charles

River

Laboratories

International,

Inc.*

41,215

7,360,175

Medpace

Holdings,

Inc.*

24,747

7,776,002

21,977,779

Machinery

-

2.9%

AGCO

Corp.

25,641

2,559,997

Alamo

Group,

Inc.

4,142

702,235

Franklin

Electric

Co.,

Inc.

15,655

1,498,340

Kadant,

Inc.

4,034

1,343,564

Mueller

Industries,

Inc.

38,931

3,191,174

Velo3D,

Inc.*

1

1

Watts

Water

Technologies,

Inc.

-

Class

A

9,411

1,793,643

11,088,954

Marine

Transportation

-

0.1%

Global

Ship

Lease,

Inc.

-

Class

A

12,113

288,895

Media

-

1.3%

Integral

Ad

Science

Holding

Corp.*

72,182

854,635

New

York

Times

Co.

(The)

-

Class

A

73,116

4,082,797

4,937,432

Metals

&

Mining

-

2.3%

Commercial

Metals

Co.

57,529

3,095,060

Friedman

Industries,

Inc.

3,486

48,630

Royal

Gold,

Inc.

32,891

4,804,059

Worthington

Steel,

Inc.

25,209

963,992

8,911,741

Mortgage

Real

Estate

Investment

Trusts

(REITs)

-

0.2%

Arbor

Realty

Trust,

Inc.

#

40,477

596,631

Chicago

Atlantic

Real

Estate

Finance,

Inc.

4,213

63,701

Ready

Capital

Corp.

36,124

247,449

Sachem

Capital

Corp.

10,155

23,864

931,645

Office

REITs

-

0.0%

Postal

Realty

Trust,

Inc.

-

Class

A

2,580

37,539

Oil,

Gas

&

Consumable

Fuels

-

1.1%

Ardmore

Shipping

Corp.

13,163

185,730

Dorian

LPG

Ltd.

13,462

388,379

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Schedule

of

Investments

October

31,

2024

8

October

31,

2024

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)

Granite

Ridge

Resources,

Inc.

41,301

$

244,915

Kinetik

Holdings,

Inc.

-

Class

A

18,870

918,403

Matador

Resources

Co.

39,428

2,054,593

New

Fortress

Energy,

Inc.

#

64,778

544,783

OPAL

Fuels,

Inc.

-

Class

A

#

,*

8,978

32,859

4,369,662

Personal

Care

Products

-

1.0%

BellRing

Brands,

Inc.*

25,820

1,699,731

elf

Beauty,

Inc.*

11,262

1,185,325

Interparfums,

Inc.

6,398

774,606

3,659,662

Pharmaceuticals

-

2.0%

Amphastar

Pharmaceuticals,

Inc.*

38,856

1,963,394

Corcept

Therapeutics,

Inc.*

83,414

4,084,783

Harmony

Biosciences

Holdings,

Inc.*

45,370

1,457,738

Scilex

Holding

Co.*

153,104

147,026

7,652,941

Professional

Services

-

4.3%

CBIZ,

Inc.*

17,232

1,187,802

Concentrix

Corp.

22,441

953,967

CRA

International,

Inc.

2,328

424,022

ExlService

Holdings,

Inc.*

55,445

2,310,393

FTI

Consulting,

Inc.*

12,333

2,405,921

Paycom

Software,

Inc.

19,730

4,124,162

Paylocity

Holding

Corp.*

19,090

3,523,441

TriNet

Group,

Inc.

17,064

1,448,563

16,378,271

Semiconductors

&

Semiconductor

Equipment

-

2.0%

ACM

Research,

Inc.

-

Class

A*

34,326

645,157

Aehr

Test

Systems

#

,*

17,661

248,667

Axcelis

Technologies,

Inc.*

19,489

1,662,607

Lattice

Semiconductor

Corp.*

82,403

4,174,536

Photronics,

Inc.*

37,855

863,094

7,594,061

Software

-

12.2%

Alarm.com

Holdings,

Inc.*

29,425

1,569,235

AppLovin

Corp.

-

Class

A*

123,474

20,915,261

Bentley

Systems,

Inc.

-

Class

B

173,646

8,380,156

Box,

Inc.

-

Class

A*

85,579

2,717,989

DoubleVerify

Holdings,

Inc.*

101,601

1,732,297

Dropbox,

Inc.

-

Class

A*

146,934

3,798,244

EverCommerce,

Inc.*

110,091

1,158,157

Qualys,

Inc.*

21,994

2,622,565

Red

Violet,

Inc.*

8,203

246,746

SPS

Commerce,

Inc.*

22,165

3,657,225

46,797,875

Specialized

REITs

-

0.1%

National

Storage

Affiliates

Trust

8,514

358,865

Specialty

Retail

-

2.3%

Academy

Sports

&

Outdoors,

Inc.

8,544

434,548

Arhaus,

Inc.

-

Class

A

6,334

53,712

Asbury

Automotive

Group,

Inc.*

2,366

539,069

Boot

Barn

Holdings,

Inc.*

3,623

451,245

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Schedule

of

Investments

October

31,

2024

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

-

(continued)

Dick's

Sporting

Goods,

Inc.

6,861

$

1,343,041

EVgo,

Inc.

-

Class

A

#

,*

12,655

99,215

Five

Below,

Inc.*

6,526

618,599

Floor

&

Decor

Holdings,

Inc.

-

Class

A*

12,696

1,308,323

Group

1

Automotive,

Inc.

1,587

578,176

Lithia

Motors,

Inc.

-

Class

A

3,168

1,052,948

MarineMax,

Inc.*

2,650

77,194

Murphy

USA,

Inc.

2,426

1,184,980

Penske

Automotive

Group,

Inc.

7,910

1,191,009

8,932,059

Technology

Hardware,

Storage

&

Peripherals

-

0.1%

CompoSecure,

Inc.

-

Class

A

#

17,924

270,832

Textiles,

Apparel

&

Luxury

Goods

-

0.2%

Crocs,

Inc.*

7,036

758,621

Trading

Companies

&

Distributors

-

5.8%

Alta

Equipment

Group,

Inc.

11,368

73,892

Applied

Industrial

Technologies,

Inc.

13,177

3,051,661

Core

&

Main,

Inc.

-

Class

A*

66,140

2,928,679

FTAI

Aviation

Ltd.

35,112

4,720,457

GMS,

Inc.*

13,495

1,213,066

Herc

Holdings,

Inc.

9,755

2,040,161

Hudson

Technologies,

Inc.*

15,638

119,943

Karat

Packaging,

Inc.

6,875

183,563

McGrath

RentCorp

8,434

958,946

Rush

Enterprises,

Inc.

-

Class

A

26,438

1,495,862

SiteOne

Landscape

Supply,

Inc.*

15,501

2,166,110

Titan

Machinery,

Inc.*

7,838

107,577

WESCO

International,

Inc.

16,887

3,241,797

22,301,714

Water

Utilities

-

0.5%

American

States

Water

Co.

5,258

433,574

Essential

Utilities,

Inc.

38,423

1,483,128

Pure

Cycle

Corp.*

3,379

35,547

1,952,249

Total

Common

Stocks

(cost

330,790,306)

383,232,444

Investment

Companies

-

0.0%

Money

Market

Funds

-

0.0%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

4.8531%

£,∞

(cost

$118,891)

118,867

118,891

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

0.7%

Investment

Companies

-

0.5%

Janus

Henderson

Cash

Collateral

Fund

LLC,

4.7452%

£,∞

1,965,177

1,965,177

Time

Deposits

-

0.2%

Royal

Bank

of

Canada,

4.8100%,

11/1/24

$

491,294

491,294

Total

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

(cost

$2,456,471)

2,456,471

Total

Investments

(total

cost

$

333,365,668

)

-

100.7%

385,807,806

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(0.7%)

(2,510,018)

Net

Assets

-

100.0%

$383,297,788

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Schedule

of

Investments

October

31,

2024

10

October

31,

2024

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

$

379,074,217

98.3

%

Thailand

5,204,711

1.3

Bermuda

1,054,253

0.3

United

Kingdom

288,895

0.1

Ireland

185,730

0.0

Total

$

385,807,806

100.0

%

Schedule

of

Affiliated

Investments

-

(%

of

Net

Assets)

Affiliated

Investments,

at

Value

at

10/31/23

Purchases

Sales

Proceeds

Realized

Gain/

(Loss)

Change

in

Unrealized

Appreciatio

n/

(Depreciation)

Affiliated

Investments,

at

Value

at

10/31/24

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

Shares

Held

at

10/31/24

Dividend

Income

Investment

Company

-

0.0%

Money

Market

Funds

-

0.0%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

4.8531%

∞

$

–

$

513,334

$

(394,439)

$

(4)

$

–

$

118,891

118,867

$

583

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

0.6%

Investment

Companies

-

0.5%

Janus

Henderson

Cash

Collateral

Fund

LLC,

4.7452%

∞

668,992

40,253,886

(38,957,701)

–

–

1,965,177

1,965,177

49,173

Δ

Total

Affiliated

Investments

-

0.5%

$668,992

$40,767,220

$(39,352,140)

$(4)

$–

$2,084,068

$49,756

Counterparty

Gross

Amounts

of

Recognized

Assets

Offsetting

Asset

or

Liability

(a)

Collateral

Pledged

(b)

Net

Amount

JPMorgan

Chase

Bank

NA

$

2,397,486

$

—

$

(2,397,486)

$

—

(a)

Represents

the

amount

of

assets

or

liabilities

that

could

be

offset

with

the

same

counterparty

under

master

netting

or

similar

agreements

that

management

elects

not

to

offset

on

the

Statement

of

Assets

and

Liabilities.

(b)

Collateral

pledged

is

limited

to

the

net

outstanding

amount

due

to/from

an

individual

counterparty.

The

actual

collateral

amounts

pledged

may

exceed

these

amounts

and

may

fluctuate

in

value.

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

October

31,

2024

Janus

Detroit

Street

Trust

11

LLC

Limited

Liability

Company

REIT

Real

Estate

Investment

Trust

*

Non-income

producing

security.

#

Loaned

security;

a

portion

of

the

security

is

on

loan

at

October

31,

2024.

∞

Rate

shown

is

the

7-day

yield

as

of

October

31,

2024.

£

The

Fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

Investment

Company

Act

of

1940,

as

amended,

an

affiliated

company

is

one

in

which

the

Fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

which

is

under

common

ownership

or

control.

Δ

Net

of

income

paid

to

the

securities

lending

agent

and

rebates

paid

to

the

borrowing

counterparties.

The

following

is

a

summary

of

the

inputs

that

were

used

to

value

the

Fund's

investments

in

securities

and

other

financial

instruments

as

of

October

31,

2024

.

See

Notes

to

Financial

Statements

for

more

information.

Valuation

Inputs

Summary

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Total

Assets

Investments

in

Securities:

Common

Stocks

$

383,232,444

$

—

$

—

$

383,232,444

Investment

Companies

—

118,891

—

118,891

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

—

2,456,471

—

2,456,471

Total

Assets

$

383,232,444

$

2,575,362

$

—

$

385,807,806

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Statement

of

Assets

and

Liabilities

October

31,

2024

12

October

31,

2024

See

Notes

to

Financial

Statements.

Assets:

Unaffiliated

investments,

at

value

(cost

$331,281,600)

(1)

$

383,723,738

Affiliated

investments,

at

value

(cost

$2,084,068)

2,084,068

Receivables:

Dividends

40,581

Interest

225

Affiliated

securities

lending

income,

net

3,234

Total

Assets

385,851,846

Liabilities:

Collateral

on

securities

loaned

(Note

2)

2,456,471

Payables:

Management

fees

97,587

Total

Liabilities

2,554,058

Commitments

and

contingent

liabilities

Net

Assets

$

383,297,788

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

358,957,927

Total

distributable

earnings

(loss)

24,339,861

Total

Net

Assets

$

383,297,788

Net

Assets

$

383,297,788

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

5,327,000

Net

Asset

Value

Per

Share

$

71

.95

(1)

Includes

$2,397,486

of

securities

on

loan.

See

Note

2

in

Notes

to

Financial

Statements.

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Statement

of

Operations

For

the

year

ended

October

31,

2024

Janus

Detroit

Street

Trust

13

See

Notes

to

Financial

Statements.

Investment

Income:

Dividends

$

2,280,107

Affiliated

securities

lending

income,

net    

49,173

Unaffiliated

securities

lending

income,

net

26,422

Dividends

from

affiliates

583

Total

Investment

Income

2,356,285

Expenses:

Management

Fees

1,018,624

Total

Expenses

1,018,624

Net

Investment

Income/(Loss)

1,337,661

Net

Realized

Gain/(Loss)

on

Investments:

Investments

$

20,417,442

Investments

in

affiliates

(

4

)

Total

Net

Realized

Gain/(Loss)

on

Investments

$

20,417,438

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

62,009,458

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

62,009,458

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

83,764,557

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Statements

of

Changes

in

Net

Assets

14

October

31,

2024

See

Notes

to

Financial

Statements.

Year

Ended

October

31,

2024

Year

Ended

October

31,

2023

Operations:

Net

investment

income/(loss)

$

1,337,661

$

1,062,733

Net

realized

gain/(loss)

on

investments

20,417,438

582,903

Change

in

unrealized

net

appreciation/depreciation

62,009,458

(

2,698,339

)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

83,764,557

(

1,052,703

)

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(

1,323,273

)

(

990,579

)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(

1,323,273

)

(

990,579

)

Capital

Share

Transactions

55,022,363

75,779,586

Net

Increase/(Decrease)

in

Net

Assets

137,463,647

73,736,304

Net

Assets:

—

—

Beginning

of

Year  

245,834,141

172,097,837

End

of

Year

$

383,297,788

$

245,834,141

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

each

year

or

period

ended

October

31

2024

2023

2022

2021

2020

Net

Asset

Value,

Beginning

of

Period

$54.91

$52.92

$67.73

$52.35

$44.11

Income/(Loss)

from

Investment

Operations:

—

—

—

—

—

Net

investment

income/(loss)

(1)

0.26

0.30

0.21

0.21

0.11

Net

realized

and

unrealized

gain/(loss)

17.04

1.97

(2)

(14.83)

15.38

8.26

Total

from

Investment

Operations

17.30

2.27

(2)

(14.62)

15.59

8.37

Less

Dividends

and

Distributions:

—

—

—

—

—

Dividends

(from

net

investment

income)

(0.26)

(0.28)

(0.19)

(0.21)

(0.13)

Total

Dividends

and

Distributions

(0.26)

(0.28)

(0.19)

(0.21)

(0.13)

Net

Asset

Value,

End

of

Period

$71.95

$54.91

$52.92

$67.73

$52.35

Total

Return

31.54%

4.27%

(21.60)%

29.81%

19.01%

Net

assets,

End

of

Period

(in

thousands)

$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%

0.32%

Ratio

of

Net

Investment

Income/(Loss)

0.39%

0.51%

0.36%

0.33%

0.23%

Portfolio

Turnover

Rate

(3)

102%

91%

89%

102%

83%

(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

16

October

31,

2024

1.

Organization

and

Significant

Accounting

Policies

Janus

Henderson Small/Mid

Cap

Growth

Alpha

ETF (the

“Fund”)

is

a

series

fund.

The

Fund

is

part

of

Janus

Detroit

Street

Trust

(the

“Trust”),

which

is

organized

as

a

Delaware

statutory

trust

and

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company,

and

therefore

has

applied

the

specialized

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

(“ASC”)

Topic

946.

As

of

the

date

of

this

report,

the

Trust

offers twelve

Funds

each

of

which

represent

shares

of

beneficial

interest

in

a

separate

portfolio

of

securities

and

other

assets

with

its

own

objective

and

policies. 

The

Fund

seeks

investment

results

that

correspond

generally,

before

fees

and

expenses,

to

the

performance

of

its

underlying

index,

the

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

Index

(the

“Underlying

Index”).

The

Fund

is

classified

as

diversified,

as

defined

in

the

1940

Act.

Janus

Henderson

Investors

US

LLC

is

the

investment

adviser

(the

“Adviser”)

to

the

Fund.

Unlike

shares

of

traditional

mutual

funds,

shares

of

the

Fund

are

not

individually

redeemable

and

may

only

be

purchased

or

redeemed

directly

from

the

Fund

at

net

asset

value

(“NAV”)

in

large

increments

called

“Creation

Units”

by

certain

participants,

known

as

“Authorized

Participants.”

The

size

of

a

Creation

Unit

to

purchase

shares

of

the

Fund

may

differ

from

the

size

of

a

Creation

Unit

to

redeem

shares

of

the

Fund.

The

Fund

will

issue

or

redeem

Creation

Units

in

exchange

for

portfolio

securities

and/or

cash.

Except

when

aggregated

in

Creation

Units,

Fund

shares

are

not

redeemable

securities

of

the

Fund.

Shares

of

the

Fund

are

listed

and

trade

on The

Nasdaq

Stock

Market

LLC

(“Nasdaq”)

and

individual

investors

can

purchase

or

sell

shares

in

much

smaller

increments

and

for

cash

in

the

secondary

market

through

a

broker.

These

transactions,

which

do

not

involve

the

Fund,

are

made

at

market

prices

that

may

vary

throughout

the

day

and

differ

from

the

Fund’s

NAV.

As

a

result,

you

may

pay

more

than

NAV

(a

premium)

when

you

purchase

shares

and

receive

less

than

NAV

(a

discount)

when

you

sell

shares,

in

the

secondary

market.

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

Small/Mid

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

17

in

good

faith

by

the

Adviser

pursuant

to

the

Valuation

Procedures. Circumstances

in

which

fair

valuation

may

be

utilized

include,

but

are

not

limited

to:

(i)

a

significant

event

that

may

affect

the

securities

of

a

single

issuer,

such

as

a

merger,

bankruptcy,

or

significant

issuer-specific

development;

(ii)

an

event

that

may

affect

an

entire

market,

such

as

a

natural

disaster

or

significant

governmental

action;

(iii)

a

nonsignificant

event

such

as

a

market

closing

early

or

not

opening,

or

a

security

trading

halt;

and

(iv)

pricing

of

a

non-valued

security

and

a

restricted

or

nonpublic

security.

Special

valuation

considerations

may

apply

with

respect

to

“odd-lot”

fixed-income

transactions

which,

due

to

their

small

size,

may

receive

evaluated

prices

by

pricing

services

which

reflect

a

large

block

trade

and

not

what

actually

could

be

obtained

for

the

odd-

lot

position.

The

value

of

the

securities

of

mutual

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

mutual

funds,

and

the

prospectuses

for

such

mutual

funds

explain

the

circumstances

under

which

they

use

fair

valuation

and

the

effects

of

using

fair

valuation.

The

value

of

the

securities

of

any

cash

management

pooled

investment

vehicles

that

operate

as

money

market

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

funds.

Valuation

Inputs

Summary 

FASB

ASC

820,

Fair

Value

Measurements

and

Disclosures

(“ASC

820”),

defines

fair

value,

establishes

a

framework

for

measuring

fair

value,

and

expands

disclosure

requirements

regarding

fair

value

measurements.

This

standard

emphasizes

that

fair

value

is

a

market-based

measurement

that

should

be

determined

based

on

the

assumptions

that

market

participants

would

use

in

pricing

an

asset

or

liability

and

establishes

a

hierarchy

that

prioritizes

inputs

to

valuation

techniques

used

to

measure

fair

value.

These

inputs

are

summarized

into

three

broad

levels: 

Level

1

–

Unadjusted

quoted

prices

in

active

markets

the

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities.

Level

2

–

Observable

inputs

other

than

unadjusted

quoted

prices

included

in

Level

1

that

are

observable

for

the

asset

or

liability

either

directly

or

indirectly.

These

inputs

may

include

quoted

prices

for

the

identical

instrument

on

an

inactive

market,

prices

for

similar

instruments,

interest

rates,

prepayment

speeds,

credit

risk,

yield

curves,

default

rates

and

similar

data.

Assets

or

liabilities

categorized

as

Level

2

in

the

hierarchy

generally

include:

debt

securities

fair

valued

in

accordance

with

the

evaluated

bid

or

ask

prices

supplied

by

a

pricing

service;

securities

traded

on

OTC

markets

and

listed

securities

for

which

no

sales

are

reported

that

are

fair

valued

at

the

latest

bid

price

(or

yield

equivalent

thereof)

obtained

from

one

or

more

dealers

transacting

in

a

market

for

such

securities

or

by

a

pricing

service

approved

by

the

Fund’s

Trustees;

and

certain

short-term

debt

securities

with

maturities

of

60

days

or

less

that

are

fair

valued

at

amortized

cost.

Other

securities

that

may

be

categorized

as

Level

2

in

the

hierarchy

include,

but

are

not

limited

to,

preferred

stocks,

bank

loans,

swaps,

investments

in

unregistered

investment

companies,

options,

and

forward

contracts.

Level

3

–

Unobservable

inputs

for

the

asset

or

liability

to

the

extent

that

relevant

observable

inputs

are

not

available,

representing

the

Fund’s

own

assumptions

about

the

assumptions

that

a

market

participant

would

use

in

valuing

the

asset

or

liability,

and

that

would

be

based

on

the

best

information

available.

There

have

been

no

significant

changes

in

valuation

techniques

used

in

valuing

any

such

positions

held

by

the

Fund

since

the

beginning

of

the

fiscal

year. 

The

inputs

or

methodology

used

for

fair

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

The

summary

of

inputs

used

as

of

October

31,

2024 to

fair

value

the

Fund’s

investments

in

securities

and

other

financial

instruments

is

included

in

the

“Valuation

Inputs

Summary”

in

the

Notes

to

Schedule

of

Investments

and

Other

Information.

Investment

Transactions

and

Investment

Income

Investment

transactions

are

accounted

for

as

of

the

date

purchased

or

sold

(trade

date).

Dividend

income

is

recorded

on

the

ex-dividend

date.

Certain

dividends

from

foreign

securities

will

be

recorded

as

soon

as

the

Fund

is

informed

of

the

dividend,

if

such

information

is

obtained

subsequent

to

the

ex-dividend

date.

Dividends

from

foreign

securities

may

be

subject

to

withholding

taxes

in

foreign

jurisdictions.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value.

Interest

income

is

recorded

daily

on

an

accrual

basis

and

includes

amortization

of

premiums

and

accretion

of

discounts.

The

Fund

classifies

gains

and

losses

on

prepayments

received

as

an

adjustment

to

interest

income.

Debt

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

18

October

31,

2024

securities

may

be

placed

in

non-accrual

status

and

related

interest

income

may

be

reduced

by

stopping

current

accruals

and

writing

off

interest

receivables

when

collection

of

all

or

a

portion

of

interest

has

become

doubtful.

Gains

and

losses

are

determined

on

the

identified

cost

basis,

which

is

the

same

basis

used

for

federal

income

tax

purposes.  

Estimates

The

preparation

of

financial

statements

in

conformity

with

US

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amount

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates. 

Indemnifications

In

the

normal

course

of

business,

the

Fund

may

enter

into

contracts

that

contain

provisions

for

indemnification

of

other

parties

against

certain

potential

liabilities.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

and

would

involve

future

claims

that

may

be

made

against

the

Fund

that

have

not

yet

occurred.

Currently,

the

risk

of

material

loss

from

such

claims

is

considered

remote. 

Dividends

and

Distributions

The

Fund

generally

declares

and

distributes

dividends

of

net

investment

income

quarterly.

Net

realized

capital

gains

(if

any)

are

distributed

annually.

The

Fund

may

treat

a

portion

of

the

amount

paid

to

redeem

shares

as

a

distribution

of

investment

company

taxable

income

and

realized

capital

gains

that

are

reflected

in

the

NAV.

This

practice,

commonly

referred

to

as

“equalization,”

has

no

effect

on

the

redeeming

shareholder

or

a

Fund’s

total

return

but

may

reduce

the

amounts

that

would

otherwise

be

required

to

be

paid

as

taxable

dividends

to

the

remaining

shareholders.

It

is

possible

that

the

Internal

Revenue

Service

(IRS)

could

challenge

the

Fund’s

equalization

methodology

or

calculations,

and

any

such

challenge

could

result

in

additional

tax,

interest,

or

penalties

to

be

paid

by

the

Fund. 

The

Fund

may

make

certain

investments

in

real

estate

investment

trusts

(“REITs”)

which

pay

dividends

to

their

shareholders

based

upon

funds

available

from

operations.

It

is

quite

common

for

these

dividends

to

exceed

the

REITs’

taxable

earnings

and

profits,

resulting

in

the

excess

portion

of

such

dividends

being

designated

as

a

return

of

capital.

If

the

Fund

distributes

such

amounts,

such

distributions

could

constitute

a

return

of

capital

to

shareholders

for

federal

income

tax

purposes. 

Federal

Income

Taxes

The

Fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

and

distribute

all

of

its

taxable

income

in

accordance

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code.

Management

has

analyzed

the

Fund’s

tax

positions

taken

for

all

open

federal

income

tax

years,

generally

a

three-year

period,

and

has

concluded

that

no

provision

for

federal

income

tax

is

required

in

the

Fund’s

financial

statements.

The

Fund

is

not

aware

of

any

tax

positions

for

which

it

is

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

benefits

will

significantly

change

in

the

next

twelve

months. 

2.

Other

Investments

and

Strategies 

Market Risk 

The

value

of

the

Fund’s

portfolio

may

decrease

if

the

value

of

one

or

more

issuers

in

the

Fund’s

portfolio

decreases.

Further,

regardless

of

how

well

individual

companies

or

securities

perform,

the

value

of

the

Fund’s

portfolio

could

also

decrease

if

there

are

deteriorating

economic

or

market

conditions,

including,

but

not

limited

to,

a

general

decline

in

prices

on

the

stock

markets,

a

general

decline

in

real

estate

markets,

a

decline

in

commodities

prices,

or

if

the

market

favors

different

types

of

securities

than

the

types

of

securities

in

which

the

Fund

invests.

If

the

value

of

the

Fund’s

portfolio

decreases,

the

Fund’s

NAV

will

also

decrease,

which

means

if

you

sell

your

shares

in

the

Fund

you

may

lose

money.

Market

risk

may

affect

a

single

issuer,

industry,

economic

sector,

or

the

market

as

a

whole.

The

increasing

interconnectivity

between

global

economies

and

financial

markets

increases

the

likelihood

that

events

or

conditions

in

one

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

Social,

political,

economic

and

other

conditions

and

events,

such

as

natural

disasters,

health

emergencies

(e.g.,

epidemics

and

pandemics),

terrorism,

conflicts,

including

related

sanctions,

and

social

unrest,

could

reduce

consumer

demand

or

economic

output,

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

19

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

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

Small/Mid

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

20

October

31,

2024

Janus

Henderson

Cash

Collateral

Fund

LLC,

or

in

time

deposits.

An

investment

in

Janus

Henderson

Cash

Collateral

Fund

LLC

is

generally

subject

to

the

same

risks

that

shareholders

experience

when

investing

in

similarly

structured

vehicles,

such

as

the

potential

for

significant

fluctuations

in

assets

as

a

result

of

the

purchase

and

redemption

activity

of

the

securities

lending

program,

a

decline

in

the

value

of

the

collateral,

and

possible

liquidity

issues.

Such

risks

may

delay

the

return

of

the

cash

collateral

and

cause

the

Fund

to

violate

its

agreement

to

return

the

cash

collateral

to

a

borrower

in

a

timely

manner.

As

adviser

to

the

Fund

and

Janus

Henderson

Cash

Collateral

Fund

LLC, the

Adviser has

an

inherent

conflict

of

interest

as

a

result

of

its

fiduciary

duties

to

both

the

Fund

and

Janus

Henderson

Cash

Collateral

Fund

LLC.

Additionally, the

Adviser receives

an

investment

advisory

fee

of

0.05%

for

managing

Janus

Henderson

Cash

Collateral

Fund

LLC

and

therefore

may

have

an

incentive

to

allocate

collateral

to

the

Janus

Henderson

Cash

Collateral

Fund

LLC,

rather

than

to

other

collateral

management

options

for

which the

Adviser does

not

receive

compensation. 

The

value

of

the

collateral

must

be

at

least

102%

of

the

market

value

of

the

loaned

securities

that

are

denominated

in

U.S.

dollars

and

105%

of

the

market

value

of

the

loaned

securities

that

are

not

denominated

in

U.S.

dollars.

Loaned

securities

and

related

collateral

are

marked-to-market

each

business

day

based

upon

the

market

value

of

the

loaned

securities

at

the

close

of

business,

employing

the

most

recent

available

pricing

information.

Collateral

levels

are

then

adjusted

based

on

this

mark-to-market

evaluation. 

Additional

required

collateral,

or

excess

collateral

returned,

is

delivered

on

the

next

business

day. 

Therefore,

the

value

of

the

collateral

held

may

be

temporarily

less

than

102%

or

105%

value

of

the

securities

on

loan.

The

cash

collateral

invested

by

the

Adviser is

disclosed

in

the

Schedule

of

Investments

(if

applicable).

Income

earned

from

the

investment

of

the

cash

collateral,

net

of

rebates

paid

to,

or

fees

paid

by,

borrowers

and

less

the

fees

paid

to

the

lending

agent

are

included

as

“Affiliated

securities

lending

income,

net”

on

the

Statement

of

Operations.

As

of

October

31,

2024,

securities

lending

transactions

accounted

for

as

secured

borrowings

with

an

overnight

and

continuous

contractual

maturity

are

$2,397,486

for

equity

securities.

Gross

amounts

of

recognized

liabilities

for

securities

lending

(collateral

received)

as

of

October

31,

2024 is $2,456,471,

resulting

in

the

net

amount

due

to

the

counterparty

of

$58,985.

Offsetting

Assets

and

Liabilities 

The

Fund

presents

gross

and

net

information

about

transactions

that

are

either

offset

in

the

financial

statements

or

subject

to

an

enforceable

master

netting

arrangement

or

similar

agreement

with

a

designated

counterparty,

regardless

of

whether

the

transactions

are

actually

offset

in

the

Statement

of

Assets

and

Liabilities.

The

Offsetting

Assets

and

Liabilities

tables

located

in

the

Schedule

of

Investments

present

gross

amounts

of

recognized

assets

and/or

liabilities

and

the

net

amounts

after

deducting

collateral

that

has

been

pledged

by

counterparties

or

has

been

pledged

to

counterparties

(if

applicable).  

3.

Investment

Advisory

Agreements

and

Other

Transactions

with

Affiliates 

Under

its

unitary

fee

structure,

the

Fund

pays

the

Adviser a

management

fee

in

return

for

providing

certain

investment

advisory,

supervisory,

and

administrative

services

to

the

Fund,

including

the

costs

of

transfer

agency,

custody,

fund

administration,

legal,

audit,

and

other

services. The

Adviser's fee

structure

is

designed

to

pay

substantially

all

of

the

Fund’s

expenses.

However,

the

Fund

bears

other

expenses

which

are

not

covered

under

the

management

fee

which

may

vary

and

affect

the

total

level

of

expenses

paid

by

shareholders,

such

as

distribution

fees

(if

any),

brokerage

expenses

or

commissions,

interest,

dividends,

taxes,

litigation

expenses,

acquired

fund

fees

and

expenses

(if

any),

and

extraordinary

expenses.

The

Fund’s

unitary

management

fee

provides

for

reductions

in

the

fee

rate

as

the

Fund’s

assets

grow.

As

of

the

date

of

this

report,

the

Fund’s

management

fee

was

calculated

daily

and

paid

monthly

according

to

the

following

schedule: 

Daily

Net

Assets

Fee

Rate

$0-$500

million

0.30%

Next

$500

million

0.25%

Over

$1

billion

0.20%

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

21

For

the

year

ended October

31,

2024,

the

Fund’s

actual

management

fee

rate

(expressed

as

an

annual

rate)

was

0.30% of

the

Fund’s

average

daily

net

assets.

J.P.

Morgan

Chase

Bank,

N.A.

(“JP

Morgan")

provides

certain

fund

administration

services

to

the

Fund,

including

services

related

to

the

Fund’s

accounting,

including

calculating

the

daily

NAV,

audit

coordination,

tax,

and

reporting

obligations,

pursuant

to

an

agreement

with

the

Adviser,

on

behalf

of

the

Fund.

As

compensation

for

such

services, the

Adviser pays

JP

Morgan

a

fee

based

on

a

percentage

of

the

Fund’s

assets,

with

a

minimum

flat

fee,

for

certain

services. The

Adviser serves

as

administrator

to

the

Fund,

providing

oversight

and

coordination

of

the

Fund’s

service

providers,

recordkeeping

and

other

administrative

services. The

Adviser does

not

receive

any

additional

compensation,

beyond

the

unitary

fee,

for

serving

as

administrator.

JP

Morgan

also

serves

as

transfer

agent

for

the

shares

of

the

Fund.

Pursuant

to

agreements

with

the

Adviser on

behalf

of

the

Fund,

J.P.

Morgan

Securities

LLC,

an

affiliate

of

JP

Morgan,

may

execute

portfolio

transactions

for

the

Fund,

including

but

not

limited

to,

transactions

in

connection

with

cash

in

lieu

transactions

for

non-US

securities. 

The

Fund’s

Board

of

Trustees

(“Board”)

has

approved

a

Distribution

and

Servicing

Plan

for

shares

of

the

Fund

pursuant

to

Rule

12b-1

under

the

1940

Act

(the

“Plan”).

The

Plan

permits

compensation

in

connection

with

the

distribution

and

marketing

of

Fund

shares

and/or

the

provision

of

certain

shareholder

services.

The

Plan

permits

the

Fund

to

pay

the

Distributor

or

its

designee,

a

fee

for

the

sale

and

distribution

and/or

shareholder

servicing

of

the

shares

at

an

annual

rate

of

up

to

0.25%

of

average

daily

net

assets

of

the

Fund.

Under

the

terms

of

the

Plan,

the

Fund

would

be

authorized

to

make

payments

to

the

Distributor

or

its

designee

for

remittance

to

retirement

plan

service

providers,

broker-dealers,

bank

trust

departments,

financial

advisors,

and

other

financial

intermediaries,

as

compensation

for

distribution

and/or

shareholder

services

performed

by

such

entities

for

their

customers

who

are

investors

in

the

Fund.

The

12b-1

fee

may

only

be

imposed

or

increased

when

(i)

the

Trustees

determine

that

it

is

in

the

best

interests

of

shareholders

to

do

so,

and

(ii)

the

imposition

of

or

increase

in

the

12b-1

fee

is

first

approved

by

the

Fund’s

shareholders.

Because

these

fees

are

paid

out

of

the

Fund’s

assets

on

an

ongoing

basis,

to

the

extent

that

a

fee

is

authorized

by

shareholders

in

the

future,

over

time

they

will

increase

the

cost

of

an

investment

in

the

Fund.

The

Plan

fee

may

cost

an

investor

more

than

other

types

of

sales

charges.

At

this

time, the

Adviser does

not

intend

to

seek

shareholder

approval

for

implementation

of

the

Plan. 

As

of

October

31,

2024, the

Adviser

owned 2,000

shares

or 0.04%

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

to

ensure

that

any

cross-trade

of

securities

by

the

Fund

from

or

to

another

fund

or

account

that

is

or

could

be

considered

an

affiliate

of

the

Fund

under

certain

limited

circumstances

by

virtue

of

having

a

common

investment

adviser,

common

Officer,

or

common

Trustee

complies

with

Rule

17a-7.

Under

these

procedures,

each

cross-trade

is

effected

at

the

current

market

price

to

save

costs

where

allowed.

During

the

year

ended October

31,

2024,

the

Fund

engaged

in

cross

trades

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

22

October

31,

2024

amounting

to $16,816,823 in

purchases

and

$9,363,331 in

sales,

resulting

in

a

net

realized

loss

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

year

ended

October

31,

2024 can

be

found

in

a

table

located

in

the

Schedule

of

Investments.

4.

Federal

Income

Tax

The

tax

components

of

capital

shown

in

the

table

below

represent:

(1)

distribution

requirements

the

Fund

must

satisfy

under

the

income

tax

regulations;

(2)

losses

or

deductions

the

Fund

may

be

able

to

offset

against

income

and

gains

realized

in

future

years;

and

(3)

unrealized

appreciation

or

depreciation

of

investments

for

federal

income

tax

purposes. 

The

Fund

has

elected

to

treat

gains

and

losses

on

forward

foreign

currency

contracts

as

capital

gains

and

losses,

if

applicable.

Other

foreign

currency

gains

and

losses

on

debt

instruments

are

treated

as

ordinary

income

for

federal

income

tax

purposes

pursuant

to

Section

988

of

the

Internal

Revenue

Code. 

Accumulated

capital

losses

noted

below

represent

net

capital

loss

carryovers,

as

of

October

31,

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. 

During

the

year ended

October

31,

2024,

capital

loss

carryovers

of

$7,332,519

were

utilized

by

the

Fund. 

The

aggregate

cost

of

investments

and

the

composition

of

unrealized

appreciation

and

depreciation

of

investment

securities

for

federal

income

tax

purposes

as

of October

31,

2024 are

noted

below.

The

primary

differences

between

book

and

tax

appreciation

or

depreciation

of

investments are

wash

sale

loss

deferrals

and

investments

in

partnerships.

Income

and

capital

gains

distributions

are

determined

in

accordance

with

income

tax

regulations

that

may

differ

from

US

GAAP.

These

differences

are

due

to

differing

treatments

for

items

such

as

net

short-term

gains,

deferral

of

wash

sale

losses,

foreign

currency

transactions,

passive

foreign

investment

companies,

net

investment

losses,

in-kind

transactions

and

capital

loss

carryovers.

Certain

permanent

differences

such

as

tax

returns

of

capital

and

net

investment

losses

noted

below

have

been

reclassified

to

capital. 

Undistributed

Ordinary

Income

Undistributed

Long-Term

Gains

Accumulated

Capital

Losses

Loss

Deferrals

Other

Book

to

Tax

Differences

Net

Tax

Appreciation/

(Depreciation)

$1,891,702

$—

$(27,381,449)

$—

$—

$49,829,608

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)

$335,978,198

$77,833,506

$(28,003,898)

$49,829,608

For

the

year

ended

October

31,

2024

:

Distributions

From

Ordinary

Income

From

Long-Term

Capital

Gain

Tax

Return

of

Capital

Net

Investment

Loss

$1,323,273

$—

$—

$—

For

the

year

ended

October

31,

2023

:

Distributions

From

Ordinary

Income

From

Long-Term

Capital

Gain

Tax

Return

of

Capital

Net

Investment

Loss

$990,579

$—

$—

$—

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

23

Permanent

book

to

tax

basis

differences

may

result

in

reclassifications

between

the

components

of

net

assets.

These

differences

have

no

impact

on

the

results

of

operations

or

net

assets.

5.

Capital

Share

Transactions 

6.

Purchases

and

Sales

of

Investment

Securities

For

the

year

ended

October

31,

2024,

the

aggregate

cost

of

purchases

and

proceeds

from

sales

of

investment

securities

(excluding

any

short-term

securities,

short-term

options

contracts,

and

in-kind

transactions)

was

as

follows:

For

the

year

ended October

31,

2024,

the

cost

of

in-kind

purchases

and

proceeds

from

in-kind

sales,

were

as

follows: 

During

the

year

ended

October

31,

2024,

the

Fund

had

net

realized

gain of $13,678,470 from

in-kind

redemptions.

Gains

on

in-kind

transactions

are

not

considered

taxable

for

federal

income

tax

purposes.

7.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to October

31,

2024

and

through

the

date

of

the

issuance

of

the

Fund's

financial

statements

and

determined

that

there

were

no

material

events

or

transactions

that

would

require

recognition

or

disclosure

in

the

Fund's

financial

statements. 

Year

Ended

October

31,

2024

Year

Ended

October

31,

2023

Shares

Amount

Shares

Amount

Shares

sold

1,300,000

$

85,134,310

1,550,000

$

93,679,373

Shares

repurchased

(450,000)

(30,111,947

)

(325,000)

(17,899,787

)

Net

Increase/(Decrease)

850,000

$

55,022,363

1,225,000

$

75,779,586

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

$346,921,109

$347,308,288

$—

$—

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

$85,089,608

$29,673,943

$—

$—

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Report

of

Independent

Registered

Public

Accounting

Firm

24

October

31,

2024

To

the

Board

of

Trustees

of

Janus

Detroit

Street

Trust

and

Shareholders

of

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

(one

of

the

funds

constituting

Janus

Detroit

Street

Trust,

referred

to

hereafter

as

the

"Fund")

as

of

October

31,

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

five

years

in

the

period

ended

October

31,

2024

(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

five

years

in

the

period

ended

October

31,

2024

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

broker;

when

replies

were

not

received

from

the

broker,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

Denver,

Colorado

December

23,

2024

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

Janus

Henderson

Funds

since

1990.

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Designation

Requirements

(unaudited)

Janus

Detroit

Street

Trust

25

For

federal

income

tax

purposes,

the

Fund

designated

the

following

for

the

year

ended

October

31,

2024:

Dividends

Received

Deduction

Percentage

100.00%

Qualified

Dividend

Income

Percentage

100.00%

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Additional

Information

(unaudited)

26

October

31,

2024

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

Trustee

for

services

to

the

Fund

from

Adviser’s

management

fees.

Item

11.

APPROVAL

OF

ADVISORY

AGREEMENTS

DURING

THE

PERIOD

Not

applicable.

125-02-93062

12-24

This

report

is

submitted

for

the

general

information

of

shareholders

of

the

Fund.

It

is

not

an

offer

or

solicitation

for

the

Fund

and

is

not

authorized

for

distribution

to

prospective

investors

unless

preceded

or

accompanied

by

an

effective

prospectus.

Janus

Henderson

is

a

trademark

of

Janus

Henderson

Group

plc

or

one

of

its

subsidiaries.

©

Janus

Henderson

Group

plc.

Janus

Henderson

Investors

US

LLC

is

the

investment

adviser

and

ALPS

Distributors,

Inc.

is

the

distributor.

ALPS

is

not

affiliated

with

Janus

Henderson

or

any

of

its

subsidiaries.

ANNUAL

FINANCIAL

STATEMENTS

October

31,

2024

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

Report

of

Independent

Registered

Public

Accounting

Firm

...

23

Designation

Requirements

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

24

Items

8-11

-

Additional

Information

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

25

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Schedule

of

Investments

October

31,

2024

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%

Aerospace

&

Defense

-

3.1%

Leonardo

DRS,

Inc.*

238,768

$

7,179,754

VirTra,

Inc.

#

,*

10,112

61,683

7,241,437

Automobile

Components

-

0.1%

XPEL,

Inc.*

8,940

344,816

Banks

-

5.1%

Amalgamated

Financial

Corp.

7,529

249,699

Axos

Financial,

Inc.*

13,150

890,518

BancFirst

Corp.

7,669

833,697

Bancorp,

Inc.

(The)*

11,408

573,366

Bank

First

Corp.

2,485

228,645

Bankwell

Financial

Group,

Inc.

2,413

68,795

Business

First

Bancshares,

Inc.

6,507

170,418

Byline

Bancorp,

Inc.

10,712

288,260

California

Bancorp*

8,557

124,761

Capital

Bancorp,

Inc.

3,892

98,273

Capital

City

Bank

Group,

Inc.

4,371

152,985

Citizens

Community

Bancorp,

Inc.

2,364

33,403

Civista

Bancshares,

Inc.

3,613

73,597

Coastal

Financial

Corp.*

3,089

194,576

CrossFirst

Bankshares,

Inc.*

12,274

192,702

Customers

Bancorp,

Inc.*

7,570

349,204

Esquire

Financial

Holdings,

Inc.

2,175

144,811

First

Business

Financial

Services,

Inc.

2,292

98,098

Five

Star

Bancorp

5,469

164,508

Franklin

Financial

Services

Corp.

1,012

33,072

German

American

Bancorp,

Inc.

7,198

291,447

HomeTrust

Bancshares,

Inc.

4,514

149,639

International

Bancshares

Corp.

14,360

879,694

MainStreet

Bancshares,

Inc.

1,745

30,136

Metropolitan

Bank

Holding

Corp.*

2,893

154,776

NB

Bancorp,

Inc.*

10,680

201,745

Northeast

Bank

1,831

162,703

Northeast

Community

Bancorp,

Inc.

3,889

100,958

Oak

Valley

Bancorp

1,919

51,813

Old

Second

Bancorp,

Inc.

11,357

186,482

OP

Bancorp

3,400

50,354

Orange

County

Bancorp,

Inc.

1,595

84,407

Orrstown

Financial

Services,

Inc.

4,908

183,756

Pathward

Financial,

Inc.

5,928

419,465

Plumas

Bancorp

1,353

56,163

Preferred

Bank

3,263

275,299

Princeton

Bancorp,

Inc.

2,078

72,979

QCR

Holdings,

Inc.

4,062

321,304

ServisFirst

Bancshares,

Inc.

12,547

1,043,158

Southern

States

Bancshares,

Inc.

2,645

82,286

Stock

Yards

Bancorp,

Inc.

6,949

448,072

Third

Coast

Bancshares,

Inc.*

3,137

102,172

UMB

Financial

Corp.

11,185

1,227,330

Unity

Bancorp,

Inc.

2,291

88,616

Westamerica

Bancorp

6,413

330,398

11,958,540

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Schedule

of

Investments

October

31,

2024

4

October

31,

2024

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Common

Stocks

-

(continued)

Beverages

-

0.6%

Duckhorn

Portfolio,

Inc.

(The)*

80,470

$

881,951

MGP

Ingredients,

Inc.

12,060

579,362

1,461,313

Biotechnology

-

2.0%

Catalyst

Pharmaceuticals,

Inc.*

210,122

4,580,660

Building

Products

-

3.7%

CSW

Industrials,

Inc.

13,877

4,899,969

Quanex

Building

Products

Corp.

30,168

876,682

Tecnoglass,

Inc.

42,182

2,890,732

8,667,383

Capital

Markets

-

2.2%

Blue

Owl

Capital

Corp.

III

29,889

435,184

Federated

Hermes,

Inc.

-

Class

B

19,169

769,252

Hamilton

Lane,

Inc.

-

Class

A

9,265

1,664,365

Heritage

Global,

Inc.*

8,573

14,574

PJT

Partners,

Inc.

-

Class

A

5,514

766,225

StoneX

Group,

Inc.*

7,413

667,467

Victory

Capital

Holdings,

Inc.

-

Class

A

14,995

898,650

5,215,717

Chemicals

-

1.0%

Hawkins,

Inc.

20,989

2,243,724

Commercial

Services

&

Supplies

-

0.2%

Aris

Water

Solutions,

Inc.

-

Class

A

28,370

468,105

Communications

Equipment

-

0.2%

Clearfield,

Inc.*

15,544

558,496

Construction

&

Engineering

-

7.7%

Bowman

Consulting

Group

Ltd.

-

Class

A*

17,016

345,425

Dycom

Industries,

Inc.*

26,006

4,533,626

IES

Holdings,

Inc.*

17,882

3,910,168

MYR

Group,

Inc.*

14,883

1,949,673

Primoris

Services

Corp.

48,161

3,015,842

Sterling

Infrastructure,

Inc.*

27,490

4,245,830

18,000,564

Construction

Materials

-

1.4%

United

States

Lime

&

Minerals,

Inc.

28,705

3,237,350

Consumer

Finance

-

0.3%

Atlanticus

Holdings

Corp.*

3,385

125,888

Enova

International,

Inc.*

6,188

537,799

663,687

Consumer

Staples

Distribution

&

Retail

-

0.2%

Ingles

Markets,

Inc.

-

Class

A

8,085

516,308

Containers

&

Packaging

-

0.2%

Myers

Industries,

Inc.

38,514

453,695

Distributors

-

0.1%

GigaCloud

Technology,

Inc.

-

Class

A

#

,*

11,056

251,745

Diversified

Consumer

Services

-

0.6%

Lincoln

Educational

Services

Corp.*

9,837

130,635

Stride,

Inc.*

13,525

1,261,612

1,392,247

Diversified

Telecommunication

Services

-

1.4%

Iridium

Communications,

Inc.

115,996

3,402,163

Electrical

Equipment

-

1.0%

Array

Technologies,

Inc.*

138,092

901,741

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Schedule

of

Investments

October

31,

2024

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)

Preformed

Line

Products

Co.

4,522

$

556,206

Shoals

Technologies

Group,

Inc.

-

Class

A*

151,688

820,632

2,278,579

Electronic

Equipment,

Instruments

&

Components

-

6.2%

ePlus,

Inc.*

28,587

2,542,814

Napco

Security

Technologies,

Inc.

39,447

1,517,921

OSI

Systems,

Inc.*

17,639

2,332,052

Plexus

Corp.*

28,914

4,166,507

Sanmina

Corp.*

58,035

4,068,253

14,627,547

Energy

Equipment

&

Services

-

0.2%

Atlas

Energy

Solutions,

Inc.

-

Class

A

#

26,410

516,844

Entertainment

-

0.2%

Vivid

Seats,

Inc.

-

Class

A*

133,815

544,627

Financial

Services

-

2.1%

HA

Sustainable

Infrastructure

Capital,

Inc.

26,915

941,756

International

Money

Express,

Inc.*

8,394

147,650

Merchants

Bancorp

10,758

397,401

NMI

Holdings,

Inc.

-

Class

A*

18,450

713,646

Paymentus

Holdings,

Inc.

-

Class

A*

5,131

126,274

Payoneer

Global,

Inc.*

88,754

765,059

Sezzle,

Inc.

#

,*

1,285

275,838

Shift4

Payments,

Inc.

-

Class

A*

14,933

1,350,541

Velocity

Financial,

Inc.

#

,*

8,458

162,478

4,880,643

Food

Products

-

0.9%

Mama's

Creations,

Inc.*

22,677

168,944

Tootsie

Roll

Industries,

Inc.

39,411

1,149,619

Vital

Farms,

Inc.*

23,742

823,372

2,141,935

Health

Care

Equipment

&

Supplies

-

5.0%

iRadimed

Corp.

22,711

1,118,971

LeMaitre

Vascular,

Inc.

39,802

3,518,099

Semler

Scientific,

Inc.

#

,*

13,140

386,053

STAAR

Surgical

Co.*

87,195

2,527,783

Tactile

Systems

Technology,

Inc.*

43,573

632,244

UFP

Technologies,

Inc.*

13,582

3,626,394

11,809,544

Health

Care

Providers

&

Services

-

6.2%

Addus

HomeCare

Corp.*

32,040

3,986,417

CorVel

Corp.*

22,592

6,728,349

Cross

Country

Healthcare,

Inc.*

60,997

695,976

DocGo,

Inc.*

186,096

653,197

Progyny,

Inc.*

160,218

2,411,281

14,475,220

Health

Care

REITs

-

0.1%

American

Healthcare

REIT,

Inc.

10,998

292,547

Health

Care

Technology

-

3.5%

Doximity,

Inc.

-

Class

A*

197,008

8,223,114

Hotels,

Restaurants

&

Leisure

-

0.4%

Bowlero

Corp.

-

Class

A

#

29,417

305,054

Monarch

Casino

&

Resort,

Inc.

5,913

464,230

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Schedule

of

Investments

October

31,

2024

6

October

31,

2024

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Common

Stocks

-

(continued)

Hotels,

Restaurants

&

Leisure

-

(continued)

Target

Hospitality

Corp.*

33,357

$

248,843

1,018,127

Household

Durables

-

1.7%

Cavco

Industries,

Inc.*

2,581

1,057,681

Dream

Finders

Homes,

Inc.

-

Class

A*

11,130

332,231

Green

Brick

Partners,

Inc.*

13,905

959,584

Lovesac

Co.

(The)*

5,454

159,039

M/I

Homes,

Inc.*

8,534

1,293,669

Smith

Douglas

Homes

Corp.

-

Class

A*

3,229

106,944

3,909,148

Household

Products

-

0.1%

Oil-Dri

Corp.

of

America

3,043

206,467

Industrial

REITs

-

0.2%

Innovative

Industrial

Properties,

Inc.

2,338

302,046

Plymouth

Industrial

REIT,

Inc.

4,356

88,514

390,560

Insurance

-

1.5%

Enstar

Group

Ltd.*

3,498

1,128,105

Goosehead

Insurance,

Inc.

-

Class

A*

5,678

618,334

Hagerty,

Inc.

-

Class

A*

22,157

238,631

HCI

Group,

Inc.

2,544

288,260

Kingsway

Financial

Services,

Inc.*

6,385

57,146

Palomar

Holdings,

Inc.*

6,121

549,482

Skyward

Specialty

Insurance

Group,

Inc.*

9,527

421,189

Tiptree,

Inc.

-

Class

A

9,293

189,670

3,490,817

Interactive

Media

&

Services

-

0.9%

Bumble,

Inc.

-

Class

A*

126,290

894,133

Shutterstock,

Inc.

35,061

1,125,108

2,019,241

IT

Services

-

1.6%

DigitalOcean

Holdings,

Inc.*

97,767

3,869,618

Leisure

Products

-

0.9%

Acushnet

Holdings

Corp.

19,296

1,182,845

YETI

Holdings,

Inc.*

26,475

932,184

2,115,029

Machinery

-

4.9%

Alamo

Group,

Inc.

10,842

1,838,153

Franklin

Electric

Co.,

Inc.

40,842

3,908,988

Kadant,

Inc.

10,511

3,500,794

Miller

Industries,

Inc.

10,513

690,073

Tennant

Co.

17,029

1,491,059

Velo3D,

Inc.*

1

1

11,429,068

Marine

Transportation

-

0.3%

Global

Ship

Lease,

Inc.

-

Class

A

32,114

765,919

Media

-

0.8%

Integral

Ad

Science

Holding

Corp.*

159,014

1,882,726

Metals

&

Mining

-

2.0%

Alpha

Metallurgical

Resources,

Inc.

13,056

2,719,565

Friedman

Industries,

Inc.

8,169

113,958

Worthington

Steel,

Inc.

50,806

1,942,821

4,776,344

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Schedule

of

Investments

October

31,

2024

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)

Mortgage

Real

Estate

Investment

Trusts

(REITs)

-

0.5%

Advanced

Flower

Capital,

Inc.

4,897

$

47,746

Arbor

Realty

Trust,

Inc.

#

43,785

645,391

Chicago

Atlantic

Real

Estate

Finance,

Inc.

5,807

87,802

Ready

Capital

Corp.

41,749

285,980

Sachem

Capital

Corp.

18,331

43,078

1,109,997

Office

REITs

-

0.0%

Postal

Realty

Trust,

Inc.

-

Class

A

1,790

26,044

Oil,

Gas

&

Consumable

Fuels

-

1.8%

Ardmore

Shipping

Corp.

10,774

152,021

CONSOL

Energy,

Inc.

7,009

777,438

Dorian

LPG

Ltd.

10,461

301,800

Granite

Ridge

Resources,

Inc.

33,595

199,218

Hallador

Energy

Co.*

11,857

117,740

International

Seaways,

Inc.

11,916

518,823

Kinetik

Holdings,

Inc.

-

Class

A

14,299

695,932

New

Fortress

Energy,

Inc.

#

49,841

419,163

OPAL

Fuels,

Inc.

-

Class

A

#

,*

6,712

24,566

Par

Pacific

Holdings,

Inc.*

14,173

218,973

Uranium

Energy

Corp.*

98,035

727,420

4,153,094

Personal

Care

Products

-

0.9%

Interparfums,

Inc.

17,377

2,103,833

Pharmaceuticals

-

7.3%

Amphastar

Pharmaceuticals,

Inc.*

86,168

4,354,069

Corcept

Therapeutics,

Inc.*

187,281

9,171,151

Harmony

Biosciences

Holdings,

Inc.*

100,634

3,233,370

Scilex

Holding

Co.*

359,573

345,298

17,103,888

Professional

Services

-

3.3%

CBIZ,

Inc.*

44,941

3,097,783

Concentrix

Corp.

#

58,531

2,488,153

CRA

International,

Inc.

6,148

1,119,797

Franklin

Covey

Co.*

12,126

482,736

IBEX

Holdings

Ltd.*

16,290

292,568

RCM

Technologies,

Inc.

#

,*

7,745

173,101

7,654,138

Real

Estate

Management

&

Development

-

0.1%

St

Joe

Co.

(The)

4,790

247,643

Residential

REITs

-

0.0%

NexPoint

Residential

Trust,

Inc.

2,376

98,960

Semiconductors

&

Semiconductor

Equipment

-

1.3%

ACM

Research,

Inc.

-

Class

A*

61,657

1,158,843

Aehr

Test

Systems

#

,*

32,730

460,839

Photronics,

Inc.*

67,735

1,544,358

3,164,040

Software

-

4.9%

Alarm.com

Holdings,

Inc.*

52,397

2,794,332

DoubleVerify

Holdings,

Inc.*

180,843

3,083,373

EverCommerce,

Inc.*

196,579

2,068,011

Mitek

Systems,

Inc.*

51,030

438,348

N-able,

Inc.*

197,290

2,412,857

Red

Violet,

Inc.*

15,212

457,577

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Schedule

of

Investments

October

31,

2024

8

October

31,

2024

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Common

Stocks

-

(continued)

Software

-

(continued)

Rimini

Street,

Inc.*

106,308

$

188,165

11,442,663

Specialized

REITs

-

0.1%

National

Storage

Affiliates

Trust

6,206

261,583

Specialty

Retail

-

2.8%

Arhaus,

Inc.

-

Class

A

17,986

152,521

Boot

Barn

Holdings,

Inc.*

9,487

1,181,606

EVgo,

Inc.

-

Class

A

#

,*

33,386

261,746

Group

1

Automotive,

Inc.

4,169

1,518,850

MarineMax,

Inc.*

7,389

215,242

OneWater

Marine,

Inc.

-

Class

A*

5,286

115,076

Penske

Automotive

Group,

Inc.

20,634

3,106,862

6,551,903

Trading

Companies

&

Distributors

-

6.2%

Alta

Equipment

Group,

Inc.

32,298

209,937

GMS,

Inc.*

35,186

3,162,870

Herc

Holdings,

Inc.

25,397

5,311,529

Hudson

Technologies,

Inc.*

42,853

328,682

Karat

Packaging,

Inc.

18,563

495,632

Rush

Enterprises,

Inc.

-

Class

A

68,877

3,897,061

Titan

Machinery,

Inc.*

21,676

297,503

Transcat,

Inc.*

8,297

792,944

14,496,158

Total

Common

Stocks

(cost

208,380,384)

234,735,558

Investment

Companies

-

0.0%

Money

Market

Funds

-

0.0%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

4.8531%

£,∞

(cost

$34,349)

34,342

34,349

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

1.2%

Investment

Companies

-

0.9%

Janus

Henderson

Cash

Collateral

Fund

LLC,

4.7452%

£,∞

2,190,402

2,190,402

Time

Deposits

-

0.3%

Royal

Bank

of

Canada,

4.8100%,

11/1/24

$

547,601

547,601

Total

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

(cost

$2,738,003)

2,738,003

Total

Investments

(total

cost

$

211,152,736

)

-

101.2%

237,507,910

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(1.2%)

(2,755,290)

Net

Assets

-

100.0%

$234,752,620

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

235,461,865

99.1

%

Bermuda

1,128,105

0.5

United

Kingdom

765,919

0.3

Ireland

152,021

0.1

Total

$

237,507,910

100.0

%

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Schedule

of

Investments

October

31,

2024

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

10/31/23

Purchases

Sales

Proceeds

Realized

Gain/

(Loss)

Change

in

Unrealized

Appreciatio

n/

(Depreciation)

Affiliated

Investments,

at

Value

at

10/31/24

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

Shares

Held

at

10/31/24

Dividend

Income

Investment

Company

-

0.0%

Money

Market

Funds

-

0.0%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

4.8531%

∞

$

–

$

623,443

$

(589,094)

$

–

$

–

$

34,349

34,342

$

348

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

1.2%

Investment

Companies

-

0.9%

Janus

Henderson

Cash

Collateral

Fund

LLC,

4.7452%

∞

1,240,127

53,601,457

(52,651,182)

–

–

2,190,402

2,190,402

50,265

Δ

Total

Affiliated

Investments

-

0.9%

$1,240,127

$54,224,900

$(53,240,276)

$–

$–

$2,224,751

$50,613

Counterparty

Gross

Amounts

of

Recognized

Assets

Offsetting

Asset

or

Liability

(a)

Collateral

Pledged

(b)

Net

Amount

JPMorgan

Chase

Bank

NA

$

2,670,206

$

—

$

(2,670,206)

$

—

(a)

Represents

the

amount

of

assets

or

liabilities

that

could

be

offset

with

the

same

counterparty

under

master

netting

or

similar

agreements

that

management

elects

not

to

offset

on

the

Statement

of

Assets

and

Liabilities.

(b)

Collateral

pledged

is

limited

to

the

net

outstanding

amount

due

to/from

an

individual

counterparty.

The

actual

collateral

amounts

pledged

may

exceed

these

amounts

and

may

fluctuate

in

value.

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

October

31,

2024

10

October

31,

2024

LLC

Limited

Liability

Company

REIT

Real

Estate

Investment

Trust

*

Non-income

producing

security.

#

Loaned

security;

a

portion

of

the

security

is

on

loan

at

October

31,

2024.

∞

Rate

shown

is

the

7-day

yield

as

of

October

31,

2024.

£

The

Fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

Investment

Company

Act

of

1940,

as

amended,

an

affiliated

company

is

one

in

which

the

Fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

which

is

under

common

ownership

or

control.

Δ

Net

of

income

paid

to

the

securities

lending

agent

and

rebates

paid

to

the

borrowing

counterparties.

The

following

is

a

summary

of

the

inputs

that

were

used

to

value

the

Fund's

investments

in

securities

and

other

financial

instruments

as

of

October

31,

2024

.

See

Notes

to

Financial

Statements

for

more

information.

Valuation

Inputs

Summary

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Total

Assets

Investments

in

Securities:

Common

Stocks

$

234,735,558

$

—

$

—

$

234,735,558

Investment

Companies

—

34,349

—

34,349

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

—

2,738,003

—

2,738,003

Total

Assets

$

234,735,558

$

2,772,352

$

—

$

237,507,910

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Statement

of

Assets

and

Liabilities

October

31,

2024

Janus

Detroit

Street

Trust

11

See

Notes

to

Financial

Statements.

Assets:

Unaffiliated

investments,

at

value

(cost

$208,927,985)

(1)

$

235,283,159

Affiliated

investments,

at

value

(cost

$2,224,751)

2,224,751

Receivables:

Dividends

39,498

Interest

65

Affiliated

securities

lending

income,

net

3,447

Total

Assets

237,550,920

Liabilities:

Collateral

on

securities

loaned

(Note

2)

2,738,003

Payables:

Management

fees

60,297

Total

Liabilities

2,798,300

Commitments

and

contingent

liabilities

Net

Assets

$

234,752,620

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

246,986,744

Total

distributable

earnings

(loss)

(

12,234,124

)

Total

Net

Assets

$

234,752,620

Net

Assets

$

234,752,620

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

3,652,000

Net

Asset

Value

Per

Share

$

64

.28

(1)

Includes

$2,670,206

of

securities

on

loan.

See

Note

2

in

Notes

to

Financial

Statements.

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Statement

of

Operations

For

the

year

ended

October

31,

2024

12

October

31,

2024

See

Notes

to

Financial

Statements.

Investment

Income:

Dividends

$

1,598,467

Affiliated

securities

lending

income,

net    

50,265

Unaffiliated

securities

lending

income,

net

34,897

Dividends

from

affiliates

348

Total

Investment

Income

1,683,977

Expenses:

Management

Fees

619,467

Total

Expenses

619,467

Net

Investment

Income/(Loss)

1,064,510

Net

Realized

Gain/(Loss)

on

Investments:

Investments

$

8,238,183

Total

Net

Realized

Gain/(Loss)

on

Investments

$

8,238,183

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

44,416,288

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

44,416,288

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

53,718,981

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Statements

of

Changes

in

Net

Assets

Janus

Detroit

Street

Trust

13

See

Notes

to

Financial

Statements.

Year

Ended

October

31,

2024

Year

Ended

October

31,

2023

Operations:

Net

investment

income/(loss)

$

1,064,510

$

516,571

Net

realized

gain/(loss)

on

investments

8,238,183

2,520,923

Change

in

unrealized

net

appreciation/depreciation

44,416,288

(

6,555,236

)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

53,718,981

(

3,517,742

)

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(

992,613

)

(

668,752

)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(

992,613

)

(

668,752

)

Capital

Share

Transactions

43,734,959

66,593,595

Net

Increase/(Decrease)

in

Net

Assets

96,461,327

62,407,101

Net

Assets:

—

—

Beginning

of

Year  

138,291,293

75,884,192

End

of

Year

$

234,752,620

$

138,291,293

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Financial

Highlights

14

October

31,

2024

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

each

year

or

period

ended

October

31

2024

2023

2022

2021

2020

Net

Asset

Value,

Beginning

of

Period

$48.07

$47.37

$67.08

$48.06

$43.10

Income/(Loss)

from

Investment

Operations:

—

—

—

—

—

Net

investment

income/(loss)

(1)

0.31

0.25

0.28

0.32

0.10

Net

realized

and

unrealized

gain/(loss)

16.19

0.80

(2)

(19.79)

19.03

4.97

Total

from

Investment

Operations

16.50

1.05

(2)

(19.51)

19.35

5.07

Less

Dividends

and

Distributions:

—

—

—

—

—

Dividends

(from

net

investment

income)

(0.29)

(0.35)

(0.20)

(0.33)

(0.11)

Total

Dividends

and

Distributions

(0.29)

(0.35)

(0.20)

(0.33)

(0.11)

Net

Asset

Value,

End

of

Period

$64.28

$48.07

$47.37

$67.08

$48.06

Total

Return

34.38%

2.21%

(29.11)%

40.30%

11.79%

Net

assets,

End

of

Period

(in

thousands)

$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%

0.32%

Ratio

of

Net

Investment

Income/(Loss)

0.51%

0.48%

0.52%

0.48%

0.23%

Portfolio

Turnover

Rate

(3)

91%

105%

107%

135%

78%

(1)

Per

share

amounts

are

calculated

based

on

average

shares

outstanding

during

the

year

or

period.

(2)

The

amount

shown

does

not

correlate

with

the

change

in

the

aggregate

gains

and

losses

in

the

Fund’s

securities

for

the

year

or

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

fluctuating

market

values

for

the

Fund’s

securities.

(3)

Portfolio

turnover

rate

excludes

securities

received

or

delivered

from

in-kind

processing

of

creation

or

redemptions.

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

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 twelve

Funds

each

of

which

represent

shares

of

beneficial

interest

in

a

separate

portfolio

of

securities

and

other

assets

with

its

own

objective

and

policies. The

Fund

seeks

investment

results

that

correspond

generally,

before

fees

and

expenses,

to

the

performance

of

its

underlying

index,

the

Janus

Henderson

Small

Cap

Growth

Alpha

Index

(the

“Underlying

Index”).

The

Fund

is

classified

as

diversified,

as

defined

in

the

1940

Act.

Janus

Henderson

Investors

US

LLC

is

the

investment

adviser

(the

“Adviser”)

to

the

Fund.

Unlike

shares

of

traditional

mutual

funds,

shares

of

the

Fund

are

not

individually

redeemable

and

may

only

be

purchased

or

redeemed

directly

from

the

Fund

at

net

asset

value

(“NAV”)

in

large

increments

called

“Creation

Units”

by

certain

participants,

known

as

“Authorized

Participants.”

The

size

of

a

Creation

Unit

to

purchase

shares

of

the

Fund

may

differ

from

the

size

of

a

Creation

Unit

to

redeem

shares

of

the

Fund.

The

Fund

will

issue

or

redeem

Creation

Units

in

exchange

for

portfolio

securities

and/or

cash.

Except

when

aggregated

in

Creation

Units,

Fund

shares

are

not

redeemable

securities

of

the

Fund.

Shares

of

the

Fund

are

listed

and

trade

on The

Nasdaq

Stock

Market

LLC

(“Nasdaq”)

and

individual

investors

can

purchase

or

sell

shares

in

much

smaller

increments

and

for

cash

in

the

secondary

market

through

a

broker.

These

transactions,

which

do

not

involve

the

Fund,

are

made

at

market

prices

that

may

vary

throughout

the

day

and

differ

from

the

Fund’s

NAV.

As

a

result,

you

may

pay

more

than

NAV

(a

premium)

when

you

purchase

shares

and

receive

less

than

NAV

(a

discount)

when

you

sell

shares,

in

the

secondary

market.

From

time

to

time,

Authorized

Participants

(or

other

broker-dealers

making

markets

in

shares

of

the

Fund)

may

be

a

beneficial

and/or

legal

owner

of

the

Fund,

may

be

affiliated

with

an

index

provider,

may

be

deemed

to

have

control

of

the

Fund

and/or

may

be

able

to

affect

the

outcome

of

matters

presented

for

a

vote

of

the

shareholders

of

the

Fund.

Authorized

Participants

(or

other

broker-dealers

making

markets

in

shares

of

the

Fund)

may

execute

an

irrevocable

proxy

granting

ALPS

Distributors,

Inc.

(the

"Distributor"),

the

Adviser

or

an

affiliate

of

the

Adviser

power

to

vote

or

abstain

from

voting

such

Authorized

Participant’s

beneficially

or

legally

owned

shares

of

the

Fund.

In

such

cases,

the

agent

shall

mirror

vote

(or

abstain

from

voting)

such

shares

in

the

same

proportion

as

all

other

beneficial

owners

of

the

Fund.

The

following

accounting

policies

have

been

followed

by

the

Fund

and

are

in

conformity

with

United

States

of

America

generally

accepted

accounting

principles

(“US

GAAP”). 

Investment

Valuation 

Fund holdings

are

valued

in

accordance

with

policies

and

procedures

established

by

the

Adviser

pursuant

to

Rule

2a-5

under

the

1940

Act

and

approved

by

and

subject

to

the

oversight

of

the

Trustees

(the

“Valuation

Procedures”).

Equity

securities,

including

shares

of

exchange-traded

funds,

traded

on

a

domestic

securities

exchange

are

generally

valued

at

readily

available

market

quotations,

which

are

(i)

the

official

close

prices

or

(ii)

last

sale

prices

on

the

primary

market

or

exchange

in

which

the

securities

trade.

If

such

price

is

lacking

for

the

trading

period

immediately

preceding

the

time

of

determination,

such

securities

are

generally

valued

at

their

current

bid

price.

Equity

securities

that

are

traded

on

a

foreign

exchange

are

generally

valued

at

the

closing

prices

on

such

markets.

In

the

event

that

there

is

no

current

trading

volume

on

a

particular

security

in

such

foreign

exchange,

the

bid

price

from

the

primary

exchange

is

generally

used

to

value

the

security.

Foreign

securities

and

currencies

are

converted

to

U.S.

dollars

using

the

current

spot

USD

dollar

exchange

rate

in

effect

at

the

close

of

the

London

Stock

Exchange.

The Fund will

determine

the

market

value

of

individual

securities

held

by

it

by

using

prices

provided

by

one

or

more

approved

professional

pricing

services

or,

as

needed,

by

obtaining

market

quotations

from

independent

broker-dealers.

Most

debt

securities

are

valued

in

accordance

with

the

evaluated

bid

price

supplied

by

the

Adviser-approved

pricing

service

that

is

intended

to

reflect

market

value.

The

evaluated

bid

price

supplied

by

the

pricing

service

is

an

evaluation

that

may

consider

factors

such

as

security

prices,

yields,

maturities

and

ratings.

Certain

short-term

securities

maturing

within

60

days

or

less

may

be

evaluated

and

valued

on

an

amortized

cost

basis

provided

that

the

amortized

cost

determined

approximates

market

value.

Securities

for

which

market

quotations

or

evaluated

prices

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

determined

in

good

faith

by

the

Adviser

pursuant

to

the

Valuation

Procedures. Circumstances

in

which

fair

valuation

may

be

utilized

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

16

October

31,

2024

include,

but

are

not

limited

to:

(i)

a

significant

event

that

may

affect

the

securities

of

a

single

issuer,

such

as

a

merger,

bankruptcy,

or

significant

issuer-specific

development;

(ii)

an

event

that

may

affect

an

entire

market,

such

as

a

natural

disaster

or

significant

governmental

action;

(iii)

a

nonsignificant

event

such

as

a

market

closing

early

or

not

opening,

or

a

security

trading

halt;

and

(iv)

pricing

of

a

non-valued

security

and

a

restricted

or

nonpublic

security.

Special

valuation

considerations

may

apply

with

respect

to

“odd-lot”

fixed-income

transactions

which,

due

to

their

small

size,

may

receive

evaluated

prices

by

pricing

services

which

reflect

a

large

block

trade

and

not

what

actually

could

be

obtained

for

the

odd-

lot

position.

The

value

of

the

securities

of

mutual

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

mutual

funds,

and

the

prospectuses

for

such

mutual

funds

explain

the

circumstances

under

which

they

use

fair

valuation

and

the

effects

of

using

fair

valuation.

The

value

of

the

securities

of

any

cash

management

pooled

investment

vehicles

that

operate

as

money

market

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

funds.

Valuation

Inputs

Summary 

FASB

ASC

820,

Fair

Value

Measurements

and

Disclosures

(“ASC

820”),

defines

fair

value,

establishes

a

framework

for

measuring

fair

value,

and

expands

disclosure

requirements

regarding

fair

value

measurements.

This

standard

emphasizes

that

fair

value

is

a

market-based

measurement

that

should

be

determined

based

on

the

assumptions

that

market

participants

would

use

in

pricing

an

asset

or

liability

and

establishes

a

hierarchy

that

prioritizes

inputs

to

valuation

techniques

used

to

measure

fair

value.

These

inputs

are

summarized

into

three

broad

levels: 

Level

1

–

Unadjusted

quoted

prices

in

active

markets

the

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities.

Level

2

–

Observable

inputs

other

than

unadjusted

quoted

prices

included

in

Level

1

that

are

observable

for

the

asset

or

liability

either

directly

or

indirectly.

These

inputs

may

include

quoted

prices

for

the

identical

instrument

on

an

inactive

market,

prices

for

similar

instruments,

interest

rates,

prepayment

speeds,

credit

risk,

yield

curves,

default

rates

and

similar

data.

Assets

or

liabilities

categorized

as

Level

2

in

the

hierarchy

generally

include:

debt

securities

fair

valued

in

accordance

with

the

evaluated

bid

or

ask

prices

supplied

by

a

pricing

service;

securities

traded

on

OTC

markets

and

listed

securities

for

which

no

sales

are

reported

that

are

fair

valued

at

the

latest

bid

price

(or

yield

equivalent

thereof)

obtained

from

one

or

more

dealers

transacting

in

a

market

for

such

securities

or

by

a

pricing

service

approved

by

the

Fund’s

Trustees;

and

certain

short-term

debt

securities

with

maturities

of

60

days

or

less

that

are

fair

valued

at

amortized

cost.

Other

securities

that

may

be

categorized

as

Level

2

in

the

hierarchy

include,

but

are

not

limited

to,

preferred

stocks,

bank

loans,

swaps,

investments

in

unregistered

investment

companies,

options,

and

forward

contracts.

Level

3

–

Unobservable

inputs

for

the

asset

or

liability

to

the

extent

that

relevant

observable

inputs

are

not

available,

representing

the

Fund’s

own

assumptions

about

the

assumptions

that

a

market

participant

would

use

in

valuing

the

asset

or

liability,

and

that

would

be

based

on

the

best

information

available.

There

have

been

no

significant

changes

in

valuation

techniques

used

in

valuing

any

such

positions

held

by

the

Fund

since

the

beginning

of

the

fiscal

year. 

The

inputs

or

methodology

used

for

fair

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

The

summary

of

inputs

used

as

of

October

31,

2024 to

fair

value

the

Fund’s

investments

in

securities

and

other

financial

instruments

is

included

in

the

“Valuation

Inputs

Summary”

in

the

Notes

to

Schedule

of

Investments

and

Other

Information.

Investment

Transactions

and

Investment

Income

Investment

transactions

are

accounted

for

as

of

the

date

purchased

or

sold

(trade

date).

Dividend

income

is

recorded

on

the

ex-dividend

date.

Certain

dividends

from

foreign

securities

will

be

recorded

as

soon

as

the

Fund

is

informed

of

the

dividend,

if

such

information

is

obtained

subsequent

to

the

ex-dividend

date.

Dividends

from

foreign

securities

may

be

subject

to

withholding

taxes

in

foreign

jurisdictions.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value.

Interest

income

is

recorded

daily

on

an

accrual

basis

and

includes

amortization

of

premiums

and

accretion

of

discounts.

The

Fund

classifies

gains

and

losses

on

prepayments

received

as

an

adjustment

to

interest

income.

Debt

securities

may

be

placed

in

non-accrual

status

and

related

interest

income

may

be

reduced

by

stopping

current

accruals

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

17

and

writing

off

interest

receivables

when

collection

of

all

or

a

portion

of

interest

has

become

doubtful.

Gains

and

losses

are

determined

on

the

identified

cost

basis,

which

is

the

same

basis

used

for

federal

income

tax

purposes.  

Estimates

The

preparation

of

financial

statements

in

conformity

with

US

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amount

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates. 

Indemnifications

In

the

normal

course

of

business,

the

Fund

may

enter

into

contracts

that

contain

provisions

for

indemnification

of

other

parties

against

certain

potential

liabilities.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

and

would

involve

future

claims

that

may

be

made

against

the

Fund

that

have

not

yet

occurred.

Currently,

the

risk

of

material

loss

from

such

claims

is

considered

remote. 

Dividends

and

Distributions

The

Fund

generally

declares

and

distributes

dividends

of

net

investment

income

quarterly.

Net

realized

capital

gains

(if

any)

are

distributed

annually.

The

Fund

may

treat

a

portion

of

the

amount

paid

to

redeem

shares

as

a

distribution

of

investment

company

taxable

income

and

realized

capital

gains

that

are

reflected

in

the

NAV.

This

practice,

commonly

referred

to

as

“equalization,”

has

no

effect

on

the

redeeming

shareholder

or

a

Fund’s

total

return

but

may

reduce

the

amounts

that

would

otherwise

be

required

to

be

paid

as

taxable

dividends

to

the

remaining

shareholders.

It

is

possible

that

the

Internal

Revenue

Service

(IRS)

could

challenge

the

Fund’s

equalization

methodology

or

calculations,

and

any

such

challenge

could

result

in

additional

tax,

interest,

or

penalties

to

be

paid

by

the

Fund. 

The

Fund

may

make

certain

investments

in

real

estate

investment

trusts

(“REITs”)

which

pay

dividends

to

their

shareholders

based

upon

funds

available

from

operations.

It

is

quite

common

for

these

dividends

to

exceed

the

REITs’

taxable

earnings

and

profits,

resulting

in

the

excess

portion

of

such

dividends

being

designated

as

a

return

of

capital.

If

the

Fund

distributes

such

amounts,

such

distributions

could

constitute

a

return

of

capital

to

shareholders

for

federal

income

tax

purposes. 

Federal

Income

Taxes

The

Fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

and

distribute

all

of

its

taxable

income

in

accordance

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code.

Management

has

analyzed

the

Fund’s

tax

positions

taken

for

all

open

federal

income

tax

years,

generally

a

three-year

period,

and

has

concluded

that

no

provision

for

federal

income

tax

is

required

in

the

Fund’s

financial

statements.

The

Fund

is

not

aware

of

any

tax

positions

for

which

it

is

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

benefits

will

significantly

change

in

the

next

twelve

months. 

2.

Other

Investments

and

Strategies 

Market Risk 

The

value

of

the

Fund’s

portfolio

may

decrease

if

the

value

of

one

or

more

issuers

in

the

Fund’s

portfolio

decreases.

Further,

regardless

of

how

well

individual

companies

or

securities

perform,

the

value

of

the

Fund’s

portfolio

could

also

decrease

if

there

are

deteriorating

economic

or

market

conditions,

including,

but

not

limited

to,

a

general

decline

in

prices

on

the

stock

markets,

a

general

decline

in

real

estate

markets,

a

decline

in

commodities

prices,

or

if

the

market

favors

different

types

of

securities

than

the

types

of

securities

in

which

the

Fund

invests.

If

the

value

of

the

Fund’s

portfolio

decreases,

the

Fund’s

NAV

will

also

decrease,

which

means

if

you

sell

your

shares

in

the

Fund

you

may

lose

money.

Market

risk

may

affect

a

single

issuer,

industry,

economic

sector,

or

the

market

as

a

whole.

The

increasing

interconnectivity

between

global

economies

and

financial

markets

increases

the

likelihood

that

events

or

conditions

in

one

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

Social,

political,

economic

and

other

conditions

and

events,

such

as

natural

disasters,

health

emergencies

(e.g.,

epidemics

and

pandemics),

terrorism,

conflicts,

including

related

sanctions,

and

social

unrest,

could

reduce

consumer

demand

or

economic

output,

result

in

market

closures,

travel

restrictions

and/or

quarantines,

and

generally

have

a

significant

impact

on

the

global

economies

and

financial

markets. 

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

18

October

31,

2024

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. 

Upon

receipt

of

cash

collateral, the

Adviser may

invest

it

in

affiliated

or

non-affiliated

cash

management

vehicles,

whether

registered

or

unregistered

entities,

as

permitted

by

the

1940

Act

and

rules

promulgated

thereunder.

The

Adviser

currently

intends

to

invest

the

cash

collateral

in

a

cash

management

vehicle

for

which the

Adviser serves

as

investment

adviser,

Janus

Henderson

Cash

Collateral

Fund

LLC,

or

in

time

deposits.

An

investment

in

Janus

Henderson

Cash

Collateral

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

19

Fund

LLC

is

generally

subject

to

the

same

risks

that

shareholders

experience

when

investing

in

similarly

structured

vehicles,

such

as

the

potential

for

significant

fluctuations

in

assets

as

a

result

of

the

purchase

and

redemption

activity

of

the

securities

lending

program,

a

decline

in

the

value

of

the

collateral,

and

possible

liquidity

issues.

Such

risks

may

delay

the

return

of

the

cash

collateral

and

cause

the

Fund

to

violate

its

agreement

to

return

the

cash

collateral

to

a

borrower

in

a

timely

manner.

As

adviser

to

the

Fund

and

Janus

Henderson

Cash

Collateral

Fund

LLC, the

Adviser has

an

inherent

conflict

of

interest

as

a

result

of

its

fiduciary

duties

to

both

the

Fund

and

Janus

Henderson

Cash

Collateral

Fund

LLC.

Additionally, the

Adviser receives

an

investment

advisory

fee

of

0.05%

for

managing

Janus

Henderson

Cash

Collateral

Fund

LLC

and

therefore

may

have

an

incentive

to

allocate

collateral

to

the

Janus

Henderson

Cash

Collateral

Fund

LLC,

rather

than

to

other

collateral

management

options

for

which the

Adviser does

not

receive

compensation. 

The

value

of

the

collateral

must

be

at

least

102%

of

the

market

value

of

the

loaned

securities

that

are

denominated

in

U.S.

dollars

and

105%

of

the

market

value

of

the

loaned

securities

that

are

not

denominated

in

U.S.

dollars.

Loaned

securities

and

related

collateral

are

marked-to-market

each

business

day

based

upon

the

market

value

of

the

loaned

securities

at

the

close

of

business,

employing

the

most

recent

available

pricing

information.

Collateral

levels

are

then

adjusted

based

on

this

mark-to-market

evaluation. 

Additional

required

collateral,

or

excess

collateral

returned,

is

delivered

on

the

next

business

day. 

Therefore,

the

value

of

the

collateral

held

may

be

temporarily

less

than

102%

or

105%

value

of

the

securities

on

loan.

The

cash

collateral

invested

by

the

Adviser is

disclosed

in

the

Schedule

of

Investments

(if

applicable).

Income

earned

from

the

investment

of

the

cash

collateral,

net

of

rebates

paid

to,

or

fees

paid

by,

borrowers

and

less

the

fees

paid

to

the

lending

agent

are

included

as

“Affiliated

securities

lending

income,

net”

on

the

Statement

of

Operations.

As

of

October

31,

2024,

securities

lending

transactions

accounted

for

as

secured

borrowings

with

an

overnight

and

continuous

contractual

maturity

are

$2,670,206

for

equity

securities.

Gross

amounts

of

recognized

liabilities

for

securities

lending

(collateral

received)

as

of

October

31,

2024 is $2,738,003,

resulting

in

the

net

amount

due

to

the

counterparty

of

$67,797.

Offsetting

Assets

and

Liabilities 

The

Fund

presents

gross

and

net

information

about

transactions

that

are

either

offset

in

the

financial

statements

or

subject

to

an

enforceable

master

netting

arrangement

or

similar

agreement

with

a

designated

counterparty,

regardless

of

whether

the

transactions

are

actually

offset

in

the

Statement

of

Assets

and

Liabilities.

The

Offsetting

Assets

and

Liabilities

tables

located

in

the

Schedule

of

Investments

present

gross

amounts

of

recognized

assets

and/or

liabilities

and

the

net

amounts

after

deducting

collateral

that

has

been

pledged

by

counterparties

or

has

been

pledged

to

counterparties

(if

applicable).  

3.

Investment

Advisory

Agreements

and

Other

Transactions

with

Affiliates 

Under

its

unitary

fee

structure,

the

Fund

pays

the

Adviser a

management

fee

in

return

for

providing

certain

investment

advisory,

supervisory,

and

administrative

services

to

the

Fund,

including

the

costs

of

transfer

agency,

custody,

fund

administration,

legal,

audit,

and

other

services. The

Adviser's fee

structure

is

designed

to

pay

substantially

all

of

the

Fund’s

expenses.

However,

the

Fund

bears

other

expenses

which

are

not

covered

under

the

management

fee

which

may

vary

and

affect

the

total

level

of

expenses

paid

by

shareholders,

such

as

distribution

fees

(if

any),

brokerage

expenses

or

commissions,

interest,

dividends,

taxes,

litigation

expenses,

acquired

fund

fees

and

expenses

(if

any),

and

extraordinary

expenses.

The

Fund’s

unitary

management

fee

provides

for

reductions

in

the

fee

rate

as

the

Fund’s

assets

grow.

As

of

the

date

of

this

report,

the

Fund’s

management

fee

was

calculated

daily

and

paid

monthly

according

to

the

following

schedule: 

Daily

Net

Assets

Fee

Rate

$0-$500

million

0.30%

Next

$500

million

0.25%

Over

$1

billion

0.20%

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

20

October

31,

2024

For

the

year

ended October

31,

2024,

the

Fund’s

actual

management

fee

rate

(expressed

as

an

annual

rate)

was

0.30% of

the

Fund’s

average

daily

net

assets.

J.P.

Morgan

Chase

Bank,

N.A.

(“JP

Morgan")

provides

certain

fund

administration

services

to

the

Fund,

including

services

related

to

the

Fund’s

accounting,

including

calculating

the

daily

NAV,

audit

coordination,

tax,

and

reporting

obligations,

pursuant

to

an

agreement

with

the

Adviser,

on

behalf

of

the

Fund.

As

compensation

for

such

services, the

Adviser pays

JP

Morgan

a

fee

based

on

a

percentage

of

the

Fund’s

assets,

with

a

minimum

flat

fee,

for

certain

services. The

Adviser serves

as

administrator

to

the

Fund,

providing

oversight

and

coordination

of

the

Fund’s

service

providers,

recordkeeping

and

other

administrative

services. The

Adviser does

not

receive

any

additional

compensation,

beyond

the

unitary

fee,

for

serving

as

administrator.

JP

Morgan

also

serves

as

transfer

agent

for

the

shares

of

the

Fund.

Pursuant

to

agreements

with

the

Adviser on

behalf

of

the

Fund,

J.P.

Morgan

Securities

LLC,

an

affiliate

of

JP

Morgan,

may

execute

portfolio

transactions

for

the

Fund,

including

but

not

limited

to,

transactions

in

connection

with

cash

in

lieu

transactions

for

non-US

securities. 

The

Fund’s

Board

of

Trustees

(“Board”)

has

approved

a

Distribution

and

Servicing

Plan

for

shares

of

the

Fund

pursuant

to

Rule

12b-1

under

the

1940

Act

(the

“Plan”).

The

Plan

permits

compensation

in

connection

with

the

distribution

and

marketing

of

Fund

shares

and/or

the

provision

of

certain

shareholder

services.

The

Plan

permits

the

Fund

to

pay

the

Distributor

or

its

designee,

a

fee

for

the

sale

and

distribution

and/or

shareholder

servicing

of

the

shares

at

an

annual

rate

of

up

to

0.25%

of

average

daily

net

assets

of

the

Fund.

Under

the

terms

of

the

Plan,

the

Fund

would

be

authorized

to

make

payments

to

the

Distributor

or

its

designee

for

remittance

to

retirement

plan

service

providers,

broker-dealers,

bank

trust

departments,

financial

advisors,

and

other

financial

intermediaries,

as

compensation

for

distribution

and/or

shareholder

services

performed

by

such

entities

for

their

customers

who

are

investors

in

the

Fund.

The

12b-1

fee

may

only

be

imposed

or

increased

when

(i)

the

Trustees

determine

that

it

is

in

the

best

interests

of

shareholders

to

do

so,

and

(ii)

the

imposition

of

or

increase

in

the

12b-1

fee

is

first

approved

by

the

Fund’s

shareholders.

Because

these

fees

are

paid

out

of

the

Fund’s

assets

on

an

ongoing

basis,

to

the

extent

that

a

fee

is

authorized

by

shareholders

in

the

future,

over

time

they

will

increase

the

cost

of

an

investment

in

the

Fund.

The

Plan

fee

may

cost

an

investor

more

than

other

types

of

sales

charges.

At

this

time, the

Adviser does

not

intend

to

seek

shareholder

approval

for

implementation

of

the

Plan. 

As

of

October

31,

2024, the

Adviser

owned 90,903

shares

or 2.49%

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

to

ensure

that

any

cross-trade

of

securities

by

the

Fund

from

or

to

another

fund

or

account

that

is

or

could

be

considered

an

affiliate

of

the

Fund

under

certain

limited

circumstances

by

virtue

of

having

a

common

investment

adviser,

common

Officer,

or

common

Trustee

complies

with

Rule

17a-7.

Under

these

procedures,

each

cross-trade

is

effected

at

the

current

market

price

to

save

costs

where

allowed.

During

the

year

ended October

31,

2024,

the

Fund

engaged

in

cross

trades

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

21

amounting

to $9,363,442 in

purchases

and

$16,816,715 in

sales,

resulting

in

a

net

realized

gain

of

$2,990,323.

The

net

realized

gain/loss

is

included

within

the

“Net

Realized

Gain/(Loss)

on

Investments”

section

of

the

Fund’s

Statement

of

Operations.

Any

purchases

and

sales,

realized

gains/losses

and

recorded

dividends

from

affiliated

investments

during

the

year

ended

October

31,

2024 can

be

found

in

a

table

located

in

the

Schedule

of

Investments.

4.

Federal

Income

Tax

The

tax

components

of

capital

shown

in

the

table

below

represent:

(1)

distribution

requirements

the

Fund

must

satisfy

under

the

income

tax

regulations;

(2)

losses

or

deductions

the

Fund

may

be

able

to

offset

against

income

and

gains

realized

in

future

years;

and

(3)

unrealized

appreciation

or

depreciation

of

investments

for

federal

income

tax

purposes. 

The

Fund

has

elected

to

treat

gains

and

losses

on

forward

foreign

currency

contracts

as

capital

gains

and

losses,

if

applicable.

Other

foreign

currency

gains

and

losses

on

debt

instruments

are

treated

as

ordinary

income

for

federal

income

tax

purposes

pursuant

to

Section

988

of

the

Internal

Revenue

Code. 

Accumulated

capital

losses

noted

below

represent

net

capital

loss

carryovers,

as

of

October

31,

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 October

31,

2024 are

noted

below.

The

primary

differences

between

book

and

tax

appreciation

or

depreciation

of

investments are

wash

sale

loss

deferrals

and

investments

in

partnerships.

Income

and

capital

gains

distributions

are

determined

in

accordance

with

income

tax

regulations

that

may

differ

from

US

GAAP.

These

differences

are

due

to

differing

treatments

for

items

such

as

net

short-term

gains,

deferral

of

wash

sale

losses,

foreign

currency

transactions,

passive

foreign

investment

companies,

net

investment

losses,

in-kind

transactions

and

capital

loss

carryovers.

Certain

permanent

differences

such

as

tax

returns

of

capital

and

net

investment

losses

noted

below

have

been

reclassified

to

capital. 

Undistributed

Ordinary

Income

Undistributed

Long-Term

Gains

Accumulated

Capital

Losses

Loss

Deferrals

Other

Book

to

Tax

Differences

Net

Tax

Appreciation/

(Depreciation)

$2,137,218

$—

$(40,128,209)

$—

$—

$25,756,867

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)

$211,751,043

$46,312,000

$(20,555,133)

$25,756,867

For

the

year

ended

October

31,

2024

:

Distributions

From

Ordinary

Income

From

Long-Term

Capital

Gain

Tax

Return

of

Capital

Net

Investment

Loss

$992,613

$—

$—

$—

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

22

October

31,

2024

Permanent

book

to

tax

basis

differences

may

result

in

reclassifications

between

the

components

of

net

assets.

These

differences

have

no

impact

on

the

results

of

operations

or

net

assets.

5.

Capital

Share

Transactions 

6.

Purchases

and

Sales

of

Investment

Securities

For

the

year

ended

October

31,

2024,

the

aggregate

cost

of

purchases

and

proceeds

from

sales

of

investment

securities

(excluding

any

short-term

securities,

short-term

options

contracts,

and

in-kind

transactions)

was

as

follows:

For

the

year

ended October

31,

2024,

the

cost

of

in-kind

purchases

and

proceeds

from

in-kind

sales,

were

as

follows: 

During

the

year

ended

October

31,

2024,

the

Fund

had

net

realized

gain of $11,219,426 from

in-kind

redemptions.

Gains

on

in-kind

transactions

are

not

considered

taxable

for

federal

income

tax

purposes.

7.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to October

31,

2024

and

through

the

date

of

the

issuance

of

the

Fund's

financial

statements

and

determined

that

there

were

no

material

events

or

transactions

that

would

require

recognition

or

disclosure

in

the

Fund's

financial

statements. 

For

the

year

ended

October

31,

2023

:

Distributions

From

Ordinary

Income

From

Long-Term

Capital

Gain

Tax

Return

of

Capital

Net

Investment

Loss

$668,752

$—

$—

$—

Year

Ended

October

31,

2024

Year

Ended

October

31,

2023

Shares

Amount

Shares

Amount

Shares

sold

1,450,000

$

84,304,598

1,650,000

$

84,829,645

Shares

repurchased

(675,000)

(40,569,639

)

(375,000)

(18,236,050

)

Net

Increase/(Decrease)

775,000

$

43,734,959

1,275,000

$

66,593,595

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

$187,689,802

$187,754,579

$—

$—

Purchases

of

Securities

Proceeds

from

Sales

of

Securities

Purchases

of

Long-

Term

U.S.

Government

Obligations

Proceeds

from

Sales

of

Long-Term

U.S.

Government

Obligations

$84,271,248

$40,375,764

$—

$—

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Report

of

Independent

Registered

Public

Accounting

Firm

Janus

Detroit

Street

Trust

23

To

the

Board

of

Trustees

of

Janus

Detroit

Street

Trust

and

Shareholders

of

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

(one

of

the

funds

constituting

Janus

Detroit

Street

Trust,

referred

to

hereafter

as

the

"Fund")

as

of

October

31,

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

five

years

in

the

period

ended

October

31,

2024,

(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

five

years

in

the

period

ended

October

31,

2024

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

and

transfer

agent

and

broker;

when

replies

were

not

received

from

the

broker,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

Denver,

Colorado

December

23,

2024

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

Janus

Henderson

Funds

since

1990.

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Designation

Requirements

(unaudited)

24

October

31,

2024

For

federal

income

tax

purposes,

the

Fund

designated

the

following

for

the

year

ended

October

31,

2024:

Dividends

Received

Deduction

Percentage

100.00%

Qualified

Dividend

Income

Percentage

100.00%

Janus

Henderson

Small

Cap

Growth

Alpha

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

Trustee

for

services

to

the

Fund

from

Adviser’s

management

fees.

Item

11.

APPROVAL

OF

ADVISORY

AGREEMENTS

DURING

THE

PERIOD

Not

applicable.

125-02-93061

12-24

This

report

is

submitted

for

the

general

information

of

shareholders

of

the

Fund.

It

is

not

an

offer

or

solicitation

for

the

Fund

and

is

not

authorized

for

distribution

to

prospective

investors

unless

preceded

or

accompanied

by

an

effective

prospectus.

Janus

Henderson

is

a

trademark

of

Janus

Henderson

Group

plc

or

one

of

its

subsidiaries.

©

Janus

Henderson

Group

plc.

Janus

Henderson

Investors

US

LLC

is

the

investment

adviser

and

ALPS

Distributors,

Inc.

is

the

distributor.

ALPS

is

not

affiliated

with

Janus

Henderson

or

any

of

its

subsidiaries.

ANNUAL

FINANCIAL

STATEMENTS

October

31,

2024

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

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

15

Statement

of

Operations

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

16

Statements

of

Changes

in

Net

Assets

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

17

Financial

Highlights

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

18

Notes

to

Financial

Statements

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

19

Report

of

Independent

Registered

Public

Accounting

Firm

...

