Janus

Henderson

Income

ETF

Schedule

of

Investments

(unaudited)

July

31,

2025

1

Shares/

Principal

Amounts

Value

Asset-Backed

Securities

-

10

.9

%

ACHM

Mortgage

Trust,

7.2600%,

5/25/39

(144A)

$

617,877

$

634,670

ACHV

ABS

TRUST,

8.4700%,

3/18/30

(144A)

221,548

224,484

Affirm

Asset

Securitization

Trust,

6.1600%,

2/15/29

(144A)

565,000

567,288

Ally

Bank

Auto

Credit-Linked

Notes,

8.0360%,

9/15/32

(144A)

357,826

361,063

Amur

Equipment

Finance

Receivables

XV

LLC,

5.6800%,

8/20/32

(144A)

275,000

276,719

Avis

Budget

Rental

Car

Funding

AESOP

LLC,

7.3100%,

6/20/29

(144A)

836,000

844,866

Bayview

Opportunity

Master

Fund

VII

LLC,

SOFR30A

+

3.6000%,

7.9500%,

12/26/31

(144A)

‡

514,536

522,496

Bayview

Opportunity

Master

Fund

VII

LLC,

SOFR30A

+

2.7500%,

7.1000%,

6/25/47

(144A)

‡

79,063

80,964

Business

Jet

Securities

LLC,

9.1320%,

5/15/39

(144A)

227,416

231,545

Carvana

Auto

Receivables

Trust,

3.1600%,

6/12/28

(144A)

404,357

395,327

Coinstar

Funding

LLC,

5.2160%,

4/25/47

(144A)

467,925

431,535

Compass

Datacenters

Issuer

II

LLC,

5.7560%,

5/25/50

(144A)

443,000

443,584

Exeter

Automobile

Receivables

Trust,

7.8400%,

10/15/31

(144A)

95,000

99,091

Exeter

Select

Automobile

Receivables

Trust,

5.3400%,

1/15/32

150,000

149,472

FHF

Issuer

Trust,

5.6900%,

8/15/31

(144A)

305,000

306,992

FHF

Issuer

Trust,

5.9500%,

6/15/32

(144A)

193,000

193,027

FIGRE

Trust,

5.9740%,

12/25/54

(144A)

‡

438,650

438,086

Fora

Financial

Asset

Securitization

LLC,

6.3300%,

8/15/29

(144A)

330,000

330,974

Foundation

Finance

Trust,

9.1000%,

6/15/49

(144A)

226,019

239,994

Hilton

Grand

Vacations

Trust,

5.5200%,

5/27/42

(144A)

322,689

321,221

Huntington

Bank

Auto

Credit-Linked

Notes,

6.1530%,

5/20/32

(144A)

400,989

405,675

Huntington

Bank

Auto

Credit-Linked

Notes,

SOFR30A

+

5.2500%,

9.5980%,

5/20/32

(144A)

‡

196,289

200,911

Jersey

Mike's

Funding,

5.6100%,

8/16/55

(144A)

350,000

352,273

Marlette

Funding

Trust,

6.0200%,

7/16/35

(144A)

348,000

347,950

MVW

LLC,

5.7500%,

9/22/42

(144A)

289,701

289,749

PRET

LLC,

5.4871%,

10/25/51

(144A)

‡

286,751

286,518

QTS

Issuer

ABS

I

LLC,

5.9280%,

5/25/55

(144A)

248,000

248,911

RCKT

Mortgage

Trust,

5.6830%,

12/25/44

(144A)

Ç

324,767

324,557

RCKT

Mortgage

Trust,

5.6870%,

5/25/55

(144A)

Ç

254,354

255,880

Reach

ABS

Trust,

6.9000%,

2/18/31

(144A)

198,000

204,433

Reach

ABS

Trust,

5.6900%,

8/18/32

(144A)

250,000

250,398

Santander

Bank

Auto

Credit-Linked

Notes,

7.7620%,

6/15/32

(144A)

507,511

513,773

Santander

Bank

Auto

Credit-Linked

Notes,

8.8810%,

1/18/33

(144A)

900,000

905,260

Santander

Bank

Auto

Credit-Linked

Notes,

6.6630%,

12/15/33

(144A)

251,937

254,615

Sierra

Timeshare

Receivables

Funding

LLC,

6.8600%,

1/21/42

(144A)

399,559

398,114

Sotheby's

Artfi

Master

Trust,

7.9100%,

12/22/31

(144A)

668,000

679,412

Tricolor

Auto

Securitization

Trust,

5.7200%,

10/15/29

(144A)

802,000

802,534

US

Bank

NA,

6.7890%,

8/25/32

(144A)

82,693

83,500

Western

Funding

Auto

Loan

Trust,

5.3400%,

11/15/35

(144A)

208,000

207,969

Westlake

Automobile

Receivables

Trust,

3.4200%,

4/15/27

(144A)

1,000,000

995,259

Westlake

Automobile

Receivables

Trust,

5.0800%,

5/15/31

(144A)

118,000

117,955

Westlake

Automobile

Receivables

Trust,

5.5900%,

7/15/32

(144A)

275,000

278,546

Total

Asset-Backed

Securities

(cost

$15,442,653)

15,497,590

Bank

Loans

-

12

.1

%

Communication

Services

-

1

.1

%

CE

Intermediate

I

LLC,

First

Lien

Term

Loan,

CME

Term

SOFR

3

Month

+

3.0000%,

7.4503%, 3/25/32

‡,ƒ

138,653

138,913

DIRECTV

Financing

LLC,

First

Lien

Term

Loan

B,

CME

Term

SOFR

3

Month

+

5.2500%,

9.8195%, 8/2/29

‡,ƒ

256,949

254,529

Summer

BC

Bidco

B

LLC,

First

Lien

Term

Loan

B1,

CME

Term

SOFR

12

Month

+

5.0000%,

9.2070%, 2/15/29

‡,ƒ

121,000

121,000

Janus

Henderson

Income

ETF

Schedule

of

Investments

(unaudited)

July

31,

2025

2

Shares/

Principal

Amounts

Value

Bank

Loans

-

(continued)

Communication

Services

-

(continued)

