Janus

Henderson

Income

ETF

Schedule

of

Investments

(unaudited)

January

31,

2026

1

Shares/

Principal

Amounts

Value

Asset-Backed

Securities

-

13

.4

%

ACHM

Mortgage

Trust,

7.2600%,

5/25/39

(144A)

$

530,944

$

555,090

ACHV

ABS

TRUST,

8.4700%,

3/18/30

(144A)

108,402

109,258

Ally

Bank

Auto

Credit-Linked

Notes,

8.0360%,

9/15/32

(144A)

278,101

281,760

Ally

Bank

Auto

Credit-Linked

Notes,

6.0660%,

6/15/33

(144A)

199,458

199,093

Ally

Bank

Auto

Credit-Linked

Notes,

6.1640%,

9/15/33

(144A)

644,321

643,913

Amur

Equipment

Finance

Receivables

XV

LLC,

5.6800%,

8/20/32

(144A)

275,000

279,362

Bayview

Opportunity

Master

Fund

VII

LLC,

SOFR30A

+

3.6000%,

7.2973%,

12/26/31

(144A)

‡

370,451

376,068

Bayview

Opportunity

Master

Fund

VII

LLC,

SOFR30A

+

2.7500%,

6.4473%,

6/25/47

(144A)

‡

74,870

76,494

Bayview

Opportunity

Master

Fund

VII

LLC,

SOFR30A

+

1.8000%,

5.4973%,

7/27/48

(144A)

‡

224,032

224,031

Business

Jet

Securities

LLC,

9.1320%,

5/15/39

(144A)

166,736

172,423

Carvana

Auto

Receivables

Trust,

3.1600%,

6/12/28

(144A)

302,140

295,188

Coinstar

Funding

LLC,

5.2160%,

4/25/47

(144A)

465,375

528,333

Compass

Datacenters

Issuer

II

LLC,

5.7560%,

5/25/50

(144A)

443,000

440,477

COOPR

Residential

Mortgage

Trust,

5.6540%,

5/25/60

(144A)

Ç

735,226

744,525

Exeter

Automobile

Receivables

Trust,

7.8400%,

10/15/31

(144A)

95,000

100,243

Exeter

Select

Automobile

Receivables

Trust,

5.3400%,

1/15/32

150,000

151,006

FHF

Issuer

Trust,

5.7500%,

5/15/30

(144A)

543,000

549,229

FHF

Issuer

Trust,

5.6900%,

8/15/31

(144A)

305,000

303,667

FHF

Issuer

Trust,

5.9500%,

6/15/32

(144A)

193,000

185,672

FIGRE

Trust,

5.9740%,

12/25/54

(144A)

‡

387,702

391,912

Fora

Financial

Asset

Securitization

LLC,

6.3300%,

8/15/29

(144A)

330,000

331,789

Foundation

Finance

Trust,

9.1000%,

6/15/49

(144A)

200,696

213,562

Hilton

Grand

Vacations

Trust,

5.5200%,

5/27/42

(144A)

253,026

256,527

Hilton

Grand

Vacations

Trust,

5.1200%,

5/25/44

(144A)

331,995

333,999

Huntington

Bank

Auto

Credit-Linked

Notes,

SOFR30A

+

5.2500%,

8.9530%,

5/20/32

(144A)

‡

145,895

150,011

Huntington

Bank

Auto

Credit-Linked

Notes,

SOFR30A

+

3.2500%,

6.9530%,

9/20/33

(144A)

‡

426,669

426,984

Jersey

Mike's

Funding,

5.6100%,

8/16/55

(144A)

349,125

353,057

Lendbuzz

Securitization

Trust,

4.6800%,

7/15/30

(144A)

192,000

192,100

Lendbuzz

Securitization

Trust,

5.1600%,

12/16/30

(144A)

32,000

32,096

Lendbuzz

Securitization

Trust,

5.7400%,

9/15/31

(144A)

41,000

41,065

Libra

Solutions

LLC,

8.0550%,

8/15/39

(144A)

1,000,000

1,003,732

Lmdv

Issuer

Co.

LLC,

5.9000%,

12/15/55

(144A)

301,000

304,815

Lmdv

Issuer

Co.

LLC,

7.8800%,

12/15/55

(144A)

214,000

217,743

Luxury

Lease

Partners

Auto

Lease

Trust,

5.5100%,

3/15/32

(144A)

552,630

552,466

Marlette

Funding

Trust,

6.0200%,

7/16/35

(144A)

348,000

350,089

MVW

LLC,

5.7500%,

9/22/42

(144A)

246,562

251,628

QTS

Issuer

ABS

I

LLC,

5.9280%,

5/25/55

(144A)

248,000

244,893

QTS

Issuer

ABS

II

LLC,

6.7290%,

1/5/56

(144A)

223,000

225,316

RCKT

Mortgage

Trust,

5.6830%,

12/25/44

(144A)

Ç

274,285

276,918

RCKT

Mortgage

Trust,

5.6870%,

5/25/55

(144A)

Ç

218,469

221,241

Reach

Abs

Trust,

5.1600%,

2/15/33

(144A)

250,000

249,897

Reach

ABS

Trust,

6.9000%,

2/18/31

(144A)

198,000

203,403

Reach

ABS

Trust,

5.6900%,

8/18/32

(144A)