33

Designation

Requirements

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

34

Items

8-11

-

Additional

Information

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

35

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

October

31,

2024

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%

Ally

Bank

Auto

Credit-Linked

Notes,

5.6810%,

5/17/32

(144A)

$

4,211,782

$

4,257,934

Ally

Bank

Auto

Credit-Linked

Notes,

5.8270%,

5/17/32

(144A)

4,211,782

4,253,059

Ally

Bank

Auto

Credit-Linked

Notes,

4.9700%,

9/15/32

(144A)

3,375,000

3,373,499

Bayview

Opportunity

Master

Fund

VII

LLC,

SOFR30A

+

1.1000%,

5.9568%,

12/26/31

(144A)

‡

5,790,192

5,806,995

Bayview

Opportunity

Master

Fund

VII

Trust,

5.6700%,

4/15/27

(144A)

1,656,752

1,661,662

Credabl

ABS

Trust,

30

Day

Australian

Bank

Bill

Rate

+

1.4500%,

5.7525%,

5/11/45

‡

AUD

22,729,096

14,882,213

Credabl

ABS

Trust,

30

Day

Australian

Bank

Bill

Rate

+

2.2000%,

6.5025%,

5/11/45

‡

AUD

2,060,000

1,348,934

DB

Master

Finance

LLC,

4.0300%,

11/20/47

(144A)

$

3,543,650

3,430,299

DB

Master

Finance

LLC,

2.0450%,

11/20/51

(144A)

5,183,425

4,860,857

DB

Master

Finance

LLC,

2.4930%,

11/20/51

(144A)

1,586,148

1,427,373

Exeter

Automobile

Receivables

Trust,

6.2000%,

4/15/26

605,127

605,383

Exeter

Automobile

Receivables

Trust,

1.4600%,

10/15/27

2,593,272

2,585,868

Huntington

Bank

Auto

Credit-Linked

Notes,

6.1530%,

5/20/32

(144A)

9,331,561

9,412,779

Huntington

Bank

Auto

Credit-Linked

Notes,

5.4420%,

10/20/32

(144A)

12,400,000

12,391,950

Liberty,

30

Day

Australian

Bank

Bill

Rate

+

1.2000%,

5.5075%,

5/25/32

‡

AUD

10,636,571

6,972,178

Metro

Finance

Trust,

30

Day

Australian

Bank

Bill

Rate

+

1.2500%,

5.6063%,

9/17/30

‡

AUD

16,060,000

10,516,218

NOW

Trust,

30

Day

Australian

Bank

Bill

Rate

+

1.4000%,

5.7025%,

6/14/32

‡

AUD

44,181,106

29,035,230

Plenti

PL-Green

ABS

Trust,

30

Day

Australian

Bank

Bill

Rate

+

1.1800%,

5.1560%,

4/11/36

‡

AUD

30,050,000

19,682,750

Santander

Drive

Auto

Receivables

Trust,

6.0800%,

8/17/26

$

405,842

406,072

Santander

Drive

Auto

Receivables

Trust,

6.3100%,

7/15/27

3,395,997

3,403,663

Subway

Funding

LLC,

5.2460%,

7/30/54

(144A)

9,864,000

9,676,133

Subway

Funding

LLC,

6.0280%,

7/30/54

(144A)

11,630,000

11,700,862

Taco

Bell

Funding

LLC,

4.9400%,

11/25/48

(144A)

20,438,269

20,059,636

Taco

Bell

Funding

LLC,

2.2940%,

8/25/51

(144A)

2,916,060

2,568,008

United

Airlines

Pass-Through

Trust,

5.8750%,

10/15/27

2,715,952

2,777,287

United

Auto

Credit

Securitization

Trust,

6.1700%,

8/10/26

(144A)

2,282,199

2,288,053

Westlake

Automobile

Receivables

Trust,

5.9600%,

10/15/26

(144A)

4,496,030

4,507,285

Total

Asset-Backed

Securities

(cost

$195,135,557)

193,892,180

Corporate

Bonds

-

74.0%

Communications

-

0.5%

Walt

Disney

Co.

(The),

3.0570%, 3/30/27

CAD

16,925,000

11,972,864

Consumer,

Cyclical

-

7.9%

BMW

US

Capital

LLC,

SOFRINDX

+

0.8400%,

5.6896%, 4/1/25

(144A)

‡

$

7,025,000

7,041,046

BMW

US

Capital

LLC,

5.3000%, 8/11/25

(144A)

6,250,000

6,283,861

Daimler

Truck

Finance

Canada,

Inc.,

2.4600%, 12/15/26

CAD

8,960,000

6,253,777

Daimler

Truck

Finance

North

America

LLC,

5.0000%, 1/15/27

(144A)

$

3,240,000

3,256,979

Daimler

Truck

Finance

North

America

LLC,

5.1250%, 9/25/27

(144A)

6,810,000

6,867,726

Ferguson

Finance

plc,

4.5000%, 10/24/28

(144A)

4,063,000

3,980,724

General

Motors

Financial

Co.,

Inc.,

1.5500%, 9/2/25

AUD

1,590,000

1,010,061

General

Motors

Financial

Co.,

Inc.,

6.0500%, 10/10/25

$

1,250,000

1,262,645

General

Motors

Financial

Co.,

Inc.,

5.4000%, 4/6/26

3,230,000

3,254,929

General

Motors

Financial

Co.,

Inc.,

5.1500%, 8/15/26

GBP

4,690,000

6,000,300

General

Motors

Financial

Co.,

Inc.,

5.4000%, 5/8/27

$

7,000,000

7,077,392

General

Motors

Financial

Co.,

Inc.,

5.3500%, 7/15/27

9,000,000

9,096,708

Hyundai

Capital

America,

5.5000%, 3/30/26

(144A)

10,125,000

10,200,842

Hyundai

Capital

America,

5.6500%, 6/26/26

(144A)

7,645,000

7,728,748

Hyundai

Capital

America,

5.9500%, 9/21/26

(144A)

12,525,000

12,754,645

Marriott

International,

Inc.,

5.4500%, 9/15/26

16,885,000

17,141,992

McDonald's

Corp.,

3.1250%, 3/4/25

CAD

17,080,000

12,219,132

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

October

31,

2024

4

October

31,

2024

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Corporate

Bonds

-

(continued)

Consumer,

Cyclical

-

(continued)

McDonald's

Corp.,

3.4500%, 9/8/26

AUD

1,000,000

$

639,915

Mercedes-Benz

Finance

North

America

LLC,

5.2000%, 8/3/26

(144A)

$

12,100,000

12,204,070

Volkswagen

Financial

Services

Australia

Pty.

Ltd.,

1.4000%, 8/25/25

AUD

13,370,000

8,484,033

Volkswagen

Financial

Services

Australia

Pty.

Ltd.,

4.9500%, 4/13/26

AUD

3,110,000

2,022,505

Volkswagen

Financial

Services

Australia

Pty.

Ltd.,

5.3000%, 2/9/27

AUD

1,670,000

1,087,867

Volkswagen

Group

of

America

Finance

LLC,

4.9000%, 8/14/26

(144A)

$

4,075,000

4,061,698

Volkswagen

Group

of

America

Finance

LLC,

5.7000%, 9/12/26

(144A)

14,575,000

14,753,674

Volkswagen

Group

of

America

Finance

LLC,

6.0000%, 11/16/26

(144A)

13,200,000

13,430,991

178,116,260

Consumer,

Non-cyclical

-

9.1%

Amgen,

Inc.,

5.2500%, 3/2/25

4,650,000

4,655,037

Amgen,

Inc.,

5.5070%, 3/2/26

20,025,000

20,029,680

Cargill,

Inc.,

3.5000%, 4/22/25

(144A)

4,675,000

4,646,724

Cargill,

Inc.,

4.8750%, 10/10/25

(144A)

7,375,000

7,397,293

GE

HealthCare

Technologies,

Inc.,

5.5500%, 11/15/24

24,975,000

24,978,365

Humana,

Inc.,

5.7000%, 3/13/26

20,000,000

20,000,735

Icon

Investments

Six

DAC,

5.8090%, 5/8/27

11,520,000

11,749,067

Illumina,

Inc.,

5.8000%, 12/12/25

22,875,000

23,082,311

Illumina,

Inc.,

4.6500%, 9/9/26

1,705,000

1,700,642

Illumina,

Inc.,

5.7500%, 12/13/27

5,630,000

5,778,919

Lonsdale

Finance

Pty.

Ltd.,

2.4500%, 11/20/26

AUD

29,300,000

18,186,825

Lonsdale

Finance

Pty.

Ltd.,

2.1000%, 10/15/27

AUD

3,800,000

2,277,211

Penske

Truck

Leasing

Canada,

Inc.,

5.4400%, 12/8/25

CAD

6,153,000

4,488,055

Smith

&

Nephew

plc,

5.1500%, 3/20/27

$

6,270,000

6,305,819

Solventum

Corp.,

5.4500%, 2/25/27

(144A)

22,400,000

22,694,884

Solventum

Corp.,

5.4000%, 3/1/29

(144A)

5,790,000

5,863,716

Universal

Health

Services,

Inc.,

1.6500%, 9/1/26

23,425,000

22,079,371

205,914,654

Energy

-

2.8%

Columbia

Pipelines

Holding

Co.

LLC,

6.0550%, 8/15/26

(144A)

11,486,000

11,670,900

Enbridge,

Inc.,

5.9000%, 11/15/26

5,000,000

5,109,719

Enbridge,

Inc.,

3.2000%, 6/8/27

CAD

14,500,000

10,256,673

Energy

Transfer

LP,

6.0500%, 12/1/26

$

13,440,000

13,764,079

ONEOK,

Inc.,

5.5500%, 11/1/26

6,600,000

6,689,170

Williams

Cos.,

Inc.

(The),

5.4000%, 3/2/26

15,050,000

15,151,773

62,642,314

Financial

-

42.1%

AerCap

Ireland

Capital

DAC,

6.5000%, 7/15/25

11,000,000

11,097,647

AerCap

Ireland

Capital

DAC,

6.1000%, 1/15/27

8,375,000

8,590,805

AerCap

Ireland

Capital

DAC,

6.4500%, 4/15/27

19,617,000

20,308,054

AerCap

Ireland

Capital

DAC,

3.6500%, 7/21/27

3,095,000

3,003,155

Air

Lease

Corp.,

5.3000%, 6/25/26

10,020,000

10,108,692

American

Express

Co.,

SOFRINDX

+

0.9300%,

5.7985%, 3/4/25

‡

12,900,000

12,922,601

American

Express

Co.,

SOFR

+

0.9990%,

4.9900%, 5/1/26

‡

9,450,000

9,446,296

American

Express

Co.,

SOFR

+

1.3300%,

6.3380%, 10/30/26

‡

4,000,000

4,055,873

American

Express

Co.,

SOFRINDX

+

0.7500%,

5.6450%, 4/23/27

‡

5,375,000

5,442,499

American

Express

Co.,

SOFR

+

1.0000%,

5.0980%, 2/16/28

‡

1,950,000

1,965,427

American

Tower

Corp.,

3.5500%, 7/15/27

12,000,000

11,628,791

Aon

North

America,

Inc.,

5.1250%, 3/1/27

12,795,000

12,955,290

Athene

Global

Funding,

1.7160%, 1/7/25

(144A)

5,156,000

5,123,874

Athene

Global

Funding,

5.6840%, 2/23/26

(144A)

9,660,000

9,736,514

Athene

Global

Funding,

5.6200%, 5/8/26

(144A)

11,500,000

11,603,908

Athene

Global

Funding,

1.6080%, 6/29/26

(144A)

20,235,000

19,161,217

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

October

31,

2024

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)

Athene

Global

Funding,

4.7600%, 4/21/27

AUD

1,000,000

$

629,710

Australia

&

New

Zealand

Banking

Group

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

0.8300%,

5.2641%, 3/31/26

‡

AUD

1,000,000

658,471

Australia

&

New

Zealand

Banking

Group

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.8500%,

6.2011%, 2/26/31

‡

AUD

150,000

99,587

Australia

&

New

Zealand

Banking

Group

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.7000%,

5.9060%, 8/12/32

‡

AUD

10,000,000

6,624,277

Aviation

Capital

Group

LLC,

1.9500%, 1/30/26

(144A)

$

13,168,000

12,647,403

Aviation

Capital

Group

LLC,

1.9500%, 9/20/26

(144A)

15,250,000

14,400,619

Banco

Santander

SA,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.6500%,

6.5270%, 11/7/27

‡

9,600,000

9,923,193

Bank

Australia

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.6000%,

5.9511%, 11/24/25

‡

AUD

8,150,000

5,378,500

Bank

Australia

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.7000%,

6.0793%, 2/21/28

‡

AUD

38,220,000

25,425,884

Bank

of

America

Corp.,

SOFR

+

1.1500%,

1.3190%, 6/19/26

‡

$

25,135,000

24,548,419

Bank

of

America

Corp.,

SOFR

+

1.5800%,

4.3760%, 4/27/28

‡

3,644,000

3,607,831

Bank

of

America

Corp.,

SOFR

+

1.9900%,

6.2040%, 11/10/28

‡

12,356,000

12,847,620

Bendigo

&

Adelaide

Bank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.2500%,

5.5892%, 5/15/26

‡

AUD

13,600,000

8,991,379

Bendigo

&

Adelaide

Bank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.4800%,

5.8950%, 10/14/31

‡

AUD

800,000

526,216

Blackstone

Holdings

Finance

Co.

LLC,

5.9000%, 11/3/27

(144A)

$

12,525,000

12,979,654

Charter

Hall

LWR

Pty.

Ltd.,

2.0860%, 3/3/28

AUD

3,270,000

1,906,718

Citigroup,

Inc.,

SOFR

+

2.8420%,

3.1060%, 4/8/26

‡

$

100,000

99,125

Citigroup,

Inc.,

SOFR

+

1.5460%,

5.6100%, 9/29/26

‡

35,000,000

35,191,094

Commonwealth

Bank

of

Australia,

4.2000%, 8/18/25

AUD

600,000

391,636

Commonwealth

Bank

of

Australia,

5.3160%, 3/13/26

$

14,875,000

15,040,671

Commonwealth

Bank

of

Australia,

90

Day

Australian

Bank

Bill

Rate

+

1.8000%,

6.2210%, 9/10/30

‡

AUD

12,500,000

8,262,088

Commonwealth

Bank

of

Australia,

90

Day

Australian

Bank

Bill

Rate

+

1.3200%,

5.6885%, 8/20/31

‡

AUD

16,600,000

10,944,001

Commonwealth

Bank

of

Australia,

90

Day

Australian

Bank

Bill

Rate

+

2.7000%,

7.0791%, 11/9/32

‡

AUD

10,000,000

6,828,702

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

5,548,672

Computershare

US,

Inc.,

3.1470%, 11/30/27

AUD

1,070,000

650,382

Corebridge

Financial,

Inc.,

3.5000%, 4/4/25

$

11,975,000

11,900,971

Corebridge

Financial,

Inc.,

3.6500%, 4/5/27

9,833,000

9,579,245

Credit

Union

Australia

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.5800%,

5.9766%, 12/1/25

‡

AUD

2,350,000

1,552,549

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

13,565,511

DBS

Group

Holdings

Ltd.,

5.4790%, 9/12/25

(144A)

15,800,000

15,909,469

Goldman

Sachs

Bank

USA,

SOFR

+

0.7770%,

5.2830%, 3/18/27

‡

33,575,000

33,793,708

Heritage

and

People's

Choice

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.4000%,

6.8161%, 9/16/31

‡

AUD

1,000,000

651,116

Insurance

Australia

Group

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.4500%,

6.8661%, 12/15/36

‡

AUD

8,550,000

5,716,903

Insurance

Australia

Group

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.3500%,

6.7661%, 6/15/45

‡

AUD

6,730,000

4,439,360

JPMorgan

Chase

&

Co.,

SOFR

+

0.9150%,

2.5950%, 2/24/26

‡

$

7,300,000

7,242,575

JPMorgan

Chase

&

Co.,

SOFR

+

1.3300%,

6.0700%, 10/22/27

‡

19,050,000

19,537,182

JPMorgan

Chase

&

Co.,

SOFR

+

0.9300%,

5.5710%, 4/22/28

‡

15,500,000

15,776,863

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

October

31,

2024

6

October

31,

2024

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Corporate

Bonds

-

(continued)

Financial

-

(continued)

JPMorgan

Chase

&

Co.,

SOFR

+

0.9300%,

4.9790%, 7/22/28

‡

$

13,500,000

$

13,564,413

Liberty

Financial

Pty.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.4500%,

6.8677%, 3/17/25

‡

AUD

3,280,000

2,155,425

Liberty

Financial

Pty.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.5500%,

6.9011%, 5/25/26

‡

AUD

19,100,000

12,661,752

Liberty

Financial

Pty.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

3.8000%,

8.2161%, 3/16/28

‡

AUD

5,010,000

3,432,961

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

3,666,718

Lloyds

Banking

Group

plc,

90

Day

Australian

Bank

Bill

Rate

+

1.6800%,

6.0827%, 3/6/30

‡

AUD

5,240,000

3,458,388

Logicor

UK

plc,

1.8750%, 11/17/26

GBP

656,000

791,196

LPL

Holdings,

Inc.,

5.7000%, 5/20/27

$

16,965,000

17,223,092

LPL

Holdings,

Inc.,

4.6250%, 11/15/27

(144A)

23,156,000

22,706,800

Lseg

US

Fin

Corp.,

4.8750%, 3/28/27

(144A)

7,725,000

7,752,780

Macquarie

Bank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.9000%,

7.2675%, 5/28/30

‡

AUD

19,800,000

13,089,871

Macquarie

Bank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.5500%,

5.9677%, 6/17/31

‡

AUD

6,980,000

4,601,343

Macquarie

Bank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.9500%,

6.3466%, 3/1/34

‡

AUD

12,190,000

8,072,199

Macquarie

Group

Ltd.,

6.2070%, 11/22/24

(144A)

$

28,900,000

28,918,195

Macquarie

Group

Ltd.,

SOFR

+

0.9100%,

1.6290%, 9/23/27

(144A)

‡

2,100,000

1,973,969

Marsh

&

McLennan

Cos.,

Inc.,

4.5500%, 11/8/27

15,100,000

15,095,365

Morgan

Stanley,

SOFR

+

1.9900%,

2.1880%, 4/28/26

‡

1,400,000

1,380,340

Morgan

Stanley,

SOFR

+

1.7700%,

6.1380%, 10/16/26

‡

16,250,000

16,435,368

Morgan

Stanley

Bank

NA,

SOFR

+

0.7800%,

5.6197%, 7/16/25

‡

9,000,000

9,029,223

Morgan

Stanley

Bank

NA,

SOFR

+

1.0800%,

4.9520%, 1/14/28

‡

31,050,000

31,178,205

Nasdaq,

Inc.,

5.6500%, 6/28/25

4,940,000

4,961,886

National

Australia

Bank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.7000%,

6.0642%, 11/18/30

‡

AUD

24,275,000

16,044,498

Newcastle

Greater

Mutual

Group

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.8500%,

6.2063%, 2/14/29

‡

AUD

20,400,000

13,691,908

Nordea

Bank

Abp,

SOFR

+

0.9600%,

5.8168%, 6/6/25

(144A)

‡

$

6,925,000

6,950,477

Royal

Bank

of

Canada,

4.8750%, 1/19/27

8,325,000

8,388,555

Santander

UK

Group

Holdings

plc,

SOFR

+

2.7490%,

6.8330%, 11/21/26

‡

14,190,000

14,418,601

Suncorp

Group

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.3000%,

6.6966%, 6/1/37

‡

AUD

17,200,000

11,492,221

Suncorp

Group

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.6500%,

7.0466%, 12/1/38

‡

AUD

4,500,000

3,056,056

Teachers

Mutual

Bank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.3000%,

5.7283%, 6/21/27

‡

AUD

16,140,000

10,652,151

Trinity

Acquisition

plc,

4.4000%, 3/15/26

$

17,097,000

16,965,418

UBS

AG,

7.5000%, 7/15/25

12,150,000

12,311,799

VER

Finco

Pty.

Ltd.,

2.4000%, 9/21/28

AUD

2,230,000

1,300,782

Vicinity

Centres

Trust,

90

Day

Australian

Bank

Bill

Rate

+

1.4200%,

5.8614%, 6/27/25

‡

AUD

610,000

400,301

Vicinity

Centres

Trust,

4.0000%, 4/26/27

AUD

150,000

95,449

Wells

Fargo

&

Co.,

CME

Term

SOFR

3

Month

+

1.0116%,

2.1640%, 2/11/26

‡

$

9,590,000

9,508,715

Wells

Fargo

&

Co.,

SOFR

+

1.3200%,

6.1439%, 4/25/26

‡

3,500,000

3,511,274

Wells

Fargo

&

Co.,

CDOR

USD

3

Month

+

1.0650%,

4.1680%, 4/28/26

‡

CAD

22,600,000

16,223,945

Wells

Fargo

&

Co.,

SOFR

+

2.0000%,

2.1880%, 4/30/26

‡

$

13,000,000

12,812,504

Wells

Fargo

&

Co.,

SOFR

+

1.0700%,

5.7070%, 4/22/28

‡

7,870,000

8,022,713

Wells

Fargo

Bank

NA,

5.4500%, 8/7/26

7,000,000

7,104,560

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

October

31,

2024

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)

Westpac

Banking

Corp.,

4.6000%, 2/16/26

AUD

3,100,000

$

2,028,490

Westpac

Banking

Corp.,

90

Day

Australian

Bank

Bill

Rate

+

0.7500%,

5.1229%, 8/10/26

‡

AUD

1,400,000

920,705

Westpac

Banking

Corp.,

90

Day

Australian

Bank

Bill

Rate

+

1.2300%,

5.6029%, 11/11/27

‡

AUD

3,300,000

2,194,117

Westpac

Banking

Corp.,

90

Day

Australian

Bank

Bill

Rate

+

1.5500%,

5.9411%, 1/29/31

‡

AUD

11,800,000

7,789,441

Westpac

Banking

Corp.,

90

Day

Australian

Bank

Bill

Rate

+

1.8800%,

6.3000%, 4/3/34

‡

AUD

9,500,000

6,311,357

Westpac

Banking

Corp.,

90

Day

Australian

Bank

Bill

Rate

+

1.6700%,

5.9720%, 7/10/34

‡

AUD

6,500,000

4,330,303

Westpac

Banking

Corp.,

90

Day

Australian

Bank

Bill

Rate

+

1.6700%,

6.0946%, 7/10/34

‡

AUD

14,300,000

9,423,542

Willis

North

America,

Inc.,

4.6500%, 6/15/27

$

4,599,000

4,582,701

953,650,019

Industrial

-

3.1%

BAE

Systems

plc,

5.0000%, 3/26/27

(144A)

13,915,000

14,005,229

Boeing

Co.

(The),

2.1960%, 2/4/26

11,600,000

11,171,287

CNH

Industrial

Capital

Australia

Pty.

Ltd.,

5.8000%, 7/13/26

AUD

29,790,000

19,726,111

CNH

Industrial

Capital

Australia

Pty.

Ltd.,

5.4000%, 5/17/27

AUD

17,600,000

11,557,051

Fortive

Corp.,

3.1500%, 6/15/26

$

6,500,000

6,327,000

Penske

Truck

Leasing

Co.

LP,

5.3500%, 1/12/27

(144A)

7,900,000

7,970,272

70,756,950

Technology

-

2.8%

Broadcom,

Inc.,

5.0500%, 7/12/27

21,525,000

21,740,398

Fiserv,

Inc.,

5.1500%, 3/15/27

11,838,000

11,964,734

Intel

Corp.,

3.1500%, 5/11/27

7,715,000

7,398,950

SK

Hynix,

Inc.,

5.5000%, 1/16/27

(144A)

10,045,000

10,132,934

VMware

LLC,

1.4000%, 8/15/26

13,690,000

12,903,837

64,140,853

Utilities

-

5.7%

Algonquin

Power

&

Utilities

Corp.,

5.3650%, 6/15/26

Ç

5,110,000

5,138,509

DTE

Energy

Co.,

4.2200%, 11/1/24

Ç

18,735,000

18,735,000

DTE

Energy

Co.,

4.9500%, 7/1/27

9,300,000

9,351,294

Duke

Energy

Corp.,

4.8500%, 1/5/27

12,800,000

12,865,124

Duke

Energy

Corp.,

3.1500%, 8/15/27

13,250,000

12,720,498

ElectraNet

Pty.

Ltd.,

2.4737%, 12/15/28

AUD

1,930,000

1,117,749

Georgia

Power

Co.,

5.0040%, 2/23/27

$

6,520,000

6,591,972

Georgia

Power

Co.,

3.2500%, 3/30/27

5,866,000

5,699,392

Network

Finance

Co.

Pty.

Ltd.,

2.2500%, 11/11/26

AUD

570,000

352,588

NRG

Energy,

Inc.,

2.0000%, 12/2/25

(144A)

$

5,600,000

5,393,927

NRG

Energy,

Inc.,

2.4500%, 12/2/27

(144A)

17,683,000

16,332,505

Vistra

Operations

Co.

LLC,

5.1250%, 5/13/25

(144A)

23,711,000

23,689,397

Vistra

Operations

Co.

LLC,

3.7000%, 1/30/27

(144A)

11,150,000

10,834,721

128,822,676

Total

Corporate

Bonds

(cost

1,673,226,564)

1,676,016,590

Foreign

Government

Bonds

-

1.9%

Kiwibank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

0.7000%,

5.1283%, 9/23/25

‡

AUD

17,230,000

11,287,004

Korea

Electric

Power

Corp.,

4.8750%, 1/31/27

(144A)

$

23,450,000

23,564,359

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

October

31,

2024

8

October

31,

2024

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Foreign

Government

Bonds

-

(continued)

New

Zealand

Government

Bond,

4.5000%, 5/15/35

NZD

15,075,000

$

8,922,003

Total

Foreign

Government

Bonds

(cost

44,115,959)

43,773,366

Mortgage-Backed

Securities

-

6.5%

BPR

Trust

,

5.3580

%

,

11/5/29

(144A)

‡

$

6,795,181

6,781,640

BX

Commercial

Mortgage

Trust

,

CME

Term

SOFR

1

Month

+

1.6912%

,

6.4952

%

,

8/15/39

(144A)

‡

5,600,000

5,617,464

BX

Trust

,

CME

Term

SOFR

1

Month

+

1.4914%

,

6.2954

%

,

7/15/29

(144A)

‡

9,558,713

9,562,658

Connecticut

Avenue

Securities

Trust

SOFR30A

+

1.5500%,

6.4068%, 10/25/41

(144A)

‡

8,006,299

8,016,298

SOFR30A

+

2.4000%,

7.2568%, 12/25/42

(144A)

‡

4,768,017

4,891,660

SOFR30A

+

2.5000%,

7.3568%, 4/25/43

(144A)

‡

2,454,476

2,497,179

SOFR30A

+

1.7000%,

6.5568%, 7/25/43

(144A)

‡

2,455,207

2,462,859

SOFR30A

+

1.0500%,

5.9068%, 1/25/44

(144A)

‡

12,127,276

12,127,269

SOFR30A

+

1.1000%,

5.9568%, 2/25/44

(144A)

‡

3,601,292

3,601,032

SOFR30A

+

1.0000%,

5.8568%, 7/25/44

(144A)

‡

2,543,992

2,543,108

FHLMC

STACR

REMIC

Trust

SOFR30A

+

1.5000%,

6.3568%, 10/25/41

(144A)

‡

4,826,816

4,848,820

SOFR30A

+

2.3000%,

7.1568%, 8/25/42

(144A)

‡

3,819,221

3,899,980

SOFR30A

+

2.1000%,

6.9568%, 3/25/43

(144A)

‡

3,327,381

3,357,988

SOFR30A

+

2.0000%,

6.8568%, 5/25/43

(144A)

‡

1,784,487

1,800,472

SOFR30A

+

2.0000%,

6.8568%, 6/25/43

(144A)

‡

5,879,267

5,902,716

SOFR30A

+

1.8500%,

6.7068%, 11/25/43

(144A)

‡

2,225,703

2,240,910

SOFR30A

+

1.3500%,

6.2068%, 2/25/44

(144A)

‡

4,949,371

4,953,772

SOFR30A

+

1.2500%,

6.1068%, 3/25/44

(144A)

‡

2,537,290

2,542,042

SOFR30A

+

1.2000%,

6.0568%, 5/25/44

(144A)

‡

3,530,926

3,538,809

SOFR30A

+

1.2000%,

6.0568%, 8/25/44

(144A)

‡

9,981,685

9,990,071

SOFR30A

+

1.0000%,

6.0269%, 10/25/44

(144A)

‡

2,228,000

2,227,999

FHLMC,

REMIC

,

SOFR30A

+

1.1500%

,

6.0068

%

,

8/25/54

‡

21,501,396

21,564,032

NRTH

Mortgage

Trust

,

CME

Term

SOFR

1

Month

+

1.6413%

,

6.4453

%

,

3/15/39

(144A)

‡

11,400,000

11,399,820

Resimac

Bastille

Trust

,

30

Day

Australian

Bank

Bill

Rate

+

1.3500%

,

5.6525

%

,

9/13/55

‡

AUD

17,235,000

11,295,301

Total

Mortgage-Backed

Securities

(cost

$147,092,357)

147,663,899

Investment

Companies

-

0.1%

Money

Market

Funds

-

0.1%

Federated

Hermes

Government

Obligations

Tax-Managed

Fund,

Institutional

Class,

4.6600%

∞

(cost

$3,303,351)

3,303,351

3,303,351

Commercial

Paper

-

14.0%

AutoNation,

Inc.,

5.2008%, 11/1/24

(Section

4(2))

$

37,350,000

37,344,368

AutoNation,

Inc.,

5.2023%, 11/4/24

(Section

4(2))

60,150,000

60,113,730

Conagra

Brands,

Inc.,

5.1007%, 11/1/24

(Section

4(2))

11,950,000

11,948,293

Global

Payments,

Inc.,

5.4008%, 11/1/24

(Section

4(2))

65,150,000

65,140,088

Jabil,

Inc.,

5.3008%, 11/1/24

(Section

4(2))

74,900,000

74,888,400

Jabil,

Inc.,

5.3760%, 11/4/24

(Section

4(2))

66,300,000

66,270,717

Total

Commercial

Paper

(cost

$315,744,653)

315,705,596

Total

Investments

(total

cost

$

2,378,618,441

)

-

105.1%

2,380,354,982

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(5.1%)

(116,491,290)

Net

Assets

-

100.0%

$2,263,863,692

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

October

31,

2024

Janus

Detroit

Street

Trust

9

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

1,704,996,064

71.6

%

Australia

417,127,859

17.5

United

Kingdom

63,592,093

2.7

Ireland

54,748,728

2.3

Canada

39,635,288

1.7

South

Korea

33,697,293

1.4

New

Zealand

20,209,007

0.8

Singapore

15,909,469

0.7

Denmark

13,565,511

0.6

Spain

9,923,193

0.4

Finland

6,950,477

0.3

Total

$

2,380,354,982

100.0

%

Schedule

of

Affiliated

Investments

-

(%

of

Net

Assets)

Affiliated

Investments,

at

Value

at

10/31/23

Purchases

Sales

Proceeds

Realized

Gain/

(Loss)

Change

in

Unrealized

Appreciatio

n/

(Depreciation)

Affiliated

Investments,

at

Value

at

10/31/24

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

Shares

Held

at

10/31/24

Dividend

Income

Investment

Company

-

N/A

Exchange

Traded

Fund

-

N/A

Janus

Henderson

AAA

CLO

ETF

$

27,637,500

$

–

$

(27,781,598)

$

113,820

$

30,278

$

–

–

$

1,490,526

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

Australian

Dollar

1/24/25

640,530,000

$

(424,498,447)

$

4,679,904

–

J.P.

Morgan

Chase

Bank

Canadian

Dollar

1/24/25

86,857,000

(62,939,668)

446,870

Great

British

Pound

1/24/25

5,613,000

(7,259,719)

45,363

492,233

Morgan

Stanley

&

Co.

New

Zealand

Dollar

1/24/25

15,872,000

(9,535,263)

80,498

–

Total

$5,252,635

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

October

31,

2024

10

October

31,

2024

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

The

following

table,

grouped

by

derivative

type,

provides

information

about

the

fair

value

and

location

of

derivatives

within

the

Statement

of

Assets

and

Liabilities

as

of

October

31,

2024.

Schedule

of

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

and

Unrealized

Appreciation

(Depreciation)

Futures

Long:

Canada

2

year

Bonds

4,525

12/18/24

$

340,052,638

$

(207,193)

Euro-Schatz

2,900

12/6/24

335,428,938

(749,130)

Total

-

Futures

Long

(956,323)

Futures

Short:

Australia

3

Year

Bonds

1,262

12/16/24

(87,267,268)

1,313,656

U.S.

Treasury

10

Year

Notes

691

12/19/24

(76,333,906)

1,359,182

U.S.

Treasury

2

Year

Notes

1,969

12/31/24

(405,506,319)

3,275,928

U.S.

Treasury

5

Year

Notes

400

12/31/24

(42,893,750)

996,495

Total

-

Futures

Short

6,945,261

Total

$5,988,938

Schedule

of

Centrally

Cleared

Credit

Default

Swaps

-

Buy

Protection

Referenced

Asset

Maturity

Date

Notional

Amount

Premiums

Paid/

(Received)

Unrealized

Appreciation

(Depreciation)

Value

CDX.NA.IG.41-V1,

Fixed

Rate

of

1.00%

Paid

Quarterly

12/20/28

$

79,400,000

$

(726,006)

$

(1,138,807)

$

(1,864,813)

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

$

–

$

955,331

$

955,331

3

Month

BBR

5.4400%

Fixed

Quarterly

7/27/25

63,455,000

NZD

–

884,742

884,742

3

Month

BBR

4.9275%

Fixed

Quarterly

5/21/26

49,000,000

NZD

–

859,182

859,182

3

Month

BBR

5.6150%

Fixed

Quarterly

7/13/25

32,632,700

NZD

–

479,669

479,669

3

Month

BBR

5.3775%

Fixed

Quarterly

7/19/25

32,632,700

NZD

–

438,442

438,442

3

Month

BBR

5.5100%

Fixed

Quarterly

8/16/25

31,965,000

NZD

–

222,176

222,176

3.9900%

Fixed

3

Month

BBR

Semi-Annual

8/08/34

15,690,000

NZD

–

150,949

150,949

3

Month

BBR

3.5600%

Fixed

Quarterly

10/21/26

75,370,000

NZD

–

(97,991)

(97,991)

4.4950%

Fixed

3

Month

BBR

Semi-Annual

5/21/34

11,671,000

NZD

–

(266,546)

(266,546)

Total

$–

$3,625,954

$3,625,954

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

October

31,

2024

Janus

Detroit

Street

Trust

11

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Fair

Value

of

Derivative

Instruments

(not

accounted

for

as

hedging

instruments)

as

of

October

31,

2024

Credit

Contracts

Interest

Rate

Contracts

Currency

Contracts

Total

Asset

Derivatives:

Forward

foreign

currency

exchange

contracts

$—

$—

$5,252,635

$5,252,635

*

Swaps

-

centrally

cleared

—

3,990,491

—

3,990,491

*

Futures

contracts

—

6,945,261

—

6,945,261

Total

Asset

Derivatives

$—

$10,935,752

$5,252,635

$16,188,387

Liability

Derivatives:

*

Swaps

-

centrally

cleared

1,138,807

364,537

—

1,503,344

*

Futures

contracts

—

956,323

—

956,323

Total

Liability

Derivatives

$1,138,807

$1,320,860

$—

$2,459,667

The

following

tables

provide

information

about

the

effect

of

derivatives

and

hedging

activities

on

the

Fund’s

Statement

of

Operations

for

the year

ended

October

31,

2024.

Please

see

the

“Net

realized

and

change

in

unrealized

gain/(loss)

on

investments”

sections

of

the

Fund’s

Statement

of

Operations.

*

The

fair

value

presented

includes

net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts

and

centrally

cleared

swaps.

In

the

Statement

of

Assets

and

Liabilities,

only

current

day's

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

total

distributable

earnings

(loss).

The

Effect

of

Derivative

Instruments

(not

accounted

for

as

hedging

instruments)

on

the

Statement

of

Operations

for

the

Year

Ended

October

31,

2024

Amount

of

Realized

Gain/(Loss)

Recognized

on

Derivatives

Derivative

Credit

Contracts

Interest

Rate

Contracts

Currency

Contracts

Total

Forward

foreign

currency

exchange

contracts

$—

$—

$(18,656,512)

$(18,656,512)

Futures

contracts

—

(3,977,585)

—

(3,977,585)

Swap

contracts

(1,253,539)

(566,377)

—

(1,819,916)

Purchased

option

contracts

—

45,777

—

45,777

Purchased

swaption

contracts

(1,792,501)

—

—

(1,792,501)

Written

swaption

contracts

919,151

—

—

919,151

Total

$(2,126,889)

$(4,498,185)

$(18,656,512)

$(25,281,586)

Amount

of

Change

in

Unrealized

Appreciation/(Depreciation)

Recognized

on

Derivatives

Derivative

Credit

Contracts

Interest

Rate

Contracts

Currency

Contracts

Total

Forward

foreign

currency

exchange

contracts

$—

$—

$5,112,204

$5,112,204

Futures

contracts

—

4,668,071

—

4,668,071

Swap

contracts

(1,239,182)

2,657,619

—

1,418,437

Total

$(1,239,182)

$7,325,690

$5,112,204

$11,198,712

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

October

31,

2024

12

October

31,

2024

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Average

Ending

Monthly

Value

of

Derivative

Instruments

During

the

Year

Ended

October

31,

2024

Futures

contracts:

Average

notional

amount

of

contracts

-

long

$508,943,106

Average

notional

amount

of

contracts

-

short

767,666,113

Forward

foreign

currency

exchange

contracts:

Average

amounts

purchased

-

in

USD

56,314,337

Average

amounts

sold

-

in

USD

576,612,040

Credit

default

swaps:

Average

notional

amount

-

buy

protection

92,600,000

Interest

rate

swaps:

Average

notional

amount

-

pay

fixed

rate/receive

floating

rate

207,238,921

Swaptions:

Average

value

of

swaption

contracts

purchased

282,047

Average

value

of

swaption

contracts

written

138,006

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

$

4,679,904

$

—

$

—

$

4,679,904

J.P.

Morgan

Chase

Bank

492,233

—

—

492,233

Morgan

Stanley

&

Co.

80,498

—

—

80,498

Total

$

5,252,635

$

—

$

—

$

5,252,635

(a)

Represents

the

amount

of

assets

or

liabilities

that

could

be

offset

with

the

same

counterparty

under

master

netting

or

similar

agreements

that

management

elects

not

to

offset

on

the

Statement

of

Assets

and

Liabilities.

(b)

Collateral

pledged

is

limited

to

the

net

outstanding

amount

due

to/from

an

individual

counterparty.

The

actual

collateral

amounts

pledged

may

exceed

these

amounts

and

may

fluctuate

in

value.

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

October

31,

2024

Janus

Detroit

Street

Trust

13

AUD

Australian

Dollar

CAD

Canadian

Dollar

CDOR

Canadian

Dollar

Offered

Rate

CME

Chicago

Mercantile

Exchange

ETF

Exchange

Traded

Fund

FHLMC

Federal

Home

Loan

Mortgage

Corp.

GBP

British

Pound

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

October

31,

2024.

Ç

Step

bond.

The

coupon

rate

will

increase

or

decrease

periodically

based

upon

a

predetermined

schedule.

The

rate

shown

reflects

the

current

rate.

Section

4(2)

Securities

subject

to

legal

and/or

contractual

restrictions

on

resale

and

may

not

be

publicly

sold

without

registration

under

the

Securities

Act

of

1933,

as

amended.

The

total

value

of

Section

4(2)

securities

as

of

the

year

ended

October

31,

2024

is

$315,705,596

which

represents

13.9%

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

year

ended

October

31,

2024

is

$666,673,205

which

represents

29.4%

of

net

assets.

‡

Variable

or

floating

rate

security.

Rate

shown

is

the

current

rate

as

of

October

31,

2024.

Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread;

they

are

determined

by

the

issuer

or

agent

and

current

market

conditions.

Reference

rate

is

as

of

reset

date

and

may

vary

by

security,

which

may

not

indicate

a

reference

rate

and/or

spread

in

their

description.

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

October

31,

2024

14

October

31,

2024

The

following

is

a

summary

of

the

inputs

that

were

used

to

value

the

Fund's

investments

in

securities

and

other

financial

instruments

as

of

October

31,

2024

.

See

Notes

to

Financial

Statements

for

more

information.

Valuation

Inputs

Summary

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Total

Assets

Investments

in

Securities:

Asset-Backed

Securities

$

—

$

193,892,180

$

—

$

193,892,180

Corporate

Bonds

—

1,676,016,590

—

1,676,016,590

Foreign

Government

Bonds

—

43,773,366

—

43,773,366

Mortgage-Backed

Securities

—

147,663,899

—

147,663,899

Investment

Companies

3,303,351

—

—

3,303,351

Commercial

Paper

—

315,705,596

—

315,705,596

Total

Investments

in

Securities

$

3,303,351

$

2,377,051,631

$

—

$

2,380,354,982

Other

Financial

Instruments

(a)

:

Centrally

Cleared

Swaps

$

—

$

3,990,491

$

—

$

3,990,491

Forward

Foreign

Currency

Exchange

Contracts

—

5,252,635

—

5,252,635

Futures

Contracts

6,945,261

—

—

6,945,261

Total

Other

Financial

Instruments

$

6,945,261

$

9,243,126

$

—

$

16,188,387

Total

Assets

$

10,248,612

$

2,386,294,757

$

—

$

2,396,543,369

Liabilities

Other

Financial

Instruments

(a)

:

Centrally

Cleared

Swaps

$

—

$

1,503,344

$

—

$

1,503,344

Futures

Contracts

956,323

—

—

956,323

Total

Liabilities

$

956,323

$

1,503,344

$

—

$

2,459,667

(a)

Other

financial

instruments

include

forward

foreign

currency

exchange

contracts,

futures

and

swap

contracts.

Forward

foreign

currency

exchange

contracts,

futures

contracts

and

swap

contracts

are

reported

at

their

unrealized

appreciation/(depreciation)

at

measurement

date,

which

represents

the

change

in

the

contract’s

value

from

trade

date.

Janus

Henderson

Short

Duration

Income

ETF

Statement

of

Assets

and

Liabilities

October

31,

2024

Janus

Detroit

Street

Trust

15

See

Notes

to

Financial

Statements.

Assets:

Investments,

at

value

(cost

$2,378,618,441)

$

2,380,354,982

Cash

67,558

Cash

denominated

in

foreign

currency

(cost

$39,524,550)

39,233,840

Forward

foreign

currency

exchange

contracts

5,252,635

Due

from

broker

for

centrally

cleared

swaps

1,601,577

Due

from

broker

for

futures

9,430,000

Receivable

for

variation

margin

on

futures

contracts

405,630

Receivables:

Interest

21,988,317

Due

from

adviser

6,781

Total

Assets

2,458,341,320

Liabilities:

Payable

for

variation

margin

on

swaps

1,235,575

Payables:

Investments

purchased

192,799,753

Management

fees

441,818

Interest

482

Total

Liabilities

194,477,628

Commitments

and

contingent

liabilities

Net

Assets

$

2,263,863,692

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

2,303,776,996

Total

distributable

earnings

(loss)

(

39,913,304

)

Total

Net

Assets

$

2,263,863,692

Net

Assets

$

2,263,863,692

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

46,150,000

Net

Asset

Value

Per

Share

$

49

.05

Janus

Henderson

Short

Duration

Income

ETF

Statement

of

Operations

For

the

year

ended

October

31,

2024

16

October

31,

2024

See

Notes

to

Financial

Statements.

Investment

Income:

Interest

$

116,777,873

Dividends

from

affiliates

1,490,526

Dividends

150,760

Total

Investment

Income

118,419,159

Expenses:

Management

Fees

5,314,797

Total

Expenses

5,314,797

Less:

Excess

Expense

Reimbursement

and

Waivers

(

106,834

)

Net

Expenses

5,207,963

Net

Investment

Income/(Loss)

113,211,196

Net

Realized

Gain/(Loss)

on

Investments:

Investments

and

foreign

currency

transactions

$

(

23,455,305

)

Investments

in

affiliates

113,820

Forward

foreign

currency

exchange

contracts

(

18,656,512

)

Futures

contracts

(

3,977,585

)

Swap

contracts

(

1,819,916

)

Purchased

option

contracts

45,777

Purchased

swaption

contracts

(

1,792,501

)

Written

swaption

contracts

919,151

Total

Net

Realized

Gain/(Loss)

on

Investments

$

(

48,623,071

)

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

and

foreign

currency

translations

$

84,789,636

Investments

in

affiliates

30,278

Forward

foreign

currency

exchange

contracts

5,112,204

Futures

contracts

4,668,071

Swap

contracts

1,418,437

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

96,018,626

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

160,606,751

Janus

Henderson

Short

Duration

Income

ETF

Statements

of

Changes

in

Net

Assets

Janus

Detroit

Street

Trust

17

See

Notes

to

Financial

Statements.

Year

Ended

October

31,

2024

Year

Ended

October

31,

2023

Operations:

Net

investment

income/(loss)

$

113,211,196

$

86,711,224

Net

realized

gain/(loss)

on

investments

(

48,623,071

)

(

14,597,826

)

Change

in

unrealized

net

appreciation/depreciation

96,018,626

45,869,478

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

160,606,751

117,982,876

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(

82,756,320

)

(

141,400,131

)

Return

of

Capital

(

27,233,111

)

—

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(

109,989,431

)

(

141,400,131

)

Capital

Share

Transactions

(

159,539,084

)

(

143,593,675

)

Net

Increase/(Decrease)

in

Net

Assets

(

108,921,764

)

(

167,010,930

)

Net

Assets:

—

—

Beginning

of

Year  

2,372,785,456

2,539,796,386

End

of

Year

$

2,263,863,692

$

2,372,785,456

Janus

Henderson

Short

Duration

Income

ETF

Financial

Highlights

18

October

31,

2024

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

each

year

or

period

ended

October

31

2024

2023

2022

2021

2020

Net

Asset

Value,

Beginning

of

Period

$47.98

$48.47

$50.00

$50.40

$49.89

Income/(Loss)

from

Investment

Operations:

—

—

—

—

—

Net

investment

income/(loss)

(1)

2.41

1.80

0.69

0.49

0.77

Net

realized

and

unrealized

gain/(loss)

0.99

0.65

(1.27)

(0.41)

0.70

Total

from

Investment

Operations

3.40

2.45

(0.58)

0.08

1.47

Less

Dividends

and

Distributions:

—

—

—

—

—

Dividends

(from

net

investment

income)

(1.75)

(2.94)

(0.95)

(0.48)

(0.96)

Return

of

Capital

(0.58)

—

—

—

—

Total

Dividends

and

Distributions

(2.33)

(2.94)

(0.95)

(0.48)

(0.96)

Net

Asset

Value,

End

of

Period

$49.05

$47.98

$48.47

$50.00

$50.40

Total

Return

7.26%

5.24%

(1.18)%

0.15%

2.99%

Net

assets,

End

of

Period

(in

thousands)

$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%

0.26%

Ratio

of

Net

Expenses

(After

Waivers

and

Expense

Offsets)

0.23%

0.23%

0.23%

0.23%

0.26%

Ratio

of

Net

Investment

Income/(Loss)

4.96%

3.77%

1.41%

0.98%

1.54%

Portfolio

Turnover

Rate

(2)

68%

53%

46%

74%

14%

(1)

Per

share

amounts

are

calculated

based

on

average

shares

outstanding

during

the

year

or

period.

(2)

Portfolio

turnover

rate

excludes

securities

received

or

delivered

from

in-kind

processing

of

creation

or

redemptions.

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

19

1.

Organization

and

Significant

Accounting

Policies

Janus

Henderson

Short

Duration

Income

ETF (the

“Fund”)

is

a

series

fund.

The

Fund

is

part

of

Janus

Detroit

Street

Trust

(the

“Trust”),

which

is

organized

as

a

Delaware

statutory

trust

and

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company,

and

therefore

has

applied

the

specialized

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

(“ASC”)

Topic

946.

As

of

the

date

of

this

report,

the

Trust

offers twelve

Funds

each

of

which

represent

shares

of

beneficial

interest

in

a

separate

portfolio

of

securities

and

other

assets

with

its

own

objective

and

policies.

The

Fund

seeks

to

provide

a

steady

income

stream

with

capital

preservation

across

various

market

cycles.

The

Fund

seeks

to

consistently

outperform

the

FTSE

3-Month

U.S.

Treasury

Bill

Index

by

a

moderate

amount

through

various

market

cycles

while

at

the

same

time

providing

low

volatility.

The

Fund

is

classified

as

diversified,

as

defined

in

the

1940

Act.

Janus

Henderson

Investors

US

LLC

is

the

investment

adviser

(the

“Adviser”)

to

the

Fund.

The

Fund

is

an

actively-managed

exchange-traded

fund.

Unlike

shares

of

traditional

mutual

funds,

shares

of

the

Fund

are

not

individually

redeemable

and

may

only

be

purchased

or

redeemed

directly

from

the

Fund

at

net

asset

value

(“NAV”)

in

large

increments

called

“Creation

Units”

by

certain

participants,

known

as

“Authorized

Participants.”

The

size

of

a

Creation

Unit

to

purchase

shares

of

the

Fund

may

differ

from

the

size

of

a

Creation

Unit

to

redeem

shares

of

the

Fund.

The

Fund

will

issue

or

redeem

Creation

Units

in

exchange

for

portfolio

securities

and/or

cash.

Except

when

aggregated

in

Creation

Units,

Fund

shares

are

not

redeemable

securities

of

the

Fund.

Shares

of

the

Fund

are

listed

and

trade

on NYSE

Arca,

Inc.

(the

"Exchange"),

and

individual

investors

can

purchase

or

sell

shares

in

much

smaller

increments

for

cash

in

the

secondary

market

through

a

broker.

These

transactions,

which

do

not

involve

the

Fund,

are

made

at

market

prices

that

may

vary

throughout

the

day

and

differ

from

the

Fund’s

NAV.

As

a

result,

you

may

pay

more

than

NAV

(a

premium)

when

you

purchase

shares

and

receive

less

than

NAV

(a

discount)

when

you

sell

shares,

in

the

secondary

market.

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

20

October

31,

2024

in

good

faith

by

the

Adviser

pursuant

to

the

Valuation

Procedures. Circumstances

in

which

fair

valuation

may

be

utilized

include,

but

are

not

limited

to:

(i)

a

significant

event

that

may

affect

the

securities

of

a

single

issuer,

such

as

a

merger,

bankruptcy,

or

significant

issuer-specific

development;

(ii)

an

event

that

may

affect

an

entire

market,

such

as

a

natural

disaster

or

significant

governmental

action;

(iii)

a

nonsignificant

event

such

as

a

market

closing

early

or

not

opening,

or

a

security

trading

halt;

and

(iv)

pricing

of

a

non-valued

security

and

a

restricted

or

nonpublic

security.

Special

valuation

considerations

may

apply

with

respect

to

“odd-lot”

fixed-income

transactions

which,

due

to

their

small

size,

may

receive

evaluated

prices

by

pricing

services

which

reflect

a

large

block

trade

and

not

what

actually

could

be

obtained

for

the

odd-

lot

position.

The

value

of

the

securities

of

mutual

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

mutual

funds,

and

the

prospectuses

for

such

mutual

funds

explain

the

circumstances

under

which

they

use

fair

valuation

and

the

effects

of

using

fair

valuation.

The

value

of

the

securities

of

any

cash

management

pooled

investment

vehicles

that

operate

as

money

market

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

funds.

Valuation

Inputs

Summary 

FASB

ASC

820,

Fair

Value

Measurements

and

Disclosures

(“ASC

820”),

defines

fair

value,

establishes

a

framework

for

measuring

fair

value,

and

expands

disclosure

requirements

regarding

fair

value

measurements.

This

standard

emphasizes

that

fair

value

is

a

market-based

measurement

that

should

be

determined

based

on

the

assumptions

that

market

participants

would

use

in

pricing

an

asset

or

liability

and

establishes

a

hierarchy

that

prioritizes

inputs

to

valuation

techniques

used

to

measure

fair

value.

These

inputs

are

summarized

into

three

broad

levels: 

Level

1

–

Unadjusted

quoted

prices

in

active

markets

the

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities.

Level

2

–

Observable

inputs

other

than

unadjusted

quoted

prices

included

in

Level

1

that

are

observable

for

the

asset

or

liability

either

directly

or

indirectly.

These

inputs

may

include

quoted

prices

for

the

identical

instrument

on

an

inactive

market,

prices

for

similar

instruments,

interest

rates,

prepayment

speeds,

credit

risk,

yield

curves,

default

rates

and

similar

data.

Assets

or

liabilities

categorized

as

Level

2

in

the

hierarchy

generally

include:

debt

securities

fair

valued

in

accordance

with

the

evaluated

bid

or

ask

prices

supplied

by

a

pricing

service;

securities

traded

on

OTC

markets

and

listed

securities

for

which

no

sales

are

reported

that

are

fair

valued

at

the

latest

bid

price

(or

yield

equivalent

thereof)

obtained

from

one

or

more

dealers

transacting

in

a

market

for

such

securities

or

by

a

pricing

service

approved

by

the

Fund’s

Trustees;

and

certain

short-term

debt

securities

with

maturities

of

60

days

or

less

that

are

fair

valued

at

amortized

cost.

Other

securities

that

may

be

categorized

as

Level

2

in

the

hierarchy

include,

but

are

not

limited

to,

preferred

stocks,

bank

loans,

swaps,

investments

in

unregistered

investment

companies,

options,

and

forward

contracts.

Level

3

–

Unobservable

inputs

for

the

asset

or

liability

to

the

extent

that

relevant

observable

inputs

are

not

available,

representing

the

Fund’s

own

assumptions

about

the

assumptions

that

a

market

participant

would

use

in

valuing

the

asset

or

liability,

and

that

would

be

based

on

the

best

information

available.

There

have

been

no

significant

changes

in

valuation

techniques

used

in

valuing

any

such

positions

held

by

the

Fund

since

the

beginning

of

the

fiscal

year. 

The

inputs

or

methodology

used

for

fair

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

The

summary

of

inputs

used

as

of

October

31,

2024 to

fair

value

the

Fund’s

investments

in

securities

and

other

financial

instruments

is

included

in

the

“Valuation

Inputs

Summary”

in

the

Notes

to

Schedule

of

Investments

and

Other

Information.

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

Janus

Detroit

Street

Trust

21

securities

may

be

placed

in

non-accrual

status

and

related

interest

income

may

be

reduced

by

stopping

current

accruals

and

writing

off

interest

receivables

when

collection

of

all

or

a

portion

of

interest

has

become

doubtful.

Gains

and

losses

are

determined

on

the

identified

cost

basis,

which

is

the

same

basis

used

for

federal

income

tax

purposes.  

Estimates

The

preparation

of

financial

statements

in

conformity

with

US

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amount

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates. 

Indemnifications

In

the

normal

course

of

business,

the

Fund

may

enter

into

contracts

that

contain

provisions

for

indemnification

of

other

parties

against

certain

potential

liabilities.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

and

would

involve

future

claims

that

may

be

made

against

the

Fund

that

have

not

yet

occurred.

Currently,

the

risk

of

material

loss

from

such

claims

is

considered

remote. 

Foreign

Currency

Translations

The

Fund

does

not

isolate

that

portion

of

the

results

of

operations

resulting

from

the

effect

of

changes

in

foreign  exchange

rates

on

investments

from

the

fluctuations

arising

from

changes

in

market

prices

of

securities

held

at

the

date  of

the

financial

statements.

Net

unrealized

appreciation

or

depreciation

of

investments

and

foreign

currency

translations

arise

from

changes

in

the

value

of

assets

and

liabilities,

including

investments

in

securities

held

at

the

date

of

the

financial

statements,

resulting

from

changes

in

the

exchange

rates

and

changes

in

market

prices

of

securities

held.

Currency

gains

and

losses

are

also

calculated

on

payables

and

receivables

that

are

denominated

in

foreign

currencies.

The

payables

and

receivables

are

generally

related

to

foreign

security

transactions

and

income

translations.

Foreign

currency-denominated

assets

and

forward

currency

contracts

may

involve

more

risks

than

domestic

transactions,

including

currency

risk,

counterparty

risk,

political

and

economic

risk,

regulatory

risk

and

equity

risk.

Risks

may

arise

from

unanticipated

movements

in

the

value

of

foreign

currencies

relative

to

the

U.S.

dollar.

Dividends

and

Distributions

Dividends

from

net

investment

income

are

generally

declared

and

distributed

monthly.

Net

realized

capital

gains

(if

any)

are

distributed

annually.

The

Fund

may

treat

a

portion

of

the

amount

paid

to

redeem

shares

as

a

distribution

of

investment

company

taxable

income

and

realized

capital

gains

that

are

reflected

in

the

NAV.

This

practice,

commonly

referred

to

as

“equalization,”

has

no

effect

on

the

redeeming

shareholder

or

a

Fund’s

total

return

but

may

reduce

the

amounts

that

would

otherwise

be

required

to

be

paid

as

taxable

dividends

to

the

remaining

shareholders.

It

is

possible

that

the

Internal

Revenue

Service

(IRS)

could

challenge

the

Fund’s

equalization

methodology

or

calculations,

and

any

such

challenge

could

result

in

additional

tax,

interest,

or

penalties

to

be

paid

by

the

Fund. 

Federal

Income

Taxes

The

Fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

and

distribute

all

of

its

taxable

income

in

accordance

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code.

Management

has

analyzed

the

Fund’s

tax

positions

taken

for

all

open

federal

income

tax

years,

generally

a

three-year

period,

and

has

concluded

that

no

provision

for

federal

income

tax

is

required

in

the

Fund’s

financial

statements.

The

Fund

is

not

aware

of

any

tax

positions

for

which

it

is

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

benefits

will

significantly

change

in

the

next

twelve

months. 

2.

Derivative

Instruments 

The

Fund

may

invest

in

various

types

of

derivatives.

A

derivative

is

a

financial

instrument

whose

performance

is

derived

from

the

performance

of

another

asset.

The

Fund

may

invest

in

derivative

instruments

including,

but

not

limited

to

futures,

forwards,

options,

and

swaps.

Each

derivative

instrument

that

was

held

by

the

Fund

during

the

year

ended October

31,

2024 

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

22

October

31,

2024

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

Janus

Detroit

Street

Trust

23

Forward

Foreign

Currency

Exchange

Contracts

A

forward

foreign

currency

exchange

contract

(“forward

currency

contract”)

is

an

obligation

to

buy

or

sell

a

specified

currency

at

a

future

date

at

a

negotiated

rate

(which

may

be

U.S.

dollars

or

a

foreign

currency).

The

Fund

may

enter

into

forward

currency

contracts

for

hedging

purposes,

including,

but

not

limited

to,

reducing

exposure

to

changes

in

foreign

currency

exchange

rates

on

foreign

portfolio

holdings

and

locking

in

the

U.S.

dollar

cost

of

firm

purchase

and

sale

commitments

for

securities

denominated

in

or

exposed

to

foreign

currencies.

The

Fund

may

also

invest

in

forward

currency

contracts

for

nonhedging

purposes

such

as

seeking

to

enhance

returns.

The

Fund

is

subject

to

currency

risk

and

counterparty

risk

in

the

normal

course

of

pursuing

its

investment

objective

through

its

investments

in

forward

currency

contracts.

Forward

currency

contracts

are

valued

by

converting

the

foreign

value

to

U.S.

dollars

by

using

the

current

spot

U.S.

dollar

exchange

rate

and/or

forward

rate

for

that

currency.

Exchange

and

forward

rates

as

of

the

close

of

the London

Stock

Exchange are

used

to

value

the

forward

currency

contracts.

The

unrealized

appreciation/(depreciation)

for

forward

currency

contracts

is

reported

in

the

Statement

of

Assets

and

Liabilities

as

a

receivable

or

payable

(if

applicable)

and

in

the

Statement

of

Operations

for

the

change

in

unrealized

net

appreciation/depreciation

(if

applicable).

The

realized gain

or

loss

arising

from

the

difference

between

the

U.S.

dollar

cost

of

the

original

contract

and

the

value

of

the

foreign

currency

in

U.S.

dollars

upon

closing

a

forward

currency

contract

is

reported

on

the

Statement

of

Operations

(if

applicable).

During

the

year,

the

Fund

entered

into

forward

currency

contracts

with

the

obligation

to

purchase

foreign

currencies

in

the

future

at

an

agreed

upon

rate

in

order

to

take

a

positive

outlook

on

the

related

currency.

These

forward

contracts

seek

to

increase

exposure

to

currency

risk.

During

the

year,

the

Fund

entered

into

forward

currency

contracts

with

the

obligation

to

purchase

foreign

currencies

in

the

future

at

an

agreed

upon

rate

in

order

to

decrease

exposure

to

currency

risk

associated

with

foreign

currency

denominated

securities

held

by

the

Fund.

During

the

year,

the

Fund

entered

into

forward

currency

contracts

with

the

obligation

to

sell

foreign

currencies

in

the

future

at

an

agreed

upon

rate

in

order

to

take

a

negative

outlook

on

the

related

currency.

These

forward

contracts

seek

to

increase

exposure

to

currency

risk.

During

the

year,

the

Fund

entered

into

forward

currency

contracts

with

the

obligation

to

sell

foreign

currencies

in

the

future

at

an

agreed

upon

rate

in

order

to

decrease

exposure

to

currency

risk

associated

with

foreign

currency

denominated

securities

held

by

the

Fund.

Futures

Contracts 

A

futures

contract

is

an

exchange-traded

agreement

to

take

or

make

delivery

of

an

underlying

asset

at

a

specific

time

in

the

future

for

a

specific

predetermined

negotiated

price.

The

Fund

may

enter

into

futures

contracts

for

the

purchase

or

sale

for

future

delivery

of

(i)

fixed-income

securities,

and

U.S.

government

securities

and

Treasuries,

or

(ii)

contracts

based

on

interest

rates.

The

Fund

is

subject

to

interest

rate

risk

and

equity

risk

in

the

normal

course

of

pursuing

its

investment

objective

through

its

investments

in

futures

contracts.

The

Fund

may

also

use

such

derivative

instruments

to

hedge

or

protect

from

adverse

movements

in

securities

prices

or

interest

rates.

The

use

of

futures

contracts

may

involve

risks

such

as

the

possibility

of

illiquid

markets

or

imperfect

correlation

between

the

values

of

the

contracts

and

the

underlying

securities,

or

that

the

counterparty

will

fail

to

perform

its

obligations.

Futures

contracts are

valued

at

the

settlement

price

on

valuation

date

as

reported

by

an

approved

vendor.

Mini

contracts,

as

defined

in

the

description

of

the

contract,

shall

be

valued

using

the

Actual

Settlement

Price

or

“ASET”

price

type

as

reported

by

an

approved

vendor.

Futures

contracts

are

marked-to-market

daily,

and

the

daily

variation

margin

is

recorded

as

a

receivable

or

payable

on

the

Statement

of

Assets

and

Liabilities

(if

applicable).

The

change

in

unrealized

net

appreciation/depreciation

is

reported

on

the

Statement

of

Operations

(if

applicable).

When

a

contract

is

closed,

a

realized

gain

or

loss

is

reported

on

the

Statement

of

Operations

(if

applicable),

equal

to

the

difference

between

the

opening

and

closing

value

of

the

contract.

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

24

October

31,

2024

With

futures,

there

is

minimal

counterparty

credit

risk

to

the

Fund

since

futures

are

exchange-traded

and

the

exchange's

clearinghouse,

as

counterparty

to

all

exchange-traded

futures,

guarantees

the

futures

against

default. 

During

the

year,

the

Fund

purchased

interest

rate

futures

to

increase

exposure

to

interest

rate

risk.

During

the

year,

the

Fund

sold

interest

rate

futures

to

decrease

exposure

to

interest

rate

risk.

Options

on

Swap

Contracts

(Swaptions

) 

The

Fund

may

purchase

or

write

covered

and

uncovered

put

and

call

options

on

swap

contracts,

commonly

referred

to

as

“swaptions”.

Swaption

contracts

grant

the

purchaser

the

right,

but

not

the

obligation,

to

enter

into

a

swap

transaction

at

preset

terms

detailed

in

the

underlying

agreement

within

a

specified

period

of

time.

Swaptions

can

be

used

for

a

variety

of

purposes,

including

to

manage

the

Fund’s

overall

exposure

to

changes

in

interest

or

foreign

currency

exchange

rates

and

credit

quality;

as

an

efficient

means

of

adjusting

the

Fund’s

exposure

to

certain

markets;

in

an

effort

to

enhance

income

or

total

return

or

protect

the

value

of

portfolio

securities;

to

serve

as

a

cash

management

tool;

and

to

adjust

portfolio

duration

or

credit

risk.

Because

the

use

of

swaptions

generally

does

not

involve

the

delivery

of

securities

or

other

underlying

assets

or

principal,

the

risk

of

loss

with

respect

to

swaptions

generally

is

limited

to

the

net

amount

of

payments

that

the

Fund

is

contractually

obligated

to

make.

There

is

also

a

risk

of

a

default

by

the

other

party

to

a

swaption,

in

which

case

the

Fund

may

not

receive

the

net

amount

of

payments

that

it

contractually

is

entitled

to

receive.

Entering

into

a

swaption

contract

involves,

to

varying

degrees,

the

elements

of

credit,

market,

and

interest

rate

risk,

associated

with

both

option

contracts

and

swap

contracts.

Interest

rate

written

receiver

swaptions,

if

exercised

by

the

purchaser,

allow

the

Fund

to

short

interest

rates

by

entering

into

a

pay

fixed/receive

float

interest

rate

swap.

Selling

the

interest

rate

receiver

option

reduces

the

exposure

to

interest

rates

and

the

short

position

becomes

more

valuable

to

the

Fund

as

interest

rates

rise

and/or

implied

interest

rate

volatility

decreases.

Interest

rate

written

payer

swaptions,

if

exercised

by

the

purchaser,

allow

the

Fund

to

take

a

long

position

on

interest

rates

by

entering

into

a

receive

fixed/pay

float

interest

rate

swap.

Selling

the

interest

rate

payer

option

increases

the

exposure

to

interest

rates

and

the

short

position

becomes

more

valuable

to

the

Fund

as

interest

rates

fall

and/or

implied

interest

rate

volatility

decreases.

Credit

default

written

receiver

swaptions,

if

exercised

by

the

purchaser,

allow

the

Fund

to

buy

credit

protection

through

credit

default

swaps.

Selling

the

credit

default

receiver

option

reduces

the

exposure

to

the

credit

risk

of

the

individual

issuers

and/or

indices

of

issuers

and

the

short

position

becomes

more

valuable

to

the

Fund

as

the

likelihood

of

a

credit

event

on

the

reference

asset(s)

increases.

Credit

default

written

payer

swaptions,

if

exercised

by

the

purchaser,

allow

the

Fund

to

sell

credit

protection

through

credit

default

swaps.

Selling

the

credit

default

payer

option

increases

the

exposure

to

the

credit

risk

of

the

individual

issuers

and/or

indices

of

issuers

and

the

short

position

becomes

more

valuable

to

the

Fund

as

the

likelihood

of

a

credit

event

on

the

reference

asset(s)

decreases.

Swaptions

purchased

are

reported

in

the

Schedule

of

Investments

(if

applicable).

Swaptions

written

are

reported

as

a

liability

on

the

Statement

of

Assets

and

Liabilities

as

“Swaptions

written,

at

value”

(if

applicable).

During

the

year

ended,

the

Fund

purchased

credit

default

payer

swaptions

(put)

and

bought

protection

via

the

credit

default

swap

market

in

order

to

reduce

credit

risk

exposure

to

individual

corporates,

countries

and/or

credit

indices.

There

were

no

purchased

swaptions

held

at

October

31,

2024.

During

the

year

ended,

the

Fund

sold

credit

default

payer

swaptions

(put)

in

order

to

gain

credit

market

volatility

exposure

and

to

gain

credit

exposure.

There

were

no

written

swaptions

held

at

October

31,

2024.

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

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

25

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

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

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

26

October

31,

2024

addition

to

its

total

net

assets,

the

Fund

would

be

subject

to

investment

exposure

on

the

notional

value

of

the

swap.

The

maximum

potential

amount

of

future

payments

(undiscounted)

that

the

Fund

as

a

seller

could

be

required

to

make

in

a

credit

default

transaction

would

be

the

notional

amount

of

the

agreement.

As

a

buyer

of

credit

protection,

the

Fund

is

entitled

to

receive

the

par

(or

other

agreed-upon)

value

of

a

referenced

debt

obligation

from

the

counterparty

to

the

contract

in

the

event

of

a

default

or

other

credit

event

by

a

third

party,

such

as

a

U.S.

or

foreign

issuer,

on

the

debt

obligation.

In

return,

the

Fund

as

buyer

would

pay

to

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract

provided

that

no

credit

event

has

occurred.

If

no

credit

event

occurs,

the

Fund

would

have

spent

the

stream

of

payments

and

potentially

received

no

benefit

from

the

contract.

The

Fund

may

invest

in

single-name

credit

default

swaps

(“CDS”)

to

buy

or

sell

credit

protection

to

hedge

its

credit

exposure,

gain

issuer

exposure

without

owning

the

underlying

security,

or

increase

the

Fund’s

total

return.

Single-

name

CDS

enable

the

Fund

to

buy

or

sell

protection

against

a

credit

event

of

a

specific

issuer.

When

the

Fund

buys

a

single-

name

CDS,

the

Fund

will

receive

a

return

on

its

investment

only

in

the

event

of

a

credit

event,

such

as

default

by

the

issuer

of

the

underlying

obligation

(as

opposed

to

a

credit

downgrade

or

other

indication

of

financial

difficulty).

If

a

single-

name

CDS

transaction

is

particularly

large,

or

if

the

relevant

market

is

illiquid,

it

may

not

be

possible

for

the

Fund

to

initiate

a

single-name

CDS

transaction

or

to

liquidate

its

position

at

an

advantageous

time

or

price,

which

may

result

in

significant

losses.

Moreover,

the

Fund

bears

the

risk

of

loss

of

the

amount

expected

to

be

received

under

a

single-name

CDS

in

the

event

of

the

default

or

bankruptcy

of

the

counterparty.

The

risks

associated

with

cleared

single-name

CDS

may

be

lower

than

that

for

uncleared

single-name

CDS

because

for

cleared

single-name

CDS,

the

counterparty

is

a

clearinghouse

(to

the

extent

such

a

trading

market

is

available).

However,

there

can

be

no

assurance

that

a

clearinghouse

or

its

members

will

satisfy

their

obligations

to

the

Fund. 

During

the

year,

the

Fund

purchased

protection

via

the

credit

default

swap

market

in

order

to

reduce

credit

risk

exposure

to

individual

corporates,

countries

and/or

credit

indices

where

gaining

this

exposure

via

the

cash

bond

market

was

less

attractive. 

The

Fund's

use

of

interest

rate

swaps

involves

investment

techniques

and

risks

different

from

those

associated

with

ordinary

portfolio

security

transactions.

Interest

rate

swaps

do

not

involve

the

delivery

of

securities,

other

underlying

assets,

or

principal.

Interest

rate

swaps

involve

the

exchange

by

two

parties

of

their

respective

commitments

to

pay

or

receive

interest

(e.g.,

an

exchange

of

floating

rate

payments

for

fixed

rate

payments).

Interest

rate

swaps

may

result

in

potential

losses

if

interest

rates

do

not

move

as

expected

or

if

the

counterparties

are

unable

to

satisfy

their

obligations.

Interest

rate

swaps

are

generally

entered

into

on

a

net

basis.

Accordingly,

the

risk

of

loss

with

respect

to

interest

rate

swaps

is

limited

to

the

net

amount

of

interest

payments

that

the

Fund

is

contractually

obligated

to

make. 

During

the

year,

the

Fund

entered

into

interest

rate

swaps

paying

a

fixed

interest

rate

and

receiving

a

floating

interest

rate

in

order

to decrease

interest

rate

risk

(duration)

exposure.

As

interest

rates

rise,

the

Fund

benefits

by

receiving

a

higher

future

floating

rate,

while

paying

a

fixed

rate

that

has

not

increased. 

During

the

year,

the

Fund

entered

into

interest

rate

swaps

paying

a

floating

interest

rate

and

receiving

a

fixed

interest

rate

in

order

to

increase

interest

rate

risk

(duration)

exposure.

As

interest

rates

fall,

the

Fund

benefits

by

paying

a

lower

future

floating

rate,

while

receiving

a

fixed

rate

that

has

not

decreased. 

3.

Other

Investments

and

Strategies 

Market Risk 

The

value

of

the

Fund’s

portfolio

may

decrease

if

the

value

of

one

or

more

issuers

in

the

Fund’s

portfolio

decreases.

Further,

regardless

of

how

well

individual

companies

or

securities

perform,

the

value

of

the

Fund’s

portfolio

could

also

decrease

if

there

are

deteriorating

economic

or

market

conditions,

including,

but

not

limited

to,

a

general

decline

in

prices

on

the

stock

markets,

a

general

decline

in

real

estate

markets,

a

decline

in

commodities

prices,

or

if

the

market

favors

different

types

of

securities

than

the

types

of

securities

in

which

the

Fund

invests.

If

the

value

of

the

Fund’s

portfolio

decreases,

the

Fund’s

NAV

will

also

decrease,

which

means

if

you

sell

your

shares

in

the

Fund

you

may

lose

money.

Market

risk

may

affect

a

single

issuer,

industry,

economic

sector,

or

the

market

as

a

whole.

The

increasing

interconnectivity

between

global

economies

and

financial

markets

increases

the

likelihood

that

events

or

conditions

in

one

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

Social,

political,

economic

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

27

and

other

conditions

and

events,

such

as

natural

disasters,

health

emergencies

(e.g.,

epidemics

and

pandemics),

terrorism,

conflicts,

including

related

sanctions,

and

social

unrest,

could

reduce

consumer

demand

or

economic

output,

result

in

market

closures,

travel

restrictions

and/or

quarantines,

and

generally

have

a

significant

impact

on

the

global

economies

and

financial

markets. 

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

(“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

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

28

October

31,

2024

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.

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

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

29

Agreement”)

or

similar

agreement

with

its

derivative

contract

counterparties.

An

ISDA

Master

Agreement

is

a

bilateral

agreement

between

the

Fund

and

a

counterparty

that

governs

OTC

derivatives

and

forward

foreign

currency

exchange

contracts

and

typically

contains,

among

other

things,

collateral

posting

terms

and

netting

provisions

in

the

event

of

a

default

and/or

termination

event.

Under

an

ISDA

Master

Agreement,

in

the

event

of

a

default

and/or

termination

event,

the

Fund

may

offset

with

each

counterparty

certain

derivative

financial

instruments’

payables

and/or

receivables

with

collateral

held

and/or

posted

and

create

one

single

net

payment.

The Offsetting

Assets

and

Liabilities

tables located

in

the

Schedule

of

Investments present

gross

amounts

of

recognized

assets

and/or

liabilities

and

the

net

amounts

after

deducting

collateral

that

has

been

pledged

by

counterparties

or

has

been

pledged

to

counterparties

(if

applicable).

For

corresponding

information

grouped

by

type

of

instrument,

see

the

“Fair

Value

of

Derivative

Instruments

(not

accounted

for

as

hedging

instruments) as

of

October

31,

2024"

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

year

ended October

31,

2024,

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. 

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 year

ended October

31,

2024,

the

Adviser

waived

$41,449 of

the

Fund’s

management

fee,

attributable

to

the

Fund’s

investment

in

the

Janus

Henderson

AAA

CLO

ETF.

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

30

October

31,

2024

J.P.

Morgan

Chase

Bank,

N.A.

(“JP

Morgan")

provides

certain

fund

administration

services

to

the

Fund,

including

services

related

to

the

Fund’s

accounting,

including

calculating

the

daily

NAV,

audit

coordination,

tax,

and

reporting

obligations,

pursuant

to

an

agreement

with

the

Adviser,

on

behalf

of

the

Fund.

As

compensation

for

such

services, the

Adviser pays

JP

Morgan

a

fee

based

on

a

percentage

of

the

Fund’s

assets,

with

a

minimum

flat

fee,

for

certain

services. The

Adviser serves

as

administrator

to

the

Fund,

providing

oversight

and

coordination

of

the

Fund’s

service

providers,

recordkeeping

and

other

administrative

services. The

Adviser does

not

receive

any

additional

compensation,

beyond

the

unitary

fee,

for

serving

as

administrator.

JP

Morgan

also

serves

as

transfer

agent

for

the

shares

of

the

Fund.

Pursuant

to

agreements

with

the

Adviser on

behalf

of

the

Fund,

J.P.

Morgan

Securities

LLC,

an

affiliate

of

JP

Morgan,

may

execute

portfolio

transactions

for

the

Fund,

including

but

not

limited

to,

transactions

in

connection

with

cash

in

lieu

transactions

for

non-US

securities. 

The

Fund’s

Board

of

Trustees

(“Board”)

has

approved

a

Distribution

and

Servicing

Plan

for

shares

of

the

Fund

pursuant

to

Rule

12b-1

under

the

1940

Act

(the

“Plan”).

The

Plan

permits

compensation

in

connection

with

the

distribution

and

marketing

of

Fund

shares

and/or

the

provision

of

certain

shareholder

services.

The

Plan

permits

the

Fund

to

pay

the

Distributor

or

its

designee,

a

fee

for

the

sale

and

distribution

and/or

shareholder

servicing

of

the

shares

at

an

annual

rate

of

up

to

0.25%

of

average

daily

net

assets

of

the

Fund.

Under

the

terms

of

the

Plan,

the

Fund

would

be

authorized

to

make

payments

to

the

Distributor

or

its

designee

for

remittance

to

retirement

plan

service

providers,

broker-dealers,

bank

trust

departments,

financial

advisors,

and

other

financial

intermediaries,

as

compensation

for

distribution

and/or

shareholder

services

performed

by

such

entities

for

their

customers

who

are

investors

in

the

Fund.

The

12b-1

fee

may

only

be

imposed

or

increased

when

(i)

the

Trustees

determine

that

it

is

in

the

best

interests

of

shareholders

to

do

so,

and

(ii)

the

imposition

of

or

increase

in

the

12b-1

fee

is

first

approved

by

the

Fund’s

shareholders.

Because

these

fees

are

paid

out

of

the

Fund’s

assets

on

an

ongoing

basis,

to

the

extent

that

a

fee

is

authorized

by

shareholders

in

the

future,

over

time

they

will

increase

the

cost

of

an

investment

in

the

Fund.

The

Plan

fee

may

cost

an

investor

more

than

other

types

of

sales

charges.

At

this

time, the

Adviser does

not

intend

to

seek

shareholder

approval

for

implementation

of

the

Plan. 

As

of

October

31,

2024,

an

affiliate

of

the

Adviser

owned 100,999

shares

or 0.22%

of

the

Fund.

5.

Federal

Income

Tax

The

tax

components

of

capital

shown

in

the

table

below

represent:

(1)

distribution

requirements

the

Fund

must

satisfy

under

the

income

tax

regulations;

(2)

losses

or

deductions

the

Fund

may

be

able

to

offset

against

income

and

gains

realized

in

future

years;

and

(3)

unrealized

appreciation

or

depreciation

of

investments

for

federal

income

tax

purposes. 

Other

book

to

tax

differences

primarily

consist

of

derivatives

and

foreign

currency

contract

adjustments.

The

Fund

has

elected

to

treat

gains

and

losses

on

forward

foreign

currency

contracts

as

capital

gains

and

losses,

if

applicable.

Other

foreign

currency

gains

and

losses

on

debt

instruments

are

treated

as

ordinary

income

for

federal

income

tax

purposes

pursuant

to

Section

988

of

the

Internal

Revenue

Code. 

Accumulated

capital

losses

noted

below

represent

net

capital

loss

carryovers,

as

of

October

31,

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. 

Undistributed

Ordinary

Income

Undistributed

Long-Term

Gains

Accumulated

Capital

Losses

Loss

Deferrals

Other

Book

to

Tax

Differences

Net

Tax

Appreciation/

(Depreciation)

$—

$—

$(42,737,007)

$—

$3,168,155

$(344,452)

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)

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

31

The

aggregate

cost

of

investments

and

the

composition

of

unrealized

appreciation

and

depreciation

of

investment

securities

for

federal

income

tax

purposes

as

of October

31,

2024 are

noted

below.

The

primary

differences

between

book

and

tax

appreciation

or

depreciation

of

investments are

wash

sale

loss

deferrals

and

amortization

on

bonds.

Information

on

the

tax

components

of

derivatives

as

of October

31,

2024

is

as

follows: 

Income

and

capital

gains

distributions

are

determined

in

accordance

with

income

tax

regulations

that

may

differ

from

US

GAAP.

These

differences

are

due

to

differing

treatments

for

items

such

as

net

short-term

gains,

deferral

of

wash

sale

losses,

foreign

currency

transactions,

passive

foreign

investment

companies,

net

investment

losses,

in-kind

transactions

and

capital

loss

carryovers.

Certain

permanent

differences

such

as

tax

returns

of

capital

and

net

investment

losses

noted

below

have

been

reclassified

to

capital. 

Permanent

book

to

tax

basis

differences

may

result

in

reclassifications

between

the

components

of

net

assets.

These

differences

have

no

impact

on

the

results

of

operations

or

net

assets.

6.

Capital

Share

Transactions 

7.

Purchases

and

Sales

of

Investment

Securities

For

the

year

ended

October

31,

2024,

the

aggregate

cost

of

purchases

and

proceeds

from

sales

of

investment

securities

(excluding

any

short-term

securities,

short-term

options

contracts,

and

in-kind

transactions)

was

as

follows:

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$2,380,699,434

$18,250,717

$(18,595,169)

$(344,452)

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$9,651,799

$10,755,574

$(7,404,659)

$3,350,915

For

the

year

ended

October

31,

2024

:

Distributions

From

Ordinary

Income

From

Long-Term

Capital

Gain

Tax

Return

of

Capital

Net

Investment

Loss

$82,756,320

$—

$27,233,111

$—

For

the

year

ended

October

31,

2023

:

Distributions

From

Ordinary

Income

From

Long-Term

Capital

Gain

Tax

Return

of

Capital

Net

Investment

Loss

$141,400,131

$—

$—

$—

Year

Ended

October

31,

2024

Year

Ended

October

31,

2023

Shares

Amount

Shares

Amount

Shares

sold

4,900,000

$

237,534,283

8,800,000

$

421,353,536

Shares

repurchased

(8,200,000)

(397,073,367

)

(11,750,000)

(564,947,211

)

Net

Increase/(Decrease)

(3,300,000)

$

(159,539,084

)

(2,950,000)

$

(143,593,675

)

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

$1,559,602,199

$1,369,062,976

$—

$—

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

32

October

31,

2024

8.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to October

31,

2024

and

through

the

date

of

the

issuance

of

the

Fund's

financial

statements

and

determined

that

there

were

no

material

events

or

transactions

that

would

require

recognition

or

disclosure

in

the

Fund's

financial

statements. 

Janus

Henderson

Short

Duration

Income

ETF

Report

of

Independent

Registered

Public

Accounting

Firm

Janus

Detroit

Street

Trust

33

To

the

Board

of

Trustees

of

Janus

Detroit

Street

Trust

and

Shareholders

of

Janus

Henderson

Short

Duration

Income

ETF

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Janus

Henderson

Short

Duration

Income

ETF

(one

of

the

funds

constituting

Janus

Detroit

Street

Trust,

referred

to

hereafter

as

the

"Fund")

as

of

October

31,

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

five

years

in

the

period

ended

October

31,

2024,

(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

five

years

in

the

period

ended

October

31,

2024

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

brokers,

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

Short

Duration

Income

ETF

Designation

Requirements

(unaudited)

34

October

31,

2024

For

federal

income

tax

purposes,

the

Fund

designated

the

following

for

the

year

ended

October

31,

2024:

Qualified

Interest

Income

Percentage

88.36%

Return

of

Capital

Distributions

$27,233,111

Janus

Henderson

Short

Duration

Income

ETF

Additional

Information

(unaudited)

Janus

Detroit

Street

Trust

35

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

Trustee

for

services

to

the

Fund

from

Adviser’s

management

fees.

Item

11.

APPROVAL

OF

ADVISORY

AGREEMENTS

DURING

THE

PERIOD

Not

applicable.

125-02-93073

12-24

This

report

is

submitted

for

the

general

information

of

shareholders

of

the

Fund.

It

is

not

an

offer

or

solicitation

for

the

Fund

and

is

not

authorized

for

distribution

to

prospective

investors

unless

preceded

or

accompanied

by

an

effective

prospectus.

Janus

Henderson

is

a

trademark

of

Janus

Henderson

Group

plc

or

one

of

its

subsidiaries.

©

Janus

Henderson

Group

plc.

Janus

Henderson

Investors

US

LLC

is

the

investment

adviser

and

ALPS

Distributors,

Inc.

is

the

distributor.

ALPS

is

not

affiliated

with

Janus

Henderson

or

any

of

its

subsidiaries.

ANNUAL

FINANCIAL

STATEMENTS

October

31,

2024

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

Report

of

Independent

Registered

Public

Accounting

Firm

...

36

Designation

Requirements

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

37

Items

8-11

-

Additional

Information

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

38

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

October

31,

2024

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

-

10.7%

Achm

Mortgage

Trust,

6.5500%,

5/25/39

(144A)

$

10,036,861

$

10,228,712

ACHM

Mortgage

Trust,

7.2600%,

5/25/39

(144A)

912,442

936,249

ACHV

ABS

TRUST,

7.1700%,

8/19/30

(144A)

1,228,429

1,230,337

ACHV

ABS

TRUST,

6.3400%,

4/25/31

(144A)

3,847,292

3,889,008

ACHV

ABS

TRUST,

6.4200%,

4/25/31

(144A)

3,451,345

3,469,641

Affirm

Asset

Securitization

Trust,

7.1100%,

11/15/28

(144A)

332,492

333,576

Ally

Bank

Auto

Credit-Linked

Notes,

6.0220%,

5/17/32

(144A)

4,422,371

4,461,850

Ally

Bank

Auto

Credit-Linked

Notes,

6.3150%,

5/17/32

(144A)

2,527,069

2,555,625

Alterna

Funding

III

LLC,

6.2600%,

5/16/39

(144A)

10,522,634

10,649,263

AMCR

ABS

Trust,

7.6600%,

1/21/31

(144A)

3,702,769

3,718,356

Arivo

Acceptance

Auto

Loan

Receivables

Trust,

6.4600%,

4/17/28

(144A)

3,825,162

3,859,180

Bayview

Opportunity

Master

Fund

VII

LLC,

SOFR30A

+

1.3000%,

6.1568%,

12/26/31

(144A)

‡

5,790,192

5,790,164

Bayview

Opportunity

Master

Fund

VII

LLC,

SOFR30A

+

1.5000%,

6.3568%,

12/26/31

(144A)

‡

2,817,894

2,817,879

BHG

Securitization

Trust,

0.9000%,

10/17/34

(144A)

1,834,903

1,820,898

Blue

Bridge

Funding

LLC,

7.3700%,

11/15/30

(144A)

3,231,515

3,265,762

Brex

Commercial

Charge

Card

Master

Trust,

6.0500%,

7/15/27

(144A)

7,750,000

7,826,281

CIM

Trust,

5.5690%,

7/25/55

(144A)

Ç

1,205,046

1,197,426

FHF

Issuer

Trust,

5.6900%,

2/15/30

(144A)

4,252,659

4,282,228

FIGRE

Trust,

6.4360%,

11/25/53

(144A)

‡

1,845,767

1,865,794

FIGRE

Trust,

6.5060%,

3/25/54

(144A)

‡

2,614,721

2,626,901

FIGRE

Trust,

6.2290%,

7/25/54

(144A)

‡

3,268,432

3,271,749

FIGRE

Trust,

5.2520%,

9/25/54

(144A)

‡

3,649,253

3,596,878

Finance

of

America

Structured

Securities

Trust,

3.5000%,

2/25/74

(144A)

Ç

3,879,365

3,684,798

Fora

Financial

Asset

Securitization

LLC,

6.3300%,

8/15/29

(144A)

5,038,000

5,047,699

Foundation

Finance

Trust,

6.5300%,

6/15/49

(144A)

2,521,510

2,576,445

FREED

ABS

Trust,

2.3700%,

11/20/28

(144A)

740,817

731,625

Gracie

Point

International

Funding,

SOFR90A

+

2.2500%,

7.6185%,

3/1/27

(144A)

‡

1,993,500

2,001,711

Gracie

Point

International

Funding

LLC,

SOFR90A

+

1.7000%,

7.0684%,

3/1/28

(144A)

‡

5,000,000

5,015,738

Gracie

Point

International

Funding

LLC,

SOFR90A

+

2.1000%,

7.4684%,

3/1/28

(144A)

‡

3,007,000

3,016,410

Huntington

Bank

Auto

Credit-Linked

Notes,

6.1530%,

5/20/32

(144A)

17,418,913

17,570,520

Huntington

Bank

Auto

Credit-Linked

Notes,

5.4420%,

10/20/32

(144A)

24,800,000

24,783,900

JPMorgan

Chase

Bank

NA,

0.8890%,

12/26/28

(144A)

15,781

15,735

Lendbuzz

Securitization

Trust,

7.0900%,

10/16/28

(144A)

1,863,996

1,891,859

Lendingpoint

Asset

Securitization

Trust,

2.7500%,

12/15/28

(144A)

533,674

531,462

Lendingpoint

Asset

Securitization

Trust,

6.5600%,

2/15/30

(144A)

69,376

69,376

Mission

Lane

Credit

Card

Master

Trust,

7.2300%,

7/17/28

(144A)

7,565,000

7,600,838

NRZ

Excess

Spread-Collateralized

Notes,

3.8440%,

12/25/25

(144A)

904,538

887,629

NRZ

Excess

Spread-Collateralized

Notes,

3.1040%,

7/25/26

(144A)

2,113,337

2,036,674

Prosper

Marketplace

Issuance

Trust,

7.0600%,

7/16/29

(144A)

476,559

478,050

Prosper

Marketplace

Issuance

Trust,

6.1200%,

8/15/29

(144A)

1,774,897

1,779,849

RAM

LLC,

6.6690%,

2/15/39

(144A)

5,356,311

5,385,470

RCKT

Mortgage

Trust,

6.3250%,

2/25/44

(144A)

‡

11,227,733

11,251,000

RCKT

Mortgage

Trust,

5.5460%,

9/25/44

(144A)

Ç

5,918,692

5,873,888

Reach

ABS

Trust,

7.0500%,

2/18/31

(144A)

541,146

543,053

Reach

ABS

Trust,

5.8800%,

7/15/31

(144A)

5,844,398

5,876,967

Saluda

Grade

Alternative

Mortgage

Trust,

7.0670%,

8/25/53

(144A)

‡

7,977,173

8,266,531

Saluda

Grade

Alternative

Mortgage

Trust,

6.7180%,

11/25/53

(144A)

‡

8,516,768

8,792,068

Santander

Bank

Auto

Credit-Linked

Notes,

5.2810%,

5/15/32

(144A)

1,381,962

1,381,220

Santander

Bank

Auto

Credit-Linked

Notes,

5.6220%,

6/15/32

(144A)

3,250,000

3,271,666

Santander

Bank

Auto

Credit-Linked

Notes,

5.8180%,

6/15/32

(144A)

7,250,000

7,290,289

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

October

31,

2024

4

October

31,

2024

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,

5.7210%,

8/16/32

(144A)

$

834,373

$

834,751

Santander

Bank

Auto

Credit-Linked

Notes,

6.9860%,

12/15/32

(144A)

1,001,477

1,007,185

Santander

Bank

Auto

Credit-Linked

Notes,

6.4930%,

6/15/33

(144A)

785,045

791,160

Santander

Bank

Auto

Credit-Linked

Notes,

5.6400%,

12/15/33

(144A)

3,247,522

3,268,824

Santander

Bank

Auto

Credit-Linked

Notes,

5.9330%,

12/15/33

(144A)

7,536,108

7,579,475

Santander

Bank

NA,

1.8330%,

12/15/31

(144A)

618,914

617,067

Santander

Drive

Auto

Receivables

Trust,

6.0800%,

8/17/26

280,967

281,127

Santander

Drive

Auto

Receivables

Trust,

1.1300%,

11/16/26

1,501,545

1,490,121

STRU,

6.3100%,

12/25/54

76,434,000

76,445,943

STRU

JP,

6.3568%,

12/25/24

‡

152,870,000

152,870,000

Towd

Point

Mortgage

Trust,

6.0490%,

1/25/64

(144A)

‡

1,629,866

1,628,847

Towd

Point

Mortgage

Trust,

6.3500%,

2/25/64

(144A)

‡

650,226

649,007

Tricolor

Auto

Securitization

Trust,

6.6100%,

10/15/27

(144A)

1,899,565

1,916,316

Tricolor

Auto

Securitization

Trust,

6.3600%,

12/15/27

(144A)

5,020,134

5,051,500

Tricolor

Auto

Securitization

Trust,

5.2200%,

6/15/28

(144A)

11,500,000

11,499,570

Upstart

Securitization

Trust,

4.0600%,

3/20/31

(144A)

4,085,630

4,065,439

Upstart

Securitization

Trust,

2.4900%,

11/20/31

(144A)

497,531

495,930

US

Auto

Funding,

2.2000%,

5/15/26

(144A)

3,515,032

3,441,993

US

Bank

NA,

6.7890%,

8/25/32

(144A)

8,330,013

8,430,203

Total

Asset-Backed

Securities

(cost

$502,046,923)

503,710,685

Corporate

Bond

-

0.2%

Financial

-

0.2%

Rithm

Capital

Corp.,

8.0000%, 4/1/29

(144A)

(cost

$9,128,734)

9,213,000

9,193,126

Mortgage-Backed

Securities

-

152.9%

A&D

Mortgage

Trust

,

6.1320

%

,

5/25/68

(144A)

Ç

2,105,716

2,108,148

ABL

6.0750%, 9/25/29

(144A)

Ç

3,629,000

3,610,471

7.4570%, 9/25/29

(144A)

Ç

4,840,000

4,832,219

Angel

Oak

Mortgage

Trust

4.9500%, 7/25/68

(144A)

Ç

3,726,560

3,636,127

4.9500%, 7/25/68

(144A)

Ç

3,549,555

3,468,368

4.8000%, 11/26/68

(144A)

Ç

1,480,718

1,441,118

BAMLL

Re-REMIC

Trust

0.6584%, 1/27/50

(144A)

‡

8,000,000

6,944,981

1.2490%, 7/27/50

(144A)

‡

3,900,000

3,021,082

1.2490%, 7/27/50

(144A)

‡

10,480,000

8,736,887

BMP

,

CME

Term

SOFR

1

Month

+

1.3719%

,

6.1759

%

,

6/15/41

(144A)

‡

14,000,000

14,014,451

Brean

Asset-Backed

Securities

Trust

4.5000%, 5/25/64

(144A)

11,625,495

10,915,264

5.0000%, 9/25/64

(144A)

7,250,000

6,973,946

BX

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

0.8445%,

5.6485%, 10/15/36

(144A)

‡

1,957,252

1,943,235

CME

Term

SOFR

1

Month

+

2.5900%,

7.3939%, 8/15/39

(144A)

‡

21,400,000

21,468,492

BX

Trust

CME

Term

SOFR

1

Month

+

1.3058%,

6.1098%, 10/15/26

(144A)

‡

3,337,147

3,305,257

CME

Term

SOFR

1

Month

+

3.4640%,

8.2680%, 10/15/26

(144A)

‡

2,807,890

2,718,869

CME

Term

SOFR

1

Month

+

0.7035%,

5.5075%, 9/15/34

(144A)

‡

5,435,823

5,383,817

Chase

Mortgage

Finance

Corp.