Summer

BC

Holdco

B

SARL,

First

Lien

Term

Loan

B,

CME

Term

SOFR

3

Month

+

5.0000%,

9.5556%, 2/15/29

‡,ƒ

$

419,940

$

419,939

Ziggo

BV,

First

Lien

Term

Loan

H,

EURIBOR

1

Month

+

3.0000%,

4.9130%, 1/31/29

‡,ƒ

EUR

500,000

554,500

1,488,881

Communications

-

0

.1

%

Cengage

Learning,

Inc.,

First

Lien

Term

Loan,

CME

Term

SOFR

1

Month

+

3.5000%,

7.8530%, 3/24/31

‡,ƒ

$

149,407

149,255

Consumer

Discretionary

-

2

.5

%

Clarios

Global

LP,

First

Lien

Term

Loan,

CME

Term

SOFR

1

Month

+

2.7500%,

7.1062%, 1/28/32

‡,ƒ

340,000

339,857

Flutter

Entertainment

PLC,

First

Lien

Term

Loan

B,

CME

Term

SOFR

12

Month

+

2.0000%,

5.8836%, 6/4/32

‡,ƒ

93,000

92,768

Flutter

Financing

BV,

First

Lien

Term

Loan

B,

CME

Term

SOFR

3

Month

+

2.0000%,

6.2956%, 6/4/32

‡,ƒ

72,800

72,709

Gloves

Buyer,

Inc.,

First

Lien

Term

Loan,

CME

Term

SOFR

1

Month

+

4.0000%,

8.3562%, 5/21/32

‡,ƒ

362,000

354,127

Lernen

Bidco

Ltd.,

First

Lien

Term

Loan

B3,

7.8400%, 10/27/31

ƒ

33,000

33,192

Lernen

US

Finco

LLC,

First

Lien

Term

Loan

B2,

TSFR1D

+

4.0000%,

8.2900%, 10/27/31

‡,ƒ

299,250

300,995

Motel

One

GmbH,

First

Lien

Term

Loan

B,

EURIBOR

3

Month

+

4.2500%,

6.1940%, 5/28/32

‡,ƒ

EUR

500,000

575,852

PAX

HoldCo

Spain

SL,

First

Lien

Term

Loan,

EUR0012M

+

4.0000%,

6.0730%, 12/31/29

‡,ƒ

EUR

500,000

571,920

River

Rock

Entertainment,

First

Lien

Term

Loan,

CME

Term

SOFR

3

Month

+

9.0000%,

10.0000%, 6/25/31

‡,ƒ

$

280,000

271,600

Six

Flags

Entertainment

Corp.,

First

Lien

Term

Loan

B,

CME

Term

SOFR

1

Month

+

2.0000%,

6.3562%, 5/1/31

‡,ƒ

120,529

120,378

Varsity

Brands,

Inc.,

First

Lien

Term

Loan

B,

CME

Term

SOFR

3

Month

+

3.2500%,

7.5798%, 8/26/31

‡,ƒ

271,843

272,454

Winterfell

Financing

SARL,

First

Lien

Term

Loan

B3,

EURIBOR

3

Month

+

5.0000%,

7.1240%, 5/4/28

‡,ƒ

EUR

500,000

564,463

3,570,315

Consumer

Staples

-

0

.5

%

Froneri

International

Ltd.,

First

Lien

Term

Loan,

EURIBOR

3

Month

+

3.0000%,

3.0000%, 7/19/32

‡,ƒ

EUR

500,000

570,667

Journey

Personal

Care

Corp.,

First

Lien

Term

Loan,

CME

Term

SOFR

3

Month

+

3.7500%,

8.0456%, 3/1/28

‡,ƒ

$

114,128

111,845

682,512

Financials

-

1

.5

%

Acropole

Holding

SAS,

First

Lien

Term

Loan,

EUR0012M

+

3.5000%,

5.5620%, 7/16/32

‡,ƒ

EUR

500,000

570,369

Aretec

Group,

Inc.,

First

Lien

Term

Loan

B3,

CME

Term

SOFR

1

Month

+

3.5000%,

7.8562%, 8/9/30

‡,ƒ

$

299,248

299,766

Asurion

LLC,

First

Lien

Term

Loan

B13,

CME

Term

SOFR

1

Month

+

4.2500%,

8.5770%, 9/19/30

‡,ƒ

356,250

348,501

Boots

Group

Bidco

Ltd.,

First

Lien

Term

Loan,

CME

Term

SOFR

12

Month

+

3.5000%,

7.3836%, 7/16/32

‡,ƒ

268,000

267,499

Mermaid

Bidco,

Inc.,

First

Lien

Term

Loan

B,

CME

Term

SOFR

3

Month

+

3.2500%,

7.5097%, 7/3/31

‡,ƒ

409,271

409,386

Osaic

Holdings,

Inc.,

First

Lien

Term

Loan,

CME

Term

SOFR

12

Month

+

3.5000%,

7.3836%, 7/19/32

‡,ƒ

123,000

123,000

Janus

Henderson

Income

ETF

Schedule

of

Investments

(unaudited)

July

31,

2025

3

Shares/

Principal

Amounts

Value

Bank

Loans

-

(continued)

Financials

-

(continued)

OVG

Business

Services

LLC,

First

Lien

Term

Loan,

CME

Term

SOFR

1

Month

+

3.0000%,

7.3562%, 6/25/31

‡,ƒ

$

97,265

$

96,779

2,115,300

Health

Care

-

1

.1

%

Dermatology

Intermediate

Holdings

III,

Inc.,

First

Lien

Term

Loan,

CME

Term

SOFR

3

Month

+

4.2500%,

8.5579%, 3/26/29

‡,ƒ

277,852

244,045

Heartland

Dental

LLC,

First

Lien

Term

Loan,

CME

Term

SOFR

1

Month

+

4.5000%,

8.8581%, 4/28/28

‡,ƒ

299,242

299,467

LifePoint

Health,

Inc.,

First

Lien

Term

Loan,

CME

Term

SOFR

3

Month

+

3.5000%,

7.8195%, 5/19/31

‡,ƒ

80,594

80,104

Loire

Finco

Luxembourg

SARL,

First

Lien

Term

Loan

B,

EURIBOR

3

Month

+

4.0000%,

6.0260%, 1/21/30

‡,ƒ

EUR

500,000

574,896

Star

Parent,

Inc.,

First

Lien

Term

Loan,

CME

Term

SOFR

3

Month

+

4.0000%,

8.2956%, 9/27/30

‡,ƒ

$

419,571

414,503

1,613,015

Industrials

-

1

.9

%

AAdvantage

Loyalty

IP

Ltd.,

First

Lien

Term

Loan,

CME

Term

SOFR

3

Month

+

3.2500%,

7.5755%, 5/28/32

‡,ƒ

72,818

73,273

Ammega

Group

BV,

First

Lien

Term

Loan,

EURIBOR

3

Month

+

5.0000%,

6.9800%, 12/30/28

‡,ƒ

EUR

500,000

536,222

Beacon

Mobility

Corp.,

First

Lien

Term

Loan,

CME

Term

SOFR

12

Month

+

3.2500%,

7.3156%, 6/17/30

‡,ƒ

$

284,644

284,467

CP

Atlas

Buyer,

Inc.,

First

Lien

Term

Loan

B,

CME

Term

SOFR

1

Month

+

5.2500%,

9.6062%, 7/8/30

‡,ƒ

329,000

313,537

Emrld

Borrower

LP,

First

Lien

Term

Loan,

CME

Term

SOFR

1

Month

+

2.5000%,

6.8562%, 8/4/31

‡,ƒ

328,222

328,245

Emrld

Borrower

LP,

First

Lien

Term

Loan

B,

CME

Term

SOFR

3

Month

+

2.2500%,

6.5827%, 5/31/30

‡,ƒ

238,903

238,915

Foundation

Building

Materials,

Inc.,

First

Lien

Term

Loan,

CME

Term

SOFR

3

Month

+

4.0000%,

8.2797%, 1/29/31

‡,ƒ

272,927

262,613

Foundation

Building

Materials,

Inc.,

First

Lien

Term

Loan,

CME

Term

SOFR

3

Month

+

5.2500%,

9.5456%, 1/29/31

‡,ƒ

98,000

95,686

gategroup

Finance

Luxembourg

SA,

First

Lien

Term

Loan

B,

CME

Term

SOFR

12

Month

+

4.2500%,

8.0348%, 5/28/32

‡,ƒ

111,000

111,416

Inizio

Group

Ltd.,

First

Lien

Term

Loan,

CME

Term

SOFR

3

Month

+

4.2500%,

8.6456%, 8/21/28

‡,ƒ

278,000

269,660

Stonepeak

Nile

Parent

LLC,

First

Lien

Term

Loan,

CME

Term

SOFR

3

Month

+

2.7500%,

7.0794%, 4/9/32

‡,ƒ

176,000

176,308

2,690,342

Information

Technology

-

1

.2

%

Leia

Finco

US

LLC,

First

Lien

Term

Loan,

CME

Term

SOFR

3

Month

+

3.2500%,

7.5696%, 10/9/31

‡,ƒ

139,650

139,766

Modena

Buyer

LLC,

First

Lien

Term

Loan,

CME

Term

SOFR

3

Month

+

4.5000%,

8.8079%, 7/1/31

‡,ƒ

472,928

463,214

Project

Alpha

Intermediate

Holding,

Inc.,

First

Lien

Term

Loan

B,

CME

Term

SOFR

3

Month

+

5.0000%,

9.2956%, 5/9/33

‡,ƒ

32,000

31,940

Proofpoint,

Inc.,

First

Lien

Term

Loan,

CME

Term

SOFR

12

Month

+

3.0000%,

6.7848%, 8/31/28

‡,ƒ

200,000

200,228

Proofpoint,

Inc.,

First

Lien

Term

Loan,

CME

Term

SOFR

1

Month

+

3.0000%,

7.3270%, 8/31/28

‡,ƒ

223,866

224,122

X

Corp.,

First

Lien

Term

Loan

B1,

CME

Term

SOFR

3

Month

+

6.5000%,

10.9579%, 10/26/29

‡,ƒ

174,000

169,405

X

Corp.,

First

Lien

Term

Loan

B3,

9.5000%, 10/26/29

ƒ

352,000

341,049

Janus

Henderson

Income

ETF

Schedule

of

Investments

(unaudited)

July

31,

2025

4

Shares/

Principal

Amounts

Value

Bank

Loans

-

(continued)

Information

Technology

-

(continued)

Zodiac

Purchaser

LLC,

First

Lien

Term

Loan,

CME

Term

SOFR

1

Month

+

3.5000%,

7.8562%, 2/16/32

‡,ƒ

$

176,000

$

175,285

1,745,009

Materials

-

2

.0

%

Ahlstrom

Holding

3

Oy,

First

Lien

Term

Loan

B1,

CME

Term

SOFR

3

Month

+

4.0000%,

8.4802%, 5/23/30

‡,ƒ

291,120

292,453

Barentz

International

BV,

First

Lien

Term

Loan

B3,

CME

Term

SOFR

3

Month

+

3.2500%,

7.6456%, 3/3/31

‡,ƒ

249,375

247,894

INEOS

US

Petrochem

LLC,

First

Lien

Term

Loan

B,

CME

Term

SOFR

1

Month

+

4.2500%,

8.6062%, 10/7/31

‡,ƒ

130,673

118,259

INEOS

US

Petrochem

LLC,

First

Lien

Term

Loan

B1,

CME

Term

SOFR

1

Month

+

4.2500%,

8.7062%, 4/2/29

‡,ƒ

292,260

271,436

Lonza

Group

AG,

First

Lien

Term

Loan

B,

CME

Term

SOFR

3

Month

+

3.9250%,

8.3206%, 7/3/28

‡,ƒ

457,454

406,480

Olympus

Water

US

Holding

Corp.,

First

Lien

Term

Loan

B,

CME

Term

SOFR

12

Month

+

3.2500%,

7.1348%, 7/23/32

‡,ƒ

172,000

171,441

ProAmpac

PG

Borrower

LLC,

First

Lien

Term

Loan,

CME

Term

SOFR

3

Month

+

4.0000%,

8.3202%, 9/15/28

‡,ƒ

418,939

419,463

SCIH

Salt

Holdings,

Inc.,

First

Lien

Term

Loan

B1,

CME

Term

SOFR

3

Month

+

3.0000%,

7.2797%, 1/31/29

‡,ƒ

245,385

245,665

Spa

Holdings

3

Oy,

First

Lien

Term

Loan

B,

CME

Term

SOFR

3

Month

+

3.7500%,

8.3072%, 2/4/28

‡,ƒ

300,000

300,375

White

Cap

Supply

Holdings

LLC,

First

Lien

Term

Loan

C,

CME

Term

SOFR

1

Month

+

3.2500%,

7.5770%, 10/19/29

‡,ƒ

425,239

424,359

2,897,825

Utilities

-

0

.2

%

Long

Ridge

Energy

LLC,

First

Lien

Term

Loan

B,

CME

Term

SOFR

3

Month

+

4.5000%,

8.7956%, 2/19/32

‡,ƒ

223,440

220,368

Total

Bank

Loans

(cost

$17,220,492)

17,172,822

Collateralized

Loan

Obligations

-

8

.7

%

Ares

LIII

CLO

Ltd.