SOFR30A

+

1.2000%,

6.0568%, 2/25/50

(144A)

‡

3,235,054

3,142,561

SOFR30A

+

1.3500%,

6.2068%, 2/25/50

(144A)

‡

1,900,594

1,839,916

SOFR30A

+

1.5500%,

6.4068%, 2/25/50

(144A)

‡

2,109,794

1,984,674

Connecticut

Avenue

Securities

Trust

SOFR30A

+

1.5500%,

6.4068%, 10/25/41

(144A)

‡

3,771,108

3,775,817

SOFR30A

+

3.1000%,

7.9568%, 10/25/41

(144A)

‡

7,320,000

7,513,450

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

October

31,

2024

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)

Connecticut

Avenue

Securities

Trust

-

(continued)

SOFR30A

+

0.8500%,

5.7068%, 12/25/41

(144A)

‡

$

1,482,219

$

1,480,236

SOFR30A

+

1.0000%,

5.8568%, 12/25/41

(144A)

‡

1,478,083

1,476,973

SOFR30A

+

1.6500%,

6.5068%, 12/25/41

(144A)

‡

14,835,000

14,918,836

SOFR30A

+

3.0000%,

7.8568%, 1/25/42

(144A)

‡

14,409,226

14,773,190

SOFR30A

+

3.5500%,

8.4068%, 10/25/43

(144A)

‡

10,982,476

11,454,558

SOFR30A

+

1.8000%,

6.6568%, 1/25/44

(144A)

‡

3,140,000

3,163,994

SOFR30A

+

1.1000%,

5.9568%, 2/25/44

(144A)

‡

6,975,744

6,975,239

SOFR30A

+

1.8000%,

6.6568%, 2/25/44

(144A)

‡

3,168,862

3,185,461

SOFR30A

+

1.9500%,

6.8068%, 3/25/44

(144A)

‡

13,082,000

13,191,178

SOFR30A

+

1.7000%,

6.5568%, 7/25/44

(144A)

‡

10,060,000

10,107,944

Extended

Stay

America

Trust

,

CME

Term

SOFR

1

Month

+

2.3645%

,

7.1685

%

,

7/15/38

(144A)

‡

2,666,571

2,668,395

FHLMC

Gold

Pool,

30

Year

Pool

#

Q57869,

4.0000%, 8/1/48

3,006,932

2,822,208

Pool

#

Q58477,

4.0000%, 9/1/48

1,710,201

1,604,939

FHLMC

Gold

Pools,

Other

Pool

#

ZN0650,

3.0000%, 3/1/43

2,362

2,107

Pool

#

ZT1926,

3.0000%, 11/1/43

905,861

808,381

FHLMC

STACR

REMIC

Trust

SOFR30A

+

1.6500%,

6.5068%, 1/25/34

(144A)

‡

1,484,157

1,490,958

SOFR30A

+

2.1000%,

6.9568%, 9/25/41

(144A)

‡

26,457,865

26,667,628

SOFR30A

+

1.8000%,

6.6568%, 11/25/41

(144A)

‡

14,000,000

14,130,178

SOFR30A

+

2.3500%,

7.2068%, 12/25/41

(144A)

‡

10,089,878

10,175,770

SOFR30A

+

3.7500%,

8.6068%, 12/25/41

(144A)

‡

16,776,000

17,249,471

SOFR30A

+

1.3000%,

6.1568%, 2/25/42

(144A)

‡

1,107,324

1,109,616

SOFR30A

+

1.9500%,

6.8068%, 2/25/44

(144A)

‡

2,617,368

2,627,172

SOFR30A

+

1.2500%,

6.1068%, 3/25/44

(144A)

‡

12,576,475

12,600,032

SOFR30A

+

2.0000%,

6.8568%, 3/25/44

(144A)

‡

9,880,000

9,913,515

SOFR30A

+

1.8000%,

6.6568%, 8/25/44

(144A)

‡

18,000,000

18,057,244

FHLMC

UMBS

Pool

#

ZS7403,

3.0000%, 5/1/31

67,395

65,095

Pool

#

ZK8405,

2.5000%, 12/1/31

9,088

8,609

Pool

#

ZK8962,

3.0000%, 9/1/32

72,126

68,920

Pool

#

ZK9163,

3.0000%, 1/1/33

39,502

37,717

Pool

#

SB0040,

2.5000%, 12/1/33

307,201

291,457

Pool

#

SB0116,

2.5000%, 11/1/34

626,571

577,581

Pool

#

ZM2269,

3.0000%, 12/1/46

14,213

12,563

Pool

#

ZT1633,

4.0000%, 3/1/47

125,961

118,912

Pool

#

ZT0391,

4.0000%, 11/1/47

332,177

313,389

Pool

#

ZT0252,

3.0000%, 12/1/47

19,374

17,150

Pool

#

ZM7577,

4.5000%, 8/1/48

108,230

104,405

Pool

#

ZM8197,

4.0000%, 9/1/48

1,017,530

953,848

Pool

#

SI2101,

4.0000%, 9/1/48

43,478,952

40,758,291

Pool

#

ZM7926,

5.0000%, 9/1/48

79,754

78,580

Pool

#

ZT1320,

4.0000%, 11/1/48

179,711

168,465

Pool

#

SI2017,

4.0000%, 12/1/48

2,151,384

2,016,740

Pool

#

SD1416,

4.5000%, 12/1/48

3,975,276

3,834,758

Pool

#

ZN4240,

4.5000%, 12/1/48

280,966

271,652

Pool

#

ZN2165,

4.5000%, 12/1/48

25,305

24,543

Pool

#

ZN6461,

4.0000%, 5/1/49

398,178

372,238

Pool

#

ZT2087,

4.0000%, 6/1/49

1,316,311

1,231,982

Pool

#

ZA7158,

4.5000%, 6/1/49

163,853

157,968

Pool

#

RA1100,

4.0000%, 7/1/49

5,238,937

4,903,303

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

October

31,

2024

6

October

31,

2024

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

#

SD8003,

4.0000%, 7/1/49

$

1,375,333

$

1,287,224

Pool

#

RA1088,

4.5000%, 7/1/49

209,028

201,551

Pool

#

RA1087,

4.5000%, 7/1/49

1,264,367

1,218,951

Pool

#

QA2159,

3.0000%, 8/1/49

85,619

73,874

Pool

#

QA2039,

3.0000%, 8/1/49

1,986,798

1,750,640

Pool

#

QA1615,

3.5000%, 8/1/49

280,240

253,440

Pool

#

RA1188,

4.5000%, 8/1/49

1,164,466

1,122,639

Pool

#

QA5150,

4.5000%, 12/1/49

339,133

326,934

Pool

#

RA1999,

4.5000%, 1/1/50

782,356

754,254

Pool

#

SD8040,

4.5000%, 1/1/50

214,451

206,746

Pool

#

SD8047,

4.5000%, 2/1/50

669,271

645,226

Pool

#

QA8274,

3.5000%, 3/1/50

397,922

357,400

Pool

#

SD1551,

4.0000%, 3/1/50

2,118,864

1,986,278

Pool

#

SD1111,

4.0000%, 6/1/50

3,541,754

3,329,592

Pool

#

SD4456,

4.0000%, 8/1/50

1,893,383

1,772,085

Pool

#

SD1143,

4.5000%, 9/1/50

12,625,352

12,179,071

Pool

#

SD5994,

4.5000%, 9/1/50

14,403,034

13,893,916

Pool

#

SD1414,

4.0000%, 10/1/50

456,228

427,001

Pool

#

RA7104,

4.5000%, 2/1/51

12,160,472

11,697,902

Pool

#

SD2606,

4.5000%, 9/1/51

6,354,402

6,112,688

Pool

#

QD6555,

3.0000%, 2/1/52

841,263

735,540

Pool

#

QD9182,

3.0000%, 3/1/52

1,505,570

1,316,193

Pool

#

QE0318,

4.5000%, 3/1/52

110,344

105,056

Pool

#

SD0943,

3.5000%, 4/1/52

2,032,017

1,847,591

Pool

#

QE1073,

3.5000%, 4/1/52

700,313

636,058

Pool

#

QD9191,

3.5000%, 4/1/52

658,474

598,116

Pool

#

QE1072,

3.5000%, 4/1/52

2,460,288

2,232,662

Pool

#

QE0354,

3.5000%, 4/1/52

2,402,175

2,179,924

Pool

#

SD3523,

3.0000%, 6/1/52

2,961,683

2,574,295

Pool

#

QE6404,

5.5000%, 7/1/52

3,482,162

3,487,256

Pool

#

SD1357,

5.0000%, 8/1/52

37,561,904

37,029,403

Pool

#

QE8542,

5.5000%, 8/1/52

3,024,554

3,028,979

Pool

#

QF0488,

5.5000%, 9/1/52

2,868,200

2,872,037

Pool

#

QF2561,

5.5000%, 11/1/52

1,410,768

1,416,052

Pool

#

RA8306,

6.0000%, 12/1/52

20,103,845

20,493,710

Pool

#

QF7280,

5.5000%, 1/1/53

4,405,390

4,430,278

Pool

#

QF7810,

5.5000%, 1/1/53

3,430,763

3,448,834

Pool

#

SD2167,

6.0000%, 1/1/53

9,775,873

9,876,848

Pool

#

SD2184,

6.0000%, 1/1/53

32,630,875

32,897,782

Pool

#

SD2666,

5.0000%, 3/1/53

25,718,921

25,056,674

Pool

#

QF8820,

5.5000%, 3/1/53

2,539,469

2,519,581

Pool

#

QF8972,

5.5000%, 3/1/53

1,751,381

1,737,665

Pool

#

QF9276,

5.5000%, 3/1/53

2,610,958

2,620,641

Pool

#

QF9863,

5.5000%, 3/1/53

4,887,380

4,895,090

Pool

#

QG1347,

6.0000%, 3/1/53

3,512,854

3,554,552

Pool

#

QF9104,

6.0000%, 3/1/53

1,917,947

1,938,909

Pool

#

QG0818,

5.0000%, 4/1/53

1,309,440

1,274,290

Pool

#

QG0121,

5.5000%, 4/1/53

1,748,323

1,734,522

Pool

#

QG0379,

5.5000%, 4/1/53

2,784,303

2,762,325

Pool

#

QG1540,

5.5000%, 4/1/53

2,477,000

2,457,448

Pool

#

QG1543,

5.5000%, 4/1/53

2,929,668

2,906,542

Pool

#

QF9886,

5.5000%, 4/1/53

1,597,501

1,584,891

Pool

#

QG0819,

5.5000%, 4/1/53

2,219,619

2,202,099

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

October

31,

2024

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

#

QG2098,

5.0000%, 5/1/53

$

2,384,792

$

2,316,974

Pool

#

QG2535,

5.0000%, 5/1/53

4,257,299

4,136,405

Pool

#

QG1908,

5.0000%, 5/1/53

2,797,901

2,718,334

Pool

#

QG2100,

5.0000%, 5/1/53

2,470,198

2,399,951

Pool

#

QG2019,

5.0000%, 5/1/53

2,012,289

1,955,110

Pool

#

QG2537,

5.5000%, 5/1/53

3,482,357

3,452,010

Pool

#

QG2105,

5.5000%, 5/1/53

2,267,270

2,249,233

Pool

#

QG2104,

5.5000%, 5/1/53

1,249,858

1,238,888

Pool

#

QG1730,

5.5000%, 5/1/53

1,795,490

1,781,206

Pool

#

QG1974,

5.5000%, 5/1/53

1,417,647

1,406,369

Pool

#

SD3018,

5.5000%, 5/1/53

7,693,014

7,673,572

Pool

#

QG2543,

5.5000%, 5/1/53

3,111,426

3,115,914

Pool

#

SD2897,

5.5000%, 5/1/53

3,391,991

3,383,487

Pool

#

QG2538,

5.5000%, 5/1/53

1,314,707

1,304,247

Pool

#

QG3618,

6.0000%, 5/1/53

1,655,096

1,668,682

Pool

#

QG2107,

6.0000%, 5/1/53

1,124,677

1,133,909

Pool

#

QG2020,

6.0000%, 5/1/53

1,991,974

2,008,325

Pool

#

QG2539,

6.5000%, 5/1/53

3,265,832

3,359,350

Pool

#

QG2540,

6.5000%, 5/1/53

2,021,149

2,074,831

Pool

#

QG3884,

5.0000%, 6/1/53

2,068,716

2,017,441

Pool

#

QG4266,

5.0000%, 6/1/53

1,742,337

1,696,998

Pool

#

QG4264,

5.0000%, 6/1/53

7,007,280

6,808,296

Pool

#

QG3616,

5.0000%, 6/1/53

1,320,496

1,287,766

Pool

#

QG6755,

5.5000%, 6/1/53

12,415,429

12,457,497

Pool

#

QG4267,

5.5000%, 6/1/53

2,591,513

2,569,034

Pool

#

QG4269,

5.5000%, 6/1/53

6,426,842

6,375,314

Pool

#

QG3680,

5.5000%, 6/1/53

1,447,362

1,435,847

Pool

#

SD3271,

5.5000%, 6/1/53

28,350,814

28,440,155

Pool

#

QG3912,

5.5000%, 6/1/53

7,078,307

7,088,515

Pool

#

QG4338,

5.5000%, 6/1/53

2,740,081

2,718,113

Pool

#

QG3617,

5.5000%, 6/1/53

1,979,612

1,963,863

Pool

#

QG4270,

6.0000%, 6/1/53

2,387,666

2,407,266

Pool

#

QG3885,

6.5000%, 6/1/53

1,934,478

1,989,871

Pool

#

QG4340,

6.5000%, 6/1/53

1,564,448

1,609,246

Pool

#

QG6538,

5.5000%, 7/1/53

1,115,374

1,119,154

Pool

#

QG6948,

5.5000%, 7/1/53

1,285,864

1,290,118

Pool

#

SD3813,

6.0000%, 7/1/53

6,978,509

7,108,556

Pool

#

SD3691,

5.5000%, 8/1/53

22,560,771

22,453,893

Pool

#

SD4337,

5.0000%, 9/1/53

47,103,123

45,890,245

Pool

#

QH1144,

5.5000%, 9/1/53

3,580,949

3,592,222

Pool

#

QH2242,

5.5000%, 9/1/53

6,655,259

6,618,736

Pool

#

QH0826,

5.5000%, 9/1/53

4,267,382

4,281,158

Pool

#

QH2259,

6.0000%, 9/1/53

5,699,102

5,778,536

Pool

#

QH1500,

6.0000%, 9/1/53

10,830,276

10,981,227

Pool

#

RA9851,

6.0000%, 9/1/53

27,202,397

27,731,245

Pool

#

SD4279,

5.0000%, 10/1/53

47,993,087

46,752,756

Pool

#

QH3309,

5.5000%, 10/1/53

1,786,489

1,776,685

Pool

#

QH3192,

6.0000%, 10/1/53

18,172,156

18,606,874

Pool

#

QH3306,

6.0000%, 10/1/53

12,821,913

13,026,667

Pool

#

RA9992,

6.0000%, 10/1/53

32,541,744

33,174,395

Pool

#

QH4473,

6.0000%, 11/1/53

5,618,489

5,752,896

Pool

#

QH4638,

6.0000%, 11/1/53

5,675,242

5,811,006

Pool

#

QH4373,

6.0000%, 11/1/53

10,150,204

10,393,019

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

October

31,

2024

8

October

31,

2024

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

#

QH5204,

6.5000%, 11/1/53

$

5,251,059

$

5,400,808

Pool

#

SD4705,

5.5000%, 12/1/53

68,381,260

68,029,539

Pool

#

QH6041,

5.5000%, 12/1/53

3,480,974

3,484,346

Pool

#

QH7040,

6.0000%, 12/1/53

6,567,106

6,658,638

Pool

#

QH7549,

6.0000%, 12/1/53

3,845,971

3,883,097

Pool

#

QH7013,

6.5000%, 12/1/53

3,260,542

3,353,525

Pool

#

SD5224,

6.0000%, 3/1/54

14,152,994

14,373,316

Pool

#

SD5223,

6.0000%, 4/1/54

8,721,317

8,811,810

Pool

#

QI4878,

6.0000%, 4/1/54

3,067,374

3,099,201

Pool

#

RJ1341,

6.0000%, 4/1/54

38,731,503

39,487,648

Pool

#

RJ1505,

5.0000%, 5/1/54

40,319,860

39,281,423

Pool

#

SD5600,

5.5000%, 5/1/54

35,686,093

35,507,803

Pool

#

QI8221,

6.0000%, 6/1/54

5,948,261

6,035,618

Pool

#

QI6844,

6.0000%, 6/1/54

23,812,538

23,967,184

Pool

#

SD5963,

6.0000%, 7/1/54

7,994,032

8,119,211

Pool

#

SD6041,

5.0000%, 8/1/54

32,653,974

31,821,556

Pool

#

RJ2302,

6.0000%, 9/1/54

39,624,109

40,397,680

FHLMC,

REMIC

SOFR30A

+

0.4645%,

5.4743%, 2/15/32

‡

13,097

12,978

SOFR30A

+

0.7645%,

5.7743%, 3/15/32

‡

24,283

24,315

SOFR30A

+

0.6145%,

5.6243%, 7/15/32

‡

5,106

5,129

SOFR30A

+

0.5145%,

5.5243%, 1/15/33

‡

15,530

15,448

SOFR30A

+

0.3645%,

5.3743%, 9/15/35

‡

11,680

11,607

SOFR30A

+

0.7045%,

5.7143%, 10/15/37

‡

48,829

48,273

SOFR30A

+

0.4145%,

5.4243%, 8/15/40

‡

13,649

13,701

SOFR30A

+

0.6145%,

5.6243%, 9/15/40

‡

50,661

50,302

SOFR30A

+

0.6645%,

5.6743%, 4/15/41

‡

177,673

176,411

SOFR30A

+

1.1000%,

5.9568%, 7/25/54

‡

24,338,014

24,355,234

SOFR30A

+

1.2000%,

6.0568%, 7/25/54

‡

88,994,918

89,429,001

SOFR30A

+

1.1500%,

6.0068%, 8/25/54

‡

143,462,494

143,880,412

FHLMC,

STRIPS

2.0000%, 1/25/51

(a)

15,617,698

2,074,624

2.0000%, 1/25/51

(a)

44,217,860

5,620,116

2.5000%, 1/25/51

(a)

39,653,735

6,155,449

Finance

of

America

Structured

Securities

Trust

3.5000%, 4/25/74

(144A)

Ç

15,466,016

14,652,550

3.5000%, 4/25/74

(144A)

21,970,094

20,713,510

FNMA

,

SOFR30A

+

3.3000%

,

8.1568

%

,

11/25/41

(144A)

‡

1,150,000

1,180,234

FNMA

UMBS

Pool

#

AS7643,

2.5000%, 8/1/31

10,549

10,010

Pool

#

AS8207,

2.5000%, 10/1/31

12,062

11,454

Pool

#

BM1036,

2.5000%, 2/1/32

10,812

10,265

Pool

#

BO7717,

3.0000%, 11/1/34

53,023

50,062

Pool

#

BO5957,

3.0000%, 12/1/34

50,862

48,024

Pool

#

AB7563,

3.0000%, 1/1/43

181,547

162,313

Pool

#

AB9341,

3.0000%, 5/1/43

998,935

892,583

Pool

#

AL6842,

4.0000%, 5/1/45

673,799

636,848

Pool

#

AZ0869,

4.0000%, 7/1/45

572,586

540,585

Pool

#

BC0870,

3.5000%, 1/1/46

40,159

36,640

Pool

#

AS6811,

3.0000%, 3/1/46

1,519,374

1,337,850

Pool

#

AS7492,

4.0000%, 7/1/46

1,167,097

1,097,038

Pool

#

BD2453,

3.0000%, 1/1/47

75,396

66,740

Pool

#

AS8649,

3.0000%, 1/1/47

336,099

295,944

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

October

31,

2024

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

#

BE3616,

4.0000%, 5/1/47

$

269,425

$

254,784

Pool

#

CA0108,

3.5000%, 8/1/47

119,426

109,776

Pool

#

MA3149,

4.0000%, 10/1/47

1,401,772

1,315,582

Pool

#

CA0706,

4.0000%, 11/1/47

6,235,767

5,851,926

Pool

#

BM3282,

3.5000%, 12/1/47

131,105

120,511

Pool

#

CA4646,

3.0000%, 2/1/48

455,418

404,481

Pool

#

BJ9181,

5.0000%, 5/1/48

1,302,867

1,287,153

Pool

#

CA1931,

4.5000%, 6/1/48

1,552,034

1,497,173

Pool

#

MA3415,

4.0000%, 7/1/48

1,698,919

1,592,611

Pool

#

BK9507,

4.0000%, 10/1/48

640,743

601,867

Pool

#

MA3521,

4.0000%, 11/1/48

2,006,647

1,881,082

Pool

#

BN3899,

4.0000%, 12/1/48

304,859

285,783

Pool

#

BN4541,

4.0000%, 2/1/49

945,765

886,585

Pool

#

FM1598,

4.0000%, 2/1/49

1,133,755

1,062,811

Pool

#

CA3372,

3.5000%, 4/1/49

16,998,541

15,456,048

Pool

#

MA3687,

4.0000%, 6/1/49

259,079

242,481

Pool

#

CA3683,

4.5000%, 6/1/49

119,990

115,699

Pool

#

MA3694,

4.5000%, 7/1/49

5,231

5,043

Pool

#

BO4113,

3.0000%, 8/1/49

95,158

82,105

Pool

#

BJ8459,

3.0000%, 8/1/49

111,976

96,616

Pool

#

BO1857,

4.5000%, 8/1/49

45,339

43,710

Pool

#

CA4035,

4.5000%, 8/1/49

191,691

184,834

Pool

#

BO2983,

3.0000%, 9/1/49

203,085

179,231

Pool

#

FM2318,

3.5000%, 9/1/49

1,989,798

1,809,239

Pool

#

FM1540,

4.0000%, 9/1/49

4,000,428

3,744,139

Pool

#

CA4185,

4.5000%, 9/1/49

197,931

190,852

Pool

#

FS2135,

4.0000%, 11/1/49

4,496,233

4,214,885

Pool

#

FM3447,

4.0000%, 11/1/49

391,623

367,115

Pool

#

BO9819,

4.5000%, 12/1/49

284,414

274,184

Pool

#

FM7479,

4.5000%, 1/1/50

6,741,969

6,503,654

Pool

#

MA3908,

4.5000%, 1/1/50

261,965

252,553

Pool

#

FM9138,

4.0000%, 3/1/50

1,370,084

1,284,352

Pool

#

FS0088,

4.0000%, 3/1/50

6,569,161

6,170,592

Pool

#

FM5036,

4.0000%, 3/1/50

3,367,526

3,156,805

Pool

#

CA5573,

4.0000%, 4/1/50

1,649,527

1,542,632

Pool

#

FM7840,

4.0000%, 4/1/50

26,288,071

24,603,950

Pool

#

BP1500,

3.0000%, 5/1/50

2,366,924

2,087,255

Pool

#

MA4026,

4.0000%, 5/1/50

3,719,024

3,477,024

Pool

#

MA4056,

4.0000%, 6/1/50

3,661,198

3,422,961

Pool

#

CA6382,

4.5000%, 7/1/50

1,052,803

1,012,554

Pool

#

FM5076,

4.0000%, 8/1/50

1,971,231

1,843,488

Pool

#

FM4738,

4.0000%, 9/1/50

19,355,107

18,095,653

Pool

#

FM4129,

4.0000%, 9/1/50

7,440,156

6,963,510

Pool

#

FM5350,

4.5000%, 9/1/50

14,560,672

14,037,546

Pool

#

FS6432,

3.5000%, 10/1/50

13,337,327

12,127,063

Pool

#

FS1578,

4.0000%, 10/1/50

6,688,401

6,269,830

Pool

#

FS5818,

4.5000%, 10/1/50

13,130,064

12,658,336

Pool

#

FS8681,

4.5000%, 10/1/50

31,179,399

30,077,270

Pool

#

CA7849,

4.5000%, 10/1/50

2,306,607

2,223,737

Pool

#

FS2713,

4.5000%, 10/1/50

4,138,614

3,992,323

Pool

#

FS5362,

4.5000%, 12/1/50

12,525,714

12,075,699

Pool

#

FM7725,

4.5000%, 12/1/50

1,344,033

1,292,908

Pool

#

FM7031,

4.0000%, 1/1/51

4,094,012

3,831,733

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

October

31,

2024

10

October

31,

2024

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

#

FS8335,

4.5000%, 1/1/51

$

33,371,092

$

32,191,491

Pool

#

FS8709,

4.5000%, 1/1/51

20,917,240

20,177,858

Pool

#

FS9239,

4.5000%, 1/1/51

27,153,487

26,193,667

Pool

#

FM7460,

4.0000%, 3/1/51

119,408,831

111,759,013

Pool

#

FS2548,

4.0000%, 3/1/51

331,772

310,517

Pool

#

FS2546,

4.0000%, 3/1/51

172,907

162,088

Pool

#

FS6382,

4.0000%, 8/1/51

23,638,123

22,158,987

Pool

#

FS7225,

4.0000%, 8/1/51

25,268,290

23,687,147

Pool

#

FS6662,

4.0000%, 10/1/51

11,764,784

11,011,084

Pool

#

FS1133,

4.0000%, 10/1/51

129,155,300

120,881,084

Pool

#

FS4781,

4.0000%, 10/1/51

25,265,105

23,646,519

Pool

#

FS3001,

4.0000%, 10/1/51

2,413,617

2,258,991

Pool

#

FS5028,

4.0000%, 10/1/51

22,950,465

21,480,165

Pool

#

CB2681,

3.5000%, 1/1/52

1,981,309

1,801,485

Pool

#

FS5048,

3.5000%, 1/1/52

54,400,402

49,463,966

Pool

#

CB2907,

3.5000%, 2/1/52

5,049,822

4,591,109

Pool

#

BV5379,

3.0000%, 4/1/52

3,815,870

3,335,467

Pool

#

BV8485,

3.5000%, 4/1/52

1,040,695

944,410

Pool

#

BV8484,

3.5000%, 4/1/52

1,120,433

1,017,631

Pool

#

BV5393,

3.5000%, 4/1/52

3,436,328

3,121,039

Pool

#

BV4203,

3.5000%, 4/1/52

1,138,941

1,034,525

Pool

#

BV5394,

3.5000%, 4/1/52

3,149,533

2,858,137

Pool

#

FS1869,

3.5000%, 4/1/52

4,615,517

4,191,685

Pool

#

FS1640,

4.0000%, 4/1/52

2,431,023

2,273,720

Pool

#

BV6879,

4.5000%, 4/1/52

448,637

427,138

Pool

#

BW0081,

4.5000%, 4/1/52

233,640

222,408

Pool

#

BV7632,

4.5000%, 4/1/52

530,063

504,662

Pool

#

BW0072,

4.5000%, 4/1/52

204,127

194,313

Pool

#

BV7132,

4.5000%, 4/1/52

257,174

244,810

Pool

#

BV7131,

4.5000%, 4/1/52

131,455

125,138

Pool

#

BV8544,

3.5000%, 5/1/52

3,403,174

3,088,059

Pool

#

FS1666,

3.5000%, 5/1/52

21,203,618

19,254,898

Pool

#

BW0343,

4.5000%, 5/1/52

712,053

677,820

Pool

#

FS7613,

4.5000%, 5/1/52

12,530,479

12,080,293

Pool

#

CB3837,

3.5000%, 6/1/52

19,957,408

18,120,137

Pool

#

FS2144,

3.5000%, 6/1/52

11,436,990

10,393,268

Pool

#

FS7541,

4.0000%, 6/1/52

13,946,875

13,053,381

Pool

#

BW2174,

4.5000%, 6/1/52

11,893,599

11,318,414

Pool

#

BT8185,

4.5000%, 6/1/52

21,180,694

20,157,641

Pool

#

CB4076,

3.5000%, 7/1/52

2,918,636

2,649,948

Pool

#

CB4329,

3.5000%, 7/1/52

491,751

446,836

Pool

#

BW0972,

4.5000%, 7/1/52

2,014,562

1,921,926

Pool

#

CB4320,

3.5000%, 8/1/52

971,486

881,977

Pool

#

BW6314,

5.5000%, 8/1/52

5,034,889

5,041,624

Pool

#

CB4630,

5.5000%, 9/1/52

12,190,562

12,162,337

Pool

#

BX0984,

4.5000%, 10/1/52

15,803,870

15,033,179

Pool

#

CB5580,

4.5000%, 10/1/52

34,200,567

32,525,224

Pool

#

FS3246,

5.5000%, 11/1/52

4,908,116

4,935,853

Pool

#

BX0421,

5.5000%, 11/1/52

11,929,383

11,940,859

Pool

#

BX0804,

5.5000%, 11/1/52

1,165,031

1,167,050

Pool

#

BX0419,

5.5000%, 11/1/52

5,609,625

5,594,650

Pool

#

BW7489,

6.0000%, 11/1/52

978,063

989,307

Pool

#

FS8486,

4.5000%, 12/1/52

7,939,416

7,550,497

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

October

31,

2024

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

#

BX0130,

6.0000%, 12/1/52

$

1,374,545

$

1,390,346

Pool

#

BT8051,

5.5000%, 1/1/53

1,419,969

1,427,720

Pool

#

BX5075,

6.0000%, 1/1/53

9,860,538

9,973,894

Pool

#

BX6266,

6.0000%, 1/1/53

7,865,289

7,951,868

Pool

#

BX3248,

6.0000%, 1/1/53

3,190,519

3,227,197

Pool

#

FS3661,

6.0000%, 1/1/53

7,937,452

8,028,700

Pool

#

BX6124,

6.5000%, 1/1/53

4,934,351

5,105,382

Pool

#

BW7371,

5.5000%, 2/1/53

31,083,608

31,247,335

Pool

#

BX4791,

5.5000%, 2/1/53

3,816,389

3,783,603

Pool

#

BX6955,

6.0000%, 2/1/53

2,925,426

2,954,910

Pool

#

BX7685,

6.0000%, 2/1/53

2,131,459

2,154,754

Pool

#

BX4784,

5.0000%, 3/1/53

3,312,316

3,218,120

Pool

#

BX5986,

5.5000%, 3/1/53

5,051,901

5,070,233

Pool

#

BX8072,

5.5000%, 3/1/53

1,900,666

1,903,664

Pool

#

BX8700,

5.5000%, 3/1/53

3,770,949

3,781,847

Pool

#

BX9326,

5.5000%, 3/1/53

4,533,941

4,541,093

Pool

#

BX9422,

5.5000%, 3/1/53

4,240,990

4,218,369

Pool

#

BX7860,

5.5000%, 3/1/53

1,487,370

1,489,817

Pool

#

BX4782,

5.5000%, 3/1/53

4,688,117

4,647,842

Pool

#

BX4785,

5.5000%, 3/1/53

8,110,631

8,047,615

Pool

#

BY0905,

6.0000%, 3/1/53

2,733,184

2,765,627

Pool

#

BX8585,

6.0000%, 3/1/53

3,268,766

3,296,136

Pool

#

FS4190,

5.0000%, 4/1/53

28,737,246

28,026,792

Pool

#

BY0782,

5.5000%, 4/1/53

753,120

754,257

Pool

#

BX4837,

5.5000%, 4/1/53

2,643,352

2,622,487

Pool

#

BX4825,

5.5000%, 4/1/53

3,195,165

3,170,142

Pool

#

BX4852,

6.0000%, 4/1/53

2,005,668

2,022,132

Pool

#

BX4826,

6.0000%, 4/1/53

1,732,635

1,746,858

Pool

#

BX8340,

6.0000%, 4/1/53

4,532,963

4,585,280

Pool

#

BX4838,

6.0000%, 4/1/53

2,427,831

2,447,760

Pool

#

BY0251,

6.0000%, 4/1/53

1,249,044

1,263,460

Pool

#

BY0330,

5.0000%, 5/1/53

2,787,318

2,708,052

Pool

#

BX4859,

5.0000%, 5/1/53

1,531,522

1,487,968

Pool

#

BY0332,

5.5000%, 5/1/53

2,131,279

2,112,706

Pool

#

BX4855,

5.5000%, 5/1/53

2,047,362

2,031,201

Pool

#

BY0866,

5.5000%, 5/1/53

721,090

722,130

Pool

#

BY1896,

5.5000%, 5/1/53

1,389,541

1,391,544

Pool

#

BY0333,

5.5000%, 5/1/53

4,183,592

4,150,569

Pool

#

BY0334,

6.0000%, 5/1/53

12,209,312

12,363,680

Pool

#

BY0540,

6.0000%, 5/1/53

5,868,159

5,920,346

Pool

#

BY0336,

6.0000%, 5/1/53

5,347,327

5,391,222

Pool

#

BY0335,

6.0000%, 5/1/53

4,285,684

4,313,768

Pool

#

BY0337,

6.5000%, 5/1/53

7,401,993

7,613,950

Pool

#

BY0338,

6.5000%, 5/1/53

2,498,123

2,564,474

Pool

#

BY0327,

6.5000%, 5/1/53

1,537,310

1,569,037

Pool

#

FS5772,

5.0000%, 6/1/53

27,338,767

26,604,776

Pool

#

BY0350,

5.0000%, 6/1/53

5,661,720

5,500,946

Pool

#

BY0356,

5.5000%, 6/1/53

3,449,348

3,421,693

Pool

#

BY0360,

5.5000%, 6/1/53

1,452,829

1,439,989

Pool

#

BY0351,

6.0000%, 6/1/53

4,228,337

4,263,046

Pool

#

BY0357,

6.0000%, 6/1/53

3,028,742

3,053,604

Pool

#

BY0387,

6.0000%, 6/1/53

2,704,868

2,727,072

Pool

#

BY0361,

6.5000%, 6/1/53

1,754,269

1,791,132

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

October

31,

2024

12

October

31,

2024

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

#

FS5341,

5.5000%, 7/1/53

$

42,240,143

$

42,031,985

Pool

#

BY4134,

5.5000%, 7/1/53

12,353,195

12,286,353

Pool

#

CB6689,

5.5000%, 7/1/53

69,099,613

68,549,889

Pool

#

FS9027,

5.5000%, 7/1/53

49,795,003

49,843,238

Pool

#

FS5067,

6.0000%, 7/1/53

30,413,751

30,957,377

Pool

#

FS6355,

5.0000%, 8/1/53

55,750,102

54,314,570

Pool

#

BY8533,

6.5000%, 8/1/53

2,373,866

2,441,563

Pool

#

FS8881,

4.5000%, 9/1/53

45,074,993

43,455,570

Pool

#

FS5655,

5.0000%, 9/1/53

18,881,259

18,395,077

Pool

#

CB7112,

5.5000%, 9/1/53

21,425,420

21,477,683

Pool

#

DA1456,

5.5000%, 9/1/53

7,220,735

7,181,109

Pool

#

BY5913,

5.5000%, 9/1/53

2,369,101

2,375,830

Pool

#

DA0026,

6.0000%, 9/1/53

9,953,789

10,092,524

Pool

#

DA1468,

6.0000%, 9/1/53

7,951,477

8,078,455

Pool

#

DA0036,

6.5000%, 9/1/53

4,173,341

4,274,858

Pool

#

DA3522,

5.5000%, 10/1/53

941,035

935,847

Pool

#

FS6737,

5.5000%, 10/1/53

44,497,209

44,270,735

Pool

#

DA1511,

5.5000%, 10/1/53

2,700,741

2,685,850

Pool

#

DA3538,

6.0000%, 10/1/53

2,626,459

2,663,067

Pool

#

FS6088,

6.0000%, 10/1/53

44,597,306

44,963,395

Pool

#

DA1525,

6.0000%, 10/1/53

20,112,127

20,392,448

Pool

#

DA3549,

6.5000%, 10/1/53

5,452,295

5,628,142

Pool

#

DA5019,

6.5000%, 11/1/53

6,759,298

6,952,059

Pool

#

DA5072,

6.5000%, 11/1/53

6,173,261

6,323,427

Pool

#

FS6236,

6.5000%, 11/1/53

14,684,882

15,050,442

Pool

#

FS7014,

5.5000%, 1/1/54

16,601,175

16,522,530

Pool

#

FS7117,

6.5000%, 2/1/54

15,777,217

16,169,970

Pool

#

CB8119,

5.0000%, 3/1/54

41,771,127

40,695,312

Pool

#

FS7397,

6.0000%, 3/1/54

10,074,936

10,232,700

Pool

#

CB8312,

5.0000%, 4/1/54

28,142,762

27,425,344

Pool

#

DB3056,

5.5000%, 5/1/54

1,710,426

1,712,539

Pool

#

DB4017,

6.0000%, 5/1/54

9,296,685

9,393,148

Pool

#

CB8543,

6.0000%, 5/1/54

38,170,890

38,916,091

Pool

#

FS8308,

5.0000%, 6/1/54

41,571,674

40,500,995

Pool

#

CB8694,

6.0000%, 6/1/54

39,370,987

40,588,239

Pool

#

FS8993,

6.0000%, 7/1/54

95,666,032

96,652,329

Pool

#

FS8717,

6.0000%, 7/1/54

17,699,813

17,883,468

Pool

#

BU4910,

5.5000%, 9/1/54

19,452,793

19,434,939

Pool

#

FS9116,

6.0000%, 9/1/54

21,921,468

22,243,409

FNMA,

Other

Pool

#

AB9283,

3.0000%, 4/1/38

145,038

129,583

Pool

#

AB6280,

3.0000%, 9/1/42

222,598

198,645

Pool

#

MA1229,

3.0000%, 10/1/42

164,284

146,865

Pool

#

MA1327,

3.0000%, 1/1/43

283,589

253,072

Pool

#

AR9225,

3.0000%, 3/1/43

365,598

326,066

Pool

#

MA1447,

3.0000%, 5/1/43

85,309

76,085

Pool

#

AS8547,

3.0000%, 11/1/46

74,164

65,183

Pool

#

BF0167,

3.0000%, 2/1/57

1,501,720

1,273,426

Pool

#

BF0646,

2.5000%, 6/1/62

43,839,596

35,862,752

Pool

#

BF0698,

3.5000%, 12/1/62

38,735,931

34,311,269

Pool

#

BF0713,

4.0000%, 3/1/63

25,121,592

23,089,178

Pool

#

BF0731,

2.5000%, 6/1/63

17,042,239

13,950,112

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

October

31,

2024

Janus

Detroit

Street

Trust

13

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Mortgage-Backed

Securities

-

(continued)

FNMA,

REMIC

3.0000%, 7/25/28

$

358,880

$

348,462

SOFR30A

+

0.5145%,

5.3713%, 4/25/32

‡

21,697

21,514

SOFR30A

+

0.6645%,

5.5213%, 4/25/32

‡

9,717

9,694

SOFR30A

+

0.6145%,

5.4713%, 9/25/33

‡

15,242

15,158

SOFR30A

+

0.4145%,

5.2713%, 10/25/35

‡

18,183

17,970

SOFR30A

+

0.4645%,

5.3213%, 4/25/36

‡

65,324

64,526

SOFR30A

+

0.6345%,

5.4913%, 9/25/37

‡

17,333

17,263

SOFR30A

+

0.5145%,

5.3713%, 9/25/40

‡

8,494

8,443

SOFR30A

+

53.7407%,

0.0000%, 10/25/40

‡

41,248

55,436

SOFR30A

+

0.5445%,

5.4013%, 11/25/40

‡

11,677

11,591

SOFR30A

+

0.5145%,

5.3713%, 9/25/42

‡

8,772

8,633

SOFR30A

+

0.4645%,

5.3213%, 10/25/42

‡

108,275

105,876

SOFR30A

+

3.8855%,

0.0000%, 11/25/42

‡

473,554

248,144

SOFR30A

+

0.6145%,

5.4713%, 2/25/43

‡

29,809

29,535

SOFR30A

+

0.8000%,

5.6568%, 9/25/52

‡

9,760,031

9,578,338

SOFR30A

+

1.1000%,

5.9568%, 9/25/54

‡

28,442,630

28,348,618

3.5000%, 1/25/61

(a)

20,563,662

4,377,224

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

2.0000%,

TBA, 30

Year

Maturity

(b)

376,104,255

298,156,648

2.5000%,

TBA, 30

Year

Maturity

(b)

1,422,404,877

1,177,601,886

3.0000%,

TBA, 30

Year

Maturity

(b)

554,920,354

477,659,903

3.5000%,

TBA, 30

Year

Maturity

(b)

110,300,000

98,635,113

5.0000%,

TBA, 30

Year

Maturity

(b)

94,802,448

92,084,272

5.5000%,

TBA, 30

Year

Maturity

(b)

135,400,000

134,078,767

6.0000%,

TBA, 30

Year

Maturity

(b)

41,015,554

41,271,081

FREMF

Mortgage

Trust

SOFR30A

+

6.1145%,

11.2778%, 9/25/29

(144A)

‡

789,970

750,430

0.0000%, 11/25/49

(144A)

¤

12,984,746

12,823,751

0.1000%, 11/25/49

(144A)

(a)

24,160,154

944

GNMA

CME

Term

SOFR

1

Month

+

0.5145%,

5.3004%, 8/16/29

‡

6,736

6,760

CME

Term

SOFR

1

Month

+

0.5145%,

5.2736%, 7/20/34

‡

31,830

31,557

CME

Term

SOFR

1

Month

+

0.4145%,

5.2004%, 8/16/34

‡

23,680

23,425

CME

Term

SOFR

1

Month

+

0.3145%,

5.0736%, 6/20/35

‡

18,805

18,488

CME

Term

SOFR

1

Month

+

0.2645%,

5.0236%, 8/20/35

‡

22,461

22,013

CME

Term

SOFR

1

Month

+

0.4145%,

5.1736%, 4/20/37

‡

8,280

8,152

CME

Term

SOFR

1

Month

+

0.4245%,

5.1836%, 6/20/37

‡

22,803

22,484

CME

Term

SOFR

1

Month

+

0.4345%,

5.1936%, 7/20/37

‡

34,907

34,309

CME

Term

SOFR

1

Month

+

0.6145%,

5.3736%, 10/20/37

‡

11,449

11,328

CME

Term

SOFR

1

Month

+

0.6145%,

5.3736%, 10/20/37

‡

27,813

27,384

CME

Term

SOFR

1

Month

+

0.6145%,

5.3736%, 2/20/38

‡

22,666

22,519

CME

Term

SOFR

1

Month

+

0.6145%,

5.3736%, 2/20/38

‡

45,645

45,350

CME

Term

SOFR

1

Month

+

0.7145%,

5.5004%, 1/16/40

‡

7,871

7,850

CME

Term

SOFR

1

Month

+

0.4645%,

5.2236%, 6/20/40

‡

458

454

CME

Term

SOFR

1

Month

+

0.5445%,

5.3304%, 10/16/40

‡

29,934

29,776

0.0000%, 5/16/41

¤

3,720,125

2,854,388

CME

Term

SOFR

1

Month

+

0.4145%,

5.1736%, 7/20/41

‡

14,202

14,104

SOFR30A

+

1.3000%,

6.1903%, 8/20/53

‡

7,327,723

7,375,165

GNMA

II,

30

Year

Pool

#

MA5021,

4.5000%, 2/20/48

1,034,829

1,000,761

Pool

#

MA5192,

4.0000%, 5/20/48

242,086

227,486

Pool

#

MA5264,

4.0000%, 6/20/48

814,901

765,754

Pool

#

BF6874,

4.5000%, 7/20/48

130,729

125,960

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

October

31,

2024

14

October

31,

2024

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Mortgage-Backed

Securities

-

(continued)

GNMA

II,

30

Year

-

(continued)

Pool

#

BK5879,

4.5000%, 11/20/48

$

144,772

$

138,764

Pool

#

BK6072,

5.0000%, 1/20/49

9,499

9,360

GNMA

II,

Other

Pool

#

MA5753,

4.0000%, 2/20/49

149,270

137,618

Pool

#

MA5866,

4.0000%, 4/20/49

150,493

139,027

GNMA

II,

Single

Family,

30

Year

2.5000%,

TBA, 30

Year

Maturity

(b)

25,296,414

21,437,825

3.0000%,

TBA, 30

Year

Maturity

(b)

175,024,962

153,514,044

3.5000%,

TBA, 30

Year

Maturity

(b)

49,076,377

44,335,550

4.0000%,

TBA, 30

Year

Maturity

(b)

107,413,688

99,980,661

4.5000%,

TBA, 30

Year

Maturity

(b)

242,461,488

231,355,540

5.0000%,

TBA, 30

Year

Maturity

(b)

107,946,194

105,387,977

Homeward

Opportunities

Fund

Trust

,

7.1200

%

,

7/25/29

(144A)

Ç

17,261,000

17,394,809

Imperial

Fund

Mortgage

Trust

,

5.9410

%

,

2/25/68

(144A)

Ç

3,642,296

3,633,942

J.P.

Morgan

Mortgage

Trust

,

6.0190

%

,

6/25/54

(144A)

Ç

3,995,237

3,977,981

JPMorgan

Chase

Bank

NA

CME

Term

SOFR

1

Month

+

2.3645%,

7.1021%, 10/25/57

(144A)

‡

11,366,745

11,535,265

CME

Term

SOFR

1

Month

+

2.6145%,

7.3521%, 10/25/57

(144A)

‡

2,251,796

2,292,239

JPMorgan

Mortgage

Trust

,

3.0000

%

,

6/25/45

(144A)

‡

530,931

466,114

LHOME

Mortgage

Trust

8.1500%, 11/25/27

(144A)

Ç

12,300,000

12,343,517

7.0170%, 1/25/29

(144A)

Ç

6,341,000

6,390,155

7.1280%, 3/25/29

(144A)

Ç

5,293,684

5,356,602

6.9000%, 5/25/29

(144A)

Ç

9,960,000

10,064,353

6.0920%, 7/25/39

(144A)

Ç

6,870,000

6,851,186

5.7510%, 9/25/39

(144A)

Ç

9,325,000

9,232,245

Mello

Mortgage

Capital

Acceptance

,

4.0000

%

,

4/25/54

(144A)

Ç

9,020,508

8,735,932

MHC

Commercial

Mortgage

Trust

,

CME

Term

SOFR

1

Month

+

0.9154%

,

5.7194

%

,

4/15/38

(144A)

‡

2,623,867

2,616,132

New

Residential

Mortgage

Loan

Trust

,

7.1010

%

,

3/25/39

(144A)

Ç

2,750,000

2,774,153

PRPM

LLC

2.2370%, 10/25/51

(144A)

‡

2,000,000

1,704,137

2.4850%, 10/25/51

(144A)

‡

2,600,000

2,199,757

3.7500%, 3/25/54

(144A)

Ç

2,837,084

2,742,854

4.2415%, 12/25/64

(144A)

‡

8,351,000

7,846,471

Rain

City

Mortgage

Trust

,

6.5300

%

,

11/25/29

(144A)

‡

4,800,000

4,795,692

RCKT

Mortgage

Trust

6.5150%, 6/25/43

(144A)

‡

6,939,124

6,989,339

6.0470%, 8/25/44

(144A)

Ç

12,042,581

12,065,457

5.1580%, 10/25/44

(144A)

Ç

15,610,788

15,450,287

5.4896%, 11/25/44

Ç

7,329,000

7,287,034

Reach

ABS

Trust

,

6.3000

%

,

2/18/31

(144A)

4,122,271

4,149,175

Saluda

Grade

Alternative

Mortgage

Trust

7.5000%, 2/25/30

(144A)

Ç

8,577,204

8,621,509

7.7620%, 4/25/30

(144A)

Ç

8,254,619

8,364,324

7.4390%, 7/25/30

(144A)

Ç

15,216,666

15,339,630

6.6030%, 4/25/54

(144A)

Ç

3,027,877

3,036,454

Sequoia

Mortgage

Trust

2.5000%, 5/25/43

(144A)

‡

713,525

619,873

4.0000%, 9/25/49

(144A)

‡

91,349

83,383

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

October

31,

2024

Janus

Detroit

Street

Trust

15

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Mortgage-Backed

Securities

-

(continued)

SREIT

Trust

,

CME

Term

SOFR

1

Month

+

1.1943%

,

5.9982

%

,

11/15/38

(144A)

‡

$

4,784,314

$

4,748,591

Toorak

Mortgage

Trust

,

6.3290

%

,

10/25/31

(144A)

Ç

12,596,000

12,595,961

Verus

Securitization

Trust

,

5.0950

%

,

9/25/69

(144A)

‡

3,250,000

3,227,903

Total

Mortgage-Backed

Securities

(cost

$7,280,159,970)

7,188,654,816

Investment

Companies

-

4.3%

Money

Market

Funds

-

4.3%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

4.8531%

£,∞

(cost

$199,745,278)

199,705,337

199,745,278

Total

Investments

(total

cost

$

7,991,080,905

)

-

168.1%

7,901,303,905

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(68.1%)

(3,202,190,285)

Net

Assets

-

100.0%

$4,699,113,620

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

7,899,302,194

100.0

%

Cayman

Islands

2,001,711

0.0

Total

$

7,901,303,905

100.0

%

Schedule

of

TBA

sales

commitments

-

(%

of

Net

Assets)

Principal

Amounts

Value

Securities

Sold

Short

-

(36.2)%

Mortgage-Backed

Securities

-

(36.2)%

FNMA/FHLMC

UMBS,

30

Year,

Single

Family,

4.0000%,

TBA,

30

Year

Maturity

(b)

$

(667,875,155)

$

(617,296,970)

FNMA/FHLMC

UMBS,

30

Year,

Single

Family,

4.5000%,

TBA,

30

Year

Maturity

(b)

(15,442,390)

(14,663,414)

FNMA/FHLMC

UMBS,

30

Year,

Single

Family,

5.0000%,

TBA,

30

Year

Maturity

(b)

(434,302,448)

(421,850,128)

FNMA/FHLMC

UMBS,

30

Year,

Single

Family,

5.5000%,

TBA,

30

Year

Maturity

(b)

(446,370,193)

(442,014,513)

FNMA/FHLMC

UMBS,

30

Year,

Single

Family,

6.0000%,

TBA,

30

Year

Maturity

(b)

(192,870,000)

(194,071,580)

FNMA/FHLMC

UMBS,

30

Year,

Single

Family,

6.5000%,

TBA,

30

Year

Maturity

(b)

(1,829,000)

(1,866,714)

GNMA

II,

Single

Family,

30

Year,

6.5000%,

TBA,

30

Year

Maturity

(b)

(9,700,000)

(9,859,856)

Total

Securities

Sold

Short

(proceeds

$1,725,506,303)

$

(1,701,623,175)

Summary

of

Investments

by

Country

-

(Short

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

(1,701,623,175)

100.0%

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

October

31,

2024

16

October

31,

2024

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

The

following

table,

grouped

by

derivative

type,

provides

information

about

the

fair

value

and

location

of

derivatives

within

the

Statement

of

Assets

and

Liabilities

as

of

October

31,

2024.

Schedule

of

Affiliated

Investments

-

(%

of

Net

Assets)

Affiliated

Investments,

at

Value

at

10/31/23

Purchases

Sales

Proceeds

Realized

Gain/

(Loss)

Change

in

Unrealized

Appreciatio

n/

(Depreciation)

Affiliated

Investments,

at

Value

at

10/31/24

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

Shares

Held

at

10/31/24

Dividend

Income

Investment

Company

-

4.3%

Money

Market

Funds

-

4.3%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

4.8531%

∞

$

91,443,297

$

3,189,487,800

$

(3,081,201,182)

$

15,362

$

1

$

199,745,278

199,705,337

$

6,259,590

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

N/A

Investment

Companies

-

N/A

Janus

Henderson

Cash

Collateral

Fund

LLC,

4.7452%

∞

–

210,000

(210,000)

–

–

–

–

397

Δ

Total

Affiliated

Investments

-

4.3%

$91,443,297

$3,189,697,800

$(3,081,411,182)

$15,362

$1

$199,745,278

$6,259,987

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

11,442

12/31/24

$

1,226,975,719

$

(26,121,248)

Total

-

Futures

Long

(26,121,248)

Futures

Short:

U.S.

Treasury

10

Year

Notes

305

12/19/24

(33,692,969)

524,836

U.S.

Treasury

10

Year

Ultra

Bonds

4,038

12/19/24

(459,322,500)

7,818,078

U.S.

Treasury

2

Year

Notes

1,184

12/31/24

(243,839,249)

2,237,021

U.S.

Treasury

Ultra

Bonds

795

12/19/24

(99,871,875)

6,358,768

Total

-

Futures

Short

16,938,703

Total

$(9,182,545)

Schedule

of

Centrally

Cleared

Credit

Default

Swaps

-

Buy

Protection

Referenced

Asset

Maturity

Date

Notional

Amount

Premiums

Paid/

(Received)

Unrealized

Appreciation

(Depreciation)

Value

CDX.NA.HY.43-V1,

Fixed

Rate

of

5.00%

Paid

Quarterly

12/20/29

$

150,000,000

$

(10,612,221)

$

(689,896)

$

(11,302,117)

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

October

31,

2024

Janus

Detroit

Street

Trust

17

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

The

following

tables

provide

information

about

the

effect

of

derivatives

and

hedging

activities

on

the

Fund’s

Statement

of

Operations

for

the year

ended

October

31,

2024.

Please

see

the

“Net

realized

and

change

in

unrealized

gain/(loss)

on

investments”

sections

of

the

Fund’s

Statement

of

Operations.

Fair

Value

of

Derivative

Instruments

(not

accounted

for

as

hedging

instruments)

as

of

October

31,

2024

Credit

Contracts

Interest

Rate

Contracts

Total

Asset

Derivatives:

*

Futures

contracts

$—

$16,938,703

$16,938,703

Total

Asset

Derivatives

$—

$16,938,703

$16,938,703

Liability

Derivatives:

*

Swaps

-

centrally

cleared

689,896

—

689,896

*

Futures

contracts

—

26,121,248

26,121,248

Total

Liability

Derivatives

$689,896

$26,121,248

$26,811,144

*

The

fair

value

presented

includes

net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts

and

centrally

cleared

swaps.

In

the

Statement

of

Assets

and

Liabilities,

only

current

day's

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

total

distributable

earnings

(loss).

The

Effect

of

Derivative

Instruments

(not

accounted

for

as

hedging

instruments)

on

the

Statement

of

Operations

for

the

Year

Ended

October

31,

2024

Amount

of

Realized

Gain/(Loss)

Recognized

on

Derivatives

Derivative

Credit

Contracts

Interest

Rate

Contracts

Total

Futures

contracts

$—

$(8,799,127)

$(8,799,127)

Swap

contracts

394,828

—

394,828

Total

$394,828

$(8,799,127)

$(8,404,299)

Amount

of

Change

in

Unrealized

Appreciation/(Depreciation)

Recognized

on

Derivatives

Derivative

Credit

Contracts

Interest

Rate

Contracts

Total

Futures

contracts

$—

$(17,125,740)

$(17,125,740)

Swap

contracts

(689,896)

—

(689,896)

Total

$(689,896)

$(17,125,740)

$(17,815,636)

Average

Ending

Monthly

Value

of

Derivative

Instruments

During

the

Year

Ended

October

31,

2024

Futures

contracts:

Average

notional

amount

of

contracts

-

long

$723,469,119

Average

notional

amount

of

contracts

-

short

731,760,404

Credit

default

swaps:

Average

notional

amount

-

buy

protection

29,166,667

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

October

31,

2024

18

October

31,

2024

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

STRIPS

Separate

Trading

of

Registered

Interest

and

Principal

of

Securities

TBA

(To

Be

Announced)

Securities

are

purchased/sold

on

a

forward

commitment

basis

with

an

approximate

principal

amount

and

no

defined

maturity

date.

The

actual

principal

and

maturity

date

will

be

determined

upon

settlement

when

specific

mortgage

pools

are

assigned.

UMBS

Uniform

Mortgage-Backed

Securities

∞

Rate

shown

is

the

7-day

yield

as

of

October

31,

2024.

£

The

Fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

Investment

Company

Act

of

1940,

as

amended,

an

affiliated

company

is

one

in

which

the

Fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

which

is

under

common

ownership

or

control.

Δ

Net

of

income

paid

to

the

securities

lending

agent

and

rebates

paid

to

the

borrowing

counterparties.

Ç

Step

bond.

The

coupon

rate

will

increase

or

decrease

periodically

based

upon

a

predetermined

schedule.

The

rate

shown

reflects

the

current

rate.

‡

The

interest

rate

on

floating

rate

notes

is

based

on

an

index

or

market

interest

rates

and

is

subject

to

change.

Rate

in

the

security

description

is

as

of

October

31,

2024.

¤

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

year

ended

October

31,

2024

is

$870,380,199

which

represents

18.5%

of

net

assets.

(a)

IO

–

Interest

Only

(b)

Settlement

is

on

a

delayed

delivery

or

when-issued

basis

with

final

maturity

TBA

in

the

future.

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

October

31,

2024

Janus

Detroit

Street

Trust

19

The

following

is

a

summary

of

the

inputs

that

were

used

to

value

the

Fund's

investments

in

securities

and

other

financial

instruments

as

of

October

31,

2024

.

See

Notes

to

Financial

Statements

for

more

information.

Valuation

Inputs

Summary

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Total

Assets

Investments

in

Securities:

Asset-Backed

Securities

$

—

$

503,710,685

$

—

$

503,710,685

Corporate

Bond

—

9,193,126

—

9,193,126

Mortgage-Backed

Securities

—

7,188,654,816

—

7,188,654,816

Investment

Companies

—

199,745,278

—

199,745,278

Total

Investments

in

Securities

$

—

$

7,901,303,905

$

—

$

7,901,303,905

Other

Financial

Instruments

(a)

:

Futures

Contracts

$

16,938,703

$

—

$

—

$

16,938,703

Total

Assets

$

16,938,703

$

7,901,303,905

$

—

$

7,918,242,608

Liabilities

TBA

sales

commitments:

Mortgage-Backed

Securities

$

—

$

1,701,623,175

$

—

$

1,701,623,175

Other

Financial

Instruments

(a)

:

Centrally

Cleared

Swaps

$

—

$

689,896

$

—

$

689,896

Futures

Contracts

26,121,248

—

—

26,121,248

Total

Liabilities

$

26,121,248

$

1,702,313,071

$

—

$

1,728,434,319

(a)

Other

financial

instruments

include

futures

and

swap

contracts.

Futures

contracts

and

swap

contracts

are

reported

at

their

unrealized

appreciation/

(depreciation)

at

measurement

date,

which

represents

the

change

in

the

contract’s

value

from

trade

date.

Janus

Henderson

Mortgage-Backed

Securities

ETF

Statement

of

Assets

and

Liabilities

October

31,

2024

20

October

31,

2024

See

Notes

to

Financial

Statements.

Assets:

Unaffiliated

investments,

at

value

(cost

$7,791,335,627)

$

7,701,558,627

Affiliated

investments,

at

value

(cost

$199,745,278)

199,745,278

Cash

38,606,595

Due

from

broker

for

centrally

cleared

swaps

8,059,738

Due

from

broker

for

futures

7,470,000

Receivable

for

variation

margin

on

swaps

1,337,068

Receivables:

TBA

investments

sold

2,548,160,308

Fund

units

sold

14,615,930

Interest

16,216,482

Total

Assets

10,535,770,026

Liabilities:

TBA

sales

commitments,

at

value

(proceeds

$1,725,506,303)

1,701,623,175

Payable

for

variation

margin

on

futures

contracts

746,582

Payables:

Investments

purchased

268,444,738

TBA

investments

purchased

3,864,988,725

Management

fees

853,186

Total

Liabilities

5,836,656,406

Commitments

and

contingent

liabilities

Net

Assets

$

4,699,113,620

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

4,834,544,551

Total

distributable

earnings

(loss)

(

135,430,931

)

Total

Net

Assets

$

4,699,113,620

Net

Assets

$

4,699,113,620

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

104,500,000

Net

Asset

Value

Per

Share

$

44

.97

Janus

Henderson

Mortgage-Backed

Securities

ETF

Statement

of

Operations

For

the

year

ended

October

31,

2024

Janus

Detroit

Street

Trust

21

See

Notes

to

Financial

Statements.

Investment

Income:

Interest

$

211,934,440

Dividends

from

affiliates

6,259,590

Affiliated

securities

lending

income,

net    

397

Unaffiliated

securities

lending

income,

net

101

Total

Investment

Income

218,194,528

Expenses:

Management

Fees

8,541,656

Total

Expenses

8,541,656

Net

Investment

Income/(Loss)

209,652,872

Net

Realized

Gain/(Loss)

on

Investments:

Investments

$

13,614,301

Investments

in

affiliates

15,362

TBA

sales

commitments

80,957,225

Futures

contracts

(

8,799,127

)

Swap

contracts

394,828

Total

Net

Realized

Gain/(Loss)

on

Investments

$

86,182,589

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

40,904,702

Investments

in

affiliates

1

TBA

sales

commitments

16,567,210

Futures

contracts

(

17,125,740

)

Swap

contracts

(

689,896

)

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

39,656,277

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

335,491,738

Janus

Henderson

Mortgage-Backed

Securities

ETF

Statements

of

Changes

in

Net

Assets

22

October

31,

2024

See

Notes

to

Financial

Statements.

Year

Ended

October

31,

2024

Year

Ended

October

31,

2023

Operations:

Net

investment

income/(loss)

$

209,652,872

$

62,648,064

Net

realized

gain/(loss)

on

investments

86,182,589

(

79,203,514

)

Change

in

unrealized

net

appreciation/depreciation

39,656,277

(

57,824,243

)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

335,491,738

(

74,379,693

)

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(

194,947,817

)

(

53,878,171

)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(

194,947,817

)

(

53,878,171

)

Capital

Share

Transactions

2,552,451,886

1,357,772,676

Net

Increase/(Decrease)

in

Net

Assets

2,692,995,807

1,229,514,812

Net

Assets:

—

—

Beginning

of

Year  

2,006,117,813

776,603,001

End

of

Year

$

4,699,113,620

$

2,006,117,813

Janus

Henderson

Mortgage-Backed

Securities

ETF

Financial

Highlights

Janus

Detroit

Street

Trust

23

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

each

year

or

period

ended

October

31

2024

2023

2022

2021

2020

Net

Asset

Value,

Beginning

of

Period

$42.17

$44.25

$52.94

$53.58

$52.62

Income/(Loss)

from

Investment

Operations:

—

—

—

—

—

Net

investment

income/(loss)

(1)

2.42

2.18

0.92

0.66

1.22

Net

realized

and

unrealized

gain/(loss)

2.68

(2.33)

(8.73)

(0.19)

1.51

Total

from

Investment

Operations

5.10

(0.15)

(7.81)

0.47

2.73

Less

Dividends

and

Distributions:

—

—

—

—

—

Dividends

(from

net

investment

income)

(2.30)

(1.93)

(0.88)

(1.00)

(1.77)

Distributions

(from

capital

gains)

—

—

—

(0.11)

—

Total

Dividends

and

Distributions

(2.30)

(1.93)

(0.88)

(1.11)

(1.77)

Net

Asset

Value,

End

of

Period

$44.97

$42.17

$44.25

$52.94

$53.58

Total

Return

12.23%

(0.57)%

(14.89)%

0.88%

5.30%

(2)

Net

assets,

End

of

Period

(in

thousands)

$4,699,114

$2,006,118

$776,603

$848,374

$578,645

Ratios

to

Average

Net

Assets

Ratio

of

Gross

Expenses

0.22%

0.26%

0.28%

0.28%

0.32%

Ratio

of

Net

Investment

Income/(Loss)

5.37%

4.83%

1.86%

1.24%

2.31%

Portfolio

Turnover

Rate

(3)(4)

57%

48%

143%

162%

300%

(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

24

October

31,

2024

1.

Organization

and

Significant

Accounting

Policies

Janus

Henderson Mortgage-Backed

Securities ETF (the

“Fund”)

is

a

series

fund.

The

Fund

is

part

of

Janus

Detroit

Street

Trust

(the

“Trust”),

which

is

organized

as

a

Delaware

statutory

trust

and

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company,

and

therefore

has

applied

the

specialized

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

(“ASC”)

Topic

946.

As

of

the

date

of

this

report,

the

Trust

offers twelve

Funds

each

of

which

represent

shares

of

beneficial

interest

in

a

separate

portfolio

of

securities

and

other

assets

with

its

own

objective

and

policies.

The

Fund

seeks

a

high

level

of

total

return

consisting

of

income

and

capital

appreciation.

The

Fund

is

classified

as

diversified,

as

defined

in

the

1940

Act.

Janus

Henderson

Investors

US

LLC

is

the

investment

adviser

(the

“Adviser”)

to

the

Fund.

The

Fund

is

an

actively-managed

exchange-traded

fund.

Unlike

shares

of

traditional

mutual

funds,

shares

of

the

Fund

are

not

individually

redeemable

and

may

only

be

purchased

or

redeemed

directly

from

the

Fund

at

net

asset

value

(“NAV”)

in

large

increments

called

“Creation

Units”

by

certain

participants,

known

as

“Authorized

Participants.”

The

size

of

a

Creation

Unit

to

purchase

shares

of

the

Fund

may

differ

from

the

size

of

a

Creation

Unit

to

redeem

shares

of

the

Fund.

The

Fund

will

issue

or

redeem

Creation

Units

in

exchange

for

portfolio

securities

and/or

cash.

Except

when

aggregated

in

Creation

Units,

Fund

shares

are

not

redeemable

securities

of

the

Fund.

Shares

of

the

Fund

are

listed

and

trade

on NYSE

Arca,

Inc.

(the

"Exchange"),

and

individual

investors

can

purchase

or

sell

shares

in

much

smaller

increments

for

cash

in

the

secondary

market

through

a

broker.

These

transactions,

which

do

not

involve

the

Fund,

are

made

at

market

prices

that

may

vary

throughout

the

day

and

differ

from

the

Fund’s

NAV.

As

a

result,

you

may

pay

more

than

NAV

(a

premium)

when

you

purchase

shares

and

receive

less

than

NAV

(a

discount)

when

you

sell

shares,

in

the

secondary

market.

From

time

to

time,

Authorized

Participants

(or

other

broker-dealers

making

markets

in

shares

of

the

Fund)

may

be

a

beneficial

and/or

legal

owner

of

the

Fund,

may

be

affiliated

with

an

index

provider,

may

be

deemed

to

have

control

of

the

Fund

and/or

may

be

able

to

affect

the

outcome

of

matters

presented

for

a

vote

of

the

shareholders

of

the

Fund.

Authorized

Participants

(or

other

broker-dealers

making

markets

in

shares

of

the

Fund)

may

execute

an

irrevocable

proxy

granting

ALPS

Distributors,

Inc.

(the

"Distributor"),

the

Adviser

or

an

affiliate

of

the

Adviser

power

to

vote

or

abstain

from

voting

such

Authorized

Participant’s

beneficially

or

legally

owned

shares

of

the

Fund.

In

such

cases,

the

agent

shall

mirror

vote

(or

abstain

from

voting)

such

shares

in

the

same

proportion

as

all

other

beneficial

owners

of

the

Fund.

The

following

accounting

policies

have

been

followed

by

the

Fund

and

are

in

conformity

with

United

States

of

America

generally

accepted

accounting

principles

(“US

GAAP”). 

Investment

Valuation 

Fund holdings

are

valued

in

accordance

with

policies

and

procedures

established

by

the

Adviser

pursuant

to

Rule

2a-5

under

the

1940

Act

and

approved

by

and

subject

to

the

oversight

of

the

Trustees

(the

“Valuation

Procedures”).

Equity

securities,

including

shares

of

exchange-traded

funds,

traded

on

a

domestic

securities

exchange

are

generally

valued

at

readily

available

market

quotations,

which

are

(i)

the

official

close

prices

or

(ii)

last

sale

prices

on

the

primary

market

or

exchange

in

which

the

securities

trade.

If

such

price

is

lacking

for

the

trading

period

immediately

preceding

the

time

of

determination,

such

securities

are

generally

valued

at

their

current

bid

price.

Equity

securities

that

are

traded

on

a

foreign

exchange

are

generally

valued

at

the

closing

prices

on

such

markets.

In

the

event

that

there

is

no

current

trading

volume

on

a

particular

security

in

such

foreign

exchange,

the

bid

price

from

the

primary

exchange

is

generally

used

to

value

the

security.

Foreign

securities

and

currencies

are

converted

to

U.S.

dollars

using

the

current

spot

USD

dollar

exchange

rate

in

effect

at

the

close

of

the

London

Stock

Exchange.

The Fund will

determine

the

market

value

of

individual

securities

held

by

it

by

using

prices

provided

by

one

or

more

approved

professional

pricing

services

or,

as

needed,

by

obtaining

market

quotations

from

independent

broker-dealers.

Most

debt

securities

are

valued

in

accordance

with

the

evaluated

bid

price

supplied

by

the

Adviser-approved

pricing

service

that

is

intended

to

reflect

market

value.

The

evaluated

bid

price

supplied

by

the

pricing

service

is

an

evaluation

that

may

consider

factors

such

as

security

prices,

yields,

maturities

and

ratings.

Certain

short-term

securities

maturing

within

60

days

or

less

may

be

evaluated

and

valued

on

an

amortized

cost

basis

provided

that

the

amortized

cost

determined

approximates

market

value.

Securities

for

which

market

quotations

or

evaluated

prices

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

determined

in

good

faith

by

the

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,

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

25

bankruptcy,

or

significant

issuer-specific

development;

(ii)

an

event

that

may

affect

an

entire

market,

such

as

a

natural

disaster

or

significant

governmental

action;

(iii)

a

nonsignificant

event

such

as

a

market

closing

early

or

not

opening,

or

a

security

trading

halt;

and

(iv)

pricing

of

a

non-valued

security

and

a

restricted

or

nonpublic

security.

Special

valuation

considerations

may

apply

with

respect

to

“odd-lot”

fixed-income

transactions

which,

due

to

their

small

size,

may

receive

evaluated

prices

by

pricing

services

which

reflect

a

large

block

trade

and

not

what

actually

could

be

obtained

for

the

odd-

lot

position.

The

value

of

the

securities

of

mutual

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

mutual

funds,

and

the

prospectuses

for

such

mutual

funds

explain

the

circumstances

under

which

they

use

fair

valuation

and

the

effects

of

using

fair

valuation.

The

value

of

the

securities

of

any

cash

management

pooled

investment

vehicles

that

operate

as

money

market

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

funds.

Valuation

Inputs

Summary 

FASB

ASC

820,

Fair

Value

Measurements

and

Disclosures

(“ASC

820”),

defines

fair

value,

establishes

a

framework

for

measuring

fair

value,

and

expands

disclosure

requirements

regarding

fair

value

measurements.

This

standard

emphasizes

that

fair

value

is

a

market-based

measurement

that

should

be

determined

based

on

the

assumptions

that

market

participants

would

use

in

pricing

an

asset

or

liability

and

establishes

a

hierarchy

that

prioritizes

inputs

to

valuation

techniques

used

to

measure

fair

value.

These

inputs

are

summarized

into

three

broad

levels: 

Level

1

–

Unadjusted

quoted

prices

in

active

markets

the

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities.

Level

2

–

Observable

inputs

other

than

unadjusted

quoted

prices

included

in

Level

1

that

are

observable

for

the

asset

or

liability

either

directly

or

indirectly.

These

inputs

may

include

quoted

prices

for

the

identical

instrument

on

an

inactive

market,

prices

for

similar

instruments,

interest

rates,

prepayment

speeds,

credit

risk,

yield

curves,

default

rates

and

similar

data.

Assets

or

liabilities

categorized

as

Level

2

in

the

hierarchy

generally

include:

debt

securities

fair

valued

in

accordance

with

the

evaluated

bid

or

ask

prices

supplied

by

a

pricing

service;

securities

traded

on

OTC

markets

and

listed

securities

for

which

no

sales

are

reported

that

are

fair

valued

at

the

latest

bid

price

(or

yield

equivalent

thereof)

obtained

from

one

or

more

dealers

transacting

in

a

market

for

such

securities

or

by

a

pricing

service

approved

by

the

Fund’s

Trustees;

and

certain

short-term

debt

securities

with

maturities

of

60

days

or

less

that

are

fair

valued

at

amortized

cost.

Other

securities

that

may

be

categorized

as

Level

2

in

the

hierarchy

include,

but

are

not

limited

to,

preferred

stocks,

bank

loans,

swaps,

investments

in

unregistered

investment

companies,

options,

and

forward

contracts.

Level

3

–

Unobservable

inputs

for

the

asset

or

liability

to

the

extent

that

relevant

observable

inputs

are

not

available,

representing

the

Fund’s

own

assumptions

about

the

assumptions

that

a

market

participant

would

use

in

valuing

the

asset

or

liability,

and

that

would

be

based

on

the

best

information

available.

There

have

been

no

significant

changes

in

valuation

techniques

used

in

valuing

any

such

positions

held

by

the

Fund

since

the

beginning

of

the

fiscal

year. 

The

inputs

or

methodology

used

for

fair

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

The

summary

of

inputs

used

as

of

October

31,

2024 to

fair

value

the

Fund’s

investments

in

securities

and

other

financial

instruments

is

included

in

the

“Valuation

Inputs

Summary”

in

the

Notes

to

Schedule

of

Investments

and

Other

Information.

Investment

Transactions

and

Investment

Income

Investment

transactions

are

accounted

for

as

of

the

date

purchased

or

sold

(trade

date).

Dividend

income

is

recorded

on

the

ex-dividend

date.

Certain

dividends

from

foreign

securities

will

be

recorded

as

soon

as

the

Fund

is

informed

of

the

dividend,

if

such

information

is

obtained

subsequent

to

the

ex-dividend

date.

Dividends

from

foreign

securities

may

be

subject

to

withholding

taxes

in

foreign

jurisdictions.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value.

Interest

income

is

recorded

daily

on

an

accrual

basis

and

includes

amortization

of

premiums

and

accretion

of

discounts.

The

Fund

classifies

gains

and

losses

on

prepayments

received

as

an

adjustment

to

interest

income.

Debt

securities

may

be

placed

in

non-accrual

status

and

related

interest

income

may

be

reduced

by

stopping

current

accruals

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

26

October

31,

2024

and

writing

off

interest

receivables

when

collection

of

all

or

a

portion

of

interest

has

become

doubtful.

Gains

and

losses

are

determined

on

the

identified

cost

basis,

which

is

the

same

basis

used

for

federal

income

tax

purposes.  

Estimates

The

preparation

of

financial

statements

in

conformity

with

US

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amount

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates. 

Indemnifications

In

the

normal

course

of

business,

the

Fund

may

enter

into

contracts

that

contain

provisions

for

indemnification

of

other

parties

against

certain

potential

liabilities.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

and

would

involve

future

claims

that

may

be

made

against

the

Fund

that

have

not

yet

occurred.

Currently,

the

risk

of

material

loss

from

such

claims

is

considered

remote. 

Dividends

and

Distributions

Dividends

from

net

investment

income

are

generally

declared

and

distributed

monthly.

Net

realized

capital

gains

(if

any)

are

distributed

annually.

The

Fund

may

treat

a

portion

of

the

amount

paid

to

redeem

shares

as

a

distribution

of

investment

company

taxable

income

and

realized

capital

gains

that

are

reflected

in

the

NAV.

This

practice,

commonly

referred

to

as

“equalization,”

has

no

effect

on

the

redeeming

shareholder

or

a

Fund’s

total

return

but

may

reduce

the

amounts

that

would

otherwise

be

required

to

be

paid

as

taxable

dividends

to

the

remaining

shareholders.

It

is

possible

that

the

Internal

Revenue

Service

(IRS)

could

challenge

the

Fund’s

equalization

methodology

or

calculations,

and

any

such

challenge

could

result

in

additional

tax,

interest,

or

penalties

to

be

paid

by

the

Fund. 

Federal

Income

Taxes

The

Fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

and

distribute

all

of

its

taxable

income

in

accordance

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code.

Management

has

analyzed

the

Fund’s

tax

positions

taken

for

all

open

federal

income

tax

years,

generally

a

three-year

period,

and

has

concluded

that

no

provision

for

federal

income

tax

is

required

in

the

Fund’s

financial

statements.

The

Fund

is

not

aware

of

any

tax

positions

for

which

it

is

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

benefits

will

significantly

change

in

the

next

twelve

months. 

2.

Derivative

Instruments 

The

Fund

may

invest

in

various

types

of

derivatives.

A

derivative

is

a

financial

instrument

whose

performance

is

derived

from

the

performance

of

another

asset.

The

Fund

may

invest

in

derivative

instruments

including,

but

not

limited

to

futures,

options,

and

swaps.

Each

derivative

instrument

that

was

held

by

the

Fund

during

the

year

ended October

31,

2024 is

discussed

in

further

detail

below.

A

summary

of

derivative

activity

by

the

Fund

is

reflected

in

the

tables

at

the

end

of

the

Schedule

of

Investments.

The

Fund

may

use

derivatives

only

to

manage

or

hedge

portfolio

risk,

including

interest

rate

risk,

or

to

manage

duration.

The

Fund’s

exposure

to

derivatives

will

vary.

The

Fund

may

also

enter

into

short

positions

for

hedging

purposes.

The

Fund’s

use

of

derivative

instruments

involves

risks

different

from,

or

possibly

greater

than,

the

risks

associated

with

investing

directly

in

securities

and

other

traditional

investments.

Derivatives

are

subject

to

a

number

of

risks

including

liquidity

risk,

market

risk,

credit

risk,

default

risk,

counterparty

risk

and

management

risk.

They

also

involve

the

risk

of

mispricing

or

improper

valuation

and

the

risk

that

changes

in

the

value

of

the

derivative

may

not

correlate

exactly

with

the

change

in

the

value

of

the

underlying

asset,

rate

or

index.

Also,

suitable

derivative

transactions

may

not

be

available

in

all

circumstances

and

there

can

be

no

assurance

that

the

Fund

will

engage

in

these

transactions

to

reduce

exposure

to

other

risks

when

that

would

be

beneficial.

While

use

of

derivatives

to

hedge

can

reduce

or

eliminate

losses,

it

can

also

reduce

or

eliminate

gains

or

cause

losses

if

the

market

moves

in

a

manner

different

from

that

anticipated

by the

Adviser or

if

the

cost

of

the

derivative

outweighs

the

benefit

of

the

hedge.

The

Fund’s

ability

to

use

derivatives

may

also

be

limited

by

certain

regulatory

and

tax

considerations. 

In

pursuit

of

its

investment

objective,

the

Fund

may

seek

to

use

derivatives

to

increase

or

decrease

exposure

to

the

following

market

risk

factors: 

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

27

Counterparty

Risk

 -

the

risk

that

the

counterparty

(the

party

on

the

other

side

of

the

transaction)

on

a

derivative

transaction

will

be

unable

to

honor

its

financial

obligation

to

the

Fund. 

Credit

Risk

-

the

risk

an

issuer

will

be

unable

to

make

principal

and

interest

payments

when

due

or

will

default

on

its

obligations. 

Currency

Risk

-

the

risk

that

changes

in

the

exchange

rate

between

currencies

will

adversely

affect

the

value

(in

U.S.

dollar

terms)

of

an

investment. 

Index

Risk

-

if

the

derivative

is

linked

to

the

performance

of

an

index,

it

will

be

subject

to

the

risks

associated

with

changes

in

that

index.

If

the

index

changes,

the

Fund

could

receive

lower

interest

payments

or

experience

a

reduction

in

the

value

of

the

derivative

to

below

what

the

Fund

paid.

Certain

indexed

securities,

including

inverse

securities

(which

move

in

an

opposite

direction

to

the

index),

may

create

leverage,

to

the

extent

that

they

increase

or

decrease

in

value

at

a

rate

that

is

a

multiple

of

the

changes

in

the

applicable

index. 

Interest

Rate

Risk

-

the

risk

that

the

value

of

fixed-income

securities

will

generally

decline

as

prevailing

interest

rates

rise,

which

may

cause

the

Fund's

NAV

to

likewise

decrease. 

Leverage

Risk

-

the

risk

associated

with

certain

types

of

leveraged

investments

or

trading

strategies

pursuant

to

which

relatively

small

market

movements

may

result

in

large

changes

in

the

value

of

an

investment.

The

Fund

creates

leverage

by

investing

in

instruments,

including

derivatives,

where

the

investment

loss

can

exceed

the

original

amount

invested.

Certain

investments

or

trading

strategies,

such

as

short

sales,

that

involve

leverage

can

result

in

losses

that

greatly

exceed

the

amount

originally

invested. 

Liquidity

Risk

-

the

risk

that

certain

securities

may

be

difficult

or

impossible

to

sell

at

the

time

that

the

seller

would

like

or

at

the

price

that

the

seller

believes

the

security

is

currently

worth. 

Derivatives

may

generally

be

traded

OTC

or

on

an

exchange.

Derivatives

traded

OTC

are

agreements

that

are

individually

negotiated

between

parties

and

can

be

tailored

to

meet

a

purchaser's

needs.

OTC

derivatives

are

not

guaranteed

by

a

clearing

agency

and

may

be

subject

to

increased

credit

risk. 

In

an

effort

to

mitigate

credit

risk

associated

with

derivatives

traded

OTC,

the

Fund

may

enter

into

collateral

agreements

with

certain

counterparties

whereby,

subject

to

certain

minimum

exposure

requirements,

the

Fund

may

require

the

counterparty

to

post

collateral

if

the

Fund

has

a

net

aggregate

unrealized

gain

on

all

OTC

derivative

contracts

with

a

particular

counterparty.

Additionally,

the

Fund

may

deposit

cash

and/or

treasuries

as

collateral

with

the

counterparty

and/

or

custodian

daily

(based

on

the

daily

valuation

of

the

financial

asset)

if

the

Fund

has

a

net

aggregate

unrealized

loss

on

OTC

derivative

contracts

with

a

particular

counterparty.

All

liquid

securities

and

restricted

cash

are

considered

to

cover

in

an

amount

at

all

times

equal

to

or

greater

than

the

Fund’s

commitment

with

respect

to

certain

exchange-

traded

derivatives,

centrally

cleared

derivatives,

short

sales,

and/or

securities

with

extended

settlement

dates.

There

is

no

guarantee

that

counterparty

exposure

is

reduced

and

these

arrangements

are

dependent

on

the

Adviser's

ability

to

establish

and

maintain

appropriate

systems

and

trading.

Futures

Contracts 

A

futures

contract

is

an

exchange-traded

agreement

to

take

or

make

delivery

of

an

underlying

asset

at

a

specific

time

in

the

future

for

a

specific

predetermined

negotiated

price.

The

Fund

may

enter

into

futures

contracts

to

hedge

or

protect

itself

from

fluctuations

or

other

adverse

movement

in

the

value

of

individual

securities,

the

securities

markets

generally,

or

interest

rate

fluctuations,

without

actually

buying

or

selling

the

underlying

debt

security.

The

Fund

is

subject

to

interest

rate

risk

and

equity

risk

in

the

normal

course

of

pursuing

its

investment

objective

through

its

investments

in

futures

contracts.

The

use

of

futures

contracts

may

involve

risks

such

as

the

possibility

of

illiquid

markets

or

imperfect

correlation

between

the

values

of

the

contracts

and

the

underlying

securities,

or

that

the

counterparty

will

fail

to

perform

its

obligations.

Futures

contracts

are

valued

at

the

settlement

price

on

valuation

date

as

reported

by

an

approved

vendor.

Mini

contracts,

as

defined

in

the

description

of

the

contract,

shall

be

valued

using

the

Actual

Settlement

Price

or

“ASET”

price

type

as

reported

by

an

approved

vendor.

Futures

contracts

are

marked-to-market

daily,

and

the

daily

variation

margin

is

recorded

as

a

receivable

or

payable

on

the

Statement

of

Assets

and

Liabilities

(if

applicable).

The

change

in

unrealized

net

appreciation/depreciation

is

reported

on

the

Statement

of

Operations

(if

applicable).

When

a

contract

is

closed,

a

realized

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

28

October

31,

2024

gain

or

loss

is

reported

on

the

Statement

of

Operations

(if

applicable),

equal

to

the

difference

between

the

opening

and

closing

value

of

the

contract.

With

futures,

there

is

minimal

counterparty

credit

risk

to

the

Fund

since

futures

are

exchange-traded

and

the

exchange's

clearinghouse,

as

counterparty

to

all

exchange-traded

futures,

guarantees

the

futures

against

default. 

Securities

held

by

the

Fund

that

are

designated

as

collateral

for

market

value

on

futures

contracts

are

noted

on

the

Schedule

of

Investments

(if

applicable).

Such

collateral

is

in

the

possession

of

the

Fund's

futures

option

merchant. 

During

the

year,

the

Fund

purchased

interest

rate

futures

to

increase

exposure

to

interest

rate

risk.

During

the

year,

the

Fund

sold

interest

rate

futures

to

decrease

exposure

to

interest

rate

risk.

Swaps 

Swap

agreements

are

two-party

contracts

entered

into

primarily

by

institutional

investors

for

periods

ranging

from

a

day

to

more

than

one

year

to

exchange

one

set

of

cash

flows

for

another.

The

most

significant

factor

in

the

performance

of

swap

agreements

is

the

change

in

value

of

the

specific

index,

security,

or

currency,

or

other

factors

that

determine

the

amounts

of

payments

due

to

and

from

the

Fund.

The

use

of

swaps

is

a

highly

specialized

activity

which

involves

investment

techniques

and

risks

different

from

those

associated

with

ordinary

portfolio

securities

transactions.

Swap

agreements

entail

the

risk

that

a

party

will

default

on

its

payment

obligations

to

the

Fund.

If

the

other

party

to

a

swap

defaults,

the

Fund

would

risk

the

loss

of

the

net

amount

of

the

payments

that

it

contractually

is

entitled

to

receive.

If

the

Fund

utilizes

a

swap

at

the

wrong

time

or

judges

market

conditions

incorrectly,

the

swap

may

result

in

a

loss

to

the

Fund

and

reduce

the

Fund’s

total

return.

Swap

agreements

also

bear

the

risk

that

the

Fund

will

not

be

able

to

meet

its

obligation

to

the

counterparty.

Swap

agreements

are

typically

privately

negotiated

and

entered

into

in

the

OTC

market.

However,

certain

swap

agreements

are

required

to

be

cleared

through

a

clearinghouse

and

traded

on

an

exchange

or

swap

execution

facility.

Swaps

that

are

required

to

be

cleared

are

required

to

post

initial

and

variation

margins

in

accordance

with

the

exchange

requirements.

Regulations

enacted

require

the

Fund

to

centrally

clear

certain

interest

rate

and

credit

default

index

swaps

through

a

clearinghouse

or

central

counterparty

(“CCP”).

To

clear

a

swap

with

a

CCP,

the

Fund

will

submit

the

swap

to,

and

post

collateral

with,

a

futures

clearing

merchant

(“FCM”)

that

is

a

clearinghouse

member.

Alternatively,

the

Fund

may

enter

into

a

swap

with

a

financial

institution

other

than

the

FCM

(the

“Executing

Dealer”)

and

arrange

for

the

swap

to

be

transferred

to

the

FCM

for

clearing.

The

Fund

may

also

enter

into

a

swap

with

the

FCM

itself.

The

CCP,

the

FCM,

and

the

Executing

Dealer

are

all

subject

to

regulatory

oversight

by

the

U.S.

Commodity

Futures

Trading

Commission

(“CFTC”).

A

default

or

failure

by

a

CCP

or

an

FCM,

or

the

failure

of

a

swap

to

be

transferred

from

an

Executing

Dealer

to

the

FCM

for

clearing,

may

expose

the

Fund

to

losses,

increase

its

costs,

or

prevent

the

Fund

from

entering

or

exiting

swap

positions,

accessing

collateral,

or

fully

implementing

its

investment

strategies.

The

regulatory

requirement

to

clear

certain

swaps

could,

either

temporarily

or

permanently,

reduce

the

liquidity

of

cleared

swaps

or

increase

the

costs

of

entering

into

those

swaps.

Index

swaps,

interest

rate

swaps,

inflation

swaps and

credit

default

swaps

are

valued

using

an

approved

vendor

supplied

price.

Basket

swaps

are

valued

using

a

broker

supplied

price.

Equity

swaps

that

consist

of

a

single

underlying

equity

are

valued

either

at

the

closing

price,

the

latest

bid

price,

or

the

last

sale

price

on

the

primary

market

or

exchange

it

trades.

The

market

value

of

swap

contracts

are

aggregated

by

positive

and

negative

values

and

are

disclosed

separately

as

an

asset

or

liability

on

the

Fund’s

Statement

of

Assets

and

Liabilities

(if

applicable).

Realized

gains

and

losses

are

reported

on

the

Statement

of

Operations

(if

applicable).

The

change

in

unrealized

net

appreciation

or

depreciation

during

the

period

is

included

in

the

Statement

of

Operations

(if

applicable).

The

Fund’s

maximum

risk

of

loss

from

counterparty

risk

or

credit

risk

is

the

discounted

value

of

the

payments

to

be

received

from/paid

to

the

counterparty

over

the

contract’s

remaining

life,

to

the

extent

that

the

amount

is

positive.

The

risk

is

mitigated

by

having

a

netting

arrangement

between

the

Fund

and

the

counterparty

and

by

the

posting

of

collateral

by

the

counterparty

to

cover

the

Fund’s

exposure

to

the

counterparty.

The

Fund

may

enter

into

various

types

of

credit

default

swap

agreements,

including

OTC

credit

default

swap

agreements

and

index

credit

default

swaps

(“CDX”),

for

hedging

purposes.

Credit

default

swaps

are

a

specific

kind

of

counterparty

agreement

that

allow

the

transfer

of

third-party

credit

risk

from

one

party

to

the

other.

One

party

in

the

swap

is

a

lender

and

faces

credit

risk

from

a

third

party,

and

the

counterparty

in

the

credit

default

swap

agrees

to

insure

this

risk

in

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

29

exchange

for

regular

periodic

payments.

Credit

default

swaps

could

result

in

losses

if

the

Fund

does

not

correctly

evaluate

the

creditworthiness

of

the

company

or

companies

on

which

the

credit

default

swap

is

based.

Credit

default

swap

agreements

may

involve

greater

risks

than

if

the

Fund

had

invested

in

the

reference

obligation

directly

since,

in

addition

to

risks

relating

to

the

reference

obligation,

credit

default

swaps

are

subject

to

liquidity

risk,

counterparty

risk,

and

credit

risk.

The

Fund

will

generally

incur

a

greater

degree

of

risk

when

it

sells

a

credit

default

swap

than

when

it

purchases

a

credit

default

swap.

As

a

buyer

of

a

credit

default

swap,

the

Fund

may

lose

its

investment

and

recover

nothing

should

no

credit

event

occur,

and

the

swap

is

held

to

its

termination

date.

As

seller

of

a

credit

default

swap,

if

a

credit

event

were

to

occur,

the

value

of

any

deliverable

obligation

received

by

the

Fund,

coupled

with

the

upfront

or

periodic

payments

previously

received,

may

be

less

than

what

it

pays

to

the

buyer,

resulting

in

a

loss

of

value

to

the

Fund.

If

the

Fund

is

the

seller

of

credit

protection

against

a

particular

security,

the

Fund

would

receive

an

up-front

or

periodic

payment

to

compensate

against

potential

credit

events.

As

the

seller

in

a

credit

default

swap

contract,

the

Fund

would

be

required

to

pay

the

par

value

(the

“notional

value”)

(or

other

agreed-upon

value)

of

a

referenced

debt

obligation

to

the

counterparty

in

the

event

of

a

default

by

a

third

party,

such

as

a

U.S.

or

foreign

corporate

issuer,

on

the

debt

obligation.

In

return,

the

Fund

would

receive

from

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract

provided

that

no

event

of

default

has

occurred.

If

no

default

occurs,

the

Fund

would

keep

the

stream

of

payments

and

would

have

no

payment

obligations.

As

the

seller,

the

Fund

would

effectively

add

leverage

to

its

portfolio

because,

in

addition

to

its

total

net

assets,

the

Fund

would

be

subject

to

investment

exposure

on

the

notional

value

of

the

swap.

The

maximum

potential

amount

of

future

payments

(undiscounted)

that

the

Fund

as

a

seller

could

be

required

to

make

in

a

credit

default

transaction

would

be

the

notional

amount

of

the

agreement.

As

a

buyer

of

credit

protection,

the

Fund

is

entitled

to

receive

the

par

(or

other

agreed-upon)

value

of

a

referenced

debt

obligation

from

the

counterparty

to

the

contract

in

the

event

of

a

default

or

other

credit

event

by

a

third

party,

such

as

a

U.S.

or

foreign

issuer,

on

the

debt

obligation.

In

return,

the

Fund

as

buyer

would

pay

to

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract

provided

that

no

credit

event

has

occurred.

If

no

credit

event

occurs,

the

Fund

would

have

spent

the

stream

of

payments

and

potentially

received

no

benefit

from

the

contract.

During

the

year,

the

Fund

purchased

protection

via

the

credit

default

swap

market

in

order

to

reduce

credit

risk

exposure

to

individual

corporates,

countries

and/or

credit

indices

where

gaining

this

exposure

via

the

cash

bond

market

was

less

attractive. 

3.

Other

Investments

and

Strategies 

Market Risk 

The

value

of

the

Fund’s

portfolio

may

decrease

if

the

value

of

one

or

more

issuers

in

the

Fund’s

portfolio

decreases.

Further,

regardless

of

how

well

individual

companies

or

securities

perform,

the

value

of

the

Fund’s

portfolio

could

also

decrease

if

there

are

deteriorating

economic

or

market

conditions,

including,

but

not

limited

to,

a

general

decline

in

prices

on

the

stock

markets,

a

general

decline

in

real

estate

markets,

a

decline

in

commodities

prices,

or

if

the

market

favors

different

types

of

securities

than

the

types

of

securities

in

which

the

Fund

invests.

If

the

value

of

the

Fund’s

portfolio

decreases,

the

Fund’s

NAV

will

also

decrease,

which

means

if

you

sell

your

shares

in

the

Fund

you

may

lose

money.

Market

risk

may

affect

a

single

issuer,

industry,

economic

sector,

or

the

market

as

a

whole.

The

increasing

interconnectivity

between

global

economies

and

financial

markets

increases

the

likelihood

that

events

or

conditions

in

one

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

Social,

political,

economic

and

other

conditions

and

events,

such

as

natural

disasters,

health

emergencies

(e.g.,

epidemics

and

pandemics),

terrorism,

conflicts,

including

related

sanctions,

and

social

unrest,

could

reduce

consumer

demand

or

economic

output,

result

in

market

closures,

travel

restrictions

and/or

quarantines,

and

generally

have

a

significant

impact

on

the

global

economies

and

financial

markets. 

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.

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

30

October

31,

2024

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-

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

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

31

expected.

If

the

counterparty

to

a

transaction

fails

to

deliver

the

security,

the

Fund

could

suffer

a

loss.

Cash

collateral

that

has

been

pledged

to

cover

the

obligations

of

a

Fund

and

cash

collateral

received

from

the

counterparty,

if

any,

is

reported

separately

in

the

Statement

of

Assets

and

Liabilities

as

Collateral

for

To

Be

Announced

Transactions. 

When-Issued,

Delayed

Delivery

and

Forward

Commitment

Transactions 

The

Fund

may

purchase

or

sell

securities

on

a

when-issued,

delayed

delivery,

or

forward

commitment

basis.

When

purchasing

a

security

on

a

when-issued,

delayed

delivery,

or

forward

commitment

basis,

the

Fund

assumes

the

rights

and

risks

of

ownership

of

the

security,

including

the

risk

of

price

and

yield

fluctuations,

and

takes

such

fluctuations

into

account

when

determining

its

net

asset

value.

Typically,

no

income

accrues

on

securities

the

Fund

has

committed

to

purchase

prior

to

the

time

delivery

of

the

securities

is

made.

Because

the

Fund

is

not

required

to

pay

for

the

security

until

the

delivery

date,

these

risks

are

in

addition

to

the

risks

associated

with

the

Fund’s

other

investments.

If

the

other

party

to

a

transaction

fails

to

deliver

the

securities,

the

Fund

could

miss

a

favorable

price

or

yield

opportunity.

If

the

Fund

remains

substantially

fully

invested

at

a

time

when

when-issued,

delayed

delivery,

or

forward

commitment

purchases

(including

TBA

commitments)

are

outstanding,

the

purchases

may

result

in

a

form

of

leverage.

When

the

Fund

has

sold

a

security

on

a

when-issued,

delayed

delivery,

or

forward

commitment

basis,

the

Fund

does

not

participate

in

future

gains

or

losses

with

respect

to

the

security.

If

the

other

party

to

a

transaction

fails

to

pay

for

the

securities,

the

Fund

could

suffer

a

loss.

Additionally,

when

selling

a

security

on

a

when-issued,

delayed

delivery,

or

forward

commitment

basis

without

owning

the

security,

the

Fund

will

incur

a

loss

if

the

security’s

price

appreciates

in

value

such

that

the

security’s

price

is

above

the

agreed

upon

price

on

the

settlement

date.

The

Fund

may

dispose

of

or

renegotiate

a

transaction

after

it

is

entered

into,

and

may

purchase

or

sell

when-issued,

delayed

delivery

or

forward

commitment

securities

before

the

settlement

date,

which

may

result

in

a

gain

or

loss. 

Counterparties 

Fund

transactions

involving

a

counterparty

are

subject

to

the

risk

that

the

counterparty

or

a

third

party

will

not

fulfill

its

obligation

to

the

Fund

("counterparty

risk").

Counterparty

risk

may

arise

because

of

the

counterparty's

financial

condition

(i.e.,

financial

difficulties,

bankruptcy,

or

insolvency),

market

activities

and

developments,

or

other

reasons,

whether

foreseen

or

not.

A

counterparty's

inability

to

fulfill

its

obligation

may

result

in

significant

financial

loss

to

the

Fund.

The

Fund

may

be

unable

to

recover

its

investment

from

the

counterparty

or

may

obtain

a

limited

recovery,

and/or

recovery

may

be

delayed.

The

extent

of

the

Fund's

exposure

to

counterparty

risk

with

respect

to

financial

assets

and

liabilities

approximates

its

carrying

value.

The

Fund

may

be

exposed

to

counterparty

risk

through

participation

in

various

programs,

including,

but

not

limited

to,

lending

its

securities

to

third

parties,

cash

sweep

arrangements

whereby

the

Fund's

cash

balance

is

invested

in

one

or

more

types

of

cash

management

vehicles,

as

well

as

investments

in,

but

not

limited

to,

repurchase

agreements,

and

derivatives,

including

various

types

of

swaps,

futures

and

options.

The

Fund

intends

to

enter

into

financial

transactions

with

counterparties

that

the

Adviser believes

to

be

creditworthy

at

the

time

of

the

transaction.

There

is

always

the

risk

that

the

Adviser's analysis

of

a

counterparty's

creditworthiness

is

incorrect

or

may

change

due

to

market

conditions.

To

the

extent

that

the

Fund

focuses

its

transactions

with

a

limited

number

of

counterparties,

it

will

have

greater

exposure

to

the

risks

associated

with

one

or

more

counterparties. 

Securities

Lending 

Under

procedures

adopted

by

the

Trustees,

the

Fund

may

seek

to

earn

additional

income

by

lending

securities

to

certain

qualified

broker-dealers

and

institutions.

JP

Morgan

Chase

Bank,

National

Association acts

as

securities

lending

agent

and

a

limited

purpose

custodian

or

subcustodian

to

receive

and

disburse

cash

balances

and

cash

collateral,

hold

short-term

investments,

hold

collateral,

and

perform

other

custodial

functions

in

accordance

with

the

Securities

Lending

Agreement.

For

financial

reporting

purposes,

the

Fund

does

not

offset

financial

instruments'

payables

and

receivables

and

related

collateral

on

the

Statement

of

Assets

and

Liabilities. The

Fund

may

lend

fund

securities

in

an

amount

equal

to

up

to

1/3

of

its

total

assets

as

determined

at

the

time

of

the

loan

origination.

There

is

the

risk

of

delay

in

recovering

a

loaned

security

or

the

risk

of

loss

in

collateral

rights

if

the

borrower

fails

financially.

In

addition, the

Adviser makes

efforts

to

balance

the

benefits

and

risks

from

granting

such

loans.

All

loans

will

be

continuously

secured

by

collateral

which

may

consist

of

cash,

U.S.

Government

securities,

domestic

and

foreign

short-term

debt

instruments,

letters

of

credit,

time

deposits,

repurchase

agreements,

money

market

mutual

funds

or

other

money

market

accounts,

or

such

other

collateral

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

32

October

31,

2024

as

permitted

by

the

SEC.

If

the

Fund

is

unable

to

recover

a

security

on

loan,

the

Fund

may

use

the

collateral

to

purchase

replacement

securities

in

the

market.

There

is

a

risk

that

the

value

of

the

collateral

could

decrease

below

the

cost

of

the

replacement

security

by

the

time

the

replacement

investment

is

made,

resulting

in

a

loss

to

the

Fund.

In

certain

circumstances

individual

loan

transactions

could

yield

negative

returns. 

Upon

receipt

of

cash

collateral, the

Adviser may

invest

it

in

affiliated

or

non-affiliated

cash

management

vehicles,

whether

registered

or

unregistered

entities,

as

permitted

by

the

1940

Act

and

rules

promulgated

thereunder.

The

Adviser

currently

intends

to

invest

the

cash

collateral

in

a

cash

management

vehicle

for

which the

Adviser serves

as

investment

adviser,

Janus

Henderson

Cash

Collateral

Fund

LLC,

or

in

time

deposits.

An

investment

in

Janus

Henderson

Cash

Collateral

Fund

LLC

is

generally

subject

to

the

same

risks

that

shareholders

experience

when

investing

in

similarly

structured

vehicles,

such

as

the

potential

for

significant

fluctuations

in

assets

as

a

result

of

the

purchase

and

redemption

activity

of

the

securities

lending

program,

a

decline

in

the

value

of

the

collateral,

and

possible

liquidity

issues.

Such

risks

may

delay

the

return

of

the

cash

collateral

and

cause

the

Fund

to

violate

its

agreement

to

return

the

cash

collateral

to

a

borrower

in

a

timely

manner.

As

adviser

to

the

Fund

and

Janus

Henderson

Cash

Collateral

Fund

LLC, the

Adviser has

an

inherent

conflict

of

interest

as

a

result

of

its

fiduciary

duties

to

both

the

Fund

and

Janus

Henderson

Cash

Collateral

Fund

LLC.

Additionally, the

Adviser receives

an

investment

advisory

fee

of

0.05%

for

managing

Janus

Henderson

Cash

Collateral

Fund

LLC

and

therefore

may

have

an

incentive

to

allocate

collateral

to

the

Janus

Henderson

Cash

Collateral

Fund

LLC,

rather

than

to

other

collateral

management

options

for

which the

Adviser does

not

receive

compensation. 

The

value

of

the

collateral

must

be

at

least

102%

of

the

market

value

of

the

loaned

securities

that

are

denominated

in

U.S.

dollars

and

105%

of

the

market

value

of

the

loaned

securities

that

are

not

denominated

in

U.S.

dollars.

Loaned

securities

and

related

collateral

are

marked-to-market

each

business

day

based

upon

the

market

value

of

the

loaned

securities

at

the

close

of

business,

employing

the

most

recent

available

pricing

information.

Collateral

levels

are

then

adjusted

based

on

this

mark-to-market

evaluation. 

Additional

required

collateral,

or

excess

collateral

returned,

is

delivered

on

the

next

business

day. 

Therefore,

the

value

of

the

collateral

held

may

be

temporarily

less

than

102%

or

105%

value

of

the

securities

on

loan.

The

cash

collateral

invested

by

the

Adviser is

disclosed

in

the

Schedule

of

Investments

(if

applicable).

Income

earned

from

the

investment

of

the

cash

collateral,

net

of

rebates

paid

to,

or

fees

paid

by,

borrowers

and

less

the

fees

paid

to

the

lending

agent

are

included

as

“Affiliated

securities

lending

income,

net”

on

the

Statement

of

Operations.

There

were

no

securities

on

loan

as

of

October

31,

2024.

4.

Investment

Advisory

Agreements

and

Other

Transactions

with

Affiliates 

Under

its

unitary

fee

structure,

the

Fund

pays

the

Adviser a

management

fee

in

return

for

providing

certain

investment

advisory,

supervisory,

and

administrative

services

to

the

Fund,

including

the

costs

of

transfer

agency,

custody,

fund

administration,

legal,

audit,

and

other

services. The

Adviser's fee

structure

is

designed

to

pay

substantially

all

of

the

Fund’s

expenses.

However,

the

Fund

bears

other

expenses

which

are

not

covered

under

the

management

fee

which

may

vary

and

affect

the

total

level

of

expenses

paid

by

shareholders,

such

as

distribution

fees

(if

any),

brokerage

expenses

or

commissions,

interest,

dividends,

taxes,

litigation

expenses,

acquired

fund

fees

and

expenses

(if

any),

and

extraordinary

expenses.

The

Fund’s

unitary

management

fee

provides

for

reductions

in

the

fee

rate

as

the

Fund’s

assets

grow.

As

of

the

date

of

this

report,

the

Fund’s

management

fee

was

calculated

daily

and

paid

monthly

according

to

the

following

schedule: 

For

the

year

ended October

31,

2024,

the

Fund’s

actual

management

fee

rate

(expressed

as

an

annual

rate)

was

0.22% of

the

Fund’s

average

daily

net

assets.

Additionally, the

Adviser has

contractually

agreed

to

waive

and/or

reimburse

the

management

fee

to

the

extent

that

the

Fund’s

total

annual

fund

operating

expenses

(excluding

distribution

fees

(if

any),

brokerage

expenses

or

commissions,

Daily

Net

Assets

Fee

Rate

$0-$500

million

0.30%

Next

$500

million

0.25%

Over

$1

billion

0.20%

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

33

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

0.23% of

the

Fund’s

average

daily

net

assets. The

Adviser has

agreed

to

continue

the

waiver

for

at

least

through

February

28,

2025.

The

previous

expense

limit

for

the

period

from

February

28,

2023

through

February

29,

2024

was

0.28%. If

applicable,

amounts

waived

and/or

reimbursed

to

the

Fund

by the

Adviser are

disclosed

as

“Excess

Expense

Reimbursement

and

Waivers”

on

the

Statement

of

Operations.

J.P.

Morgan

Chase

Bank,

N.A.

(“JP

Morgan")

provides

certain

fund

administration

services

to

the

Fund,

including

services

related

to

the

Fund’s

accounting,

including

calculating

the

daily

NAV,

audit

coordination,

tax,

and

reporting

obligations,

pursuant

to

an

agreement

with

the

Adviser,

on

behalf

of

the

Fund.

As

compensation

for

such

services, the

Adviser pays

JP

Morgan

a

fee

based

on

a

percentage

of

the

Fund’s

assets,

with

a

minimum

flat

fee,

for

certain

services. The

Adviser serves

as

administrator

to

the

Fund,

providing

oversight

and

coordination

of

the

Fund’s

service

providers,

recordkeeping

and

other

administrative

services. The

Adviser does

not

receive

any

additional

compensation,

beyond

the

unitary

fee,

for

serving

as

administrator.

JP

Morgan

also

serves

as

transfer

agent

for

the

shares

of

the

Fund.

Pursuant

to

agreements

with

the

Adviser on

behalf

of

the

Fund,

J.P.

Morgan

Securities

LLC,

an

affiliate

of

JP

Morgan,

may

execute

portfolio

transactions

for

the

Fund,

including

but

not

limited

to,

transactions

in

connection

with

cash

in

lieu

transactions

for

non-US

securities. 

The

Trust

has

adopted

a

Distribution

and

Servicing

Plan

for

shares

of

the

Fund

pursuant

to

Rule

12b-1

under

the

1940

Act

(the

“Plan”).

The

Plan

permits

compensation

in

connection

with

the

distribution

and

marketing

of

Fund

shares

and/

or

the

provision

of

certain

shareholder

services.

The

Plan

permits

the

Fund

to

pay

the

Distributor

or

its

designee,

a

fee

for

the

sale

and

distribution

and/or

shareholder

servicing

of

the

shares

at

an

annual

rate

of

up

to

0.25%

of

average

daily

net

assets

of

the

Fund.

However,

the

Trustees

have

determined

not

to

authorize

payment

under

this

Plan

at

this

time.

Under

the

terms

of

the

Plan,

the

Trust

would

be

authorized

to

make

payments

to

the

Distributor

or

its

designee

for

remittance

to

retirement

plan

service

providers,

broker-dealers,

bank

trust

departments,

financial

advisors,

and

other

financial

intermediaries,

as

compensation

for

distribution

and/or

shareholder

services

performed

by

such

entities

for

their

customers

who

are

investors

in

the

Fund.

The

12b-1

fee

may

only

be

imposed

or

increased

when

the

Trustees

determine

that

it

is

in

the

best

interests

of

shareholders

to

do

so.

Because

these

fees

are

paid

out

of

the

Fund’s

assets

on

an

ongoing

basis,

to

the

extent

that

a

fee

is

authorized,

over

time

they

will

increase

the

cost

of

an

investment

in

the

Fund.

The

Plan

fee

may

cost

an

investor

more

than

other

types

of

sales

charges. 

Pursuant

to

the

provisions

of

the

1940

Act

and

related

rules,

the

Fund

may

participate

in

an

affiliated

or

non-affiliated

cash

sweep

program.

In

the

cash

sweep

program,

uninvested

cash

balances

of

the

Fund

may

be

used

to

purchase

shares

of

affiliated

or

non-affiliated

money

market

funds

or

cash

management

pooled

investment

vehicles

that

operate

as

money

market

funds.

The

Fund

is

eligible

to

participate

in

the

cash

sweep

program

(the

“Investing

Funds”).

The

Adviser

has

an

inherent

conflict

of

interest

because

of

its

fiduciary

duties

to

the

affiliated

money

market

funds

or

cash

management

pooled

investment

vehicles

and

the

Investing

Funds.

Janus

Henderson

Cash

Liquidity

Fund

LLC

(the

“Sweep

Vehicle”)

is

an

affiliated

unregistered

cash

management

pooled

investment

vehicle

that

invests

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

year

ended

October

31,

2024 can

be

found

in

a

table

located

in

the

Schedule

of

Investments.

5.

Federal

Income

Tax

The

tax

components

of

capital

shown

in

the

table

below

represent:

(1)

distribution

requirements

the

Fund

must

satisfy

under

the

income

tax

regulations;

(2)

losses

or

deductions

the

Fund

may

be

able

to

offset

against

income

and

gains

realized

in

future

years;

and

(3)

unrealized

appreciation

or

depreciation

of

investments

for

federal

income

tax

purposes. 

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

34

October

31,

2024

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. 

During

the

year ended

October

31,

2024,

capital

loss

carryovers

of

$66,327,039

were

utilized

by

the

Fund. 

The

aggregate

cost

of

investments

and

the

composition

of

unrealized

appreciation

and

depreciation

of

investment

securities

for

federal

income

tax

purposes

as

of October

31,

2024 are

noted

below.

The

primary

differences

between

book

and

tax

appreciation

or

depreciation

of

investments are

wash

sale

loss

deferrals

and

amortization

on

bonds.

Information

on

the

tax

components

of

derivatives

as

of October

31,

2024

is

as

follows: 

Income

and

capital

gains

distributions

are

determined

in

accordance

with

income

tax

regulations

that

may

differ

from

US

GAAP.

These

differences

are

due

to

differing

treatments

for

items

such

as

net

short-term

gains,

deferral

of

wash

sale

losses,

foreign

currency

transactions,

passive

foreign

investment

companies,

net

investment

losses,

in-kind

transactions

and

capital

loss

carryovers.

Certain

permanent

differences

such

as

tax

returns

of

capital

and

net

investment

losses

noted

below

have

been

reclassified

to

capital. 

Undistributed

Ordinary

Income

Undistributed

Long-Term

Gains

Accumulated

Capital

Losses

Loss

Deferrals

Other

Book

to

Tax

Differences

Net

Tax

Appreciation/

(Depreciation)

$32,564,286

$—

$(98,181,973)

$—

$23,883,128

$(93,696,372)

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)

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$7,995,000,277

$23,126,552

$(116,822,924)

$(93,696,372)

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$(1,745,990,965)

$23,883,128

$—

$23,883,128

For

the

year

ended

October

31,

2024

:

Distributions

From

Ordinary

Income

From

Long-Term

Capital

Gain

Tax

Return

of

Capital

Net

Investment

Loss

$194,947,817

$—

$—

$—

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

35

Permanent

book

to

tax

basis

differences

may

result

in

reclassifications

between

the

components

of

net

assets.

These

differences

have

no

impact

on

the

results

of

operations

or

net

assets.

6.

Capital

Share

Transactions 

7.

Purchases

and

Sales

of

Investment

Securities

For

the

year

ended 

October

31,

2024,

the

aggregate

cost

of

purchases

and

proceeds

from

sales

of

investment

securities

(excluding

any

short-term

securities,

short-term

options

contracts,

TBAs

and

in-kind

transactions)

was

as

follows: 

8.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to October

31,

2024

and

through

the

date

of

the

issuance

of

the

Fund's

financial

statements

and

determined

that

there

were

no

material

events

or

transactions

that

would

require

recognition

or

disclosure

in

the

Fund's

financial

statements. 

For

the

year

ended

October

31,

2023

:

Distributions

From

Ordinary

Income

From

Long-Term

Capital

Gain

Tax

Return

of

Capital

Net

Investment

Loss

$53,878,171

$—

$—

$—

Year

Ended

October

31,

2024

Year

Ended

October

31,

2023

Shares

Amount

Shares

Amount

Shares

sold

57,325,000

$

2,570,805,671

31,300,000

$

1,414,619,295

Shares

repurchased

(400,000)

(18,353,785

)

(1,275,000)

(56,846,619

)

Net

Increase/(Decrease)

56,925,000

$

2,552,451,886

30,025,000

$

1,357,772,676

Purchases

of

Securities

Proceeds

from

Sales

of

Securities

Purchases

of

Long-

Term

U.S.

Government

Obligations

Proceeds

from

Sales

of

Long-Term

U.S.

Government

Obligations

$4,643,813,958

$2,136,631,562

$—

$—

Janus

Henderson

Mortgage-Backed

Securities

ETF

Report

of

Independent

Registered

Public

Accounting

Firm

36

October

31,

2024

To

the

Board

of

Trustees

of

Janus

Detroit

Street

Trust

and

Shareholders

of

Janus

Henderson

Mortgage-Backed

Securities

ETF

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Janus

Henderson

Mortgage-Backed

Securities

ETF

(one

of

the

funds

constituting

Janus

Detroit

Street

Trust,

referred

to

hereafter

as

the

"Fund")

as

of

October

31,

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

five

years

in

the

period

ended

October

31,

2024

(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

five

years

in

the

period

ended

October

31,

2024

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

brokers,

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

Mortgage-Backed

Securities

ETF

Designation

Requirements

(unaudited)

Janus

Detroit

Street

Trust

37

For

federal

income

tax

purposes,

the

Fund

designated

the

following

for

the

year

ended

October

31,

2024:

Qualified

Interest

Income

Percentage

100.00%

Janus

Henderson

Mortgage-Backed

Securities

ETF

Additional

Information

(unaudited)

38

October

31,

2024

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

Trustee

for

services

to

the

Fund

from

Adviser’s

management

fees.

Item

11.

APPROVAL

OF

ADVISORY

AGREEMENTS

DURING

THE

PERIOD

Not

applicable.

125-02-93085

12-24

This

report

is

submitted

for

the

general

information

of

shareholders

of

the

Fund.

It

is

not

an

offer

or

solicitation

for

the

Fund

and

is

not

authorized

for

distribution

to

prospective

investors

unless

preceded

or

accompanied

by

an

effective

prospectus.

Janus

Henderson

is

a

trademark

of

Janus

Henderson

Group

plc

or

one

of

its

subsidiaries.

©

Janus

Henderson

Group

plc.

Janus

Henderson

Investors

US

LLC

is

the

investment

adviser

and

ALPS

Distributors,

Inc.

is

the

distributor.

ALPS

is

not

affiliated

with

Janus

Henderson

or

any

of

its

subsidiaries.

ANNUAL

FINANCIAL

STATEMENTS

October

31,

2024

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

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

20

Statement

of

Operations

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

21

Statements

of

Changes

in

Net

Assets

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

22

Financial

Highlights

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

23

Notes

to

Financial

Statements

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

24

Report

of

Independent

Registered

Public

Accounting

Firm

...

31

Designation

Requirements

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

32

Items

8-11

-

Additional

Information

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

33

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

October

31,

2024

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

-

99.7%

37

Capital

CLO

4

Ltd.

2023-2A

A2,

CME

Term

SOFR

3

Month

+

2.1000%,

6.7559%,

1/15/34

(144A)

‡

$

12,000,000

$

11,950,372

720

East

CLO

Ltd.

2023-2A

A2,

CME

Term

SOFR

3

Month

+

2.1500%,

6.8059%,

10/15/36

(144A)

‡

13,000,000

13,005,950

AB

BSL

CLO

1

Ltd.

2020-1A

A1R,

CME

Term

SOFR

3

Month

+

1.3700%,

6.0259%,

1/15/35

(144A)

‡

25,500,000

25,515,004

AB

BSL

CLO

3

Ltd.

2021-3A

A,

CME

Term

SOFR

3

Month

+

1.4516%,

6.0690%,

10/20/34

(144A)

‡

20,000,000

20,009,814

AGL

CLO

14

Ltd.

2021-14A

A,

CME

Term

SOFR

3

Month

+

1.4116%,

6.0290%,

12/2/34

(144A)

‡

80,390,000

80,442,101

AGL

CLO

16

Ltd.

2021-16A

A,

CME

Term

SOFR

3

Month

+

1.3916%,

6.0090%,

1/20/35

(144A)

‡

31,341,220

31,404,523

AGL

CLO

17

Ltd.

2022-17A

A,

CME

Term

SOFR

3

Month

+

1.3300%,

5.9474%,

1/21/35

(144A)

‡

146,048,000

146,360,221

AGL

CLO

20

Ltd.

2022-20A

A2R,

CME

Term

SOFR

3

Month

+

1.5900%,

6.2074%,

10/20/37

(144A)

‡

22,500,000

22,499,458

AGL

CLO

21

Ltd.

2022-21A

A1R,

CME

Term

SOFR

3

Month

+

1.3600%,

5.9774%,

10/21/37

(144A)

‡

89,750,000

89,752,657

AGL

CLO

30

Ltd.

2024-30RA

A1,

CME

Term

SOFR

3

Month

+

1.5300%,

6.1474%,

4/21/37

(144A)

‡

50,000,000

50,113,960

AGL

CLO

30

Ltd.

2024-30RA

A2,

CME

Term

SOFR

3

Month

+

1.7300%,

6.3474%,

4/21/37

(144A)

‡

10,000,000

10,055,609

AGL

CLO

9

Ltd.

2020-9A

AJR,

CME

Term

SOFR

3

Month

+

1.7300%,

6.3474%,

4/20/37

(144A)

‡

33,250,000

33,392,253

AGL

Core

CLO

2

Ltd.

2019-2A

A1R,

CME

Term

SOFR

3

Month

+

1.4600%,

6.0774%,

7/20/37

(144A)

‡

190,000,000

190,523,203

AIMCO

CLO

10

Ltd.

2019-10A

ARR,

CME

Term

SOFR

3

Month

+

1.4100%,

6.0416%,

7/22/37

(144A)

‡

30,000,000

30,093,837

Allegany

Park

CLO

Ltd.

2019-1A

AR,

CME

Term

SOFR

3

Month

+

1.3000%,

5.9174%,

1/20/35

(144A)

‡

27,000,000

27,006,971

Allegro

CLO

XIV

Ltd.

2021-2A

A2,

CME

Term

SOFR

3

Month

+

1.6116%,

6.2675%,

10/15/34

(144A)

‡

6,875,000

6,881,406

AMMC

CLO

30

Ltd.

2024-30A

A2,

CME

Term

SOFR

3

Month

+

1.9500%,

6.6059%,

1/15/37

(144A)

‡

8,000,000

8,049,612

Anchorage

Capital

CLO

13

LLC

2019-13A

AR,

CME

Term

SOFR

3

Month

+

1.3616%,

6.0175%,

4/15/34

(144A)

‡

43,955,000

44,024,198

Anchorage

Capital

CLO

18

Ltd.

2021-18A

A1,

CME

Term

SOFR

3

Month

+

1.4116%,

6.0675%,

4/15/34

(144A)

‡

33,825,000

33,849,263

Anchorage

Capital

CLO

19

Ltd.

2021-19A

A,

CME

Term

SOFR

3

Month

+

1.4716%,

6.1275%,

10/15/34

(144A)

‡

27,000,000

27,049,135

Anchorage

Capital

CLO

24

Ltd.

2022-24A

A2R,

CME

Term

SOFR

3

Month

+

1.6500%,

6.3059%,

7/15/37

(144A)

‡

18,000,000

17,996,256

Apidos

CLO

XLVII

Ltd.

2024-47A

A2,

CME

Term

SOFR

3

Month

+

1.7000%,

6.3172%,

4/26/37

(144A)

‡

10,000,000

10,049,971

Apidos

CLO

XXXIII

2020-33A

AR,

CME

Term

SOFR

3

Month

+

1.4116%,

6.0464%,

10/24/34

(144A)

‡

18,630,000

18,631,628

Apidos

CLO

XXXV

2021-35A

A,

CME

Term

SOFR

3

Month

+

1.3116%,

5.9290%,

4/20/34

(144A)

‡

59,274,687

59,314,946

Ares

LIII

CLO

Ltd.

2019-53A

A1R,

CME

Term

SOFR

3

Month

+

1.2800%,

5.9148%,

10/24/36

(144A)

‡

253,955,000

253,950,962

Ares

LIII

CLO

Ltd.

2019-53A

A2R,

CME

Term

SOFR

3

Month

+

1.5000%,

6.1348%,

10/24/36

(144A)

‡

13,000,000

12,999,935

Ares

LIX

CLO

Ltd.

2021-59A

A,

CME

Term

SOFR

3

Month

+

1.2916%,

5.9175%,

4/25/34

(144A)

‡

25,000,000

25,028,258

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

October

31,

2024

4

October

31,

2024

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

ARES

Loan

Funding

III

Ltd.

2022-ALF3A

A1R,

CME

Term

SOFR

3

Month

+

1.2700%,

5.8959%,

7/25/36

(144A)

‡

$

32,375,000

$

32,444,745

Ares

Loan

Funding

IV

Ltd.

2023-ALF4A

A1,

CME

Term

SOFR

3

Month

+

1.7500%,

6.4059%,

10/15/36

(144A)

‡

47,650,000

47,909,993

Ares

LV

CLO

Ltd.

2020-55A

A1R2,

CME

Term

SOFR

3

Month

+

1.3700%,

6.0259%,

10/15/37

(144A)

‡

39,250,000

39,248,681

Ares

LVI

CLO

Ltd.

2020-56A

AR,

CME

Term

SOFR

3

Month

+

1.4216%,

6.0475%,

10/25/34

(144A)

‡

16,000,000

16,030,501

Ares

LVII

CLO

Ltd.

2020-57A

AR,

CME

Term

SOFR

3

Month

+

1.4116%,

6.0375%,

1/25/35

(144A)

‡

15,000,000

15,022,374

Ares

LVIII

CLO

Ltd.

2020-58A

AR,

CME

Term

SOFR

3

Month

+

1.3300%,

5.9859%,

1/15/35

(144A)

‡

25,000,000

25,040,297

Ares

LXI

CLO

Ltd.

2021-61A

A2R,

CME

Term

SOFR

3

Month

+

1.7300%,

6.3474%,

4/20/37

(144A)

‡

19,900,000

20,016,491

Ares

LXIV

CLO

Ltd.

2022-64A

AR,

CME

Term

SOFR

3

Month

+

1.3600%,

6.0159%,

10/24/39

(144A)

‡

42,000,000

42,094,840

Ares

LXIX

CLO

Ltd.

2024-69A

A2,

CME

Term

SOFR

3

Month

+

1.7000%,

6.3559%,

4/15/36

(144A)

‡

17,500,000

17,587,866

Ares

LXV

CLO

Ltd.

2022-65A

A2,

CME

Term

SOFR

3

Month

+

1.7500%,

6.3759%,

7/25/34

(144A)

‡

18,000,000

18,085,120

Ares

LXX

CLO

Ltd.

2023-70A

A2,

CME

Term

SOFR

3

Month

+

1.9500%,

6.5759%,

10/25/35

(144A)

‡

24,500,000

24,599,544

Ares

LXXI

CLO

Ltd.

2024-71A

A2,

CME

Term

SOFR

3

Month

+

1.7000%,

6.3174%,

4/20/37

(144A)

‡

30,000,000

30,150,000

Ares

LXXII

CLO

Ltd.

2024-72A

A2,

CME

Term

SOFR

3

Month

+

1.5800%,

6.2359%,

7/15/36

(144A)

‡

24,500,000

24,580,698

Ares

LXXIV

CLO

Ltd.

2024-74A

A2,

CME

Term

SOFR

3

Month

+

1.5500%,

6.3591%,

10/15/36

(144A)

‡

22,500,000

22,550,758

Ares

XLI

CLO

Ltd.

2016-41A

AR2,

CME

Term

SOFR

3

Month

+

1.3316%,

5.9875%,

4/15/34

(144A)

‡

28,120,000

28,153,404

Ares

XXXIX

CLO

Ltd.

2016-39A

AR3,

CME

Term

SOFR

3

Month

+

1.4200%,

6.0523%,

7/18/37

(144A)

‡

41,500,000

41,627,866

Atlantic

Avenue

Ltd.

2024-2A

A,

CME

Term

SOFR

3

Month

+

1.6500%,

6.2674%,

4/20/37

(144A)

‡

50,000,000

50,365,695

Atlas

Senior

Loan

Fund

XVII

Ltd.

2021-17A

A,

CME

Term

SOFR

3

Month

+

1.4616%,

6.0790%,

10/20/34

(144A)

‡

50,000,000

50,092,130

Atrium

XIV

LLC

14A

A2RR,

CME

Term

SOFR

3

Month

+

1.6100%,

6.5058%,

10/16/37

(144A)

‡

35,200,000

35,153,191

Atrium

XV

15A

A2RR,

CME

Term

SOFR

3

Month

+

1.5900%,

6.2373%,

7/16/37

(144A)

‡

47,250,000

47,195,941

Bain

Capital

CLO

Ltd.

2024-1A

A2,

CME

Term

SOFR

3

Month

+

1.7500%,

6.3973%,

4/16/37

(144A)

‡

15,000,000

15,019,856

Bain

Capital

Credit

CLO

Ltd.

2020-4A

A2R,

CME

Term

SOFR

3

Month

+

1.9500%,

6.5674%,

10/20/36

(144A)

‡

20,000,000

20,080,310

Bain

Capital

Credit

CLO

Ltd.

2023-4A

A2,

CME

Term

SOFR

3

Month

+

2.1500%,

6.7674%,

10/21/36

(144A)

‡

13,150,000

13,239,445

Bain

Capital

Credit

CLO

Ltd.

2017-2A

A2R3,

CME

Term

SOFR

3

Month

+

1.6000%,

6.2259%,

7/25/37

(144A)

‡

15,040,000

15,100,725

Balboa

Bay

Loan

Funding

Ltd.

2020-1A

A1RR,

CME

Term

SOFR

3

Month

+

1.2900%,

0.0000%,

10/20/35

(144A)

‡

55,000,000

55,009,790

Balboa

Bay

Loan

Funding

Ltd.

2020-1A

A2RR,

CME

Term

SOFR

3

Month

+

1.6200%,

0.0000%,

10/20/35

(144A)

‡

16,000,000

16,002,848

Ballyrock

CLO

14

Ltd.

2020-14A

A1AR,

CME

Term

SOFR

3

Month

+

1.3800%,

6.6791%,

7/20/37

(144A)

‡

65,400,000

65,592,191

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

October

31,

2024

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)

Ballyrock

CLO

19

Ltd.

2022-19A

A1,

CME

Term

SOFR

3

Month

+

1.3300%,

5.9474%,

4/20/35

(144A)

‡

$

25,000,000

$

25,043,153

Ballyrock

CLO

25

Ltd.

2023-25A

A1B,

CME

Term

SOFR

3

Month

+

1.9500%,

6.5759%,

1/25/36

(144A)

‡

9,000,000

9,024,217

Ballyrock

CLO

27

Ltd.

2024-27A

A1A,

CME

Term

SOFR

3

Month

+

1.3500%,

6.2118%,

10/25/37

(144A)

‡

19,120,000

19,129,185

Ballyrock

CLO

Ltd.

2019-1A

A1R,

CME

Term

SOFR

3

Month

+

1.2916%,

5.9475%,

7/15/32

(144A)

‡

74,076,997

74,221,424

Barings

CLO

Ltd.

2018-4A

A1R,

CME

Term

SOFR

3

Month

+

1.1500%,

5.8059%,

10/15/30

(144A)

‡

46,238,706

46,351,741

Barings

CLO

Ltd.

2022-3A

A2R,

CME

Term

SOFR

3

Month

+

1.5900%,

6.2321%,

10/20/37

(144A)

‡

8,250,000

8,251,402

Barings

Loan

Partners

CLO

5

Ltd.

LP-5A

A,

CME

Term

SOFR

3

Month

+

1.2200%,

5.8054%,

1/20/35

(144A)

‡

74,219,313

74,232,227

Barrow

Hanley

CLO

III

Ltd.

2024-3A

A2,

CME

Term

SOFR

3

Month

+

1.8200%,

6.4374%,

4/20/37

(144A)

‡

12,000,000

12,028,028

Battalion

CLO

XV

Ltd.

2020-15A

A2,

CME

Term

SOFR

3

Month

+

1.8616%,

6.5091%,

1/17/33

(144A)

‡

7,500,000

7,519,791

Battalion

CLO

XXI

Ltd.

2021-21A

A,

CME

Term

SOFR

3

Month

+

1.4416%,

6.0975%,

7/15/34

(144A)

‡

14,225,000

14,241,374

Beechwood

Park

CLO

Ltd.

2019-1A

A1R,

CME

Term

SOFR

3

Month

+

1.3000%,

5.9474%,

1/17/35

(144A)

‡

70,000,000

69,960,275

Beechwood

Park

CLO

Ltd.

2019-1A

A2R,

CME

Term

SOFR

3

Month

+

1.5000%,

6.1475%,

1/17/35

(144A)

‡

10,000,000

10,014,139

Benefit

Street

Partners

CLO

Ltd.

2015-6BR

A,

CME

Term

SOFR

3

Month

+

1.4516%,

6.0690%,

7/20/34

(144A)

‡

24,515,000

24,531,719

Benefit

Street

Partners

CLO

V-B

Ltd.

2018-5BA

A1R,

CME

Term

SOFR

3

Month

+

1.5300%,

6.1474%,

7/20/37

(144A)

‡

60,240,000

60,675,577

Benefit

Street

Partners

CLO

XII-B

Ltd.

2017-12BRA

A,

CME

Term

SOFR

3

Month

+

1.3700%,

6.6116%,

10/15/37

(144A)

‡

100,000,000

100,263,790

Benefit

Street

Partners

CLO

XV

Ltd.

2018-15A

A1R,

CME

Term

SOFR

3

Month

+

1.3900%,

6.0459%,

7/15/37

(144A)

‡

37,500,000

37,529,640

Benefit

Street

Partners

CLO

XV

Ltd.

2018-15A

A2R,

CME

Term

SOFR

3

Month

+

1.5900%,

6.2459%,

7/15/37

(144A)

‡

8,000,000

7,990,949

Benefit

Street

Partners

CLO

XXI

Ltd.

2020-21A

A2R,

CME

Term

SOFR

3

Month

+

1.6616%,

6.3175%,

10/15/34

(144A)

‡

5,000,000

5,007,069

Benefit

Street

Partners

CLO

XXXII

Ltd.

2023-32A

A2,

CME

Term

SOFR

3

Month

+

1.9500%,

6.5759%,

10/25/36

(144A)

‡

11,000,000

11,044,513

Benefit

Street

Partners

CLO

XXXIII

Ltd.

2023-33A

A2,

CME

Term

SOFR

3

Month

+

1.9500%,

6.5759%,

1/25/36

(144A)

‡

19,375,000

19,483,940

Benefit

Street

Partners

CLO

XXXIV

Ltd.

2024-34A

A2,

CME

Term

SOFR

3

Month

+

1.7500%,

6.3759%,

7/25/37

(144A)

‡

10,000,000

10,013,837

Bethpage

Park

CLO

Ltd.

2021-1A

A,

CME

Term

SOFR

3

Month

+

1.3916%,

6.0475%,

1/15/35

(144A)

‡

55,653,000

55,663,591

BlueMountain

CLO

Ltd.

2018-3A

A1R,

CME

Term

SOFR

3

Month

+

1.1900%,

5.8159%,

10/25/30

(144A)

‡

12,037,337

12,043,216

BlueMountain

CLO

XXIV

Ltd.

2019-24A

AR,

CME

Term

SOFR

3

Month

+

1.3616%,

5.9790%,

4/20/34

(144A)

‡

55,175,000

55,230,175

BlueMountain

CLO

XXXI

Ltd.

2021-31A

A1,

CME

Term

SOFR

3

Month

+

1.4116%,

6.0290%,

4/19/34

(144A)

‡

43,800,000

43,821,427

BlueMountain

CLO

XXXII

Ltd.

2021-32A

A,

CME

Term

SOFR

3

Month

+

1.4316%,

6.0875%,

10/15/34

(144A)

‡

87,645,000

87,739,061

BlueMountain

CLO

XXXIII

Ltd.

2021-33A

A,

CME

Term

SOFR

3

Month

+

1.4516%,

6.5800%,

11/20/34

(144A)

‡

17,400,000

17,405,864

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

October

31,

2024

6

October

31,

2024

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

BlueMountain

CLO

XXXV

Ltd.

2022-35A

A1R,

CME

Term

SOFR

3

Month

+

1.4200%,

6.0537%,

10/22/37

(144A)

‡

$

81,000,000

$

80,996,557

BlueMountain

Fuji

US

CLO

III

Ltd.

2017-3A

A2,

CME

Term

SOFR

3

Month

+

1.4116%,

6.0675%,

1/15/30

(144A)

‡

3,500,000

3,498,195

Buckhorn

Park

CLO

Ltd.

2019-1A

AR,

CME

Term

SOFR

3

Month

+

1.3816%,

6.0140%,

7/18/34

(144A)

‡

47,450,000

47,490,779

Canyon

Capital

CLO

Ltd.

2014-1A

A1BR,

CME

Term

SOFR

3

Month

+

1.4316%,

6.0208%,

1/30/31

(144A)

‡

3,010,000

3,006,360

Canyon

CLO

Ltd.

2023-2A

A2,

CME

Term

SOFR

3

Month

+

1.7700%,

6.4259%,

5/15/37

(144A)

‡

15,000,000

15,023,728

Carlyle

US

CLO

Ltd.

2021-3SA

A1,

CME

Term

SOFR

3

Month

+

1.3216%,

5.9775%,

4/15/34

(144A)

‡

16,800,000

16,804,859

Carlyle

US

CLO

Ltd.

2021-1A

A1,

CME

Term

SOFR

3

Month

+

1.4016%,

6.0575%,

4/15/34

(144A)

‡

68,736,000

68,736,000

Carlyle

US

CLO

Ltd.

2021-5A

A1,

CME

Term

SOFR

3

Month

+

1.3816%,

5.9990%,

7/20/34

(144A)

‡

20,000,000

20,031,486

Carlyle

US

CLO

Ltd.

2021-8A

A,

CME

Term

SOFR

3

Month

+

1.4216%,

6.0775%,

10/15/34

(144A)

‡

19,000,000

19,015,988

Carlyle

US

CLO

Ltd.

2020-2A

A1R,

CME

Term

SOFR

3

Month

+

1.4016%,

6.0275%,

1/25/35

(144A)

‡

53,060,000

53,080,746

Carlyle

US

CLO

Ltd.

2019-4A

A11R,

CME

Term

SOFR

3

Month

+

1.3200%,

5.9759%,

4/15/35

(144A)

‡

22,770,000

22,812,124

Carlyle

US

CLO

Ltd.

2021-7A

A1,

CME

Term

SOFR

3

Month

+

1.4216%,

6.0775%,

10/15/35

(144A)

‡

67,200,000

67,258,699

Carlyle

US

CLO

Ltd.

2023-2A

A2,

CME

Term

SOFR

3

Month

+

2.2500%,

6.8674%,

7/20/36

(144A)

‡

9,000,000

9,034,303

Carlyle

US

CLO

Ltd.

2022-4A

A2R,

CME

Term

SOFR

3

Month

+

1.5700%,

6.1959%,

7/25/36

(144A)

‡

16,150,000

16,200,448

Carlyle

US

CLO

Ltd.

2024-3A

A2,

CME

Term

SOFR

3

Month

+

1.7200%,

7.0237%,

7/25/36

(144A)

‡

24,000,000

24,105,386

Carlyle

US

CLO

Ltd.

2023-4A

A2,

CME

Term

SOFR

3

Month

+

1.9500%,

6.5759%,

10/25/36

(144A)

‡

8,000,000

7,979,014

Carlyle

US

CLO

Ltd.

2022-3A

AR,

CME

Term

SOFR

3

Month

+

1.5500%,

6.1674%,

4/20/37

(144A)

‡

89,900,000

90,136,824

Carlyle

US

CLO

Ltd.

2017-2A

AR2,

CME

Term

SOFR

3

Month

+

1.4900%,

6.1074%,

7/20/37

(144A)

‡

71,080,000

71,206,117

Carlyle

US

CLO

Ltd.

2021-11A

A1R,

CME

Term

SOFR

3

Month

+

1.4100%,

6.0359%,

7/25/37

(144A)

‡

35,000,000

35,006,237

Carlyle

US

CLO

Ltd.

2019-2A

AR2,

CME

Term

SOFR

3

Month

+

1.3600%,

6.1882%,

10/15/37

(144A)

‡

51,860,000

51,877,477

Carlyle

US

CLO

Ltd.

2022-5A

A2R,

CME

Term

SOFR

3

Month

+

1.6000%,

6.7046%,

10/15/37

(144A)

‡

25,000,000

24,979,132

Carlyle

US

CLO

Ltd.

2017-3A

A1R2,

CME

Term

SOFR

3

Month

+

1.4000%,

6.5354%,

10/21/37

(144A)

‡

48,000,000

48,016,877

Carlyle

US

CLO

Ltd.

2017-3A

A2R2,

CME

Term

SOFR

3

Month

+

1.5500%,

6.6854%,

10/21/37

(144A)

‡

11,000,000

11,022,541

CBAM

Ltd.

2019-10A

A1R,

CME

Term

SOFR

3

Month

+

1.3816%,

5.9990%,

4/20/32

(144A)

‡

12,702,818

12,716,830

CBAM

Ltd.

2020-13A

A,

CME

Term

SOFR

3

Month

+

1.6916%,

6.3090%,

1/20/34

(144A)

‡

25,880,000

25,888,222

CBAM

Ltd.

2021-14A

A,

CME

Term

SOFR

3

Month

+

1.3616%,

5.9790%,

4/20/34

(144A)

‡

75,000,000

75,086,955

CBAM

Ltd.

2019-11RA

A1,

CME

Term

SOFR

3

Month

+

1.4416%,

6.0590%,

1/20/35

(144A)

‡

16,897,000

16,906,136

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

October

31,

2024

Janus

Detroit

Street

Trust

7

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

CBAM

Ltd.

2019-11RA

A2,

CME

Term

SOFR

3

Month

+

1.7616%,

6.3790%,

1/20/35

(144A)

‡

$

13,889,000

$

13,926,406

CBAM

Ltd.

2019-9A

AR,

CME

Term

SOFR

3

Month

+

1.6300%,

6.2859%,

7/15/37

(144A)

‡

50,000,000

50,278,850

Cedar

Funding

IX

CLO

Ltd.

2018-9A

AR,

CME

Term

SOFR

3

Month

+

1.4200%,

6.0374%,

7/20/37

(144A)

‡

49,365,000

49,574,569

Cedar

Funding

VI

CLO

Ltd.

2016-6A

ARR,

CME

Term

SOFR

3

Month

+

1.3116%,

5.9290%,

4/20/34

(144A)

‡

77,079,000

77,136,609

Cedar

Funding

VIII

CLO

Ltd.

2017-8A

A1R,

CME

Term

SOFR

3

Month

+

1.4116%,

6.0591%,

10/17/34

(144A)

‡

25,671,000

25,712,074

Cedar

Funding

XIV

CLO

Ltd.

2021-14A

AR,

CME

Term

SOFR

3

Month

+

1.3800%,

6.0320%,

10/15/37

(144A)

‡

64,500,000

64,511,094

CIFC

Funding

2014-V

Ltd.

2014-5A

A1R3,

CME

Term

SOFR

3

Month

+

1.3800%,

6.0275%,

7/17/37

(144A)

‡

77,872,000

77,914,300

CIFC

Funding

2014-V

Ltd.

2014-5A

A2R3,

CME

Term

SOFR

3

Month

+

1.5800%,

6.2274%,

7/17/37

(144A)

‡

11,250,000

11,290,336

CIFC

Funding

2017-IV

Ltd.

2017-4A

A1R,

CME

Term

SOFR

3

Month

+

1.2116%,

5.8464%,

10/24/30

(144A)

‡

38,375,477

38,420,634

CIFC

Funding

2020-III

Ltd.

2020-3A

A1R,

CME

Term

SOFR

3

Month

+

1.3916%,

6.0090%,

10/20/34

(144A)

‡

60,180,000

60,318,414

CIFC

Funding

2021-IV

Ltd.

2021-4A

AR,

CME

Term

SOFR

3

Month

+

1.3600%,

6.5332%,

7/23/37

(144A)

‡

105,000,000

104,972,962

CIFC

Funding

2022-II

Ltd.

2022-2A

A1,

CME

Term

SOFR

3

Month

+

1.3200%,

5.9374%,

4/19/35

(144A)

‡

18,000,000

18,026,660

CIFC

Funding

2024-III

Ltd.

2024-3A

A1,

CME

Term

SOFR

3

Month

+

1.4800%,

6.0974%,

7/21/37

(144A)

‡

40,000,000

40,062,684

CIFC

Funding

Ltd.

2019-5A

A1R1,

CME

Term

SOFR

3

Month

+

1.4016%,

6.0575%,

1/15/35

(144A)

‡

25,000,000

25,020,840

CIFC

Funding

Ltd.

2014-4RA

A1AR,

CME

Term

SOFR

3

Month

+

1.4316%,

6.0791%,

1/17/35

(144A)

‡

110,605,000

110,628,338

CIFC

Funding

Ltd.

2021-7A

A1,

CME

Term

SOFR

3

Month

+

1.3916%,

6.0179%,

1/23/35

(144A)

‡

60,576,000

60,630,543

CIFC

Funding

Ltd.

2022-4A

A2,

CME

Term

SOFR

3

Month

+

1.7000%,

6.3473%,

7/16/35

(144A)

‡

20,000,000

20,078,942

CIFC

Funding

Ltd.

2020-1A

A1R,

CME

Term

SOFR

3

Month

+

1.4116%,

6.0675%,

7/15/36

(144A)

‡

68,560,000

68,611,180

CIFC

Funding

Ltd.

2014-2RA

AR,

CME

Term

SOFR

3

Month

+

1.3600%,

5.9948%,

10/24/37

(144A)

‡

60,000,000

60,195,522

Clover

CLO

LLC

2018-1A

A2RR,

CME

Term

SOFR

3

Month

+

1.7300%,

6.3474%,

4/20/37

(144A)

‡

30,000,000

30,030,618

Columbia

Cent

CLO

29

Ltd.

2020-29A

AR,

CME

Term

SOFR

3

Month

+

1.4316%,

6.0490%,

10/20/34

(144A)

‡

12,140,000

12,206,016

CQS

US

CLO

Ltd.

2023-3A

AJ,

CME

Term

SOFR

3

Month

+

2.1500%,

6.7759%,

1/25/37

(144A)

‡

9,000,000

9,062,422

Crown

City

CLO

IV

2022-4A

AJ,

CME

Term

SOFR

3

Month

+

1.8200%,

6.4374%,

4/20/37

(144A)

‡

19,000,000

19,141,438

Dryden

102

CLO

Ltd.

2023-102A

A2,

CME

Term

SOFR

3

Month

+

2.0000%,

6.6559%,

10/15/36

(144A)

‡

10,400,000

10,377,693

Dryden

105

CLO

Ltd.

2023-105A

A,

CME

Term

SOFR

3

Month

+

1.8000%,

6.4324%,

4/18/36

(144A)

‡

32,000,000

32,002,038

Dryden

105

CLO

Ltd.

2023-105A

C,

CME

Term

SOFR

3

Month

+

3.1000%,

7.7324%,

4/18/36

(144A)

‡

16,550,000

16,708,777

Dryden

106

CLO

Ltd.

2022-106A

A1R,

CME

Term

SOFR

3

Month

+

1.3600%,

6.0159%,

10/15/37

(144A)

‡

50,000,000

49,998,330

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

October

31,

2024

8

October

31,

2024

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

Dryden

106

CLO

Ltd.

2022-106A

A2R,

CME

Term

SOFR

3

Month

+

1.5300%,

6.1859%,

10/15/37

(144A)

‡

$

15,000,000

$

14,999,470

Dryden

107

CLO

Ltd.

2023-107A

A2,

CME

Term

SOFR

3

Month

+

2.1500%,

7.2681%,

8/15/35

(144A)

‡

10,000,000

9,980,938

Dryden

108

CLO

Ltd.

2022-108A

A1R,

CME

Term

SOFR

3

Month

+

1.3600%,

5.9924%,

7/18/37

(144A)

‡

90,000,000

90,129,051

Dryden

113

CLO

Ltd.

2022-113A

AR2,

CME

Term

SOFR

3

Month

+

1.2500%,

5.8674%,

10/15/37

(144A)

‡

49,998,000

49,997,005

Dryden

115

CLO

Ltd.

2024-115A

A2,

CME

Term

SOFR

3

Month

+

1.7000%,

6.3323%,

4/18/37

(144A)

‡

40,000,000

40,181,844

Dryden

119

CLO

Ltd.

2024-119A

A2,

CME

Term

SOFR

3

Month

+

1.7000%,

6.3559%,

4/15/36

(144A)

‡

22,000,000

22,109,795

Dryden

45

Senior

Loan

Fund

2016-45A

A1RR,

CME

Term

SOFR

3

Month

+

1.0800%,

5.7359%,

10/15/30

(144A)

‡

24,901,189

24,948,501

Dryden

68

CLO

Ltd.

2019-68A

AR,

CME

Term

SOFR

3

Month

+

1.4316%,

6.0875%,

7/15/35

(144A)

‡

27,900,000

27,913,682

Dryden

72

CLO

Ltd.

2019-72A

ARR,

CME

Term

SOFR

3

Month

+

1.1000%,

5.8948%,

5/15/32

(144A)

‡

44,000,000

44,090,103

Dryden

75

CLO

Ltd.

2019-75A

AR2,

CME

Term

SOFR

3

Month

+

1.3016%,

5.9575%,

4/15/34

(144A)

‡

47,290,000

47,290,747

Dryden

76

CLO

Ltd.

2019-76A

A1R2,

CME

Term

SOFR

3

Month

+

1.3700%,

6.0259%,

10/15/37

(144A)

‡

136,000,000

136,005,807

Dryden

77

CLO

Ltd.

2020-77A

AR,

CME

Term

SOFR

3

Month

+

1.3816%,

6.5100%,

5/20/34

(144A)

‡

133,524,633

133,722,690

Dryden

78

CLO

Ltd.

2020-78A

A2R,

CME

Term

SOFR

3

Month

+

1.7300%,

6.3775%,

4/17/37

(144A)

‡

10,000,000

10,058,194

Dryden

83

CLO

Ltd.

2020-83A

AR,

CME

Term

SOFR

3

Month

+

1.5300%,

6.1624%,

4/18/37

(144A)

‡

47,000,000

47,224,430

Dryden

85

CLO

Ltd.

2020-85A

A1R2,

CME

Term

SOFR

3

Month

+

1.3800%,

6.0359%,

7/15/37

(144A)

‡

50,000,000

50,003,650

Dryden

86

CLO

Ltd.

2020-86A

A1R,

CME

Term

SOFR

3

Month

+

1.3616%,

6.0091%,

7/17/34

(144A)

‡

37,135,000

37,197,465

Dryden

95

CLO

Ltd.

2021-95A

A,

CME

Term

SOFR

3

Month

+

1.3816%,

6.5100%,

8/20/34

(144A)

‡

73,000,000

73,101,733

Eaton

Vance

CLO

Ltd.

2019-1A

AR2,

CME

Term

SOFR

3

Month

+

1.5100%,

6.1659%,

7/15/37

(144A)

‡

62,500,000

62,634,331

Elevation

CLO

Ltd.

2021-13A

A1,

CME

Term

SOFR

3

Month

+

1.4516%,

6.1075%,

7/15/34

(144A)

‡

12,010,000

12,015,435

Elmwood

CLO

15

Ltd.

2022-2A

A1,

CME

Term

SOFR

3

Month

+

1.3400%,

5.9716%,

4/22/35

(144A)

‡

41,529,063

41,616,141

Elmwood

CLO

20

Ltd.

2022-7A

AR,

CME

Term

SOFR

3

Month

+

1.5000%,

6.1475%,

1/17/37

(144A)

‡

50,000,000

50,075,010

Elmwood

CLO

23

Ltd.

2023-2A

A,

CME

Term

SOFR

3

Month

+

1.8000%,

6.4473%,

4/16/36

(144A)

‡

40,000,000

40,227,492

Elmwood

CLO

24

Ltd.

2023-3A

A2,

CME

Term

SOFR

3

Month

+

1.9500%,

6.5975%,

12/11/33

(144A)

‡

10,000,000

10,054,233

Elmwood

CLO

25

Ltd.

2024-1A

A2,

CME

Term

SOFR

3

Month

+

1.7300%,

6.3775%,

4/17/37

(144A)

‡

10,000,000

10,054,076

Elmwood

CLO

26

Ltd.

2024-1A

A1,

CME

Term

SOFR

3

Month

+

1.5000%,

6.1324%,

4/18/37

(144A)

‡

60,000,000

60,165,252

Elmwood

CLO

31

Ltd.

2024-7A

A1,

CME

Term

SOFR

3

Month

+

1.3500%,

6.1889%,

7/17/37

(144A)

‡

24,305,000

24,337,146

Elmwood

CLO

I

Ltd.

2019-1A

A2RR,

CME

Term

SOFR

3

Month

+

1.7200%,

6.3374%,

4/20/37

(144A)

‡

8,750,000

8,799,597

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

October

31,

2024

Janus

Detroit

Street

Trust

9

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

Elmwood

CLO

II

Ltd.

2019-2A

AR,

CME

Term

SOFR

3

Month

+

1.4116%,

6.0290%,

4/20/34

(144A)

‡

$

6,750,000

$

6,751,172

Elmwood

CLO

III

Ltd.

2019-3A

A1RR,

CME

Term

SOFR

3

Month

+

1.3800%,

6.0123%,

7/18/37

(144A)

‡

38,800,000

38,877,600

Elmwood

CLO

V

Ltd.

2020-2A

ARR,

CME

Term

SOFR

3

Month

+

1.3700%,

6.3769%,

10/20/37

(144A)

‡

75,000,000

74,976,705

Empower

CLO

Ltd.

2023-2A

A2,

CME

Term

SOFR

3

Month

+

2.4000%,

7.0559%,

7/15/36

(144A)

‡

22,500,000

22,591,433

Empower

CLO

Ltd.

2024-1A

A1,

CME

Term

SOFR

3

Month

+

1.6000%,

6.2259%,

4/25/37

(144A)

‡

40,500,000

40,688,584

Empower

CLO

Ltd.

2024-1A

A2,

CME

Term

SOFR

3

Month

+

1.8000%,

6.4259%,

4/25/37

(144A)

‡

9,000,000

9,018,716

Generate

CLO

13

Ltd.

2023-13A

A1,

CME

Term

SOFR

3

Month

+

1.8000%,

6.4316%,

1/20/37

(144A)

‡

66,500,000

67,228,793

Generate

CLO

Ltd.

2024-17A

A1,

CME

Term

SOFR

3

Month

+

1.4000%,

6.5327%,

10/22/37

(144A)

‡

14,750,000

14,770,107

GoldenTree

Loan

Management

US

CLO

10

Ltd.

2021-10A

AJ,

CME

Term

SOFR

3

Month

+

1.5800%,

6.1974%,

10/20/37

(144A)

‡

18,900,000

18,899,546

GoldenTree

Loan

Management

US

CLO

21

Ltd.

2024-21A

AJ,

CME

Term

SOFR

3

Month

+

1.6200%,

6.2374%,

7/20/37

(144A)

‡

15,000,000

14,989,863

GoldenTree

Loan

Management

US

CLO

4

Ltd.

2019-4A

ARR,

CME

Term

SOFR

3

Month

+

1.1500%,

5.7848%,

4/24/31

(144A)

‡

16,522,646

16,529,824

Golub

Capital

Partners

CLO

58B

Ltd.

2021-58A

A2,

CME

Term

SOFR

3

Month

+

1.7116%,

6.3375%,

1/25/35

(144A)

‡

10,000,000

10,005,267

Golub

Capital

Partners

CLO

62B

Ltd.

2022-62A

AR,

CME

Term

SOFR

3

Month

+

1.3700%,

5.9782%,

10/15/37

(144A)

‡

51,350,000

51,522,022

Golub

Capital

Partners

CLO

66B

Ltd.

2023-66A

A,

CME

Term

SOFR

3

Month

+

1.9500%,

6.5759%,

4/25/36

(144A)

‡

47,500,000

47,718,837

Golub

Capital

Partners

CLO

72

B

Ltd.

2024-72A

AJ,

CME

Term

SOFR

3

Month

+

1.7500%,

6.3759%,

4/25/37

(144A)

‡

18,000,000

18,024,199

Harmony-Peace

Park

CLO

Ltd.

2024-1A

A,

CME

Term

SOFR

3

Month

+

1.3500%,

5.8980%,

10/20/37

(144A)

‡

39,500,000

39,496,947

Harvest

US

CLO

Ltd.

2024-1A

A2,

CME

Term

SOFR

3

Month

+

1.8500%,

6.4824%,

4/18/37

(144A)

‡

8,000,000

8,022,691

HPS

Loan

Management

Ltd.

2021-16A

A1,

CME

Term

SOFR

3

Month

+

1.4016%,

6.0279%,

1/23/35

(144A)

‡

47,557,000

47,645,309

ICG

US

CLO

Ltd.

2021-1A

A1R,

CME

Term

SOFR

3

Month

+

1.2700%,

5.9174%,

4/17/34

(144A)

‡

40,000,000

40,001,496

Invesco

CLO

Ltd.

2021-2A

A,

CME

Term

SOFR

3

Month

+

1.3816%,

6.0375%,

7/15/34

(144A)

‡

58,500,000

58,616,819

Invesco

CLO

Ltd.

2022-2A

A1,

CME

Term

SOFR

3

Month

+

1.4400%,

6.0574%,

7/20/35

(144A)

‡

16,500,000

16,514,429

Invesco

CLO

Ltd.

2022-2A

A2,

CME

Term

SOFR

3

Month

+

1.7500%,

6.3674%,

7/20/35

(144A)

‡

5,000,000

5,005,243

Invesco

US

CLO

Ltd.

2023-1A

AR,

CME

Term

SOFR

3

Month

+

1.5700%,

6.2016%,

4/22/37

(144A)

‡

40,000,000

40,119,564

Katayma

CLO

I

Ltd.

2023-1A

A2,

CME

Term

SOFR

3

Month

+

2.2000%,

6.8174%,

10/20/36

(144A)

‡

16,000,000

16,145,370

Katayma

CLO

II

Ltd.

2024-2A

A1,

CME

Term

SOFR

3

Month

+

1.6500%,

6.2674%,

4/20/37

(144A)

‡

98,500,000

98,934,454

KKR

CLO

16

Ltd.

16

A1R2,

CME

Term

SOFR

3

Month

+

1.4716%,

6.0890%,

10/20/34

(144A)

‡

16,550,000

16,556,344

KKR

CLO

24

Ltd.

24

A1R,

CME

Term

SOFR

3

Month

+

1.3416%,

5.9590%,

4/20/32

(144A)

‡

6,042,217

6,042,677

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

October

31,

2024

10

October

31,

2024

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

AR,

CME

Term

SOFR

3

Month

+

1.2800%,

5.9359%,

10/15/32

(144A)

‡

$

20,700,000

$

20,715,339

KKR

CLO

34

Ltd.

34A

B,

CME

Term

SOFR

3

Month

+

2.0616%,

6.7175%,

7/15/34

(144A)

‡

14,875,000

14,889,866

KKR

CLO

35

Ltd.

35A

A,

CME

Term

SOFR

3

Month

+

1.4516%,

6.0690%,

10/20/34

(144A)

‡

53,845,000

53,858,219

KKR

CLO

36

Ltd.

36A

A,

CME

Term

SOFR

3

Month

+

1.4416%,

6.0975%,

10/15/34

(144A)

‡

17,130,000

17,137,929

KKR

CLO

37

Ltd.

37A

A1A,

CME

Term

SOFR

3

Month

+

1.4316%,

6.0490%,

1/20/35

(144A)

‡

18,750,000

18,757,920

KKR

CLO

38

Ltd.

38A

A1,

CME

Term

SOFR

3

Month

+

1.3200%,

5.9759%,

4/15/33

(144A)

‡

11,250,000

11,259,683

KKR

CLO

41

Ltd.

2022-41A

A1,

CME

Term

SOFR

3

Month

+

1.3300%,

5.9773%,

4/15/35

(144A)

‡

30,359,000

30,388,518

KKR

CLO

43

Ltd.

2022-43A

A1R,

CME

Term

SOFR

3

Month

+

1.7500%,

6.4059%,

1/15/36

(144A)

‡

80,000,000

80,420,032

KKR

CLO

43

Ltd.

2022-43A

A2R,

CME

Term

SOFR

3

Month

+

2.0000%,

6.6559%,

1/15/36

(144A)

‡

11,750,000

11,857,354

KKR

CLO

44

Ltd.

44A

A2,

CME

Term

SOFR

3

Month

+

2.0500%,

6.6674%,

1/20/36

(144A)

‡

10,000,000

10,047,255

KKR

CLO

46

Ltd.

2023-46A

AR,

CME

Term

SOFR

3

Month

+

1.4000%,

6.0174%,

10/20/37

(144A)

‡

89,750,000

89,747,972

KKR

CLO

48

Ltd.

48A

A2,

CME

Term

SOFR

3

Month

+

2.0000%,

6.6174%,

10/20/36

(144A)

‡

8,750,000

8,791,446

KKR

CLO

49

Ltd.

49A

AR,

CME

Term

SOFR

3

Month

+

1.3800%,

5.9974%,

10/20/37

(144A)

‡

25,000,000

25,062,500

KKR

CLO

56

Ltd.

2024-56A

A1,

CME

Term

SOFR

3

Month

+

1.4000%,

6.4958%,

10/15/37

(144A)

‡

28,000,000

28,094,189

LCM

29

Ltd.

29A

AR,

CME

Term

SOFR

3

Month

+

1.3316%,

5.9875%,

4/15/31

(144A)

‡

8,162,852

8,171,774

LCM

34

Ltd.

34A

A1,

CME

Term

SOFR

3

Month

+

1.4316%,

6.0490%,

10/20/34

(144A)

‡

31,400,000

31,444,842

LCM

35

Ltd.

35A

A2,

CME

Term

SOFR

3

Month

+

1.6616%,

6.3175%,

10/15/34

(144A)

‡

7,000,000

6,981,743

LCM

Loan

Income

Fund

I

Income

Note

Issuer

Ltd.

27A

A2,

CME

Term

SOFR

3

Month

+

1.5616%,

6.2089%,

7/16/31

(144A)

‡

18,000,000

18,028,476

Logan

CLO

II

Ltd.

2021-2A

A,

CME

Term

SOFR

3

Month

+

1.4116%,

6.0290%,

1/20/35

(144A)

‡

24,196,521

24,241,224

Madison

Park

Funding

LII

Ltd.

2021-52A

A,

CME

Term

SOFR

3

Month

+

1.3616%,

5.9932%,

1/22/35

(144A)

‡

85,085,000

85,155,195

Madison

Park

Funding

LVII

Ltd.

2022-57A

A2R,

CME

Term

SOFR

3

Month

+

1.5000%,

6.1172%,

7/27/34

(144A)

‡

16,500,000

16,459,174

Madison

Park

Funding

LXIII

Ltd.

2023-63A

A2,

CME

Term

SOFR

3

Month

+

2.2500%,

6.8674%,

4/21/35

(144A)

‡

15,000,000

14,955,586

Madison

Park

Funding

LXIX

Ltd.

2024-69A

A2,

CME

Term

SOFR

3

Month

+

1.7100%,

7.0442%,

7/25/37

(144A)

‡

29,450,000

29,311,829

Madison

Park

Funding

LXVII

Ltd.

2024-67A

A1,

CME

Term

SOFR

3

Month

+

1.5100%,

6.1359%,

4/25/37

(144A)

‡

11,000,000

11,049,702

Madison

Park

Funding

XIX

Ltd.

2015-19A

AR3,

CME

Term

SOFR

3

Month

+

1.6000%,

6.2316%,

1/22/37

(144A)

‡

22,000,000

22,147,937

MADISON

PARK

FUNDING

XLII,

LTD.

13A

AR,

CME

Term

SOFR

3

Month

+

1.1500%,

5.7763%,

11/21/30

(144A)

‡

31,640,498

31,676,467

Madison

Park

Funding

XLVII

Ltd.

2020-47A

A2R,

CME

Term

SOFR

3

Month

+

1.7400%,

6.3574%,

4/19/37

(144A)

‡

16,000,000

16,096,259

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

October

31,

2024

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)

Madison

Park

Funding

XXI

Ltd.

2016-21A

AARR,

CME

Term

SOFR

3

Month

+

1.3416%,

5.9975%,

10/15/32

(144A)

‡

$

97,750,000

$

97,783,079

Madison

Park

Funding

XXX

Ltd.

2018-30A

A1R,

CME

Term

SOFR

3

Month

+

1.3600%,

6.0073%,

7/16/37

(144A)

‡

160,000,000

160,336,000

Madison

Park

Funding

XXXII

Ltd.

2018-32A

A1R2,

CME

Term

SOFR

3

Month

+

1.3600%,

5.9916%,

7/22/37

(144A)

‡

83,250,000

83,252,539

Madison

Park

Funding

XXXII

Ltd.

2018-32A

A2R2,

CME

Term

SOFR

3

Month

+

1.5600%,

6.1916%,

7/22/37

(144A)

‡

24,000,000

23,921,798

Madison

Park

Funding

XXXIII

Ltd.

2019-33A

AR,

CME

Term

SOFR

3

Month

+

1.2900%,

5.9459%,

10/15/32

(144A)

‡

54,695,000

54,741,885

Magnetite

XXVI

Ltd.

2020-26A

A1R,

CME

Term

SOFR

3

Month

+

1.3816%,

6.0075%,

7/25/34

(144A)

‡

61,428,204

61,549,973

Magnetite

XXVIII

Ltd.

2020-28A

AR,

CME

Term

SOFR

3

Month

+

1.3916%,

6.0090%,

1/20/35

(144A)

‡

39,900,000

39,924,890

Magnetite

XXXII

Ltd.

2022-32A

A,

CME

Term

SOFR

3

Month

+

1.3500%,

6.0059%,

4/15/35

(144A)

‡

38,500,000

38,502,657

Marathon

CLO

XIII

Ltd.

2019-1A

ABR2,

CME

Term

SOFR

3

Month

+

1.7000%,

6.3559%,

4/15/32

(144A)

‡

12,500,000

12,453,511

Meacham

Park

CLO

Ltd.

2024-1A

A2,

CME

Term

SOFR

3

Month

+

1.5300%,

6.3185%,

10/20/37

(144A)

‡

10,000,000

9,981,122

Morgan

Stanley

Eaton

Vance

CLO

Ltd.

2021-1A

B,

CME

Term

SOFR

3

Month

+

1.9116%,

6.5379%,

10/20/34

(144A)

‡

10,845,000

10,844,277

Morgan

Stanley

Eaton

Vance

CLO

Ltd.

2023-20A

A2,

CME

Term

SOFR

3

Month

+

2.0000%,

6.6174%,

1/20/37

(144A)

‡

8,000,000

7,990,661

Neuberger

Berman

CLO

XVII

Ltd.

2014-17A

AR3,

CME

Term

SOFR

3

Month

+

1.4000%,

6.0316%,

7/22/38

(144A)

‡

31,500,000

31,582,089

Neuberger

Berman

CLO

XVI-S

Ltd.

2017-16SA

CR,

CME

Term

SOFR

3

Month

+

2.1616%,

6.8175%,

4/15/34

(144A)

‡

8,000,000

8,007,702

Neuberger

Berman

CLO

XXII

Ltd.

2016-22A

A2R2,

CME

Term

SOFR

3

Month

+

1.7200%,

6.3674%,

4/15/38

(144A)

‡

15,200,000

15,285,777

Neuberger

Berman

Loan

Advisers

CLO

24

Ltd.

2017-24A

AR2,

CME

Term

SOFR

3

Month

+

1.3600%,

5.9774%,

10/19/38

(144A)

‡

19,650,000

19,697,679

Neuberger

Berman

Loan

Advisers

CLO

26

Ltd.

2017-26A

AR2,

CME

Term

SOFR

3

Month

+

1.3600%,

5.9924%,

10/18/38

(144A)

‡

64,662,000

64,797,790

Neuberger

Berman

Loan

Advisers

CLO

42

Ltd.

2021-42A

A,

CME

Term

SOFR

3

Month

+

1.3616%,

6.0089%,

7/16/35

(144A)

‡

25,368,725

25,393,868

Neuberger

Berman

Loan

Advisers

CLO

43

Ltd.

2021-43A

A,

CME

Term

SOFR

3

Month

+

1.3916%,

6.0391%,

7/17/35

(144A)

‡

90,045,183

90,113,680

Neuberger

Berman

Loan

Advisers

CLO

45

Ltd.

2021-45A

A,

CME

Term

SOFR

3

Month

+

1.3916%,

6.0475%,

10/14/35

(144A)

‡

38,640,000

38,668,157

Neuberger

Berman

Loan

Advisers

CLO

47

Ltd.

2022-47A

A,

CME

Term

SOFR

3

Month

+

1.3000%,

5.9473%,

4/14/35

(144A)

‡

24,000,000

24,051,065

Neuberger

Berman

Loan

Advisers

CLO

50

Ltd.

2022-50A

AR,

CME

Term

SOFR

3

Month

+

1.2500%,

5.8763%,

7/23/36

(144A)

‡

36,005,000

36,058,611

Neuberger

Berman

Loan

Advisers

CLO

55

Ltd.

2024-55A

A2,

CME

Term

SOFR

3

Month

+

1.7000%,

6.3316%,

4/22/38

(144A)

‡

24,750,000

24,641,689

Neuberger

Berman

Loan

Advisers

NBLA

CLO

53

Ltd.

2023-53A

A2R,

CME

Term

SOFR

3

Month

+

1.5400%,

0.0000%,

10/24/37

(144A)

‡

33,000,000

33,000,000

New

Mountain

CLO

6

Ltd.

CLO-6A

A,

CME

Term

SOFR

3

Month

+

1.4000%,

6.0390%,

10/15/37

(144A)

‡

27,500,000

27,597,479

Niagara

Park

CLO

Ltd.

2019-1A

AR,

CME

Term

SOFR

3

Month

+

1.2616%,

5.9091%,

7/17/32

(144A)

‡

9,250,000

9,253,569

Northwoods

Capital

XVI

Ltd.

2017-16A

B,

CME

Term

SOFR

3

Month

+

1.9616%,

7.0797%,

11/15/30

(144A)

‡

6,500,000

6,511,865

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

October

31,

2024

12

October

31,

2024

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

NYACK

Park

CLO

Ltd.

2021-1A

A,

CME

Term

SOFR

3

Month

+

1.3816%,

5.9990%,

10/20/34

(144A)

‡

$

83,751,613

$

83,809,159

Oaktree

CLO

Ltd.

2022-3A

A1R,

CME

Term

SOFR

3

Month

+

1.3800%,

6.0359%,

10/15/37

(144A)

‡

27,000,000

27,073,129

OCP

Aegis

CLO

Ltd.

2023-29A

A2,

CME

Term

SOFR

3

Month

+

2.0000%,

6.6174%,

1/20/35

(144A)

‡

9,000,000

8,997,868

OCP

CLO

Ltd.

2016-11A

A2R2,

CME

Term

SOFR

3

Month

+

1.7000%,

6.3172%,

4/26/36

(144A)

‡

12,000,000

12,005,548

OCP

CLO

Ltd.

2020-8RA

AR,

CME

Term

SOFR

3

Month

+

1.2500%,

0.0000%,

10/17/36

(144A)

‡

34,469,313

34,475,311

OCP

CLO

Ltd.

2020-20A

A2R,

CME

Term

SOFR

3

Month

+

1.7300%,

6.3623%,

4/18/37

(144A)

‡

16,000,000

15,835,968

OCP

CLO

Ltd.

2024-31A

A1,

CME

Term

SOFR

3

Month

+

1.6300%,

6.2474%,

4/20/37

(144A)

‡

14,750,000

14,842,308

OCP

CLO

Ltd.

2024-32A

A1,

CME

Term

SOFR

3

Month

+

1.5200%,

6.1463%,

4/23/37

(144A)

‡

75,000,000

75,157,177

OCP

CLO

Ltd.

2017-14A

A1R,

CME

Term

SOFR

3

Month

+

1.3700%,

6.1108%,

7/20/37

(144A)

‡

186,000,000

186,332,010

OCP

CLO

Ltd.

2020-18A

A1R2,

CME

Term

SOFR

3

Month

+

1.3700%,

6.6037%,

7/20/37

(144A)

‡

102,500,000

102,496,320

OCP

CLO

Ltd.

2022-25A

A1R,

CME

Term

SOFR

3

Month

+

1.4200%,

6.7020%,

7/20/37

(144A)

‡

64,650,000

64,699,994

OCP

CLO

Ltd.

2022-25A

A2R,

CME

Term

SOFR

3

Month

+

1.6200%,

6.9020%,

7/20/37

(144A)

‡

10,000,000

10,023,654

Octagon

52

Ltd.

2021-1A

A2R,

CME

Term

SOFR

3

Month

+

1.6000%,

6.2263%,

7/23/37

(144A)

‡

10,000,000

10,040,089

Octagon

54

Ltd.

2021-1A

A1,

CME

Term

SOFR

3

Month

+

1.3816%,

6.0375%,

7/15/34

(144A)

‡

29,400,000

29,403,552

Octagon

55

Ltd.

2021-1A

A1,

CME

Term

SOFR

3

Month

+

1.4016%,

6.0190%,

7/20/34

(144A)

‡

40,000,000

40,004,296

Octagon

59

Ltd.

2022-1A

B,

CME

Term

SOFR

3

Month

+

1.9500%,

7.0681%,

5/15/35

(144A)

‡

40,000,000

39,989,900

Octagon

65

Ltd.

2024-4A

A2,

CME

Term

SOFR

3

Month

+

1.5800%,

6.2077%,

10/23/37

(144A)

‡

18,750,000

18,751,275

Octagon

68

Ltd.

2023-1A

A2,

CME

Term

SOFR

3

Month

+

1.9500%,

6.5674%,

10/20/36

(144A)

‡

15,000,000

14,963,012

Octagon

69

Ltd.

2024-3A

A2,

CME

Term

SOFR

3

Month

+

1.6600%,

6.6638%,

7/24/37

(144A)

‡

10,000,000

9,945,767

Octagon

70

Alto

Ltd.

2023-1A

A2,

CME

Term

SOFR

3

Month

+

2.0500%,

6.6674%,

10/20/36

(144A)

‡

18,000,000

17,968,489

Octagon

71

Ltd.

2024-1A

A2,

CME

Term

SOFR

3

Month

+

1.7000%,

6.3323%,

4/18/37

(144A)

‡

15,000,000

15,007,260

Octagon

Investment

Partners

20-R

Ltd.

2019-4A

A1RR,

CME

Term

SOFR

3

Month

+

1.4000%,

6.4617%,

8/12/37

(144A)

‡

28,000,000

28,008,338

Octagon

Investment

Partners

28

Ltd.

2016-1A

A2RR,

CME

Term

SOFR

3

Month

+

1.7200%,

6.3548%,

4/24/37

(144A)

‡

10,250,000

10,315,854

Octagon

Investment

Partners

29

Ltd.

2016-1A

A1R2,

CME

Term

SOFR

3

Month

+

1.4200%,

6.0523%,

7/18/37

(144A)

‡

49,000,000

49,112,577

Octagon

Investment

Partners

29

Ltd.

2016-1A

A2R2,

CME

Term

SOFR

3

Month

+

1.6200%,

6.2524%,

7/18/37

(144A)

‡

10,000,000

10,043,882

Octagon

Investment

Partners

32

Ltd.

2017-1A

A1R3,

CME

Term

SOFR

3

Month

+

1.3800%,

5.9654%,

10/31/37

(144A)

‡

50,000,000

50,008,800

Octagon

Investment

Partners

40

Ltd.

2019-1A

A1R,

CME

Term

SOFR

3

Month

+

1.4316%,

6.0490%,

1/20/35

(144A)

‡

22,380,000

22,381,240

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

October

31,

2024

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)

Octagon

Investment

Partners

42

Ltd.

2019-3A

A1RR,

CME

Term

SOFR

3

Month

+

1.3600%,

6.0159%,

7/15/37

(144A)

‡

$

97,000,000

$

96,996,760

Octagon

Investment

Partners

44

Ltd.

2019-1A

AR,

CME

Term

SOFR

3

Month

+

1.4416%,

6.0975%,

10/15/34

(144A)

‡

62,600,000

62,607,237

Octagon

Investment

Partners

45

Ltd.

2019-1A

A1R,

CME

Term

SOFR

3

Month

+

1.3400%,

5.9959%,

4/15/35

(144A)

‡

10,320,000

10,321,072

Octagon

Investment

Partners

46

Ltd.

2020-2A

AR,

CME

Term

SOFR

3

Month

+

1.4216%,

6.0775%,

7/15/36

(144A)

‡

24,085,000

24,103,044

Octagon

Investment

Partners

48

Ltd.

2020-3A

AR,

CME

Term

SOFR

3

Month

+

1.4116%,

6.0290%,

10/20/34

(144A)

‡

39,468,000

39,480,780

Octagon

Investment

Partners

49

Ltd.

2020-5A

AR,

CME

Term

SOFR

3

Month

+

1.5200%,

6.1759%,

4/15/37

(144A)

‡

122,000,000

122,421,498

Octagon

Investment

Partners

50

Ltd.

2020-4A

AR,

CME

Term

SOFR

3

Month

+

1.4116%,

6.0675%,

1/15/35

(144A)

‡

53,400,000

53,404,678

Octagon

Investment

Partners

51

Ltd.

2021-1A

A,

CME

Term

SOFR

3

Month

+

1.4116%,

6.0290%,

7/20/34

(144A)

‡

59,585,000

59,615,025

Octagon

Investment

Partners

XIV

Ltd.

2012-1A

ABRR,

CME

Term

SOFR

3

Month

+

1.5116%,

6.1675%,

7/15/29

(144A)

‡

20,000,000

20,002,632

OHA

Credit

Funding

11

Ltd.

2022-11A

A2R,

CME

Term

SOFR

3

Month

+

1.5200%,

6.1374%,

7/19/37

(144A)

‡

9,000,000

9,025,116

OHA

Credit

Funding

16

Ltd.

2023-16A

A2,

CME

Term

SOFR

3

Month

+

1.9500%,

6.5674%,

10/20/36

(144A)

‡

15,000,000

15,008,477

OHA

Credit

Funding

7

Ltd.

2020-7A

AR,

CME

Term

SOFR

3

Month

+

1.3000%,

5.9174%,

2/24/37

(144A)

‡

43,500,000

43,550,025

OHA

Credit

Funding

8

Ltd.

2021-8A

A,

CME

Term

SOFR

3

Month

+

1.4516%,

6.0840%,

1/18/34

(144A)

‡

20,000,000

20,018,810

OHA

Credit

Partners

XII

Ltd.

2015-12A

A2R2,

CME

Term

SOFR

3

Month

+

1.7000%,

6.3263%,

4/23/37

(144A)

‡

30,750,000

30,509,480

OHA

Credit

Partners

XIV

Ltd.

2017-14A

A2R,

CME

Term

SOFR

3

Month

+

1.5700%,

6.8340%,

7/21/37

(144A)

‡

20,000,000

19,915,354

OHA

Credit

Partners

XVI

2021-16A

AR,

CME

Term

SOFR

3

Month

+

1.3500%,

5.9824%,

10/18/37

(144A)

‡

40,000,000

40,094,148

OHA

Loan

Funding

Ltd.

2013-1A

A2R3,

CME

Term

SOFR

3

Month

+

1.7000%,

6.3263%,

4/23/37

(144A)

‡

18,700,000

18,799,413

OHA

Loan

Funding

Ltd.

2016-1A

A1R2,

CME

Term

SOFR

3

Month

+

1.4600%,

6.0774%,

7/20/37

(144A)

‡

30,000,000

30,035,091

OHA

Loan

Funding

Ltd.

2016-1A

A2R2,

CME

Term

SOFR

3

Month

+

1.6500%,

6.2674%,

7/20/37

(144A)

‡

20,500,000

20,602,369

Onex

CLO

Subsidiary

Ltd.

2024-33A

A1,

CME

Term

SOFR

3

Month

+

1.5000%,

6.8284%,

7/20/37

(144A)

‡

57,900,000

58,346,334

Onex

CLO

Subsidiary

Ltd.

2024-33A

A2,

CME

Term

SOFR

3

Month

+

1.7000%,

7.0284%,

7/20/37

(144A)

‡

12,000,000

11,994,257

Palmer

Square

CLO

Ltd.

2015-1A

A1A4,

CME

Term

SOFR

3

Month

+

1.3916%,

6.5177%,

5/21/34

(144A)

‡

20,000,000

20,010,146

Palmer

Square

CLO

Ltd.

2021-4A

A,

CME

Term

SOFR

3

Month

+

1.4316%,

6.0875%,

10/15/34

(144A)

‡

29,400,000

29,464,107

Palmer

Square

CLO

Ltd.

2021-3A

A2,

CME

Term

SOFR

3

Month

+

1.6616%,

6.3175%,

1/15/35

(144A)

‡

16,000,000

15,930,450

Palmer

Square

CLO

Ltd.

2022-1A

A,

CME

Term

SOFR

3

Month

+

1.3200%,

5.9374%,

4/20/35

(144A)

‡

24,285,000

24,340,137

Palmer

Square

CLO

Ltd.

2023-3A

A2,

CME

Term

SOFR

3

Month

+

2.0000%,

6.6174%,

1/20/37

(144A)

‡

12,500,000

12,473,919

Palmer

Square

CLO

Ltd.

2022-3A

A2R,

CME

Term

SOFR

3

Month

+

1.5500%,

6.1674%,

7/20/37

(144A)

‡

15,400,000

15,350,049

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

October

31,

2024

14

October

31,

2024

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

A1,

CME

Term

SOFR

3

Month

+

1.4000%,

6.6939%,

7/20/37

(144A)

‡

$

120,750,000

$

121,191,776

Palmer

Square

CLO

Ltd.

2024-2A

A2,

CME

Term

SOFR

3

Month

+

1.6000%,

6.8939%,

7/20/37

(144A)

‡

6,000,000

5,970,589

Park

Blue

CLO

2023-IV

Ltd.

2023-4A

A2,

CME

Term

SOFR

3

Month

+

2.0000%,

6.6259%,

1/25/37

(144A)

‡

5,000,000

5,024,448

Park

Blue

CLO

2024-V

Ltd.

2024-5A

A1,

CME

Term

SOFR

3

Month

+

1.4800%,

6.7975%,

7/25/37

(144A)

‡

20,375,000

20,415,342

Peace

Park

CLO

Ltd.

2021-1A

A,

CME

Term

SOFR

3

Month

+

1.3916%,

6.0090%,

10/20/34

(144A)

‡

38,309,000

38,385,005

Post

CLO

Ltd.

2023-1A

A,

CME

Term

SOFR

3

Month

+

1.9500%,

6.5674%,

4/20/36

(144A)

‡

30,000,000

30,136,440

Post

CLO

Ltd.

2024-1A

A1,

CME

Term

SOFR

3

Month

+

1.6000%,

6.2174%,

4/20/37

(144A)

‡

85,000,000

85,387,923

Post

CLO

Ltd.

2024-1A

A2,

CME

Term

SOFR

3

Month

+

1.8000%,

6.4174%,

4/20/37

(144A)

‡

8,000,000

8,016,410

PPM

CLO

6-R

Ltd.

2022-6RA

A2R,

CME

Term

SOFR

3

Month

+

2.1500%,

6.7674%,

1/20/37

(144A)

‡

8,000,000

8,092,311

Rad

CLO

10

Ltd.

2021-10A

A,

CME

Term

SOFR

3

Month

+

1.4316%,

6.0579%,

4/23/34

(144A)

‡

35,520,000

35,531,832

RAD

CLO

15

Ltd.

2021-15A

A,

CME

Term

SOFR

3

Month

+

1.3516%,

5.9690%,

1/20/34

(144A)

‡

22,400,000

22,406,498

RAD

CLO

19

Ltd.

2023-19A

C,

CME

Term

SOFR

3

Month

+

3.3500%,

7.9674%,

4/20/35

(144A)

‡

15,500,000

15,576,841

RAD

CLO

21

Ltd.

2023-21A

A,

CME

Term

SOFR

3

Month

+

1.5900%,

6.2159%,

1/25/33

(144A)

‡

25,000,000

25,027,185

RAD

CLO

21

Ltd.

2023-21A

C,

CME

Term

SOFR

3

Month

+

2.5500%,

7.1759%,

1/25/33

(144A)

‡

17,335,572

17,375,492

Rad

CLO

22

Ltd.

2023-22A

A2,

CME

Term

SOFR

3

Month

+

2.1000%,

6.7174%,

1/20/37

(144A)

‡

10,000,000

10,064,429

RAD

CLO

23

Ltd.

2024-23A

A1,

CME

Term

SOFR

3

Month

+

1.6000%,

6.2174%,

4/20/37

(144A)

‡

100,000,000

100,352,300

Rad

CLO

25

Ltd.

2024-25A

A1,

CME

Term

SOFR

3

Month

+

1.4600%,

6.7806%,

7/20/37

(144A)

‡

75,000,000

75,037,702

RAD

CLO

26

Ltd.

2024-26A

A,

CME

Term

SOFR

3

Month

+

1.3700%,

6.0933%,

10/20/37

(144A)

‡

126,000,000

126,016,745

Rad

CLO

7

Ltd.

2020-7A

A2R,

CME

Term

SOFR

3

Month

+

1.7000%,

6.3475%,

4/17/36

(144A)

‡

11,000,000

11,026,667

REESE

PARK

CLO

Ltd.

2020-1A

AR,

CME

Term

SOFR

3

Month

+

1.3916%,

6.0475%,

10/15/34

(144A)

‡

11,450,000

11,454,467

Regatta

XI

Funding

Ltd.

2018-1A

AR,

CME

Term

SOFR

3

Month

+

1.4000%,

6.0474%,

7/17/37

(144A)

‡

68,209,866

68,263,663

Regatta

XX

Funding

Ltd.

2021-2A

A,

CME

Term

SOFR

3

Month

+

1.4216%,

6.0775%,

10/15/34

(144A)

‡

13,481,022

13,481,606

Regatta

XXII

Funding

Ltd.

2022-2A

AR,

CME

Term

SOFR

3

Month

+

1.2500%,

5.8674%,

7/20/35

(144A)

‡

10,000,000

10,021,713

Regatta

XXIV

Funding

Ltd.

2021-5A

A2,

CME

Term

SOFR

3

Month

+

1.6616%,

6.2790%,

1/20/35

(144A)

‡

10,000,000

9,958,055

Regatta

XXV

Funding

Ltd.

2023-1A

A,

CME

Term

SOFR

3

Month

+

1.9000%,

6.5559%,

7/15/36

(144A)

‡

10,000,000

10,052,336

Regatta

XXVI

Funding

Ltd.

2023-2A

A2,

CME

Term

SOFR

3

Month

+

2.0000%,

6.6259%,

1/25/37

(144A)

‡

9,000,000

8,981,144

Regatta

XXVII

Funding

Ltd.

2024-1A

A1,

CME

Term

SOFR

3

Month

+

1.5300%,

6.1472%,

4/26/37

(144A)

‡

69,000,000

69,469,807

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

October

31,

2024

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)

Regatta

XXVII

Funding

Ltd.

2024-1A

A2,

CME

Term

SOFR

3

Month

+

1.7300%,

6.3472%,

4/26/37

(144A)

‡

$

10,000,000

$

9,960,985

Regatta

XXVIII

Funding

Ltd.

2024-2A

A1,

CME

Term

SOFR

3

Month

+

1.5500%,

6.1759%,

4/25/37

(144A)

‡

75,000,000

75,505,673

Regatta

XXVIII

Funding

Ltd.

2024-2A

A2,

CME

Term

SOFR

3

Month

+

1.7500%,

6.3759%,

4/25/37

(144A)

‡

16,000,000

15,936,682

Riserva

CLO

Ltd.

2016-3A

ARR,

CME

Term

SOFR

3

Month

+

1.3216%,

5.9540%,

1/18/34

(144A)

‡

39,500,000

39,539,172

Rockford

Tower

CLO

Ltd.

2017-1A

AR2,

CME

Term

SOFR

3

Month

+

1.3616%,

5.9790%,

4/20/34

(144A)

‡

14,500,000

14,501,911

Rockford

Tower

CLO

Ltd.

2022-2A

A2R,

CME

Term

SOFR

3

Month

+

2.1500%,

6.7674%,

10/20/35

(144A)

‡

9,500,000

9,557,683

RR

1

LLC

2017-1A

A1AB,

CME

Term

SOFR

3

Month

+

1.4116%,

6.0675%,

7/15/35

(144A)

‡

63,365,000

63,401,346

RR

16

Ltd.

2021-16A

A1,

CME

Term

SOFR

3

Month

+

1.3716%,

6.0275%,

7/15/36

(144A)

‡

19,810,000

19,828,033

RR

21

Ltd.

2022-21A

A1AR,

CME

Term

SOFR

3

Month

+

1.4000%,

6.0559%,

7/15/39

(144A)

‡

47,800,000

48,046,419

RR

27

Ltd.

2023-27A

A1B,

CME

Term

SOFR

3

Month

+

1.9500%,

6.6059%,

10/15/35

(144A)

‡

10,000,000

10,076,979

RR

5

Ltd.

2018-5A

A1R,

CME

Term

SOFR

3

Month

+

1.5000%,

6.1559%,

7/15/39

(144A)

‡

27,725,000

27,863,170

RRX

7

Ltd.

2022-7A

A1,

CME

Term

SOFR

3

Month

+

1.3600%,

6.0073%,

7/15/35

(144A)

‡

20,350,000

20,371,807

Sandstone

Peak

II

Ltd.

2023-1A

A,

CME

Term

SOFR

3

Month

+

2.2000%,

6.8174%,

7/20/36

(144A)

‡

50,000,000

50,000,000

Sandstone

Peak

II

Ltd.

2023-1A

C,

CME

Term

SOFR

3

Month

+

3.5000%,

8.1174%,

7/20/36

(144A)

‡

13,600,000

13,786,920

Sandstone

Peak

III

Ltd.

2024-1A

A1,

CME

Term

SOFR

3

Month

+

1.6300%,

6.2559%,

4/25/37

(144A)

‡

38,000,000

38,296,404

Sandstone

Peak

III

Ltd.

2024-1A

A2,

CME

Term

SOFR

3

Month

+

1.8300%,

6.4559%,

4/25/37

(144A)

‡

8,000,000

8,029,613

Sandstone

Peak

III

Ltd.

2024-1A

C,

CME

Term

SOFR

3

Month

+

2.6500%,

7.2759%,

4/25/37

(144A)

‡

21,500,000

21,752,868

Shackleton

CLO

Ltd.

2019-14A

A1R,

CME

Term

SOFR

3

Month

+

1.4616%,

6.0790%,

7/20/34

(144A)

‡

22,150,000

22,169,993

Signal

Peak

CLO

1

Ltd.

2014-1A

AR3,

CME

Term

SOFR

3

Month

+

1.4216%,

6.0691%,

4/17/34

(144A)

‡

24,920,000

24,934,257

Signal

Peak

CLO

11

Ltd.

2024-11A

A1,

CME

Term

SOFR

3

Month

+

1.4500%,

6.7706%,

7/18/37

(144A)

‡

100,000,000

100,080,280

Signal

Peak

CLO

11

Ltd.

2024-11A

A2,

CME

Term

SOFR

3

Month

+

1.6800%,

7.0006%,

7/18/37

(144A)

‡

20,000,000

19,908,510

Signal

Peak

CLO

12

Ltd.

2022-12A

A1R,

CME

Term

SOFR

3

Month

+

1.4000%,

6.0324%,

7/18/37

(144A)

‡

70,000,000

70,002,436

Signal

Peak

CLO

12

Ltd.

2022-12A

A2R,

CME

Term

SOFR

3

Month

+

1.6000%,

6.2323%,

7/18/37

(144A)

‡

8,000,000

8,031,711

Signal

Peak

CLO

4

Ltd.

2017-4A

AR,

CME

Term

SOFR

3

Month

+

1.4416%,

6.0588%,

10/26/34

(144A)

‡

18,000,000

18,019,550

Signal

Peak

CLO

5

Ltd.

2018-5A

A2R,

CME

Term

SOFR

3

Month

+

1.7500%,

6.3759%,

4/25/37

(144A)

‡

24,000,000

24,150,185

Signal

Peak

CLO

8

Ltd.

2020-8A

A,

CME

Term

SOFR

3

Month

+

1.5316%,

6.1490%,

4/20/33

(144A)

‡

15,000,000

15,000,000

Silver

Point

CLO

4

Ltd.

2024-4A

A1,

CME

Term

SOFR

3

Month

+

1.6300%,

6.2859%,

4/15/37

(144A)

‡

100,000,000

100,539,370

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

October

31,

2024

16

October

31,

2024

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

Silver

Point

CLO

4

Ltd.

2024-4A

A2,

CME

Term

SOFR

3

Month

+

1.8300%,

6.4859%,

4/15/37

(144A)

‡

$

18,000,000

$

18,044,953

Silver

Rock

CLO

III

2023-3A

A2,

CME

Term

SOFR

3

Month

+

2.1000%,

6.7174%,

1/20/36

(144A)

‡

20,000,000

20,111,464

Sixth

Street

CLO

IX

Ltd.

2017-9A

AR,

CME

Term

SOFR

3

Month

+

1.3800%,

6.6630%,

7/21/37

(144A)

‡

51,445,000

51,522,167

Sixth

Street

CLO

XV

Ltd.

2020-15A

AR,

CME

Term

SOFR

3

Month

+

1.3700%,

6.2033%,

10/24/37

(144A)

‡

18,800,000

18,791,506

Sixth

Street

CLO

XVI

Ltd.

2020-16A

A2R,

CME

Term

SOFR

3

Month

+

1.9500%,

6.5674%,

1/20/37

(144A)

‡

5,500,000

5,521,053

Sixth

Street

CLO

XXIV

Ltd.

2024-24A

A,

CME

Term

SOFR

3

Month

+

1.5200%,

6.1463%,

4/23/37

(144A)

‡

51,590,000

51,698,917

Sixth

Street

CLO

XXV

Ltd.

2024-25A

A,

CME

Term

SOFR

3

Month

+

1.4800%,

6.8028%,

7/24/37

(144A)

‡

25,000,000

25,096,425

Sound

Point

CLO

VI-R

Ltd.

2014-2RA

A,

CME

Term

SOFR

3

Month

+

1.5116%,

6.1290%,

10/20/31

(144A)

‡

5,890,288

5,901,393

Sound

Point

CLO

XVII

Ltd.

2017-3A

A1R,

CME

Term

SOFR

3

Month

+

1.2416%,

5.8590%,

10/20/30

(144A)

‡

8,941,696

8,950,246

Steele

Creek

CLO

Ltd.

2014-1RA

A,

CME

Term

SOFR

3

Month

+

1.3316%,

5.9490%,

4/21/31

(144A)

‡

1,604,510

1,604,757

Steele

Creek

CLO

Ltd.

2018-2A

A,

CME

Term

SOFR

3

Month

+

1.4616%,

6.5632%,

8/18/31

(144A)

‡

7,511,419

7,519,089

Sycamore

Tree

CLO

Ltd.

2024-5A

A2,

CME

Term

SOFR

3

Month

+

1.8000%,

6.4174%,

4/20/36

(144A)

‡

15,000,000

14,965,769

Sycamore

Tree

CLO

Ltd.

2023-3A

A1R,

CME

Term

SOFR

3

Month

+

1.6500%,

6.2674%,

4/20/37

(144A)

‡

140,000,000

140,616,518

Symphony

CLO

40

Ltd.

2023-40A

A2,

CME

Term

SOFR

3

Month

+

2.0000%,

6.6559%,

1/14/34

(144A)

‡

8,000,000

7,993,408

Symphony

CLO

43

Ltd.

2024-43A

A2,

CME

Term

SOFR

3

Month

+

1.7200%,

6.3759%,

4/15/37

(144A)

‡

16,000,000

15,974,306

Symphony

CLO

45

Ltd.

2024-45A

A2,

CME

Term

SOFR

3

Month

+

1.5300%,

6.4033%,

10/15/37

(144A)

‡

10,000,000

9,976,733

Symphony

CLO

XXV

Ltd.

2021-25A

A,

CME

Term

SOFR

3

Month

+

1.2416%,

5.8590%,

4/19/34

(144A)

‡

114,724,000

114,895,742

Symphony

CLO

XXVIII

Ltd.

2021-28A

A,

CME

Term

SOFR

3

Month

+

1.4016%,

6.0279%,

10/23/34

(144A)

‡

21,600,000

21,631,614

Symphony

CLO

XXVIII

Ltd.

2021-28A

B,

CME

Term

SOFR

3

Month

+

1.9116%,

6.5379%,

10/23/34

(144A)

‡

13,750,000

13,739,188

TCW

CLO

Ltd.

2020-1A

A1RR,

CME

Term

SOFR

3

Month

+

1.4216%,

6.0390%,

4/20/34

(144A)

‡

15,000,000

15,016,071

TCW

CLO

Ltd.

2024-1A

AJ,

CME

Term

SOFR

3

Month

+

1.8000%,

6.4473%,

1/16/37

(144A)

‡

12,000,000

11,939,834

TCW

CLO

Ltd.

2024-2A

A1,

CME

Term

SOFR

3

Month

+

1.4200%,

6.2853%,

7/17/37

(144A)

‡

10,000,000

10,015,978

Texas

Debt

Capital

CLO

2023-II

Ltd.

2023-2A

A1R,

CME

Term

SOFR

3

Month

+

1.3700%,

6.2215%,

10/21/37

(144A)

‡

53,000,000

52,973,680

Texas

Debt

Capital

CLO

Ltd.

2024-1A

A2,

CME

Term

SOFR

3

Month

+

1.7000%,

6.3316%,

4/22/37

(144A)

‡

16,000,000

16,070,621

Tikehau

US

CLO

I

Ltd.

2021-1A

A2,

CME

Term

SOFR

3

Month

+

1.7116%,

6.3440%,

1/18/35

(144A)

‡

8,000,000

7,972,070

TRESTLES

CLO

Ltd.

2017-1A

A1RR,

CME

Term

SOFR

3

Month

+

1.4600%,

6.7280%,

7/25/37

(144A)

‡

20,250,000

20,331,178

Trimaran

Cavu

Ltd.

2019-1A

A2,

CME

Term

SOFR

3

Month

+

2.1616%,

6.7790%,

7/20/32

(144A)

‡

8,000,000

7,991,088

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

October

31,

2024

Janus

Detroit

Street

Trust

17

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

Trinitas

CLO

X

Ltd.

2019-10A

AR,

CME

Term

SOFR

3

Month

+

1.3800%,

6.0359%,

1/15/35

(144A)

‡

$

21,700,000

$

21,710,223

Trinitas

CLO

XI

Ltd.

2019-11A

A1R,

CME

Term

SOFR

3

Month

+

1.4816%,

6.1375%,

7/15/34

(144A)

‡

20,200,000

20,215,503

Venture

28A

CLO

Ltd.

2017-28AA

A2R,

CME

Term

SOFR

3

Month

+

1.7116%,

6.3290%,

10/20/34

(144A)

‡

14,250,000

14,209,567

Venture

42

CLO

Ltd.

2021-42A

A2,

CME

Term

SOFR

3

Month

+

1.5616%,

6.2175%,

4/15/34

(144A)

‡

5,000,000

4,981,127

Venture

XXX

CLO

Ltd.

2017-30A

A2,

CME

Term

SOFR

3

Month

+

1.6116%,

6.2675%,

1/15/31

(144A)

‡

15,500,000

15,508,897

Voya

CLO

Ltd.

2017-3A

A1R,

CME

Term

SOFR

3

Month

+

1.3016%,

5.9190%,

4/20/34

(144A)

‡

30,630,000

30,675,657

Voya

CLO

Ltd.

2020-2A

A1R,

CME

Term

SOFR

3

Month

+

1.4216%,

6.0390%,

7/19/34

(144A)

‡

50,000,000

50,249,910

Voya

CLO

Ltd.

2022-4A

A1R,

CME

Term

SOFR

3

Month

+

1.5100%,

6.1274%,

4/20/37

(144A)

‡

32,500,000

32,562,527

Voya

CLO

Ltd.

2018-4A

A1RR,

CME

Term

SOFR

3

Month

+

1.3600%,

6.5231%,

10/15/37

(144A)

‡

30,000,000

30,089,244

Voya

Ltd.

2024-3A

A2,

CME

Term

SOFR

3

Month

+

1.5800%,

6.8424%,

7/20/37

(144A)

‡

12,000,000

11,954,015

Whitebox

CLO

I

Ltd.

2019-1A

A1RR,

CME

Term

SOFR

3

Month

+

1.3200%,

5.9548%,

7/24/36

(144A)

‡

17,797,773

17,828,510

Whitebox

CLO

IV

Ltd.

2023-4A

A2,

CME

Term

SOFR

3

Month

+

2.3000%,

6.9174%,

4/20/36

(144A)

‡

20,000,000

19,819,802

Wind

River

CLO

Ltd.

2022-2A

A2AR,

CME

Term

SOFR

3

Month

+

1.6000%,

6.2316%,

7/20/35

(144A)

‡

10,000,000

9,986,613

Wind

River

CLO

Ltd.

2024-1A

A,

CME

Term

SOFR

3

Month

+

1.6000%,

6.2174%,

4/20/37

(144A)

‡

135,000,000

135,962,334

Zais

CLO

11

Ltd.

2018-11A

BR,

CME

Term

SOFR

3

Month

+

1.7900%,

6.4074%,

1/20/32

(144A)

‡

31,600,000

31,509,573

Zais

CLO

18

Ltd.

2022-18A

A1A,

CME

Term

SOFR

3

Month

+

1.5200%,

6.1459%,

1/25/35

(144A)

‡

44,000,000

44,013,200

Total

Collateralized

Loan

Obligations

(cost

$13,886,965,548)

13,924,750,445

Total

Investments

(total

cost

$

13,886,965,548

)

-

99.7%

13,924,750,445

Cash,

Receivables

and

Other

Assets,

net

of

Liabilities

-

0.3%

40,880,088

Net

Assets

-

100.0%

$13,965,630,533

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

13,924,750,445

100.0

%

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

October

31,

2024

18

October

31,

2024

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

10/31/23

Purchases

Sales

Proceeds

Realized

Gain/

(Loss)

Change

in

Unrealized

Appreciatio

n/

(Depreciation)

Affiliated

Investments,

at

Value

at

10/31/24

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

Shares

Held

at

10/31/24

Dividend

Income

Investment

Company

-

N/A

Money

Market

Funds

-

N/A

Janus

Henderson

Cash

Liquidity

Fund

LLC,

4.8531%

∞

$

129,288,307

$

6,440,171,734

$

(6,569,481,691)

$

21,650

$

–

$

–

–

$

6,588,989

Janus

Henderson

AAA

CLO

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

October

31,

2024

Janus

Detroit

Street

Trust

19

CME

Chicago

Mercantile

Exchange

LLC

Limited

Liability

Company

SOFR

Secured

Overnight

Financing

Rate

‡

The

interest

rate

on

floating

rate

notes

is

based

on

an

index

or

market

interest

rates

and

is

subject

to

change.

Rate

in

the

security

description

is

as

of

October

31,

2024.

144A

Securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended,

are

subject

to

legal

and/or

contractual

restrictions

on

resale

and

may

not

be

publicly

sold

without

registration

under

the

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

year

ended

October

31,

2024

is

$13,924,750,445

which

represents

99.7%

of

net

assets.

The

following

is

a

summary

of

the

inputs

that

were

used

to

value

the

Fund's

investments

in

securities

and

other

financial

instruments

as

of

October

31,

2024

.

See

Notes

to

Financial

Statements

for

more

information.

Valuation

Inputs

Summary

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Total

Assets

Investments

in

Securities:

Collateralized

Loan

Obligations

$

—

$

13,924,750,445

$

—

$

13,924,750,445

Total

Assets

$

—

$

13,924,750,445

$

—

$

13,924,750,445

Janus

Henderson

AAA

CLO

ETF

Statement

of

Assets

and

Liabilities

October

31,

2024

20

October

31,

2024

See

Notes

to

Financial

Statements.

Assets:

Investments,

at

value

(cost

$13,886,965,548)

$

13,924,750,445

Receivables:

Investments

sold

106,920,900

Fund

units

sold

50,904,069

Dividends

689,892

Interest

58,057,301

Total

Assets

14,141,322,607

Liabilities:

Due

to

custodian

6,820,848

Payables:

Investments

purchased

166,569,313

Management

fees

2,301,913

Total

Liabilities

175,692,074

Commitments

and

contingent

liabilities

Net

Assets

$

13,965,630,533

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

13,847,868,905

Total

distributable

earnings

(loss)

117,761,628

Total

Net

Assets

$

13,965,630,533

Net

Assets

$

13,965,630,533

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

274,750,000

Net

Asset

Value

Per

Share

$

50

.83

Janus

Henderson

AAA

CLO

ETF

Statement

of

Operations

For

the

year

ended

October

31,

2024

Janus

Detroit

Street

Trust

21

See

Notes

to

Financial

Statements.