2019-53A

A1R,

CME

Term

SOFR

3

Month

+

1.2800%,

5.5987%,

10/24/36

(144A)

‡

1,072,000

1,076,135

ARES

Loan

Funding

III

Ltd.

2022-ALF3A

A1R,

CME

Term

SOFR

3

Month

+

1.2700%,

5.5885%,

7/25/36

(144A)

‡

1,300,000

1,304,554

Ares

LXV

CLO

Ltd.

2022-65A

D,

CME

Term

SOFR

3

Month

+

3.6500%,

7.9685%,

7/25/34

(144A)

‡

250,000

251,427

Ballyrock

CLO

22

Ltd.

2024-22A

A1A,

CME

Term

SOFR

3

Month

+

1.5400%,

5.8575%,

4/15/37

(144A)

‡

250,000

251,254

BlueMountain

CLO

XXXI

Ltd.

2021-31A

A1,

CME

Term

SOFR

3

Month

+

1.4116%,

5.7371%,

4/19/34

(144A)

‡

350,000

350,505

Cedar

Funding

IX

CLO

Ltd.

2018-9A

AR,

CME

Term

SOFR

3

Month

+

1.4200%,

5.7455%,

7/20/37

(144A)

‡

500,000

501,591

CIFC

Funding

Ltd.

2021-3A

D,

CME

Term

SOFR

3

Month

+

3.2616%,

7.5792%,

7/15/36

(144A)

‡

250,000

251,468

CIFC

Funding

Ltd.

2023-3A

D,

CME

Term

SOFR

3

Month

+

4.2500%,

8.5755%,

1/20/37

(144A)

‡

250,000

252,344

CIFC

Funding

Ltd.

2021-1A

A1R,

CME

Term

SOFR

3

Month

+

1.4200%,

5.7385%,

7/25/37

(144A)

‡

400,000

401,355

CIFC

Funding

Ltd.

2019-7A

A1R,

CME

Term

SOFR

3

Month

+

1.2800%,

0.0000%,

10/19/38

(144A)

‡

1,227,000

1,227,000

KKR

CLO

36

Ltd.

36A

A,

CME

Term

SOFR

3

Month

+

1.4416%,

5.7592%,

10/15/34

(144A)

‡

1,000,000

1,001,950

Madison

Park

Funding

LXVI

Ltd.

2024-66A

A2,

CME

Term

SOFR

3

Month

+

1.5800%,

5.9055%,

10/21/37

(144A)

‡

1,000,000

1,001,867

Janus

Henderson

Income

ETF

Schedule

of

Investments

(unaudited)

July

31,

2025

5

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

Neuberger

Berman

Loan

Advisers

CLO

42

Ltd.

2021-42A

AR,

CME

Term

SOFR

3

Month

+

0.9500%,

5.2678%,

7/16/36

(144A)

‡

$

1,000,000

$

1,000,234

Oaktree

CLO

Ltd.

2024-26A

D1,

CME

Term

SOFR

3

Month

+

3.4500%,

7.7755%,

4/20/37

(144A)

‡

500,000

501,493

Octagon

75

Ltd.

2025-1A

D2,

CME

Term

SOFR

3

Month

+

3.6500%,

7.9820%,

1/22/38

(144A)

‡

700,000

701,827

Palmer

Square

CLO

Ltd.

2022-3A

D1R,

CME

Term

SOFR

3

Month

+

2.9500%,

7.2755%,

7/20/37

(144A)

‡

640,000

641,809

Rad

CLO

10

Ltd.

2021-10A

A,

CME

Term

SOFR

3

Month

+

1.4316%,

5.7506%,

4/23/34

(144A)

‡

1,050,000

1,051,572

Wind

River

CLO

Ltd.

2021-4A

D,

CME

Term

SOFR

3

Month

+

3.4616%,

7.7871%,

1/20/35

(144A)

‡

500,000

485,005

Total

Collateralized

Loan

Obligations

(cost

$12,206,662)

12,253,390

Convertible

Bond

-

0

.1

%

Consumer

Staples

-

0

.1

%

Herbalife

Ltd.,

4.2500%, 6/15/28

(cost

$147,867)

184,000

171,120

Corporate

Bonds

-

34

.0

%

Basic

Materials

-

1

.7

%

Celanese

US

Holdings

LLC,

7.2000%, 11/15/33Ç

168,000

175,393

Compass

Minerals

International,

Inc.,

8.0000%, 7/1/30

(144A)

358,000

370,900

Fedrigoni

SpA,

EURIBOR

3

Month

+

4.0000%,

5.9800%, 1/15/30‡

EUR

320,000

363,297

First

Quantum

Minerals

Ltd.,

8.0000%, 3/1/33

(144A)

$

400,000

412,169

Fortescue

Treasury

Pty.

Ltd.,

4.3750%, 4/1/31

(144A)

314,000

294,187

Olympus

Water

US

Holding

Corp.,

5.3750%, 10/1/29

EUR

320,000

339,944

Taseko

Mines

Ltd.,

8.2500%, 5/1/30

(144A)

$

465,000

485,522

2,441,412

Communications

-

2

.8

%

AMC

Networks,

Inc.,

10.5000%, 7/15/32

(144A)

277,000

281,848

Charter

Communications

Operating

LLC,

6.5500%, 6/1/34

141,000

148,676

CSC

Holdings

LLC,

11.2500%, 5/15/28

(144A)

400,000

402,082

Fibercop

SpA,

7.8750%, 7/31/28

EUR

220,000

280,114

Getty

Images,

Inc.,

11.2500%, 2/21/30

(144A)

$

100,000

95,750

Gray

Media,

Inc.,

7.2500%, 8/15/33

(144A)

346,000

344,180

Level

3

Financing,

Inc.,

3.7500%, 7/15/29

(144A)

406,000

340,354

Level

3

Financing,

Inc.,

6.8750%, 6/30/33

(144A)

182,937

185,380

Lumen

Technologies,

Inc.,

4.1250%, 4/15/29

(144A)

195,411

190,313

Lumen

Technologies,

Inc.,

10.0000%, 10/15/32

(144A)

184,918

186,998

McGraw-Hill

Education,

Inc.,

8.0000%, 8/1/29

(144A)#

102,000

103,681

McGraw-Hill

Education,

Inc.,

7.3750%, 9/1/31

(144A)

270,000

280,647

Midcontinent

Communications,

8.0000%, 8/15/32

(144A)

270,000

284,891

Univision

Communications,

Inc.,

8.5000%, 7/31/31

(144A)

299,000

303,655

Univision

Communications,

Inc.,

9.3750%, 8/1/32

(144A)

319,000

330,995

Vmed

O2

UK

Financing

I

plc,

4.7500%, 7/15/31

(144A)

299,000

276,626

4,036,190

Consumer,

Cyclical

-

8

.9

%

Allwyn

Entertainment

Financing

UK

plc,

7.2500%, 4/30/30

EUR

320,000

387,908

American

Airlines,

Inc.,

8.5000%, 5/15/29

(144A)

$

358,000

374,155

Aston

Martin

Capital

Holdings

Ltd.,

10.3750%, 3/31/29

GBP

320,000

396,582

Beazer

Homes

USA,

Inc.,

7.5000%, 3/15/31

(144A)

$

302,000

305,429

Bertrand

Franchise

Finance

SAS,

EURIBOR

3

Month

+

3.7500%,

5.7710%, 7/18/30‡

EUR

320,000

356,663

Boots

Group

Finco

LP,

7.3750%, 8/31/32

(144A)

GBP

150,000

202,224

Caesars

Entertainment,

Inc.,

6.0000%, 10/15/32

(144A)

$

331,000

319,476

Carnival

Corp.,

5.7500%, 8/1/32

(144A)

408,000

410,762

Janus

Henderson

Income

ETF

Schedule

of

Investments

(unaudited)

July

31,

2025

6

Shares/

Principal

Amounts

Value

Corporate

Bonds

-

(continued)

Consumer,

Cyclical

-

(continued)

Carvana

Co.,

4.8750%, 9/1/29

(144A)

$

564,000

$

513,240

Carvana

Co.,

11.0000%

(11.00%

Cash,

13.00%

PIK), 6/1/30

(144A)Ø

558,227

583,888

CD&R

Firefly

Bidco

plc,

8.6250%, 4/30/29

GBP

320,000

439,578

eG

Global

Finance

plc,

11.0000%, 11/30/28

EUR

320,000

405,510

Flutter

Treasury

DAC,

6.1250%, 6/4/31

(144A)

GBP

170,000

225,804

Ford

Motor

Credit

Co.

LLC,

6.5000%, 2/7/35

$

483,000

481,680

Forvia

SE,

8.0000%, 6/15/30

(144A)

533,000

555,158

Foundation

Building

Materials,

Inc.,

6.0000%, 3/1/29

(144A)

156,000

146,310

Full

House

Resorts,

Inc.,

8.2500%, 2/15/28

(144A)

227,000

219,745

General

Motors

Co.,

6.2500%, 4/15/35

62,000

64,100

General

Motors

Financial

Co.,

Inc.,

ICE

LIBOR

USD

3

Month

+

3.5980%,

5.7500%, 9/30/27‡,μ

293,000

286,126

Grupo

Antolin-Irausa

SA,

10.3750%, 1/30/30

EUR

200,000

147,006

Hilton

Grand

Vacations

Borrower

LLC,

4.8750%, 7/1/31

(144A)

$

338,000

310,775

JB

Poindexter

&

Co.,

Inc.,

8.7500%, 12/15/31

(144A)

84,000

85,910

Latam

Airlines

Group

SA,

7.6250%, 1/7/31

(144A)

415,000

428,072

LGI

Homes,

Inc.,

4.0000%, 7/15/29

(144A)

652,000

594,390

Mohegan

Tribal

Gaming

Authority,

8.2500%, 4/15/30

(144A)

327,000

339,013

New

Home

Co.,

Inc.

(The),

8.5000%, 11/1/30

(144A)

467,000

476,793

Patrick

Industries,

Inc.,

6.3750%, 11/1/32

(144A)

292,000

292,195

Penn

Entertainment,

Inc.,

4.1250%, 7/1/29

(144A)

508,000

470,840

Pinewood

Finco

plc,

6.0000%, 3/27/30

GBP

120,000

159,592

Pinnacle

Bidco

plc,

8.2500%, 10/11/28

EUR

320,000

384,640

QXO

Building

Products,

Inc.,

6.7500%, 4/30/32

(144A)

$

191,000

196,687

SIG

plc,

9.7500%, 10/31/29

EUR

220,000

249,748

Starz

Capital

Holdings

1,

Inc.,

5.5000%, 4/15/29

(144A)

$

317,000

295,602

Victra

Holdings

LLC,

8.7500%, 9/15/29

(144A)

592,000

620,436

Voyager

Parent

LLC,

9.2500%, 7/1/32

(144A)

275,000

290,907

Warnermedia

Holdings,

Inc.,

4.0540%, 3/15/29

114,000

99,807

Wynn

Macau

Ltd.,

5.1250%, 12/15/29

(144A)

470,000

452,220

12,568,971

Consumer,

Non-cyclical

-

5

.2

%

Albion

Financing

1

SARL,

5.3750%, 5/21/30

EUR

140,000

165,873

Albion

Financing

1

SARL,

7.0000%, 5/21/30

(144A)

$

200,000

205,857

Allied

Universal

Holdco

LLC,

4.8750%, 6/1/28

GBP

246,000

316,639

Allied

Universal

Holdco

LLC,

6.8750%, 6/15/30

(144A)

$

331,000

338,867

Currenta

Group

Holdings

Sarl,

EURIBOR

3

Month

+

4.0000%,

6.1430%, 5/15/32

(144A)‡

EUR

230,000

265,286

CVS

Health

Corp.,

4.7800%, 3/25/38

$

58,000

52,999

CVS

Health

Corp.,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.8860%,

7.0000%, 3/10/55‡

169,000

173,874

Garda

World

Security

Corp.,

6.0000%, 6/1/29

(144A)

504,000

494,355

Heartland

Dental

LLC,

10.5000%, 4/30/28

(144A)

259,000

273,020

Herc

Holdings,

Inc.,

7.0000%, 6/15/30

(144A)

180,000

186,036

Herc

Holdings,

Inc.,

7.2500%, 6/15/33

(144A)

130,000

134,617

HLF

Financing

Sarl

LLC,

12.2500%, 4/15/29

(144A)

175,000

189,648

HLF

Financing

Sarl

LLC,

4.8750%, 6/1/29

(144A)

103,000

85,837

House

of

HR

Group

BV,

9.0000%, 11/3/29

EUR

400,000

455,531

Humana,

Inc.,

5.8750%, 3/1/33

$

98,000

101,338

Iceland

Bondco

plc,

4.3750%, 5/15/28

GBP

320,000

403,384

JBS

USA

Holding

Lux

SARL,

6.7500%, 3/15/34

$

49,000

53,337

JBS

USA

Holding

Lux

SARL,

5.5000%, 1/15/36

(144A)

122,000

121,503

LifePoint

Health,

Inc.,

11.0000%, 10/15/30

(144A)

27,000

29,676

Janus

Henderson

Income

ETF

Schedule

of

Investments

(unaudited)

July

31,

2025

7

Shares/

Principal

Amounts

Value

Corporate

Bonds

-

(continued)

Consumer,

Non-cyclical

-

(continued)

LifePoint

Health,

Inc.,

10.0000%, 6/1/32

(144A)

$

271,000

$

281,334

Organon

&

Co.,

5.1250%, 4/30/31

(144A)

646,000

558,865

Pilgrim's

Pride

Corp.,

6.2500%, 7/1/33

279,000

293,248

Raven

Acquisition

Holdings

LLC,

6.8750%, 11/15/31

(144A)

588,000

593,896

Solventum

Corp.,

5.6000%, 3/23/34

48,000

49,232

Star

Parent,

Inc.,

9.0000%, 10/1/30

(144A)

167,000

175,617

Surgery

Center

Holdings,

Inc.,

7.2500%, 4/15/32

(144A)

67,000

68,890

Teva

Pharmaceutical

Finance

Co.

LLC,

6.1500%, 2/1/36

689,000

699,953

UnitedHealth

Group,

Inc.,

5.3000%, 6/15/35

24,000

24,253

Universal

Health

Services,

Inc.,

2.6500%, 10/15/30

115,000

101,757

Veritiv

Operating

Co.,

10.5000%, 11/30/30

(144A)

420,000

455,228

7,349,950

Diversified

-

0

.4

%

Benteler

International

AG,

7.2500%, 6/15/31

(144A)

EUR

150,000

182,114

ProGroup

AG,

5.3750%, 4/15/31

EUR

320,000

360,762

542,876

Energy

-

2

.5

%

Civitas

Resources,

Inc.,

8.7500%, 7/1/31

(144A)

$

331,000

335,084

Civitas

Resources,

Inc.,

9.6250%, 6/15/33

(144A)

296,000

304,459

Columbia

Pipelines

Holding

Co.

LLC,

5.0970%, 10/1/31

(144A)

49,000

49,209

DT

Midstream,

Inc.,

5.8000%, 12/15/34

(144A)

101,000

102,736

FTAI

Infra

Escrow

Holdings

LLC,

10.5000%, 6/1/27

(144A)

393,000

403,859

Hess

Midstream

Operations

LP,

4.2500%, 2/15/30

(144A)

439,000

424,771

ITT

Holdings

LLC,

6.5000%, 8/1/29

(144A)

359,000

341,951

Occidental

Petroleum

Corp.,

5.5500%, 10/1/34

95,000

93,168

OEG

Finance

plc,

7.2500%, 9/27/29

EUR

320,000

382,453

Sunoco

LP,

6.2500%, 7/1/33

(144A)

$

239,000

242,060

Tallgrass

Energy

Partners

LP,

6.0000%, 9/1/31

(144A)

457,000

447,822

TerraForm

Power

Operating

LLC,

4.7500%, 1/15/30

(144A)

334,000

320,170

Viper

Energy

Partners

LLC,

5.7000%, 8/1/35

87,000

86,469

3,534,211

Financial

-

5

.2

%

American

Express

Co.,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.8540%,

3.5500%, 9/15/26‡,μ

452,000

441,777

Aretec

Group,

Inc.,

10.0000%, 8/15/30

(144A)

253,000

275,876

Bank

of

America

Corp.,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.3510%,

6.2500%, 7/26/30‡,μ

420,000

418,555

Bank

of

America

Corp.,

SOFR

+

1.6970%,

5.7440%, 2/12/36‡

102,000

103,766

Blue

Owl

Credit

Income

Corp.,

5.8000%, 3/15/30

133,000

133,247

Blue

Owl

Finance

LLC,

6.2500%, 4/18/34

48,000

49,446

BroadStreet

Partners,

Inc.,

5.8750%, 4/15/29

(144A)

290,000

288,048

Burford

Capital

Global

Finance

LLC,

6.8750%, 4/15/30

(144A)