Investment

Income:

Interest

$

598,020,790

Dividends

from

affiliates

6,588,989

Total

Investment

Income

604,609,779

Expenses:

Management

Fees

17,964,543

Total

Expenses

17,964,543

Net

Investment

Income/(Loss)

586,645,236

Net

Realized

Gain/(Loss)

on

Investments:

Investments

$

17,033,533

Investments

in

affiliates

21,650

Total

Net

Realized

Gain/(Loss)

on

Investments

$

17,055,183

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

29,256,229

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

29,256,229

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

632,956,648

Janus

Henderson

AAA

CLO

ETF

Statements

of

Changes

in

Net

Assets

22

October

31,

2024

See

Notes

to

Financial

Statements.

Year

Ended

October

31,

2024

Year

Ended

October

31,

2023

Operations:

Net

investment

income/(loss)

$

586,645,236

$

176,694,921

Net

realized

gain/(loss)

on

investments

17,055,183

188,959

Change

in

unrealized

net

appreciation/depreciation

29,256,229

45,297,122

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

632,956,648

222,181,002

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(

536,543,010

)

(

156,829,695

)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(

536,543,010

)

(

156,829,695

)

Capital

Share

Transactions

9,397,143,529

2,744,352,534

Net

Increase/(Decrease)

in

Net

Assets

9,493,557,167

2,809,703,841

Net

Assets:

—

—

Beginning

of

Year  

4,472,073,366

1,662,369,525

End

of

Year

$

13,965,630,533

$

4,472,073,366

Janus

Henderson

AAA

CLO

ETF

Financial

Highlights

Janus

Detroit

Street

Trust

23

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

each

year

or

period

ended

October

31

2024

2023

2022

2021

2020

(1)

Net

Asset

Value,

Beginning

of

Period

$50.16

$48.82

$50.49

$49.79

$50.00

Income/(Loss)

from

Investment

Operations:

—

—

—

—

—

Net

investment

income/(loss)

(2)

3.38

3.16

1.26

0.58

0.02

Net

realized

and

unrealized

gain/(loss)

0.55

1.02

(2.00)

0.69

(0.23)

Total

from

Investment

Operations

3.93

4.18

(0.74)

1.27

(0.21)

Less

Dividends

and

Distributions:

—

—

—

—

—

Dividends

(from

net

investment

income)

(3.26)

(2.84)

(0.93)

(0.57)

—

Total

Dividends

and

Distributions

(3.26)

(2.84)

(0.93)

(0.57)

—

Net

Asset

Value,

End

of

Period

$50.83

$50.16

$48.82

$50.49

$49.79

Total

Return

*

8.09%

8.81%

(1.48)%

(3)

2.55%

(0.42)%

Net

assets,

End

of

Period

(in

thousands)

$13,965,631

$4,472,073

$1,662,371

$260,002

$119,486

Ratios

to

Average

Net

Assets

**

Ratio

of

Gross

Expenses

0.20%

0.22%

0.24%

0.25%

0.25%

Ratio

of

Net

Investment

Income/(Loss)

6.68%

6.37%

2.54%

1.16%

1.29%

Portfolio

Turnover

Rate

(4)

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

24

October

31,

2024

1.

Organization

and

Significant

Accounting

Policies

Janus

Henderson AAA

CLO ETF (the

“Fund”)

is

a

series

fund.

The

Fund

is

part

of

Janus

Detroit

Street

Trust

(the

“Trust”),

which

is

organized

as

a

Delaware

statutory

trust

and

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company,

and

therefore

has

applied

the

specialized

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

(“ASC”)

Topic

946.

As

of

the

date

of

this

report,

the

Trust

offers

twelve Funds

each

of

which

represent

shares

of

beneficial

interest

in

a

separate

portfolio

of

securities

and

other

assets

with

its

own

objective

and

policies.

The

Fund

seeks

capital

preservation

and

current

income

by

seeking

to

deliver

floating-rate

exposure

to

high

quality

AAA-rated

collateralized

loan

obligations

(“CLOs”).

The

Fund

is

classified

as

diversified,

as

defined

in

the

1940

Act.

Janus

Henderson

Investors

US

LLC is

the

investment

adviser

(the

“Adviser”)

to

the

Fund.

The

Fund

is

an

actively-managed

exchange-traded

fund.

Unlike

shares

of

traditional

mutual

funds,

shares

of

the

Fund

are

not

individually

redeemable

and

may

only

be

purchased

or

redeemed

directly

from

the

Fund

at

net

asset

value

(“NAV”)

in

large

increments

called

“Creation

Units”

by

certain

participants,

known

as

“Authorized

Participants.”

The

size

of

a

Creation

Unit

to

purchase

shares

of

the

Fund

may

differ

from

the

size

of

a

Creation

Unit

to

redeem

shares

of

the

Fund.

The

Fund

will

issue

or

redeem

Creation

Units

in

exchange

for

portfolio

securities

and/or

cash.

Except

when

aggregated

in

Creation

Units,

Fund

shares

are

not

redeemable

securities

of

the

Fund.

Shares

of

the

Fund

are

listed

and

trade

on NYSE

Arca,

Inc.

(the

"Exchange"),

and

individual

investors

can

purchase

or

sell

shares

in

much

smaller

increments

for

cash

in

the

secondary

market

through

a

broker.

These

transactions,

which

do

not

involve

the

Fund,

are

made

at

market

prices

that

may

vary

throughout

the

day

and

differ

from

the

Fund’s

NAV.

As

a

result,

you

may

pay

more

than

NAV

(a

premium)

when

you

purchase

shares

and

receive

less

than

NAV

(a

discount)

when

you

sell

shares,

in

the

secondary

market.

From

time

to

time,

Authorized

Participants

(or

other

broker-dealers

making

markets

in

shares

of

the

Fund)

may

be

a

beneficial

and/or

legal

owner

of

the

Fund,

may

be

affiliated

with

an

index

provider,

may

be

deemed

to

have

control

of

the

Fund

and/or

may

be

able

to

affect

the

outcome

of

matters

presented

for

a

vote

of

the

shareholders

of

the

Fund.

Authorized

Participants

(or

other

broker-dealers

making

markets

in

shares

of

the

Fund)

may

execute

an

irrevocable

proxy

granting

ALPS

Distributors,

Inc.

(the

"Distributor"),

the

Adviser

or

an

affiliate

of

the

Adviser

power

to

vote

or

abstain

from

voting

such

Authorized

Participant’s

beneficially

or

legally

owned

shares

of

the

Fund.

In

such

cases,

the

agent

shall

mirror

vote

(or

abstain

from

voting)

such

shares

in

the

same

proportion

as

all

other

beneficial

owners

of

the

Fund.

The

following

accounting

policies

have

been

followed

by

the

Fund

and

are

in

conformity

with

United

States

of

America

generally

accepted

accounting

principles

(“US

GAAP”). 

Investment

Valuation 

Fund holdings

are

valued

in

accordance

with

policies

and

procedures

established

by

the

Adviser

pursuant

to

Rule

2a-5

under

the

1940

Act

and

approved

by

and

subject

to

the

oversight

of

the

Trustees

(the

“Valuation

Procedures”).

Equity

securities,

including

shares

of

exchange-traded

funds,

traded

on

a

domestic

securities

exchange

are

generally

valued

at

readily

available

market

quotations,

which

are

(i)

the

official

close

prices

or

(ii)

last

sale

prices

on

the

primary

market

or

exchange

in

which

the

securities

trade.

If

such

price

is

lacking

for

the

trading

period

immediately

preceding

the

time

of

determination,

such

securities

are

generally

valued

at

their

current

bid

price.

Equity

securities

that

are

traded

on

a

foreign

exchange

are

generally

valued

at

the

closing

prices

on

such

markets.

In

the

event

that

there

is

no

current

trading

volume

on

a

particular

security

in

such

foreign

exchange,

the

bid

price

from

the

primary

exchange

is

generally

used

to

value

the

security.

Foreign

securities

and

currencies

are

converted

to

U.S.

dollars

using

the

current

spot

USD

dollar

exchange

rate

in

effect

at

the

close

of

the

London

Stock

Exchange.

The Fund will

determine

the

market

value

of

individual

securities

held

by

it

by

using

prices

provided

by

one

or

more

approved

professional

pricing

services

or,

as

needed,

by

obtaining

market

quotations

from

independent

broker-dealers.

Most

debt

securities

are

valued

in

accordance

with

the

evaluated

bid

price

supplied

by

the

Adviser-approved

pricing

service

that

is

intended

to

reflect

market

value.

The

evaluated

bid

price

supplied

by

the

pricing

service

is

an

evaluation

that

may

consider

factors

such

as

security

prices,

yields,

maturities

and

ratings.

Certain

short-term

securities

maturing

within

60

days

or

less

may

be

evaluated

and

valued

on

an

amortized

cost

basis

provided

that

the

amortized

cost

determined

approximates

market

value.

Securities

for

which

market

quotations

or

evaluated

prices

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

determined

in

good

faith

by

the

Adviser

pursuant

to

the

Valuation

Procedures. Circumstances

in

which

fair

valuation

may

be

utilized

Janus

Henderson

AAA

CLO

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

25

include,

but

are

not

limited

to:

(i)

a

significant

event

that

may

affect

the

securities

of

a

single

issuer,

such

as

a

merger,

bankruptcy,

or

significant

issuer-specific

development;

(ii)

an

event

that

may

affect

an

entire

market,

such

as

a

natural

disaster

or

significant

governmental

action;

(iii)

a

nonsignificant

event

such

as

a

market

closing

early

or

not

opening,

or

a

security

trading

halt;

and

(iv)

pricing

of

a

non-valued

security

and

a

restricted

or

nonpublic

security.

Special

valuation

considerations

may

apply

with

respect

to

“odd-lot”

fixed-income

transactions

which,

due

to

their

small

size,

may

receive

evaluated

prices

by

pricing

services

which

reflect

a

large

block

trade

and

not

what

actually

could

be

obtained

for

the

odd-

lot

position.

The

value

of

the

securities

of

mutual

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

mutual

funds,

and

the

prospectuses

for

such

mutual

funds

explain

the

circumstances

under

which

they

use

fair

valuation

and

the

effects

of

using

fair

valuation.

The

value

of

the

securities

of

any

cash

management

pooled

investment

vehicles

that

operate

as

money

market

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

funds.

Valuation

Inputs

Summary 

FASB

ASC

820,

Fair

Value

Measurements

and

Disclosures

(“ASC

820”),

defines

fair

value,

establishes

a

framework

for

measuring

fair

value,

and

expands

disclosure

requirements

regarding

fair

value

measurements.

This

standard

emphasizes

that

fair

value

is

a

market-based

measurement

that

should

be

determined

based

on

the

assumptions

that

market

participants

would

use

in

pricing

an

asset

or

liability

and

establishes

a

hierarchy

that

prioritizes

inputs

to

valuation

techniques

used

to

measure

fair

value.

These

inputs

are

summarized

into

three

broad

levels: 

Level

1

–

Unadjusted

quoted

prices

in

active

markets

the

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities.

Level

2

–

Observable

inputs

other

than

unadjusted

quoted

prices

included

in

Level

1

that

are

observable

for

the

asset

or

liability

either

directly

or

indirectly.

These

inputs

may

include

quoted

prices

for

the

identical

instrument

on

an

inactive

market,

prices

for

similar

instruments,

interest

rates,

prepayment

speeds,

credit

risk,

yield

curves,

default

rates

and

similar

data.

Assets

or

liabilities

categorized

as

Level

2

in

the

hierarchy

generally

include:

debt

securities

fair

valued

in

accordance

with

the

evaluated

bid

or

ask

prices

supplied

by

a

pricing

service;

securities

traded

on

OTC

markets

and

listed

securities

for

which

no

sales

are

reported

that

are

fair

valued

at

the

latest

bid

price

(or

yield

equivalent

thereof)

obtained

from

one

or

more

dealers

transacting

in

a

market

for

such

securities

or

by

a

pricing

service

approved

by

the

Fund’s

Trustees;

and

certain

short-term

debt

securities

with

maturities

of

60

days

or

less

that

are

fair

valued

at

amortized

cost.

Other

securities

that

may

be

categorized

as

Level

2

in

the

hierarchy

include,

but

are

not

limited

to,

preferred

stocks,

bank

loans,

swaps,

investments

in

unregistered

investment

companies,

options,

and

forward

contracts.

Level

3

–

Unobservable

inputs

for

the

asset

or

liability

to

the

extent

that

relevant

observable

inputs

are

not

available,

representing

the

Fund’s

own

assumptions

about

the

assumptions

that

a

market

participant

would

use

in

valuing

the

asset

or

liability,

and

that

would

be

based

on

the

best

information

available.

There

have

been

no

significant

changes

in

valuation

techniques

used

in

valuing

any

such

positions

held

by

the

Fund

since

the

beginning

of

the

fiscal

year. 

The

inputs

or

methodology

used

for

fair

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

The

summary

of

inputs

used

as

of

October

31,

2024 to

fair

value

the

Fund’s

investments

in

securities

and

other

financial

instruments

is

included

in

the

“Valuation

Inputs

Summary”

in

the

Notes

to

Schedule

of

Investments

and

Other

Information.

Investment

Transactions

and

Investment

Income

Investment

transactions

are

accounted

for

as

of

the

date

purchased

or

sold

(trade

date).

Dividend

income

is

recorded

on

the

ex-dividend

date.

Certain

dividends

from

foreign

securities

will

be

recorded

as

soon

as

the

Fund

is

informed

of

the

dividend,

if

such

information

is

obtained

subsequent

to

the

ex-dividend

date.

Dividends

from

foreign

securities

may

be

subject

to

withholding

taxes

in

foreign

jurisdictions.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value.

Interest

income

is

recorded

daily

on

an

accrual

basis

and

includes

amortization

of

premiums

and

accretion

of

discounts.

The

Fund

classifies

gains

and

losses

on

prepayments

received

as

an

adjustment

to

interest

income.

Debt

securities

may

be

placed

in

non-accrual

status

and

related

interest

income

may

be

reduced

by

stopping

current

accruals

Janus

Henderson

AAA

CLO

ETF

Notes

to

Financial

Statements

26

October

31,

2024

and

writing

off

interest

receivables

when

collection

of

all

or

a

portion

of

interest

has

become

doubtful.

Gains

and

losses

are

determined

on

the

identified

cost

basis,

which

is

the

same

basis

used

for

federal

income

tax

purposes.  

Estimates

The

preparation

of

financial

statements

in

conformity

with

US

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amount

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates. 

Indemnifications

In

the

normal

course

of

business,

the

Fund

may

enter

into

contracts

that

contain

provisions

for

indemnification

of

other

parties

against

certain

potential

liabilities.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

and

would

involve

future

claims

that

may

be

made

against

the

Fund

that

have

not

yet

occurred.

Currently,

the

risk

of

material

loss

from

such

claims

is

considered

remote. 

Dividends

and

Distributions

Dividends

from

net

investment

income

are

generally

declared

and

distributed

monthly.

Net

realized

capital

gains

(if

any)

are

distributed

annually.

The

Fund

may

treat

a

portion

of

the

amount

paid

to

redeem

shares

as

a

distribution

of

investment

company

taxable

income

and

realized

capital

gains

that

are

reflected

in

the

NAV.

This

practice,

commonly

referred

to

as

“equalization,”

has

no

effect

on

the

redeeming

shareholder

or

a

Fund’s

total

return

but

may

reduce

the

amounts

that

would

otherwise

be

required

to

be

paid

as

taxable

dividends

to

the

remaining

shareholders.

It

is

possible

that

the

Internal

Revenue

Service

(IRS)

could

challenge

the

Fund’s

equalization

methodology

or

calculations,

and

any

such

challenge

could

result

in

additional

tax,

interest,

or

penalties

to

be

paid

by

the

Fund. 

Federal

Income

Taxes

The

Fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

and

distribute

all

of

its

taxable

income

in

accordance

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code.

Management

has

analyzed

the

Fund’s

tax

positions

taken

for

all

open

federal

income

tax

years,

generally

a

three-year

period,

and

has

concluded

that

no

provision

for

federal

income

tax

is

required

in

the

Fund’s

financial

statements.

The

Fund

is

not

aware

of

any

tax

positions

for

which

it

is

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

benefits

will

significantly

change

in

the

next

twelve

months. 

2.

Other

Investments

and

Strategies 

Market Risk 

The

value

of

the

Fund’s

portfolio

may

decrease

if

the

value

of

one

or

more

issuers

in

the

Fund’s

portfolio

decreases.

Further,

regardless

of

how

well

individual

companies

or

securities

perform,

the

value

of

the

Fund’s

portfolio

could

also

decrease

if

there

are

deteriorating

economic

or

market

conditions,

including,

but

not

limited

to,

a

general

decline

in

prices

on

the

stock

markets,

a

general

decline

in

real

estate

markets,

a

decline

in

commodities

prices,

or

if

the

market

favors

different

types

of

securities

than

the

types

of

securities

in

which

the

Fund

invests.

If

the

value

of

the

Fund’s

portfolio

decreases,

the

Fund’s

NAV

will

also

decrease,

which

means

if

you

sell

your

shares

in

the

Fund

you

may

lose

money.

Market

risk

may

affect

a

single

issuer,

industry,

economic

sector,

or

the

market

as

a

whole.

The

increasing

interconnectivity

between

global

economies

and

financial

markets

increases

the

likelihood

that

events

or

conditions

in

one

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

Social,

political,

economic

and

other

conditions

and

events,

such

as

natural

disasters,

health

emergencies

(e.g.,

epidemics

and

pandemics),

terrorism,

conflicts,

including

related

sanctions,

and

social

unrest,

could

reduce

consumer

demand

or

economic

output,

result

in

market

closures,

travel

restrictions

and/or

quarantines,

and

generally

have

a

significant

impact

on

the

global

economies

and

financial

markets. 

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.

Janus

Henderson

AAA

CLO

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

27

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. 

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

Janus

Henderson

AAA

CLO

ETF

Notes

to

Financial

Statements

28

October

31,

2024

prices

lower

than

if

such

securities

were

more

widely

held

and

traded.

At

times,

it

also

may

be

more

difficult

to

determine

the

fair

value

of

such

securities

for

purposes

of

computing

the

Fund’s

net

asset

value

per

share

(“NAV”)

due

to

the

absence

of

an

active

trading

market.

There

can

be

no

assurance

that

a

privately-issued

security

previously

deemed

to

be

liquid

when

purchased

will

continue

to

be

liquid

for

as

long

as

it

is

held

by

the

Fund,

and

its

value

may

decline

as

a

result. 

3.

Investment

Advisory

Agreements

and

Other

Transactions

with

Affiliates 

Under

its

unitary

fee

structure,

the

Fund

pays

the

Adviser a

management

fee

in

return

for

providing

certain

investment

advisory,

supervisory,

and

administrative

services

to

the

Fund,

including

the

costs

of

transfer

agency,

custody,

fund

administration,

legal,

audit,

and

other

services. The

Adviser's fee

structure

is

designed

to

pay

substantially

all

of

the

Fund’s

expenses.

However,

the

Fund

bears

other

expenses

which

are

not

covered

under

the

management

fee

which

may

vary

and

affect

the

total

level

of

expenses

paid

by

shareholders,

such

as

distribution

fees

(if

any),

brokerage

expenses

or

commissions,

interest,

dividends,

taxes,

litigation

expenses,

acquired

fund

fees

and

expenses

(if

any),

and

extraordinary

expenses.

The

Fund’s

unitary

management

fee

provides

for

reductions

in

the

fee

rate

as

the

Fund’s

assets

grow.

As

of

the

date

of

this

report,

the

Fund’s

management

fee

was

calculated

daily

and

paid

monthly

according

to

the

following

schedule: 

For

the

year

ended October

31,

2024,

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

0.21% of

the

Fund’s

average

daily

net

assets.

The

Adviser

has

agreed

to

continue

the

waiver

through

February

28,

2025.

The

previous

expense

limit

(for

the

period

from

January

20,

2023

through

February

29,

2024

was

0.22%.

If

applicable,

amounts

waived

and/or

reimbursed

to

the

Fund

by the

Adviser are

disclosed

as

“Excess

Expense

Reimbursement

and

Waivers”

on

the

Statement

of

Operations.

J.P.

Morgan

Chase

Bank,

N.A.

(“JP

Morgan")

provides

certain

fund

administration

services

to

the

Fund,

including

services

related

to

the

Fund’s

accounting,

including

calculating

the

daily

NAV,

audit

coordination,

tax,

and

reporting

obligations,

pursuant

to

an

agreement

with

the

Adviser,

on

behalf

of

the

Fund.

As

compensation

for

such

services, the

Adviser pays

JP

Morgan

a

fee

based

on

a

percentage

of

the

Fund’s

assets,

with

a

minimum

flat

fee,

for

certain

services. The

Adviser serves

as

administrator

to

the

Fund,

providing

oversight

and

coordination

of

the

Fund’s

service

providers,

recordkeeping

and

other

administrative

services. The

Adviser does

not

receive

any

additional

compensation,

beyond

the

unitary

fee,

for

serving

as

administrator.

JP

Morgan

also

serves

as

transfer

agent

for

the

shares

of

the

Fund.

Pursuant

to

agreements

with

the

Adviser on

behalf

of

the

Fund,

J.P.

Morgan

Securities

LLC,

an

affiliate

of

JP

Morgan,

may

execute

portfolio

transactions

for

the

Fund,

including

but

not

limited

to,

transactions

in

connection

with

cash

in

lieu

transactions

for

non-US

securities. 

The

Trust

has

adopted

a

Distribution

and

Servicing

Plan

for

shares

of

the

Fund

pursuant

to

Rule

12b-1

under

the

1940

Act

(the

“Plan”).

The

Plan

permits

compensation

in

connection

with

the

distribution

and

marketing

of

Fund

shares

and/

or

the

provision

of

certain

shareholder

services.

The

Plan

permits

the

Fund

to

pay

the

Distributor

or

its

designee,

a

fee

for

the

sale

and

distribution

and/or

shareholder

servicing

of

the

shares

at

an

annual

rate

of

up

to

0.25%

of

average

daily

net

assets

of

the

Fund.

However,

the

Trustees

have

determined

not

to

authorize

payment

under

this

Plan

at

this

time.

Under

the

terms

of

the

Plan,

the

Trust

would

be

authorized

to

make

payments

to

the

Distributor

or

its

designee

for

remittance

to

retirement

plan

service

providers,

broker-dealers,

bank

trust

departments,

financial

advisors,

and

other

financial

intermediaries,

as

compensation

for

distribution

and/or

shareholder

services

performed

by

such

entities

for

their

customers

who

are

investors

in

the

Fund.

The

12b-1

fee

may

only

be

imposed

or

increased

when

the

Trustees

determine

Daily

Net

Assets

Fee

Rate

$0-$1

billion

0.25%

over

$1

billion

0.20%

Janus

Henderson

AAA

CLO

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

29

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

year

ended

October

31,

2024 can

be

found

in

a

table

located

in

the

Schedule

of

Investments.

4.

Federal

Income

Tax

The

tax

components

of

capital

shown

in

the

table

below

represent:

(1)

distribution

requirements

the

Fund

must

satisfy

under

the

income

tax

regulations;

(2)

losses

or

deductions

the

Fund

may

be

able

to

offset

against

income

and

gains

realized

in

future

years;

and

(3)

unrealized

appreciation

or

depreciation

of

investments

for

federal

income

tax

purposes. 

The

Fund

has

elected

to

treat

gains

and

losses

on

forward

foreign

currency

contracts

as

capital

gains

and

losses,

if

applicable.

Other

foreign

currency

gains

and

losses

on

debt

instruments

are

treated

as

ordinary

income

for

federal

income

tax

purposes

pursuant

to

Section

988

of

the

Internal

Revenue

Code. 

Accumulated

capital

losses

noted

below

represent

net

capital

loss

carryovers,

as

of

October

31,

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. 

During

the

year ended

October

31,

2024,

capital

loss

carryovers

of

$13,170,168

were

utilized

by

the

Fund. 

The

aggregate

cost

of

investments

and

the

composition

of

unrealized

appreciation

and

depreciation

of

investment

securities

for

federal

income

tax

purposes

as

of October

31,

2024 are

noted

below.

The

primary

differences

between

book

and

tax

appreciation

or

depreciation

of

investments are

wash

sale

loss

deferrals

and

amortization

on

bonds.

Income

and

capital

gains

distributions

are

determined

in

accordance

with

income

tax

regulations

that

may

differ

from

US

GAAP.

These

differences

are

due

to

differing

treatments

for

items

such

as

net

short-term

gains,

deferral

of

wash

sale

losses,

foreign

currency

transactions,

passive

foreign

investment

companies,

net

investment

losses,

in-kind

transactions

Undistributed

Ordinary

Income

Undistributed

Long-Term

Gains

Accumulated

Capital

Losses

Loss

Deferrals

Other

Book

to

Tax

Differences

Net

Tax

Appreciation/

(Depreciation)

$84,138,196

$2,107,525

$—

$—

$—

$31,515,907

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$13,893,234,538

$37,571,092

$(6,055,185)

$31,515,907

Janus

Henderson

AAA

CLO

ETF

Notes

to

Financial

Statements

30

October

31,

2024

and

capital

loss

carryovers.

Certain

permanent

differences

such

as

tax

returns

of

capital

and

net

investment

losses

noted

below

have

been

reclassified

to

capital. 

Permanent

book

to

tax

basis

differences

may

result

in

reclassifications

between

the

components

of

net

assets.

These

differences

have

no

impact

on

the

results

of

operations

or

net

assets.

5.

Capital

Share

Transactions 

6.

Purchases

and

Sales

of

Investment

Securities

For

the

year

ended

October

31,

2024,

the

aggregate

cost

of

purchases

and

proceeds

from

sales

of

investment

securities

(excluding

any

short-term

securities,

short-term

options

contracts,

and

in-kind

transactions)

was

as

follows:

For

the

year

ended October

31,

2024,

the

cost

of

in-kind

purchases

and

proceeds

from

in-kind

sales,

were

as

follows: 

7.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to October

31,

2024

and

through

the

date

of

the

issuance

of

the

Fund's

financial

statements

and

determined

that

there

were

no

material

events

or

transactions

that

would

require

recognition

or

disclosure

in

the

Fund's

financial

statements. 

For

the

year

ended

October

31,

2024

:

Distributions

From

Ordinary

Income

From

Long-Term

Capital

Gain

Tax

Return

of

Capital

Net

Investment

Loss

$536,543,010

$—

$—

$—

For

the

year

ended

October

31,

2023

:

Distributions

From

Ordinary

Income

From

Long-Term

Capital

Gain

Tax

Return

of

Capital

Net

Investment

Loss

$156,829,695

$—

$—

$—

Year

Ended

October

31,

2024

Year

Ended

October

31,

2023

Shares

Amount

Shares

Amount

Shares

sold

190,400,000

$

9,640,184,392

55,100,000

$

2,744,352,534

Shares

repurchased

(4,800,000)

(243,040,863

)

—

—

Net

Increase/(Decrease)

185,600,000

$

9,397,143,529

55,100,000

$

2,744,352,534

Purchases

of

Securities

Proceeds

from

Sales

of

Securities

Purchases

of

Long-

Term

U.S.

Government

Obligations

Proceeds

from

Sales

of

Long-Term

U.S.

Government

Obligations

$13,202,972,173

$4,551,248,846

$—

$—

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

$688,807,181

$—

$—

$—

Janus

Henderson

AAA

CLO

ETF

Report

of

Independent

Registered

Public

Accounting

Firm

Janus

Detroit

Street

Trust

31

To

the

Board

of

Trustees

of

Janus

Detroit

Street

Trust

and

Shareholders

of

Janus

Henderson

AAA

CLO

ETF

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Janus

Henderson

AAA

CLO

ETF

(one

of

the

funds

constituting

Janus

Detroit

Street

Trust,

referred

to

hereafter

as

the

“Fund")

as

of

October

31,

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

four

years

in

the

period

ended

October

31,

2024

and

for

the

period

October

16,

2020

(commencement

of

operations)

through

October

31,

2020

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

October

31,

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

four

years

in

the

period

ended

October

31,

2024

and

for

the

period

October

16,

2020

(commencement

of

operations)

through

October

31,

2020

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

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

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

Denver,

Colorado

December

23,

2024

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

Janus

Henderson

Funds

since

1990..

Janus

Henderson

AAA

CLO

ETF

Designation

Requirements

(unaudited)

32

October

31,

2024

For

federal

income

tax

purposes,

the

Fund

designated

the

following

for

the

year

ended

October

31,

2024:

Qualified

Interest

Income

Percentage

1.19%

Janus

Henderson

AAA

CLO

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

Trustee

for

services

to

the

Fund

from

Adviser’s

management

fees.

Item

11.

APPROVAL

OF

ADVISORY

AGREEMENTS

DURING

THE

PERIOD

Not

applicable.

125-02-93087

12-24

This

report

is

submitted

for

the

general

information

of

shareholders

of

the

Fund.

It

is

not

an

offer

or

solicitation

for

the

Fund

and

is

not

authorized

for

distribution

to

prospective

investors

unless

preceded

or

accompanied

by

an

effective

prospectus.

Janus

Henderson

is

a

trademark

of

Janus

Henderson

Group

plc

or

one

of

its

subsidiaries.

©

Janus

Henderson

Group

plc.

Janus

Henderson

Investors

US

LLC

is

the

investment

adviser

and

ALPS

Distributors,

Inc.

is

the

distributor.

ALPS

is

not

affiliated

with

Janus

Henderson

or

any

of

its

subsidiaries.

ANNUAL

FINANCIAL

STATEMENTS

October

31,

2024

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

Report

of

Independent

Registered

Public

Accounting

Firm

...

18

Designation

Requirements

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

19

Items

8-11

-

Additional

Information

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

20

Janus

Henderson

U.S.

Real

Estate

ETF

Schedule

of

Investments

October

31,

2024

Janus

Detroit

Street

Trust

3

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares

Value

Common

Stocks

-

99.2%

Health

Care

REITs

-

11.3%

Sabra

Health

Care

REIT,

Inc.

40,044

$

776,854

Welltower,

Inc.

16,396

2,211,492

2,988,346

Hotel

&

Resort

REITs

-

2.5%

Ryman

Hospitality

Properties,

Inc.

6,209

664,674

Hotels,

Restaurants

&

Leisure

-

2.3%

Wyndham

Hotels

&

Resorts,

Inc.

6,806

601,106

Industrial

REITs

-

18.9%

EastGroup

Properties,

Inc.

6,131

1,050,118

First

Industrial

Realty

Trust,

Inc.

18,405

966,078

Lineage,

Inc.

11,805

874,042

Prologis,

Inc.

12,505

1,412,315

STAG

Industrial,

Inc.

18,079

673,985

4,976,538

Office

REITs

-

5.5%

BXP,

Inc.

9,530

767,737

Kilroy

Realty

Corp.

17,234

693,151

1,460,888

Real

Estate

Management

&

Development

-

3.6%

CBRE

Group,

Inc.

-

Class

A*

3,857

505,151

Corp.

Inmobiliaria

Vesta

SAB

de

CV

(ADR)

17,058

444,532

949,683

Residential

REITs

-

19.6%

American

Homes

4

Rent

-

Class

A

30,595

1,078,168

AvalonBay

Communities,

Inc.

5,927

1,313,482

Canadian

Apartment

Properties

REIT

23,681

788,093

Equity

LifeStyle

Properties,

Inc.

13,782

966,394

UDR,

Inc.

24,365

1,027,959

5,174,096

Retail

REITs

-

14.7%

Federal

Realty

Investment

Trust

9,115

1,010,307

Macerich

Co.

(The)

40,803

763,016

Realty

Income

Corp.

35,289

2,095,108

3,868,431

Specialized

REITs

-

20.8%

Equinix,

Inc.

3,070

2,787,806

Public

Storage

6,251

2,056,954

SBA

Communications

Corp.

-

Class

A

2,748

630,583

5,475,343

Total

Common

Stocks

(cost

23,441,363)

26,159,105

Investment

Companies

-

0.8%

Money

Market

Funds

-

0.8%

Invesco

Government

&

Agency

Portfolio,

Institutional

Class,

4.7836%

∞

(cost

$219,695)

219,695

219,695

Total

Investments

(total

cost

$

23,661,058

)

-

100.0%

26,378,800

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

0.0%

(9,768)

Net

Assets

-

100.0%

$26,369,032

Janus

Henderson

U.S.

Real

Estate

ETF

Schedule

of

Investments

October

31,

2024

4

October

31,

2024

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

$

25,146,175

95.3

%

Canada

788,093

3.0

Mexico

444,532

1.7

Total

$

26,378,800

100.0

%

Schedule

of

Affiliated

Investments

-

(%

of

Net

Assets)

Affiliated

Investments,

at

Value

at

10/31/23

Purchases

Sales

Proceeds

Realized

Gain/

(Loss)

Change

in

Unrealized

Appreciatio

n/

(Depreciation)

Affiliated

Investments,

at

Value

at

10/31/24

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

Shares

Held

at

10/31/24

Dividend

Income

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

N/A

Investment

Companies

-

N/A

Janus

Henderson

Cash

Collateral

Fund

LLC,

4.7452%

∞

$

–

$

5,439,693

$

(5,439,693)

$

–

$

–

$

–

–

$

1,708

Δ

Janus

Henderson

U.S.

Real

Estate

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

October

31,

2024

Janus

Detroit

Street

Trust

5

ADR

American

Depositary

Receipt

LLC

Limited

Liability

Company

REIT

Real

Estate

Investment

Trust

*

Non-income

producing

security.

∞

Rate

shown

is

the

7-day

yield

as

of

October

31,

2024.

Δ

Net

of

income

paid

to

the

securities

lending

agent

and

rebates

paid

to

the

borrowing

counterparties.

The

following

is

a

summary

of

the

inputs

that

were

used

to

value

the

Fund's

investments

in

securities

and

other

financial

instruments

as

of

October

31,

2024

.

See

Notes

to

Financial

Statements

for

more

information.

Valuation

Inputs

Summary

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Total

Assets

Investments

in

Securities:

Common

Stocks

$

26,159,105

$

—

$

—

$

26,159,105

Investment

Companies

219,695

—

—

219,695

Total

Assets

$

26,378,800

$

—

$

—

$

26,378,800

Janus

Henderson

U.S.

Real

Estate

ETF

Statement

of

Assets

and

Liabilities

October

31,

2024

6

October

31,

2024

See

Notes

to

Financial

Statements.

Assets:

Investments,

at

value

(cost

$23,661,058)

$

26,378,800

Cash

181

Receivables:

Dividends

4,035

Interest

760

Affiliated

securities

lending

income,

net

18

Total

Assets

26,383,794

Liabilities:

Payables:

Management

fees

14,762

Total

Liabilities

14,762

Commitments

and

contingent

liabilities

Net

Assets

$

26,369,032

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

23,462,122

Total

distributable

earnings

(loss)

2,906,910

Total

Net

Assets

$

26,369,032

Net

Assets

$

26,369,032

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

1,050,001

Net

Asset

Value

Per

Share

$

25

.11

Janus

Henderson

U.S.

Real

Estate

ETF

Statement

of

Operations

For

the

year

ended

October

31,

2024

Janus

Detroit

Street

Trust

7

See

Notes

to

Financial

Statements.

Investment

Income:

Dividends

$

359,521

Affiliated

securities

lending

income,

net    

1,708

Unaffiliated

securities

lending

income,

net

770

Foreign

tax

withheld

(

3,395

)

Total

Investment

Income

358,604

Expenses:

Management

Fees

80,488

Total

Expenses

80,488

Net

Investment

Income/(Loss)

278,116

Net

Realized

Gain/(Loss)

on

Investments:

Investments

and

foreign

currency

transactions

$

826,503

Total

Net

Realized

Gain/(Loss)

on

Investments

$

826,503

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

and

foreign

currency

translations

$

3,319,830

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

3,319,830

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

4,424,449

Janus

Henderson

U.S.

Real

Estate

ETF

Statements

of

Changes

in

Net

Assets

8

October

31,

2024

See

Notes

to

Financial

Statements.

Year

Ended

October

31,

2024

Year

Ended

October

31,

2023

Operations:

Net

investment

income/(loss)

$

278,116

$

125,808

Net

realized

gain/(loss)

on

investments

826,503

(

392,885

)

Change

in

unrealized

net

appreciation/depreciation

3,319,830

(

10,196

)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

4,424,449

(

277,273

)

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(

198,776

)

(

111,958

)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(

198,776

)

(

111,958

)

Capital

Share

Transactions

17,750,416

1,574,243

Net

Increase/(Decrease)

in

Net

Assets

21,976,089

1,185,012

Net

Assets:

—

—

Beginning

of

Year  

4,392,943

3,207,931

End

of

Year

$

26,369,032

$

4,392,943

Janus

Henderson

U.S.

Real

Estate

ETF

Financial

Highlights

Janus

Detroit

Street

Trust

9

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

each

year

or

period

ended

October

31

2024

2023

2022

2021

(1)

Net

Asset

Value,

Beginning

of

Period

$19.52

$21.39

$26.90

$25.00

Income/(Loss)

from

Investment

Operations:

—

—

—

—

Net

investment

income/(loss)

(2)

0.53

0.56

0.38

0.17

Net

realized

and

unrealized

gain/(loss)

5.60

(1.84)

(5.41)

1.80

Total

from

Investment

Operations

6.13

(1.28)

(5.03)

1.97

Less

Dividends

and

Distributions:

—

—

—

—

Dividends

(from

net

investment

income)

(0.54)

(0.59)

(0.48)

(0.07)

Total

Dividends

and

Distributions

(0.54)

(0.59)

(0.48)

(0.07)

Net

Asset

Value,

End

of

Period

$25.11

$19.52

$21.39

$26.90

Total

Return

*

31.69%

(6.19)%

(18.85)%

7.90%

Net

assets,

End

of

Period

(in

thousands)

$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%

Ratio

of

Net

Investment

Income/(Loss)

2.23%

2.55%

1.46%

1.84%

Portfolio

Turnover

Rate

(3)

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

10

October

31,

2024

1.

Organization

and

Significant

Accounting

Policies

Janus

Henderson U.S.

Real

Estate ETF (the

“Fund”)

is

a

series

fund.

The

Fund

is

part

of

Janus

Detroit

Street

Trust

(the

“Trust”),

which

is

organized

as

a

Delaware

statutory

trust

and

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company,

and

therefore

has

applied

the

specialized

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

(“ASC”)

Topic

946. As

of

the

date

of

this

report,

the

Trust

offers twelve

Funds

each

of

which

represent

shares

of

beneficial

interest

in

a

separate

portfolio

of

securities

and

other

assets

with

its

own

objective

and

policies. 

The

Fund

seeks

total

return

through

a

combination

of

capital

appreciation

and

current

income.

The

Fund

is

classified

as

nondiversified,

as

defined

in

the

1940

Act.

Janus

Henderson

Investors

US

LLC

is

the

investment

adviser

(the

“Adviser”)

to

the

Fund.

The

Fund

is

an

actively-managed

exchange-traded

fund.

Unlike

shares

of

traditional

mutual

funds,

shares

of

the

Fund

are

not

individually

redeemable

and

may

only

be

purchased

or

redeemed

directly

from

the

Fund

at

net

asset

value

(“NAV”)

in

large

increments

called

“Creation

Units”

by

certain

participants,

known

as

“Authorized

Participants.”

The

size

of

a

Creation

Unit

to

purchase

shares

of

the

Fund

may

differ

from

the

size

of

a

Creation

Unit

to

redeem

shares

of

the

Fund.

The

Fund

will

issue

or

redeem

Creation

Units

in

exchange

for

portfolio

securities

and/or

cash.

Except

when

aggregated

in

Creation

Units,

Fund

shares

are

not

redeemable

securities

of

the

Fund.

Shares

of

the

Fund

are

listed

and

trade

on NYSE

Arca,

Inc.

(the

"Exchange"),

and

individual

investors

can

purchase

or

sell

shares

in

much

smaller

increments

for

cash

in

the

secondary

market

through

a

broker.

These

transactions,

which

do

not

involve

the

Fund,

are

made

at

market

prices

that

may

vary

throughout

the

day

and

differ

from

the

Fund’s

NAV.

As

a

result,

you

may

pay

more

than

NAV

(a

premium)

when

you

purchase

shares

and

receive

less

than

NAV

(a

discount)

when

you

sell

shares,

in

the

secondary

market.

From

time

to

time,

Authorized

Participants

(or

other

broker-dealers

making

markets

in

shares

of

the

Fund)

may

be

a

beneficial

and/or

legal

owner

of

the

Fund,

may

be

affiliated

with

an

index

provider,

may

be

deemed

to

have

control

of

the

Fund

and/or

may

be

able

to

affect

the

outcome

of

matters

presented

for

a

vote

of

the

shareholders

of

the

Fund.

Authorized

Participants

(or

other

broker-dealers

making

markets

in

shares

of

the

Fund)

may

execute

an

irrevocable

proxy

granting

ALPS

Distributors,

Inc.

(the

"Distributor"),

the

Adviser

or

an

affiliate

of

the

Adviser

power

to

vote

or

abstain

from

voting

such

Authorized

Participant’s

beneficially

or

legally

owned

shares

of

the

Fund.

In

such

cases,

the

agent

shall

mirror

vote

(or

abstain

from

voting)

such

shares

in

the

same

proportion

as

all

other

beneficial

owners

of

the

Fund.

The

following

accounting

policies

have

been

followed

by

the

Fund

and

are

in

conformity

with

United

States

of

America

generally

accepted

accounting

principles

(“US

GAAP”). 

Investment

Valuation 

Fund holdings

are

valued

in

accordance

with

policies

and

procedures

established

by

the

Adviser

pursuant

to

Rule

2a-5

under

the

1940

Act

and

approved

by

and

subject

to

the

oversight

of

the

Trustees

(the

“Valuation

Procedures”).

Equity

securities,

including

shares

of

exchange-traded

funds,

traded

on

a

domestic

securities

exchange

are

generally

valued

at

readily

available

market

quotations,

which

are

(i)

the

official

close

prices

or

(ii)

last

sale

prices

on

the

primary

market

or

exchange

in

which

the

securities

trade.

If

such

price

is

lacking

for

the

trading

period

immediately

preceding

the

time

of

determination,

such

securities

are

generally

valued

at

their

current

bid

price.

Equity

securities

that

are

traded

on

a

foreign

exchange

are

generally

valued

at

the

closing

prices

on

such

markets.

In

the

event

that

there

is

no

current

trading

volume

on

a

particular

security

in

such

foreign

exchange,

the

bid

price

from

the

primary

exchange

is

generally

used

to

value

the

security.

Foreign

securities

and

currencies

are

converted

to

U.S.

dollars

using

the

current

spot

USD

dollar

exchange

rate

in

effect

at

the

close

of

the

London

Stock

Exchange.

The Fund will

determine

the

market

value

of

individual

securities

held

by

it

by

using

prices

provided

by

one

or

more

approved

professional

pricing

services

or,

as

needed,

by

obtaining

market

quotations

from

independent

broker-dealers.

Most

debt

securities

are

valued

in

accordance

with

the

evaluated

bid

price

supplied

by

the

Adviser-approved

pricing

service

that

is

intended

to

reflect

market

value.

The

evaluated

bid

price

supplied

by

the

pricing

service

is

an

evaluation

that

may

consider

factors

such

as

security

prices,

yields,

maturities

and

ratings.

Certain

short-term

securities

maturing

within

60

days

or

less

may

be

evaluated

and

valued

on

an

amortized

cost

basis

provided

that

the

amortized

cost

determined

approximates

market

value.

Securities

for

which

market

quotations

or

evaluated

prices

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

determined

in

good

faith

by

the

Adviser

pursuant

to

the

Valuation

Procedures. Circumstances

in

which

fair

valuation

may

be

utilized

Janus

Henderson

U.S.

Real

Estate

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

11

include,

but

are

not

limited

to:

(i)

a

significant

event

that

may

affect

the

securities

of

a

single

issuer,

such

as

a

merger,

bankruptcy,

or

significant

issuer-specific

development;

(ii)

an

event

that

may

affect

an

entire

market,

such

as

a

natural

disaster

or

significant

governmental

action;

(iii)

a

nonsignificant

event

such

as

a

market

closing

early

or

not

opening,

or

a

security

trading

halt;

and

(iv)

pricing

of

a

non-valued

security

and

a

restricted

or

nonpublic

security.

Special

valuation

considerations

may

apply

with

respect

to

“odd-lot”

fixed-income

transactions

which,

due

to

their

small

size,

may

receive

evaluated

prices

by

pricing

services

which

reflect

a

large

block

trade

and

not

what

actually

could

be

obtained

for

the

odd-

lot

position.

The

value

of

the

securities

of

mutual

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

mutual

funds,

and

the

prospectuses

for

such

mutual

funds

explain

the

circumstances

under

which

they

use

fair

valuation

and

the

effects

of

using

fair

valuation.

The

value

of

the

securities

of

any

cash

management

pooled

investment

vehicles

that

operate

as

money

market

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

funds.

Valuation

Inputs

Summary 

FASB

ASC

820,

Fair

Value

Measurements

and

Disclosures

(“ASC

820”),

defines

fair

value,

establishes

a

framework

for

measuring

fair

value,

and

expands

disclosure

requirements

regarding

fair

value

measurements.

This

standard

emphasizes

that

fair

value

is

a

market-based

measurement

that

should

be

determined

based

on

the

assumptions

that

market

participants

would

use

in

pricing

an

asset

or

liability

and

establishes

a

hierarchy

that

prioritizes

inputs

to

valuation

techniques

used

to

measure

fair

value.

These

inputs

are

summarized

into

three

broad

levels: 

Level

1

–

Unadjusted

quoted

prices

in

active

markets

the

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities.

Level

2

–

Observable

inputs

other

than

unadjusted

quoted

prices

included

in

Level

1

that

are

observable

for

the

asset

or

liability

either

directly

or

indirectly.

These

inputs

may

include

quoted

prices

for

the

identical

instrument

on

an

inactive

market,

prices

for

similar

instruments,

interest

rates,

prepayment

speeds,

credit

risk,

yield

curves,

default

rates

and

similar

data.

Assets

or

liabilities

categorized

as

Level

2

in

the

hierarchy

generally

include:

debt

securities

fair

valued

in

accordance

with

the

evaluated

bid

or

ask

prices

supplied

by

a

pricing

service;

securities

traded

on

OTC

markets

and

listed

securities

for

which

no

sales

are

reported

that

are

fair

valued

at

the

latest

bid

price

(or

yield

equivalent

thereof)

obtained

from

one

or

more

dealers

transacting

in

a

market

for

such

securities

or

by

a

pricing

service

approved

by

the

Fund’s

Trustees;

and

certain

short-term

debt

securities

with

maturities

of

60

days

or

less

that

are

fair

valued

at

amortized

cost.

Other

securities

that

may

be

categorized

as

Level

2

in

the

hierarchy

include,

but

are

not

limited

to,

preferred

stocks,

bank

loans,

swaps,

investments

in

unregistered

investment

companies,

options,

and

forward

contracts.

Level

3

–

Unobservable

inputs

for

the

asset

or

liability

to

the

extent

that

relevant

observable

inputs

are

not

available,

representing

the

Fund’s

own

assumptions

about

the

assumptions

that

a

market

participant

would

use

in

valuing

the

asset

or

liability,

and

that

would

be

based

on

the

best

information

available.

There

have

been

no

significant

changes

in

valuation

techniques

used

in

valuing

any

such

positions

held

by

the

Fund

since

the

beginning

of

the

fiscal

year. 

The

inputs

or

methodology

used

for

fair

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

The

summary

of

inputs

used

as

of

October

31,

2024 to

fair

value

the

Fund’s

investments

in

securities

and

other

financial

instruments

is

included

in

the

“Valuation

Inputs

Summary”

in

the

Notes

to

Schedule

of

Investments

and

Other

Information.

Investment

Transactions

and

Investment

Income

Investment

transactions

are

accounted

for

as

of

the

date

purchased

or

sold

(trade

date).

Dividend

income

is

recorded

on

the

ex-dividend

date.

Certain

dividends

from

foreign

securities

will

be

recorded

as

soon

as

the

Fund

is

informed

of

the

dividend,

if

such

information

is

obtained

subsequent

to

the

ex-dividend

date.

Dividends

from

foreign

securities

may

be

subject

to

withholding

taxes

in

foreign

jurisdictions.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value.

Interest

income

is

recorded

daily

on

an

accrual

basis

and

includes

amortization

of

premiums

and

accretion

of

discounts.

The

Fund

classifies

gains

and

losses

on

prepayments

received

as

an

adjustment

to

interest

income.

Debt

securities

may

be

placed

in

non-accrual

status

and

related

interest

income

may

be

reduced

by

stopping

current

accruals

Janus

Henderson

U.S.

Real

Estate

ETF

Notes

to

Financial

Statements

12

October

31,

2024

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

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,

and

social

unrest,

could

reduce

consumer

demand

or

economic

output,

result

in

market

closures,

travel

restrictions

and/or

quarantines,

and

generally

have

a

significant

impact

on

the

global

economies

and

financial

markets. 

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

14

October

31,

2024

as

permitted

by

the

SEC.

If

the

Fund

is

unable

to

recover

a

security

on

loan,

the

Fund

may

use

the

collateral

to

purchase

replacement

securities

in

the

market.

There

is

a

risk

that

the

value

of

the

collateral

could

decrease

below

the

cost

of

the

replacement

security

by

the

time

the

replacement

investment

is

made,

resulting

in

a

loss

to

the

Fund.

In

certain

circumstances

individual

loan

transactions

could

yield

negative

returns. 

Upon

receipt

of

cash

collateral, the

Adviser may

invest

it

in

affiliated

or

non-affiliated

cash

management

vehicles,

whether

registered

or

unregistered

entities,

as

permitted

by

the

1940

Act

and

rules

promulgated

thereunder.

The

Adviser

currently

intends

to

invest

the

cash

collateral

in

a

cash

management

vehicle

for

which the

Adviser serves

as

investment

adviser,

Janus

Henderson

Cash

Collateral

Fund

LLC,

or

in

time

deposits.

An

investment

in

Janus

Henderson

Cash

Collateral

Fund

LLC

is

generally

subject

to

the

same

risks

that

shareholders

experience

when

investing

in

similarly

structured

vehicles,

such

as

the

potential

for

significant

fluctuations

in

assets

as

a

result

of

the

purchase

and

redemption

activity

of

the

securities

lending

program,

a

decline

in

the

value

of

the

collateral,

and

possible

liquidity

issues.

Such

risks

may

delay

the

return

of

the

cash

collateral

and

cause

the

Fund

to

violate

its

agreement

to

return

the

cash

collateral

to

a

borrower

in

a

timely

manner.

As

adviser

to

the

Fund

and

Janus

Henderson

Cash

Collateral

Fund

LLC, the

Adviser has

an

inherent

conflict

of

interest

as

a

result

of

its

fiduciary

duties

to

both

the

Fund

and

Janus

Henderson

Cash

Collateral

Fund

LLC.

Additionally, the

Adviser receives

an

investment

advisory

fee

of

0.05%

for

managing

Janus

Henderson

Cash

Collateral

Fund

LLC

and

therefore

may

have

an

incentive

to

allocate

collateral

to

the

Janus

Henderson

Cash

Collateral

Fund

LLC,

rather

than

to

other

collateral

management

options

for

which the

Adviser does

not

receive

compensation. 

The

value

of

the

collateral

must

be

at

least

102%

of

the

market

value

of

the

loaned

securities

that

are

denominated

in

U.S.

dollars

and

105%

of

the

market

value

of

the

loaned

securities

that

are

not

denominated

in

U.S.

dollars.

Loaned

securities

and

related

collateral

are

marked-to-market

each

business

day

based

upon

the

market

value

of

the

loaned

securities

at

the

close

of

business,

employing

the

most

recent

available

pricing

information.

Collateral

levels

are

then

adjusted

based

on

this

mark-to-market

evaluation. 

Additional

required

collateral,

or

excess

collateral

returned,

is

delivered

on

the

next

business

day. 

Therefore,

the

value

of

the

collateral

held

may

be

temporarily

less

than

102%

or

105%

value

of

the

securities

on

loan.

The

cash

collateral

invested

by

the

Adviser is

disclosed

in

the

Schedule

of

Investments

(if

applicable).

Income

earned

from

the

investment

of

the

cash

collateral,

net

of

rebates

paid

to,

or

fees

paid

by,

borrowers

and

less

the

fees

paid

to

the

lending

agent

are

included

as

“Affiliated

securities

lending

income,

net”

on

the

Statement

of

Operations.

There

were

no

securities

on

loan

as

of

October

31,

2024.

3.

Investment

Advisory

Agreements

and

Other

Transactions

with

Affiliates 

Under

its

unitary

fee

structure,

the

Fund

pays

the

Adviser a

management

fee

in

return

for

providing

certain

investment

advisory,

supervisory,

and

administrative

services

to

the

Fund,

including

the

costs

of

transfer

agency,

custody,

fund

administration,

legal,

audit,

and

other

services. The

Adviser's fee

structure

is

designed

to

pay

substantially

all

of

the

Fund’s

expenses.

However,

the

Fund

bears

other

expenses

which

are

not

covered

under

the

management

fee

which

may

vary

and

affect

the

total

level

of

expenses

paid

by

shareholders,

such

as

distribution

fees

(if

any),

brokerage

expenses

or

commissions,

interest,

dividends,

taxes,

litigation

expenses,

acquired

fund

fees

and

expenses

(if

any),

and

extraordinary

expenses.

The

Fund’s

unitary

management

fee

provides

for

reductions

in

the

fee

rate

as

the

Fund’s

assets

grow.

As

of

the

date

of

this

report,

the

Fund’s

management

fee

was

calculated

daily

and

paid

monthly

according

to

the

following

schedule: 

For

the

year ended

October

31,

2024,

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

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

October

31,

2024, the

Adviser

owned 900,001

share

or 85.71%

of

the

Fund.

4.

Federal

Income

Tax 

The

tax

components

of

capital

shown

in

the

table

below

represent:

(1)

distribution

requirements

the

Fund

must

satisfy

under

the

income

tax

regulations;

(2)

losses

or

deductions

the

Fund

may

be

able

to

offset

against

income

and

gains

realized

in

future

years;

and

(3)

unrealized

appreciation

or

depreciation

of

investments

for

federal

income

tax

purposes. 

The

Fund

has

elected

to

treat

gains

and

losses

on

forward

foreign

currency

contracts

as

capital

gains

and

losses,

if

applicable.

Other

foreign

currency

gains

and

losses

on

debt

instruments

are

treated

as

ordinary

income

for

federal

income

tax

purposes

pursuant

to

Section

988

of

the

Internal

Revenue

Code. 

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. 

During

the

year ended

October

31,

2024,

capital

loss

carryovers

of

$546,480

were

utilized

by

the

Fund. 

The

aggregate

cost

of

investments

and

the

composition

of

unrealized

appreciation

and

depreciation

of

investment

securities

for

federal

income

tax

purposes

as

of October

31,

2024 are

noted

below.

The

primary

difference

between

book

and

tax

appreciation

or

depreciation

of

investments

is

wash

sale

loss

deferrals. 

Income

and

capital

gains

distributions

are

determined

in

accordance

with

income

tax

regulations

that

may

differ

from

US

GAAP.

These

differences

are

due

to

differing

treatments

for

items

such

as

net

short-term

gains,

deferral

of

wash

sale

Undistributed

Ordinary

Income

Undistributed

Long-Term

Gains

Accumulated

Capital

Losses

Loss

Deferrals

Other

Book

to

Tax

Differences

Net

Tax

Appreciation/

(Depreciation)

$219,025

$—

$—

$—

$—

$2,687,885

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$23,690,915

$2,927,804

$(239,919)

$2,687,885

Janus

Henderson

U.S.

Real

Estate

ETF

Notes

to

Financial

Statements

16

October

31,

2024

losses,

foreign

currency

transactions,

passive

foreign

investment

companies,

net

investment

losses,

in-kind

transactions

and

capital

loss

carryovers.

Certain

permanent

differences

such

as

tax

returns

of

capital

and

net

investment

losses

noted

below

have

been

reclassified

to

capital. 

Permanent

book

to

tax

basis

differences

may

result

in

reclassifications

between

the

components

of

net

assets.

These

differences

have

no

impact

on

the

results

of

operations

or

net

assets.

5.

Capital

Share

Transactions 

6.

Purchases

and

Sales

of

Investment

Securities

For

the

year

ended

October

31,

2024,

the

aggregate

cost

of

purchases

and

proceeds

from

sales

of

investment

securities

(excluding

any

short-term

securities,

short-term

options

contracts,

and

in-kind

transactions)

was

as

follows:

For

the year

ended

October

31,

2024,

the

cost

of

in-kind

purchases

and

proceeds

from

in-kind

sales,

were

as

follows: 

During

the

year

ended

October

31,

2024,

the

Fund

had

net

realized

gain of $185,445 from

in-kind

redemptions.

Gains

on

in-kind

transactions

are

not

considered

taxable

for

federal

income

tax

purposes.

For

the

year

ended

October

31,

2024

:

Distributions

From

Ordinary

Income

From

Long-Term

Capital

Gain

Tax

Return

of

Capital

Net

Investment

Loss

$198,776

$—

$—

$—

For

the

year

ended

October

31,

2023

:

Distributions

From

Ordinary

Income

From

Long-Term

Capital

Gain

Tax

Return

of

Capital

Net

Investment

Loss

$111,958

$—

$—

$—

Year

Ended

October

31,

2024

Year

Ended

October

31,

2023

Shares

Amount

Shares

Amount

Shares

sold

975,000

$

21,066,465

100,000

$

2,137,471

Shares

repurchased

(150,000)

(3,316,049

)

(25,000)

(563,228

)

Net

Increase/(Decrease)

825,000

$

17,750,416

75,000

$

1,574,243

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

$12,349,569

$12,224,038

$—

$—

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

$20,890,667

$3,294,808

$—

$—

Janus

Henderson

U.S.

Real

Estate

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

17

7.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to October

31,

2024

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.

Real

Estate

ETF

Report

of

Independent

Registered

Public

Accounting

Firm

18

October

31,

2024

To

the

Board

of

Trustees

of

Janus

Detroit

Street

Trust

and

Shareholders

of

Janus

Henderson

U.S.

Real

Estate

ETF

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Janus

Henderson

U.S.

Real

Estate

ETF

(one

of

the

funds

constituting

Janus

Detroit

Street

Trust,

referred

to

hereafter

as

the

"Fund")

as

of

October

31,

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

three

years

in

the

period

ended

October

31,

2024

and

for

the

period

June

22,

2021

(commencement

of

operations)

through

October

31,

2021

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

October

31,

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

three

years

in

the

period

ended

October

31,

2024

and

for

the

period

June

22,

2021

(commencement

of

operations)

through

October

31,

2021

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

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.

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

U.S.

Real

Estate

ETF

Designation

Requirements

(unaudited)

Janus

Detroit

Street

Trust

19

For

federal

income

tax

purposes,

the

Fund

designated

the

following

for

the

year

ended

October

31,

2024:

Dividends

Received

Deduction

Percentage

3.49%

Qualified

Dividend

Income

Percentage

6.43%

Janus

Henderson

U.S.

Real

Estate

ETF

Additional

Information

(unaudited)

20

October

31,

2024

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

Trustee

for

services

to

the

Fund

from

Adviser’s

management

fees.

Item

11.

APPROVAL

OF

ADVISORY

AGREEMENTS

DURING

THE

PERIOD

Not

applicable.

125-02-93088

12-24

This

report

is

submitted

for

the

general

information

of

shareholders

of

the

Fund.

It

is

not

an

offer

or

solicitation

for

the

Fund

and

is

not

authorized

for

distribution

to

prospective

investors

unless

preceded

or

accompanied

by

an

effective

prospectus.

Janus

Henderson

is

a

trademark

of

Janus

Henderson

Group

plc

or

one

of

its

subsidiaries.

©

Janus

Henderson

Group

plc.

Janus

Henderson

Investors

US

LLC

is

the

investment

adviser

and

ALPS

Distributors,

Inc.

is

the

distributor.

ALPS

is

not

affiliated

with

Janus

Henderson

or

any

of

its

subsidiaries.

ANNUAL

FINANCIAL

STATEMENTS

October

31,

2024

Janus

Henderson

Corporate

Bond

ETF

(formerly

Janus

Henderson

Sustainable

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

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

13

Statement

of

Operations

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

14

Statements

of

Changes

in

Net

Assets

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

15

Financial

Highlights

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

16

Notes

to

Financial

Statements

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

17

Report

of

Independent

Registered

Public

Accounting

Firm

...

31

Designation

Requirements

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

32

Items

8-11

-

Additional

Information

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

33

Janus

Henderson

Corporate

Bond

ETF

Schedule

of

Investments

October

31,

2024

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

-

2.3%

CF

Hippolyta

Issuer

LLC,

1.9800%,

3/15/61

(144A)

$

510,807

$

469,155

United

Airlines

Pass-Through

Trust,

3.7500%,

9/3/26

248,058

242,437

Total

Asset-Backed

Securities

(cost

$666,735)

711,592

Bank

Loans

-

1.7%

Communications

-

0.1%

Lorca

Finco

plc,

First

Lien

Term

Loan,

8.1037%, 4/18/31

‡,ƒ

30,845

30,807

Consumer,

Non-cyclical

-

0.6%

Lifepoint

Health

Inc.,

First

Lien

Term

Loan

B1,

8.4000%, 5/19/31

‡,ƒ

199,996

199,980

Industrial

-

0.7%

Genesee

&

Wyoming,

Inc.

First

Lien

Term

Loan,

CME

Term

SOFR

3

Month

+

2.0000%,

6.6037%, 4/10/31

‡,ƒ

200,612

200,072

Information

Technology

-

0.3%

Amazon

Holdco,

Inc.

First

Lien

Term

Loan,

6.9352%, 9/29/31

‡,ƒ

88,000

87,934

Total

Bank

Loans

(cost

$520,219)

518,793

Corporate

Bonds

-

92.5%

Basic

Materials

-

1.7%

Celanese

US

Holdings

LLC,

6.5500%, 11/15/30

118,000

123,649

Huntsman

International

LLC,

5.7000%, 10/15/34

224,000

217,487

Solvay

Finance

America

LLC,

5.8500%, 6/4/34

(144A)

203,000

207,900

549,036

Communications

-

3.0%

Charter

Communications

Operating

LLC,

6.6500%, 2/1/34

258,000

264,652

Frontier

Communications

Holdings

LLC,

8.6250%, 3/15/31

(144A)

287,000

307,610

Historic

TW,

Inc.,

8.3000%, 1/15/36

Ç

104,000

111,378

Meta

Platforms,

Inc.,

4.7500%, 8/15/34

54,000

53,413

T-Mobile

USA,

Inc.,

4.3750%, 4/15/40

104,000

92,015

T-Mobile

USA,

Inc.,

3.0000%, 2/15/41

169,000

124,154

953,222

Consumer,

Cyclical

-

5.1%

Choice

Hotels

International,

Inc.,

5.8500%, 8/1/34

177,000

178,014

Ferguson

Enterprises,

Inc.,

5.0000%, 10/3/34

237,000

230,024

Ford

Motor

Co.,

3.2500%, 2/12/32

225,000

188,244

Ford

Motor

Credit

Co.

LLC,

6.7980%, 11/7/28

200,000

207,819

General

Motors

Financial

Co.,

Inc.,

5.6000%, 6/18/31

155,000

156,183

General

Motors

Financial

Co.,

Inc.,

6.1000%, 1/7/34

182,000

186,985

Hasbro,

Inc.,

6.0500%, 5/14/34

149,000

152,257

Royal

Caribbean

Cruises

Ltd.,

5.6250%, 9/30/31

(144A)

132,000

131,461

Warnermedia

Holdings,

Inc.,

5.1410%, 3/15/52

206,000

155,163

1,586,150

Consumer,

Non-cyclical

-

19.0%

Abbott

Laboratories,

6.1500%, 11/30/37

93,000

103,026

Albertsons

Cos.,

Inc.,

4.6250%, 1/15/27

(144A)

111,000

108,901

Albertsons

Cos.,

Inc.,

4.8750%, 2/15/30

(144A)

320,000

311,682

Automatic

Data

Processing,

Inc.,

4.4500%, 9/9/34

398,000

385,032

Centene

Corp.,

2.6250%, 8/1/31

162,000

134,803

Cigna

Group

(The),

3.4000%, 3/15/50

108,000

74,549

Coca-Cola

Consolidated,

Inc.,

5.2500%, 6/1/29

216,000

219,418

Coca-Cola

Consolidated,

Inc.,

5.4500%, 6/1/34

216,000

219,739

Elevance

Health,

Inc.,

6.1000%, 10/15/52

100,000

105,111

Eli

Lilly

&

Co.,

4.6000%, 8/14/34

158,000

154,434

HCA,

Inc.,

5.2000%, 6/1/28

48,000

48,436

HCA,

Inc.,

3.5000%, 9/1/30

172,000

157,761

HCA,

Inc.,

5.5000%, 6/1/33

154,000

154,681

Health

Care

Service

Corp.,

5.8750%, 6/15/54

(144A)

185,000

185,417

Janus

Henderson

Corporate

Bond

ETF

Schedule

of

Investments

October

31,

2024

4

October

31,

2024

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)

Health

Care

Service

Corp.

A

Mutual

Legal

Reserve

Co.,

5.4500%, 6/15/34

(144A)

$

158,000

$

158,440

Heartland

Dental

LLC,

10.5000%, 4/30/28

(144A)

215,000

228,793

Humana,

Inc.,

5.3750%, 4/15/31

185,000

185,564

Humana,

Inc.,

5.9500%, 3/15/34

105,000

107,684

Humana,

Inc.,

3.9500%, 8/15/49

180,000

133,622

Illumina,

Inc.,

2.5500%, 3/23/31

162,000

138,728

JBS

USA

Holding

Lux

SARL,

3.6250%, 1/15/32

355,000

313,363

McCormick

&

Co.,

Inc.,

4.7000%, 10/15/34

236,000

226,864

Pilgrim's

Pride

Corp.,

3.5000%, 3/1/32

357,000

312,277

Smith

&

Nephew

plc,

5.4000%, 3/20/34

157,000

157,761

Solventum

Corp.,

5.4500%, 3/13/31

(144A)

221,000

222,857

Solventum

Corp.,

5.6000%, 3/23/34

(144A)

155,000

156,203

Solventum

Corp.,

6.0000%, 5/15/64

(144A)

110,000

110,263

Teva

Pharmaceutical

Finance

Co.

LLC,

6.1500%, 2/1/36

186,000

187,483

Triton

Container

International

Ltd.,

3.1500%, 6/15/31

(144A)

273,000

232,732

UnitedHealth

Group,

Inc.,

4.7500%, 7/15/26

78,000

78,462

UnitedHealth

Group,

Inc.,

4.8000%, 1/15/30

78,000

78,346

UnitedHealth

Group,

Inc.,

4.9500%, 1/15/32

78,000

78,179

UnitedHealth

Group,

Inc.,

4.7500%, 5/15/52

79,000

71,269

UnitedHealth

Group,

Inc.,

5.6250%, 7/15/54

120,000

122,064

Universal

Health

Services,

Inc.,

1.6500%, 9/1/26

167,000

157,407

Universal

Health

Services,

Inc.,

2.6500%, 1/15/32

187,000

155,819

5,977,170

Energy

-

5.2%

Antero

Resources

Corp.,

5.3750%, 3/1/30

(144A)

484,000

469,996

Columbia

Pipelines

Holding

Co.

LLC,

5.0970%, 10/1/31

(144A)

127,000

124,175

Columbia

Pipelines

Operating

Co.

LLC,

6.7140%, 8/15/63

(144A)

113,000

123,373

EQM

Midstream

Partners

LP,

6.3750%, 4/1/29

(144A)

151,000

153,350

EQM

Midstream

Partners

LP,

4.7500%, 1/15/31

(144A)

115,000

109,321

Occidental

Petroleum

Corp.,

5.3750%, 1/1/32

154,000

152,047

Western

Midstream

Operating

LP,

6.1500%, 4/1/33

254,000

262,557

Williams

Cos.,

Inc.

(The),

3.9000%, 1/15/25

233,000

232,425

1,627,244

Financial

-

39.3%

AerCap

Ireland

Capital

DAC,

4.9500%, 9/10/34

159,000

153,103

Agree

LP,

5.6250%, 6/15/34

#

156,000

158,487

Ally

Financial,

Inc.,

SOFR

+

2.2900%,

6.1840%, 7/26/35

‡

200,000

199,621

American

Express

Co.,

SOFR

+

1.8350%,

5.0430%, 5/1/34

‡

73,000

72,806

American

Homes

4

Rent

LP,

5.5000%, 2/1/34

154,000

154,849

Arthur

J

Gallagher

&

Co.,

6.5000%, 2/15/34

84,000

91,019

Arthur

J

Gallagher

&

Co.,

5.4500%, 7/15/34

98,000

98,910

Bank

of

America

Corp.,

SOFR

+

1.6500%,

5.4680%, 1/23/35

‡

136,000

138,022

Barclays

plc,

SOFR

+

2.2200%,

6.4900%, 9/13/29

‡

200,000

209,563

Blackstone

Private

Credit

Fund,

7.3000%, 11/27/28

(144A)

74,000

77,672

Blackstone

Secured

Lending

Fund,

5.8750%, 11/15/27

308,000

311,783

Blue

Owl

Capital

Corp.

III,

3.1250%, 4/13/27

118,000

110,673

Blue

Owl

Finance

LLC,

6.2500%, 4/18/34

373,000

383,450

Capital

One

Financial

Corp.,

SOFR

+

1.9050%,

5.7000%, 2/1/30

‡

26,000

26,508

Capital

One

Financial

Corp.,

SOFR

+

3.0700%,

7.6240%, 10/30/31

‡

137,000

152,239

Capital

One

Financial

Corp.,

SOFR

+

2.6000%,

5.8170%, 2/1/34

‡

76,000

77,028

CBRE

Services,

Inc.,

5.9500%, 8/15/34

310,000

324,368

Citigroup,

Inc.,

SOFR

+

1.1670%,

2.5610%, 5/1/32

‡

284,000

243,040

Citigroup,

Inc.,

CME

Term

SOFR

3

Month

+

1.4296%,

3.8780%, 1/24/39

‡

87,000

73,960

Janus

Henderson

Corporate

Bond

ETF

Schedule

of

Investments

October

31,

2024

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)

Corebridge

Financial,

Inc.,

3.8500%, 4/5/29

$

34,000

$

32,490

CoStar

Group,

Inc.,

2.8000%, 7/15/30

(144A)

266,000

231,990

Crown

Castle,

Inc.,

5.2000%, 9/1/34

314,000

308,263

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

316,296

Discover

Financial

Services,

SOFRINDX

+

3.3700%,

7.9640%, 11/2/34

‡

343,000

394,102

Equinix

Europe

2

Financing

Corp.

LLC,

5.5000%, 6/15/34

260,000

264,082

Fifth

Third

Bancorp,

SOFR

+

1.8400%,

5.6310%, 1/29/32

‡

39,000

39,636

GGAM

Finance

Ltd.,

8.0000%, 6/15/28

(144A)

228,000

240,374

GGAM

Finance

Ltd.,

5.8750%, 3/15/30

(144A)

59,000

58,189

GLP

Capital

LP,

5.6250%, 9/15/34

313,000

309,121

Goldman

Sachs

Group,

Inc.

(The),

SOFR

+

1.2650%,

5.7270%, 4/25/30

‡

197,000

202,541

Goldman

Sachs

Group,

Inc.

(The),

SOFR

+

1.5520%,

5.8510%, 4/25/35

‡

256,000

265,247

Goldman

Sachs

Group,

Inc.

(The),

SOFR

+

1.4200%,

5.0160%, 10/23/35

‡

239,000

233,361

ING

Groep

NV,

SOFR

+

2.0900%,

6.1140%, 9/11/34

‡

200,000

210,348

Intercontinental

Exchange,

Inc.,

5.2500%, 6/15/31

54,000

55,123

Jane

Street

Group,

6.1250%, 11/1/32

(144A)

236,000

236,153

JPMorgan

Chase

&

Co.,

SOFR

+

1.1900%,

5.0400%, 1/23/28

‡

44,000

44,236

JPMorgan

Chase

&

Co.,

SOFR

+

1.8450%,

5.3500%, 6/1/34

‡

60,000

60,692

JPMorgan

Chase

&

Co.,

SOFR

+

1.6200%,

5.3360%, 1/23/35

‡

47,000

47,405

Lloyds

Banking

Group

plc,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.6000%,

3.5110%, 3/18/26

‡

320,000

317,743

LPL

Holdings,

Inc.,

6.0000%, 5/20/34

385,000

392,773

Macquarie

Airfinance

Holdings

Ltd.,

5.1500%, 3/17/30

(144A)

152,000

148,775

Marex

Group

plc,

6.4040%, 11/4/29

217,000

217,385

Mastercard,

Inc.,

4.3500%, 1/15/32

313,000

304,885

Morgan

Stanley,

SOFR

+

1.7300%,

5.1230%, 2/1/29

‡

47,000

47,378

Morgan

Stanley,

SOFR

+

1.6300%,

5.4490%, 7/20/29

‡

108,000

110,085

Morgan

Stanley,

SOFR

+

1.8700%,

5.2500%, 4/21/34

‡

57,000

57,085

Morgan

Stanley,

SOFR

+

1.5550%,

5.3200%, 7/19/35

‡

157,000

157,592

Morgan

Stanley,

SOFR

+

2.6200%,

5.2970%, 4/20/37

‡

162,000

158,893

Nasdaq,

Inc.,

1.6500%, 1/15/31

222,000

184,818

Nasdaq,

Inc.,

5.5500%, 2/15/34

103,000

105,259

National

Australia

Bank

Ltd.,

2.9900%, 5/21/31

(144A)

#

250,000

218,473

Nationwide

Building

Society,

5.1270%, 7/29/29

(144A)

200,000

201,331

NNN

REIT,

Inc.,

5.5000%, 6/15/34

308,000

311,704

OneMain

Finance

Corp.,

6.6250%, 5/15/29

151,000

151,000

PNC

Financial

Services

Group,

Inc.

(The),

SOFR

+

1.2590%,

4.8120%, 10/21/32

‡

318,000

311,771

PNC

Financial

Services

Group,

Inc.

(The),

SOFRINDX

+

2.1400%,

6.0370%, 10/28/33

‡

233,000

244,728

Sixth

Street

Lending

Partners,

6.5000%, 3/11/29

(144A)

152,000

153,279

Sun

Communities

Operating

LP,

5.5000%, 1/15/29

79,000

79,724

Sun

Communities

Operating

LP,

2.7000%, 7/15/31

266,000

226,596

Sun

Communities

Operating

LP,

5.7000%, 1/15/33

92,000

92,448

Truist

Financial

Corp.,

SOFR

+

1.6200%,

5.4350%, 1/24/30

‡

47,000

47,564

Truist

Financial

Corp.,

SOFR

+

1.9220%,

5.7110%, 1/24/35

‡

51,000

51,924

US

Bancorp,

SOFR

+

1.6000%,

4.8390%, 2/1/34

‡

72,000

69,690

US

Bancorp,

SOFR

+

2.2600%,

5.8360%, 6/12/34

‡

169,000

174,750

US

Bancorp,

SOFR

+

1.8600%,

5.6780%, 1/23/35

‡

71,000

72,778

Ventas

Realty

LP,

5.0000%, 1/15/35

#

320,000

309,263

VICI

Properties

LP,

3.8750%, 2/15/29

(144A)

329,000

309,575

Wells

Fargo

&

Co.,

SOFR

+

1.9900%,

5.5570%, 7/25/34

‡

60,000

61,015

Wells

Fargo

&

Co.,

SOFR

+

1.7800%,

5.4990%, 1/23/35

‡

100,000

101,423

Janus

Henderson

Corporate

Bond

ETF

Schedule

of

Investments

October

31,

2024

6

October

31,

2024

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Corporate

Bonds

-

(continued)

Financial

-

(continued)

Willis

North

America,

Inc.,

5.3500%, 5/15/33

$

236,000

$

237,011

Willis

North

America,

Inc.,

3.8750%, 9/15/49

125,000

94,575

12,330,043

Industrial

-

6.3%

BAE

Systems

plc,

5.2500%, 3/26/31

(144A)

200,000

203,142

Berry

Global,

Inc.,

5.8000%, 6/15/31

(144A)

302,000

306,391

Berry

Global,

Inc.,

5.6500%, 1/15/34

(144A)

157,000

156,770

Boeing

Co.

(The),

5.1500%, 5/1/30

101,000

99,681

Boeing

Co.

(The),

6.5280%, 5/1/34

(144A)

87,000

91,728

Boeing

Co.

(The),

3.8250%, 3/1/59

146,000

94,779

Boeing

Co.

(The),

7.0080%, 5/1/64

(144A)

57,000

61,355

Martin

Marietta

Materials,

Inc.,

5.1500%, 12/1/34

157,000

155,848

Martin

Marietta

Materials,

Inc.,

5.5000%, 12/1/54

157,000

153,621

Regal

Rexnord

Corp.,

6.3000%, 2/15/30

106,000

109,767

RTX

Corp.,

6.1000%, 3/15/34

98,000

104,970

SMBC

Aviation

Capital

Finance

DAC,

5.3000%, 4/3/29

(144A)

233,000

235,429

SMBC

Aviation

Capital

Finance

DAC,

5.5500%, 4/3/34

(144A)

200,000

201,009

1,974,490

Technology

-

6.7%

Accenture

Capital,

Inc.,

4.0500%, 10/4/29

47,000

45,952

Accenture

Capital,

Inc.,

4.5000%, 10/4/34

154,000

148,860

Amentum

Holdings,

Inc.,

7.2500%, 8/1/32

(144A)

59,000

61,110

Broadcom,

Inc.,

3.1870%, 11/15/36

(144A)

144,000

116,993

Broadcom,

Inc.,

4.9260%, 5/15/37

(144A)

222,000

212,890

Fiserv,

Inc.,

5.1500%, 8/12/34

204,000

202,721

Gartner,

Inc.,

3.6250%, 6/15/29

(144A)

123,000

114,804

Gartner,

Inc.,

3.7500%, 10/1/30

(144A)

396,000

364,195

Intel

Corp.,

5.2000%, 2/10/33

96,000

94,406

Intel

Corp.,

4.7500%, 3/25/50

148,000

121,111

Intel

Corp.,

3.2000%, 8/12/61

130,000

75,698

Leidos,

Inc.,

5.7500%, 3/15/33

149,000

154,360

MSCI,

Inc.,

3.6250%, 9/1/30

(144A)

#

170,000

155,762

MSCI,

Inc.,

3.8750%, 2/15/31

(144A)

171,000

157,820

VMware

LLC,

4.7000%, 5/15/30

84,000

82,512

2,109,194

Utilities

-

6.2%

Alpha

Generation

LLC,

6.7500%, 10/15/32

(144A)

235,000

238,301

Duke

Energy

Corp.,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.5880%,

6.4500%, 9/1/54

‡

90,000

91,474

Duke

Energy

Progress

LLC,

5.3500%, 3/15/53

114,000

112,064

FirstEnergy

Transmission

LLC,

4.5500%, 1/15/30

(144A)

64,000

62,833

Liberty

Utilities

Co.,

5.8690%, 1/31/34

(144A)

198,000

200,631

Lightning

Power

LLC,

7.2500%, 8/15/32

(144A)

103,000

107,155

NiSource,

Inc.,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.5270%,

6.3750%, 3/31/55

‡

149,000

148,721

NRG

Energy,

Inc.,

6.0000%, 2/1/33

(144A)

112,000

111,380

NRG

Energy,

Inc.,

6.2500%, 11/1/34

(144A)

97,000

96,898

PPL

Capital

Funding,

Inc.,

5.2500%, 9/1/34

317,000

314,483

Southern

Co.

(The),

5.7000%, 3/15/34

148,000

153,847

Xcel

Energy,

Inc.,

5.4500%, 8/15/33

315,000

317,741

1,955,528

Total

Corporate

Bonds

(cost

29,156,535)

29,062,077

Janus

Henderson

Corporate

Bond

ETF

Schedule

of

Investments

October

31,

2024

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

-

1.0%

Republic

of

Colombia,

7.7500%, 11/7/36

(cost

$313,787)

$

315,000

$

309,418

Investment

Companies

-

4.2%

Money

Market

Funds

-

4.2%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

4.8531%

£,∞

(cost

$1,327,106)

1,326,840

1,327,106

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

1.8%

Investment

Companies

-

1.4%

Janus

Henderson

Cash

Collateral

Fund

LLC,

4.7452%

£,∞

449,871

449,871

Time

Deposits

-

0.4%

Royal

Bank

of

Canada,

4.8100%,

11/1/24

112,467

112,467

Total

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

(cost

$562,338)

562,338

Total

Investments

(total

cost

$

32,546,720

)

-

103.5%

32,491,324

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(3.5%)

(1,084,947)

Net

Assets

-

100.0%

$31,406,377

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

28,748,815

88.4

%

United

Kingdom

1,486,507

4.6

Ireland

888,104

2.7

Denmark

316,296

1.0

Luxembourg

313,363

1.0

Colombia

309,418

1.0

Australia

218,473

0.7

Netherlands

210,348

0.6

Total

$

32,491,324

100.0

%

Janus

Henderson

Corporate

Bond

ETF

Schedule

of

Investments

October

31,

2024

8

October

31,

2024

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

The

following

table,

grouped

by

derivative

type,

provides

information

about

the

fair

value

and

location

of

derivatives

within

the

Statement

of

Assets

and

Liabilities

as

of

October

31,

2024.

Schedule

of

Affiliated

Investments

-

(%

of

Net

Assets)

Affiliated

Investments,

at

Value

at

10/31/23

Purchases

Sales

Proceeds

Realized

Gain/

(Loss)

Change

in

Unrealized

Appreciatio

n/

(Depreciation)

Affiliated

Investments,

at

Value

at

10/31/24

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

Shares

Held

at

10/31/24

Dividend

Income

Investment

Company

-

4.2%

Money

Market

Funds

-

4.2%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

4.8531%

∞

$

508,070

$

31,877,026

$

(31,057,991)

$

1

$

–

$

1,327,106

1,326,840

$

44,667

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

1.8%

Investment

Companies

-

1.4%

Janus

Henderson

Cash

Collateral

Fund

LLC,

4.7452%

∞

–

3,300,789

(2,850,918)

–

–

449,871

449,871

6,867

Δ

Total

Affiliated

Investments

-

5.7%

$508,070

$35,177,815

$(33,908,909)

$1

$–

$1,776,977

$51,534

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

33

12/31/24

$

6,796,195

$

(40,869)

U.S.

Treasury

5

Year

Notes

42

12/31/24

4,503,844

(93,256)

U.S.

Treasury

Long

Bonds

70

12/19/24

8,257,813

(445,051)

U.S.

Treasury

Ultra

Bonds

11

12/19/24

1,381,875

(76,363)

Total

-

Futures

Long

(655,539)

Futures

Short:

U.S.

Treasury

10

Year

Notes

23

12/19/24

(2,540,781)

60,704

U.S.

Treasury

10

Year

Ultra

Bonds

123

12/19/24

(13,991,250)

498,901

Total

-

Futures

Short

559,605

Total

$(95,934)

Janus

Henderson

Corporate

Bond

ETF

Schedule

of

Investments

October

31,

2024

Janus

Detroit

Street

Trust

9

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

The

following

tables

provide

information

about

the

effect

of

derivatives

and

hedging

activities

on

the

Fund’s

Statement

of

Operations

for

the year

ended

October

31,

2024.

Please

see

the

“Net

realized

and

change

in

unrealized

gain/(loss)

on

investments”

sections

of

the

Fund’s

Statement

of

Operations.

Fair

Value

of

Derivative

Instruments

(not

accounted

for

as

hedging

instruments)

as

of

October

31,

2024

Interest

Rate

Contracts

Total

Asset

Derivatives:

*

Futures

contracts

$559,605

$559,605

Total

Asset

Derivatives

$559,605

$559,605

Liability

Derivatives:

*

Futures

contracts

655,539

655,539

Total

Liability

Derivatives

$655,539

$655,539

*

The

fair

value

presented

includes

net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts

and

centrally

cleared

swaps.

In

the

Statement

of

Assets

and

Liabilities,

only

current

day's

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

total

distributable

earnings

(loss).

The

Effect

of

Derivative

Instruments

(not

accounted

for

as

hedging

instruments)

on

the

Statement

of

Operations

for

the

Year

Ended

October

31,

2024

Amount

of

Realized

Gain/(Loss)

Recognized

on

Derivatives

Derivative

Credit

Contracts

Interest

Rate

Contracts

Total

Futures

contracts

$—

$17,488

$17,488

Swap

contracts

(3,781)

—

(3,781)

Purchased

swaption

contracts

(11,744)

—

(11,744)

Written

swaption

contracts

3,839

—

3,839

Total

$(11,686)

$17,488

$5,802

Amount

of

Change

in

Unrealized

Appreciation/(Depreciation)

Recognized

on

Derivatives

Derivative

Interest

Rate

Contracts

Total

Futures

contracts

$(11,064)

$(11,064)

Average

Ending

Monthly

Value

of

Derivative

Instruments

During

the

Year

Ended

October

31,

2024

Futures

contracts:

Average

notional

amount

of

contracts

-

long

$15,798,585

Average

notional

amount

of

contracts

-

short

12,632,967

Swaptions:

Average

value

of

swaption

contracts

purchased

2,335

Average

value

of

swaption

contracts

written

691

Janus

Henderson

Corporate

Bond

ETF

Schedule

of

Investments

October

31,

2024

10

October

31,

2024

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

$

550,931

$

—

$

(550,931)

$

—

(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

October

31,

2024

Janus

Detroit

Street

Trust

11

CME

Chicago

Mercantile

Exchange

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

October

31,

2024.

∞

Rate

shown

is

the

7-day

yield

as

of

October

31,

2024.

£

The

Fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

Investment

Company

Act

of

1940,

as

amended,

an

affiliated

company

is

one

in

which

the

Fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

which

is

under

common

ownership

or

control.

Δ

Net

of

income

paid

to

the

securities

lending

agent

and

rebates

paid

to

the

borrowing

counterparties.

Ç

Step

bond.

The

coupon

rate

will

increase

or

decrease

periodically

based

upon

a

predetermined

schedule.

The

rate

shown

reflects

the

current

rate.

‡

The

interest

rate

on

floating

rate

notes

is

based

on

an

index

or

market

interest

rates

and

is

subject

to

change.

Rate

in

the

security

description

is

as

of

October

31,

2024.

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

year

ended

October

31,

2024

is

$9,260,332

which

represents

29.5%

of

net

assets.

Janus

Henderson

Corporate

Bond

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

October

31,

2024

12

October

31,

2024

The

following

is

a

summary

of

the

inputs

that

were

used

to

value

the

Fund's

investments

in

securities

and

other

financial

instruments

as

of

October

31,

2024

.

See

Notes

to

Financial

Statements

for

more

information.

Valuation

Inputs

Summary

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Total

Assets

Investments

in

Securities:

Asset-Backed

Securities

$

—

$

711,592

$

—

$

711,592

Bank

Loans

—

518,793

—

518,793

Corporate

Bonds

—

29,062,077

—

29,062,077

Foreign

Government

Bonds

—

309,418

—

309,418

Investment

Companies

—

1,327,106

—

1,327,106

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

—

562,338

—

562,338

Total

Investments

in

Securities

$

—

$

32,491,324

$

—

$

32,491,324

Other

Financial

Instruments

(a)

:

Futures

Contracts

$

559,605

$

—

$

—

$

559,605

Total

Assets

$

559,605

$

32,491,324

$

—

$

33,050,929

Liabilities

Other

Financial

Instruments

(a)

:

Futures

Contracts

$

655,539

$

—

$

—

$

655,539

Total

Liabilities

$

655,539

$

—

$

—

$

655,539

(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

October

31,

2024

Janus

Detroit

Street

Trust

13

See

Notes

to

Financial

Statements.

Assets:

Unaffiliated

investments,

at

value

(cost

$30,769,743)

(1)

$

30,714,347

Affiliated

investments,

at

value

(cost

$1,776,977)

1,776,977

Cash

3,061

Due

from

broker

for

futures

210,000

Receivable

for

variation

margin

on

futures

contracts

14,309

Receivables:

Investments

sold

377,943

Interest

361,631

Total

Assets

33,458,268

Liabilities:

Collateral

on

securities

loaned

(Note

3)

562,338

Payables:

Investments

purchased

1,480,150

Management

fees

9,403

Total

Liabilities

2,051,891

Commitments

and

contingent

liabilities

Net

Assets

$

31,406,377

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

38,805,619

Total

distributable

earnings

(loss)

(

7,399,242

)

Total

Net

Assets

$

31,406,377

Net

Assets

$

31,406,377

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

750,001

Net

Asset

Value

Per

Share

$

41

.88

(1)

Includes

$550,931

of

securities

on

loan.

See

Note

3

in

Notes

to

Financial

Statements.

Janus

Henderson

Corporate

Bond

ETF

Statement

of

Operations

For

the

year

ended

October

31,

2024

14

October

31,

2024

See

Notes

to

Financial

Statements.

Investment

Income:

Interest

$

1,592,623

Dividends

from

affiliates

44,667

Affiliated

securities

lending

income,

net    

6,867

Unaffiliated

securities

lending

income,

net

1,749

Total

Investment

Income

1,645,906

Expenses:

Management

Fees

108,716

Total

Expenses

108,716

Net

Investment

Income/(Loss)

1,537,190

Net

Realized

Gain/(Loss)

on

Investments:

Investments

$

(

1,410,239

)

Investments

in

affiliates

1

Futures

contracts

17,488

Swap

contracts

(

3,781

)

Purchased

swaption

contracts

(

11,744

)

Written

swaption

contracts

3,839

Total

Net

Realized

Gain/(Loss)

on

Investments

$

(

1,404,436

)

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

4,227,535

Futures

contracts

(

11,064

)

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

4,216,471

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

4,349,225

Janus

Henderson

Corporate

Bond

ETF

Statements

of

Changes

in

Net

Assets

Janus

Detroit

Street

Trust

15

See

Notes

to

Financial

Statements.

Year

Ended

October

31,

2024

Year

Ended

October

31,

2023

Operations:

Net

investment

income/(loss)

$

1,537,190

$

1,180,236

Net

realized

gain/(loss)

on

investments

(

1,404,436

)

(

2,312,698

)

Change

in

unrealized

net

appreciation/depreciation

4,216,471

1,576,870

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

4,349,225

444,408

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(

1,521,574

)

(

1,150,151

)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(

1,521,574

)

(

1,150,151

)

Net

Increase/(Decrease)

in

Net

Assets

2,827,651

(

705,743

)

Net

Assets:

—

—

Beginning

of

Year  

28,578,726

29,284,469

End

of

Year

$

31,406,377

$

28,578,726

Janus

Henderson

Corporate

Bond

ETF

Financial

Highlights

16

October

31,

2024

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

each

year

or

period

ended

October

31

2024

2023

2022

2021

(1)

Net

Asset

Value,

Beginning

of

Period

$38.10

$39.05

$49.56

$50.00

Income/(Loss)

from

Investment

Operations:

—

—

—

—

Net

investment

income/(loss)

(2)

2.05

1.57

1.02

0.13

Net

realized

and

unrealized

gain/(loss)

3.76

(0.99)

(10.33)

(0.57)

Total

from

Investment

Operations

5.81

0.58

(9.31)

(0.44)

Less

Dividends

and

Distributions:

—

—

—

—

Dividends

(from

net

investment

income)

(2.03)

(1.53)

(1.09)

—

Distributions

(from

capital

gains)

—

—

(0.11)

—

Total

Dividends

and

Distributions

(2.03)

(1.53)

(1.20)

—

Net

Asset

Value,

End

of

Period

$41.88

$38.10

$39.05

$49.56

Total

Return

*

15.45%

1.33%

(19.08)%

(0.88)%

Net

assets,

End

of

Period

(in

thousands)

$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%

Ratio

of

Net

Investment

Income/(Loss)

4.95%

3.88%

2.28%

1.81%

Portfolio

Turnover

Rate

(3)

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)

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

Janus

Detroit

Street

Trust

17

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 twelve

Funds

each

of

which

represent

shares

of

beneficial

interest

in

a

separate

portfolio

of

securities

and

other

assets

with

its

own

objective

and

policies.

The

Fund

seeks

total

return

consisting

of

income

and

capital

appreciation. 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

in

good

faith

by

the

Adviser

pursuant

to

the

Valuation

Procedures. Circumstances

in

which

fair

valuation

may

be

utilized

Janus

Henderson

Corporate

Bond

ETF

Notes

to

Financial

Statements

18

October

31,

2024

include,

but

are

not

limited

to:

(i)

a

significant

event

that

may

affect

the

securities

of

a

single

issuer,

such

as

a

merger,

bankruptcy,

or

significant

issuer-specific

development;

(ii)

an

event

that

may

affect

an

entire

market,

such

as

a

natural

disaster

or

significant

governmental

action;

(iii)

a

nonsignificant

event

such

as

a

market

closing

early

or

not

opening,

or

a

security

trading

halt;

and

(iv)

pricing

of

a

non-valued

security

and

a

restricted

or

nonpublic

security.

Special

valuation

considerations

may

apply

with

respect

to

“odd-lot”

fixed-income

transactions

which,

due

to

their

small

size,

may

receive

evaluated

prices

by

pricing

services

which

reflect

a

large

block

trade

and

not

what

actually

could

be

obtained

for

the

odd-

lot

position.

The

value

of

the

securities

of

mutual

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

mutual

funds,

and

the

prospectuses

for

such

mutual

funds

explain

the

circumstances

under

which

they

use

fair

valuation

and

the

effects

of

using

fair

valuation.

The

value

of

the

securities

of

any

cash

management

pooled

investment

vehicles

that

operate

as

money

market

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

funds.

Valuation

Inputs

Summary 

FASB

ASC

820,

Fair

Value

Measurements

and

Disclosures

(“ASC

820”),

defines

fair

value,

establishes

a

framework

for

measuring

fair

value,

and

expands

disclosure

requirements

regarding

fair

value

measurements.

This

standard

emphasizes

that

fair

value

is

a

market-based

measurement

that

should

be

determined

based

on

the

assumptions

that

market

participants

would

use

in

pricing

an

asset

or

liability

and

establishes

a

hierarchy

that

prioritizes

inputs

to

valuation

techniques

used

to

measure

fair

value.

These

inputs

are

summarized

into

three

broad

levels: 

Level

1

–

Unadjusted

quoted

prices

in

active

markets

the

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities.

Level

2

–

Observable

inputs

other

than

unadjusted

quoted

prices

included

in

Level

1

that

are

observable

for

the

asset

or

liability

either

directly

or

indirectly.

These

inputs

may

include

quoted

prices

for

the

identical

instrument

on

an

inactive

market,

prices

for

similar

instruments,

interest

rates,

prepayment

speeds,

credit

risk,

yield

curves,

default

rates

and

similar

data.

Assets

or

liabilities

categorized

as

Level

2

in

the

hierarchy

generally

include:

debt

securities

fair

valued

in

accordance

with

the

evaluated

bid

or

ask

prices

supplied

by

a

pricing

service;

securities

traded

on

OTC

markets

and

listed

securities

for

which

no

sales

are

reported

that

are

fair

valued

at

the

latest

bid

price

(or

yield

equivalent

thereof)

obtained

from

one

or

more

dealers

transacting

in

a

market

for

such

securities

or

by

a

pricing

service

approved

by

the

Fund’s

Trustees;

and

certain

short-term

debt

securities

with

maturities

of

60

days

or

less

that

are

fair

valued

at

amortized

cost.

Other

securities

that

may

be

categorized

as

Level

2

in

the

hierarchy

include,

but

are

not

limited

to,

preferred

stocks,

bank

loans,

swaps,

investments

in

unregistered

investment

companies,

options,

and

forward

contracts.

Level

3

–

Unobservable

inputs

for

the

asset

or

liability

to

the

extent

that

relevant

observable

inputs

are

not

available,

representing

the

Fund’s

own

assumptions

about

the

assumptions

that

a

market

participant

would

use

in

valuing

the

asset

or

liability,

and

that

would

be

based

on

the

best

information

available.

There

have

been

no

significant

changes

in

valuation

techniques

used

in

valuing

any

such

positions

held

by

the

Fund

since

the

beginning

of

the

fiscal

year. 

The

inputs

or

methodology

used

for

fair

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

The

summary

of

inputs

used

as

of

October

31,

2024 to

fair

value

the

Fund’s

investments

in

securities

and

other

financial

instruments

is

included

in

the

“Valuation

Inputs

Summary”

in

the

Notes

to

Schedule

of

Investments

and

Other

Information.

Investment

Transactions

and

Investment

Income

Investment

transactions

are

accounted

for

as

of

the

date

purchased

or

sold

(trade

date).

Dividend

income

is

recorded

on

the

ex-dividend

date.

Certain

dividends

from

foreign

securities

will

be

recorded

as

soon

as

the

Fund

is

informed

of

the

dividend,

if

such

information

is

obtained

subsequent

to

the

ex-dividend

date.

Dividends

from

foreign

securities

may

be

subject

to

withholding

taxes

in

foreign

jurisdictions.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value.

Interest

income

is

recorded

daily

on

an

accrual

basis

and

includes

amortization

of

premiums

and

accretion

of

discounts.

The

Fund

classifies

gains

and

losses

on

prepayments

received

as

an

adjustment

to

interest

income.

Debt

securities

may

be

placed

in

non-accrual

status

and

related

interest

income

may

be

reduced

by

stopping

current

accruals

Janus

Henderson

Corporate

Bond

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

19

and

writing

off

interest

receivables

when

collection

of

all

or

a

portion

of

interest

has

become

doubtful.

Gains

and

losses

are

determined

on

the

identified

cost

basis,

which

is

the

same

basis

used

for

federal

income

tax

purposes.  

Estimates

The

preparation

of

financial

statements

in

conformity

with

US

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amount

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates. 

Indemnifications

In

the

normal

course

of

business,

the

Fund

may

enter

into

contracts

that

contain

provisions

for

indemnification

of

other

parties

against

certain

potential

liabilities.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

and

would

involve

future

claims

that

may

be

made

against

the

Fund

that

have

not

yet

occurred.

Currently,

the

risk

of

material

loss

from

such

claims

is

considered

remote. 

Dividends

and

Distributions

Dividends

from

net

investment

income

are

generally

declared

and

distributed

monthly.

Net

realized

capital

gains

(if

any)

are

distributed

annually.

The

Fund

may

treat

a

portion

of

the

amount

paid

to

redeem

shares

as

a

distribution

of

investment

company

taxable

income

and

realized

capital

gains

that

are

reflected

in

the

NAV.

This

practice,

commonly

referred

to

as

“equalization,”

has

no

effect

on

the

redeeming

shareholder

or

a

Fund’s

total

return

but

may

reduce

the

amounts

that

would

otherwise

be

required

to

be

paid

as

taxable

dividends

to

the

remaining

shareholders.

It

is

possible

that

the

Internal

Revenue

Service

(IRS)

could

challenge

the

Fund’s

equalization

methodology

or

calculations,

and

any

such

challenge

could

result

in

additional

tax,

interest,

or

penalties

to

be

paid

by

the

Fund. 