428,000

426,972

Burford

Capital

Global

Finance

LLC,

7.5000%, 7/15/33

(144A)

200,000

201,300

Capital

One

Financial

Corp.,

SOFRINDX

+

3.3700%,

7.9640%, 11/2/34‡

42,000

48,931

Capital

One

Financial

Corp.,

SOFR

+

2.0360%,

6.1830%, 1/30/36‡

125,000

128,326

Citigroup,

Inc.,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.4170%,

3.8750%, 2/18/26‡,μ

441,000

435,816

GGAM

Finance

Ltd.,

8.0000%, 6/15/28

(144A)

393,000

415,714

GLP

Capital

LP,

4.0000%, 1/15/31

66,000

62,196

Jane

Street

Group,

6.7500%, 5/1/33

(144A)

267,000

273,243

JPMorgan

Chase

&

Co.,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.8500%,

3.6500%, 6/1/26‡,μ

441,000

433,677

LPL

Holdings,

Inc.,

6.0000%, 5/20/34

48,000

49,600

Janus

Henderson

Income

ETF

Schedule

of

Investments

(unaudited)

July

31,

2025

8

Shares/

Principal

Amounts

Value

Corporate

Bonds

-

(continued)

Financial

-

(continued)

LPL

Holdings,

Inc.,

5.7500%, 6/15/35

$

63,000

$

63,701

Morgan

Stanley,

CME

Term

SOFR

3

Month

+

1.8896%,

4.4310%, 1/23/30‡

50,000

49,844

Navient

Corp.,

5.5000%, 3/15/29

106,000

103,694

Oaktree

Strategic

Credit

Fund,

6.1900%, 7/15/30

(144A)

59,000

59,334

OneMain

Finance

Corp.,

6.7500%, 3/15/32

470,000

476,905

Osaic

Holdings,

Inc.,

6.7500%, 8/1/32

(144A)

70,000

70,844

Osaic

Holdings,

Inc.,

8.0000%, 8/1/33

(144A)

68,000

69,102

PNC

Financial

Services

Group,

Inc.

(The),

5-year

CMT

T-Note

+

3.2380%,

6.2000%, 9/15/27‡,μ

314,000

317,394

Rithm

Capital

Corp.,

8.0000%, 4/1/29

(144A)

280,000

286,024

Rithm

Capital

Corp.,

8.0000%, 7/15/30

(144A)

133,000

135,398

Rocket

Cos.,

Inc.,

6.1250%, 8/1/30

(144A)

121,000

122,688

Rocket

Cos.,

Inc.,

6.3750%, 8/1/33

(144A)

155,000

158,097

Sixth

Street

Lending

Partners,

6.5000%, 3/11/29

33,000

34,011

Starwood

Property

Trust,

Inc.,

6.5000%, 10/15/30

(144A)

249,000

256,299

Stonex

Escrow

Issuer

LLC,

6.8750%, 7/15/32

(144A)

315,000

320,658

StoneX

Group,

Inc.,

7.8750%, 3/1/31

(144A)

377,000

396,056

Uniti

Group

LP,

6.0000%, 1/15/30

(144A)

147,000

139,106

VICI

Properties

LP,

5.6250%, 4/1/35

83,000

83,530

7,329,175

Industrial

-

3

.3

%

Ardagh

Metal

Packaging

Finance

USA

LLC,

3.0000%, 9/1/29

EUR

540,000

559,173

Assemblin

Caverion

Group

AB,

EURIBOR

3

Month

+

3.5000%,

5.4370%, 7/1/31‡

EUR

320,000

367,651

Beacon

Mobility

Corp.,

7.2500%, 8/1/30

(144A)

$

238,000

242,502

Bombardier,

Inc.,

7.4500%, 5/1/34

(144A)

667,000

720,782

CP

Atlas

Buyer,

Inc.,

9.7500%, 7/15/30

(144A)

92,000

92,826

JH

North

America

Holdings,

Inc.,

6.1250%, 7/31/32

(144A)

61,000

61,632

Maxam

Prill

Sarl,

7.7500%, 7/15/30

(144A)

461,000

450,733

Molex

Electronic

Technologies

LLC,

5.2500%, 4/30/32

(144A)

42,000

42,134

Quikrete

Holdings,

Inc.,

6.7500%, 3/1/33

(144A)

410,000

420,506

Rand

Parent

LLC,

8.5000%, 2/15/30

(144A)

380,000

382,100

Regal

Rexnord

Corp.,

6.4000%, 4/15/33

97,000

102,535

Reno

de

Medici

SpA,

EURIBOR

3

Month

+

5.0000%,

6.9750%, 4/15/29‡

EUR

320,000

292,675

Trivium

Packaging

Finance

BV,

8.2500%, 7/15/30

(144A)

$

200,000

210,608

Trivium

Packaging

Finance

BV,

12.2500%, 1/15/31

(144A)

200,000

209,999

Wilsonart

LLC,

11.0000%, 8/15/32

(144A)

603,000

554,904

4,710,760

Technology

-

1

.8

%

Booz

Allen

Hamilton,

Inc.,

5.9500%, 4/15/35

85,000

86,781

Capstone

Borrower,

Inc.,

8.0000%, 6/15/30

(144A)

221,000

229,668

Cloud

Software

Group,

Inc.,

6.5000%, 3/31/29

(144A)

319,000

322,153

Cloud

Software

Group,

Inc.,

9.0000%, 9/30/29

(144A)

323,000

334,260

CoreWeave,

Inc.,

9.2500%, 6/1/30

(144A)

408,000

410,061

Fiserv,

Inc.,

5.1500%, 8/12/34

50,000

49,671

Kioxia

Holdings

Corp.,

6.2500%, 7/24/30

(144A)

300,000

298,889

Marvell

Technology,

Inc.,

4.7500%, 7/15/30

37,000

37,022

Marvell

Technology,

Inc.,

5.4500%, 7/15/35

37,000

37,321

Rocket

Software,

Inc.,

6.5000%, 2/15/29

(144A)

334,000

324,752

TeamSystem

SpA,

EURIBOR

3

Month

+

3.5000%,

5.5260%, 7/31/31‡

EUR

320,000

367,289

Western

Digital

Corp.,

2.8500%, 2/1/29

$

78,000

72,482

2,570,349

Janus

Henderson

Income

ETF

Schedule

of

Investments

(unaudited)

July

31,

2025

9

Shares/

Principal

Amounts

Value

Corporate

Bonds

-

(continued)

Utilities

-

2

.2

%

Algonquin

Power

&

Utilities

Corp.,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.2490%,

4.7500%, 1/18/82‡

$

452,000

$

438,775

Ameren

Corp.,

5.3750%, 3/15/35

177,000

178,231

American

Electric

Power

Co.,

Inc.,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.6750%,

3.8750%, 2/15/62‡

298,000

287,362

Calpine

Corp.,

5.0000%, 2/1/31

(144A)

273,000

269,838

Calpine

Corp.,

3.7500%, 3/1/31

(144A)

288,000

270,765

CMS

Energy

Corp.,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.9610%,

6.5000%, 6/1/55‡

411,000

414,417

Duke

Energy

Corp.,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.5880%,

6.4500%, 9/1/54‡

127,000

130,762

Long

Ridge

Energy

LLC,

8.7500%, 2/15/32

(144A)

628,000

651,248

NiSource,

Inc.,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.5270%,

6.3750%, 3/31/55‡

425,000

430,431

NRG

Energy,

Inc.,

7.0000%, 3/15/33

(144A)

80,000

87,759

3,159,588

Total

Corporate

Bonds

(cost

46,970,579)

48,243,482

Mortgage-Backed

Securities

-

47

.1

%

ALA

Trust

,

CME

Term

SOFR

1

Month

+

3.0907%

,

7.4327

%

,

6/15/40

(144A)

‡

176,000

176,798

BAMLL

Re-REMIC

Trust

0.0099%, 2/27/51

(144A)

‡

243,129

176,769

0.0000%, 11/27/51

(144A)

§

257,817

189,676

0.8637%, 9/27/52

(144A)

‡

327,626

281,340

BX

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

2.1145%,

6.4564%, 9/15/36

(144A)

‡

314,869

314,037

CME

Term

SOFR

1

Month

+

2.4645%,

6.8065%, 6/15/38

(144A)

‡

284,940

284,939

CME

Term

SOFR

1

Month

+

1.9409%,

6.2828%, 2/15/39

(144A)

‡

148,756

148,950

CME

Term

SOFR

1

Month

+

1.2928%,

5.6348%, 12/15/39

(144A)

‡

193,169

193,633

CME

Term

SOFR

1

Month

+

1.6423%,

5.9843%, 12/15/39

(144A)

‡

75,955

76,074

CME

Term

SOFR

1

Month

+

1.8920%,

6.2339%, 12/15/39

(144A)

‡

468,857

470,072

7.7127%, 8/13/41

(144A)

‡

888,000

877,773

CME

Term

SOFR

1

Month

+

2.7905%,

7.1324%, 10/15/41

(144A)

‡

216,775

216,883

BX

Trust

CME

Term

SOFR

1

Month

+

2.8894%,

7.2313%, 7/15/29

(144A)