Federal

Income

Taxes

The

Fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

and

distribute

all

of

its

taxable

income

in

accordance

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code.

Management

has

analyzed

the

Fund’s

tax

positions

taken

for

all

open

federal

income

tax

years,

generally

a

three-year

period,

and

has

concluded

that

no

provision

for

federal

income

tax

is

required

in

the

Fund’s

financial

statements.

The

Fund

is

not

aware

of

any

tax

positions

for

which

it

is

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

benefits

will

significantly

change

in

the

next

twelve

months. 

2.

Derivative

Instruments 

The

Fund

may

invest

in

various

types

of

derivatives.

A

derivative

is

a

financial

instrument

whose

performance

is

derived

from

the

performance

of

another

asset.

The

Fund

may

invest

in

derivative

instruments

including,

but

not

limited

to

futures,

options,

and

swaps.

Each

derivative

instrument

that

was

held

by

the

Fund

during

the

year

ended October

31,

2024 is

discussed

in

further

detail

below.

A

summary

of

derivative

activity

by

the

Fund

is

reflected

in

the

tables

at

the

end

of

the

Schedule

of

Investments.

The

Fund

may

use

derivatives

only

to

manage

or

hedge

portfolio

risk,

including

interest

rate

risk,

or

to

manage

duration.

The

Fund’s

exposure

to

derivatives

will

vary.

The

Fund

may

also

enter

into

short

positions

for

hedging

purposes.

The

Fund’s

use

of

derivative

instruments

involves

risks

different

from,

or

possibly

greater

than,

the

risks

associated

with

investing

directly

in

securities

and

other

traditional

investments.

Derivatives

are

subject

to

a

number

of

risks

including

liquidity

risk,

market

risk,

credit

risk,

default

risk,

counterparty

risk

and

management

risk.

They

also

involve

the

risk

of

mispricing

or

improper

valuation

and

the

risk

that

changes

in

the

value

of

the

derivative

may

not

correlate

exactly

with

the

change

in

the

value

of

the

underlying

asset,

rate

or

index.

Also,

suitable

derivative

transactions

may

not

be

available

in

all

circumstances

and

there

can

be

no

assurance

that

the

Fund

will

engage

in

these

transactions

to

reduce

exposure

to

other

risks

when

that

would

be

beneficial.

While

use

of

derivatives

to

hedge

can

reduce

or

eliminate

losses,

it

can

also

reduce

or

eliminate

gains

or

cause

losses

if

the

market

moves

in

a

manner

different

from

that

anticipated

by the

Adviser or

if

the

cost

of

the

derivative

outweighs

the

benefit

of

the

hedge.

The

Fund’s

ability

to

use

derivatives

may

also

be

limited

by

certain

regulatory

and

tax

considerations. 

In

pursuit

of

its

investment

objective,

the

Fund

may

seek

to

use

derivatives

to

increase

or

decrease

exposure

to

the

following

market

risk

factors: 

Janus

Henderson

Corporate

Bond

ETF

Notes

to

Financial

Statements

20

October

31,

2024

Counterparty

Risk

 -

the

risk

that

the

counterparty

(the

party

on

the

other

side

of

the

transaction)

on

a

derivative

transaction

will

be

unable

to

honor

its

financial

obligation

to

the

Fund. 

Credit

Risk

-

the

risk

an

issuer

will

be

unable

to

make

principal

and

interest

payments

when

due

or

will

default

on

its

obligations. 

Currency

Risk

-

the

risk

that

changes

in

the

exchange

rate

between

currencies

will

adversely

affect

the

value

(in

U.S.

dollar

terms)

of

an

investment. 

Index

Risk

-

if

the

derivative

is

linked

to

the

performance

of

an

index,

it

will

be

subject

to

the

risks

associated

with

changes

in

that

index.

If

the

index

changes,

the

Fund

could

receive

lower

interest

payments

or

experience

a

reduction

in

the

value

of

the

derivative

to

below

what

the

Fund

paid.

Certain

indexed

securities,

including

inverse

securities

(which

move

in

an

opposite

direction

to

the

index),

may

create

leverage,

to

the

extent

that

they

increase

or

decrease

in

value

at

a

rate

that

is

a

multiple

of

the

changes

in

the

applicable

index. 

Interest

Rate

Risk

-

the

risk

that

the

value

of

fixed-income

securities

will

generally

decline

as

prevailing

interest

rates

rise,

which

may

cause

the

Fund's

NAV

to

likewise

decrease. 

Leverage

Risk

-

the

risk

associated

with

certain

types

of

leveraged

investments

or

trading

strategies

pursuant

to

which

relatively

small

market

movements

may

result

in

large

changes

in

the

value

of

an

investment.

The

Fund

creates

leverage

by

investing

in

instruments,

including

derivatives,

where

the

investment

loss

can

exceed

the

original

amount

invested.

Certain

investments

or

trading

strategies,

such

as

short

sales,

that

involve

leverage

can

result

in

losses

that

greatly

exceed

the

amount

originally

invested. 

Liquidity

Risk

-

the

risk

that

certain

securities

may

be

difficult

or

impossible

to

sell

at

the

time

that

the

seller

would

like

or

at

the

price

that

the

seller

believes

the

security

is

currently

worth. 

Derivatives

may

generally

be

traded

OTC

or

on

an

exchange.

Derivatives

traded

OTC

are

agreements

that

are

individually

negotiated

between

parties

and

can

be

tailored

to

meet

a

purchaser's

needs.

OTC

derivatives

are

not

guaranteed

by

a

clearing

agency

and

may

be

subject

to

increased

credit

risk. 

In

an

effort

to

mitigate

credit

risk

associated

with

derivatives

traded

OTC,

the

Fund

may

enter

into

collateral

agreements

with

certain

counterparties

whereby,

subject

to

certain

minimum

exposure

requirements,

the

Fund

may

require

the

counterparty

to

post

collateral

if

the

Fund

has

a

net

aggregate

unrealized

gain

on

all

OTC

derivative

contracts

with

a

particular

counterparty.

Additionally,

the

Fund

may

deposit

cash

and/or

treasuries

as

collateral

with

the

counterparty

and/

or

custodian

daily

(based

on

the

daily

valuation

of

the

financial

asset)

if

the

Fund

has

a

net

aggregate

unrealized

loss

on

OTC

derivative

contracts

with

a

particular

counterparty.

All

liquid

securities

and

restricted

cash

are

considered

to

cover

in

an

amount

at

all

times

equal

to

or

greater

than

the

Fund’s

commitment

with

respect

to

certain

exchange-

traded

derivatives,

centrally

cleared

derivatives,

short

sales,

and/or

securities

with

extended

settlement

dates.

There

is

no

guarantee

that

counterparty

exposure

is

reduced

and

these

arrangements

are

dependent

on

the

Adviser's

ability

to

establish

and

maintain

appropriate

systems

and

trading.

Futures

Contracts 

A

futures

contract

is

an

exchange-traded

agreement

to

take

or

make

delivery

of

an

underlying

asset

at

a

specific

time

in

the

future

for

a

specific

predetermined

negotiated

price.

The

Fund

may

enter

into

futures

contracts

to

hedge

or

protect

itself

from

fluctuations

or

other

adverse

movement

in

the

value

of

individual

securities,

the

securities

markets

generally,

or

interest

rate

fluctuations,

without

actually

buying

or

selling

the

underlying

debt

security.

The

Fund

is

subject

to

interest

rate

risk

and

equity

risk

in

the

normal

course

of

pursuing

its

investment

objective

through

its

investments

in

futures

contracts.

The

use

of

futures

contracts

may

involve

risks

such

as

the

possibility

of

illiquid

markets

or

imperfect

correlation

between

the

values

of

the

contracts

and

the

underlying

securities,

or

that

the

counterparty

will

fail

to

perform

its

obligations.

Futures

contracts

are

valued

at

the

settlement

price

on

valuation

date

as

reported

by

an

approved

vendor.

Mini

contracts,

as

defined

in

the

description

of

the

contract,

shall

be

valued

using

the

Actual

Settlement

Price

or

“ASET”

price

type

as

reported

by

an

approved

vendor.

Futures

contracts

are

marked-to-market

daily,

and

the

daily

variation

margin

is

recorded

as

a

receivable

or

payable

on

the

Statement

of

Assets

and

Liabilities

(if

applicable).

The

change

in

unrealized

net

appreciation/depreciation

is

reported

on

the

Statement

of

Operations

(if

applicable).

When

a

contract

is

closed,

a

realized

Janus

Henderson

Corporate

Bond

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

21

gain

or

loss

is

reported

on

the

Statement

of

Operations

(if

applicable),

equal

to

the

difference

between

the

opening

and

closing

value

of

the

contract.

With

futures,

there

is

minimal

counterparty

credit

risk

to

the

Fund

since

futures

are

exchange-traded

and

the

exchange's

clearinghouse,

as

counterparty

to

all

exchange-traded

futures,

guarantees

the

futures

against

default. 

Securities

held

by

the

Fund

that

are

designated

as

collateral

for

market

value

on

futures

contracts

are

noted

on

the

Schedule

of

Investments

(if

applicable).

Such

collateral

is

in

the

possession

of

the

Fund's

futures

option

merchant. 

During

the

year,

the

Fund

purchased

interest

rate

futures

to

increase

exposure

to

interest

rate

risk.

During

the

year,

the

Fund

sold

interest

rate

futures

to

decrease

exposure

to

interest

rate

risk.

Options

on

Swap

Contracts

(Swaptions

) 

The

Fund

may

purchase

or

write

covered

and

uncovered

put

and

call

options

on

swap

contracts,

commonly

referred

to

as

“swaptions”.

Swaption

contracts

grant

the

purchaser

the

right,

but

not

the

obligation,

to

enter

into

a

swap

transaction

at

preset

terms

detailed

in

the

underlying

agreement

within

a

specified

period

of

time.

Swaptions

can

be

used

for

a

variety

of

purposes,

including

to

manage

the

Fund’s

overall

exposure

to

changes

in

interest

or

foreign

currency

exchange

rates

and

credit

quality;

as

an

efficient

means

of

adjusting

the

Fund’s

exposure

to

certain

markets;

in

an

effort

to

enhance

income

or

total

return

or

protect

the

value

of

portfolio

securities;

to

serve

as

a

cash

management

tool;

and

to

adjust

portfolio

duration

or

credit

risk.

Because

the

use

of

swaptions

generally

does

not

involve

the

delivery

of

securities

or

other

underlying

assets

or

principal,

the

risk

of

loss

with

respect

to

swaptions

generally

is

limited

to

the

net

amount

of

payments

that

the

Fund

is

contractually

obligated

to

make.

There

is

also

a

risk

of

a

default

by

the

other

party

to

a

swaption,

in

which

case

the

Fund

may

not

receive

the

net

amount

of

payments

that

it

contractually

is

entitled

to

receive.

Entering

into

a

swaption

contract

involves,

to

varying

degrees,

the

elements

of

credit,

market,

and

interest

rate

risk,

associated

with

both

option

contracts

and

swap

contracts.

Interest

rate

written

receiver

swaptions,

if

exercised

by

the

purchaser,

allow

the

Fund

to

short

interest

rates

by

entering

into

a

pay

fixed/receive

float

interest

rate

swap.

Selling

the

interest

rate

receiver

option

reduces

the

exposure

to

interest

rates

and

the

short

position

becomes

more

valuable

to

the

Fund

as

interest

rates

rise

and/or

implied

interest

rate

volatility

decreases.

Interest

rate

written

payer

swaptions,

if

exercised

by

the

purchaser,

allow

the

Fund

to

take

a

long

position

on

interest

rates

by

entering

into

a

receive

fixed/pay

float

interest

rate

swap.

Selling

the

interest

rate

payer

option

increases

the

exposure

to

interest

rates

and

the

short

position

becomes

more

valuable

to

the

Fund

as

interest

rates

fall

and/or

implied

interest

rate

volatility

decreases.

Credit

default

written

receiver

swaptions,

if

exercised

by

the

purchaser,

allow

the

Fund

to

buy

credit

protection

through

credit

default

swaps.

Selling

the

credit

default

receiver

option

reduces

the

exposure

to

the

credit

risk

of

the

individual

issuers

and/or

indices

of

issuers

and

the

short

position

becomes

more

valuable

to

the

Fund

as

the

likelihood

of

a

credit

event

on

the

reference

asset(s)

increases.

Credit

default

written

payer

swaptions,

if

exercised

by

the

purchaser,

allow

the

Fund

to

sell

credit

protection

through

credit

default

swaps.

Selling

the

credit

default

payer

option

increases

the

exposure

to

the

credit

risk

of

the

individual

issuers

and/or

indices

of

issuers

and

the

short

position

becomes

more

valuable

to

the

Fund

as

the

likelihood

of

a

credit

event

on

the

reference

asset(s)

decreases.

Swaptions

purchased

are

reported

in

the

Schedule

of

Investments

(if

applicable).

Swaptions

written

are

reported

as

a

liability

on

the

Statement

of

Assets

and

Liabilities

as

“Swaptions

written,

at

value”

(if

applicable).

During

the

year

ended,

the

Fund

purchased

credit

default

payer

swaptions

(put)

and

bought

protection

via

the

credit

default

swap

market

in

order

to

reduce

credit

risk

exposure

to

individual

corporates,

countries

and/or

credit

indices.

There

were

no

purchased

swaptions

held

at

October

31,

2024.

During

the

year

ended,

the

Fund

sold

credit

default

payer

swaptions

(put)

in

order

to

gain

credit

market

volatility

exposure

and

to

gain

credit

exposure.

There

were

no

written

swaptions

held

at

October

31,

2024.

Janus

Henderson

Corporate

Bond

ETF

Notes

to

Financial

Statements

22

October

31,

2024

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

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

Janus

Henderson

Corporate

Bond

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

23

any

deliverable

obligation

received

by

the

Fund,

coupled

with

the

upfront

or

periodic

payments

previously

received,

may

be

less

than

what

it

pays

to

the

buyer,

resulting

in

a

loss

of

value

to

the

Fund.

If

the

Fund

is

the

seller

of

credit

protection

against

a

particular

security,

the

Fund

would

receive

an

up-front

or

periodic

payment

to

compensate

against

potential

credit

events.

As

the

seller

in

a

credit

default

swap

contract,

the

Fund

would

be

required

to

pay

the

par

value

(the

“notional

value”)

(or

other

agreed-upon

value)

of

a

referenced

debt

obligation

to

the

counterparty

in

the

event

of

a

default

by

a

third

party,

such

as

a

U.S.

or

foreign

corporate

issuer,

on

the

debt

obligation.

In

return,

the

Fund

would

receive

from

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract

provided

that

no

event

of

default

has

occurred.

If

no

default

occurs,

the

Fund

would

keep

the

stream

of

payments

and

would

have

no

payment

obligations.

As

the

seller,

the

Fund

would

effectively

add

leverage

to

its

portfolio

because,

in

addition

to

its

total

net

assets,

the

Fund

would

be

subject

to

investment

exposure

on

the

notional

value

of

the

swap.

The

maximum

potential

amount

of

future

payments

(undiscounted)

that

the

Fund

as

a

seller

could

be

required

to

make

in

a

credit

default

transaction

would

be

the

notional

amount

of

the

agreement.

As

a

buyer

of

credit

protection,

the

Fund

is

entitled

to

receive

the

par

(or

other

agreed-upon)

value

of

a

referenced

debt

obligation

from

the

counterparty

to

the

contract

in

the

event

of

a

default

or

other

credit

event

by

a

third

party,

such

as

a

U.S.

or

foreign

issuer,

on

the

debt

obligation.

In

return,

the

Fund

as

buyer

would

pay

to

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract

provided

that

no

credit

event

has

occurred.

If

no

credit

event

occurs,

the

Fund

would

have

spent

the

stream

of

payments

and

potentially

received

no

benefit

from

the

contract.

During

the

year,

the

Fund

purchased

protection

via

the

credit

default

swap

market

in

order

to

reduce

credit

risk

exposure

to

individual

corporates,

countries

and/or

credit

indices

where

gaining

this

exposure

via

the

cash

bond

market

was

less

attractive. 

During

the

year,

the

Fund

sold

protection

via

the

credit

default

swap

market

in

order

to

gain

credit

risk

exposure

to

individual

corporates,

countries

and/or

credit

indices

where

gaining

this

exposure

via

the

cash

bond

market

was

less

attractive.

There

were

no

credit

default

swaps

held

as

of

October

31,

2024.

3.

Other

Investments

and

Strategies 

Market Risk 

The

value

of

the

Fund’s

portfolio

may

decrease

if

the

value

of

one

or

more

issuers

in

the

Fund’s

portfolio

decreases.

Further,

regardless

of

how

well

individual

companies

or

securities

perform,

the

value

of

the

Fund’s

portfolio

could

also

decrease

if

there

are

deteriorating

economic

or

market

conditions,

including,

but

not

limited

to,

a

general

decline

in

prices

on

the

stock

markets,

a

general

decline

in

real

estate

markets,

a

decline

in

commodities

prices,

or

if

the

market

favors

different

types

of

securities

than

the

types

of

securities

in

which

the

Fund

invests.

If

the

value

of

the

Fund’s

portfolio

decreases,

the

Fund’s

NAV

will

also

decrease,

which

means

if

you

sell

your

shares

in

the

Fund

you

may

lose

money.

Market

risk

may

affect

a

single

issuer,

industry,

economic

sector,

or

the

market

as

a

whole.

The

increasing

interconnectivity

between

global

economies

and

financial

markets

increases

the

likelihood

that

events

or

conditions

in

one

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

Social,

political,

economic

and

other

conditions

and

events,

such

as

natural

disasters,

health

emergencies

(e.g.,

epidemics

and

pandemics),

terrorism,

conflicts,

including

related

sanctions,

and

social

unrest,

could

reduce

consumer

demand

or

economic

output,

result

in

market

closures,

travel

restrictions

and/or

quarantines,

and

generally

have

a

significant

impact

on

the

global

economies

and

financial

markets. 

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.

Janus

Henderson

Corporate

Bond

ETF

Notes

to

Financial

Statements

24

October

31,

2024

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-

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

Janus

Henderson

Corporate

Bond

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

25

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. 

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

Janus

Henderson

Corporate

Bond

ETF

Notes

to

Financial

Statements

26

October

31,

2024

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

October

31,

2024"

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

Janus

Henderson

Corporate

Bond

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

27

Fund

LLC

and

therefore

may

have

an

incentive

to

allocate

collateral

to

the

Janus

Henderson

Cash

Collateral

Fund

LLC,

rather

than

to

other

collateral

management

options

for

which the

Adviser does

not

receive

compensation. 

The

value

of

the

collateral

must

be

at

least

102%

of

the

market

value

of

the

loaned

securities

that

are

denominated

in

U.S.

dollars

and

105%

of

the

market

value

of

the

loaned

securities

that

are

not

denominated

in

U.S.

dollars.

Loaned

securities

and

related

collateral

are

marked-to-market

each

business

day

based

upon

the

market

value

of

the

loaned

securities

at

the

close

of

business,

employing

the

most

recent

available

pricing

information.

Collateral

levels

are

then

adjusted

based

on

this

mark-to-market

evaluation. 

Additional

required

collateral,

or

excess

collateral

returned,

is

delivered

on

the

next

business

day. 

Therefore,

the

value

of

the

collateral

held

may

be

temporarily

less

than

102%

or

105%

value

of

the

securities

on

loan.

The

cash

collateral

invested

by

the

Adviser is

disclosed

in

the

Schedule

of

Investments

(if

applicable).

Income

earned

from

the

investment

of

the

cash

collateral,

net

of

rebates

paid

to,

or

fees

paid

by,

borrowers

and

less

the

fees

paid

to

the

lending

agent

are

included

as

“Affiliated

securities

lending

income,

net”

on

the

Statement

of

Operations.

As

of

October

31,

2024,

securities

lending

transactions

accounted

for

as

secured

borrowings

with

an

overnight

and

continuous

contractual

maturity

are

$550,931

for

equity

securities.

Gross

amounts

of

recognized

liabilities

for

securities

lending

(collateral

received)

as

of

October

31,

2024 is $562,338,

resulting

in

the

net

amount

due

to

the

counterparty

of

$11,407.

Loans

The

Fund

may

invest

in

various

commercial

loans,

including

bank

loans,

bridge

loans,

debtor-in-possession

(“DIP”)

loans,

mezzanine

loans,

and

other

fixed

and

floating

rate

loans.

These

loans

may

be

acquired

through

loan

participations

and

assignments

or

on

a

when-issued

basis.

Below

are

descriptions

of

the

types

of

loans

held

by

the

Fund

as of

 October

31,

2024. 

 •

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

Janus

Henderson

Corporate

Bond

ETF

Notes

to

Financial

Statements

28

October

31,

2024

commissions,

interest,

dividends,

taxes,

litigation

expenses,

acquired

fund

fees

and

expenses

(if

any),

and

extraordinary

expenses.

The

Fund’s

unitary

management

fee

provides

for

reductions

in

the

fee

rate

as

the

Fund’s

assets

grow.

As

of

the

date

of

this

report,

the

Fund’s

management

fee

was

calculated

daily

and

paid

monthly

according

to

the

following

schedule: 

For

the

year ended

October

31,

2024,

the

Fund’s

actual

management

fee

rate

(expressed

as

an

annual

rate)

was

0.35% of

the

Fund’s

average

daily

net

assets.

J.P.

Morgan

Chase

Bank,

N.A.

(“JP

Morgan")

provides

certain

fund

administration

services

to

the

Fund,

including

services

related

to

the

Fund’s

accounting,

including

calculating

the

daily

NAV,

audit

coordination,

tax,

and

reporting

obligations,

pursuant

to

an

agreement

with

the

Adviser,

on

behalf

of

the

Fund.

As

compensation

for

such

services, the

Adviser pays

JP

Morgan

a

fee

based

on

a

percentage

of

the

Fund’s

assets,

with

a

minimum

flat

fee,

for

certain

services. The

Adviser serves

as

administrator

to

the

Fund,

providing

oversight

and

coordination

of

the

Fund’s

service

providers,

recordkeeping

and

other

administrative

services. The

Adviser does

not

receive

any

additional

compensation,

beyond

the

unitary

fee,

for

serving

as

administrator.

JP

Morgan

also

serves

as

transfer

agent

for

the

shares

of

the

Fund.

Pursuant

to

agreements

with

the

Adviser on

behalf

of

the

Fund,

J.P.

Morgan

Securities

LLC,

an

affiliate

of

JP

Morgan,

may

execute

portfolio

transactions

for

the

Fund,

including

but

not

limited

to,

transactions

in

connection

with

cash

in

lieu

transactions

for

non-US

securities. 

The

Trust

has

adopted

a

Distribution

and

Servicing

Plan

for

shares

of

the

Fund

pursuant

to

Rule

12b-1

under

the

1940

Act

(the

“Plan”).

The

Plan

permits

compensation

in

connection

with

the

distribution

and

marketing

of

Fund

shares

and/

or

the

provision

of

certain

shareholder

services.

The

Plan

permits

the

Fund

to

pay

the

Distributor

or

its

designee,

a

fee

for

the

sale

and

distribution

and/or

shareholder

servicing

of

the

shares

at

an

annual

rate

of

up

to

0.25%

of

average

daily

net

assets

of

the

Fund.

However,

the

Trustees

have

determined

not

to

authorize

payment

under

this

Plan

at

this

time.

Under

the

terms

of

the

Plan,

the

Trust

would

be

authorized

to

make

payments

to

the

Distributor

or

its

designee

for

remittance

to

retirement

plan

service

providers,

broker-dealers,

bank

trust

departments,

financial

advisors,

and

other

financial

intermediaries,

as

compensation

for

distribution

and/or

shareholder

services

performed

by

such

entities

for

their

customers

who

are

investors

in

the

Fund.

The

12b-1

fee

may

only

be

imposed

or

increased

when

the

Trustees

determine

that

it

is

in

the

best

interests

of

shareholders

to

do

so.

Because

these

fees

are

paid

out

of

the

Fund’s

assets

on

an

ongoing

basis,

to

the

extent

that

a

fee

is

authorized,

over

time

they

will

increase

the

cost

of

an

investment

in

the

Fund.

The

Plan

fee

may

cost

an

investor

more

than

other

types

of

sales

charges. 

As

of

October

31,

2024, the

Adviser

owned 550,001

shares

or 73.33%

of

the

Fund.

Pursuant

to

the

provisions

of

the

1940

Act

and

related

rules,

the

Fund

may

participate

in

an

affiliated

or

non-affiliated

cash

sweep

program.

In

the

cash

sweep

program,

uninvested

cash

balances

of

the

Fund

may

be

used

to

purchase

shares

of

affiliated

or

non-affiliated

money

market

funds

or

cash

management

pooled

investment

vehicles

that

operate

as

money

market

funds.

The

Fund

is

eligible

to

participate

in

the

cash

sweep

program

(the

“Investing

Funds”).

The

Adviser

has

an

inherent

conflict

of

interest

because

of

its

fiduciary

duties

to

the

affiliated

money

market

funds

or

cash

management

pooled

investment

vehicles

and

the

Investing

Funds.

Janus

Henderson

Cash

Liquidity

Fund

LLC

(the

“Sweep

Vehicle”)

is

an

affiliated

unregistered

cash

management

pooled

investment

vehicle

that

invests

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. 

Daily

Net

Assets

Fee

Rate

$0-$500

million

0.35%

Over

$500

million

0.30%

Janus

Henderson

Corporate

Bond

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

29

Any

purchases

and

sales,

realized

gains/losses

and

recorded

dividends

from

affiliated

investments

during

the

year

ended

October

31,

2024 can

be

found

in

a

table

located

in

the

Schedule

of

Investments.

5.

Federal

Income

Tax

The

tax

components

of

capital

shown

in

the

table

below

represent:

(1)

distribution

requirements

the

Fund

must

satisfy

under

the

income

tax

regulations;

(2)

losses

or

deductions

the

Fund

may

be

able

to

offset

against

income

and

gains

realized

in

future

years;

and

(3)

unrealized

appreciation

or

depreciation

of

investments

for

federal

income

tax

purposes. 

The

Fund

has

elected

to

treat

gains

and

losses

on

forward

foreign

currency

contracts

as

capital

gains

and

losses,

if

applicable.

Other

foreign

currency

gains

and

losses

on

debt

instruments

are

treated

as

ordinary

income

for

federal

income

tax

purposes

pursuant

to

Section

988

of

the

Internal

Revenue

Code. 

Accumulated

capital

losses

noted

below

represent

net

capital

loss

carryovers,

as

of

October

31,

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 October

31,

2024 are

noted

below.

The

primary

differences

between

book

and

tax

appreciation

or

depreciation

of

investments are

wash

sale

loss

deferrals

and

amortization

on

bonds.

Information

on

the

tax

components

of

derivatives

as

of October

31,

2024

is

as

follows: 

Income

and

capital

gains

distributions

are

determined

in

accordance

with

income

tax

regulations

that

may

differ

from

US

GAAP.

These

differences

are

due

to

differing

treatments

for

items

such

as

net

short-term

gains,

deferral

of

wash

sale

losses,

foreign

currency

transactions,

passive

foreign

investment

companies,

net

investment

losses,

in-kind

transactions

and

capital

loss

carryovers.

Certain

permanent

differences

such

as

tax

returns

of

capital

and

net

investment

losses

noted

below

have

been

reclassified

to

capital. 

Undistributed

Ordinary

Income

Undistributed

Long-Term

Gains

Accumulated

Capital

Losses

Loss

Deferrals

Other

Book

to

Tax

Differences

Net

Tax

Appreciation/

(Depreciation)

$204,569

$—

$(7,466,312)

$—

$—

$(137,499)

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)

$32,628,823

$416,115

$(553,614)

$(137,499)

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$(95,934)

$—

$—

$—

For

the

year

ended

October

31,

2024

:

Distributions

From

Ordinary

Income

From

Long-Term

Capital

Gain

Tax

Return

of

Capital

Net

Investment

Loss

$1,521,574

$—

$—

$—

Janus

Henderson

Corporate

Bond

ETF

Notes

to

Financial

Statements

30

October

31,

2024

Permanent

book

to

tax

basis

differences

may

result

in

reclassifications

between

the

components

of

net

assets.

These

differences

have

no

impact

on

the

results

of

operations

or

net

assets.

6.

Purchases

and

Sales

of

Investment

Securities

For

the

year

ended

October

31,

2024,

the

aggregate

cost

of

purchases

and

proceeds

from

sales

of

investment

securities

(excluding

any

short-term

securities,

short-term

options

contracts,

and

in-kind

transactions)

was

as

follows:

7.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to October

31,

2024

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:

For

the

year

ended

October

31,

2023

:

Distributions

From

Ordinary

Income

From

Long-Term

Capital

Gain

Tax

Return

of

Capital

Net

Investment

Loss

$1,150,151

$—

$—

$—

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

$59,901,564

$60,009,788

$—

$—

Janus

Henderson

Corporate

Bond

ETF

Report

of

Independent

Registered

Public

Accounting

Firm

Janus

Detroit

Street

Trust

31

To

the

Board

of

Trustees

of

Janus

Detroit

Street

Trust

and

Shareholders

of

Janus

Henderson

Corporate

Bond

ETF

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Janus

Henderson

Corporate

Bond

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

three

years

in

the

period

ended

October

31,

2024

and

for

the

period

September

8,

2021

(commencement

of

operations)

through

October

31,

2021

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

October

31,

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

three

years

in

the

period

ended

October

31,

2024

and

for

the

period

September

8,

2021

(commencement

of

operations)

through

October

31,

2021

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

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

brokers,

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

Corporate

Bond

ETF

Designation

Requirements

(unaudited)

32

October

31,

2024

For

federal

income

tax

purposes,

the

Fund

designated

the

following

for

the

year

ended

October

31,

2024:

Qualified

Interest

Income

Percentage

88.99%

Janus

Henderson

Corporate

Bond

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

Trustee

for

services

to

the

Fund

from

Adviser’s

management

fees.

Item

11.

APPROVAL

OF

ADVISORY

AGREEMENTS

DURING

THE

PERIOD

Not

applicable.

125-02-93092

12-24

This

report

is

submitted

for

the

general

information

of

shareholders

of

the

Fund.

It

is

not

an

offer

or

solicitation

for

the

Fund

and

is

not

authorized

for

distribution

to

prospective

investors

unless

preceded

or

accompanied

by

an

effective

prospectus.

Janus

Henderson

is

a

trademark

of

Janus

Henderson

Group

plc

or

one

of

its

subsidiaries.

©

Janus

Henderson

Group

plc.

Janus

Henderson

Investors

US

LLC

is

the

investment

adviser

and

ALPS

Distributors,

Inc.

is

the

distributor.

ALPS

is

not

affiliated

with

Janus

Henderson

or

any

of

its

subsidiaries.

ANNUAL

FINANCIAL

STATEMENTS

October

31,

2024

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

Report

of

Independent

Registered

Public

Accounting

Firm

...

17

Designation

Requirements

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

18

Items

8-11

-

Additional

Information

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

19

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Schedule

of

Investments

October

31,

2024

Janus

Detroit

Street

Trust

3

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares

Value

Common

Stocks

-

97.7%

Automobile

Components

-

1.3%

Aptiv

plc*

1,813

$

103,033

Biotechnology

-

2.0%

Vertex

Pharmaceuticals,

Inc.*

335

159,453

Building

Products

-

3.9%

Advanced

Drainage

Systems,

Inc.

1,212

181,655

Carrier

Global

Corp.

1,813

131,841

313,496

Capital

Markets

-

1.3%

S&P

Global,

Inc.

227

109,042

Electrical

Equipment

-

4.1%

NEXTracker,

Inc.

-

Class

A*

2,036

81,073

nVent

Electric

plc

3,403

253,762

334,835

Electronic

Equipment,

Instruments

&

Components

-

4.9%

Keysight

Technologies,

Inc.*

1,321

196,842

TE

Connectivity

plc

1,361

200,639

397,481

Entertainment

-

2.3%

Spotify

Technology

SA*

477

183,693

Financial

Services

-

4.7%

Mastercard,

Inc.

-

Class

A

506

252,793

Walker

&

Dunlop,

Inc.

1,219

133,322

386,115

Food

Products

-

0.8%

McCormick

&

Co.,

Inc.

(Non-Voting)

873

68,304

Ground

Transportation

-

3.0%

Uber

Technologies,

Inc.*

3,439

247,780

Health

Care

Equipment

&

Supplies

-

0.8%

Lantheus

Holdings,

Inc.*

416

45,693

STAAR

Surgical

Co.*

717

20,786

66,479

Health

Care

Providers

&

Services

-

8.0%

Encompass

Health

Corp.

2,737

272,222

Humana,

Inc.

810

208,842

McKesson

Corp.

341

170,701

651,765

Industrial

REITs

-

1.6%

Prologis,

Inc.

1,122

126,719

Insurance

-

10.7%

Arthur

J

Gallagher

&

Co.

785

220,742

Marsh

&

McLennan

Cos.,

Inc.

1,038

226,533

Progressive

Corp.

(The)

1,733

420,824

868,099

Life

Sciences

Tools

&

Services

-

4.4%

Bruker

Corp.

1,192

67,479

ICON

plc*

874

194,124

Revvity,

Inc.

808

95,821

357,424

Machinery

-

7.7%

Westinghouse

Air

Brake

Technologies

Corp.

2,043

384,043

Xylem,

Inc.

1,961

238,811

622,854

Pharmaceuticals

-

1.5%

Eli

Lilly

&

Co.

147

121,972

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Schedule

of

Investments

October

31,

2024

4

October

31,

2024

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares

Value

Common

Stocks

-

(continued)

Semiconductors

&

Semiconductor

Equipment

-

12.9%

Lam

Research

Corp.

2,732

$

203,124

NVIDIA

Corp.

4,169

553,476

ON

Semiconductor

Corp.*

1,136

80,077

Texas

Instruments,

Inc.

1,026

208,442

1,045,119

Software

-

11.4%

Autodesk,

Inc.*

553

156,942

Cadence

Design

Systems,

Inc.*

510

140,821

Microsoft

Corp.

1,540

625,779

923,542

Specialized

REITs

-

1.7%

Equinix,

Inc.

152

138,028

Specialty

Retail

-

2.2%

Home

Depot,

Inc.

(The)

462

181,912

Trading

Companies

&

Distributors

-

1.5%

Core

&

Main,

Inc.

-

Class

A*

2,855

126,419

Wireless

Telecommunication

Services

-

5.0%

T-Mobile

US,

Inc.

1,820

406,151

Total

Common

Stocks

(cost

7,024,985)

7,939,715

Investment

Companies

-

2.3%

Money

Market

Funds

-

2.3%

Federated

Hermes

Government

Obligations

Tax-Managed

Fund,

Institutional

Class,

4.6600%

∞

(cost

$183,515)

183,515

183,515

Total

Investments

(total

cost

$

7,208,500

)

-

100.0%

8,123,230

Cash,

Receivables

and

Other

Assets,

net

of

Liabilities

-

0.0%

674

Net

Assets

-

100.0%

$8,123,904

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

7,187,979

88.5

%

Ireland

497,796

6.1

United

Kingdom

253,762

3.1

Sweden

183,693

2.3

Total

$

8,123,230

100.0

%

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

October

31,

2024

Janus

Detroit

Street

Trust

5

plc

Public

Limited

Company

REIT

Real

Estate

Investment

Trust

*

Non-income

producing

security.

∞

Rate

shown

is

the

7-day

yield

as

of

October

31,

2024.

The

following

is

a

summary

of

the

inputs

that

were

used

to

value

the

Fund's

investments

in

securities

and

other

financial

instruments

as

of

October

31,

2024

.

See

Notes

to

Financial

Statements

for

more

information.

Valuation

Inputs

Summary

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Total

Assets

Investments

in

Securities:

Common

Stocks

$

7,939,715

$

—

$

—

$

7,939,715

Investment

Companies

183,515

—

—

183,515

Total

Assets

$

8,123,230

$

—

$

—

$

8,123,230

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Statement

of

Assets

and

Liabilities

October

31,

2024

6

October

31,

2024

See

Notes

to

Financial

Statements.

Assets:

Investments,

at

value

(cost

$7,208,500)

$

8,123,230

Receivables:

Dividends

3,693

Interest

927

Total

Assets

8,127,850

Liabilities:

Payables:

Management

fees

3,946

Total

Liabilities

3,946

Commitments

and

contingent

liabilities

Net

Assets

$

8,123,904

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

9,985,449

Total

distributable

earnings

(loss)

(

1,861,545

)

Total

Net

Assets

$

8,123,904

Net

Assets

$

8,123,904

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

300,001

Net

Asset

Value

Per

Share

$

27

.08

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Statement

of

Operations

For

the

year

ended

October

31,

2024

Janus

Detroit

Street

Trust

7

See

Notes

to

Financial

Statements.

Investment

Income:

Dividends

$

77,823

Interest

2

Total

Investment

Income

77,825

Expenses:

Management

Fees

45,566

Total

Expenses

45,566

Net

Investment

Income/(Loss)

32,259

Net

Realized

Gain/(Loss)

on

Investments:

Investments

$

66,122

Total

Net

Realized

Gain/(Loss)

on

Investments

$

66,122

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

2,203,296

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

2,203,296

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

2,301,677

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Statements

of

Changes

in

Net

Assets

8

October

31,

2024

See

Notes

to

Financial

Statements.

Year

Ended

October

31,

2024

Year

Ended

October

31,

2023

Operations:

Net

investment

income/(loss)

$

32,259

$

62,041

Net

realized

gain/(loss)

on

investments

66,122

(

1,239,258

)

Change

in

unrealized

net

appreciation/depreciation

2,203,296

3,697,640

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

2,301,677

2,520,423

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(

34,843

)

(

65,021

)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(

34,843

)

(

65,021

)

Capital

Share

Transactions

(

1,299,128

)

(

15,234,565

)

Net

Increase/(Decrease)

in

Net

Assets

967,706

(

12,779,163

)

Net

Assets:

—

—

Beginning

of

Year  

7,156,198

19,935,361

End

of

Year

$

8,123,904

$

7,156,198

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Financial

Highlights

Janus

Detroit

Street

Trust

9

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

each

year

or

period

ended

October

31

2024

2023

2022

2021

(1)

Net

Asset

Value,

Beginning

of

Period

$20.45

$18.99

$25.38

$25.00

Income/(Loss)

from

Investment

Operations:

—

—

—

—

Net

investment

income/(loss)

(2)

0.10

0.08

0.04

—

(3)

Net

realized

and

unrealized

gain/(loss)

6.64

1.46

(6.32)

0.38

Total

from

Investment

Operations

6.74

1.54

(6.28)

0.38

Less

Dividends

and

Distributions:

—

—

—

—

Dividends

(from

net

investment

income)

(0.11)

(0.08)

(0.11)

—

Total

Dividends

and

Distributions

(0.11)

(0.08)

(0.11)

—

Net

Asset

Value,

End

of

Period

$27.08

$20.45

$18.99

$25.38

Total

Return

*

32.97%

8.11%

(24.82)%

1.52%

Net

assets,

End

of

Period

(in

thousands)

$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%

Ratio

of

Net

Investment

Income/(Loss)

0.39%

0.40%

0.19%

(0.01)%

Portfolio

Turnover

Rate

(4)

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

10

October

31,

2024

1.

Organization

and

Significant

Accounting

Policies

Janus

Henderson

U.S.

Sustainable Equity

ETF (the

“Fund”)

is

a

series

fund.

The

Fund

is

part

of

Janus

Detroit

Street

Trust

(the

“Trust”),

which

is

organized

as

a

Delaware

statutory

trust

and

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company,

and

therefore

has

applied

the

specialized

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

(“ASC”)

Topic

946.

As

of

the

date

of

this

report,

the

Trust

offers twelve

Funds

each

of

which

represent

shares

of

beneficial

interest

in

a

separate

portfolio

of

securities

and

other

assets

with

its

own

objective

and

policies.

The

Fund

seeks

long-term

growth

of

capital.

The

Fund

is

classified

as

diversified,

as

defined

in

the

1940

Act.

Janus

Henderson

Investors

US

LLC

is

the

investment

adviser

(the

“Adviser”)

to

the

Fund.

The

Fund

is

an

actively-managed

exchange-traded

fund.

Unlike

shares

of

traditional

mutual

funds,

shares

of

the

Fund

are

not

individually

redeemable

and

may

only

be

purchased

or

redeemed

directly

from

the

Fund

at

net

asset

value

(“NAV”)

in

large

increments

called

“Creation

Units”

by

certain

participants,

known

as

“Authorized

Participants.”

The

size

of

a

Creation

Unit

to

purchase

shares

of

the

Fund

may

differ

from

the

size

of

a

Creation

Unit

to

redeem

shares

of

the

Fund.

The

Fund

will

issue

or

redeem

Creation

Units

in

exchange

for

portfolio

securities

and/or

cash.

Except

when

aggregated

in

Creation

Units,

Fund

shares

are

not

redeemable

securities

of

the

Fund.

Shares

of

the

Fund

are

listed

and

trade

on NYSE

Arca,

Inc.

(the

"Exchange"),

and

individual

investors

can

purchase

or

sell

shares

in

much

smaller

increments

for

cash

in

the

secondary

market

through

a

broker.

These

transactions,

which

do

not

involve

the

Fund,

are

made

at

market

prices

that

may

vary

throughout

the

day

and

differ

from

the

Fund’s

NAV.

As

a

result,

you

may

pay

more

than

NAV

(a

premium)

when

you

purchase

shares

and

receive

less

than

NAV

(a

discount)

when

you

sell

shares,

in

the

secondary

market.

From

time

to

time,

Authorized

Participants

(or

other

broker-dealers

making

markets

in

shares

of

the

Fund)

may

be

a

beneficial

and/or

legal

owner

of

the

Fund,

may

be

affiliated

with

an

index

provider,

may

be

deemed

to

have

control

of

the

Fund

and/or

may

be

able

to

affect

the

outcome

of

matters

presented

for

a

vote

of

the

shareholders

of

the

Fund.

Authorized

Participants

(or

other

broker-dealers

making

markets

in

shares

of

the

Fund)

may

execute

an

irrevocable

proxy

granting

ALPS

Distributors,

Inc.

(the

"Distributor"),

the

Adviser

or

an

affiliate

of

the

Adviser

power

to

vote

or

abstain

from

voting

such

Authorized

Participant’s

beneficially

or

legally

owned

shares

of

the

Fund.

In

such

cases,

the

agent

shall

mirror

vote

(or

abstain

from

voting)

such

shares

in

the

same

proportion

as

all

other

beneficial

owners

of

the

Fund.

The

following

accounting

policies

have

been

followed

by

the

Fund

and

are

in

conformity

with

United

States

of

America

generally

accepted

accounting

principles

(“US

GAAP”). 

Investment

Valuation 

Fund holdings

are

valued

in

accordance

with

policies

and

procedures

established

by

the

Adviser

pursuant

to

Rule

2a-5

under

the

1940

Act

and

approved

by

and

subject

to

the

oversight

of

the

Trustees

(the

“Valuation

Procedures”).

Equity

securities,

including

shares

of

exchange-traded

funds,

traded

on

a

domestic

securities

exchange

are

generally

valued

at

readily

available

market

quotations,

which

are

(i)

the

official

close

prices

or

(ii)

last

sale

prices

on

the

primary

market

or

exchange

in

which

the

securities

trade.

If

such

price

is

lacking

for

the

trading

period

immediately

preceding

the

time

of

determination,

such

securities

are

generally

valued

at

their

current

bid

price.

Equity

securities

that

are

traded

on

a

foreign

exchange

are

generally

valued

at

the

closing

prices

on

such

markets.

In

the

event

that

there

is

no

current

trading

volume

on

a

particular

security

in

such

foreign

exchange,

the

bid

price

from

the

primary

exchange

is

generally

used

to

value

the

security.

Foreign

securities

and

currencies

are

converted

to

U.S.

dollars

using

the

current

spot

USD

dollar

exchange

rate

in

effect

at

the

close

of

the

London

Stock

Exchange.

The Fund will

determine

the

market

value

of

individual

securities

held

by

it

by

using

prices

provided

by

one

or

more

approved

professional

pricing

services

or,

as

needed,

by

obtaining

market

quotations

from

independent

broker-dealers.

Most

debt

securities

are

valued

in

accordance

with

the

evaluated

bid

price

supplied

by

the

Adviser-approved

pricing

service

that

is

intended

to

reflect

market

value.

The

evaluated

bid

price

supplied

by

the

pricing

service

is

an

evaluation

that

may

consider

factors

such

as

security

prices,

yields,

maturities

and

ratings.

Certain

short-term

securities

maturing

within

60

days

or

less

may

be

evaluated

and

valued

on

an

amortized

cost

basis

provided

that

the

amortized

cost

determined

approximates

market

value.

Securities

for

which

market

quotations

or

evaluated

prices

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

determined

in

good

faith

by

the

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,

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

11

bankruptcy,

or

significant

issuer-specific

development;

(ii)

an

event

that

may

affect

an

entire

market,

such

as

a

natural

disaster

or

significant

governmental

action;

(iii)

a

nonsignificant

event

such

as

a

market

closing

early

or

not

opening,

or

a

security

trading

halt;

and

(iv)

pricing

of

a

non-valued

security

and

a

restricted

or

nonpublic

security.

Special

valuation

considerations

may

apply

with

respect

to

“odd-lot”

fixed-income

transactions

which,

due

to

their

small

size,

may

receive

evaluated

prices

by

pricing

services

which

reflect

a

large

block

trade

and

not

what

actually

could

be

obtained

for

the

odd-

lot

position.

The

value

of

the

securities

of

mutual

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

mutual

funds,

and

the

prospectuses

for

such

mutual

funds

explain

the

circumstances

under

which

they

use

fair

valuation

and

the

effects

of

using

fair

valuation.

The

value

of

the

securities

of

any

cash

management

pooled

investment

vehicles

that

operate

as

money

market

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

funds.

Valuation

Inputs

Summary 

FASB

ASC

820,

Fair

Value

Measurements

and

Disclosures

(“ASC

820”),

defines

fair

value,

establishes

a

framework

for

measuring

fair

value,

and

expands

disclosure

requirements

regarding

fair

value

measurements.

This

standard

emphasizes

that

fair

value

is

a

market-based

measurement

that

should

be

determined

based

on

the

assumptions

that

market

participants

would

use

in

pricing

an

asset

or

liability

and

establishes

a

hierarchy

that

prioritizes

inputs

to

valuation

techniques

used

to

measure

fair

value.

These

inputs

are

summarized

into

three

broad

levels: 

Level

1

–

Unadjusted

quoted

prices

in

active

markets

the

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities.

Level

2

–

Observable

inputs

other

than

unadjusted

quoted

prices

included

in

Level

1

that

are

observable

for

the

asset

or

liability

either

directly

or

indirectly.

These

inputs

may

include

quoted

prices

for

the

identical

instrument

on

an

inactive

market,

prices

for

similar

instruments,

interest

rates,

prepayment

speeds,

credit

risk,

yield

curves,

default

rates

and

similar

data.

Assets

or

liabilities

categorized

as

Level

2

in

the

hierarchy

generally

include:

debt

securities

fair

valued

in

accordance

with

the

evaluated

bid

or

ask

prices

supplied

by

a

pricing

service;

securities

traded

on

OTC

markets

and

listed

securities

for

which

no

sales

are

reported

that

are

fair

valued

at

the

latest

bid

price

(or

yield

equivalent

thereof)

obtained

from

one

or

more

dealers

transacting

in

a

market

for

such

securities

or

by

a

pricing

service

approved

by

the

Fund’s

Trustees;

and

certain

short-term

debt

securities

with

maturities

of

60

days

or

less

that

are

fair

valued

at

amortized

cost.

Other

securities

that

may

be

categorized

as

Level

2

in

the

hierarchy

include,

but

are

not

limited

to,

preferred

stocks,

bank

loans,

swaps,

investments

in

unregistered

investment

companies,

options,

and

forward

contracts.

Level

3

–

Unobservable

inputs

for

the

asset

or

liability

to

the

extent

that

relevant

observable

inputs

are

not

available,

representing

the

Fund’s

own

assumptions

about

the

assumptions

that

a

market

participant

would

use

in

valuing

the

asset

or

liability,

and

that

would

be

based

on

the

best

information

available.

There

have

been

no

significant

changes

in

valuation

techniques

used

in

valuing

any

such

positions

held

by

the

Fund

since

the

beginning

of

the

fiscal

year. 

The

inputs

or

methodology

used

for

fair

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

The

summary

of

inputs

used

as

of

October

31,

2024 to

fair

value

the

Fund’s

investments

in

securities

and

other

financial

instruments

is

included

in

the

“Valuation

Inputs

Summary”

in

the

Notes

to

Schedule

of

Investments

and

Other

Information.

Investment

Transactions

and

Investment

Income

Investment

transactions

are

accounted

for

as

of

the

date

purchased

or

sold

(trade

date).

Dividend

income

is

recorded

on

the

ex-dividend

date.

Certain

dividends

from

foreign

securities

will

be

recorded

as

soon

as

the

Fund

is

informed

of

the

dividend,

if

such

information

is

obtained

subsequent

to

the

ex-dividend

date.

Dividends

from

foreign

securities

may

be

subject

to

withholding

taxes

in

foreign

jurisdictions.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value.

Interest

income

is

recorded

daily

on

an

accrual

basis

and

includes

amortization

of

premiums

and

accretion

of

discounts.

The

Fund

classifies

gains

and

losses

on

prepayments

received

as

an

adjustment

to

interest

income.

Debt

securities

may

be

placed

in

non-accrual

status

and

related

interest

income

may

be

reduced

by

stopping

current

accruals

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Notes

to

Financial

Statements

12

October

31,

2024

and

writing

off

interest

receivables

when

collection

of

all

or

a

portion

of

interest

has

become

doubtful.

Gains

and

losses

are

determined

on

the

identified

cost

basis,

which

is

the

same

basis

used

for

federal

income

tax

purposes.  

Estimates

The

preparation

of

financial

statements

in

conformity

with

US

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amount

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates. 

Indemnifications

In

the

normal

course

of

business,

the

Fund

may

enter

into

contracts

that

contain

provisions

for

indemnification

of

other

parties

against

certain

potential

liabilities.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

and

would

involve

future

claims

that

may

be

made

against

the

Fund

that

have

not

yet

occurred.

Currently,

the

risk

of

material

loss

from

such

claims

is

considered

remote. 

Dividends

and

Distributions

The

Fund

generally

declares

and

distributes

dividends

of

net

investment

income

quarterly.

Net

realized

capital

gains

(if

any)

are

distributed

annually.

The

Fund

may

treat

a

portion

of

the

amount

paid

to

redeem

shares

as

a

distribution

of

investment

company

taxable

income

and

realized

capital

gains

that

are

reflected

in

the

NAV.

This

practice,

commonly

referred

to

as

“equalization,”

has

no

effect

on

the

redeeming

shareholder

or

a

Fund’s

total

return

but

may

reduce

the

amounts

that

would

otherwise

be

required

to

be

paid

as

taxable

dividends

to

the

remaining

shareholders.

It

is

possible

that

the

Internal

Revenue

Service

(IRS)

could

challenge

the

Fund’s

equalization

methodology

or

calculations,

and

any

such

challenge

could

result

in

additional

tax,

interest,

or

penalties

to

be

paid

by

the

Fund. 

The

Fund

may

make

certain

investments

in

real

estate

investment

trusts

(“REITs”)

which

pay

dividends

to

their

shareholders

based

upon

funds

available

from

operations.

It

is

quite

common

for

these

dividends

to

exceed

the

REITs’

taxable

earnings

and

profits,

resulting

in

the

excess

portion

of

such

dividends

being

designated

as

a

return

of

capital.

If

the

Fund

distributes

such

amounts,

such

distributions

could

constitute

a

return

of

capital

to

shareholders

for

federal

income

tax

purposes. 

Federal

Income

Taxes

The

Fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

and

distribute

all

of

its

taxable

income

in

accordance

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code.

Management

has

analyzed

the

Fund’s

tax

positions

taken

for

all

open

federal

income

tax

years,

generally

a

three-year

period,

and

has

concluded

that

no

provision

for

federal

income

tax

is

required

in

the

Fund’s

financial

statements.

The

Fund

is

not

aware

of

any

tax

positions

for

which

it

is

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

benefits

will

significantly

change

in

the

next

twelve

months. 

2.

Other

Investments

and

Strategies 

Market Risk 

The

value

of

the

Fund’s

portfolio

may

decrease

if

the

value

of

one

or

more

issuers

in

the

Fund’s

portfolio

decreases.

Further,

regardless

of

how

well

individual

companies

or

securities

perform,

the

value

of

the

Fund’s

portfolio

could

also

decrease

if

there

are

deteriorating

economic

or

market

conditions,

including,

but

not

limited

to,

a

general

decline

in

prices

on

the

stock

markets,

a

general

decline

in

real

estate

markets,

a

decline

in

commodities

prices,

or

if

the

market

favors

different

types

of

securities

than

the

types

of

securities

in

which

the

Fund

invests.

If

the

value

of

the

Fund’s

portfolio

decreases,

the

Fund’s

NAV

will

also

decrease,

which

means

if

you

sell

your

shares

in

the

Fund

you

may

lose

money.

Market

risk

may

affect

a

single

issuer,

industry,

economic

sector,

or

the

market

as

a

whole.

The

increasing

interconnectivity

between

global

economies

and

financial

markets

increases

the

likelihood

that

events

or

conditions

in

one

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

Social,

political,

economic

and

other

conditions

and

events,

such

as

natural

disasters,

health

emergencies

(e.g.,

epidemics

and

pandemics),

terrorism,

conflicts,

including

related

sanctions,

and

social

unrest,

could

reduce

consumer

demand

or

economic

output,

result

in

market

closures,

travel

restrictions

and/or

quarantines,

and

generally

have

a

significant

impact

on

the

global

economies

and

financial

markets. 

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Notes

to

Financial

Statements

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.

Industry

and Sector

Risk

The

Fund

may

have

a

significant

portion

of

its

assets

invested

in

securities

of

companies

conducting

similar

business

or

businesses

within

the

same

economic

sector

or

that

benefit

from

the

same

theme.

Companies

in

the

same

industry

or

economic

sector

or

that

benefit

from

the

same

theme

may

be

similarly

affected

by

economic

or

market

events,

making

the

Fund

more

vulnerable

to

unfavorable

developments

than

funds

that

invest

more

broadly.

As

the

Fund’s

portfolio

becomes

more

concentrated,

the

Fund

is

less

able

to

spread

risk

and

potentially

reduce

the

risk

of

loss

and

volatility.

Small-

and

Mid-Sized

Companies

Risk

The

Fund’s

investments

in

securities

issued

by

small-

and

mid-sized

companies,

which

can

include

smaller,

start-up

companies

offering

emerging

products

or

services,

may

involve

greater

risks

than

are

customarily

associated

with

larger,

more

established

companies.

Securities

issued

by

small-

and

mid-sized

companies

tend

to

be

more

volatile

and

somewhat

more

speculative

than

securities

issued

by

larger

or

more

established

companies

and

may

underperform

as

compared

to

the

securities

of

larger

or

more

established

companies.

Sustainable

Investment

Risk

The

Fund

follows

a

sustainable

investment

approach

by

investing

in

debt

securities

that

are

aligned

with

positive

environmental

and

social

impact

themes

and/or

the

debt

of

companies

with

business

practices

that

the

Adviser

believes

to

be

sustainable

and/or

demonstrate

adherence

to

certain

sustainable

and/or

ESG-related

practices.

Accordingly,

the

Fund

may

have

a

significant

portion

of

its

assets

invested

in

securities

of

companies

conducting

similar

business

or

businesses

within

the

same

economic

sector,

which

may

make

the

Fund

more

vulnerable

to

unfavorable

developments

in

a

particular

sector

than

funds

that

invest

more

broadly.

Additionally,

due

to

its

exclusionary

criteria,

the

Fund

may

not

be

invested

in

certain

industries

or

sectors,

and

therefore

may

have

lower

performance

than

portfolios

that

do

not

apply

similar

criteria.

In

addition,

because

sustainable

and

ESG

investing

takes

into

consideration

factors

beyond

traditional

financial

analysis,

the

investment

opportunities

for

the

Fund

may

be

limited

at

times.

Sustainability

and

ESG-related

information

provided

by

issuers

and

third

parties,

upon

which

the

portfolio

managers

may

rely,

continues

to

develop,

and

may

be

incomplete,

inaccurate,

use

different

methodologies,

or

be

applied

differently

across

companies

and

industries.

Further,

the

regulatory

landscape

for

sustainable

and

ESG

investing

in

the

United

States

is

still

developing

and

future

rules

and

regulations

may

require

the

Fund

to

modify

or

alter

its

investment

process.

Similarly,

government

policies

incentivizing

companies

to

engage

in

sustainable

and

ESG

practices

may

fall

out

of

favor,

which

could

potentially

limit

the

Fund’s

investment

universe.

There

is

also

a

risk

that

the

companies

identified

through

the

investment

process

may

fail

to

adhere

to

sustainable

and/or

ESG-related

business

practices,

which

may

result

in

the

Fund

selling

a

security

when

it

might

otherwise

be

disadvantageous

to

do

so.

3.

Investment

Advisory

Agreements

and

Other

Transactions

with

Affiliates 

Under

its

unitary

fee

structure,

the

Fund

pays

the

Adviser a

management

fee

in

return

for

providing

certain

investment

advisory,

supervisory,

and

administrative

services

to

the

Fund,

including

the

costs

of

transfer

agency,

custody,

fund

administration,

legal,

audit,

and

other

services. The

Adviser's fee

structure

is

designed

to

pay

substantially

all

of

the

Fund’s

expenses.

However,

the

Fund

bears

other

expenses

which

are

not

covered

under

the

management

fee

which

may

vary

and

affect

the

total

level

of

expenses

paid

by

shareholders,

such

as

distribution

fees

(if

any),

brokerage

expenses

or

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-$250

Million

0.55%

Over

$250

Million

0.50%

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Notes

to

Financial

Statements

14

October

31,

2024

For

the

year ended

October

31,

2024,

the

Fund’s

actual

management

fee

rate

(expressed

as

an

annual

rate)

was

0.55% of

the

Fund’s

average

daily

net

assets.

J.P.

Morgan

Chase

Bank,

N.A.

(“JP

Morgan")

provides

certain

fund

administration

services

to

the

Fund,

including

services

related

to

the

Fund’s

accounting,

including

calculating

the

daily

NAV,

audit

coordination,

tax,

and

reporting

obligations,

pursuant

to

an

agreement

with

the

Adviser,

on

behalf

of

the

Fund.

As

compensation

for

such

services, the

Adviser pays

JP

Morgan

a

fee

based

on

a

percentage

of

the

Fund’s

assets,

with

a

minimum

flat

fee,

for

certain

services. The

Adviser serves

as

administrator

to

the

Fund,

providing

oversight

and

coordination

of

the

Fund’s

service

providers,

recordkeeping

and

other

administrative

services. The

Adviser does

not

receive

any

additional

compensation,

beyond

the

unitary

fee,

for

serving

as

administrator.

JP

Morgan

also

serves

as

transfer

agent

for

the

shares

of

the

Fund.

Pursuant

to

agreements

with

the

Adviser on

behalf

of

the

Fund,

J.P.

Morgan

Securities

LLC,

an

affiliate

of

JP

Morgan,

may

execute

portfolio

transactions

for

the

Fund,

including

but

not

limited

to,

transactions

in

connection

with

cash

in

lieu

transactions

for

non-US

securities. 

The

Trust

has

adopted

a

Distribution

and

Servicing

Plan

for

shares

of

the

Fund

pursuant

to

Rule

12b-1

under

the

1940

Act

(the

“Plan”).

The

Plan

permits

compensation

in

connection

with

the

distribution

and

marketing

of

Fund

shares

and/

or

the

provision

of

certain

shareholder

services.

The

Plan

permits

the

Fund

to

pay

the

Distributor

or

its

designee,

a

fee

for

the

sale

and

distribution

and/or

shareholder

servicing

of

the

shares

at

an

annual

rate

of

up

to

0.25%

of

average

daily

net

assets

of

the

Fund.

However,

the

Trustees

have

determined

not

to

authorize

payment

under

this

Plan

at

this

time.

Under

the

terms

of

the

Plan,

the

Trust

would

be

authorized

to

make

payments

to

the

Distributor

or

its

designee

for

remittance

to

retirement

plan

service

providers,

broker-dealers,

bank

trust

departments,

financial

advisors,

and

other

financial

intermediaries,

as

compensation

for

distribution

and/or

shareholder

services

performed

by

such

entities

for

their

customers

who

are

investors

in

the

Fund.

The

12b-1

fee

may

only

be

imposed

or

increased

when

the

Trustees

determine

that

it

is

in

the

best

interests

of

shareholders

to

do

so.

Because

these

fees

are

paid

out

of

the

Fund’s

assets

on

an

ongoing

basis,

to

the

extent

that

a

fee

is

authorized,

over

time

they

will

increase

the

cost

of

an

investment

in

the

Fund.

The

Plan

fee

may

cost

an

investor

more

than

other

types

of

sales

charges. 

As

of

October

31,

2024, the

Adviser

owned 225,001

shares

or 75%

of

the

Fund.

4.

Federal

Income

Tax 

The

tax

components

of

capital

shown

in

the

table

below

represent:

(1)

distribution

requirements

the

Fund

must

satisfy

under

the

income

tax

regulations;

(2)

losses

or

deductions

the

Fund

may

be

able

to

offset

against

income

and

gains

realized

in

future

years;

and

(3)

unrealized

appreciation

or

depreciation

of

investments

for

federal

income

tax

purposes. 

The

Fund

has

elected

to

treat

gains

and

losses

on

forward

foreign

currency

contracts

as

capital

gains

and

losses,

if

applicable.

Other

foreign

currency

gains

and

losses

on

debt

instruments

are

treated

as

ordinary

income

for

federal

income

tax

purposes

pursuant

to

Section

988

of

the

Internal

Revenue

Code. 

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. 

Undistributed

Ordinary

Income

Undistributed

Long-Term

Gains

Accumulated

Capital

Losses

Loss

Deferrals

Other

Book

to

Tax

Differences

Net

Tax

Appreciation/

(Depreciation)

$3,866

$—

$(2,779,951)

$—

$—

$914,540

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)

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

15

The

aggregate

cost

of

investments

and

the

composition

of

unrealized

appreciation

and

depreciation

of

investment

securities

for

federal

income

tax

purposes

as

of October

31,

2024 are

noted

below.

The

primary

difference

between

book

and

tax

appreciation

or

depreciation

of

investments

is

wash

sale

loss

deferrals. 

Income

and

capital

gains

distributions

are

determined

in

accordance

with

income

tax

regulations

that

may

differ

from

US

GAAP.

These

differences

are

due

to

differing

treatments

for

items

such

as

net

short-term

gains,

deferral

of

wash

sale

losses,

foreign

currency

transactions,

passive

foreign

investment

companies,

net

investment

losses,

in-kind

transactions

and

capital

loss

carryovers.

Certain

permanent

differences

such

as

tax

returns

of

capital

and

net

investment

losses

noted

below

have

been

reclassified

to

capital. 

Permanent

book

to

tax

basis

differences

may

result

in

reclassifications

between

the

components

of

net

assets.

These

differences

have

no

impact

on

the

results

of

operations

or

net

assets.

5.

Capital

Share

Transactions 

6.

Purchases

and

Sales

of

Investment

Securities

For

the

year

ended

October

31,

2024,

the

aggregate

cost

of

purchases

and

proceeds

from

sales

of

investment

securities

(excluding

any

short-term

securities,

short-term

options

contracts,

and

in-kind

transactions)

was

as

follows:

For

the

year

ended October

31,

2024,

the

cost

of

in-kind

purchases

and

proceeds

from

in-kind

sales,

were

as

follows: 

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$7,208,690

$1,651,864

$(737,324)

$914,540

For

the

year

ended

October

31,

2024

:

Distributions

From

Ordinary

Income

From

Long-Term

Capital

Gain

Tax

Return

of

Capital

Net

Investment

Loss

$34,843

$—

$—

$—

For

the

year

ended

October

31,

2023

:

Distributions

From

Ordinary

Income

From

Long-Term

Capital

Gain

Tax

Return

of

Capital

Net

Investment

Loss

$65,021

$—

$—

$—

Year

Ended

October

31,

2024

Year

Ended

October

31,

2023

Shares

Amount

Shares

Amount

Shares

sold

25,000

$

654,820

100,000

$

2,049,342

Shares

repurchased

(75,000)

(1,953,948

)

(800,000)

(17,283,907

)

Net

Increase/(Decrease)

(50,000)

$

(1,299,128

)

(700,000)

$

(15,234,565

)

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

$1,630,522

$1,734,552

$—

$—

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Notes

to

Financial

Statements

16

October

31,

2024

During

the

year

ended

October

31,

2024,

the

Fund

had

net

realized

gain of $280,664 from

in-kind

redemptions.

Gains

on

in-kind

transactions

are

not

considered

taxable

for

federal

income

tax

purposes.

7.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to October

31,

2024

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

$608,369

$1,843,180

$—

$—

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Report

of

Independent

Registered

Public

Accounting

Firm

Janus

Detroit

Street

Trust

17

To

the

Board

of

Trustees

of

Janus

Detroit

Street

Trust

and

Shareholders

of

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Janus

Henderson

U.S.

Sustainable

Equity

ETF

(one

of

the

funds

constituting

Janus

Detroit

Street

Trust,

referred

to

hereafter

as

the

"Fund")

as

of

October

31,

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

three

years

in

the

period

ended

October

31,

2024

and

for

the

period

September

8,

2021

(commencement

of

operations)

through

October

31,

2021

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

October

31,

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

three

years

in

the

period

ended

October

31,

2024

and

for

the

period

September

8,

2021

(commencement

of

operations)

through

October

31,

2021

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

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.

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

U.S.

Sustainable

Equity

ETF

Designation

Requirements

(unaudited)

18

October

31,

2024

For

federal

income

tax

purposes,

the

Fund

designated

the

following

for

the

year

ended

October

31,

2024:

Dividends

Received

Deduction

Percentage

100.00%

Qualified

Dividend

Income

Percentage

100.00%

Janus

Henderson

U.S.

Sustainable

Equity

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

Trustee

for

services

to

the

Fund

from

Adviser’s

management

fees.

Item

11.

APPROVAL

OF

ADVISORY

AGREEMENTS

DURING

THE

PERIOD

Not

applicable.

125-02-93093

12-24

This

report

is

submitted

for

the

general

information

of

shareholders

of

the

Fund.

It

is

not

an

offer

or

solicitation

for

the

Fund

and

is

not

authorized

for

distribution

to

prospective

investors

unless

preceded

or

accompanied

by

an

effective

prospectus.

Janus

Henderson

is

a

trademark

of

Janus

Henderson

Group

plc

or

one

of

its

subsidiaries.

©

Janus

Henderson

Group

plc.

Janus

Henderson

Investors

US

LLC

is

the

investment

adviser

and

ALPS

Distributors,

Inc.

is

the

distributor.

ALPS

is

not

affiliated

with

Janus

Henderson

or

any

of

its

subsidiaries.

ANNUAL

FINANCIAL

STATEMENTS

October

31,

2024

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

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

14

Statement

of

Operations

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

15

Statements

of

Changes

in

Net

Assets

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

16

Financial

Highlights

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

17

Notes

to

Financial

Statements

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

18

Report

of

Independent

Registered

Public

Accounting

Firm

...

26

Designation

Requirements

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

27

Items

8-11

-

Additional

Information

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

28

Janus

Henderson

B-BBB

CLO

ETF

Schedule

of

Investments

October

31,

2024

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

-

100.9%

522

Funding

CLO

Ltd.

2021-7A

D,

CME

Term

SOFR

3

Month

+

3.1616%,

7.7879%,

4/23/34

(144A)

‡

$

2,140,000

$

2,143,509

522

Funding

CLO

Ltd.

2020-6A

DR,

CME

Term

SOFR

3

Month

+

3.4116%,

8.0379%,

10/23/34

(144A)

‡

13,000,000

12,993,835

522

Funding

CLO

Ltd.

2019-5A

DR,

CME

Term

SOFR

3

Month

+

3.2500%,

7.9059%,

4/15/35

(144A)

‡

14,150,000

14,136,642

720

East

CLO

Ltd.

2023-2A

D,

CME

Term

SOFR

3

Month

+

5.1500%,

9.8059%,

10/15/36

(144A)

‡

7,500,000

7,587,868

AB

BSL

CLO

1

Ltd.

2020-1A

DR,

CME

Term

SOFR

3

Month

+

3.4500%,

8.1059%,

1/15/35

(144A)

‡

2,000,000

2,010,407

AB

BSL

CLO

2

Ltd.

2021-2A

D,

CME

Term

SOFR

3

Month

+

3.6116%,

8.2675%,

4/15/34

(144A)

‡

1,000,000

1,002,199

AGL

CLO

10

Ltd.

2021-10A

D,

CME

Term

SOFR

3

Month

+

3.1616%,

7.8175%,

4/15/34

(144A)

‡

2,000,000

2,000,568

AGL

CLO

21

Ltd.

2022-21A

D1R,

CME

Term

SOFR

3

Month

+

3.0500%,

7.6674%,

10/21/37

(144A)

‡

12,000,000

12,104,944

AGL

CLO

21

Ltd.

2022-21A

D2R,

CME

Term

SOFR

3

Month

+

4.4000%,

9.0174%,

10/21/37

(144A)

‡

2,200,000

2,223,350

AGL

CLO

6

Ltd.

2020-6A

DR,

CME

Term

SOFR

3

Month

+

3.5116%,

8.1290%,

7/20/34

(144A)

‡

2,000,000

2,006,452

AGL

CLO

7

Ltd.

2020-7A

DR,

CME

Term

SOFR

3

Month

+

3.3616%,

8.0175%,

7/15/34

(144A)

‡

250,000

250,534

AGL

CLO

9

Ltd.

2020-9A

DR,

CME

Term

SOFR

3

Month

+

3.5500%,

8.1674%,

4/20/37

(144A)

‡

9,000,000

9,064,604

AIMCO

CLO

10

Ltd.

2019-10A

D1RR,

CME

Term

SOFR

3

Month

+

3.0000%,

7.6316%,

7/22/37

(144A)

‡

5,000,000

5,046,348

Aimco

CLO

15

Ltd.

2021-15A

D,

CME

Term

SOFR

3

Month

+

3.1616%,

7.8091%,

10/17/34

(144A)

‡

3,750,000

3,749,522

Allegany

Park

CLO

Ltd.

2019-1A

DR,

CME

Term

SOFR

3

Month

+

3.1000%,

7.7174%,

1/20/35

(144A)

‡

2,000,000

1,997,663

AMMC

CLO

28

Ltd.

2024-28A

D1,

CME

Term

SOFR

3

Month

+

3.5000%,

8.1174%,

7/20/37

(144A)

‡

5,000,000

5,061,730

Anchorage

Capital

CLO

25

Ltd.

2022-25A

D,

CME

Term

SOFR

3

Month

+

3.5000%,

8.1174%,

4/20/35

(144A)

‡

6,000,000

6,017,581

Apidos

CLO

XXXIX

Ltd.

2022-39A

D,

CME

Term

SOFR

3

Month

+

3.3500%,

7.9674%,

4/21/35

(144A)

‡

2,500,000

2,504,083

Apidos

CLO

XXXVI

2021-36A

D,

CME

Term

SOFR

3

Month

+

3.1616%,

7.7790%,

7/20/34

(144A)

‡

11,500,000

11,499,043

Apidos

CLO

XXXVIII

2021-38A

D,

CME

Term

SOFR

3

Month

+

3.2116%,

7.8290%,

1/21/34

(144A)

‡

8,360,000

8,363,474

Ares

LXII

CLO

Ltd.

2021-62A

D,

CME

Term

SOFR

3

Month

+

3.3616%,

7.9875%,

1/25/34

(144A)

‡

3,000,000

3,003,474

Ares

XLI

CLO

Ltd.

2016-41A

DR,

CME

Term

SOFR

3

Month

+

3.2616%,

7.9175%,

4/15/34

(144A)

‡

1,250,000

1,250,673

Ares

XXVII

CLO

Ltd.

2013-2A

DR2,

CME

Term

SOFR

3

Month

+

3.5116%,

8.1288%,

10/28/34

(144A)

‡

2,000,000

2,007,332

Ares

XXXIV

CLO

Ltd.

2015-2A

DR,

CME

Term

SOFR

3

Month

+

3.3616%,

8.0091%,

4/17/33

(144A)

‡

1,000,000

1,004,851

Atlas

Senior

Loan

Fund

Ltd.

2021-16A

D,

CME

Term

SOFR

3

Month

+

3.9616%,

8.5790%,

1/20/34

(144A)

‡

8,400,000

8,458,075

Atlas

Senior

Loan

Fund

Ltd.

2021-18A

D,

CME

Term

SOFR

3

Month

+

3.9316%,

8.5640%,

1/18/35

(144A)

‡

6,375,000

6,415,922

Bain

Capital

CLO

Ltd.

2024-1A

D1,

CME

Term

SOFR

3

Month

+

3.8500%,

8.4973%,

4/16/37

(144A)

‡

3,000,000

3,071,165

Janus

Henderson

B-BBB

CLO

ETF

Schedule

of

Investments

October

31,

2024

4

October

31,

2024

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

Bain

Capital

Credit

CLO

Ltd.

2021-1A

D,

CME

Term

SOFR

3

Month

+

3.1716%,

7.8040%,

4/18/34

(144A)

‡

$

6,000,000

$

5,997,676

Bain

Capital

Credit

CLO

Ltd.

2021-6A

D,

CME

Term

SOFR

3

Month

+

3.3616%,

7.9790%,

10/21/34

(144A)

‡

9,500,000

9,532,074

Bain

Capital

Credit

CLO

Ltd.

2021-5A

D,

CME

Term

SOFR

3

Month

+

3.4116%,

8.0379%,

10/23/34

(144A)

‡

2,000,000

2,003,202

Bain

Capital

Credit

CLO

Ltd.

2019-4A

DR,

CME

Term

SOFR

3

Month

+

3.6300%,

8.2563%,

4/23/35

(144A)

‡

14,995,000

15,060,002

Bain

Capital

Credit

CLO

Ltd.

2022-3A

D,

CME

Term

SOFR

3

Month

+

3.7000%,

8.3474%,

7/17/35

(144A)

‡

4,880,000

4,901,834

Balboa

Bay

Loan

Funding

Ltd.

2023-1A

D1R,

CME

Term

SOFR

3

Month

+

3.8000%,

8.4174%,

4/20/36

(144A)

‡

3,750,000

3,836,627

Ballyrock

CLO

25

Ltd.

2023-25A

C,

CME

Term

SOFR

3

Month

+

4.7000%,

9.3259%,

1/25/36

(144A)

‡

5,533,056

5,562,016

Barings

CLO

Ltd.

2019-1A

DR,

CME

Term

SOFR

3

Month

+

3.9116%,

8.5675%,

4/15/35

(144A)

‡

3,600,000

3,624,211

Barings

CLO

Ltd.

2022-2A

D2R,

CME

Term

SOFR

3

Month

+

5.0000%,

9.6559%,

7/15/39

(144A)

‡

3,000,000

3,031,749

Beechwood

Park

CLO

Ltd.

2019-1A

DR,

CME

Term

SOFR

3

Month

+

3.1000%,

7.7474%,

1/17/35

(144A)

‡

2,600,000

2,598,855

Benefit

Street

Partners

CLO

XVIII

Ltd.

2019-18A

DR,

CME

Term

SOFR

3

Month

+

3.6616%,

8.3175%,

10/15/34

(144A)

‡

2,000,000

2,009,074

Bethpage

Park

CLO

Ltd.

2021-1A

D,

CME

Term

SOFR

3

Month

+

3.2116%,

7.8675%,

10/15/36

(144A)

‡

1,500,000

1,499,610

Blueberry

Park

CLO

Ltd.

2024-1A

D1,

CME

Term

SOFR

3

Month

+

2.9000%,

8.0261%,

10/20/37

(144A)

‡

6,500,000

6,561,730

BlueMountain

CLO

XXV

Ltd.

2019-25A

D1R,

CME

Term

SOFR

3

Month

+

3.5616%,

8.2175%,

7/15/36

(144A)

‡

5,000,000

5,018,829

BlueMountain

CLO

XXVI

Ltd.

2019-26A

D1R,

CME

Term

SOFR

3

Month

+

3.7616%,

8.3790%,

10/20/34

(144A)

‡

7,280,000

7,323,590

BlueMountain

CLO

XXVI

Ltd.

2019-26A

D2R,

CME

Term

SOFR

3

Month

+

4.6316%,

9.2490%,

10/20/34

(144A)

‡

4,500,000

4,503,545

BlueMountain

CLO

XXX

Ltd.

2020-30A

DR,

CME

Term

SOFR

3

Month

+

3.3000%,

7.9559%,

4/15/35

(144A)

‡

10,950,000

10,957,771

BlueMountain

CLO

XXXIV

Ltd.

2022-34A

D,

CME

Term

SOFR

3

Month

+

3.7500%,

8.3674%,

4/20/35

(144A)

‡

8,000,000

8,040,584

Bryant

Park

Funding

Ltd.

2021-17RA

C,

CME

Term

SOFR

3

Month

+

4.3716%,

8.9890%,

1/20/35

(144A)

‡

2,000,000

2,000,000

Buckhorn

Park

CLO

Ltd.

2019-1A

DR,

CME

Term

SOFR

3

Month

+

3.3616%,

7.9940%,

7/18/34

(144A)

‡

5,350,000

5,356,696

Canyon

Capital

CLO

Ltd.

2021-2A

D,

CME

Term

SOFR

3

Month

+

3.6116%,

8.2675%,

4/15/34

(144A)

‡

5,250,000

5,257,362

Canyon

Capital

CLO

Ltd.

2022-1A

D,

CME

Term

SOFR

3

Month

+

3.2000%,

7.8473%,

4/15/35

(144A)

‡

2,000,000

2,004,129

Canyon

Capital

CLO

Ltd.

2019-1A

D1RR,

CME

Term

SOFR

3

Month

+

3.6500%,

8.3059%,

7/15/37

(144A)

‡

2,600,000

2,637,878

Captree

Park

CLO

Ltd.

2024-1A

D,

CME

Term

SOFR

3

Month

+

3.2500%,

7.8674%,

7/20/37

(144A)

‡

4,000,000

4,022,771

Carlyle

US

CLO

Ltd.

2021-1A

C,

CME

Term

SOFR

3

Month

+

3.0616%,

7.7175%,

4/15/34

(144A)

‡

5,150,000

5,149,809

Carlyle

US

CLO

Ltd.

2021-10A

D,

CME

Term

SOFR

3

Month

+

3.5616%,

8.1790%,

10/20/34

(144A)

‡

3,000,000

3,008,925

Carlyle

US

CLO

Ltd.

2020-2A

CR,

CME

Term

SOFR

3

Month

+

3.4616%,

8.0875%,

1/25/35

(144A)

‡

10,600,000

10,622,526

Janus

Henderson

B-BBB

CLO

ETF

Schedule

of

Investments

October

31,

2024

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.

2022-2A

C,

CME

Term

SOFR

3

Month

+

3.5500%,

8.1674%,

4/20/35

(144A)

‡

$

9,000,000

$

9,028,623

Carlyle

US

CLO

Ltd.

2021-7A

C,

CME

Term

SOFR

3

Month

+

3.3616%,

8.0175%,

10/15/35

(144A)

‡

5,800,000

5,808,454

Carlyle

US

CLO

Ltd.

2023-4A

D,

CME

Term

SOFR

3

Month

+

4.1000%,

8.7259%,

10/25/36

(144A)

‡

7,700,000

7,769,473

Carlyle

US

CLO

Ltd.

2022-3A

D1R,

CME

Term

SOFR

3

Month

+

3.8500%,

8.4674%,

4/20/37

(144A)

‡

4,250,000

4,297,064

Carlyle

US

CLO

Ltd.

2022-2A

D1R,

CME

Term

SOFR

3

Month

+

3.1000%,

0.0000%,

1/20/38

(144A)

‡

10,000,000

10,000,000

CBAM

Ltd.

2018-8A

DR,

CME

Term

SOFR

3

Month

+

4.0000%,

8.6559%,

7/15/37

(144A)

‡

16,330,000

16,467,066

CBAM

Ltd.

2019-9A

DR,

CME

Term

SOFR

3

Month

+

4.1500%,

8.8059%,

7/15/37

(144A)

‡

18,000,000

18,457,942

Cedar

Funding

IV

CLO

Ltd.

2014-4A

DRR,

CME

Term

SOFR

3

Month

+

3.2616%,

7.8879%,

7/23/34

(144A)

‡

3,500,000

3,517,736

Cedar

Funding

VI

CLO

Ltd.

2016-6A

DRR,

CME

Term

SOFR

3

Month

+

3.5716%,

8.1890%,

4/20/34

(144A)

‡

2,950,000

2,957,852

Cedar

Funding

X

CLO

Ltd.

2019-10A

DR,

CME

Term

SOFR

3

Month

+

3.4616%,

8.0790%,

10/20/32

(144A)

‡

3,500,000

3,505,339

Cedar

Funding

XII

CLO

Ltd.

2020-12A

DR,

CME

Term

SOFR

3

Month

+

3.4116%,

8.0375%,

10/25/34

(144A)

‡

2,000,000

2,001,263

CIFC

Funding

2021-2A

D,

CME

Term

SOFR

3

Month

+

2.9116%,

7.5675%,

4/15/34

(144A)

‡

6,000,000

5,983,100

CIFC

Funding

2019-V

Ltd.

2019-5A

CR,

CME

Term

SOFR

3

Month

+

3.4116%,

8.0675%,

1/15/35

(144A)

‡

1,000,000

1,002,734

CIFC

Funding

2021-V

Ltd.

2021-5A

D,

CME

Term

SOFR

3

Month

+

3.5116%,

8.1675%,

7/15/34

(144A)

‡

3,250,000

3,259,813

CIFC

Funding

2023-III

Ltd.

2023-3A

D,

CME

Term

SOFR

3

Month

+

4.2500%,

8.8674%,

1/20/37

(144A)

‡

5,000,000

5,097,290

CIFC

Funding

Ltd.

2021-3A

D,

CME

Term

SOFR

3

Month

+

3.2616%,

7.9175%,

7/15/36

(144A)

‡

3,700,000

3,702,573

CIFC

Funding

Ltd.

2017-3A

D1R,

CME

Term

SOFR

3

Month

+

3.7000%,

8.3174%,

4/20/37

(144A)

‡

4,500,000

4,538,743

Crown

City

CLO

II

2020-2A

CR,

CME

Term

SOFR

3

Month

+

3.3500%,

7.9674%,

4/20/35

(144A)

‡

12,200,000

12,207,318

Crown

City

CLO

III

2021-1A

C,

CME

Term

SOFR

3

Month

+

3.5616%,

8.1790%,

7/20/34

(144A)

‡

2,750,000

2,751,981

Crown

City

CLO

IV

2022-4A

C1R,

CME

Term

SOFR

3

Month

+

4.5000%,

9.1174%,

4/20/37

(144A)

‡

5,000,000

5,054,217

Crown

Point

CLO

10

Ltd.

2021-10A

D,

CME

Term

SOFR

3

Month

+

3.7616%,

8.3790%,

7/20/34

(144A)

‡

6,000,000

6,031,372

Diameter

Capital

CLO

4

Ltd.

2022-4A

C1R,

CME

Term

SOFR

3

Month

+

4.3000%,

8.9559%,

1/15/37

(144A)

‡

2,250,000

2,316,467

Dryden

113

CLO

Ltd.

2022-113A

D1R2,

CME

Term

SOFR

3

Month

+

3.1000%,

7.7174%,

10/15/37

(144A)

‡

3,900,000

3,899,963

Dryden

113

CLO

Ltd.

2022-113A

D2R2,

CME

Term

SOFR

3

Month

+

4.5000%,

9.1174%,

10/15/37

(144A)

‡

3,800,000

3,834,505

Dryden

115

CLO

Ltd.

2024-115A

D,

CME

Term

SOFR

3

Month

+

3.8000%,

8.4323%,

4/18/37

(144A)

‡

10,600,000

10,674,680

Dryden

68

CLO

Ltd.

2019-68A

DR,

CME

Term

SOFR

3

Month

+

3.6116%,

8.2675%,

7/15/35

(144A)

‡

6,500,000

6,524,208

Dryden

78

CLO

Ltd.

2020-78A

D1AR,

CME

Term

SOFR

3

Month

+

3.7500%,

8.3975%,

4/17/37

(144A)

‡

5,500,000

5,554,597

Janus

Henderson

B-BBB

CLO

ETF

Schedule

of

Investments

October

31,

2024

6

October

31,

2024

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

Dryden

78

CLO

Ltd.

2020-78A

D2R,

CME

Term

SOFR

3

Month

+

5.7500%,

10.3975%,

4/17/37

(144A)

‡

$

4,000,000

$

4,039,980

Dryden

83

CLO

Ltd.

2020-83A

ER,

CME

Term

SOFR

3

Month

+

6.3200%,

10.9523%,

4/18/37

(144A)

‡

7,325,000

7,230,818

Dryden

86

CLO

Ltd.

2020-86A

DR,

CME

Term

SOFR

3

Month

+

3.4616%,

8.1091%,

7/17/34

(144A)

‡

6,000,000

6,014,041

Dryden

90

CLO

Ltd.

2021-90A

D,

CME

Term

SOFR

3

Month

+

3.2616%,

8.3900%,

2/20/35

(144A)

‡

1,000,000

1,000,440

Dryden

94

CLO

Ltd.

2022-94A

D2R,

CME

Term

SOFR

3

Month

+

5.1000%,

9.7559%,

10/15/37

(144A)

‡

3,000,000

3,031,451

Dryden

97

CLO

Ltd.

2022-97A

D,

CME

Term

SOFR

3

Month

+

3.2000%,

7.8174%,

4/20/35

(144A)

‡

3,000,000

2,997,150

Dryden

98

CLO

Ltd.

2022-98A

D,

CME

Term

SOFR

3

Month

+

3.1000%,

7.7174%,

4/20/35

(144A)

‡

7,300,000

7,285,664

Elevation

CLO

Ltd.

2018-3A

DR,

CME

Term

SOFR

3

Month

+

3.8716%,

8.4975%,

1/25/35

(144A)

‡

7,900,000

7,942,755

Elmwood

CLO

14

Ltd.

2022-1A

D,

CME

Term

SOFR

3

Month

+

3.1500%,

7.7674%,

4/20/35

(144A)

‡

1,750,000

1,750,101

Elmwood

CLO

16

Ltd.

2022-3A

DR,

CME

Term

SOFR

3

Month

+

3.8000%,

8.4174%,

4/20/37

(144A)

‡

2,000,000

2,020,507

Elmwood

CLO

30

Ltd.

2024-6A

D2,

CME

Term

SOFR

3

Month

+

4.2500%,

9.5499%,

7/17/37

(144A)

‡

5,500,000

5,557,386

Elmwood

CLO

31

Ltd.

2024-7A

D2,

CME

Term

SOFR

3

Month

+

4.2000%,

9.0389%,

7/17/37

(144A)

‡

2,500,000

2,525,847

Elmwood

CLO

II

Ltd.

2019-2A

D1RR,

CME

Term

SOFR

3

Month

+

3.0500%,

0.0000%,

10/20/37

(144A)

‡

10,000,000

10,000,000

Elmwood

CLO

VII

Ltd.

2020-4A

D2RR,

CME

Term

SOFR

3

Month

+

4.3500%,

8.9046%,

10/17/37

(144A)

‡

2,500,000

2,526,511

Elmwood

CLO

VIII

Ltd.

2021-1A

DR,

CME

Term

SOFR

3

Month

+

3.8000%,

8.4174%,

4/20/37

(144A)

‡

12,015,000

12,137,469

Elmwood

CLO

XI

Ltd.

2021-4A

D,

CME

Term

SOFR

3

Month

+

3.2116%,

7.8290%,

10/20/34

(144A)

‡

2,000,000

2,001,196

Elmwood

CLO

XII

Ltd.

2021-5A

D2R,

CME

Term

SOFR

3

Month

+

4.3500%,

8.9161%,

10/15/37

(144A)

‡

2,400,000

2,426,206

Fortress

Credit

BSL

XIII

Ltd.

2021-2A

D,

CME

Term

SOFR

3

Month

+

3.8116%,

8.4290%,

7/20/34

(144A)

‡

1,000,000

1,006,196

Franklin

Park

Place

CLO

I

LLC

2022-1A

D,

CME

Term

SOFR

3

Month

+

3.7500%,

8.4059%,

4/14/35

(144A)

‡

2,500,000

2,515,222

Generate

CLO

16

Ltd.

2024-16A

D1,

CME

Term

SOFR

3

Month

+

3.2500%,

8.2566%,

7/20/37

(144A)

‡

5,000,000

5,056,558

Generate

CLO

16

Ltd.

2024-16A

D2,

CME

Term

SOFR

3

Month

+

4.5000%,

9.5066%,

7/20/37

(144A)

‡

3,500,000

3,539,612

Generate

CLO

5

Ltd.

5A

D1R,

CME

Term

SOFR

3

Month

+

3.7000%,

8.3316%,

7/22/37

(144A)

‡

2,000,000

2,042,529

GoldenTree

Loan

Management

US

CLO

6

Ltd.

2019-6A

DR,

CME

Term

SOFR

3

Month

+

3.1000%,

7.7174%,

4/20/35

(144A)

‡

2,750,000

2,747,902

HPS

Loan

Management

10-2016

Ltd.

10A-16

CR,

CME

Term

SOFR

3

Month

+

3.4116%,

8.0290%,

4/20/34

(144A)

‡

3,743,000

3,748,891

HPS

Loan

Management

14-2019

Ltd.

14A-19

DR,

CME

Term

SOFR

3

Month

+

3.1616%,

7.7875%,

1/25/34

(144A)

‡

1,500,000

1,500,080

Invesco

CLO

Ltd.

2022-2A

D,

CME

Term

SOFR

3

Month

+

3.7500%,

8.3674%,

7/20/35

(144A)

‡

1,000,000

1,005,220

KKR

CLO

27

Ltd.

27A

DR,

CME

Term

SOFR

3

Month

+

3.2500%,

7.9059%,

10/15/32

(144A)

‡

1,250,000

1,252,229

Janus

Henderson

B-BBB

CLO

ETF

Schedule

of

Investments

October

31,

2024

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

56

Ltd.

2024-56A

D1,

CME

Term

SOFR

3

Month

+

3.1500%,

8.2458%,

10/15/37

(144A)

‡

$

5,000,000

$

5,051,528

LCM

33

Ltd.

33A

D,

CME

Term

SOFR

3

Month

+

3.4616%,

8.0790%,

7/20/34

(144A)

‡

4,500,000

4,502,977

LCM

37

Ltd.

37A

D,

CME

Term

SOFR

3

Month

+

3.6500%,

8.3059%,

4/15/34

(144A)

‡

3,000,000

3,008,356

LCM

41

Ltd.

41A

D1,

CME

Term

SOFR

3

Month

+

4.5500%,

9.2059%,

4/15/36

(144A)

‡

15,000,000

15,442,330

LCM

XIV

LP

14A

DR,

CME

Term

SOFR

3

Month

+

3.0116%,

7.6290%,

7/20/31

(144A)

‡

2,075,000

2,062,324

Madison

Park

Funding

LIX

Ltd.

2021-59A

D1AR,

CME

Term

SOFR

3

Month

+

3.3000%,

7.9324%,

4/18/37

(144A)

‡

2,500,000

2,527,776

Madison

Park

Funding

LXIX

Ltd.

2024-69A

D1,

CME

Term

SOFR

3

Month

+

3.3500%,

8.6842%,

7/25/37

(144A)

‡

7,850,000

7,944,853

Madison

Park

Funding

XXXIII

Ltd.

2019-33A

DR,

CME

Term

SOFR

3

Month

+

3.1000%,

7.7559%,

10/15/32

(144A)

‡

3,500,000

3,495,888

Madison

Park

Funding

XXXIV

Ltd.

2019-34A

D1RR,

CME

Term

SOFR

3

Month

+

3.3500%,

7.9973%,

10/16/37

(144A)

‡

13,500,000

13,647,510

Madison

Park

Funding

XXXIX

Ltd.

2021-39A

DR,

CME

Term

SOFR

3

Month

+

3.2000%,

7.8316%,

10/22/34

(144A)

‡

8,300,000

8,316,600

Magnetite

XVII

Ltd.

2016-17A

DR2,

CME

Term

SOFR

3

Month

+

3.5000%,

8.1174%,

4/20/37

(144A)

‡

3,778,000

3,805,777

Magnetite

XXXIX

Ltd.

2023-39A

D,

CME

Term

SOFR

3

Month

+

4.1500%,

8.7759%,

10/25/33

(144A)

‡

1,790,000

1,794,968

Magnetite

XXXVIII

Ltd.

2024-38A

D,

CME

Term

SOFR

3

Month

+

3.5000%,

8.1559%,

4/15/37

(144A)

‡

5,000,000

5,041,005

Marathon

CLO

Ltd.

2021-16A

C,

CME

Term

SOFR

3

Month

+

3.7616%,

8.4175%,

4/15/34

(144A)

‡

6,100,000

6,116,023

Mariner

CLO

LLC

2016-3A

D1R3,

CME

Term

SOFR

3

Month

+

4.1500%,

8.7763%,

1/23/37

(144A)

‡

1,000,000

1,026,107

Morgan

Stanley

Eaton

Vance

CLO

Ltd.

2021-1A

D,

CME

Term

SOFR

3

Month

+

3.3616%,

7.9879%,

10/20/34

(144A)

‡

2,640,000

2,644,612

Neuberger

Berman

CLO

XVI-S

Ltd.

2017-16SA

DR,

CME

Term

SOFR

3

Month

+

3.1616%,

7.8175%,

4/15/34

(144A)

‡

2,625,000

2,623,114

Neuberger

Berman

Loan

Advisers

CLO

25

Ltd.

2017-25A

D1R2,

CME

Term

SOFR

3

Month

+

3.1000%,

7.7324%,

7/18/38

(144A)

‡

3,750,000

3,764,648

Neuberger

Berman

Loan

Advisers

CLO

31

Ltd.

2019-31A

DR,

CME

Term

SOFR

3

Month

+

3.5116%,

8.1290%,

4/20/31

(144A)

‡

2,000,000

2,012,394

Neuberger

Berman

Loan

Advisers

CLO

33

Ltd.

2019-33A

DR,

CME

Term

SOFR

3

Month

+

3.1616%,

7.8089%,

10/16/33

(144A)

‡

3,000,000

2,995,415

Neuberger

Berman

Loan

Advisers

CLO

35

Ltd.

2019-35A

D,

CME

Term

SOFR

3

Month

+

3.9616%,

8.5790%,

1/19/33

(144A)

‡

3,000,000

3,026,264

Neuberger

Berman

Loan

Advisers

CLO

38

Ltd.

2020-38A

DR,

CME

Term

SOFR

3

Month

+

3.2616%,

7.8790%,

10/20/35

(144A)

‡

1,250,000

1,251,076

Neuberger

Berman

Loan

Advisers

CLO

42

Ltd.

2021-42A

D,

CME

Term

SOFR

3

Month

+

3.0616%,

7.7089%,

7/16/35

(144A)

‡

1,000,000

998,866

Neuberger

Berman

Loan

Advisers

CLO

45

Ltd.

2021-45A

D,

CME

Term

SOFR

3

Month

+

3.2616%,

7.9175%,

10/14/35

(144A)

‡

1,500,000

1,501,063

Neuberger

Berman

Loan

Advisers

NBLA

CLO

53

Ltd.

2023-53A

D,

CME

Term

SOFR

3

Month

+

4.5000%,

9.1348%,

10/24/32

(144A)

‡

5,000,000

5,002,707

Newark

BSL

CLO

2

Ltd.

2017-1A

CR,

CME

Term

SOFR

3

Month

+

3.4116%,

8.0375%,

7/25/30

(144A)

‡

4,500,000

4,527,019

Northwoods

Capital

22

Ltd.

2020-22A

DRR,

CME

Term

SOFR

3

Month

+

4.9500%,

9.8966%,

9/16/31

(144A)

‡

8,587,000

8,680,704

Janus

Henderson

B-BBB

CLO

ETF

Schedule

of

Investments

October

31,

2024

8

October

31,

2024

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

Oaktree

CLO

Ltd.

2019-3A

D1R,

CME

Term

SOFR

3

Month

+

3.4716%,

8.0890%,

10/20/34

(144A)

‡

$

2,500,000

$

2,516,150

Oaktree

CLO

Ltd.

2024-27A

D1,

CME

Term

SOFR

3

Month

+

3.0000%,

7.7803%,

10/22/37

(144A)

‡

6,000,000

6,052,438

OCP

Aegis

CLO

Ltd.

2023-29A

D,

CME

Term

SOFR

3

Month

+

5.0000%,

9.6174%,

1/20/35

(144A)

‡

8,000,000

8,030,304

OCP

CLO

Ltd.

2021-21A

D,

CME

Term

SOFR

3

Month

+

3.2116%,

7.8290%,

7/20/34

(144A)

‡

4,515,000

4,530,339

OCP

CLO

Ltd.

2020-19A

DR,

CME

Term

SOFR

3

Month

+

3.4116%,

8.0290%,

10/20/34

(144A)

‡

2,000,000

2,006,208

OCP

CLO

Ltd.

2024-31A

D,

CME

Term

SOFR

3

Month

+

3.9500%,

8.5674%,

4/20/37

(144A)

‡

18,670,000

19,131,534

OCP

CLO

Ltd.

2022-25A

D2R,

CME

Term

SOFR

3

Month

+

4.5000%,

9.7820%,

7/20/37

(144A)

‡

3,750,000

3,790,886

OCP

CLO

Ltd.

2024-34A

D1,

CME

Term

SOFR

3

Month

+

2.9000%,

7.8527%,

10/15/37

(144A)

‡

3,750,000

3,779,778

Octagon

54

Ltd.

2021-1A

D,

CME

Term

SOFR

3

Month

+

3.3116%,

7.9675%,

7/15/34

(144A)

‡

1,750,000

1,750,464

Octagon

56

Ltd.

2021-1A

D,

CME

Term

SOFR

3

Month

+

3.4616%,

8.1175%,

10/15/34

(144A)

‡

2,000,000

2,004,714

Octagon

57

Ltd.

2021-1A

D,

CME

Term

SOFR

3

Month

+

3.3616%,

8.0175%,

10/15/34

(144A)

‡

3,750,000

3,754,381

Octagon

70

Alto

Ltd.

2023-1A

D,

CME

Term

SOFR

3

Month

+

4.0900%,

8.7074%,

10/20/36

(144A)

‡

7,500,000

7,598,291

Octagon

Investment

Partners

18-R

Ltd.

2018-18A

C,

CME

Term

SOFR

3

Month

+

2.9616%,

7.6089%,

4/16/31

(144A)

‡

8,255,000

8,244,549

Octagon

Investment

Partners

29

Ltd.