‡

250,000

248,907

CME

Term

SOFR

1

Month

+

2.9413%,

7.2832%, 3/15/30

(144A)

‡

299,831

294,220

CME

Term

SOFR

1

Month

+

2.3590%,

6.7010%, 10/15/36

(144A)

‡

325,000

324,536

CME

Term

SOFR

1

Month

+

2.7080%,

7.0500%, 10/15/36

(144A)

‡

600,000

599,079

CME

Term

SOFR

1

Month

+

0.7492%,

5.0911%, 4/15/39

(144A)

‡

380,762

380,051

CME

Term

SOFR

1

Month

+

2.1110%,

6.4529%, 4/15/39

(144A)

‡

227,500

226,507

CME

Term

SOFR

1

Month

+

2.6901%,

7.0320%, 4/15/41

(144A)

‡

196,548

196,702

CME

Term

SOFR

1

Month

+

3.7500%,

8.0500%, 7/15/44

(144A)

‡

417,000

417,314

BXHPP

Trust

CME

Term

SOFR

1

Month

+

0.7645%,

5.1065%, 8/15/36

(144A)

‡

220,000

212,076

CME

Term

SOFR

1

Month

+

1.0145%,

5.3565%, 8/15/36

(144A)

‡

375,000

350,063

BXP

Trust

,

3.4248

%

,

6/13/39

(144A)

‡

240,000

225,701

Citigroup

Commercial

Mortgage

Trust

,

CME

Term

SOFR

1

Month

+

4.6145%

,

8.9565

%

,

10/15/38

(144A)

‡

1,000,000

996,423

COMM

Mortgage

Trust

,

3.4001

%

,

8/15/57

(144A)

‡

500,000

445,713

Connecticut

Avenue

Securities

Trust

SOFR30A

+

6.0000%,

10.3500%, 12/25/41

(144A)

‡

614,000

644,151

SOFR30A

+

4.5000%,

8.8500%, 1/25/42

(144A)

‡

500,000

521,406

SOFR30A

+

5.9000%,

10.2500%, 7/25/43

(144A)

‡

1,000,000

1,074,877

SOFR30A

+

2.8000%,

7.1497%, 3/25/44

(144A)

‡

1,425,000

1,470,332

Janus

Henderson

Income

ETF

Schedule

of

Investments

(unaudited)

July

31,

2025

10

Shares/

Principal

Amounts

Value

Mortgage-Backed

Securities

-

(continued)

Connecticut

Avenue

Securities

Trust

-

(continued)

SOFR30A

+

1.7000%,

6.0500%, 7/25/44

(144A)

‡

$

190,000

$

190,757

SOFR30A

+

1.6000%,

5.9500%, 9/25/44

(144A)

‡

61,632

61,886

SOFR30A

+

1.5000%,

5.8497%, 1/25/45

(144A)

‡

112,000

112,077

SOFR30A

+

1.7000%,

6.0497%, 1/25/45

(144A)

‡

1,390,536

1,382,872

SOFR30A

+

1.9500%,

6.2997%, 2/25/45

(144A)

‡

830,000

831,546

COOPR

Residential

Mortgage

Trust

,

5.6540

%

,

5/25/60

(144A)

Ç

798,482

799,858

DROP

Mortgage

Trust

,

CME

Term

SOFR

1

Month

+

1.2645%

,

5.6065

%

,

10/15/43

(144A)

‡

325,000

314,504

Extended

Stay

America

Trust

,

CME

Term

SOFR

1

Month

+

3.8145%

,

8.1565

%

,

7/15/38

(144A)

‡

471,750

471,753

Fashion

Show

Mall

LLC

,

5.6380

%

,

10/10/41

(144A)

‡

1,000,000

1,008,482

FHLMC

STACR

REMIC

Trust

SOFR30A

+

6.2500%,

10.6000%, 10/25/33

(144A)

‡

250,000

308,164

SOFR30A

+

2.1000%,

6.4500%, 9/25/41

(144A)

‡

440,000

443,850

SOFR30A

+

6.2500%,

10.6000%, 9/25/41

(144A)

‡

912,000

950,796

SOFR30A

+

7.5000%,

11.8500%, 10/25/41

(144A)

‡

243,000

258,052

SOFR30A

+

7.0000%,

11.3500%, 12/25/41

(144A)

‡

1,236,000

1,308,058

SOFR30A

+

3.7500%,

8.1000%, 2/25/42

(144A)

‡

985,000

1,022,792

SOFR30A

+

1.8000%,

6.1500%, 8/25/44

(144A)

‡

325,000

327,336

SOFR30A

+

1.4500%,

5.8000%, 10/25/44

(144A)

‡

325,000

325,622

SOFR30A

+

1.3500%,

5.7000%, 1/25/45

(144A)

‡

380,000

379,555

SOFR30A

+

1.6500%,

6.0000%, 2/25/45

(144A)

‡

350,000

351,381

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

2.5000%,

TBA, 30

Year

Maturity

^

105,000

86,029

3.0000%,

TBA, 30

Year

Maturity

^

4,468,000

3,824,201

3.5000%,

TBA, 30

Year

Maturity

^

5,733,000

5,122,556

4.0000%,

TBA, 30

Year

Maturity

^

1,559,000

1,437,755

4.5000%,

TBA, 30

Year

Maturity

^

3,298,000

3,128,440

5.0000%,

TBA, 30

Year

Maturity

^

1,963,000

1,910,615

5.5000%,

TBA, 30

Year

Maturity

^

6,438,000

6,403,930

6.0000%,

TBA, 30

Year

Maturity

^

3,207,000

3,251,321

6.5000%,

TBA, 30

Year

Maturity

^

153,000

157,783

FREMF

Mortgage

Trust

,

5.6346

%

,

11/25/28

(144A)

‡

162,000

149,539

Galaxy

Senior

Participation

Interest

Trust

1

,

0.0000

%

,

7/31/26

¢

,‡

414,293

416,508

GNMA

II,

30

Year,

Single

Family

3.5000%,

TBA, 30

Year

Maturity

^

2,092,000

1,879,490

4.0000%,

TBA, 30

Year

Maturity

^

204,000

187,804

5.0000%,

TBA, 30

Year

Maturity

^

96,000

93,704

5.5000%,

TBA, 30

Year

Maturity

^

68,000

67,825

Great

Wolf

Trust

,

CME

Term

SOFR

1

Month

+

2.8900%

,

7.2319

%

,

3/15/39

(144A)

‡

325,000

325,839

GS

Mortgage

Securities

Corp.

Trust

,

CME

Term

SOFR

1

Month

+

2.6500%

,

6.9998

%

,

11/25/41

(144A)

‡

330,000

330,127

GWT

,

CME

Term

SOFR

1

Month

+

2.9395%

,

7.2814

%

,

5/15/41

(144A)

‡

1,330,000

1,335,125

Hudsons

Bay

Simon

JV

Trust

3.9141%, 8/5/34

(144A)

29,755

29,538

4.1545%, 8/5/34

(144A)

238,000

232,165

5.1590%, 8/5/34

(144A)

‡

100,000

98,553

JPMorgan

Chase

Bank

NA

CME

Term

SOFR

1

Month

+

2.3645%,

6.7167%, 10/25/57

(144A)

‡

919,868

943,276

CME

Term

SOFR

1

Month

+

2.6145%,

6.9667%, 10/25/57

(144A)

‡

699,114

716,768

Janus

Henderson

Income

ETF

Schedule

of

Investments

(unaudited)

July

31,

2025

11

Shares/

Principal

Amounts

Value

Mortgage-Backed

Securities

-

(continued)

LHOME

Mortgage

Trust

,

7.1280

%

,

3/25/29

(144A)

Ç

$

325,000

$

327,581

Life

Mortgage

Trust

,

CME

Term

SOFR

1

Month

+

2.5419%

,

6.8839

%

,

5/15/39

(144A)

‡

165,000

151,206

MHC

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

2.7154%,

7.0574%, 4/15/38

(144A)

‡

320,000

320,352

CME

Term

SOFR

1

Month

+

3.3154%,

7.6574%, 4/15/38

(144A)

‡

680,000

680,976

MHP

CME

Term

SOFR

1

Month

+

3.9575%,

8.2994%, 1/15/27

(144A)

‡

800,000

790,876

CME

Term

SOFR

1

Month

+

2.3145%,

6.6565%, 7/15/38

(144A)

‡

325,000

324,999

MTN

Commercial

Mortgage

Trust

,

CME

Term

SOFR

1

Month

+

5.2852%

,

9.6352

%

,

3/15/39

(144A)

‡

650,000

649,680

New

Residential

Mortgage

Loan

Trust

,

7.1010

%

,

3/25/39

(144A)

Ç

323,000

325,412

NRM

FHT1

Excess

Owner

LLC

,

6.5450

%

,

3/25/32

(144A)

Ç

620,782

621,973

NYC

Commercial

Mortgage

Trust

,

5.8329

%

,

6/10/42

(144A)

1,342,000

1,297,350

PRET

LLC

,

6.3677

%

,

4/25/55

(144A)

Ç

1,044,204

1,046,565

Prima

Capital

CRE

Securitization

Ltd.