2016-1A

DR2,

CME

Term

SOFR

3

Month

+

3.3000%,

7.9324%,

7/18/39

(144A)

‡

4,000,000

4,020,719

Octagon

Investment

Partners

41

Ltd.

2019-2A

DR,

CME

Term

SOFR

3

Month

+

3.4616%,

8.1175%,

10/15/33

(144A)

‡

7,850,000

7,872,422

Octagon

Investment

Partners

44

Ltd.

2019-1A

DR,

CME

Term

SOFR

3

Month

+

3.5116%,

8.1675%,

10/15/34

(144A)

‡

10,600,000

10,629,160

OHA

Credit

Partners

VII

Ltd.

2012-7A

D1R3,

CME

Term

SOFR

3

Month

+

3.1616%,

8.2900%,

2/20/34

(144A)

‡

5,970,000

5,976,443

OHA

Credit

Partners

XVI

2021-16A

D2R,

CME

Term

SOFR

3

Month

+

4.1500%,

8.7824%,

10/18/37

(144A)

‡

4,500,000

4,546,103

OHA

Loan

Funding

Ltd.

2015-1A

DR3,

CME

Term

SOFR

3

Month

+

3.4616%,

8.0790%,

1/19/37

(144A)

‡

4,750,000

4,700,410

OHA

Loan

Funding

Ltd.

2016-1A

D1R2,

CME

Term

SOFR

3

Month

+

3.0500%,

7.6674%,

7/20/37

(144A)

‡

4,500,000

4,515,647

OHA

Loan

Funding

Ltd.

2016-1A

D2R2,

CME

Term

SOFR

3

Month

+

4.3500%,

8.9674%,

7/20/37

(144A)

‡

4,000,000

4,044,772

Palmer

Square

CLO

Ltd.

2015-1A

CR4,

CME

Term

SOFR

3

Month

+

3.1116%,

8.2377%,

5/21/34

(144A)

‡

3,000,000

2,997,207

Palmer

Square

CLO

Ltd.

2021-2A

D,

CME

Term

SOFR

3

Month

+

3.1616%,

7.8175%,

7/15/34

(144A)

‡

4,000,000

4,000,356

Palmer

Square

CLO

Ltd.

2021-4A

D,

CME

Term

SOFR

3

Month

+

3.2116%,

7.8675%,

10/15/34

(144A)

‡

12,000,000

12,004,957

Palmer

Square

CLO

Ltd.

2021-3A

D,

CME

Term

SOFR

3

Month

+

3.2116%,

7.8675%,

1/15/35

(144A)

‡

4,360,000

4,363,521

Palmer

Square

CLO

Ltd.

2022-1A

D,

CME

Term

SOFR

3

Month

+

3.0500%,

7.6674%,

4/20/35

(144A)

‡

1,000,000

999,656

Palmer

Square

CLO

Ltd.

2018-2A

CR,

CME

Term

SOFR

3

Month

+

3.9000%,

8.5473%,

4/16/37

(144A)

‡

4,000,000

4,040,954

Janus

Henderson

B-BBB

CLO

ETF

Schedule

of

Investments

October

31,

2024

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)

Parallel

Ltd.

2021-1A

D,

CME

Term

SOFR

3

Month

+

3.7116%,

8.3675%,

7/15/34

(144A)

‡

$

2,750,000

$

2,753,491

Peace

Park

CLO

Ltd.

2021-1A

D,

CME

Term

SOFR

3

Month

+

3.2116%,

7.8290%,

10/20/34

(144A)

‡

4,750,000

4,752,039

Peebles

Park

CLO

Ltd.

2024-1A

D,

CME

Term

SOFR

3

Month

+

3.5000%,

8.1174%,

4/21/37

(144A)

‡

8,000,000

8,064,322

Point

Au

Roche

Park

CLO

Ltd.

2021-1A

D,

CME

Term

SOFR

3

Month

+

3.0616%,

7.6790%,

7/20/34

(144A)

‡

4,008,644

4,002,927

Post

CLO

Ltd.

2022-1A

D,

CME

Term

SOFR

3

Month

+

3.2000%,

7.8174%,

4/20/35

(144A)

‡

10,750,000

10,746,420

Post

CLO

Ltd.

2023-1A

D,

CME

Term

SOFR

3

Month

+

5.2500%,

9.8674%,

4/20/36

(144A)

‡

8,205,000

8,304,392

PPM

CLO

2

Ltd.

2019-2A

DR2A,

CME

Term

SOFR

3

Month

+

4.6600%,

9.3073%,

4/16/37

(144A)

‡

10,000,000

10,297,542

PPM

CLO

2

Ltd.

2019-2A

DR2B,

CME

Term

SOFR

3

Month

+

5.5700%,

10.2173%,

4/16/37

(144A)

‡

4,000,000

3,844,255

PPM

CLO

7

Ltd.

2024-7A

D1A,

CME

Term

SOFR

3

Month

+

3.6000%,

8.9214%,

7/20/37

(144A)

‡

10,000,000

10,144,491

Rad

CLO

10

Ltd.

2021-10A

D,

CME

Term

SOFR

3

Month

+

3.0116%,

7.6379%,

4/23/34

(144A)

‡

8,000,000

8,028,348

RAD

CLO

15

Ltd.

2021-15A

D,

CME

Term

SOFR

3

Month

+

3.3116%,

7.9290%,

1/20/34

(144A)

‡

3,900,000

3,902,842

Rad

CLO

18

Ltd.

2023-18A

D,

CME

Term

SOFR

3

Month

+

5.2500%,

9.9059%,

4/15/36

(144A)

‡

2,412,000

2,439,754

RAD

CLO

19

Ltd.

2023-19A

D,

CME

Term

SOFR

3

Month

+

5.7500%,

10.3674%,

4/20/35

(144A)

‡

1,000,000

1,003,673

RAD

CLO

21

Ltd.

2023-21A

D,

CME

Term

SOFR

3

Month

+

4.4000%,

9.0259%,

1/25/33

(144A)

‡

3,250,000

3,271,725

Rad

CLO

25

Ltd.

2024-25A

D1,

CME

Term

SOFR

3

Month

+

3.1500%,

8.4706%,

7/20/37

(144A)

‡

10,000,000

10,101,412

Rad

CLO

5

Ltd.

2019-5A

DR,

CME

Term

SOFR

3

Month

+

3.4116%,

8.0464%,

7/24/32

(144A)

‡

1,000,000

1,005,629

REESE

PARK

CLO

Ltd.

2020-1A

DR,

CME

Term

SOFR

3

Month

+

3.1616%,

7.8175%,

10/15/34

(144A)

‡

13,250,000

13,243,713

Regatta

XIX

Funding

Ltd.

2022-1A

D,

CME

Term

SOFR

3

Month

+

3.3000%,

7.9174%,

4/20/35

(144A)

‡

1,000,000

1,001,838

Regatta

XX

Funding

Ltd.

2021-2A

D,

CME

Term

SOFR

3

Month

+

3.3616%,

8.0175%,

10/15/34

(144A)

‡

1,850,000

1,854,663

Riserva

CLO

Ltd.

2016-3A

DRR,

CME

Term

SOFR

3

Month

+

3.5116%,

8.1440%,

1/18/34

(144A)

‡

7,250,000

7,268,975

Rockford

Tower

CLO

Ltd.

2021-2A

D,

CME

Term

SOFR

3

Month

+

3.5116%,

8.1290%,

7/20/34

(144A)

‡

2,000,000

2,004,967

Rockford

Tower

CLO

Ltd.

2020-1A

D1R,

CME

Term

SOFR

3

Month

+

4.6000%,

9.2174%,

1/20/36

(144A)

‡

5,500,000

5,538,750

Rockford

Tower

CLO

Ltd.

2024-1A

D1,

CME

Term

SOFR

3

Month

+

3.8500%,

8.4674%,

4/20/37

(144A)

‡

4,000,000

4,097,966

Romark

CLO

II

Ltd.

2018-2A

D,

CME

Term

SOFR

3

Month

+

6.5116%,

11.1375%,

7/25/31

(144A)

‡

6,100,000

6,107,885

Romark

CLO

III

Ltd.

2019-3A

CR,

CME

Term

SOFR

3

Month

+

3.5616%,

8.2175%,

10/15/34

(144A)

‡

6,500,000

6,509,067

Romark

CLO

IV

Ltd.

2021-4A

C2,

CME

Term

SOFR

3

Month

+

5.2616%,

9.9376%,

7/10/34

(144A)

‡

1,500,000

1,509,453

Romark

CLO

V

Ltd.

2021-5A

D,

CME

Term

SOFR

3

Month

+

3.8916%,

8.5475%,

1/15/35

(144A)

‡

3,735,000

3,757,307

Janus

Henderson

B-BBB

CLO

ETF

Schedule

of

Investments

October

31,

2024

10

October

31,

2024

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

RR

17

Ltd.

2021-17A

C,

CME

Term

SOFR

3

Month

+

3.2116%,

7.8675%,

7/15/34

(144A)

‡

$

4,000,000

$

3,998,964

RR

6

Ltd.

2019-6A

CR,

CME

Term

SOFR

3

Month

+

3.1616%,

7.8175%,

4/15/36

(144A)

‡

1,000,000

998,938

RR

7

Ltd.

2019-7A

C1B,

CME

Term

SOFR

3

Month

+

3.1000%,

7.7559%,

1/15/37

(144A)

‡

1,000,000

999,035

RRX

5

Ltd.

2021-5A

C,

CME

Term

SOFR

3

Month

+

3.3616%,

8.0175%,

7/15/34

(144A)

‡

1,000,000

1,001,029

Sandstone

Peak

II

Ltd.

2023-1A

D,

CME

Term

SOFR

3

Month

+

6.0200%,

10.6374%,

7/20/36

(144A)

‡

7,000,000

7,000,000

Sandstone

Peak

III

Ltd.

2024-1A

D1,

CME

Term

SOFR

3

Month

+

3.8500%,

8.4759%,

4/25/37

(144A)

‡

6,750,000

6,915,287

Sandstone

Peak

Ltd.

2021-1A

DR,

CME

Term

SOFR

3

Month

+

3.3500%,

8.0059%,

10/15/34

(144A)

‡

10,375,000

10,491,750

Signal

Peak

CLO

1

Ltd.

2014-1A

DR3,

CME

Term

SOFR

3

Month

+

3.6616%,

8.3091%,

4/17/34

(144A)

‡

2,000,000

2,006,820

Signal

Peak

CLO

10

Ltd.

2021-10A

D,

CME

Term

SOFR

3

Month

+

3.4616%,

8.0964%,

1/24/35

(144A)

‡

1,500,000

1,502,964

Signal

Peak

CLO

5

Ltd.

2018-5A

D1R,

CME

Term

SOFR

3

Month

+

4.2000%,

8.8259%,

4/25/37

(144A)

‡

6,000,000

6,157,778

Signal

Peak

CLO

5

Ltd.

2018-5A

D2R,

CME

Term

SOFR

3

Month

+

5.2500%,

9.8759%,

4/25/37

(144A)

‡

2,000,000

2,019,922

Sixth

Street

CLO

XIX

Ltd.

2021-19A

D,

CME

Term

SOFR

3

Month

+

3.2616%,

7.8790%,

7/20/34

(144A)

‡

6,500,000

6,526,418

Sixth

Street

CLO

XVI

Ltd.

2020-16A

DR,

CME

Term

SOFR

3

Month

+

4.6500%,

9.2674%,

1/20/37

(144A)

‡

2,350,000

2,375,819

Southwick

Park

CLO

LLC

2019-4A

DR,

CME

Term

SOFR

3

Month

+

3.2116%,

7.8290%,

7/20/32

(144A)

‡

4,380,000

4,385,348

Symphony

CLO

XXXI

Ltd.

2022-31A

D,

CME

Term

SOFR

3

Month

+

3.2000%,

7.8316%,

4/22/35

(144A)

‡

1,500,000

1,499,556

Symphony

CLO

XXXIII

Ltd.

2022-33A

D,

CME

Term

SOFR

3

Month

+

3.7000%,

8.3348%,

4/24/35

(144A)

‡

10,000,000

10,050,045

TCW

CLO

Ltd.

2020-1A

DRR,

CME

Term

SOFR

3

Month

+

3.6616%,

8.2790%,

4/20/34

(144A)

‡

9,750,000

9,766,551

TCW

CLO

Ltd.

2017-1A

DRR,

CME

Term

SOFR

3

Month

+

3.9316%,

8.5363%,

10/29/34

(144A)

‡

8,000,000

8,051,814

TICP

CLO

VIII

Ltd.

2017-8A

CR,

CME

Term

SOFR

3

Month

+

3.6616%,

8.2790%,

10/20/34

(144A)

‡

2,000,000

2,008,211

TICP

CLO

XIII

Ltd.

2019-13A

DR,

CME

Term

SOFR

3

Month

+

3.4116%,

8.0675%,

4/15/34

(144A)

‡

2,000,000

2,005,119

TRESTLES

CLO

V

Ltd.

2021-5A

D,

CME

Term

SOFR

3

Month

+

3.3616%,

7.9790%,

10/20/34

(144A)

‡

3,000,000

3,009,460

Trinitas

CLO

VII

Ltd.

2017-7A

D2R,

CME

Term

SOFR

3

Month

+

3.5616%,

8.1875%,

1/25/35

(144A)

‡

4,500,000

4,508,741

Trinitas

CLO

VII

Ltd.

2017-7A

D1R,

CME

Term

SOFR

3

Month

+

3.7616%,

8.3875%,

1/25/35

(144A)

‡

3,000,000

3,011,854

Trinitas

CLO

XII

Ltd.

2020-12A

D,

CME

Term

SOFR

3

Month

+

4.2616%,

8.8875%,

4/25/33

(144A)

‡

5,000,000

5,033,359

Trinitas

CLO

XVI

Ltd.

2021-16A

D,

CME

Term

SOFR

3

Month

+

3.5616%,

8.1790%,

7/20/34

(144A)

‡

2,250,000

2,256,919

Trinitas

CLO

XVII

Ltd.

2021-17A

D,

CME

Term

SOFR

3

Month

+

3.7616%,

8.3790%,

10/20/34

(144A)

‡

6,300,000

6,316,994

Trinitas

CLO

XXIV

Ltd.

2024-24A

D1,

CME

Term

SOFR

3

Month

+

4.1000%,

8.7259%,

4/25/37

(144A)

‡

4,000,000

4,089,962

Janus

Henderson

B-BBB

CLO

ETF

Schedule

of

Investments

October

31,

2024

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)

Unity-Peace

Park

CLO

Ltd.

2022-1A

D,

CME

Term

SOFR

3

Month

+

3.5000%,

8.1174%,

4/20/35

(144A)

‡

$

4,000,000

$

4,012,519

Venture

44

CLO

Ltd.

2021-44A

D1,

CME

Term

SOFR

3

Month

+

3.4916%,

8.1090%,

10/20/34

(144A)

‡

2,000,000

2,003,713

Venture

XXII

CLO

Ltd.

2015-22A

DR,

CME

Term

SOFR

3

Month

+

3.0116%,

7.6675%,

1/15/31

(144A)

‡

2,500,000

2,401,943

Voya

CLO

Ltd.

2018-2A

D,

CME

Term

SOFR

3

Month

+

3.0116%,

7.6675%,

7/15/31

(144A)

‡

1,519,000

1,521,841

Voya

CLO

Ltd.

2017-3A

CR,

CME

Term

SOFR

3

Month

+

3.4116%,

8.0290%,

4/20/34

(144A)

‡

2,260,000

2,262,945

Voya

CLO

Ltd.

2021-1A

D,

CME

Term

SOFR

3

Month

+

3.4116%,

8.0675%,

7/15/34

(144A)

‡

1,150,000

1,152,290

Voya

CLO

Ltd.

2020-2A

DR,

CME

Term

SOFR

3

Month

+

3.3616%,

7.9790%,

7/19/34

(144A)

‡

1,375,000

1,377,013

Voya

CLO

Ltd.

2020-3A

DR,

CME

Term

SOFR

3

Month

+

3.5116%,

8.1290%,

10/20/34

(144A)

‡

2,480,000

2,487,040

Voya

CLO

Ltd.

2021-2A

D,

CME

Term

SOFR

3

Month

+

3.5116%,

8.1290%,

10/20/34

(144A)

‡

4,030,000

4,041,307

Voya

CLO

Ltd.

2019-4A

DR,

CME

Term

SOFR

3

Month

+

3.4616%,

8.1175%,

1/15/35

(144A)

‡

1,250,000

1,252,515

Voya

CLO

Ltd.

2019-1A

D1RR,

CME

Term

SOFR

3

Month

+

3.0500%,

7.4987%,

10/15/37

(144A)

‡

3,000,000

3,000,000

Whetstone

Park

CLO

Ltd.

2021-1A

D,

CME

Term

SOFR

3

Month

+

3.1616%,

7.7790%,

1/20/35

(144A)

‡

2,350,000

2,348,394

Whitebox

CLO

II

Ltd.

2020-2A

DR,

CME

Term

SOFR

3

Month

+

3.6116%,

8.2464%,

10/24/34

(144A)

‡

250,000

252,064

Wind

River

CLO

Ltd.

2021-4A

D,

CME

Term

SOFR

3

Month

+

3.4616%,

8.0790%,

1/20/35

(144A)

‡

15,000,000

15,015,109

Wind

River

CLO

Ltd.

2022-2A

D,

CME

Term

SOFR

3

Month

+

4.7000%,

9.3174%,

7/20/35

(144A)

‡

8,000,000

8,171,023

Total

Collateralized

Loan

Obligations

(cost

$1,129,879,007)

1,135,805,743

Investment

Companies

-

0.8%

Money

Market

Funds

-

0.8%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

4.8531%

£,∞

(cost

$8,960,001)

8,958,210

8,960,001

Total

Investments

(total

cost

$

1,138,839,008

)

-

101.7%

1,144,765,744

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(1.7%)

(19,147,798)

Net

Assets

-

100.0%

$1,125,617,946

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

1,144,765,744

100.0

%

Janus

Henderson

B-BBB

CLO

ETF

Schedule

of

Investments

October

31,

2024

12

October

31,

2024

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

10/31/23

Purchases

Sales

Proceeds

Realized

Gain/

(Loss)

Change

in

Unrealized

Appreciatio

n/

(Depreciation)

Affiliated

Investments,

at

Value

at

10/31/24

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

Shares

Held

at

10/31/24

Dividend

Income

Investment

Company

-

0.8%

Exchange

Traded

Fund

-

N/A

Janus

Henderson

AAA

CLO

ETF

$

–

$

54,932,735

$

(54,978,555)

$

45,820

$

–

$

–

–

$

792,410

Money

Market

Funds

-

0.8%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

4.8531%

∞

2,549,332

610,734,499

(604,327,736)

3,906

–

8,960,001

8,958,210

486,448

Total

Affiliated

Investments

-

0.8%

$2,549,332

$665,667,234

$(659,306,291)

$49,726

$–

$8,960,001

$1,278,858

Janus

Henderson

B-BBB

CLO

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

October

31,

2024

Janus

Detroit

Street

Trust

13

CME

Chicago

Mercantile

Exchange

ETF

Exchange

Traded

Fund

LLC

Limited

Liability

Company

LP

Limited

Partnership

SOFR

Secured

Overnight

Financing

Rate

∞

Rate

shown

is

the

7-day

yield

as

of

October

31,

2024.

£

The

Fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

Investment

Company

Act

of

1940,

as

amended,

an

affiliated

company

is

one

in

which

the

Fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

which

is

under

common

ownership

or

control.

‡

The

interest

rate

on

floating

rate

notes

is

based

on

an

index

or

market

interest

rates

and

is

subject

to

change.

Rate

in

the

security

description

is

as

of

October

31,

2024.

144A

Securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended,

are

subject

to

legal

and/or

contractual

restrictions

on

resale

and

may

not

be

publicly

sold

without

registration

under

the

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

year

ended

October

31,

2024

is

$1,135,805,743

which

represents

100.9%

of

net

assets.

The

following

is

a

summary

of

the

inputs

that

were

used

to

value

the

Fund's

investments

in

securities

and

other

financial

instruments

as

of

October

31,

2024

.

See

Notes

to

Financial

Statements

for

more

information.

Valuation

Inputs

Summary

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Total

Assets

Investments

in

Securities:

Collateralized

Loan

Obligations

$

—

$

1,135,805,743

$

—

$

1,135,805,743

Investment

Companies

—

8,960,001

—

8,960,001

Total

Assets

$

—

$

1,144,765,744

$

—

$

1,144,765,744

Janus

Henderson

B-BBB

CLO

ETF

Statement

of

Assets

and

Liabilities

October

31,

2024

14

October

31,

2024

See

Notes

to

Financial

Statements.

Assets:

Unaffiliated

investments,

at

value

(cost

$1,129,879,007)

$

1,135,805,743

Affiliated

investments,

at

value

(cost

$8,960,001)

8,960,001

Cash

58,322

Receivables:

Interest

5,059,119

Total

Assets

1,149,883,185

Liabilities:

Payables:

Investments

purchased

23,840,279

Management

fees

424,960

Total

Liabilities

24,265,239

Commitments

and

contingent

liabilities

Net

Assets

$

1,125,617,946

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

1,116,877,749

Total

distributable

earnings

(loss)

8,740,197

Total

Net

Assets

$

1,125,617,946

Net

Assets

$

1,125,617,946

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

22,850,000

Net

Asset

Value

Per

Share

$

49

.26

Janus

Henderson

B-BBB

CLO

ETF

Statement

of

Operations

For

the

year

ended

October

31,

2024

Janus

Detroit

Street

Trust

15

See

Notes

to

Financial

Statements.

Investment

Income:

Interest

$

48,837,540

Dividends

from

affiliates

1,278,858

Total

Investment

Income

50,116,398

Expenses:

Management

Fees

2,730,439

Total

Expenses

2,730,439

Less:

Excess

Expense

Reimbursement

and

Waivers

(

23,073

)

Net

Expenses

2,707,366

Net

Investment

Income/(Loss)

47,409,032

Net

Realized

Gain/(Loss)

on

Investments:

Investments

$

1,094,969

Investments

in

affiliates

49,726

Total

Net

Realized

Gain/(Loss)

on

Investments

$

1,144,695

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

8,813,363

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

8,813,363

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

57,367,090

Janus

Henderson

B-BBB

CLO

ETF

Statements

of

Changes

in

Net

Assets

16

October

31,

2024

See

Notes

to

Financial

Statements.

Year

Ended

October

31,

2024

Year

Ended

October

31,

2023

Operations:

Net

investment

income/(loss)

$

47,409,032

$

7,605,424

Net

realized

gain/(loss)

on

investments

1,144,695

(

2,456,663

)

Change

in

unrealized

net

appreciation/depreciation

8,813,363

7,183,259

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

57,367,090

12,332,020

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(

42,200,013

)

(

7,139,781

)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(

42,200,013

)

(

7,139,781

)

Capital

Share

Transactions

977,184,193

49,464,555

Net

Increase/(Decrease)

in

Net

Assets

992,351,270

54,656,794

Net

Assets:

—

—

Beginning

of

Year  

133,266,676

78,609,882

End

of

Year

$

1,125,617,946

$

133,266,676

Janus

Henderson

B-BBB

CLO

ETF

Financial

Highlights

Janus

Detroit

Street

Trust

17

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

each

year

or

period

ended

October

31

2024

2023

2022

(1)

Net

Asset

Value,

Beginning

of

Period

$46.76

$43.67

$50.00

Income/(Loss)

from

Investment

Operations:

—

—

—

Net

investment

income/(loss)

(2)

3.99

3.88

1.80

Net

realized

and

unrealized

gain/(loss)

2.32

2.90

(6.71)

Total

from

Investment

Operations

6.31

6.78

(4.91)

Less

Dividends

and

Distributions:

—

—

—

Dividends

(from

net

investment

income)

(3.81)

(3.69)

(1.42)

Total

Dividends

and

Distributions

(3.81)

(3.69)

(1.42)

Net

Asset

Value,

End

of

Period

$49.26

$46.76

$43.67

Total

Return

*

13.99%

16.05%

(9.96)%

(3)

Net

assets,

End

of

Period

(in

thousands)

$1,125,618

$133,267

$78,610

Ratios

to

Average

Net

Assets

**

Ratio

of

Gross

Expenses

0.47%

0.49%

0.49%

Ratio

of

Net

Expenses

(After

Waivers

and

Expense

Offsets)

0.47%

0.48%

0.48%

Ratio

of

Net

Investment

Income/(Loss)

8.19%

8.44%

4.75%

Portfolio

Turnover

Rate

(4)

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

18

October

31,

2024

1.

Organization

and

Significant

Accounting

Policies

Janus

Henderson B-BBB

CLO ETF (the

“Fund”)

is

a

series

fund.

The

Fund

is

part

of

Janus

Detroit

Street

Trust

(the

“Trust”),

which

is

organized

as

a

Delaware

statutory

trust

and

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company,

and

therefore

has

applied

the

specialized

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

(“ASC”)

Topic

946.

As

of

the

date

of

this

report,

the

Trust

offers

twelve Funds

each

of

which

represent

shares

of

beneficial

interest

in

a

separate

portfolio

of

securities

and

other

assets

with

its

own

objective

and

policies.

The

Fund

seeks

capital

preservation

and

current

income

by

seeking

to

deliver

floating-rate

exposure

to collateralized

loan

obligations

("CLOs")

generally

rated

between

and

inclusive

of

BBB+

and

B-.

The

Fund

is

classified

as

diversified,

as

defined

in

the

1940

Act.

Janus

Henderson

Investors

US

LLC

is

the

investment

adviser

(the

“Adviser”)

to

the

Fund.

The

Fund

is

an

actively-managed

exchange-traded

fund.

Unlike

shares

of

traditional

mutual

funds,

shares

of

the

Fund

are

not

individually

redeemable

and

may

only

be

purchased

or

redeemed

directly

from

the

Fund

at

net

asset

value

(“NAV”)

in

large

increments

called

“Creation

Units”

by

certain

participants,

known

as

“Authorized

Participants.”

The

size

of

a

Creation

Unit

to

purchase

shares

of

the

Fund

may

differ

from

the

size

of

a

Creation

Unit

to

redeem

shares

of

the

Fund.

The

Fund

will

issue

or

redeem

Creation

Units

in

exchange

for

portfolio

securities

and/or

cash.

Except

when

aggregated

in

Creation

Units,

Fund

shares

are

not

redeemable

securities

of

the

Fund.

Shares

of

the

Fund

are

listed

and

trade

on

the Cboe

BZX

Exchange,

Inc. (the

"Exchange"),

and

individual

investors

can

purchase

or

sell

shares

in

much

smaller

increments

for

cash

in

the

secondary

market

through

a

broker.

These

transactions,

which

do

not

involve

the

Fund,

are

made

at

market

prices

that

may

vary

throughout

the

day

and

differ

from

the

Fund’s

NAV.

As

a

result,

you

may

pay

more

than

NAV

(a

premium)

when

you

purchase

shares

and

receive

less

than

NAV

(a

discount)

when

you

sell

shares,

in

the

secondary

market.

From

time

to

time,

Authorized

Participants

(or

other

broker-dealers

making

markets

in

shares

of

the

Fund)

may

be

a

beneficial

and/or

legal

owner

of

the

Fund,

may

be

affiliated

with

an

index

provider,

may

be

deemed

to

have

control

of

the

Fund

and/or

may

be

able

to

affect

the

outcome

of

matters

presented

for

a

vote

of

the

shareholders

of

the

Fund.

Authorized

Participants

(or

other

broker-dealers

making

markets

in

shares

of

the

Fund)

may

execute

an

irrevocable

proxy

granting

ALPS

Distributors,

Inc.

(the

"Distributor"),

the

Adviser

or

an

affiliate

of

the

Adviser

power

to

vote

or

abstain

from

voting

such

Authorized

Participant’s

beneficially

or

legally

owned

shares

of

the

Fund.

In

such

cases,

the

agent

shall

mirror

vote

(or

abstain

from

voting)

such

shares

in

the

same

proportion

as

all

other

beneficial

owners

of

the

Fund.

The

following

accounting

policies

have

been

followed

by

the

Fund

and

are

in

conformity

with

United

States

of

America

generally

accepted

accounting

principles

(“US

GAAP”). 

Investment

Valuation 

Fund holdings

are

valued

in

accordance

with

policies

and

procedures

established

by

the

Adviser

pursuant

to

Rule

2a-5

under

the

1940

Act

and

approved

by

and

subject

to

the

oversight

of

the

Trustees

(the

“Valuation

Procedures”).

Equity

securities,

including

shares

of

exchange-traded

funds,

traded

on

a

domestic

securities

exchange

are

generally

valued

at

readily

available

market

quotations,

which

are

(i)

the

official

close

prices

or

(ii)

last

sale

prices

on

the

primary

market

or

exchange

in

which

the

securities

trade.

If

such

price

is

lacking

for

the

trading

period

immediately

preceding

the

time

of

determination,

such

securities

are

generally

valued

at

their

current

bid

price.

Equity

securities

that

are

traded

on

a

foreign

exchange

are

generally

valued

at

the

closing

prices

on

such

markets.

In

the

event

that

there

is

no

current

trading

volume

on

a

particular

security

in

such

foreign

exchange,

the

bid

price

from

the

primary

exchange

is

generally

used

to

value

the

security.

Foreign

securities

and

currencies

are

converted

to

U.S.

dollars

using

the

current

spot

USD

dollar

exchange

rate

in

effect

at

the

close

of

the

London

Stock

Exchange.

The Fund will

determine

the

market

value

of

individual

securities

held

by

it

by

using

prices

provided

by

one

or

more

approved

professional

pricing

services

or,

as

needed,

by

obtaining

market

quotations

from

independent

broker-dealers.

Most

debt

securities

are

valued

in

accordance

with

the

evaluated

bid

price

supplied

by

the

Adviser-approved

pricing

service

that

is

intended

to

reflect

market

value.

The

evaluated

bid

price

supplied

by

the

pricing

service

is

an

evaluation

that

may

consider

factors

such

as

security

prices,

yields,

maturities

and

ratings.

Certain

short-term

securities

maturing

within

60

days

or

less

may

be

evaluated

and

valued

on

an

amortized

cost

basis

provided

that

the

amortized

cost

determined

approximates

market

value.

Securities

for

which

market

quotations

or

evaluated

prices

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

determined

in

good

faith

by

the

Adviser

pursuant

to

the

Valuation

Procedures. Circumstances

in

which

fair

valuation

may

be

utilized

Janus

Henderson

B-BBB

CLO

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

19

include,

but

are

not

limited

to:

(i)

a

significant

event

that

may

affect

the

securities

of

a

single

issuer,

such

as

a

merger,

bankruptcy,

or

significant

issuer-specific

development;

(ii)

an

event

that

may

affect

an

entire

market,

such

as

a

natural

disaster

or

significant

governmental

action;

(iii)

a

nonsignificant

event

such

as

a

market

closing

early

or

not

opening,

or

a

security

trading

halt;

and

(iv)

pricing

of

a

non-valued

security

and

a

restricted

or

nonpublic

security.

Special

valuation

considerations

may

apply

with

respect

to

“odd-lot”

fixed-income

transactions

which,

due

to

their

small

size,

may

receive

evaluated

prices

by

pricing

services

which

reflect

a

large

block

trade

and

not

what

actually

could

be

obtained

for

the

odd-

lot

position.

The

value

of

the

securities

of

mutual

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

mutual

funds,

and

the

prospectuses

for

such

mutual

funds

explain

the

circumstances

under

which

they

use

fair

valuation

and

the

effects

of

using

fair

valuation.

The

value

of

the

securities

of

any

cash

management

pooled

investment

vehicles

that

operate

as

money

market

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

funds.

Valuation

Inputs

Summary 

FASB

ASC

820,

Fair

Value

Measurements

and

Disclosures

(“ASC

820”),

defines

fair

value,

establishes

a

framework

for

measuring

fair

value,

and

expands

disclosure

requirements

regarding

fair

value

measurements.

This

standard

emphasizes

that

fair

value

is

a

market-based

measurement

that

should

be

determined

based

on

the

assumptions

that

market

participants

would

use

in

pricing

an

asset

or

liability

and

establishes

a

hierarchy

that

prioritizes

inputs

to

valuation

techniques

used

to

measure

fair

value.

These

inputs

are

summarized

into

three

broad

levels: 

Level

1

–

Unadjusted

quoted

prices

in

active

markets

the

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities.

Level

2

–

Observable

inputs

other

than

unadjusted

quoted

prices

included

in

Level

1

that

are

observable

for

the

asset

or

liability

either

directly

or

indirectly.

These

inputs

may

include

quoted

prices

for

the

identical

instrument

on

an

inactive

market,

prices

for

similar

instruments,

interest

rates,

prepayment

speeds,

credit

risk,

yield

curves,

default

rates

and

similar

data.

Assets

or

liabilities

categorized

as

Level

2

in

the

hierarchy

generally

include:

debt

securities

fair

valued

in

accordance

with

the

evaluated

bid

or

ask

prices

supplied

by

a

pricing

service;

securities

traded

on

OTC

markets

and

listed

securities

for

which

no

sales

are

reported

that

are

fair

valued

at

the

latest

bid

price

(or

yield

equivalent

thereof)

obtained

from

one

or

more

dealers

transacting

in

a

market

for

such

securities

or

by

a

pricing

service

approved

by

the

Fund’s

Trustees;

and

certain

short-term

debt

securities

with

maturities

of

60

days

or

less

that

are

fair

valued

at

amortized

cost.

Other

securities

that

may

be

categorized

as

Level

2

in

the

hierarchy

include,

but

are

not

limited

to,

preferred

stocks,

bank

loans,

swaps,

investments

in

unregistered

investment

companies,

options,

and

forward

contracts.

Level

3

–

Unobservable

inputs

for

the

asset

or

liability

to

the

extent

that

relevant

observable

inputs

are

not

available,

representing

the

Fund’s

own

assumptions

about

the

assumptions

that

a

market

participant

would

use

in

valuing

the

asset

or

liability,

and

that

would

be

based

on

the

best

information

available.

There

have

been

no

significant

changes

in

valuation

techniques

used

in

valuing

any

such

positions

held

by

the

Fund

since

the

beginning

of

the

fiscal

year. 

The

inputs

or

methodology

used

for

fair

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

The

summary

of

inputs

used

as

of

October

31,

2024 to

fair

value

the

Fund’s

investments

in

securities

and

other

financial

instruments

is

included

in

the

“Valuation

Inputs

Summary”

in

the

Notes

to

Schedule

of

Investments

and

Other

Information.

Investment

Transactions

and

Investment

Income

Investment

transactions

are

accounted

for

as

of

the

date

purchased

or

sold

(trade

date).

Dividend

income

is

recorded

on

the

ex-dividend

date.

Certain

dividends

from

foreign

securities

will

be

recorded

as

soon

as

the

Fund

is

informed

of

the

dividend,

if

such

information

is

obtained

subsequent

to

the

ex-dividend

date.

Dividends

from

foreign

securities

may

be

subject

to

withholding

taxes

in

foreign

jurisdictions.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value.

Interest

income

is

recorded

daily

on

an

accrual

basis

and

includes

amortization

of

premiums

and

accretion

of

discounts.

The

Fund

classifies

gains

and

losses

on

prepayments

received

as

an

adjustment

to

interest

income.

Debt

securities

may

be

placed

in

non-accrual

status

and

related

interest

income

may

be

reduced

by

stopping

current

accruals

Janus

Henderson

B-BBB

CLO

ETF

Notes

to

Financial

Statements

20

October

31,

2024

and

writing

off

interest

receivables

when

collection

of

all

or

a

portion

of

interest

has

become

doubtful.

Gains

and

losses

are

determined

on

the

identified

cost

basis,

which

is

the

same

basis

used

for

federal

income

tax

purposes.  

Estimates

The

preparation

of

financial

statements

in

conformity

with

US

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amount

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates. 

Indemnifications

In

the

normal

course

of

business,

the

Fund

may

enter

into

contracts

that

contain

provisions

for

indemnification

of

other

parties

against

certain

potential

liabilities.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

and

would

involve

future

claims

that

may

be

made

against

the

Fund

that

have

not

yet

occurred.

Currently,

the

risk

of

material

loss

from

such

claims

is

considered

remote. 

Dividends

and

Distributions

Dividends

from

net

investment

income

are

generally

declared

and

distributed

monthly.

Net

realized

capital

gains

(if

any)

are

distributed

annually.

The

Fund

may

treat

a

portion

of

the

amount

paid

to

redeem

shares

as

a

distribution

of

investment

company

taxable

income

and

realized

capital

gains

that

are

reflected

in

the

NAV.

This

practice,

commonly

referred

to

as

“equalization,”

has

no

effect

on

the

redeeming

shareholder

or

a

Fund’s

total

return

but

may

reduce

the

amounts

that

would

otherwise

be

required

to

be

paid

as

taxable

dividends

to

the

remaining

shareholders.

It

is

possible

that

the

Internal

Revenue

Service

(IRS)

could

challenge

the

Fund’s

equalization

methodology

or

calculations,

and

any

such

challenge

could

result

in

additional

tax,

interest,

or

penalties

to

be

paid

by

the

Fund. 

Federal

Income

Taxes

The

Fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

and

distribute

all

of

its

taxable

income

in

accordance

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code.

Management

has

analyzed

the

Fund’s

tax

positions

taken

for

all

open

federal

income

tax

years,

generally

a

three-year

period,

and

has

concluded

that

no

provision

for

federal

income

tax

is

required

in

the

Fund’s

financial

statements.

The

Fund

is

not

aware

of

any

tax

positions

for

which

it

is

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

benefits

will

significantly

change

in

the

next

twelve

months. 

2.

Other

Investments

and

Strategies 

Market Risk 

The

value

of

the

Fund’s

portfolio

may

decrease

if

the

value

of

one

or

more

issuers

in

the

Fund’s

portfolio

decreases.

Further,

regardless

of

how

well

individual

companies

or

securities

perform,

the

value

of

the

Fund’s

portfolio

could

also

decrease

if

there

are

deteriorating

economic

or

market

conditions,

including,

but

not

limited

to,

a

general

decline

in

prices

on

the

stock

markets,

a

general

decline

in

real

estate

markets,

a

decline

in

commodities

prices,

or

if

the

market

favors

different

types

of

securities

than

the

types

of

securities

in

which

the

Fund

invests.

If

the

value

of

the

Fund’s

portfolio

decreases,

the

Fund’s

NAV

will

also

decrease,

which

means

if

you

sell

your

shares

in

the

Fund

you

may

lose

money.

Market

risk

may

affect

a

single

issuer,

industry,

economic

sector,

or

the

market

as

a

whole.

The

increasing

interconnectivity

between

global

economies

and

financial

markets

increases

the

likelihood

that

events

or

conditions

in

one

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

Social,

political,

economic

and

other

conditions

and

events,

such

as

natural

disasters,

health

emergencies

(e.g.,

epidemics

and

pandemics),

terrorism,

conflicts,

including

related

sanctions,

and

social

unrest,

could

reduce

consumer

demand

or

economic

output,

result

in

market

closures,

travel

restrictions

and/or

quarantines,

and

generally

have

a

significant

impact

on

the

global

economies

and

financial

markets. 

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.

Janus

Henderson

B-BBB

CLO

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

21

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

a

delayed

settlement

period,

during

which

time,

the

liquidity

of

the

CLO

may

be

further

reduced.

During

periods

of

limited

liquidity

and

higher

price

volatility,

the

Fund’s

ability

to

acquire

or

dispose

of

CLOs

at

a

price

and

time

the

Fund

deems

advantageous

may

be

impaired.

CLOs

are

generally

considered

to

be

long-term

investments

and

there

is

no

guarantee

that

an

active

secondary

market

will

exist

or

be

maintained

for

any

given

CLO. 

Janus

Henderson

B-BBB

CLO

ETF

Notes

to

Financial

Statements

22

October

31,

2024

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

year ended

October

31,

2024,

the

Fund’s

actual

management

fee

rate

(expressed

as

an

annual

rate)

was

0.47% 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 year

ended October

31,

2024,

the

Adviser

waived

$23,073 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

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

Janus

Detroit

Street

Trust

23

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

year

ended

October

31,

2024 can

be

found

in

a

table

located

in

the

Schedule

of

Investments.

4.

Federal

Income

Tax

The

tax

components

of

capital

shown

in

the

table

below

represent:

(1)

distribution

requirements

the

Fund

must

satisfy

under

the

income

tax

regulations;

(2)

losses

or

deductions

the

Fund

may

be

able

to

offset

against

income

and

gains

realized

in

future

years;

and

(3)

unrealized

appreciation

or

depreciation

of

investments

for

federal

income

tax

purposes. 

The

Fund

has

elected

to

treat

gains

and

losses

on

forward

foreign

currency

contracts

as

capital

gains

and

losses,

if

applicable.

Other

foreign

currency

gains

and

losses

on

debt

instruments

are

treated

as

ordinary

income

for

federal

income

tax

purposes

pursuant

to

Section

988

of

the

Internal

Revenue

Code. 

Undistributed

Ordinary

Income

Undistributed

Long-Term

Gains

Accumulated

Capital

Losses

Loss

Deferrals

Other

Book

to

Tax

Differences

Net

Tax

Appreciation/

(Depreciation)

$8,050,653

$—

$(3,699,413)

$—

$—

$4,388,957

Janus

Henderson

B-BBB

CLO

ETF

Notes

to

Financial

Statements

24

October

31,

2024

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. 

During

the

year ended

October

31,

2024,

capital

loss

carryovers

of

$765,080

were

utilized

by

the

Fund. 

The

aggregate

cost

of

investments

and

the

composition

of

unrealized

appreciation

and

depreciation

of

investment

securities

for

federal

income

tax

purposes

as

of October

31,

2024 are

noted

below.

The

primary

differences

between

book

and

tax

appreciation

or

depreciation

of

investments are

wash

sale

loss

deferrals

and

amortization

on

bonds.

Income

and

capital

gains

distributions

are

determined

in

accordance

with

income

tax

regulations

that

may

differ

from

US

GAAP.

These

differences

are

due

to

differing

treatments

for

items

such

as

net

short-term

gains,

deferral

of

wash

sale

losses,

foreign

currency

transactions,

passive

foreign

investment

companies,

net

investment

losses,

in-kind

transactions

and

capital

loss

carryovers.

Certain

permanent

differences

such

as

tax

returns

of

capital

and

net

investment

losses

noted

below

have

been

reclassified

to

capital. 

Permanent

book

to

tax

basis

differences

may

result

in

reclassifications

between

the

components

of

net

assets.

These

differences

have

no

impact

on

the

results

of

operations

or

net

assets.

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)

$1,140,376,787

$7,355,989

$(2,967,032)

$4,388,957

For

the

year

ended

October

31,

2024

:

Distributions

From

Ordinary

Income

From

Long-Term

Capital

Gain

Tax

Return

of

Capital

Net

Investment

Loss

$42,200,013

$—

$—

$—

For

the

year

ended

October

31,

2023

:

Distributions

From

Ordinary

Income

From

Long-Term

Capital

Gain

Tax

Return

of

Capital

Net

Investment

Loss

$7,139,781

$—

$—

$—

Janus

Henderson

B-BBB

CLO

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

25

5.

Capital

Share

Transactions 

6.

Purchases

and

Sales

of

Investment

Securities

For

the

year

ended

October

31,

2024,

the

aggregate

cost

of

purchases

and

proceeds

from

sales

of

investment

securities

(excluding

any

short-term

securities,

short-term

options

contracts,

and

in-kind

transactions)

was

as

follows:

For

the

year

ended October

31,

2024,

the

cost

of

in-kind

purchases

and

proceeds

from

in-kind

sales,

were

as

follows: 

7.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to October

31,

2024

and

through

the

date

of

the

issuance

of

the

Fund's

financial

statements

and

determined

that

there

were

no

material

events

or

transactions

that

would

require

recognition

or

disclosure

in

the

Fund's

financial

statements. 

Year

Ended

October

31,

2024

Year

Ended

October

31,

2023

Shares

Amount

Shares

Amount

Shares

sold

21,400,000

$

1,045,640,745

1,250,000

$

58,359,146

Shares

repurchased

(1,400,000)

(68,456,552)

(200,000)

(8,894,591)

Net

Increase/(Decrease)

20,000,000

$

977,184,193

1,050,000

$

49,464,555

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

$1,475,905,538

$515,857,376

$—

$—

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

$28,451,832

$—

$—

$—

Janus

Henderson

B-BBB

CLO

ETF

Report

of

Independent

Registered

Public

Accounting

Firm

26

October

31,

2024

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

Designation

Requirements

(unaudited)

Janus

Detroit

Street

Trust

27

For

federal

income

tax

purposes,

the

Fund

designated

the

following

for

the

year

ended

October

31,

2024:

Qualified

Interest

Income

Percentage

1.09%

Janus

Henderson

B-BBB

CLO

ETF

Additional

Information

(unaudited)

28

October

31,

2024

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

Trustee

for

services

to

the

Fund

from

Adviser’s

management

fees.

Item

11.

APPROVAL

OF

ADVISORY

AGREEMENTS

DURING

THE

PERIOD

Not

applicable.

125-02-93094

12-24

This

report

is

submitted

for

the

general

information

of

shareholders

of

the

Fund.

It

is

not

an

offer

or

solicitation

for

the

Fund

and

is

not

authorized

for

distribution

to

prospective

investors

unless

preceded

or

accompanied

by

an

effective

prospectus.

Janus

Henderson

is

a

trademark

of

Janus

Henderson

Group

plc

or

one

of

its

subsidiaries.

©

Janus

Henderson

Group

plc.

Janus

Henderson

Investors

US

LLC

is

the

investment

adviser

and

ALPS

Distributors,

Inc.

is

the

distributor.

ALPS

is

not

affiliated

with

Janus

Henderson

or

any

of

its

subsidiaries.

ANNUAL

FINANCIAL

STATEMENTS

October

31,

2024

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

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

15

Statement

of

Operations

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

16

Statement

of

Changes

in

Net

Assets

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

17

Financial

Highlights

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

18

Notes

to

Financial

Statements

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

19

Report

of

Independent

Registered

Public

Accounting

Firm

...

30

Designation

Requirements

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

31

Items

8-11

-

Additional

Information

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

32

Janus

Henderson

Securitized

Income

ETF

Schedule

of

Investments

October

31,

2024

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

-

43.3%

ACHM

Mortgage

Trust,

7.2600%,

5/25/39

(144A)

$

1,824,884

$

1,872,497

ACHV

ABS

TRUST,

7.1700%,

8/19/30

(144A)

204,738

205,056

ACHV

ABS

TRUST,

6.4200%,

4/25/31

(144A)

135,073

135,789

ACHV

ABS

TRUST,

7.2900%,

4/25/31

(144A)

1,000,000

1,012,658

Affirm

Asset

Securitization

Trust,

7.8100%,

9/15/28

(144A)

250,000

254,567

Affirm

Asset

Securitization

Trust,

8.7800%,

9/15/28

(144A)

250,000

255,320

Affirm

Asset

Securitization

Trust,

7.1100%,

11/15/28

(144A)

110,831

111,192

Affirm

Asset

Securitization

Trust,

7.7700%,

11/15/28

(144A)

250,000

253,289

Affirm

Asset

Securitization

Trust,

8.2500%,

11/15/28

(144A)

250,000

254,331

Affirm

Asset

Securitization

Trust,

6.1600%,

2/15/29

(144A)

750,000

755,173

Affirm

Asset

Securitization

Trust,

6.1600%,

2/15/29

(144A)

500,000

503,448

Affirm

Asset

Securitization

Trust,

6.8900%,

2/15/29

(144A)

500,000

503,425

Affirm

Asset

Securitization

Trust,

6.8900%,

2/15/29

(144A)

700,000

704,795

Affirm

Asset

Securitization

Trust,

6.5700%,

5/15/29

(144A)

2,500,000

2,527,159

Ally

Auto

Receivables

Trust,

5.8000%,

2/16/32

(144A)

500,000

501,644

Ally

Bank

Auto

Credit-Linked

Notes,

7.9170%,

5/17/32

(144A)

661,250

669,856

Ally

Bank

Auto

Credit-Linked

Notes,

9.8920%,

5/17/32

(144A)

842,356

849,610

Ally

Bank

Auto

Credit-Linked

Notes,

12.7480%,

5/17/32

(144A)

505,414

511,614

Ally

Bank

Auto

Credit-Linked

Notes,

6.6780%,

9/15/32

(144A)

2,000,000

1,999,204

Ally

Bank

Auto

Credit-Linked

Notes,

8.0360%,

9/15/32

(144A)

1,200,000

1,199,447

Alterna

Funding

III

LLC,

7.1360%,

5/16/39

(144A)

2,055,285

2,077,065

AMCR

ABS

Trust,

7.6600%,

1/21/31

(144A)

164,461

165,153

Amur

Equipment

Finance

Receivables

XIII

LLC,

9.6600%,

4/20/32

(144A)

375,000

376,887

Amur

Equipment

Finance

Receivables

XIV

LLC,

8.8800%,

10/20/32

(144A)

500,000

504,161

Arivo

Acceptance

Auto

Loan

Receivables

Trust,

6.8700%,

6/17/30

(144A)

1,500,000

1,534,711

Auxilior

Term

Funding

LLC,

10.9700%,

12/15/32

(144A)

200,000

202,348

Bayview

Opportunity

Master

Fund

VII

LLC,

SOFR30A

+

2.0500%,

6.9068%,

12/26/31

(144A)

‡

1,637,466

1,637,456

Bayview

Opportunity

Master

Fund

VII

LLC,

SOFR30A

+

3.6000%,

8.4568%,

12/26/31

(144A)

‡

965,032

964,603

Bayview

Opportunity

Master

Fund

VII

LLC,

SOFR30A

+

1.8000%,

6.6568%,

6/25/47

(144A)

‡

885,294

888,517

Bayview

Opportunity

Master

Fund

VII

LLC,

SOFR30A

+

2.7500%,

7.6068%,

6/25/47

(144A)

‡

442,647

447,805

Bayview

Opportunity

Master

Fund

VII

Trust,

6.3600%,

7/16/29

(144A)

500,000

509,700

BHG

Securitization

Trust,

5.8100%,

4/17/35

(144A)

374,732

379,187

BHG

Securitization

Trust,

6.4900%,

4/17/35

(144A)

500,000

506,455

Blue

Bridge

Funding

LLC,

9.4800%,

11/15/30

(144A)

200,000

202,763

Blue

Bridge

Funding

LLC,

9.5000%,

11/15/30

(144A)

546,000

513,587

Brex

Commercial

Charge

Card

Master

Trust,

6.6800%,

7/15/27

(144A)

1,500,000

1,511,217

Bridgecrest

Lending

Auto

Securitization

Trust,

6.0300%,

11/15/29

500,000

506,217

Business

Jet

Securities

LLC,

6.9240%,

5/15/39

(144A)

1,844,214

1,878,212

CarMax

Auto

Owner

Trust,

6.0000%,

7/15/30

750,000

754,451

CF

Hippolyta

Issuer

LLC,

1.6900%,

7/15/60

(144A)

1,596,717

1,547,595

CF

Hippolyta

Issuer

LLC,

2.2800%,

7/15/60

(144A)

1,371,664

1,314,413

Commonbond

Student

Loan

Trust,

4.0000%,

5/25/40

(144A)

103,500

97,588

Commonbond

Student

Loan

Trust,

4.0000%,

10/25/40

(144A)

106,143

97,117

Commonbond

Student

Loan

Trust,

3.4700%,

5/25/41

(144A)

172,925

150,409

Commonbond

Student

Loan

Trust,

4.1200%,

9/25/45

(144A)

84,418

76,356

Commonbond

Student

Loan

Trust,

4.2500%,

2/25/46

(144A)

122,026

116,147

Commonbond

Student

Loan

Trust,

1.4000%,

3/25/52

(144A)

231,633

179,868

Compass

Datacenters

Issuer

II

LLC,

5.7500%,

2/25/49

(144A)

1,000,000

986,898

Compass

Datacenters

Issuer

II

LLC,

5.9990%,

8/25/49

(144A)

2,250,000

2,220,587

CP

EF

Asset

Securitization

II

LLC,

7.4800%,

3/15/32

(144A)

305,263

309,800

Janus

Henderson

Securitized

Income

ETF

Schedule

of

Investments

October

31,

2024

4

October

31,

2024

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,

7.5600%,

3/15/32

(144A)

$

250,000

$

241,492

CP

EF

Asset

Securitization

II

LLC,

7.7700%,

3/15/32

(144A)

250,000

254,054

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)

947,520

939,921

Crockett

Partners

Equipment

Co.

IIA

LLC,

10.1600%,

1/20/31

(144A)

947,520

943,373

CyrusOne

Data

Centers

Issuer

I

LLC,

5.4500%,

4/20/48

(144A)

230,555

224,506

CyrusOne

Data

Centers

Issuer

I

LLC,

5.5600%,

11/20/48

(144A)

300,000

298,611

CyrusOne

Data

Centers

Issuer

I

LLC,

4.7600%,

3/22/49

(144A)

735,000

709,812

Dext

ABS

LLC,

8.3000%,

5/15/34

(144A)

300,000

304,792

Exeter

Automobile

Receivables

Trust,

5.8400%,

6/17/30

500,000

503,036

Exeter

Automobile

Receivables

Trust,

7.8900%,

8/15/31

(144A)

750,000

762,008

Exeter

Automobile

Receivables

Trust,

7.8400%,

10/15/31

(144A)

1,250,000

1,261,543

ExteNet

Issuer

LLC,

9.0500%,

7/25/54

(144A)

1,500,000

1,582,152

FHF

Issuer

Trust,

6.2600%,

3/15/30

(144A)

1,200,000

1,218,220

FHF

Issuer

Trust,

6.4300%,

7/15/30

(144A)

1,202,000

1,227,466

FHF

Issuer

Trust,

7.4200%,

5/15/31

(144A)

1,000,000

1,028,350

FHF

Issuer

Trust,

7.1500%,

9/15/31

(144A)

1,800,000

1,841,754

FIGRE

Trust,

6.7490%,

3/25/54

(144A)

‡

1,307,361

1,315,693

FIGRE

Trust,

6.2290%,

7/25/54

(144A)

‡

3,495,354

3,498,902

FIGRE

Trust,

5.2520%,

9/25/54

(144A)

‡

270,460

266,578

Finance

of

America

Structured

Securities

Trust,

3.5000%,

2/25/74

(144A)

Ç

969,841

921,200

Fora

Financial

Asset

Securitization

LLC,

6.3300%,

8/15/29

(144A)

2,500,000

2,504,813

Foundation

Finance

Trust,

8.1300%,

12/15/49

(144A)

1,500,000

1,554,651

FREED

ABS

Trust,

3.3500%,

3/19/29

(144A)

158,051

156,283

GLS

Auto

Select

Receivables

Trust,

7.9300%,

7/15/30

(144A)

400,000

426,578

Gracie

Point

International

Funding,

SOFR90A

+

4.5000%,

9.8685%,

9/1/26

(144A)

‡

2,000,000

2,020,186

Gracie

Point

International

Funding

LLC,

SOFR90A

+

2.1000%,

7.4684%,

3/1/28

(144A)

‡

1,724,000

1,729,395

Gracie

Point

International

Funding

LLC,

SOFR90A

+

3.5000%,

8.8684%,

3/1/28

(144A)

‡

500,000

502,367

Gracie

Point

International

Funding

LLC,

SOFR90A

+

7.1500%,

12.5184%,

3/1/28

(144A)

‡

600,000

600,607

Hertz

Vehicle

Financing

LLC,

3.9800%,

12/26/25

(144A)

833,333

829,067

Hotwire

Funding

LLC,

9.1880%,

6/20/54

(144A)

1,500,000

1,563,081

Huntington

Bank

Auto

Credit-Linked

Notes,

SOFR30A

+

3.1500%,

8.0403%,

5/20/32

(144A)

‡

2,488,416

2,493,535

Huntington

Bank

Auto

Credit-Linked

Notes,

SOFR30A

+

5.2500%,

10.1403%,

5/20/32

(144A)

‡

829,472

833,570

Huntington

Bank

Auto

Credit-Linked

Notes,

SOFR30A

+

2.6000%,

7.4552%,

10/20/32

(144A)

‡

2,830,000

2,830,000

Huntington

Bank

Auto

Credit-Linked

Notes,

SOFR30A

+

4.0000%,

8.8552%,

10/20/32

(144A)

‡

1,800,000

1,800,000

JPMorgan

Chase

Bank

NA-CACLN,

8.4820%,

12/26/28

(144A)

1,900,000

1,926,052

LAD

Auto

Receivables

Trust,

6.1500%,

6/16/31

(144A)

500,000

506,511

Lendbuzz

Securitization

Trust,

6.5200%,

7/16/29

(144A)

2,650,000

2,701,856

Lendbuzz

Securitization

Trust,

6.5800%,

9/15/29

(144A)

500,000

509,459

Lendbuzz

Securitization

Trust,

7.5800%,

9/15/30

(144A)

2,500,000

2,568,991

Lendbuzz

Securitization

Trust,

7.4500%,

5/15/31

(144A)

1,500,000

1,540,699

Lendingpoint

Asset

Securitization

Trust,

6.5600%,

2/15/30

(144A)

7,438

7,438

Libra

Solutions

LLC,

7.0000%,

2/15/35

(144A)

447,606

448,585

Libra

Solutions

LLC,

5.8800%,

9/30/38

(144A)

2,000,000

1,966,206

Luxury

Lease

Partners

Auto

Lease

Trust,

7.2920%,

7/15/30

(144A)

691,044

695,036

Luxury

Lease

Partners

Auto

Lease

Trust,

10.4910%,

7/15/30

(144A)

300,000

301,446

Janus

Henderson

Securitized

Income

ETF

Schedule

of

Investments

October

31,

2024

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)

Marlette

Funding

Trust,

8.1500%,

4/15/33

(144A)

$

700,000

$

708,496

Marlette

Funding

Trust,

7.9200%,

6/15/33

(144A)

900,000

908,201

Marlette

Funding

Trust,

8.1500%,

12/15/33

(144A)

500,000

518,663

Mercury

Financial

Credit

Card

Master

Trust,

8.0400%,

9/20/27

(144A)

1,000,000

1,003,202

Mercury

Financial

Credit

Card

Master

Trust,

9.5900%,

9/20/27

(144A)

690,000

693,286

Mission

Lane

Credit

Card

Master

Trust,

7.6900%,

11/15/28

(144A)

750,000

759,329

NetCredit

Combined

Receivables

LLC,

7.4300%,

10/21/30

(144A)

1,610,228

1,621,422

New

Economy

Assets

Phase

1

Sponsor

LLC,

1.9100%,

10/20/61

(144A)

615,000

562,155

Oak

Street

Investment

Grade

Net

Lease

Fund,

2.2100%,

11/20/50

(144A)

459,706

411,622

OnDeck

Asset

Securitization

Trust

IV

LLC,

7.1500%,

6/17/31

(144A)

1,000,000

1,011,391

OnDeck

Asset

Securitization

Trust

IV

LLC,

8.9900%,

6/17/31

(144A)

1,000,000

1,031,077

Pawneee

Equipment

Receivables

LLC,

7.2300%,

7/17/28

(144A)

250,000

242,919

Pear

LLC,

6.9500%,

2/15/36

(144A)

411,074

414,416

Post

Road

Equipment

Finance

LLC,

6.7700%,

10/15/30

(144A)

400,000

409,689

Post

Road

Equipment

Finance

LLC,

8.5000%,

12/15/31

(144A)

450,000

435,553

PRET

LLC,

8.1115%,

11/25/53

(144A)

Ç

445,921

455,329

Prosper

Marketplace

Issuance

Trust,

7.4800%,

7/16/29

(144A)

500,000

505,680

Prosper

Marketplace

Issuance

Trust,

6.9600%,

8/15/29

(144A)

750,000

757,008

PRPM

LLC,

2.4870%,

11/25/26

(144A)

Ç

1,118,423

1,104,338

RAM

LLC,

6.6690%,

2/15/39

(144A)

162,312

163,196

RAM

LLC,

7.7850%,

2/15/39

(144A)

548,157

552,752

RCKT

Mortgage

Trust,

6.3250%,

2/25/44

(144A)

‡

958,221

960,206

RCKT

Mortgage

Trust,

5.5460%,

9/25/44

(144A)

Ç

1,565,274

1,553,425

Reach

Abs

Trust,

6.9000%,

2/18/31

(144A)

750,000

764,496

Reach

ABS

Trust,

5.8800%,

7/15/31

(144A)

417,457

419,783

Reach

ABS

Trust,

8.8300%,

7/15/31

(144A)

1,000,000

1,017,546

ReadyCap

Lending

Small

Business

Loan

Trust,

US

Prime

Rate

+

0.0700%,

8.0700%,

4/25/48

(144A)

‡

320,548

326,389

Saluda

Grade

Alternative

Mortgage

Trust,

8.9480%,

8/25/53

(144A)

675,667

697,719

Saluda

Grade

Alternative

Mortgage

Trust,

6.7180%,

11/25/53

(144A)

‡

850,147

877,627

Santander

Bank

Auto

Credit-Linked

Notes,

5.2810%,

5/15/32

(144A)

146,041

145,963

Santander

Bank

Auto

Credit-Linked

Notes,

7.7620%,

6/15/32

(144A)

2,000,000

2,019,925

Santander

Bank

Auto

Credit-Linked

Notes,

10.1710%,

6/15/32

(144A)

4,000,000

4,041,761

Santander

Bank

Auto

Credit-Linked

Notes,

6.7930%,

8/16/32

(144A)

22,250

22,276

Santander

Bank

Auto

Credit-Linked

Notes,

10.0680%,

6/15/33

(144A)

151,773

154,408

Santander

Bank

Auto

Credit-Linked

Notes,

6.6630%,

12/15/33

(144A)

463,932

470,216

Santander

Bank

Auto

Credit-Linked

Notes,

8.4080%,

12/15/33

(144A)

2,319,659

2,353,058

Santander

Bank

NA,

1.8330%,

12/15/31

(144A)

77,277

77,047

Santander

Consumer

Auto

Receivables

Trust,

2.9700%,

6/15/28

(144A)

356,460

350,803

SBNA

Auto

Receivables

Trust,

8.0000%,

4/15/32

(144A)

1,000,000

1,008,751

Sierra

Timeshare

Receivables

Funding

LLC,

7.4800%,

6/20/41

(144A)

850,910

849,823

Sierra

Timeshare

Receivables

Funding

LLC,

6.9300%,

8/20/41

(144A)

1,000,000

993,359

Sotheby's

Artfi

Master

Trust,

6.8300%,

12/22/31

(144A)

4,250,000

4,290,891

STRU,

6.3100%,

12/25/54

6,236,000

6,236,974

STRU

JP,

6.3568%,

12/25/24

‡

12,477,000

12,477,000

Theorem

Funding

Trust,

8.9500%,

4/15/29

(144A)

900,000

930,602

Towd

Point

Mortgage

Trust,

6.0490%,

1/25/64

(144A)

‡

857,824

857,288

Towd

Point

Mortgage

Trust,

6.3500%,

2/25/64

(144A)

‡

1,083,710

1,081,678

Tricolor

Auto

Securitization

Trust,

6.9900%,

1/18/28

(144A)

500,000

504,512

Tricolor

Auto

Securitization

Trust,

8.6100%,

4/17/28

(144A)

1,500,000

1,533,188

TSC

SPV

Funding

LLC,

6.2910%,

8/20/54

(144A)

1,500,000

1,497,638

United

Auto

Credit

Securitization

Trust,

7.0600%,

10/10/29

(144A)

1,500,000

1,529,024

United

Auto

Credit

Securitization

Trust,

8.3000%,

11/12/29

(144A)

1,000,000

1,015,674

Upstart

Securitization

Trust,

4.0600%,

3/20/31

(144A)

333,357

331,710

Janus

Henderson

Securitized

Income

ETF

Schedule

of

Investments

October

31,

2024

6

October

31,

2024

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Asset-Backed

Securities

-

(continued)

Upstart

Securitization

Trust,

2.4900%,

11/20/31

(144A)

$

139,835

$

139,384

Upstart

Securitization

Trust,

8.2500%,

10/20/33

(144A)

500,000

518,476

US

Auto

Funding

Trust,

3.9800%,

4/15/25

(144A)

61,705

61,058

US

Bank

NA,

6.7890%,

8/25/32

(144A)

599,325

606,533

US

Bank

NA,

9.7850%,

8/25/32

(144A)

149,831

153,386

VB-S1

Issuer

LLC-VBTEL,

6.6440%,

5/15/54

(144A)

1,500,000

1,528,844

VB-S1

Issuer

LLC-VBTEL,

8.8710%,

5/15/54

(144A)

1,150,000

1,170,016

VCAT

LLC,

5.1150%,

3/27/51

(144A)

Ç

8,662

8,635

Vertical

Bridge

Holdings

LLC,

3.2290%,

9/15/50

(144A)

1,750,000

1,705,173

Westgate

Resorts

LLC,

3.8380%,

8/20/36

(144A)

156,586

149,971

Westgate

Resorts

LLC,

10.1400%,

12/20/37

(144A)

174,941

174,989

Westgate

Resorts

LLC,

7.0600%,

1/20/38

(144A)

912,914

926,339

Westgate

Resorts

LLC,

9.2600%,

1/20/38

(144A)

456,457

450,860

Wingspire

Equipment

Finance

LLC,

6.3100%,

9/20/32

(144A)

2,500,000

2,439,517

Total

Asset-Backed

Securities

(cost

$165,174,620)

166,790,761

Collateralized

Loan

Obligations

-

2.1%

CIFC

Funding

2022-II

Ltd.

2022-2A

D,

CME

Term

SOFR

3

Month

+

3.1500%,

7.7674%,

4/19/35

(144A)

‡

1,000,000

999,748

OCP

Aegis

CLO

Ltd.

2023-29A

D,

CME

Term

SOFR

3

Month

+

5.0000%,

9.6174%,

1/20/35

(144A)

‡

2,000,000

2,007,576

Sandstone

Peak

III

Ltd.

2024-1A

C,

CME

Term

SOFR

3

Month

+

2.6500%,

7.2759%,

4/25/37

(144A)

‡

2,500,000

2,529,403

Zais

CLO

11

Ltd.

2018-11A

BR,

CME

Term

SOFR

3

Month

+

1.7900%,

6.4074%,

1/20/32

(144A)

‡

2,500,000

2,492,846

Total

Collateralized

Loan

Obligations

(cost

$8,004,112)

8,029,573

Corporate

Bond

-

0.4%

Financial

-

0.4%

Rithm

Capital

Corp.,

8.0000%, 4/1/29

(144A)

(cost

$1,404,040)

1,417,000

1,413,943

Mortgage-Backed

Securities

-

85.0%

ABL

,

7.4570

%

,

9/25/29

(144A)

Ç

2,160,000

2,156,528

Angel

Oak

Mortgage

Trust

4.9500%, 7/25/68

(144A)

Ç

2,334,803

2,278,144

4.8000%, 11/26/68

(144A)

Ç

129,196

125,487

BAMLL

Commercial

Mortgage

Securities

Trust

,

3.5958

%

,

4/14/33

(144A)

‡

1,000,000

977,830

BAMLL

Re-REMIC

Trust

1.5089%, 11/27/48

(144A)

‡

400,119

364,169

1.6080%, 11/27/48

(144A)

‡

400,000

368,675

1.2490%, 7/27/50

(144A)

‡

1,600,000

1,239,418

1.2490%, 7/27/50

(144A)

‡

1,350,000

1,125,458

BMP

,

CME

Term

SOFR

1

Month

+

2.3905%

,

7.1944

%

,

6/15/41

(144A)

‡

3,600,000

3,592,256

BPR

Trust

5.8500%, 11/5/29

(144A)

‡

610,000

574,553

5.8500%, 11/5/29

(144A)

‡

1,000,000

977,918

BRAVO

Residential

Funding

Trust

,

4.8500

%

,

9/25/62

(144A)

Ç

355,908

350,845

Brean

Asset-Backed

Securities

Trust

4.5000%, 5/25/64

(144A)

2,560,000

2,247,262

5.0000%, 9/25/64

(144A)

1,750,000

1,683,366

BX

,

CME

Term

SOFR

1

Month

+

2.3645%

,

7.1685

%

,

1/15/34

(144A)

‡

1,283,520

1,263,159

BX

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

3.4380%,

8.2420%, 11/15/28

(144A)

‡

500,000

504,468

CME

Term

SOFR

1

Month

+

2.6897%,

7.4937%, 3/15/34

(144A)

‡

2,000,000

1,999,639

CME

Term

SOFR

1

Month

+

2.1145%,

6.9184%, 9/15/36

(144A)

‡

3,583,000

3,567,579

CME

Term

SOFR

1

Month

+

2.2145%,

7.0185%, 10/15/37

(144A)

‡

1,918,000

1,894,974

Janus

Henderson

Securitized

Income

ETF

Schedule

of

Investments

October

31,

2024

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)

BX

Commercial

Mortgage

Trust

-

(continued)

CME

Term

SOFR

1

Month

+

1.4668%,

6.2708%, 5/15/38

(144A)

‡

$

175,000

$

173,033

CME

Term

SOFR

1

Month

+

2.0668%,

6.8708%, 5/15/38

(144A)

‡

2,067,100

2,045,547

CME

Term

SOFR

1

Month

+

1.5145%,

6.3185%, 6/15/38

(144A)

‡

2,411,029

2,390,612

CME

Term

SOFR

1

Month

+

1.9409%,

6.7449%, 2/15/39

(144A)

‡

309,909

308,651

CME

Term

SOFR

1

Month

+

2.6898%,

7.4938%, 2/15/39

(144A)

‡

309,909

309,812

CME

Term

SOFR

1

Month

+

3.0892%,

7.8932%, 8/15/39

(144A)

‡

2,500,000

2,514,717

CME

Term

SOFR

1

Month

+

2.6898%,

7.4938%, 3/15/41

(144A)

‡

1,941,592

1,937,906

7.7127%, 8/13/41

(144A)

‡

2,800,000

2,753,527

CME

Term

SOFR

1

Month

+

2.2412%,

7.0452%, 10/15/41

(144A)

‡

2,000,000

2,000,924

CME

Term

SOFR

1

Month

+

2.7905%,

7.5944%, 10/15/41

(144A)

‡

1,000,000

1,004,273

CME

Term

SOFR

1

Month

+

2.8796%,

7.8796%, 10/15/41

(144A)

‡

850,000

848,900

CME

Term

SOFR

1

Month

+

3.9266%,

8.9266%, 10/15/41

(144A)

‡

850,000

847,462

BX

Trust

CME

Term

SOFR

1

Month

+

3.4640%,

8.2680%, 10/15/26

(144A)

‡

2,040,266

1,975,581

CME

Term

SOFR

1

Month

+

2.4401%,

7.2440%, 7/15/29

(144A)

‡

1,000,000

999,089

CME

Term

SOFR

1

Month

+

2.8894%,

7.6934%, 7/15/29

(144A)

‡

1,000,000

1,000,218

CME

Term

SOFR

1

Month

+

2.3590%,

7.1630%, 10/15/36

(144A)

‡

1,500,000

1,488,430

CME

Term

SOFR

1

Month

+

2.7080%,

7.5120%, 10/15/36

(144A)

‡

2,088,000

2,062,002

CME

Term

SOFR

1

Month

+

2.1110%,

6.9149%, 4/15/39

(144A)

‡

100,095

97,408

CME

Term

SOFR

1

Month

+

2.9592%,

7.7631%, 4/15/39

(144A)

‡

625,392

607,822

CME

Term

SOFR

1

Month

+

2.6400%,

7.4440%, 2/15/41

(144A)

‡

2,000,000

1,969,030

CME

Term

SOFR

1

Month

+

1.9412%,

6.7451%, 4/15/41

(144A)

‡

1,483,611

1,481,581

CME

Term

SOFR

1

Month

+

2.6901%,

7.4941%, 4/15/41

(144A)

‡

1,730,880

1,732,536

3.9440%, 12/9/41

(144A)

‡

2,000,000

1,758,923

BXHPP

Trust

CME

Term

SOFR

1

Month

+

1.0145%,

5.8185%, 8/15/36

(144A)

‡

250,000

236,857

CME

Term

SOFR

1

Month

+

1.2145%,

6.0185%, 8/15/36

(144A)

‡

1,950,000

1,820,472

BXP

Trust

3.4248%, 6/13/39

(144A)

‡

1,000,000

922,965

3.4248%, 6/13/39

(144A)

‡

2,000,000

1,815,033

CALI

Mortgage

Trust

,

4.1580

%

,

3/10/39

(144A)

1,700,000

1,423,141

CENT

Trust

,

CME

Term

SOFR

1

Month

+

3.1500%

,

7.9540

%

,

9/15/38

(144A)

‡

750,000

745,356

Chase

Mortgage

Finance

Corp.

,

SOFR30A

+

1.5500%

,

6.4068

%

,

2/25/50

(144A)

‡

323,505

304,320

COMM

Mortgage

Trust

3.1400%, 10/10/36

(144A)

2,120,000

1,829,819

CME

Term

SOFR

1

Month

+

1.8410%,

6.6269%, 6/15/41

(144A)

‡

1,500,000

1,491,076

CME

Term

SOFR

1

Month

+

2.8890%,

7.6749%, 6/15/41

(144A)

‡

1,250,000

1,253,721

CME

Term

SOFR

1

Month

+

3.2890%,

8.0749%, 6/15/41

(144A)

‡

1,250,000

1,245,314

CONE

Trust

,

CME

Term

SOFR

1

Month

+

1.6417%

,

6.4457

%

,

8/15/41

(144A)

‡

2,000,000

1,999,700

Connecticut

Avenue

Securities

Trust

SOFR30A

+

1.5500%,

6.4068%, 10/25/41

(144A)

‡

782,282

783,259

SOFR30A

+

3.1000%,

7.9568%, 10/25/41

(144A)

‡

3,372,000

3,461,114

SOFR30A

+

1.6500%,

6.5068%, 12/25/41

(144A)

‡

2,499,572

2,513,698

SOFR30A

+

2.7500%,

7.6068%, 12/25/41

(144A)

‡

2,250,000

2,299,205

SOFR30A

+

3.0000%,

7.8568%, 1/25/42

(144A)

‡

1,500,000

1,537,889

SOFR30A

+

3.9000%,

8.7568%, 7/25/43

(144A)

‡

375,000

394,140

SOFR30A

+

1.5000%,

6.3568%, 10/25/43

(144A)

‡

514,828

515,948

SOFR30A

+

3.5500%,

8.4068%, 10/25/43

(144A)

‡

1,730,000

1,804,364

SOFR30A

+

1.8000%,

6.6568%, 1/25/44

(144A)

‡

360,000

362,751

SOFR30A

+

1.1000%,

5.9568%, 2/25/44

(144A)

‡

2,288,519

2,288,353

SOFR30A

+

1.8000%,

6.6568%, 2/25/44

(144A)

‡

331,138

332,873

SOFR30A

+

1.9500%,

6.8068%, 3/25/44

(144A)

‡

788,000

794,576

SOFR30A

+

1.7000%,

6.5568%, 7/25/44

(144A)

‡

3,000,000

3,014,298

Janus

Henderson

Securitized

Income

ETF

Schedule

of

Investments

October

31,

2024

8

October

31,

2024

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Mortgage-Backed

Securities

-

(continued)

CSMC

Trust

,

CME

Term

SOFR

1

Month

+

2.1145%

,

6.9185

%

,

11/15/38

(144A)

‡

$

2,000,000

$

1,974,719

DBGS

Mortgage

Trust

CME

Term

SOFR

1

Month

+

1.5960%,

6.4000%, 5/15/35

(144A)

‡

187,500

185,245

CME

Term

SOFR

1

Month

+

1.9960%,

6.8000%, 5/15/35

(144A)

‡

1,275,000

1,256,224

CME

Term

SOFR

1

Month

+

2.2960%,

7.1000%, 5/15/35

(144A)

‡

1,230,000

1,210,462

DC

Trust

,

7.0360

%

,

4/13/40

(144A)

‡

1,500,000

1,515,498

DROP

Mortgage

Trust

,

CME

Term

SOFR

1

Month

+

1.2645%

,

6.0685

%

,

10/15/43

(144A)

‡

1,250,000

1,184,617

Extended

Stay

America

Trust

,

CME

Term

SOFR

1

Month

+

3.8145%

,

8.6185

%

,

7/15/38

(144A)

‡

2,222,143

2,232,279

FHLMC

STACR

REMIC

Trust

SOFR30A

+

1.6500%,

6.5068%, 1/25/34

(144A)

‡

92,139

92,562

SOFR30A

+

2.1000%,

6.9568%, 9/25/41

(144A)

‡

715,000

720,669

SOFR30A

+

3.3500%,

8.2068%, 9/25/41

(144A)

‡

2,000,000

2,045,891

SOFR30A

+

1.8000%,

6.6568%, 11/25/41

(144A)

‡

3,935,000

3,971,589

SOFR30A

+

3.6500%,

8.5068%, 11/25/41

(144A)

‡

1,000,000

1,032,276

SOFR30A

+

2.3500%,

7.2068%, 12/25/41

(144A)

‡

1,600,000

1,613,620

SOFR30A

+

3.7500%,

8.6068%, 12/25/41

(144A)

‡

1,035,000

1,064,211

SOFR30A

+

2.0000%,

6.8568%, 6/25/43

(144A)

‡

3,114,502

3,126,924

SOFR30A

+

1.9500%,

6.8068%, 2/25/44

(144A)

‡

382,632

384,065

SOFR30A

+

2.0000%,

6.8568%, 3/25/44

(144A)

‡

3,000,000

3,010,177

SOFR30A

+

1.8000%,

6.6568%, 8/25/44

(144A)

‡

2,000,000

2,006,360

SOFR30A

+

1.4500%,

6.4769%, 10/25/44

(144A)

‡

1,468,429

1,469,772

FHLMC

UMBS

Pool

#

SD3846,

6.0000%, 9/1/53

451,091

454,794

Pool

#

SD3857,

6.0000%, 9/1/53

129,143

130,203

FHLMC,

REMIC

,

SOFR30A

+

1.1500%

,

6.0068

%

,

8/25/54

‡

5,153,623

5,168,636

Finance

of

America

Structured

Securities

Trust

3.5000%, 4/25/74

(144A)

Ç

2,353,524

2,229,736

3.5000%, 4/25/74

(144A)

2,995,922

2,824,570

FNMA

,

SOFR30A

+

3.3000%

,

8.1568

%

,

11/25/41

(144A)

‡

700,000

718,403

FNMA

Connecticut

Avenue

Securities

,

SOFR30A

+

2.0000%

,

6.8568

%

,

11/25/41

(144A)

‡

941,210

946,188

FNMA

UMBS

,

6.0000

%

,

4/1/53

128,522

129,822

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

2.5000%,

TBA, 30

Year

Maturity

(b)

2,495,000

2,065,598

3.0000%,

TBA, 30

Year

Maturity

(b)

3,590,000

3,090,172

4.0000%,

TBA, 30

Year

Maturity

(b)

2,960,000

2,735,839

4.5000%,

TBA, 30

Year

Maturity

(b)

3,680,000

3,494,366

5.0000%,

TBA, 30

Year

Maturity

(b)

28,875,000

28,047,096

5.5000%,

TBA, 30

Year

Maturity

(b)

24,080,000

23,845,027

6.0000%,

TBA, 30

Year

Maturity

(b)

42,295,000

42,558,498

FREMF

Mortgage

Trust

0.0000%, 11/25/49

(144A)

¤

1,947,712

1,923,563

0.1000%, 11/25/49

(144A)

(a)

3,635,212

142

FS

Commercial

Mortgage

Trust

,

9.0801

%

,

11/10/39

(144A)

‡

750,000

775,262

GNMA

,

CME

Term

SOFR

1

Month

+

0.2645%

,

5.0236

%

,

8/20/35

‡

120,703

118,296

Great

Wolf

Trust

,

CME

Term

SOFR

1

Month

+

2.3910%

,

7.1950

%

,

3/15/39

(144A)

‡

700,000

700,570

GWT

,

CME

Term

SOFR

1

Month

+

3.6384%

,

8.4424

%

,

5/15/41

(144A)

‡

2,000,000

1,983,309

Homeward

Opportunities

Fund

Trust

7.1200%, 7/25/29

(144A)

Ç

3,070,000

3,093,799

8.5700%, 7/25/29

(144A)

Ç

3,391,000

3,407,812

Hudsons

Bay

Simon

JV

Trust

4.1545%, 8/5/34

(144A)

750,000

722,979

Janus

Henderson

Securitized

Income

ETF

Schedule

of

Investments

October

31,

2024

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)

Hudsons

Bay

Simon

JV

Trust

-

(continued)

4.9056%, 8/5/34

(144A)

$

2,500,000

$

2,381,626

5.4470%, 8/5/34

(144A)

‡

359,000

304,117

ILPT

Commercial

Mortgage

Trust

,

CME

Term

SOFR

1

Month

+

5.9400%

,

10.7440

%

,

10/15/39

(144A)

‡

500,000

496,563

J.P.

Morgan

Mortgage

Trust

,

6.0190

%

,

6/25/54

(144A)

Ç

1,727,670

1,720,208

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

,

3.6942

%

,

1/10/37

(144A)

‡

1,162,000

1,153,696

JPMorgan

Chase

Bank

NA-CHASE

CME

Term

SOFR

1

Month

+

3.4645%,

8.2021%, 10/25/57

(144A)

‡

426,590

439,557

CME

Term

SOFR

1

Month

+

4.4645%,

9.2021%, 10/25/57

(144A)

‡

833,998

870,746

JW

Commercial

Mortgage

Trust

,

CME

Term

SOFR

1

Month

+

2.3901%

,

7.1760

%

,

6/15/39

(144A)

‡

1,500,000

1,493,999

LHOME

Mortgage

Trust

8.1500%, 11/25/27

(144A)

Ç

2,000,000

2,007,076

7.0170%, 1/25/29

(144A)

Ç

1,591,000

1,603,333

7.1280%, 3/25/29

(144A)

Ç

321,901

325,727

8.8970%, 3/25/29

(144A)

Ç

1,175,000

1,189,932

6.9000%, 5/25/29

(144A)

Ç

3,040,000

3,071,851

8.3730%, 5/25/29

(144A)

Ç

1,400,000

1,409,339

6.0920%, 7/25/39

(144A)

Ç

3,130,000

3,121,428

5.7510%, 9/25/39

(144A)

Ç

3,766,000

3,728,540

Life

Mortgage

Trust

CME

Term

SOFR

1

Month

+

1.8645%,

6.6685%, 3/15/38

(144A)

‡

1,189,701

1,153,343

CME

Term

SOFR

1

Month

+

2.0931%,

6.8971%, 5/15/39

(144A)

‡

2,250,000

2,131,720

CME

Term

SOFR

1

Month

+

2.5419%,

7.3459%, 5/15/39

(144A)

‡

1,665,000

1,540,809

Mello

Warehouse

Securitization

Trust

,

CME

Term

SOFR

1

Month

+

5.2500%

,

9.9876

%

,

10/25/57

(144A)

‡

542,000

541,993

MHC

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

2.7154%,

7.5194%, 4/15/38

(144A)

‡

2,180,000

2,161,427

CME

Term

SOFR

1

Month

+

3.3154%,

8.1194%, 4/15/38

(144A)

‡

100,000

97,769

MKT

Mortgage

Trust

,

2.9406

%

,

2/12/40

(144A)

‡

1,541,000

819,581

MTN

Commercial

Mortgage

Trust

,

CME

Term

SOFR

1

Month

+

1.8956%

,

6.7056

%

,

3/15/39

(144A)

‡

2,500,000

2,473,679

OPEN

Trust

,

CME

Term

SOFR

1

Month

+

3.8380%

,

8.6420

%

,

10/15/28

(144A)

‡

443,175

446,496

PRPM

LLC

6.9590%, 2/25/29

(144A)

Ç

453,207

456,365

4.2415%, 12/25/64

(144A)

‡

1,000,000

939,585

Rain

City

Mortgage

Trust

6.5300%, 11/25/29

(144A)

‡

381,000

380,658

8.0210%, 11/25/29

(144A)

‡

560,000

559,384

RCKT

Mortgage

Trust

6.5150%, 6/25/43

(144A)

‡

461,808

465,150

6.0470%, 8/25/44

(144A)

Ç

2,950,191

2,955,795

5.1580%, 10/25/44

(144A)

Ç

3,469,064

3,433,397

5.4896%, 11/25/44

Ç

594,000

590,599

5.6408%, 11/25/44

Ç

2,000,000

2,000,000

Saluda

Grade

Alternative

Mortgage

Trust

7.5000%, 2/25/30

(144A)

Ç

1,201,485

1,207,691

7.7620%, 4/25/30

(144A)

Ç

1,640,000

1,661,796

7.4390%, 7/25/30

(144A)

Ç

2,818,750

2,841,528

8.6830%, 7/25/30

(144A)

Ç

1,450,000

1,466,063

6.6030%, 4/25/54

(144A)

Ç

1,735,611

1,740,527

Janus

Henderson

Securitized

Income

ETF

Schedule

of

Investments

October

31,

2024

10

October

31,

2024

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Mortgage-Backed

Securities

-

(continued)

SMRT

,

CME

Term

SOFR

1

Month

+

3.3500%

,

8.1540

%

,

1/15/39

(144A)

‡

$

2,025,000

$

1,916,182

Toorak

Mortgage

Trust

,

6.3290

%

,

10/25/31

(144A)

Ç

1,024,000

1,023,997

TYSN

Mortgage

Trust

,

6.5797

%

,

12/10/33

(144A)

‡

500,000

517,447

Verus

Securitization

Trust

,

5.0950

%

,

9/25/69

(144A)

‡

1,750,000

1,738,102

WB

Commercial

Mortgage

Trust

6.9033%, 3/15/40

(144A)

‡

2,500,000

2,517,866

8.0108%, 3/15/40

(144A)

‡

500,000

498,310

Wells

Fargo

Commercial

Mortgage

Trust

6.2262%, 7/15/35

(144A)

‡

2,500,000

2,492,951

CME

Term

SOFR

1

Month

+

3.0892%,

7.8931%, 8/15/41

(144A)

‡

3,100,000

2,964,236

Total

Mortgage-Backed

Securities

(cost

$327,829,869)

327,103,978

Investment

Companies

-

3.5%

Money

Market

Funds

-

3.5%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

4.8531%

£,∞

(cost

$13,588,210)

13,585,493

13,588,210

Total

Investments

(total

cost

$

516,000,851

)

-

134.3%

516,926,465

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(34.3%)

(132,135,578)

Net

Assets

-

100.0%

$384,790,887

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

514,906,279

99.6

%

Cayman

Islands

2,020,186

0.4

Total

$

516,926,465

100.0%

Schedule

of

TBA

sales

commitments

-

(%

of

Net

Assets)

Principal

Amounts

Value

Securities

Sold

Short

-

0.0%

Mortgage-Backed

Securities

-

0.0%

FNMA/FHLMC

UMBS,

30

Year,

Single

Family,

6.5000%,

TBA,

30

Year

Maturity

(b)

$

(19,000)

$

(19,392)

Total

Securities

Sold

Short

(proceeds

$19,518)

$

(19,392)

Summary

of

Investments

by

Country

-

(Short

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

(19,392)

100.0%

Janus

Henderson

Securitized

Income

ETF

Schedule

of

Investments

October

31,

2024

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

11/8/23

Purchases

Sales

Proceeds

Realized

Gain/

(Loss)

Change

in

Unrealized

Appreciatio

n/

(Depreciation)

Affiliated

Investments,

at

Value

at

10/31/24

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

Shares

Held

at

10/31/24

Dividend

Income

Investment

Company

-

3.5%

Exchange

Traded

Fund

-

N/A

Janus

Henderson

AAA

CLO

ETF

$

–

$

24,241,622

$

(24,305,381)

$

63,759

$

–

$

–

–

$

–

Janus

Henderson

B-BBB

CLO

ETF

–

27,668,314

(27,869,098)

200,784

–

–

–

–

Money

Market

Funds

-

3.5%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

4.8531%

∞

–

304,500,906

(290,912,845)

149

–

13,588,210

13,585,493

495,134

Total

Affiliated

Investments

-

3.5%

$–

$356,410,842

$(343,087,324)

$264,692

$–

$13,588,210

$495,134

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

76

12/31/24

$

15,651,844

$

(40,729)

U.S.

Treasury

5

Year

Notes

1,007

12/31/24

107,985,016

(2,156,265)

Total

-

Futures

Long

(2,196,994)

Futures

Short:

U.S.

Treasury

10

Year

Notes

146

12/19/24

(16,128,438)

79,639

U.S.

Treasury

10

Year

Ultra

Bonds

108

12/19/24

(12,285,000)

251,237

Total

-

Futures

Short

330,876

Total

$(1,866,118)

Schedule

of

Centrally

Cleared

Credit

Default

Swaps

-

Buy

Protection

Referenced

Asset

Maturity

Date

Notional

Amount

Premiums

Paid/

(Received)

Unrealized

Appreciation

(Depreciation)

Value

CDX.NA.HY.43-V1,

Fixed

Rate

of

5.00%

Paid

Quarterly

12/20/29

$

12,100,000

$

(859,705)

$

18,584

$

(841,121)

Janus

Henderson

Securitized

Income

ETF

Schedule

of

Investments

October

31,

2024

12

October

31,

2024

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

The

following

table,

grouped

by

derivative

type,

provides

information

about

the

fair

value

and

location

of

derivatives

within

the

Statement

of

Assets

and

Liabilities

as

of

October

31,

2024.

The

following

tables

provide

information

about

the

effect

of

derivatives

and

hedging

activities

on

the

Fund’s

Statement

of

Operations

for

the year

ended

October

31,

2024.

Please

see

the

“Net

realized

and

change

in

unrealized

gain/(loss)

on

investments”

sections

of

the

Fund’s

Statement

of

Operations.

Fair

Value

of

Derivative

Instruments

(not

accounted

for

as

hedging

instruments)

as

of

October

31,

2024

Credit

Contracts

Interest

Rate

Contracts

Total

Asset

Derivatives:

*

Swaps

-

centrally

cleared

$18,584

$—

$18,584

*

Futures

contracts

—

330,876

330,876

Total

Asset

Derivatives

$18,584

$330,876

$349,460

Liability

Derivatives:

*

Futures

contracts

—

2,196,994

2,196,994

Total

Liability

Derivatives

$—

$2,196,994

$2,196,994

*

The

fair

value

presented

includes

net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts

and

centrally

cleared

swaps.

In

the

Statement

of

Assets

and

Liabilities,

only

current

day's

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

total

distributable

earnings

(loss).

The

Effect

of

Derivative

Instruments

(not

accounted

for

as

hedging

instruments)

on

the

Statement

of

Operations

for

the

Year

Ended

October

31,

2024

Amount

of

Realized

Gain/(Loss)

Recognized

on

Derivatives

Derivative

Credit

Contracts

Interest

Rate

Contracts

Total

Futures

contracts

$—

$1,086,803

$1,086,803

Swap

contracts

(13,444)

—

(13,444)

Total

$(13,444)

$1,086,803

$1,073,359

Amount

of

Change

in

Unrealized

Appreciation/(Depreciation)

Recognized

on

Derivatives

Derivative

Credit

Contracts

Interest

Rate

Contracts

Total

Futures

contracts

$—

$(1,866,118)

$(1,866,118)

Swap

contracts

18,584

—

18,584

Total

$18,584

$(1,866,118)

$(1,847,534)

Average

Ending

Monthly

Value

of

Derivative

Instruments

During

the

Year

Ended

October

31,

2024

Futures

contracts:

Average

notional

amount

of

contracts

-

long

$63,685,735

Average

notional

amount

of

contracts

-

short

24,575,854

Credit

default

swaps:

Average

notional

amount

-

buy

protection

1,008,333

Janus

Henderson

Securitized

Income

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

October

31,

2024

Janus

Detroit

Street

Trust

13

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

∞

Rate

shown

is

the

7-day

yield

as

of

October

31,

2024.

£

The

Fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

Investment

Company

Act

of

1940,

as

amended,

an

affiliated

company

is

one

in

which

the

Fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

which

is

under

common

ownership

or

control.

Ç

Step

bond.

The

coupon

rate

will

increase

or

decrease

periodically

based

upon

a

predetermined

schedule.

The

rate

shown

reflects

the

current

rate.

‡

The

interest

rate

on

floating

rate

notes

is

based

on

an

index

or

market

interest

rates

and

is

subject

to

change.

Rate

in

the

security

description

is

as

of

October

31,

2024.

¤

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

year

ended

October

31,

2024

is

$368,431,631

which

represents

95.7%

of

net

assets.

(a)

IO

–

Interest

Only

(b)

Settlement

is

on

a

delayed

delivery

or

when-issued

basis

with

final

maturity

TBA

in

the

future.

Janus

Henderson

Securitized

Income

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

October

31,

2024

14

October

31,

2024

The

following

is

a

summary

of

the

inputs

that

were

used

to

value

the

Fund's

investments

in

securities

and

other

financial

instruments

as

of

October

31,

2024

.

See

Notes

to

Financial

Statements

for

more

information.

Valuation

Inputs

Summary

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Total

Assets

Investments

in

Securities:

Asset-Backed

Securities

$

—

$

166,790,761

$

—

$

166,790,761

Collateralized

Loan

Obligations

—

8,029,573

—

8,029,573

Corporate

Bond

—

1,413,943

—

1,413,943

Mortgage-Backed

Securities

—

327,103,978

—

327,103,978

Investment

Companies

—

13,588,210

—

13,588,210

Total

Investments

in

Securities

$

—

$

516,926,465

$

—

$

516,926,465

Other

Financial

Instruments

(a)

:

Centrally

Cleared

Swaps

$

—

$

18,584

$

—

$

18,584

Futures

Contracts

330,876

—

—

330,876

Total

Other

Financial

Instruments

$

330,876

$

18,584

$

—

$

349,460

Total

Assets

$

330,876

$

516,945,049

$

—

$

517,275,925

Liabilities

TBA

sales

commitments:

Mortgage-Backed

Securities

$

—

$

19,392

$

—

$

19,392

Other

Financial

Instruments

(a)

:

Futures

Contracts

$

2,196,994

$

—

$

—

$

2,196,994

Total

Liabilities

$

2,196,994

$

19,392

$

—

$

2,216,386

(a)

Other

financial

instruments

include

futures

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

Securitized

Income

ETF

Statement

of

Assets

and

Liabilities

October

31,

2024

Janus

Detroit

Street

Trust

15

See

Notes

to

Financial

Statements.

Assets:

Unaffiliated

investments,

at

value

(cost

$502,412,641)

$

503,338,255

Affiliated

investments,

at

value

(cost

$13,588,210)

13,588,210

Cash

330,778

Due

from

broker

for

centrally

cleared

swaps

651,838

Due

from

broker

for

futures

1,320,000

Receivable

for

variation

margin

on

swaps

95,547

Receivables:

TBA

investments

sold

19,518

Interest

1,123,851

Total

Assets

520,467,997

Liabilities:

TBA

sales

commitments,

at

value

(proceeds

$19,518)

19,392

Payable

for

variation

margin

on

futures

contracts

92,443

Payables:

Investments

purchased

28,341,905

TBA

investments

purchased

107,067,823

Management

fees

155,547

Total

Liabilities

135,677,110

Commitments

and

contingent

liabilities

Net

Assets

$

384,790,887

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

380,697,707

Total

distributable

earnings

(loss)

4,093,180

Total

Net

Assets

$

384,790,887

Net

Assets

$

384,790,887

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

7,400,000

Net

Asset

Value

Per

Share

$

52

.00

Janus

Henderson

Securitized

Income

ETF

Statement

of

Operations

For

the

period

ended

October

31,

2024

(1)

16

October

31,

2024

See

Notes

to

Financial

Statements.

Investment

Income:

Interest

$

14,384,770

Dividends

from

affiliates

495,134

Total

Investment

Income

14,879,904

Expenses:

Management

Fees

1,016,416

Total

Expenses

1,016,416

Less:

Excess

Expense

Reimbursement

and

Waivers

(

8,143

)

Net

Expenses

1,008,273

Net

Investment

Income/(Loss)

13,871,631

Net

Realized

Gain/(Loss)

on

Investments:

Investments

$

572,952

Investments

in

affiliates

264,692

TBA

sales

commitments

828,411

Futures

contracts

1,086,803

Swap

contracts

(

13,444

)

Total

Net

Realized

Gain/(Loss)

on

Investments

$

2,739,414

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

925,614

TBA

sales

commitments

126

Futures

contracts

(

1,866,118

)

Swap

contracts

18,584

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

(

921,794

)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

15,689,251

(1)

Period

from

November

8,

2023

(commencement

of

operations)

through

October

31,

2024.

Janus

Henderson

Securitized

Income

ETF

Statement

of

Changes

in

Net

Assets

Janus

Detroit

Street

Trust

17

See

Notes

to

Financial

Statements.

Period

Ended

October

31,

2024

(1)

Operations:

Net

investment

income/(loss)

$

13,871,631

Net

realized

gain/(loss)

on

investments

2,739,414

Change

in

unrealized

net

appreciation/depreciation

(

921,794

)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

15,689,251

Dividends

and

Distributions

to

Shareholders:

—

Dividends

and

Distributions

(

11,596,071

)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(

11,596,071

)

Capital

Share

Transactions

380,697,707

Net

Increase/(Decrease)

in

Net

Assets

384,790,887

Net

Assets:

—

Beginning

of

Period  

—

End

of

Period

$

384,790,887

(1)

Period

from

November

8,

2023

(commencement

of

operations)

through

October

31,

2024.

Janus

Henderson

Securitized

Income

ETF

Financial

Highlights

18

October

31,

2024

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

period

ended

October

31

2024

(1)

Net

Asset

Value,

Beginning

of

Period

$50.00

Income/(Loss)

from

Investment

Operations:

—

Net

investment

income/(loss)

(2)

3.37

Net

realized

and

unrealized

gain/(loss)

1.36

Total

from

Investment

Operations

4.73

Less

Dividends

and

Distributions:

—

Dividends

(from

net

investment

income)

(2.73)

Total

Dividends

and

Distributions

(2.73)

Net

Asset

Value,

End

of

Period

$52.00

Total

Return

*

9.65%

Net

assets,

End

of

Period

(in

thousands)

$384,791

Ratios

to

Average

Net

Assets

**

Ratio

of

Gross

Expenses

0.49%

Ratio

of

Net

Expenses

(After

Waivers

and

Expense

Offsets)

0.48%

Ratio

of

Net

Investment

Income/(Loss)

6.63%

Portfolio

Turnover

Rate

(3)(4)

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

Janus

Detroit

Street

Trust

19

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.

The

financial

statements

include

information

for

the

period

from

November

8,

2023

(commencement

of

operations)

through

October

31,

2024.

As

of

the

date

of

this

report,

the

Trust

offers twelve

Funds

each

of

which

represent

shares

of

beneficial

interest

in

a

separate

portfolio

of

securities

and

other

assets

with

its

own

objective

and

policies.

The

Fund

seeks

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

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

Securitized

Income

ETF

Notes

to

Financial

Statements

20

October

31,

2024

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

October

31,

2024 to

fair

value

the

Fund’s

investments

in

securities

and

other

financial

instruments

is

included

in

the

“Valuation

Inputs

Summary”

in

the

Notes

to

Schedule

of

Investments

and

Other

Information.

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

Securitized

Income

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

21

securities

may

be

placed

in

non-accrual

status

and

related

interest

income

may

be

reduced

by

stopping

current

accruals

and

writing

off

interest

receivables

when

collection

of

all

or

a

portion

of

interest

has

become

doubtful.

Gains

and

losses

are

determined

on

the

identified

cost

basis,

which

is

the

same

basis

used

for

federal

income

tax

purposes.  

Estimates

The

preparation

of

financial

statements

in

conformity

with

US

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amount

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates. 

Indemnifications

In

the

normal

course

of

business,

the

Fund

may

enter

into

contracts

that

contain

provisions

for

indemnification

of

other

parties

against

certain

potential

liabilities.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

and

would

involve

future

claims

that

may

be

made

against

the

Fund

that

have

not

yet

occurred.

Currently,

the

risk

of

material

loss

from

such

claims

is

considered

remote. 

Dividends

and

Distributions

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 October

31,

2024 is

discussed

in

further

detail

below.

A

summary

of

derivative

activity

by

the

Fund

is

reflected

in

the

tables

at

the

end

of

the

Schedule

of

Investments.

The

Fund

may

use

derivatives

only

to

manage

or

hedge

portfolio

risk,

including

interest

rate

risk,

or

to

manage

duration.

The

Fund’s

exposure

to

derivatives

will

vary.

The

Fund

may

also

enter

into

short

positions

for

hedging

purposes.

The

Fund’s

use

of

derivative

instruments

involves

risks

different

from,

or

possibly

greater

than,

the

risks

associated

with

investing

directly

in

securities

and

other

traditional

investments.

Derivatives

are

subject

to

a

number

of

risks

including

liquidity

risk,

market

risk,

credit

risk,

default

risk,

counterparty

risk

and

management

risk.

They

also

involve

the

risk

of

mispricing

or

improper

valuation

and

the

risk

that

changes

in

the

value

of

the

derivative

may

not

correlate

exactly

with

the

change

in

the

value

of

the

underlying

asset,

rate

or

index.

Also,

suitable

derivative

transactions

may

not

be

available

in

all

circumstances

and

there

can

be

no

assurance

that

the

Fund

will

engage

in

these

transactions

to

reduce

exposure

to

other

risks

when

that

would

be

beneficial.

While

use

of

derivatives

to

hedge

can

reduce

or

eliminate

losses,

it

can

also

reduce

or

eliminate

gains

or

cause

losses

if

the

market

moves

in

a

manner

different

from

that

anticipated

by the

Adviser or

if

the

cost

of

the

derivative

outweighs

the

benefit

of

the

hedge.

The

Fund’s

ability

to

use

derivatives

may

also

be

limited

by

certain

regulatory

and

tax

considerations. 

Janus

Henderson

Securitized

Income

ETF

Notes

to

Financial

Statements

22

October

31,

2024

In

pursuit

of

its

investment

objective,

the

Fund

may

seek

to

use

derivatives

to

increase

or

decrease

exposure

to

the

following

market

risk

factors: 

Counterparty

Risk

 -

the

risk

that

the

counterparty

(the

party

on

the

other

side

of

the

transaction)

on

a

derivative

transaction

will

be

unable

to

honor

its

financial

obligation

to

the

Fund. 

Credit

Risk

-

the

risk

an

issuer

will

be

unable

to

make

principal

and

interest

payments

when

due

or

will

default

on

its

obligations. 

Currency

Risk

-

the

risk

that

changes

in

the

exchange

rate

between

currencies

will

adversely

affect

the

value

(in

U.S.

dollar

terms)

of

an

investment. 

Index

Risk

-

if

the

derivative

is

linked

to

the

performance

of

an

index,

it

will

be

subject

to

the

risks

associated

with

changes

in

that

index.

If

the

index

changes,

the

Fund

could

receive

lower

interest

payments

or

experience

a

reduction

in

the

value

of

the

derivative

to

below

what

the

Fund

paid.

Certain

indexed

securities,

including

inverse

securities

(which

move

in

an

opposite

direction

to

the

index),

may

create

leverage,

to

the

extent

that

they

increase

or

decrease

in

value

at

a

rate

that

is

a

multiple

of

the

changes

in

the

applicable

index. 

Interest

Rate

Risk

-

the

risk

that

the

value

of

fixed-income

securities

will

generally

decline

as

prevailing

interest

rates

rise,

which

may

cause

the

Fund's

NAV

to

likewise

decrease. 

Leverage

Risk

-

the

risk

associated

with

certain

types

of

leveraged

investments

or

trading

strategies

pursuant

to

which

relatively

small

market

movements

may

result

in

large

changes

in

the

value

of

an

investment.

The

Fund

creates

leverage

by

investing

in

instruments,

including

derivatives,

where

the

investment

loss

can

exceed

the

original

amount

invested.

Certain

investments

or

trading

strategies,

such

as

short

sales,

that

involve

leverage

can

result

in

losses

that

greatly

exceed

the

amount

originally

invested. 

Liquidity

Risk

-

the

risk

that

certain

securities

may

be

difficult

or

impossible

to

sell

at

the

time

that

the

seller

would

like

or

at

the

price

that

the

seller

believes

the

security

is

currently

worth. 

Derivatives

may

generally

be

traded

OTC

or

on

an

exchange.

Derivatives

traded

OTC

are

agreements

that

are

individually

negotiated

between

parties

and

can

be

tailored

to

meet

a

purchaser's

needs.

OTC

derivatives

are

not

guaranteed

by

a

clearing

agency

and

may

be

subject

to

increased

credit

risk. 

In

an

effort

to

mitigate

credit

risk

associated

with

derivatives

traded

OTC,

the

Fund

may

enter

into

collateral

agreements

with

certain

counterparties

whereby,

subject

to

certain

minimum

exposure

requirements,

the

Fund

may

require

the

counterparty

to

post

collateral

if

the

Fund

has

a

net

aggregate

unrealized

gain

on

all

OTC

derivative

contracts

with

a

particular

counterparty.

Additionally,

the

Fund

may

deposit

cash

and/or

treasuries

as

collateral

with

the

counterparty

and/

or

custodian

daily

(based

on

the

daily

valuation

of

the

financial

asset)

if

the

Fund

has

a

net

aggregate

unrealized

loss

on

OTC

derivative

contracts

with

a

particular

counterparty.

All

liquid

securities

and

restricted

cash

are

considered

to

cover

in

an

amount

at

all

times

equal

to

or

greater

than

the

Fund’s

commitment

with

respect

to

certain

exchange-

traded

derivatives,

centrally

cleared

derivatives,

short

sales,

and/or

securities

with

extended

settlement

dates.

There

is

no

guarantee

that

counterparty

exposure

is

reduced

and

these

arrangements

are

dependent

on

the

Adviser's

ability

to

establish

and

maintain

appropriate

systems

and

trading.

Futures

Contracts 

A

futures

contract

is

an

exchange-traded

agreement

to

take

or

make

delivery

of

an

underlying

asset

at

a

specific

time

in

the

future

for

a

specific

predetermined

negotiated

price.

The

Fund

may

enter

into

futures

contracts

to

hedge

or

protect

itself

from

fluctuations

or

other

adverse

movement

in

the

value

of

individual

securities,

the

securities

markets

generally,

or

interest

rate

fluctuations,

without

actually

buying

or

selling

the

underlying

debt

security.

The

Fund

is

subject

to

interest

rate

risk

and

equity

risk

in

the

normal

course

of

pursuing

its

investment

objective

through

its

investments

in

futures

contracts.

The

use

of

futures

contracts

may

involve

risks

such

as

the

possibility

of

illiquid

markets

or

imperfect

correlation

between

the

values

of

the

contracts

and

the

underlying

securities,

or

that

the

counterparty

will

fail

to

perform

its

obligations.

Futures

contracts

are

valued

at

the

settlement

price

on

valuation

date

as

reported

by

an

approved

vendor.

Mini

contracts,

as

defined

in

the

description

of

the

contract,

shall

be

valued

using

the

Actual

Settlement

Price

or

“ASET”

price

type

as

reported

by

an

approved

vendor.

Futures

contracts

are

marked-to-market

daily,

and

the

daily

variation

margin

is

recorded

as

a

receivable

or

payable

on

the

Statement

of

Assets

and

Liabilities

(if

applicable).

The

change

in

unrealized

net

Janus

Henderson

Securitized

Income

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

23

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

Securitized

Income

ETF

Notes

to

Financial

Statements

24

October

31,

2024

credit

risk

from

one

party

to

the

other.

One

party

in

the

swap

is

a

lender

and

faces

credit

risk

from

a

third

party,

and

the

counterparty

in

the

credit

default

swap

agrees

to

insure

this

risk

in

exchange

for

regular

periodic

payments.

Credit

default

swaps

could

result

in

losses

if

the

Fund

does

not

correctly

evaluate

the

creditworthiness

of

the

company

or

companies

on

which

the

credit

default

swap

is

based.

Credit

default

swap

agreements

may

involve

greater

risks

than

if

the

Fund

had

invested

in

the

reference

obligation

directly

since,

in

addition

to

risks

relating

to

the

reference

obligation,

credit

default

swaps

are

subject

to

liquidity

risk,

counterparty

risk,

and

credit

risk.

The

Fund

will

generally

incur

a

greater

degree

of

risk

when

it

sells

a

credit

default

swap

than

when

it

purchases

a

credit

default

swap. 

As

a

buyer

of

a

credit

default

swap,

the

Fund

may

lose

its

investment

and

recover

nothing

should

no

credit

event

occur,

and

the

swap

is

held

to

its

termination

date.

As

seller

of

a

credit

default

swap,

if

a

credit

event

were

to

occur,

the

value

of

any

deliverable

obligation

received

by

the

Fund,

coupled

with

the

upfront

or

periodic

payments

previously

received,

may

be

less

than

what

it

pays

to

the

buyer,

resulting

in

a

loss

of

value

to

the

Fund.

If

the

Fund

is

the

seller

of

credit

protection

against

a

particular

security,

the

Fund

would

receive

an

up-front

or

periodic

payment

to

compensate

against

potential

credit

events.

As

the

seller

in

a

credit

default

swap

contract,

the

Fund

would

be

required

to

pay

the

par

value

(the

“notional

value”)

(or

other

agreed-upon

value)

of

a

referenced

debt

obligation

to

the

counterparty

in

the

event

of

a

default

by

a

third

party,

such

as

a

U.S.

or

foreign

corporate

issuer,

on

the

debt

obligation.

In

return,

the

Fund

would

receive

from

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract

provided

that

no

event

of

default

has

occurred.

If

no

default

occurs,

the

Fund

would

keep

the

stream

of

payments

and

would

have

no

payment

obligations.

As

the

seller,

the

Fund

would

effectively

add

leverage

to

its

portfolio

because,

in

addition

to

its

total

net

assets,

the

Fund

would

be

subject

to

investment

exposure

on

the

notional

value

of

the

swap.

The

maximum

potential

amount

of

future

payments

(undiscounted)

that

the

Fund

as

a

seller

could

be

required

to

make

in

a

credit

default

transaction

would

be

the

notional

amount

of

the

agreement.

As

a

buyer

of

credit

protection,

the

Fund

is

entitled

to

receive

the

par

(or

other

agreed-upon)

value

of

a

referenced

debt

obligation

from

the

counterparty

to

the

contract

in

the

event

of

a

default

or

other

credit

event

by

a

third

party,

such

as

a

U.S.

or

foreign

issuer,

on

the

debt

obligation.

In

return,

the

Fund

as

buyer

would

pay

to

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract

provided

that

no

credit

event

has

occurred.

If

no

credit

event

occurs,

the

Fund

would

have

spent

the

stream

of

payments

and

potentially

received

no

benefit

from

the

contract.

During

the

year,

the

Fund

purchased

protection

via

the

credit

default

swap

market

in

order

to

reduce

credit

risk

exposure

to

individual

corporates,

countries

and/or

credit

indices

where

gaining

this

exposure

via

the

cash

bond

market

was

less

attractive. 

3.

Other

Investments

and

Strategies 

Market Risk 

The

value

of

the

Fund’s

portfolio

may

decrease

if

the

value

of

one

or

more

issuers

in

the

Fund’s

portfolio

decreases.

Further,

regardless

of

how

well

individual

companies

or

securities

perform,

the

value

of

the

Fund’s

portfolio

could

also

decrease

if

there

are

deteriorating

economic

or

market

conditions,

including,

but

not

limited

to,

a

general

decline

in

prices

on

the

stock

markets,

a

general

decline

in

real

estate

markets,

a

decline

in

commodities

prices,

or

if

the

market

favors

different

types

of

securities

than

the

types

of

securities

in

which

the

Fund

invests.

If

the

value

of

the

Fund’s

portfolio

decreases,

the

Fund’s

NAV

will

also

decrease,

which

means

if

you

sell

your

shares

in

the

Fund

you

may

lose

money.

Market

risk

may

affect

a

single

issuer,

industry,

economic

sector,

or

the

market

as

a

whole.

The

increasing

interconnectivity

between

global

economies

and

financial

markets

increases

the

likelihood

that

events

or

conditions

in

one

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

Social,

political,

economic

and

other

conditions

and

events,

such

as

natural

disasters,

health

emergencies

(e.g.,

epidemics

and

pandemics),

terrorism,

conflicts,

including

related

sanctions,

and

social

unrest,

could

reduce

consumer

demand

or

economic

output,

result

in

market

closures,

travel

restrictions

and/or

quarantines,

and

generally

have

a

significant

impact

on

the

global

economies

and

financial

markets. 

Janus

Henderson

Securitized

Income

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

25

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. 

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

Janus

Henderson

Securitized

Income

ETF

Notes

to

Financial

Statements

26

October

31,

2024

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. 

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. 

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

Janus

Henderson

Securitized

Income

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

27

the

date

of

this

report,

the

Fund’s

management

fee

was

calculated

daily

and

paid

monthly

according

to

the

following

schedule: 

For

the

period

ended October

31,

2024,

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 October

31,

2024,

the

Adviser

waived

$8,143 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

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

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

28

October

31,

2024

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

October

31,

2024 can

be

found

in

a

table

located

in

the

Schedule

of

Investments.

5.

Federal

Income

Tax

The

tax

components

of

capital

shown

in

the

table

below

represent:

(1)

distribution

requirements

the

Fund

must

satisfy

under

the

income

tax

regulations;

(2)

losses

or

deductions

the

Fund

may

be

able

to

offset

against

income

and

gains

realized

in

future

years;

and

(3)

unrealized

appreciation

or

depreciation

of

investments

for

federal

income

tax

purposes. 

The

Fund

has

elected

to

treat

gains

and

losses

on

forward

foreign

currency

contracts

as

capital

gains

and

losses,

if

applicable.

Other

foreign

currency

gains

and

losses

on

debt

instruments

are

treated

as

ordinary

income

for

federal

income

tax

purposes

pursuant

to

Section

988

of

the

Internal

Revenue

Code. 

The

aggregate

cost

of

investments

and

the

composition

of

unrealized

appreciation

and

depreciation

of

investment

securities

for

federal

income

tax

purposes

as

of October

31,

2024 are

noted

below.

The

primary

differences

between

book

and

tax

appreciation

or

depreciation

of

investments are

wash

sale

loss

deferrals

and

amortization

on

bonds.

Information

on

the

tax

components

of

derivatives

as

of October

31,

2024

is

as

follows: 

Income

and

capital

gains

distributions

are

determined

in

accordance

with

income

tax

regulations

that

may

differ

from

US

GAAP.

These

differences

are

due

to

differing

treatments

for

items

such

as

net

short-term

gains,

deferral

of

wash

sale

losses,

foreign

currency

transactions,

passive

foreign

investment

companies,

net

investment

losses,

in-kind

transactions

and

capital

loss

carryovers.

Certain

permanent

differences

such

as

tax

returns

of

capital

and

net

investment

losses

noted

below

have

been

reclassified

to

capital. 

Permanent

book

to

tax

basis

differences

may

result

in

reclassifications

between

the

components

of

net

assets.

These

differences

have

no

impact

on

the

results

of

operations

or

net

assets.

Undistributed

Ordinary

Income

Undistributed

Long-Term

Gains

Accumulated

Capital

Losses

Loss

Deferrals

Other

Book

to

Tax

Differences

Net

Tax

Appreciation/

(Depreciation)

$3,313,532

$—

$—

$—

$126

$779,522

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$516,146,943

$3,073,934

$(2,294,412)

$779,522

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$(2,726,757)

$126

$—

$126

For

the

year

ended

October

31,

2024

:

Distributions

From

Ordinary

Income

From

Long-Term

Capital

Gain

Tax

Return

of

Capital

Net

Investment

Loss

$11,596,071

$—

$—

$—

Janus

Henderson

Securitized

Income

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

29

6.

Capital

Share

Transactions 

7.

Purchases

and

Sales

of

Investment

Securities

For

the

period

ended 

October

31,

2024,

the

aggregate

cost

of

purchases

and

proceeds

from

sales

of

investment

securities

(excluding

any

short-term

securities,

short-term

options

contracts,

TBAs

and

in-kind

transactions)

was

as

follows: 

8.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to October

31,

2024

and

through

the

date

of

the

issuance

of

the

Fund's

financial

statements

and

determined

that

there

were

no

material

events

or

transactions

that

would

require

recognition

or

disclosure

in

the

Fund's

financial

statements. 

Period

Ended

October

31,

2024

(1)

Shares

Amount

Shares

sold

7,400,000

$

380,697,707

Shares

repurchased

—

—

Net

Increase/(Decrease)

7,400,000

$

380,697,707

(1)

Period

from

November

8,

2023

(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

$572,262,945

$190,673,302

$—

$—

Janus

Henderson

Securitized

Income

ETF

Report

of

Independent

Registered

Public

Accounting

Firm

30

October

31,

2024

To

the

Board

of

Trustees

of

Janus

Detroit

Street

Trust

and

Shareholders

of

Janus

Henderson

Securitized

Income

ETF

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Janus

Henderson

Securitized

Income

ETF

(one

of

the

funds

constituting

Janus

Detroit

Street

Trust,

referred

to

hereafter

as

the

"Fund")

as

of

October

31,

2024,

and

the

related

statements

of

operations

and

changes

in

net

assets,

including

the

related

notes,

and

the

financial

highlights

for

the

period

November

8,

2023

(commencement

of

operations)

through

October

31,

2024

(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,

and

the

results

of

its

operations,

changes

in

its

net

assets,

and

the

financial

highlights

for

the

period

November

8,

2023

(commencement

of

operations)

through

October

31,

2024

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

based

on

our

audit.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audit

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audit

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audit

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

October

31,

2024,

by

correspondence

with

the

custodian,

transfer

agent

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audit

provides

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

Securitized

Income

ETF

Designation

Requirements

(unaudited)

Janus

Detroit

Street

Trust

31

For

federal

income

tax

purposes,

the

Fund

designated

the

following

for

the

period

ended

October

31,

2024:

Qualified

Interest

Income

Percentage

100.00%

Janus

Henderson

Securitized

Income

ETF

Additional

Information

(unaudited)

32

October

31,

2024

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

Trustee

for

services

to

the

Fund

from

Adviser’s

management

fees.

Item

11.

APPROVAL

OF

ADVISORY

AGREEMENTS

DURING

THE

PERIOD

Not

applicable.

125-02-93098

12-24

This

report

is

submitted

for

the

general

information

of

shareholders

of

the

Fund.

It

is

not

an

offer

or

solicitation

for

the

Fund

and

is

not

authorized

for

distribution

to

prospective

investors

unless

preceded

or

accompanied

by

an

effective

prospectus.

Janus

Henderson

is

a

trademark

of

Janus

Henderson

Group

plc

or

one

of

its

subsidiaries.

©

Janus

Henderson

Group

plc.

Janus

Henderson

Investors

US

LLC

is

the

investment

adviser

and

ALPS

Distributors,

Inc.

is

the

distributor.

ALPS

is

not

affiliated

with

Janus

Henderson

or

any

of

its

subsidiaries.

ANNUAL

FINANCIAL

STATEMENTS

October

31,

2024

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

Report

of

Independent

Registered

Public

Accounting

Firm

...

31

Designation

Requirements

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

32

Items

8-11

-

Additional

Information

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

33

Janus

Henderson

Emerging

Market

Debt

Hard

Currency

ETF

Schedule

of

Investments

October

31,

2024

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

-

8.4%

United

Arab

Emirates

-

3.1%

Abu

Dhabi

Crude

Oil

Pipeline

LLC,

4.6000%, 11/2/47

$

1,200,000

$

1,079,647

Abu

Dhabi

Developmental

Holding

Co.

PJSC,

5.5000%, 5/8/34

1,500,000

1,541,865

Abu

Dhabi

National

Energy

Co.

PJSC,

4.3750%, 10/9/31

(144A)

1,700,000

1,654,704

Abu

Dhabi

National

Energy

Co.

PJSC,

4.7500%, 3/9/37

(144A)

1,133,000

1,094,873

Adnoc

Murban

Rsc

Ltd.,

5.1250%, 9/11/54

(144A)

993,000

929,435

MDGH

GMTN

RSC

Ltd.,

2.5000%, 5/21/26

300,000

288,959

Oztel

Holdings

SPC

Ltd.,

6.6250%, 4/24/28

300,000

311,132

6,900,615

Oman

-

1.4%

EDO

Sukuk

Ltd.,

5.6620%, 7/3/31

2,000,000

2,031,110

Mazoon

Assets

Co.

SAOC,

5.2500%, 10/9/31

(144A)

1,117,000

1,112,405

3,143,515

Kazakhstan

-

0.6%

KazMunayGas

National

Co.

JSC,

5.3750%, 4/24/30

1,000,000

985,530

KazMunayGas

National

Co.

JSC,

5.7500%, 4/19/47

500,000

441,141

1,426,671

Cayman

Islands

-

0.6%

Banco

do

Brasil

SA,

6.0000%, 3/18/31

600,000

599,568

Kingston

Airport

Revenue

Finance

Ltd.,

6.7500%, 12/15/36

(144A)

743,000

757,299

1,356,867

Turkey

-

0.7%

TC

Ziraat

Bankasi

A/S,

8.0000%, 1/16/29

1,450,000

1,510,074

Uzbekistan

-

0.9%

Ipoteka-Bank

ATIB,

5.5000%, 11/19/25

500,000

490,126

Jscb

Agrobank,

9.2500%, 10/2/29

(144A)

694,000

705,404

Uzbek

Industrial

and

Construction

Bank

ATB,

8.9500%, 7/24/29

800,000

804,132

1,999,662

Nigeria

-

0.7%

Africa

Finance

Corp.,

5.5500%, 10/8/29

(144A)

1,579,000

1,573,268

Georgia

-

0.2%

Georgian

Railway

JSC,

4.0000%, 6/17/28

500,000

439,652

Netherlands

-

0.2%

DTEK

Energy

BV,

7.0000%, 12/31/27

750,000

401,340

Total

Corporate

Bonds

(cost

18,963,919)

18,751,664

Foreign

Government

Bonds

-

87.0%

Uzbekistan

-

1.0%

Republic

of

Uzbekistan,

5.3750%, 5/29/27

EUR

1,000,000

1,086,225

Republic

of

Uzbekistan,

5.3750%, 2/20/29

$

200,000

190,136

Republic

of

Uzbekistan,

3.9000%, 10/19/31

1,200,000

999,066

2,275,427

Panama

-

2.8%

Republic

of

Panama,

3.1600%, 1/23/30

2,000,000

1,721,448

Republic

of

Panama,

2.2520%, 9/29/32

2,100,000

1,533,189

Republic

of

Panama,

3.2980%, 1/19/33

1,600,000

1,257,996

Republic

of

Panama,

4.5000%, 4/16/50

1,200,000

795,684

Republic

of

Panama,

4.5000%, 4/1/56

300,000

192,004

Republic

of

Panama,

3.8700%, 7/23/60

1,300,000

730,660

6,230,981

Romania

-

3.0%

Romania

Government

Bond,

3.0000%, 2/14/31

1,300,000

1,099,735

Romania

Government

Bond,

5.1250%, 9/24/31

EUR

500,000

540,469

Romania

Government

Bond,

5.1250%, 9/24/31

(144A)

EUR

889,000

960,953

Romania

Government

Bond,

2.0000%, 4/14/33

EUR

600,000

503,896

Janus

Henderson

Emerging

Market

Debt

Hard

Currency

ETF

Schedule

of

Investments

October

31,

2024

4

October

31,

2024

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Foreign

Government

Bonds

-

(continued)

Romania

-

(continued)

Romania

Government

Bond,

6.3750%, 1/30/34

$

1,300,000

$

1,297,062

Romania

Government

Bond,

5.7500%, 3/24/35

(144A)

1,334,000

1,257,519

Romania

Government

Bond,

5.1250%, 6/15/48

1,200,000

984,000

6,643,634

Guatemala

-

0.3%

Republic

of

Guatemala,

5.3750%, 4/24/32

200,000

192,600

Republic

of

Guatemala,

4.6500%, 10/7/41

500,000

394,500

587,100

Dominican

Republic

-

4.3%

Dominican

Republic

Government

Bond,

6.8750%, 1/29/26

1,000,000

1,012,000

Dominican

Republic

Government

Bond,

5.5000%, 2/22/29

1,000,000

980,750

Dominican

Republic

Government

Bond,

4.5000%, 1/30/30

2,000,000

1,853,000

Dominican

Republic

Government

Bond,

4.8750%, 9/23/32

3,500,000

3,197,817

Dominican

Republic

Government

Bond,

6.0000%, 2/22/33

1,000,000

983,424

Dominican

Republic

Government

Bond,

6.5000%, 2/15/48

1,750,000

1,712,756

9,739,747

Mongolia

-

1.2%

State

of

Mongolia,

5.1250%, 4/7/26

500,000

492,001

State

of

Mongolia,

3.5000%, 7/7/27

2,000,000

1,866,085

State

of

Mongolia,

4.4500%, 7/7/31

500,000

443,082

2,801,168

Ukraine

-

1.6%

NPC

Ukrenergo,

6.8750%, 11/9/28

700,000

433,976

Ukraine

Government

Bond,

1.7500%, 2/1/29

Ç

28,844

17,306

Ukraine

Government

Bond,

1.7500%, 2/1/29

(144A)

Ç

200,000

120,000

Ukraine

Government

Bond,

0.0000%, 2/1/30

Ç

10,667

5,145

Ukraine

Government

Bond,

0.0000%, 2/1/34

Ç

39,862

14,948

Ukraine

Government

Bond,

0.0000%, 2/1/34

(144A)

Ç

400,000

150,000

Ukraine

Government

Bond,

1.7500%, 2/1/34

Ç

78,412

37,442

Ukraine

Government

Bond,

1.7500%, 2/1/34

(144A)

Ç

600,000

286,500

Ukraine

Government

Bond,

0.0000%, 2/1/35

Ç

33,686

16,422

Ukraine

Government

Bond,

0.0000%, 2/1/35

(144A)

Ç

200,000

97,500

Ukraine

Government

Bond,

1.7500%, 2/1/35

(144A)

Ç

700,000

325,360

Ukraine

Government

Bond,

1.7500%, 2/1/35

Ç

58,435

27,161

Ukraine

Government

Bond,

0.0000%, 2/1/36

Ç

278,071

134,169

Ukraine

Government

Bond,

0.0000%, 2/1/36

(144A)

Ç

200,000

96,500

Ukraine

Government

Bond,

1.7500%, 2/1/36

Ç

29,591

13,534

Ukraine

Government

Bond,

1.7500%, 2/1/36

(144A)

Ç

200,000

91,475

Ukraine

Government

Bond,

7.7500%, 8/1/41

‡

2,300,000

1,660,227

3,527,665

Mexico

-

4.9%

Petroleos

Mexicanos,

6.5000%, 3/13/27

1,700,000

1,668,195

Petroleos

Mexicanos,

8.7500%, 6/2/29

500,000

506,664

Petroleos

Mexicanos,

5.9500%, 1/28/31

2,500,000

2,154,157

Petroleos

Mexicanos,

6.7000%, 2/16/32

2,000,000

1,778,484

Petroleos

Mexicanos,

6.7500%, 9/21/47

1,200,000

859,152

Petroleos

Mexicanos,

7.6900%, 1/23/50

700,000

543,150

United

Mexican

States,

4.7500%, 4/27/32

2,300,000

2,135,825

United

Mexican

States,

4.8750%, 5/19/33

1,500,000

1,380,029

11,025,656

Angola

-

1.2%

Republic

of

Angola,

8.0000%, 11/26/29

200,000

182,928

Republic

of

Angola,

8.7500%, 4/14/32

1,900,000

1,719,500

Janus

Henderson

Emerging

Market

Debt

Hard

Currency

ETF

Schedule

of

Investments

October

31,

2024

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)

Angola

-

(continued)

Republic

of

Angola,

9.1250%, 11/26/49

$

1,050,000

$

876,356

2,778,784

South

Africa

-

1.9%

Republic

of

South

Africa,

4.8750%, 4/14/26

750,000

742,500

Republic

of

South

Africa,

5.8750%, 6/22/30

1,750,000

1,710,677

Republic

of

South

Africa,

5.8750%, 4/20/32

250,000

239,820

Republic

of

South

Africa,

5.6500%, 9/27/47

1,300,000

1,020,825

Republic

of

South

Africa,

5.7500%, 9/30/49

800,000

625,680

4,339,502

Saudi

Arabia

-

5.5%

Kingdom

of

Saudi

Arabia,

3.2500%, 10/26/26

1,300,000

1,265,718

Kingdom

of

Saudi

Arabia,

5.5000%, 10/25/32

1,500,000

1,548,723

Kingdom

of

Saudi

Arabia,

2.2500%, 2/2/33

1,500,000

1,217,541

Kingdom

of

Saudi

Arabia,

5.0000%, 1/16/34

2,500,000

2,485,450

Kingdom

of

Saudi

Arabia,

5.0000%, 4/17/49

1,500,000

1,346,250

Kingdom

of

Saudi

Arabia,

5.0000%, 1/18/53

1,000,000

878,129

KSA

Sukuk

Ltd.,

2.2500%, 5/17/31

600,000

510,750

KSA

Sukuk

Ltd.,

5.2500%, 6/4/34

3,100,000

3,138,173

12,390,734

Hungary

-

1.1%

Hungary

Government

Bond,

1.1250%, 4/28/26

EUR

1,000,000

1,051,904

Hungary

Government

Bond,

5.2500%, 6/16/29

$

200,000

198,104

Hungary

Government

Bond,

5.5000%, 6/16/34

1,000,000

977,300

MFB

Magyar

Fejlesztesi

Bank

Zrt.,

6.5000%, 6/29/28

200,000

206,730

2,434,038

Uruguay

-

2.5%

Oriental

Republic

of

Uruguay,

5.7500%, 10/28/34

1,900,000

1,997,409

Oriental

Republic

of

Uruguay,

4.9750%, 4/20/55

1,900,000

1,746,756

Oriental

Republic

of

Uruguay,

5.2500%, 9/10/60

2,050,000

1,940,669

5,684,834

Indonesia

-

1.4%

Pertamina

Persero

PT,

2.3000%, 2/9/31

1,000,000

850,050

Perusahaan

Listrik

Negara

PT,

4.8750%, 7/17/49

500,000

419,657

Perusahaan

Listrik

Negara

PT,

4.3750%, 2/5/50

500,000

392,423

Republic

of

Indonesia,

3.8500%, 10/15/30

250,000

237,500

Republic

of

Indonesia,

4.8500%, 1/11/33

200,000

197,886

Republic

of

Indonesia,

4.7000%, 2/10/34

1,000,000

977,420

3,074,936

Philippines

-

1.9%

Republic

of

Philippines,

1.9500%, 1/6/32

1,500,000

1,237,032

Republic

of

Philippines,

5.0000%, 7/17/33

1,500,000

1,501,821

Republic

of

Philippines,

5.2500%, 5/14/34

1,500,000

1,524,765

4,263,618

Colombia

-

3.4%

Ecopetrol

SA,

8.3750%, 1/19/36

500,000

488,677

Republic

of

Colombia,

4.5000%, 3/15/29

500,000

463,258

Republic

of

Colombia,

3.1250%, 4/15/31

600,000

477,697

Republic

of

Colombia,

7.5000%, 2/2/34

1,950,000

1,928,901

Republic

of

Colombia,

7.7500%, 11/7/36

732,000

719,028

Republic

of

Colombia,

5.0000%, 6/15/45

2,000,000

1,366,479

Republic

of

Colombia,

5.2000%, 5/15/49

1,000,000

681,054

Republic

of

Colombia,

8.3750%, 11/7/54

1,400,000

1,361,788

Janus

Henderson

Emerging

Market

Debt

Hard

Currency

ETF

Schedule

of

Investments

October

31,

2024

6

October

31,

2024

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Foreign

Government

Bonds

-

(continued)

Colombia

-

(continued)

Republic

of

Colombia,

3.8750%, 2/15/61

$

300,000

$

159,471

7,646,353

Macedonia,

the

Former

Yugoslav

Republic

of

-

1.8%

Republic

of

North

Macedonia,

2.7500%, 1/18/25

EUR

200,000

216,044

Republic

of

North

Macedonia,

3.6750%, 6/3/26

EUR

1,400,000

1,495,303

Republic

of

North

Macedonia,

6.9600%, 3/13/27

EUR

500,000

564,205

Republic

of

North

Macedonia,

1.6250%, 3/10/28

EUR

1,700,000

1,652,324

3,927,876

Poland

-

1.4%

Republic

of

Poland,

4.8750%, 10/4/33

$

1,600,000

1,574,800

Republic

of

Poland,

5.5000%, 4/4/53

1,600,000

1,549,539

3,124,339

Costa

Rica

-

1.8%

Republic

of

Costa

Rica,

6.5500%, 4/3/34

400,000

415,082

Republic

of

Costa

Rica,

7.1580%, 3/12/45

1,900,000

1,979,800

Republic

of

Costa

Rica,

7.3000%, 11/13/54

1,500,000

1,583,250

3,978,132

Argentina

-

3.8%

Argentine

Republic,

0.7500%, 7/9/30

Ç

2,592,000

1,743,981

Argentine

Republic,

4.1250%, 7/9/35

Ç

2,900,000

1,600,537

Argentine

Republic,

5.0000%, 1/9/38

Ç

2,100,000

1,249,211

Argentine

Republic,

3.5000%, 7/9/41

Ç

1,200,000

614,868

Provincia

de

Buenos

Aires,

6.6250%, 9/1/37

Ç

1,368,028

779,776

YPF

SA,

9.5000%, 1/17/31

1,220,000

1,286,950

YPF

SA,

8.7500%, 9/11/31

(144A)

1,250,000

1,274,375

8,549,698

Montenegro

-

0.8%

Republic

of

Montenegro,

2.5500%, 10/3/29

EUR

500,000

494,378

Republic

of

Montenegro,

7.2500%, 3/12/31

$

1,300,000

1,349,595

1,843,973

Bahamas

-

1.0%

Commonwealth

of

the

Bahamas,

6.0000%, 11/21/28

1,200,000

1,136,160

Commonwealth

of

the

Bahamas,

8.9500%, 10/15/32

1,000,000

1,023,409

2,159,569

Turkey

-

4.5%

Hazine

Mustesarligi

Varlik

Kiralama

A/S,

5.1250%, 6/22/26

1,350,000

1,338,941

Istanbul

Metropolitan

Municipality,

10.5000%, 12/6/28

1,700,000

1,855,252

Republic

of

Turkiye

(The),

6.5000%, 9/20/33

1,600,000

1,538,080

Republic

of

Turkiye

(The),

4.8750%, 4/16/43

1,200,000

864,000

Republic

of

Turkiye

(The),

5.7500%, 5/11/47

1,700,000

1,316,225

Turkiye

Ihracat

Kredi

Bankasi

A/S,

7.5000%, 2/6/28

2,000,000

2,055,120

Turkiye

Vakiflar

Bankasi

TAO,

9.0000%, 10/12/28

200,000

215,296

Turkiye

Vakiflar

Bankasi

TAO,

6.8750%, 1/7/30

(144A)

900,000

888,503

10,071,417

Nigeria

-

1.1%

Federal

Republic

of

Nigeria,

7.6250%, 11/21/25

1,000,000

996,188

Federal

Republic

of

Nigeria,

7.3750%, 9/28/33

1,400,000

1,182,958

Federal

Republic

of

Nigeria,

7.6250%, 11/28/47

440,000

335,500

2,514,646

Brazil

-

1.9%

Federative

Republic

of

Brazil,

3.7500%, 9/12/31

1,900,000

1,674,172

Federative

Republic

of

Brazil,

6.1250%, 3/15/34

1,900,000

1,877,509

Janus

Henderson

Emerging

Market

Debt

Hard

Currency

ETF

Schedule

of

Investments

October

31,

2024

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)

Brazil

-

(continued)

Federative

Republic

of

Brazil,

4.7500%, 1/14/50

$

1,000,000

$

732,711

4,284,392

Zambia

-

0.7%

Republic

of

Zambia,

5.7500%, 6/30/33

Ç

1,691,760

1,485,365

Benin

-

0.7%

Benin

Government

Bond,

4.8750%, 1/19/32

EUR

900,000

871,736

Benin

Government

Bond,

7.9600%, 2/13/38

$

600,000

590,430

1,462,166

Trinidad

and

Tobago

-

0.7%

Republic

of

Trinidad

and

Tobago,

4.5000%, 6/26/30

1,250,000

1,168,345

Republic

of

Trinidad

and

Tobago,

6.4000%, 6/26/34

500,000

501,250

1,669,595

United

Arab

Emirates

-

0.7%

Finance

Department

Government

of

Sharjah,

6.1250%, 3/6/36

1,000,000

1,003,495

Sharjah

Sukuk

Program

Ltd.,

4.0000%, 7/28/50

700,000

474,272

1,477,767

Qatar

-

3.7%

QatarEnergy,

2.2500%, 7/12/31

1,000,000

860,115

State

of

Qatar,

3.2500%, 6/2/26

1,200,000

1,176,000

State

of

Qatar,

4.7500%, 5/29/34

3,500,000

3,547,250

State

of

Qatar,

4.4000%, 4/16/50

3,000,000

2,667,420

8,250,785

Bulgaria

-

1.0%

Republic

of

Bulgaria,

3.6250%, 9/5/32

EUR

698,000

772,404

Republic

of

Bulgaria,

5.0000%, 3/5/37

$

1,066,000

1,021,729

Republic

of

Bulgaria,

4.2500%, 9/5/44

EUR

465,000

506,946

2,301,079

Egypt

-

2.2%

Arab

Republic

of

Egypt,

7.0529%, 1/15/32

$

1,450,000

1,243,448

Arab

Republic

of

Egypt,

7.6250%, 5/29/32

1,300,000

1,139,782

Arab

Republic

of

Egypt,

7.3000%, 9/30/33

400,000

337,448

Arab

Republic

of

Egypt,

8.7002%, 3/1/49

800,000

641,000

Arab

Republic

of

Egypt,

8.1500%, 11/20/59

1,000,000

760,090

Arab

Republic

of

Egypt,

7.5000%, 2/16/61

1,000,000

704,060

4,825,828

Ghana

-

1.0%

Republic

of

Ghana,

0.0000%, 7/3/26

(144A)

83,235

77,202

Republic

of

Ghana,

5.0000%, 7/3/29

(144A)

Ç

629,200

539,539

Republic

of

Ghana,

5.0000%, 7/3/29

Ç

1,200,000

1,029,000

Republic

of

Ghana,

0.0000%, 1/3/30

(144A)

99,040

74,955

Republic

of

Ghana,

5.0000%, 7/3/35

(144A)

Ç

904,800

629,062

2,349,758

El

Salvador

-

1.1%

Republic

of

Colombia,

7.6500%, 6/15/35

600,000

521,995

Republic

of

El

Salvador,

8.2500%, 4/10/32

1,200,000

1,120,392

Republic

of

El

Salvador,

7.6250%, 2/1/41

900,000

746,638

2,389,025

Iraq

-

0.9%

Republic

of

Iraq,

5.8000%, 1/15/28

2,012,500

1,933,147

Jamaica

-

0.9%

Jamaica

Government

Bond,

6.7500%, 4/28/28

300,000

310,230

Jamaica

Government

Bond,

8.0000%, 3/15/39

1,400,000

1,669,500

1,979,730

Janus

Henderson

Emerging

Market

Debt

Hard

Currency

ETF

Schedule

of

Investments

October

31,

2024

8

October

31,

2024

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Foreign

Government

Bonds

-

(continued)

Azerbaijan

-

0.5%

Republic

of

Azerbaijan,

3.5000%, 9/1/32

$

600,000

$

521,076

Southern

Gas

Corridor

CJSC,

6.8750%, 3/24/26

500,000

509,595

State

Oil

Co.

of

the

Azerbaijan

Republic,

6.9500%, 3/18/30

200,000

208,995

1,239,666

Gabon

-

0.3%

Gabonese

Republic,

6.9500%, 6/16/25

600,000

585,418

Sri

Lanka

-

0.8%

Democratic

Socialist

Republic

of

Sri

Lanka,

6.8500%, 11/3/25

500,000

311,085

Democratic

Socialist

Republic

of

Sri

Lanka,

6.2000%, 5/11/27

800,000

490,000

Democratic

Socialist

Republic

of

Sri

Lanka,

6.7500%, 4/18/28

500,000

311,567

Democratic

Socialist

Republic

of

Sri

Lanka,

7.8500%, 3/14/29

500,000

311,588

Democratic

Socialist

Republic

of

Sri

Lanka,

7.5500%, 3/28/30

700,000

433,015

1,857,255

Oman

-

3.5%

Oman

Sovereign

Sukuk

SAOC,

4.8750%, 6/15/30

1,900,000

1,909,728

Sultanate

of

Oman

Government

Bond,

4.7500%, 6/15/26

1,000,000

990,120

Sultanate

of

Oman

Government

Bond,

7.3750%, 10/28/32

2,600,000

2,906,556

Sultanate

of

Oman

Government

Bond,

6.5000%, 3/8/47

2,050,000

2,064,780

7,871,184

Jordan

-

0.8%

Hashemite

Kingdom

of

Jordan,

5.7500%, 1/31/27

1,000,000

981,250

Hashemite

Kingdom

of

Jordan,

5.8500%, 7/7/30

700,000

660,625

Hashemite

Kingdom

of

Jordan,

7.3750%, 10/10/47

200,000

181,894

1,823,769

Ivory

Coast

-

1.1%

Republic

of

Cote

d'Ivoire,

4.8750%, 1/30/32

EUR

1,000,000

949,675

Republic

of

Cote

d'Ivoire,

6.1250%, 6/15/33

$

1,300,000

1,178,183

Republic

of

Cote

d'Ivoire,

6.8750%, 10/17/40

EUR

400,000

375,635

2,503,493

Peru

-

1.8%

Petroleos

del

Peru

SA,

4.7500%, 6/19/32

$

2,400,000

1,835,409

Republic

of

Peru,

2.7830%, 1/23/31

1,500,000

1,299,087

Republic

of

Peru,

3.0000%, 1/15/34

1,000,000

821,695

3,956,191

Pakistan

-

0.7%

Islamic

Republic

of

Pakistan,

6.0000%, 4/8/26

200,000

187,733

Islamic

Republic

of

Pakistan,

6.8750%, 12/5/27

750,000

678,750

Islamic

Republic

of

Pakistan,

7.3750%, 4/8/31

800,000

676,160

1,542,643

Senegal

-

0.3%

Republic

of

Senegal,

6.2500%, 5/23/33

200,000

165,000

Republic

of

Senegal,

5.3750%, 6/8/37

EUR

600,000

467,372

632,372

Tajikistan

-

0.1%

Republic

of

Tajikistan,

7.1250%, 9/14/27

$

300,000

292,596

Chile

-

1.9%

Corp.

Nacional

del

Cobre

de

Chile,

3.0000%, 9/30/29

1,000,000

898,374

Corp.

Nacional

del

Cobre

de

Chile,

3.7000%, 1/30/50

1,250,000

873,613

Republic

of

Chile,

2.5500%, 7/27/33

1,400,000

1,157,133

Republic

of

Chile,

3.5000%, 1/25/50

1,700,000

1,226,237

4,155,357

Mozambique

-

0.7%

Republic

of

Mozambique,

9.0000%, 9/15/31

Ç

1,970,000

1,647,501

Janus

Henderson

Emerging

Market

Debt

Hard

Currency

ETF

Schedule

of

Investments

October

31,

2024

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)

Tunisia

-

0.8%

Tunisian

Republic,

6.3750%, 7/15/26

EUR

1,700,000

$

1,704,924

Ecuador

-

1.4%

Republic

of

Ecuador,

6.9000%, 7/31/30

Ç

$

1,700,000

1,171,577

Republic

of

Ecuador,

5.5000%, 7/31/35

Ç

2,500,000

1,380,667

Republic

of

Ecuador,

5.0000%, 7/31/40

Ç

1,200,000

606,578

3,158,822

Bahrain

-

0.9%

CBB

International

Sukuk

Programme

Co.

SPC,

3.9500%, 9/16/27

2,000,000

1,917,478

Paraguay

-

0.9%

Republic

of

Paraguay,

2.7390%, 1/29/33

1,900,000

1,567,500

Republic

of

Paraguay,

5.6000%, 3/13/48

500,000

455,175

2,022,675

Cameroon

-

0.5%

Republic

of

Cameroon,

5.9500%, 7/7/32

EUR

1,250,000

1,089,043

Georgia

-

0.3%

Republic

of

Georgia,

2.7500%, 4/22/26

$

700,000

655,325

Total

Foreign

Government

Bonds

(cost

196,468,097)

194,678,176

Investment

Companies

-

3.7%

Money

Market

Funds

-

3.7%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

4.8531%

£,∞

(cost

$8,380,259)

8,378,583

8,380,259

Total

Investments

(total

cost

$

223,812,275

)

-

99.1%

221,810,099

Cash,

Receivables

and

Other

Assets,

net

of

Liabilities

-

0.9%

2,081,838

Net

Assets

-

100.0%

$223,891,937

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

Saudi

Arabia

$

12,390,734

5.6

%

Turkey

11,581,491

5.2

Mexico

11,025,656

5.0

Oman

11,014,699

5.0

Dominican

Republic

9,739,747

4.4

Argentina

8,549,698

3.9

United

States

8,380,259

3.8

United

Arab

Emirates

8,378,382

3.8

Qatar

8,250,785

3.7

Colombia

7,646,353

3.4

Romania

6,643,634

3.0

Panama

6,230,981

2.8

Uruguay

5,684,834

2.6

Egypt

4,825,828

2.2

South

Africa

4,339,502

2.0

Brazil

4,284,392

1.9

Uzbekistan

4,275,089

1.9

Janus

Henderson

Emerging

Market

Debt

Hard

Currency

ETF

Schedule

of

Investments

October

31,

2024

10

October

31,

2024

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

Philippines

$

4,263,618

1.9

%

Chile

4,155,357

1.9

Nigeria

4,087,914

1.8

Costa

Rica

3,978,132

1.8

Peru

3,956,191

1.8

Macedonia,

the

Former

Yugoslav

Republic

of

3,927,876

1.8

Ukraine

3,527,665

1.6

Ecuador

3,158,822

1.4

Poland

3,124,339

1.4

Indonesia

3,074,936

1.4

Mongolia

2,801,168

1.3

Angola

2,778,784

1.3

Ivory

Coast

2,503,493

1.1

Hungary

2,434,038

1.1

El

Salvador

2,389,025

1.1

Ghana

2,349,758

1.1

Bulgaria

2,301,079

1.0

Bahamas

2,159,569

1.0

Paraguay

2,022,675

0.9

Jamaica

1,979,730

0.9

Iraq

1,933,147

0.9

Bahrain

1,917,478

0.9

Sri

Lanka

1,857,255

0.8

Montenegro

1,843,973

0.8

Jordan

1,823,769

0.8

Tunisia

1,704,924

0.8

Trinidad

and

Tobago

1,669,595

0.8

Mozambique

1,647,501

0.7

Pakistan

1,542,643

0.7

Zambia

1,485,365

0.7

Benin

1,462,166

0.7

Kazakhstan

1,426,671

0.6

Cayman

Islands

1,356,867

0.6

Azerbaijan

1,239,666

0.6

Georgia

1,094,977

0.5

Cameroon

1,089,043

0.5

Senegal

632,372

0.3

Guatemala

587,100

0.3

Gabon

585,418

0.3

Netherlands

401,340

0.2

Tajikistan

292,596

0.1

Total

$

221,810,099

100.0

%

Janus

Henderson

Emerging

Market

Debt

Hard

Currency

ETF

Schedule

of

Investments

October

31,

2024

Janus

Detroit

Street

Trust

11

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

The

following

table,

grouped

by

derivative

type,

provides

information

about

the

fair

value

and

location

of

derivatives

within

the

Statement

of

Assets

and

Liabilities

as

of

October

31,

2024.

Schedule

of

Affiliated

Investments

-

(%

of

Net

Assets)

Affiliated

Investments,

at

Value

at

8/13/24

Purchases

Sales

Proceeds

Realized

Gain/

(Loss)

Change

in

Unrealized

Appreciatio

n/

(Depreciation)

Affiliated

Investments,

at

Value

at

10/31/24

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

Shares

Held

at

10/31/24

Dividend

Income

Investment

Company

-

3.7%

Money

Market

Funds

-

3.7%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

4.8531%

∞

$

–

$

121,008,332

$

(112,628,318)

$

245

$

–

$

8,380,259

8,378,583

$

83,869

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

1/21/25

(314,876)

$

341,288

$

1,755

Euro

1/21/25

14,669,298

(15,879,403)

(102,158)

(100,403)

Total

$(100,403)

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

90

12/31/24

$

18,535,078

$

(154,888)

U.S.

Treasury

5

Year

Notes

160

12/31/24

17,157,500

(354,185)

U.S.

Treasury

Long

Bonds

240

12/19/24

28,312,500

(1,593,709)

U.S.

Treasury

Ultra

Bonds

83

12/19/24

10,426,875

(627,816)

Total

-

Futures

Long

(2,730,598)

Futures

Short:

Euro-Bobl

25

12/6/24

(3,206,739)

27,021

Euro-Bund

25

12/6/24

(3,577,217)

35,782

Euro-Buxl

2

12/6/24

(287,393)

8,730

Euro-Schatz

45

12/6/24

(5,204,932)

4,808

U.S.

Treasury

10

Year

Notes

150

12/19/24

(16,570,313)

426,040

U.S.

Treasury

10

Year

Ultra

Bonds

260

12/19/24

(29,575,000)

1,168,862

Total

-

Futures

Short

1,671,243

Total

$(1,059,355)

Janus

Henderson

Emerging

Market

Debt

Hard

Currency

ETF

Schedule

of

Investments

October

31,

2024

12

October

31,

2024

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Fair

Value

of

Derivative

Instruments

(not

accounted

for

as

hedging

instruments)

as

of

October

31,

2024

Interest

Rate

Contracts

Currency

Contracts

Total

Asset

Derivatives:

Forward

foreign

currency

exchange

contracts

$—

$1,755

$1,755

*

Futures

contracts

1,671,243

—

1,671,243

Total

Asset

Derivatives

$1,671,243

$1,755

$1,672,998

Liability

Derivatives:

Forward

foreign

currency

exchange

contracts

—

102,158

102,158

*

Futures

contracts

2,730,598

—

2,730,598

Total

Liability

Derivatives

$2,730,598

$102,158

$2,832,756

The

following

tables

provide

information

about

the

effect

of

derivatives

and

hedging

activities

on

the

Fund’s

Statement

of

Operations

for

the year

ended

October

31,

2024.

Please

see

the

“Net

realized

and

change

in

unrealized

gain/(loss)

on

investments”

sections

of

the

Fund’s

Statement

of

Operations.

*

The

fair

value

presented

includes

net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts

and

centrally

cleared

swaps.

In

the

Statement

of

Assets

and

Liabilities,

only

current

day's

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

total

distributable

earnings

(loss).

The

Effect

of

Derivative

Instruments

(not

accounted

for

as

hedging

instruments)

on

the

Statement

of

Operations

for

the

Year

Ended

October

31,

2024

Amount

of

Realized

Gain/(Loss)

Recognized

on

Derivatives

Derivative

Interest

Rate

Contracts

Currency

Contracts

Total

Forward

foreign

currency

exchange

contracts

$—

$521,800

$521,800

Futures

contracts

40,899

—

40,899

Total

$40,899

$521,800

$562,699

Amount

of

Change

in

Unrealized

Appreciation/(Depreciation)

Recognized

on

Derivatives

Derivative

Interest

Rate

Contracts

Currency

Contracts

Total

Forward

foreign

currency

exchange

contracts

$—

$(100,403)

$(100,403)

Futures

contracts

(1,059,355)

—

(1,059,355)

Total

$(1,059,355)

$(100,403)

$(1,159,758)

Average

Ending

Monthly

Value

of

Derivative

Instruments

During

the

Year

Ended

October

31,

2024

Futures

contracts:

Average

notional

amount

of

contracts

-

long

$63,291,695

Average

notional

amount

of

contracts

-

short

46,611,331

Forward

foreign

currency

exchange

contracts:

Average

amounts

purchased

-

in

USD

133,007

Average

amounts

sold

-

in

USD

15,149,045

Janus

Henderson

Emerging

Market

Debt

Hard

Currency

ETF

Schedule

of

Investments

October

31,

2024

Janus

Detroit

Street

Trust

13

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Offsetting

of

Financial

Assets

and

Derivative

Assets

Counterparty

Gross

Amounts

of

Recognized

Assets

Offsetting

Asset

or

Liability

(a)

Collateral

Pledged

(b)

Net

Amount

BNP

Paribas

SA

$

1,755

$

(1,755)

$

—

$

—

Total

$

1,755

$

(1,755)

$

—

$

—

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

$

102,158

$

(1,755)

$

—

$

100,403

Total

$

102,158

$

(1,755)

$

—

$

100,403

(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

October

31,

2024

14

October

31,

2024

CJSC

Closed

Joint

Stock

Company

JSC

Joint

Stock

Company

LLC

Limited

Liability

Company

PJSC

Public

Joint

Stock

Company

SAOC

Societe

Anonyme

Omanaise

Close

SPC

Special

Purpose

Company

∞

Rate

shown

is

the

7-day

yield

as

of

October

31,

2024.

£

The

Fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

Investment

Company

Act

of

1940,

as

amended,

an

affiliated

company

is

one

in

which

the

Fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

which

is

under

common

ownership

or

control.

Ç

Step

bond.

The

coupon

rate

will

increase

or

decrease

periodically

based

upon

a

predetermined

schedule.

The

rate

shown

reflects

the

current

rate.

‡

The

interest

rate

on

floating

rate

notes

is

based

on

an

index

or

market

interest

rates

and

is

subject

to

change.

Rate

in

the

security

description

is

as

of

October

31,

2024.

144A

Securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended,

are

subject

to

legal

and/or

contractual

restrictions

on

resale

and

may

not

be

publicly

sold

without

registration

under

the

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

year

ended

October

31,

2024

is

$14,696,831

which

represents

6.6%

of

net

assets.

The

following

is

a

summary

of

the

inputs

that

were

used

to

value

the

Fund's

investments

in

securities

and

other

financial

instruments

as

of

October

31,

2024

.

See

Notes

to

Financial

Statements

for

more

information.

Valuation

Inputs

Summary

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Total

Assets

Investments

in

Securities:

Corporate

Bonds

$

—

$

18,751,664

$

—

$

18,751,664

Foreign

Government

Bonds

—

194,678,176

—

194,678,176

Investment

Companies

—

8,380,259

—

8,380,259

Total

Investments

in

Securities

$

—

$

221,810,099

$

—

$

221,810,099

Other

Financial

Instruments

(a)

:

Forward

Foreign

Currency

Exchange

Contracts

$

—

$

1,755

$

—

$

1,755

Futures

Contracts

1,671,243

—

—

1,671,243

Total

Other

Financial

Instruments

$

1,671,243

$

1,755

$

—

$

1,672,998

Total

Assets

$

1,671,243

$

221,811,854

$

—

$

223,483,097

Janus

Henderson

Emerging

Market

Debt

Hard

Currency

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

October

31,

2024

Janus

Detroit

Street

Trust

15

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Total

Liabilities

Other

Financial

Instruments

(a)

:

Forward

Foreign

Currency

Exchange

Contracts

$

—

$

102,158

$

—

$

102,158

Futures

Contracts

2,730,598

—

—

2,730,598

Total

Liabilities

$

2,730,598

$

102,158

$

—

$

2,832,756

(a)

Other

financial

instruments

include

forward

foreign

currency

exchange

contracts

and

futures

and

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

October

31,

2024

16

October

31,

2024

See

Notes

to

Financial

Statements.

Assets:

Unaffiliated

investments,

at

value

(cost

$215,432,016)

$

213,429,840

Affiliated

investments,

at

value

(cost

$8,380,259)

8,380,259

Forward

foreign

currency

exchange

contracts

1,755

Due

from

broker

for

futures

1,190,000

Receivable

for

variation

margin

on

futures

contracts

47,470

Receivables:

Investments

sold

1,741,257

Interest

2,914,336

Due

from

custodian

88,668

Total

Assets

227,793,585

Liabilities:

Foreign

cash

due

to

custodian

(cost

$67)

67

Forward

foreign

currency

exchange

contracts

102,158

Payables:

Investments

purchased

3,700,057

Management

fees

99,366

Total

Liabilities

3,901,648

Commitments

and

contingent

liabilities

Net

Assets

$

223,891,937

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

225,302,221

Total

distributable

earnings

(loss)

(

1,410,284

)

Total

Net

Assets

$

223,891,937

Net

Assets

$

223,891,937

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

4,400,000

Net

Asset

Value

Per

Share

$

50

.88

Janus

Henderson

Emerging

Market

Debt

Hard

Currency

ETF

Statement

of

Operations

For

the

period

ended

October

31,

2024

(1)

Janus

Detroit

Street

Trust

17

See

Notes

to

Financial

Statements.

Investment

Income:

Interest

$

2,831,753

Dividends

from

affiliates

83,869

Total

Investment

Income

2,915,622

Expenses:

Management

Fees

212,706

Total

Expenses

212,706

Net

Investment

Income/(Loss)

2,702,916

Net

Realized

Gain/(Loss)

on

Investments:

Investments

and

foreign

currency

transactions

$

(

174,114

)

Investments

in

affiliates

245

Forward

foreign

currency

exchange

contracts

521,800

Futures

contracts

40,899

Total

Net

Realized

Gain/(Loss)

on

Investments

$

388,830

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

and

foreign

currency

translations

$

(

2,005,957

)

Forward

foreign

currency

exchange

contracts

(

100,403

)

Futures

contracts

(

1,059,355

)

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

(

3,165,715

)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

(

73,969

)

(1)

Period

from

August

13,

2024

(commencement

of

operations)

through

October

31,

2024.

Janus

Henderson

Emerging

Market

Debt

Hard

Currency

ETF

Statement

of

Changes

in

Net

Assets

18

October

31,

2024

See

Notes

to

Financial

Statements.

Period

Ended

October

31,

2024

(1)

Operations:

Net

investment

income/(loss)

$

2,702,916

Net

realized

gain/(loss)

on

investments

388,830

Change

in

unrealized

net

appreciation/depreciation

(

3,165,715

)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

(

73,969

)

Dividends

and

Distributions

to

Shareholders:

—

Dividends

and

Distributions

(

1,336,315

)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(

1,336,315

)

Capital

Share

Transactions

225,302,221

Net

Increase/(Decrease)

in

Net

Assets

223,891,937

Net

Assets:

—

Beginning

of

Period  

—

End

of

Period

$

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

period

ended

October

31

2024

(1)

Net

Asset

Value,

Beginning

of

Period

$50.00

Income/(Loss)

from

Investment

Operations:

—

Net

investment

income/(loss)

(2)

0.73

Net

realized

and

unrealized

gain/(loss)

0.45

(3)

Total

from

Investment

Operations

1.18

(3)

Less

Dividends

and

Distributions:

—

Dividends

(from

net

investment

income)

(0.30)

Total

Dividends

and

Distributions

(0.30)

Net

Asset

Value,

End

of

Period

$50.88

Total

Return

*

2.36%

(4)

Net

assets,

End

of

Period

(in

thousands)

$223,892

Ratios

to

Average

Net

Assets

**

Ratio

of

Gross

Expenses

0.52%

Ratio

of

Net

Investment

Income/(Loss)

6.59%

Portfolio

Turnover

Rate

(5)

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

20

October

31,

2024

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.

The

financial

statements

include

information

for

the

period

from August

13,

2024

through

October

31,

2024.  As

of

the

date

of

this

report,

the

Trust

offers twelve

Funds

each

of

which

represent

shares

of

beneficial

interest

in

a

separate

portfolio

of

securities

and

other

assets

with

its

own

objective

and

policies.

The

Fund

seeks

to

provide

a

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

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

Emerging

Market

Debt

Hard

Currency

ETF

Notes

to

Financial

Statements

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

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

October

31,

2024 to

fair

value

the

Fund’s

investments

in

securities

and

other

financial

instruments

is

included

in

the

“Valuation

Inputs

Summary”

in

the

Notes

to

Schedule

of

Investments

and

Other

Information.

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

Emerging

Market

Debt

Hard

Currency

ETF

Notes

to

Financial

Statements

22

October

31,

2024

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 October

31,

2024 

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

Emerging

Market

Debt

Hard

Currency

ETF

Notes

to

Financial

Statements

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

Emerging

Market

Debt

Hard

Currency

ETF

Notes

to

Financial

Statements

24

October

31,

2024

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

Emerging

Market

Debt

Hard

Currency

ETF

Notes

to

Financial

Statements

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.

3.

Other

Investments

and

Strategies 

Market Risk 

The

value

of

the

Fund’s

portfolio

may

decrease

if

the

value

of

one

or

more

issuers

in

the

Fund’s

portfolio

decreases.

Further,

regardless

of

how

well

individual

companies

or

securities

perform,

the

value

of

the

Fund’s

portfolio

could

also

decrease

if

there

are

deteriorating

economic

or

market

conditions,

including,

but

not

limited

to,

a

general

decline

in

prices

on

the

stock

markets,

a

general

decline

in

real

estate

markets,

a

decline

in

commodities

prices,

or

if

the

market

favors

different

types

of

securities

than

the

types

of

securities

in

which

the

Fund

invests.

If

the

value

of

the

Fund’s

portfolio

decreases,

the

Fund’s

NAV

will

also

decrease,

which

means

if

you

sell

your

shares

in

the

Fund

you

may

lose

money.

Market

risk

may

affect

a

single

issuer,

industry,

economic

sector,

or

the

market

as

a

whole.

The

increasing

interconnectivity

between

global

economies

and

financial

markets

increases

the

likelihood

that

events

or

conditions

in

one

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

Social,

political,

economic

and

other

conditions

and

events,

such

as

natural

disasters,

health

emergencies

(e.g.,

epidemics

and

pandemics),

terrorism,

conflicts,

including

related

sanctions,

and

social

unrest,

could

reduce

consumer

demand

or

economic

output,

result

in

market

closures,

travel

restrictions

and/or

quarantines,

and

generally

have

a

significant

impact

on

the

global

economies

and

financial

markets. 

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.

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.

Janus

Henderson

Emerging

Market

Debt

Hard

Currency

ETF

Notes

to

Financial

Statements

26

October

31,

2024

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.

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

Janus

Henderson

Emerging

Market

Debt

Hard

Currency

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

27

default

and/or

termination

event.

Under

an

ISDA

Master

Agreement,

in

the

event

of

a

default

and/or

termination

event,

the

Fund

may

offset

with

each

counterparty

certain

derivative

financial

instruments’

payables

and/or

receivables

with

collateral

held

and/or

posted

and

create

one

single

net

payment.

The Offsetting

Assets

and

Liabilities

tables located

in

the

Schedule

of

Investments present

gross

amounts

of

recognized

assets

and/or

liabilities

and

the

net

amounts

after

deducting

collateral

that

has

been

pledged

by

counterparties

or

has

been

pledged

to

counterparties

(if

applicable).

For

corresponding

information

grouped

by

type

of

instrument,

see

the

“Fair

Value

of

Derivative

Instruments

(not

accounted

for

as

hedging

instruments) as

of

October

31,

2024"

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 October

31,

2024,

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/

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

0.52%

Over

$500

Million

0.48%

Janus

Henderson

Emerging

Market

Debt

Hard

Currency

ETF

Notes

to

Financial

Statements

28

October

31,

2024

financial

intermediaries,

as

compensation

for

distribution

and/or

shareholder

services

performed

by

such

entities

for

their

customers

who

are

investors

in

the

Fund.

The

12b-1

fee

may

only

be

imposed

or

increased

when

the

Trustees

determine

that

it

is

in

the

best

interests

of

shareholders

to

do

so.

Because

these

fees

are

paid

out

of

the

Fund’s

assets

on

an

ongoing

basis,

to

the

extent

that

a

fee

is

authorized,

over

time

they

will

increase

the

cost

of

an

investment

in

the

Fund.

The

Plan

fee

may

cost

an

investor

more

than

other

types

of

sales

charges. 

As

of

October

31,

2024, the

Adviser

owned 4,368,971

shares

or 99.29%

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

October

31,

2024 can

be

found

in

a

table

located

in

the

Schedule

of

Investments.

5.

Federal

Income

Tax

The

tax

components

of

capital

shown

in

the

table

below

represent:

(1)

distribution

requirements

the

Fund

must

satisfy

under

the

income

tax

regulations;

(2)

losses

or

deductions

the

Fund

may

be

able

to

offset

against

income

and

gains

realized

in

future

years;

and

(3)

unrealized

appreciation

or

depreciation

of

investments

for

federal

income

tax

purposes. 

Other

book

to

tax

differences

primarily

consist

of

derivatives

and

foreign

currency

contract

adjustments.

The

Fund

has

elected

to

treat

gains

and

losses

on

forward

foreign

currency

contracts

as

capital

gains

and

losses,

if

applicable.

Other

foreign

currency

gains

and

losses

on

debt

instruments

are

treated

as

ordinary

income

for

federal

income

tax

purposes

pursuant

to

Section

988

of

the

Internal

Revenue

Code. 

Accumulated

capital

losses

noted

below

represent

net

capital

loss

carryovers,

as

of

October

31,

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. 

Undistributed

Ordinary

Income

Undistributed

Long-Term

Gains

Accumulated

Capital

Losses

Loss

Deferrals

Other

Book

to

Tax

Differences

Net

Tax

Appreciation/

(Depreciation)

$1,807,105

$—

$(1,184,628)

$—

$(29,633)

$(2,003,128)

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

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 October

31,

2024 are

noted

below.

The

primary

differences

between

book

and

tax

appreciation

or

depreciation

of

investments are

wash

sale

loss

deferrals

and

amortization

on

bonds.

Information

on

the

tax

components

of

derivatives

as

of October

31,

2024

is

as

follows: 

Income

and

capital

gains

distributions

are

determined

in

accordance

with

income

tax

regulations

that

may

differ

from

US

GAAP.

These

differences

are

due

to

differing

treatments

for

items

such

as

net

short-term

gains,

deferral

of

wash

sale

losses,

foreign

currency

transactions,

passive

foreign

investment

companies,

net

investment

losses,

in-kind

transactions

and

capital

loss

carryovers.

Certain

permanent

differences

such

as

tax

returns

of

capital

and

net

investment

losses

noted

below

have

been

reclassified

to

capital. 

Permanent

book

to

tax

basis

differences

may

result

in

reclassifications

between

the

components

of

net

assets.

These

differences

have

no

impact

on

the

results

of

operations

or

net

assets.

6.

Capital

Share

Transactions 

7.

Purchases

and

Sales

of

Investment

Securities

For

the

period

ended

October

31,

2024,

the

aggregate

cost

of

purchases

and

proceeds

from

sales

of

investment

securities

(excluding

any

short-term

securities,

short-term

options

contracts,

and

in-kind

transactions)

was

as

follows:

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$223,813,227

$2,486,848

$(4,489,976)

$(2,003,128)

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$(1,133,906)

$—

$(25,852)

$(25,852)

For

the

year

ended

October

31,

2024

:

Distributions

From

Ordinary

Income

From

Long-Term

Capital

Gain

Tax

Return

of

Capital

Net

Investment

Loss

$1,336,315

$—

$—

$—

Period

Ended

October

31,

2024

(1)

Shares

Amount

Shares

sold

4,400,000

$

225,302,221

Shares

repurchased

—

—

Net

Increase/(Decrease)

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

$232,449,988

$17,994,328

$—

$—

Janus

Henderson

Emerging

Market

Debt

Hard

Currency

ETF

Notes

to

Financial

Statements

30

October

31,

2024

8.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to October

31,

2024

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

Emerging

Market

Debt

Hard

Currency

ETF

Report

of

Independent

Registered

Public

Accounting

Firm

Janus

Detroit

Street

Trust

31

To

the

Board

of

Trustees

of

Janus

Detroit

Street

Trust

and

Shareholders

of

Janus

Henderson

Emerging

Market

Debt

Hard

Currency

ETF

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Janus

Henderson

Emerging

Market

Debt

Hard

Currency

ETF

(one

of

the

funds

constituting

Janus

Detroit

Street

Trust,

referred

to

hereafter

as

the

"Fund")

as

of

October

31,

2024,

and

the

related

statements

of

operations

and

changes

in

net

assets,

including

the

related

notes,

and

the

financial

highlights

for

the

period

August

13,

2024

(commencement

of

operations)

through

October

31,

2024

(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,

and

the

results

of

its

operations,

changes

in

its

net

assets

and

the

financial

highlights

for

the

period

August

13,

2024

(commencement

of

operations)

through

October

31,

2024

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

based

on

our

audit.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audit

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audit

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audit

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

October

31,

2024,

by

correspondence

with

the

custodian,

transfer

agent

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audit

provides

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

Emerging

Market

Debt

Hard

Currency

ETF

Designation

Requirements

(unaudited)

32

October

31,

2024

For

federal

income

tax

purposes,

the

Fund

designated

the

following

for

the

period

ended

October

31,

2024:

Qualified

Interest

Income

Percentage

5.82%

Janus

Henderson

Emerging

Market

Debt

Hard

Currency

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

Trustee

for

services

to

the

Fund

from

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

July

11,

2024

to

consider

the

proposed

investment

management

agreement

(the

“Investment

Management

Agreement”)

for

Janus

Henderson

Emerging

Markets

Debt

Hard

Currency

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

Emerging

Market

Debt

Hard

Currency

ETF

Additional

Information

(unaudited)

34

October

31,

2024

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

lower

than

the

median

and

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

lower

the

median

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

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.

Janus

Henderson

Emerging

Market

Debt

Hard

Currency

ETF

Additional

Information

(unaudited)

Janus

Detroit

Street

Trust

35

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.

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.

125-02-93099

12-24

This

report

is

submitted

for

the

general

information

of

shareholders

of

the

Fund.

It

is

not

an

offer

or

solicitation

for

the

Fund

and

is

not

authorized

for

distribution

to

prospective

investors

unless

preceded

or

accompanied

by

an

effective

prospectus.

Janus

Henderson

is

a

trademark

of

Janus

Henderson

Group

plc

or

one

of

its

subsidiaries.

©

Janus

Henderson

Group

plc.

Janus

Henderson

Investors

US

LLC

is

the

investment

adviser

and

ALPS

Distributors,

Inc.

is

the

distributor.

ALPS

is

not

affiliated

with

Janus

Henderson

or

any

of

its

subsidiaries.

ANNUAL

FINANCIAL

STATEMENTS

October

31,

2024

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

Report

of

Independent

Registered

Public

Accounting

Firm

...

18

Items

8-11

-

Additional

Information

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

19

Janus

Henderson

Mid

Cap

Growth

Alpha

ETF

Schedule

of

Investments

October

31,

2024

Janus

Detroit

Street

Trust

3

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares

Value

Common

Stocks

-

100.0%

Aerospace

&

Defense

-

1.0%

Howmet

Aerospace,

Inc.

573

$

57,140

Banks

-

2.7%

NU

Holdings

Ltd.

-

Class

A*

10,400

156,936

Beverages

-

0.4%

Celsius

Holdings,

Inc.*

780

23,462

Biotechnology

-

1.5%

Alnylam

Pharmaceuticals,

Inc.*

179

47,720

Exelixis,

Inc.*

1,201

39,873

87,593

Broadline

Retail

-

0.3%

Coupang,

Inc.*

747

19,265

Building

Products

-

2.0%

Builders

FirstSource,

Inc.*

341

58,447

Carlisle

Cos.,

Inc.

143

60,379

118,826

Capital

Markets

-

8.2%

Ameriprise

Financial,

Inc.

314

160,234

Ares

Management

Corp.

-

Class

A

744

124,754

Coinbase

Global,

Inc.

-

Class

A*

377

67,577

Lazard,

Inc.

-

Class

A

1,353

71,696

XP,

Inc.

-

Class

A

3,021

52,747

477,008

Commercial

Services

&

Supplies

-

2.3%

Tetra

Tech,

Inc.

1,291

63,104

Veralto

Corp.

717

73,270

136,374

Communications

Equipment

-

1.3%

Ubiquiti,

Inc.

287

76,253

Construction

&

Engineering

-

2.1%

Comfort

Systems

USA,

Inc.

243

95,023

EMCOR

Group,

Inc.

63

28,102

123,125

Construction

Materials

-

1.4%

Eagle

Materials,

Inc.

278

79,358

Consumer

Finance

-

0.3%

Credit

Acceptance

Corp.*

35

14,875

Consumer

Staples

Distribution

&

Retail

-

1.7%

Sysco

Corp.

1,326

99,384

Distributors

-

1.4%

Pool

Corp.

234

84,624

Diversified

Consumer

Services

-

1.7%

Grand

Canyon

Education,

Inc.*

323

44,286

H&R

Block,

Inc.

905

54,056

98,342

Electric

Utilities

-

1.3%

NRG

Energy,

Inc.

860

77,744

Electrical

Equipment

-

1.3%

Generac

Holdings,

Inc.*

117

19,369

Vertiv

Holdings

Co.

-

Class

A

493

53,880

73,249

Electronic

Equipment,

Instruments

&

Components

-

1.1%

Jabil,

Inc.

296

36,435

Zebra

Technologies

Corp.

-

Class

A*

80

30,557

66,992

Janus

Henderson

Mid

Cap

Growth

Alpha

ETF

Schedule

of

Investments

October

31,

2024

4

October

31,

2024

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares

Value

Common

Stocks

-

(continued)

Entertainment

-

1.3%

ROBLOX

Corp.

-

Class

A*

627

$

32,428

TKO

Group

Holdings,

Inc.

-

Class

A*

367

42,855

75,283

Financial

Services

-

1.8%

Corpay,

Inc.*

314

103,532

Food

Products

-

0.6%

Pilgrim's

Pride

Corp.*

780

37,783

Ground

Transportation

-

0.4%

Old

Dominion

Freight

Line,

Inc.

117

23,554

Health

Care

Equipment

&

Supplies

-

2.4%

Dexcom,

Inc.*

234

16,492

IDEXX

Laboratories,

Inc.*

53

21,567

Insulet

Corp.*

135

31,257

ResMed,

Inc.

296

71,771

141,087

Health

Care

Providers

&

Services

-

3.6%

Cardinal

Health,

Inc.

143

15,519

Cencora,

Inc.

574

130,918

DaVita,

Inc.*

457

63,893

210,330

Health

Care

Technology

-

3.0%

Doximity,

Inc.

-

Class

A*

1,470

61,358

Veeva

Systems,

Inc.

-

Class

A*

538

112,350

173,708

Hotels,

Restaurants

&

Leisure

-

2.6%

Expedia

Group,

Inc.*

663

103,634

Hilton

Worldwide

Holdings,

Inc.

71

16,674

Vail

Resorts,

Inc.

206

34,132

154,440

Household

Durables

-

1.2%

Tempur

Sealy

International,

Inc.

1,452

69,565

Household

Products

-

0.8%

Clorox

Co.

(The)

296

46,931

Insurance

-

2.4%

Allstate

Corp.

(The)

368

68,639

Kinsale

Capital

Group,

Inc.

161

68,926

137,565

IT

Services

-

4.9%

Gartner,

Inc.*

260

130,650

GoDaddy,

Inc.

-

Class

A*

636

106,085

MongoDB,

Inc.

-

Class

A*

179

48,401

285,136

Life

Sciences

Tools

&

Services

-

2.4%

Fortrea

Holdings,

Inc.*

792

13,321

IQVIA

Holdings,

Inc.*

153

31,491

Medpace

Holdings,

Inc.*

63

19,796

Waters

Corp.*

234

75,608

140,216

Media

-

1.3%

Nexstar

Media

Group,

Inc.

-

Class

A

161

28,323

Trade

Desk,

Inc.

(The)

-

Class

A*

385

46,281

74,604

Oil,

Gas

&

Consumable

Fuels

-

4.0%

Cheniere

Energy,

Inc.

287

54,926

Janus

Henderson

Mid

Cap

Growth

Alpha

ETF

Schedule

of

Investments

October

31,

2024

Janus

Detroit

Street

Trust

5

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares

Value

Common

Stocks

-

(continued)

Oil,

Gas

&

Consumable

Fuels

-

(continued)

Targa

Resources

Corp.

108

$

18,032

Texas

Pacific

Land

Corp.

107

124,762

Viper

Energy,

Inc.

-

Class

A

735

38,146

235,866

Paper

&

Forest

Products

-

1.1%

Louisiana-Pacific

Corp.

663

65,571

Professional

Services

-

4.8%

Broadridge

Financial

Solutions,

Inc.

476

100,369

Paycom

Software,

Inc.

386

80,686

Paylocity

Holding

Corp.*

404

74,566

Verisk

Analytics,

Inc.

-

Class

A

98

26,923

282,544

Retail

REITs

-

1.4%

Simon

Property

Group,

Inc.

502

84,898

Semiconductors

&

Semiconductor

Equipment

-

2.9%

Enphase

Energy,

Inc.*

538

44,675

Monolithic

Power

Systems,

Inc.

162

123,007

167,682

Software

-

16.1%

Appfolio,

Inc.

-

Class

A*

215

44,692

AppLovin

Corp.

-

Class

A*

1,156

195,815

Bentley

Systems,

Inc.

-

Class

B

546

26,350

Datadog,

Inc.

-

Class

A*

152

19,067

DocuSign,

Inc.

-

Class

A*

1,398

96,993

Dynatrace,

Inc.*

1,317

70,855

Fair

Isaac

Corp.*

9

17,938

Manhattan

Associates,

Inc.*

332

87,435

Nutanix,

Inc.

-

Class

A*

869

53,965

Palantir

Technologies,

Inc.

-

Class

A*

3,326

138,229

Pegasystems,

Inc.

905

71,893

RingCentral,

Inc.

-

Class

A*

2,097

75,513

Teradata

Corp.*

1,308

42,157

940,902

Specialized

REITs

-

1.1%

Lamar

Advertising

Co.

-

Class

A

484

63,888

Specialty

Retail

-

2.5%

Carvana

Co.

-

Class

A*

269

66,526

Dick's

Sporting

Goods,

Inc.

108

21,141

Tractor

Supply

Co.

63

16,727

Williams-Sonoma,

Inc.

296

39,703

144,097

Technology

Hardware,

Storage

&

Peripherals

-

1.5%

NetApp,

Inc.

654

75,413

Super

Micro

Computer,

Inc.*

360

10,479

85,892

Textiles,

Apparel

&

Luxury

Goods

-

1.2%

Crocs,

Inc.*

448

48,304

Deckers

Outdoor

Corp.*

143

23,007

71,311

Trading

Companies

&

Distributors

-

2.7%

Fastenal

Co.

234

18,294

Janus

Henderson

Mid

Cap

Growth

Alpha

ETF

Schedule

of

Investments

October

31,

2024

6

October

31,

2024

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares

Value

Common

Stocks

-

(continued)

Trading

Companies

&

Distributors

-

(continued)

WW

Grainger,

Inc.

126

$

139,763

158,057

Total

Common

Stocks

(cost

5,624,359)

5,844,992

Investment

Companies

-

0.0%

Money

Market

Funds

-

0.0%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

4.8531%

£,∞

(cost

$1,360)

1,360

1,360

Total

Investments

(total

cost

$

5,625,719

)

-

100.0%

5,846,352

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

0.0%

(785)

Net

Assets

-

100.0%

$5,845,567

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

5,636,669

96.4

%

Brazil

209,683

3.6

Total

$

5,846,352

100.0

%

Schedule

of

Affiliated

Investments

-

(%

of

Net

Assets)

Affiliated

Investments,

at

Value

at

9/17/24

Purchases

Sales

Proceeds

Realized

Gain/

(Loss)

Change

in

Unrealized

Appreciatio

n/

(Depreciation)

Affiliated

Investments,

at

Value

at

10/31/24

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

Shares

Held

at

10/31/24

Dividend

Income

Investment

Company

-

0.0%

Money

Market

Funds

-

0.0%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

4.8531%

∞

$

–

$

1,360

$

–

$

–

$

–

$

1,360

1,360

$

1

Janus

Henderson

Mid

Cap

Growth

Alpha

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

October

31,

2024

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

October

31,

2024.

£

The

Fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

Investment

Company

Act

of

1940,

as

amended,

an

affiliated

company

is

one

in

which

the

Fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

which

is

under

common

ownership

or

control.

The

following

is

a

summary

of

the

inputs

that

were

used

to

value

the

Fund's

investments

in

securities

and

other

financial

instruments

as

of

October

31,

2024

.

See

Notes

to

Financial

Statements

for

more

information.

Valuation

Inputs

Summary

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Total

Assets

Investments

in

Securities:

Common

Stocks

$

5,844,992

$

—

$

—

$

5,844,992

Investment

Companies

—

1,360

—

1,360

Total

Assets

$

5,844,992

$

1,360

$

—

$

5,846,352

Janus

Henderson

Mid

Cap

Growth

Alpha

ETF

Statement

of

Assets

and

Liabilities

October

31,

2024

8

October

31,

2024

See

Notes

to

Financial

Statements.

Assets:

Unaffiliated

investments,

at

value

(cost

$5,624,359)

$

5,844,992

Affiliated

investments,

at

value

(cost

$1,360)

1,360

Receivables:

Dividends

702

Interest

1

Total

Assets

5,847,055

Liabilities:

Payables:

Management

fees

1,488

Total

Liabilities

1,488

Commitments

and

contingent

liabilities

Net

Assets

$

5,845,567

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

5,623,807

Total

distributable

earnings

(loss)

221,760

Total

Net

Assets

$

5,845,567

Net

Assets

$

5,845,567

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

225,000

Net

Asset

Value

Per

Share

$

25

.98

Janus

Henderson

Mid

Cap

Growth

Alpha

ETF

Statement

of

Operations

For

the

period

ended

October

31,

2024

(1)

Janus

Detroit

Street

Trust

9

See

Notes

to

Financial

Statements.

Investment

Income:

Dividends

$

3,282

Dividends

from

affiliates

1

Total

Investment

Income

3,283

Expenses:

Management

Fees

2,086

Total

Expenses

2,086

Net

Investment

Income/(Loss)

1,197

Net

Realized

Gain/(Loss)

on

Investments:

Investments

$

(

70

)

Total

Net

Realized

Gain/(Loss)

on

Investments

$

(

70

)

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

220,633

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

220,633

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

221,760

(1)

Period

from

September

17,

2024

(commencement

of

operations)

through

October

31,

2024.

Janus

Henderson

Mid

Cap

Growth

Alpha

ETF

Statement

of

Changes

in

Net

Assets

10

October

31,

2024

See

Notes

to

Financial

Statements.

Period

Ended

October

31,

2024

(1)

Operations:

Net

investment

income/(loss)

$

1,197

Net

realized

gain/(loss)

on

investments

(

70

)

Change

in

unrealized

net

appreciation/depreciation

220,633

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

221,760

Capital

Share

Transactions

5,623,807

Net

Increase/(Decrease)

in

Net

Assets

5,845,567

Net

Assets:

—

Beginning

of

Period  

—

End

of

Period

$

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

period

ended

October

31

2024

(1)

Net

Asset

Value,

Beginning

of

Period

$25.00

Income/(Loss)

from

Investment

Operations:

—

Net

investment

income/(loss)

(2)

0.01

Net

realized

and

unrealized

gain/(loss)

0.97

Total

from

Investment

Operations

0.98

Less

Dividends

and

Distributions:

—

Total

Dividends

and

Distributions

—

Net

Asset

Value,

End

of

Period

$25.98

Total

Return

*

3.92%

Net

assets,

End

of

Period

(in

thousands)

$5,846

Ratios

to

Average

Net

Assets

**

Ratio

of

Gross

Expenses

0.30%

Ratio

of

Net

Investment

Income/(Loss)

0.17%

Portfolio

Turnover

Rate

(3)

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

12

October

31,

2024

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.

The

financial

statements

include

information

for

the

period

from September

17,

2024

(commencement

of

operations)

through

October

31,

2024. As

of

the

date

of

this

report,

the

Trust

offers twelve

Funds

each

of

which

represent

shares

of

beneficial

interest

in

a

separate

portfolio

of

securities

and

other

assets

with

its

own

objective

and

policies. The

Fund

seeks

to

provide

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

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

Mid

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

13

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

October

31,

2024 to

fair

value

the

Fund’s

investments

in

securities

and

other

financial

instruments

is

included

in

the

“Valuation

Inputs

Summary”

in

the

Notes

to

Schedule

of

Investments

and

Other

Information.

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

Mid

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

14

October

31,

2024

securities

may

be

placed

in

non-accrual

status

and

related

interest

income

may

be

reduced

by

stopping

current

accruals

and

writing

off

interest

receivables

when

collection

of

all

or

a

portion

of

interest

has

become

doubtful.

Gains

and

losses

are

determined

on

the

identified

cost

basis,

which

is

the

same

basis

used

for

federal

income

tax

purposes.  

Estimates

The

preparation

of

financial

statements

in

conformity

with

US

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amount

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates. 

Indemnifications

In

the

normal

course

of

business,

the

Fund

may

enter

into

contracts

that

contain

provisions

for

indemnification

of

other

parties

against

certain

potential

liabilities.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

and

would

involve

future

claims

that

may

be

made

against

the

Fund

that

have

not

yet

occurred.

Currently,

the

risk

of

material

loss

from

such

claims

is

considered

remote. 

Dividends

and

Distributions

The

Fund

generally

declares

and

distributes

dividends

of

net

investment

income

quarterly.

Net

realized

capital

gains

(if

any)

are

distributed

annually.

The

Fund

may

treat

a

portion

of

the

amount

paid

to

redeem

shares

as

a

distribution

of

investment

company

taxable

income

and

realized

capital

gains

that

are

reflected

in

the

NAV.

This

practice,

commonly

referred

to

as

“equalization,”

has

no

effect

on

the

redeeming

shareholder

or

a

Fund’s

total

return

but

may

reduce

the

amounts

that

would

otherwise

be

required

to

be

paid

as

taxable

dividends

to

the

remaining

shareholders.

It

is

possible

that

the

Internal

Revenue

Service

(IRS)

could

challenge

the

Fund’s

equalization

methodology

or

calculations,

and

any

such

challenge

could

result

in

additional

tax,

interest,

or

penalties

to

be

paid

by

the

Fund. 

The

Fund

may

make

certain

investments

in

real

estate

investment

trusts

(“REITs”)

which

pay

dividends

to

their

shareholders

based

upon

funds

available

from

operations.

It

is

quite

common

for

these

dividends

to

exceed

the

REITs’

taxable

earnings

and

profits,

resulting

in

the

excess

portion

of

such

dividends

being

designated

as

a

return

of

capital.

If

the

Fund

distributes

such

amounts,

such

distributions

could

constitute

a

return

of

capital

to

shareholders

for

federal

income

tax

purposes. 

Federal

Income

Taxes

The

Fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

and

distribute

all

of

its

taxable

income

in

accordance

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code.

Management

has

analyzed

the

Fund’s

tax

positions

taken

for

all

open

federal

income

tax

years,

generally

a

three-year

period,

and

has

concluded

that

no

provision

for

federal

income

tax

is

required

in

the

Fund’s

financial

statements.

The

Fund

is

not

aware

of

any

tax

positions

for

which

it

is

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

benefits

will

significantly

change

in

the

next

twelve

months. 

2.

Other

Investments

and

Strategies 

Market Risk 

The

value

of

the

Fund’s

portfolio

may

decrease

if

the

value

of

one

or

more

issuers

in

the

Fund’s

portfolio

decreases.

Further,

regardless

of

how

well

individual

companies

or

securities

perform,

the

value

of

the

Fund’s

portfolio

could

also

decrease

if

there

are

deteriorating

economic

or

market

conditions,

including,

but

not

limited

to,

a

general

decline

in

prices

on

the

stock

markets,

a

general

decline

in

real

estate

markets,

a

decline

in

commodities

prices,

or

if

the

market

favors

different

types

of

securities

than

the

types

of

securities

in

which

the

Fund

invests.

If

the

value

of

the

Fund’s

portfolio

decreases,

the

Fund’s

NAV

will

also

decrease,

which

means

if

you

sell

your

shares

in

the

Fund

you

may

lose

money.

Market

risk

may

affect

a

single

issuer,

industry,

economic

sector,

or

the

market

as

a

whole.

The

increasing

interconnectivity

between

global

economies

and

financial

markets

increases

the

likelihood

that

events

or

conditions

in

one

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

Social,

political,

economic

and

other

conditions

and

events,

such

as

natural

disasters,

health

emergencies

(e.g.,

epidemics

and

pandemics),

terrorism,

conflicts,

including

related

sanctions,

and

social

unrest,

could

reduce

consumer

demand

or

economic

output,

Janus

Henderson

Mid

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

15

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.

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 October

31,

2024,

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

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

16

October

31,

2024

to

make

payments

to

the

Distributor

or

its

designee

for

remittance

to

retirement

plan

service

providers,

broker-dealers,

bank

trust

departments,

financial

advisors,

and

other

financial

intermediaries,

as

compensation

for

distribution

and/or

shareholder

services

performed

by

such

entities

for

their

customers

who

are

investors

in

the

Fund.

The

12b-1

fee

may

only

be

imposed

or

increased

when

(i)

the

Trustees

determine

that

it

is

in

the

best

interests

of

shareholders

to

do

so,

and

(ii)

the

imposition

of

or

increase

in

the

12b-1

fee

is

first

approved

by

the

Fund’s

shareholders.

Because

these

fees

are

paid

out

of

the

Fund’s

assets

on

an

ongoing

basis,

to

the

extent

that

a

fee

is

authorized

by

shareholders

in

the

future,

over

time

they

will

increase

the

cost

of

an

investment

in

the

Fund.

The

Plan

fee

may

cost

an

investor

more

than

other

types

of

sales

charges.

At

this

time, the

Adviser does

not

intend

to

seek

shareholder

approval

for

implementation

of

the

Plan. 

As

of

October

31,

2024, the

Adviser

owned 200,000

shares

or 88.89%

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

October

31,

2024 can

be

found

in

a

table

located

in

the

Schedule

of

Investments.

4.

Federal

Income

Tax

The

tax

components

of

capital

shown

in

the

table

below

represent:

(1)

distribution

requirements

the

Fund

must

satisfy

under

the

income

tax

regulations;

(2)

losses

or

deductions

the

Fund

may

be

able

to

offset

against

income

and

gains

realized

in

future

years;

and

(3)

unrealized

appreciation

or

depreciation

of

investments

for

federal

income

tax

purposes. 

The

Fund

has

elected

to

treat

gains

and

losses

on

forward

foreign

currency

contracts

as

capital

gains

and

losses,

if

applicable.

Other

foreign

currency

gains

and

losses

on

debt

instruments

are

treated

as

ordinary

income

for

federal

income

tax

purposes

pursuant

to

Section

988

of

the

Internal

Revenue

Code. 

Accumulated

capital

losses

noted

below

represent

net

capital

loss

carryovers,

as

of

October

31,

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. 

Undistributed

Ordinary

Income

Undistributed

Long-Term

Gains

Accumulated

Capital

Losses

Loss

Deferrals

Other

Book

to

Tax

Differences

Net

Tax

Appreciation/

(Depreciation)

$1,197

$—

$(70)

$—

$—

$220,633

Capital

Loss

Carryover

Schedule

For

the

year

ended

October

31,

2024

No

Expiration

Short-Term

Long-Term

Accumulated

Capital

Losses

$(70)

$—

$(70)

Janus

Henderson

Mid

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

17

to

make

payments

to

the

Distributor

or

its

designee

for

remittance

to

retirement

plan

service

providers,

broker-dealers,

bank

trust

departments,

financial

advisors,

and

other

financial

intermediaries,

as

compensation

for

distribution

and/or

shareholder

services

performed

by

such

entities

for

their

customers

who

are

investors

in

the

Fund.

The

12b-1

fee

may

only

be

imposed

or

increased

when

(i)

the

Trustees

determine

that

it

is

in

the

best

interests

of

shareholders

to

do

so,

and

(ii)

the

imposition

of

or

increase

in

the

12b-1

fee

is

first

approved

by

the

Fund’s

shareholders.

Because

these

fees

are

paid

out

of

the

Fund’s

assets

on

an

ongoing

basis,

to

the

extent

that

a

fee

is

authorized

by

shareholders

in

the

future,

over

time

they

will

increase

the

cost

of

an

investment

in

the

Fund.

The

Plan

fee

may

cost

an

investor

more

than

other

types

of

sales

charges.

At

this

time, the

Adviser does

not

intend

to

seek

shareholder

approval

for

implementation

of

the

Plan. 

As

of

October

31,

2024, the

Adviser

owned 200,000

shares

or 88.89%

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

October

31,

2024 can

be

found

in

a

table

located

in

the

Schedule

of

Investments.

4.

Federal

Income

Tax

The

tax

components

of

capital

shown

in

the

table

below

represent:

(1)

distribution

requirements

the

Fund

must

satisfy

under

the

income

tax

regulations;

(2)

losses

or

deductions

the

Fund

may

be

able

to

offset

against

income

and

gains

realized

in

future

years;

and

(3)

unrealized

appreciation

or

depreciation

of

investments

for

federal

income

tax

purposes. 

The

Fund

has

elected

to

treat

gains

and

losses

on

forward

foreign

currency

contracts

as

capital

gains

and

losses,

if

applicable.

Other

foreign

currency

gains

and

losses

on

debt

instruments

are

treated

as

ordinary

income

for

federal

income

tax

purposes

pursuant

to

Section

988

of

the

Internal

Revenue

Code. 

Accumulated

capital

losses

noted

below

represent

net

capital

loss

carryovers,

as

of

October

31,

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. 

Undistributed

Ordinary

Income

Undistributed

Long-Term

Gains

Accumulated

Capital

Losses

Loss

Deferrals

Other

Book

to

Tax

Differences

Net

Tax

Appreciation/

(Depreciation)

$1,197

$—

$(70)

$—

$—

$220,633

Capital

Loss

Carryover

Schedule

For

the

year

ended

October

31,

2024

No

Expiration

Short-Term

Long-Term

Accumulated

Capital

Losses

$(70)

$—

$(70)

The

aggregate

cost

of

investments

and

the

composition

of

unrealized

appreciation

and

depreciation

of

investment

securities

for

federal

income

tax

purposes

as

of October

31,

2024 are

noted

below.

The

primary

differences

between

book

and

tax

appreciation

or

depreciation

of

investments are

wash

sale

loss

deferrals

and

investments

in

partnerships.

Income

and

capital

gains

distributions

are

determined

in

accordance

with

income

tax

regulations

that

may

differ

from

US

GAAP.

These

differences

are

due

to

differing

treatments

for

items

such

as

net

short-term

gains,

deferral

of

wash

sale

losses,

foreign

currency

transactions,

passive

foreign

investment

companies,

net

investment

losses,

in-kind

transactions

and

capital

loss

carryovers.

Certain

permanent

differences

such

as

tax

returns

of

capital

and

net

investment

losses

noted

below

have

been

reclassified

to

capital. 

Permanent

book

to

tax

basis

differences

may

result

in

reclassifications

between

the

components

of

net

assets.

These

differences

have

no

impact

on

the

results

of

operations

or

net

assets.

5.

Capital

Share

Transactions 

6.

Purchases

and

Sales

of

Investment

Securities

For

the

period

ended

October

31,

2024,

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 October

31,

2024,

the

cost

of

in-kind

purchases

and

proceeds

from

in-kind

sales,

were

as

follows: 

7.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to October

31,

2024

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)

$5,625,719

$394,669

$(174,036)

$220,633

Period

Ended

October

31,

2024

(1)

Shares

Amount

Shares

sold

225,000

$

5,623,807

Shares

repurchased

—

—

Net

Increase/(Decrease)

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

$—

$21,267

$—

$—

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

$5,645,696

$—

$—

$—

Janus

Henderson

Mid

Cap

Growth

Alpha

ETF

Report

of

Independent

Registered

Public

Accounting

Firm

18

October

31,

2024

To

the

Board

of

Trustees

of

Janus

Detroit

Street

Trust

and

Shareholders

of

Janus

Henderson

Mid

Cap

Growth

Alpha

ETF

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Janus

Henderson

Mid

Cap

Growth

Alpha

ETF

(one

of

the

funds

constituting

Janus

Detroit

Street

Trust,

referred

to

hereafter

as

the

"Fund")

as

of

October

31,

2024,

and

the

related

statements

of

operations

and

changes

in

net

assets,

including

the

related

notes,

and

the

financial

highlights

for

the

period

September

17,

2024

(commencement

of

operations)

through

October

31,

2024

(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,

and

the

results

of

its

operations,

changes

in

its

net

assets

and

the

financial

highlights

for

the

period

September

17,

2024

(commencement

of

operations)

through

October

31,

2024

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

based

on

our

audit.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audit

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audit

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audit

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

October

31,

2024,

by

correspondence

with

the

custodian.

We

believe

that

our

audit

provides

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

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

Trustee

for

services

to

the

Fund

from

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

July

11,

2024

to

consider

the

proposed

investment

management

agreement

(the

“Investment

Management

Agreement”)

for

Janus

Henderson

Mid

Cap

Growth

Alpha

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

Mid

Cap

Growth

Alpha

ETF

Additional

Information

(unaudited)

20

October

31,

2024

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

lower

than

the

median

and

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

lower

than

the

median

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

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.

Janus

Henderson

Mid

Cap

Growth

Alpha

ETF

Additional

Information

(unaudited)

Janus

Detroit

Street

Trust

21

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

at

$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.

125-02-93100

12-24

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)(3) of Item 2 of Form N-CSR.

(a)(2) Not applicable.

(a)(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 Ex99CERT.

(a)(4)   Not applicable.

(a)(5)   Not applicable.

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

SIGNATURES

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

JANUS DETROIT STREET TRUST

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

Date: December 30, 2024

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

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

Date: December 30, 2024

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

Date: December 30, 2024