,

5.5000

%

,

10/1/33

(144A)

175,000

139,385

PRPM

LLC

,

6.4690

%

,

5/25/30

(144A)

Ç

652,976

652,479

Saluda

Grade

Alternative

Mortgage

Trust

7.0000%, 4/25/29

(144A)

Ç

506,226

502,607

7.5000%, 2/25/30

(144A)

Ç

170,000

170,653

SCG

Commercial

Mortgage

Trust

,

CME

Term

SOFR

1

Month

+

2.7500%

,

7.1000

%

,

8/15/30

(144A)

‡

100,000

100,000

SREIT

Trust

,

CME

Term

SOFR

1

Month

+

2.7327%

,

7.0747

%

,

11/15/36

(144A)

‡

165,000

164,771

STWD

Trust

,

CME

Term

SOFR

1

Month

+

2.7870%

,

7.1290

%

,

7/15/36

(144A)

‡

262,400

262,004

SWCH

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

3.3402%,

7.6822%, 2/15/42

(144A)

‡

170,000

169,102

CME

Term

SOFR

1

Month

+

4.2389%,

8.5809%, 2/15/42

(144A)

‡

530,000

527,019

Taurus

UK

Designated

Activity

Co.

SONIO/N

+

2.0000%,

6.2265%, 7/20/35

(144A)

‡

GBP

120,000

158,945

SONIO/N

+

2.8000%,

7.0265%, 7/20/35

(144A)

‡

GBP

170,000

225,384

TEXAS

Commercial

Mortgage

Trust

,

CME

Term

SOFR

1

Month

+

3.0906%

,

7.4325

%

,

4/15/42

(144A)

‡

$

271,000

270,548

TYSN

Mortgage

Trust

,

6.5797

%

,

12/10/33

(144A)

‡

713,000

749,475

Vontive

Mortgage

Trust

,

6.5070

%

,

3/25/30

(144A)

Ç

496,000

497,158

Wells

Fargo

Commercial

Mortgage

Trust

6.1762%, 3/15/38

(144A)

‡

302,000

301,699

6.9072%, 3/15/38

(144A)

‡

189,000

188,632

Worldwide

Plaza

Trust

,

3.5263

%

,

11/10/36

(144A)

160,000

114,648

Total

Mortgage-Backed

Securities

(cost

$66,617,427)

66,744,713

Common

Stocks

-

0

.2

%

Diversified

Telecommunication

Services

-

0

.2

%

GCI

Liberty,

Inc.*

,¢

250

250,000

Hotels,

Restaurants

&

Leisure

-

0.0

%

Churchill

Downs,

Inc.

1,142

122,240

Total

Common

Stocks

(cost

376,621)

372,240

Exchange

Traded

Fund

-

5

.0

%

Janus

Henderson

Emerging

Markets

Debt

Hard

Currency

ETF

£

(cost

$6,896,206)

136,912

7,108,156

Investment

Companies

-

5

.8

%

Money

Market

Funds

-

5

.8

%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

4.3597%

£,∞

(cost

$8,242,404)

8,242,020

8,243,668

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

0

.1

%

Investment

Companies

-

0

.1

%

Janus

Henderson

Cash

Collateral

Fund

LLC,

4.2961%

£,∞

65,512

65,512

Janus

Henderson

Income

ETF

Schedule

of

Investments

(unaudited)

July

31,

2025

12

Shares/

Principal

Amounts

Value

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

(continued)

Time

Deposits

-

0.0

%

Royal

Bank

of

Canada,

4.3100%,

8/1/25

$

16,378

$

16,378

Total

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

(cost

$81,890)

81,890

Total

Investments

(total

cost

$

174,202,801

)

-

124

.0

%

175,889,071

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(24.0%)

(34,079,637)

Net

Assets

-

100.0%

$141,809,434

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

154,189,667

87

.7

%

United

Kingdom

4,719,807

2

.7

Luxembourg

2,811,800

1

.6

Canada

2,551,603

1

.5

Netherlands

2,287,463

1

.3

France

1,482,190

0

.8

Italy

1,303,375

0

.7

Ireland

1,025,847

0

.6

Germany

936,614

0

.5

Spain

718,926

0

.4

Israel

699,953

0

.4

Finland

592,828

0

.3

Macau

452,220

0

.3

Chile

428,072

0

.2

Switzerland

406,480

0

.2

Sweden

367,651

0

.2

Japan

298,889

0

.2

Australia

294,187

0

.2

Austria

182,114

0

.1

Cayman

Islands

139,385

0

.1

Total

$175,889,071

100

.0

%

Janus

Henderson

Income

ETF

Schedule

of

Investments

(unaudited)

July

31,

2025

13

Schedule

of

Affiliated

Investments

-

(%

of

Net

Assets)

Affiliated

Investments,

at

Value

at

11/12/2024

Purchases

Sales

Proceeds

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciatio

n/

(Depreciation)

Affiliated

Investments,

at

Value

at

7/31/25

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

Shares

Held

at

7/31/25

Dividend

Income

Investment

Company

-

10.8%

Exchange

Traded

Fund

-

5.0%

Janus

Henderson

Emerging

Markets

Debt

Hard

Currency

ETF

$

–

$

8,930,570

$

(

1,965,342

)

$

(

69,022

)

$

211,950

$

7,108,156

136,912

$

169,227

Money

Market

Funds

-

5.8%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

4.3597%

∞

–

94,026,423

(

85,782,563

)

(

1,456

)

1,264

8,243,668

8,242,020

186,127

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

0.1%

Investment

Companies

-

0.1%

Janus

Henderson

Cash

Collateral

Fund

LLC,

4.2961%

∞

–

2,955,610

(

2,890,098

)

–

–

65,512

65,512

2,342

Δ

Total

Affiliated

Investments

-

10.9%

$–

$105,912,603

$(90,638,003)

$(70,478)

$213,214

$15,417,336

$357,696

Schedule

of

Unfunded

Loan

Commitments

Borrower

Unfunded

Loan

Commitments

Value

Unrealized

Appreciation/

(Depreciation)

Beacon

Mobility

Corp.,

Delayed

Draw

First

Lien

Term

Loan

$38,700

$38,968

$268

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

9/19/25

6,881,747

$

(

8,100,485

)

$

198,870

Euro

9/19/25

498,750

(

586,562

)

13,898

Euro

9/19/25

495,387

(

582,530

)

13,727

Euro

9/19/25

(23,575)

27,066

3

Euro

9/19/25

(4,732)

5,559

(

126

)

Euro

9/19/25

(4,842)

5,700

(

140

)

Euro

9/19/25

(5,072)

6,005

(

181

)

Euro

9/19/25

(16,211)

18,878

(

265

)

Euro

9/19/25

(133,207)

157,339

(

4,390

)

Euro

9/19/25

(220,767)

259,871

(

6,386

)

Janus

Henderson

Income

ETF

Schedule

of

Investments

(unaudited)

July

31,

2025

14

Schedule

of

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Counterparty/

Foreign

Currency

Settlement

Date

Foreign

Currency

Amount

Sold/

(Purchased)

USD

Currency

Amount

Sold/

(Purchased)

Market

Value

and

Unrealized

Appreciation

(Depreciation)

Great

British

Pound

9/19/25

1,344,386

(

1,847,384

)

$

67,459

Great

British

Pound

9/19/25

290,000

(

395,961

)

12,010

Great

British

Pound

9/19/25

150,000

(

200,022

)

1,427

Great

British

Pound

9/19/25

172,035

(

227,761

)

(

7

)

Great

British

Pound

9/19/25

(101,619)

137,319

(

2,778

)

293,121

Total

$293,121

Schedule

of

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

and

Unrealized

Appreciation

(Depreciation)

Futures

Long:

U.S.

Treasury

10

Year

Notes

11

9/19/25

$

1,221,688

$

9,078

U.S.

Treasury

2

Year

Notes

82

9/30/25

16,972,719

(

13,922

)

U.S.

Treasury

5

Year

Notes

249

9/30/25

26,934,797

70,852

Total

-

Futures

Long

66,008

Futures

Short:

U.S.

Treasury

10

Year

Ultra

Bonds

44

9/19/25

(4,975,438)

(47,422)

U.S.

Treasury

Long

Bonds

14

9/19/25

(1,598,625)

(31,649)

U.S.

Treasury

Ultra

Bonds

21

9/19/25

(2,463,563)

(30,136)

Total

-

Futures

Short

(109,207)

Total

$(43,199)

Schedule

of

Exchange-Traded

Written

Call

Options

Reference

Asset

Number

of

Contracts

Exercise

Price

Expiration

Date

Notional

Amount

Premiums

Received

Unrealized

Appreciation/

(Depreciation)

Option

Written,

at

Value

100

oz

Gold

3

3,585.00

USD

08/26/2025

$

300

$

(

896

)

$

116

$

(

780

)

S&P

500

Emini

Index

10

6,650.00

USD

09/19/2025

500

(

13,615

)

4,240

(

9,375

)

U.S.

Treasury

10

Year

Notes

3

113.00

USD

08/22/2025

300,000

(

324

)

43

(

281

)

U.S.

Treasury

5

Year

Notes

29

109.50

USD

08/22/2025

2,900,000

(

2,224

)

411

(

1,813

)

$(17,059)

$4,810

$(12,249)

Schedule

of

Exchange-Traded

Written

Put

Options

Reference

Asset

Number

of

Contracts

Exercise

Price

Expiration

Date

Notional

Amount

Premiums

Received

Unrealized

Appreciation/

(Depreciation)

Option

Written,

at

Value

100

oz

Gold

3

3,000.00

USD

08/26/2025

$

300

$

(

332

)

$

(

28

)

$

(

360

)

S&P

500

Emini

Index

10

6,050.00

USD

09/19/2025

500

(

21,865

)

(

3,261

)

(

25,126

)

U.S.

Treasury

10

Year

Notes

3

110.00

USD

08/22/2025

300,000

(

605

)

43

(

562

)

U.S.

Treasury

5

Year

Notes

29

107.50

USD

08/22/2025

2,900,000

(

3,130

)

(

722

)

(

3,852

)

$(25,932)

$(3,968)

$(29,900)

Janus

Henderson

Income

ETF

Schedule

of

Investments

(unaudited)

July

31,

2025

15

Schedule

of

OTC

Total

Return

Swaps

Counterparty/Return

Paid

by

the

Fund

Return

Received

by

Fund

Payment

Frequency

Termination

Date

Notional

Amount

Swap

Contracts,

at

Value

and

Unrealized

Appreciation/

(Depreciation)

JPMorgan

Chase

Bank

NA:1

day

SOFR

+

0.19%

Janus

Henderson

AAA

CLO

ETF

Quarterly

01/26/2026

USD

134,758

$

4,715

Average

Ending

Monthly

Value

of

Derivative

Instruments

During

the

Period

Ended

July

31,

2025

Futures

contracts:

Average

notional

amount

of

contracts

-

long

$35,931,151

Average

notional

amount

of

contracts

-

short

5,361,462

Forward

foreign

currency

exchange

contracts:

Average

amounts

purchased

-

in

USD

3,163,338

Average

amounts

sold

-

in

USD

11,331,732

Credit

default

swaps:

Average

notional

amount

-

buy

protection

246,046

Average

notional

amount

-

sell

protection

233,333

Total

return

swaps:

Average

notional

amount

14,973

Options:

Average

value

of

option

contracts

written

21,690

Janus

Henderson

Income

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

July

31,

2025

16

CME

Chicago

Mercantile

Exchange

ETF

Exchange

Traded

Fund

EURIBOR

Euro

Interbank

Offered

Rate

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

GBP

British

Pound

GNMA

Government

National

Mortgage

Association

ICE

Intercontinental

Exchange

LIBOR

LIBOR

(London

Interbank

Offered

Rate)

is

a

short-term

interest

rate

that

banks

offer

one

another

and

generally

represents

current

cash

rates.

LLC

Limited

Liability

Company

LP

Limited

Partnership

PIK

Pay-in-kind

(PIK)

bonds

give

the

issuer

an

option

to

make

the

interest

payment

in

case

of

additional

securities.

plc

Public

Limited

Company

REIT

Real

Estate

Investment

Trust

REMIC

Real

Estate

Mortgage

Investment

Conduit

SOFR

Secured

Overnight

Financing

Rate

SOFR30A

Secured

Overnight

Financing

Rate

30

Day

Average

SOFR90A

Secured

Overnight

Financing

Rate

90

Day

Average

SOFRINDX

Secured

Overnight

Financing

Rate

Compounded

Index

TBA

(To

Be

Announced)

Securities

are

purchased/sold

on

a

forward

commitment

basis

with

an

approximate

principal

amount

and

no

defined

maturity

date.

The

actual

principal

and

maturity

date

will

be

determined

upon

settlement

when

specific

mortgage

pools

are

assigned.

UMBS

Uniform

Mortgage-Backed

Securities

*

Non-income

producing

security.

¢

Security

is

valued

using

significant

unobservable

inputs.

The

total

value

of

Level

3

securities

as

of

the

period

ended

July

31,

2025

is

$666,508,

which

represents

0.5%

of

net

assets.

#

Loaned

security;

a

portion

of

the

security

is

on

loan

at

July

31,

2025.

∞

Rate

shown

is

the

7-day

yield

as

of

July

31,

2025.

£

The

Fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

Investment

Company

Act

of

1940,

as

amended,

an

affiliated

company

is

one

in

which

the

Fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

which

is

under

common

ownership

or

control.

Janus

Henderson

Income

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

July

31,

2025

17

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.

Ø

Payment-in-kind

security

which

may

pay

interest/dividends

in

additional

par/shares

and/or

in

cash.

Rates

shown

are

the

current

rate

and

possible

payment

rates.

‡

Variable

or

floating

rate

security.

Rate

shown

is

the

current

rate

as

of

July

31,

2025.

Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread;

they

are

determined

by

the

issuer

or

agent

and

current

market

conditions.

Reference

rate

is

as

of

reset

date

and

may

vary

by

security,

which

may

not

indicate

a

reference

rate

and/or

spread

in

their

description.

μ

Perpetual

security.

Perpetual

securities

have

no

stated

maturity

date,

but

they

may

be

called/redeemed

by

the

issuer.

The

date

indicated,

if

any,

represents

the

next

call

date.

ƒ

All

or

a

portion

of

this

position

is

not

funded,

or

has

been

purchased

on

a

delayed

delivery

or

when-issued

basis.

If

applicable,

interest

rates

will

be

determined

and

interest

will

begin

to

accrue

at

a

future

date.

See

Notes

to

Financial

Statements.

144A

Securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended,

are

subject

to

legal

and/or

contractual

restrictions

on

resale

and

may

not

be

publicly

sold

without

registration

under

the

1933

Act.

Unless

otherwise

noted,

these

securities

have

been

determined

to

be

liquid

in

accordance

with

the

requirements

of

Rule

22e-4,

under

the

1940

Act.

The

total

value

of

144A

securities

as

of

the

period

ended

July

31,

2025

is

$98,354,114

which

represents

69.4%

of

net

assets.

§

PO

–

Principal

Only

^

Settlement

is

on

a

delayed

delivery

or

when-issued

basis

with

final

maturity

TBA

in

the

future.

Janus

Henderson

Income

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

July

31,

2025

18

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

July

31,

2025

.

See

Notes

to

Financial

Statements

for

more

information.

Valuation

Inputs

Summary

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Total

Assets

Investments

in

Securities:

Asset-Backed

Securities

$

—

$

15,497,590

$

—

$

15,497,590

Bank

Loans

—

17,172,822

—

17,172,822

Collateralized

Loan

Obligations

—

12,253,390

—

12,253,390

Convertible

Bond

—

171,120

—

171,120

Corporate

Bonds

—

48,243,482

—

48,243,482

Mortgage-Backed

Securities

—

66,328,205

416,508

66,744,713

Common

Stocks

Diversified

Telecommunication

Services

—

—

250,000

250,000

All

Other

122,240

—

—

122,240

Exchange

Traded

Fund

7,108,156

—

—

7,108,156

Investment

Companies

—

8,243,668

—

8,243,668

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

—

81,890

—

81,890

Total

Investments

in

Securities

$

7,230,396

$

167,992,167

$

666,508

$

175,889,071

Other

Financial

Instruments

(a)

:

Forward

Foreign

Currency

Exchange

Contracts

$

—

$

307,394

$

—

$

307,394

Futures

Contracts

79,930

—

—

79,930

Total

Return

Swap

—

4,715

—

4,715

Total

Other

Financial

Instruments

$

79,930

$

312,109

$

—

$

392,039

Unfunded

Loan

Commitments

$

—

$

268

$

—

$

268

Total

Assets

$

7,310,326

$

168,304,544

$

666,508

$

176,281,378

Liabilities

Other

Financial

Instruments

(a)

:

Forward

Foreign

Currency

Exchange

Contracts

$

—

$

14,273

$

—

$

14,273

Futures

Contracts

123,129

—

—

123,129

Options

Written,

at

Value

42,149

—

—

42,149

Total

Other

Financial

Instruments

$

165,278

$

14,273

$

—

$

179,551

Total

Liabilities

$

165,278

$

14,273

$

—

$

179,551

(a)

Other

financial

instruments

may

include

forward

foreign

currency

exchange

contracts,

futures,

written

options,

written

swaptions,

and

swap

contracts.

Forward

foreign

currency

exchange

contracts,

futures

contracts,

and

centrally

cleared

swap

contracts

are

reported

at

their

unrealized

appreciation/(depreciation)

at

measurement

date,

which

represents

the

change

in

the

contract's

value

from

trade

date.

Written

options,

written

swaptions,

and

OTC

swaps

are

reported

at

their

market

value

at

measurement

date.

Janus

Henderson

Income

ETF

19

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,

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

Janus

Henderson

Income

ETF

20

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.

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

July

31,

2025 to

fair

value

the

Fund’s

investments

in

securities

and

other

financial

instruments

is

included

in

the

“Valuation

Inputs

Summary”

in

the

Notes

to

Schedule

of

Investments

and

Other

Information.

For

additional

information

on

the

Fund,

please

refer

to

the

Fund's

most

recent

semiannual

or

annual

financial

statements.

125-35-71292

09-25