150,000

151,392

Santander

Bank

Auto

Credit-Linked

Notes,

7.7620%,

6/15/32

(144A)

388,360

393,993

Santander

Bank

Auto

Credit-Linked

Notes,

8.8810%,

1/18/33

(144A)

767,513

780,764

Santander

Bank

Auto

Credit-Linked

Notes,

6.6630%,

12/15/33

(144A)

186,694

189,608

Santander

Bank

Auto

Credit-Linked

Notes,

6.2740%,

1/16/34

(144A)

250,000

250,203

SF

Abs

Issuer

LLC,

5.3770%,

11/25/55

(144A)

647,000

629,966

Sierra

Timeshare

Receivables

Funding

LLC,

6.8600%,

1/21/42

(144A)

288,750

283,212

Janus

Henderson

Income

ETF

Schedule

of

Investments

(unaudited)

January

31,

2026

2

Shares/

Principal

Amounts

Value

Asset-Backed

Securities

-

(continued)

SoFi

Consumer

Loan

Program

Trust,

5.3500%,

8/15/34

(144A)

$

713,000

$

720,202

Sotheby's

Artfi

Master

Trust,

7.9100%,

12/22/31

(144A)

668,000

670,154

Sotheby's

Artfi

Master

Trust,

5.5400%,

6/20/33

(144A)

570,000

570,913

Tricolor

Auto

Securitization

Trust,

5.7200%,

10/15/29

(144A)

¢,€

802,000

197,722

Truist

Bank

Auto

Credit-Linked

Notes,

6.8070%,

9/26/33

(144A)

485,471

485,505

Upstart

Securitization

Trust,

5.4300%,

9/20/35

(144A)

160,000

159,183

US

Bank

NA,

6.7890%,

8/25/32

(144A)

48,653

49,099

VERTICAL

BRIDGE

CC

LLC,

5.6020%,

8/16/55

(144A)

475,000

475,462

VERTICAL

BRIDGE

CC

LLC,

7.4460%,

8/16/55

(144A)

426,000

428,325

Western

Funding

Auto

Loan

Trust,

5.3400%,

11/15/35

(144A)

208,000

208,493

Westlake

Automobile

Receivables

Trust,

5.0800%,

5/15/31

(144A)

118,000

119,218

Westlake

Automobile

Receivables

Trust,

4.7500%,

7/15/31

(144A)

179,000

178,783

Westlake

Automobile

Receivables

Trust,

5.5900%,

7/15/32

(144A)

275,000

280,354

Wingspire

Equipment

Finance

LLC,

5.4500%,

9/20/33

(144A)

374,000

376,436

Total

Asset-Backed

Securities

(cost

$21,035,484)

20,640,062

Bank

Loans

-

14

.2

%

Communication

Services

-

1

.2

%

DIRECTV

Financing

LLC,

First

Lien

Term

Loan

B,

CME

Term

SOFR

3

Month

+

5.2500%,

9.1785%, 8/2/29

‡,ƒ

243,582

243,582

Summer

BC

Holdco

B

SARL,

First

Lien

Term

Loan

B,

CME

Term

SOFR

3

Month

+

5.0000%,

8.9319%, 2/15/29

‡,ƒ

417,819

385,141

Versant

Media

Group,

Inc.,

First

Lien

Term

Loan,

CME

Term

SOFR

12

Month

+

3.5000%,

7.1825%, 1/30/31

‡,ƒ

234,000

233,590

Windstream

Services

LLC,

First

Lien

Term

Loan,

CME

Term

SOFR

1

Month

+

4.0000%,

7.6719%, 10/6/32

‡,ƒ

439,000

439,000

Ziggo

BV,

First

Lien

Term

Loan

H,

EURIBOR

1

Month

+

3.0000%,

4.9440%, 1/31/29

‡,ƒ

EUR

500,000

587,283

1,888,596

Consumer

Discretionary

-

2

.2

%

gategroup

Finance

Luxembourg

SA,

First

Lien

Term

Loan

B,

EURIBOR

3

Month

+

3.5000%,

5.5730%, 6/10/32

‡,ƒ

EUR

500,000

597,799

gategroup

Finance

Luxembourg

SA,

First

Lien

Term

Loan

B,

CME

Term

SOFR

6

Month

+

3.5000%,

7.1896%, 6/10/32

‡,ƒ

$

110,445

110,537

Gloves

Buyer,

Inc.,

First

Lien

Term

Loan,

CME

Term

SOFR

1

Month

+

4.0000%,

7.6719%, 5/21/32

‡,ƒ

573,124

569,066

Inspired

Finco

Holdings

Ltd.,

First

Lien

Term

Loan,

6.4242%, 2/7/31

‡,ƒ

382,692

381,736

Men's

Wearhouse,

Inc.,

First

Lien

Term

Loan

B,

CME

Term

SOFR

12

Month

+

5.7500%,

9.2755%, 1/22/31

‡,ƒ

171,286

171,144

Park

River

Holdings,

Inc.,

First

Lien

Term

Loan,

CME

Term

SOFR

3

Month

+

4.5000%,

8.1608%, 3/17/31

‡,ƒ

110,000

109,828

Peer

Holding

III

BV,

First

Lien

Term

Loan

B9,

EURIBOR

3

Month

+

2.7500%,

4.7690%, 9/27/32

‡,ƒ

EUR

500,000

596,312

River

Rock

Entertainment

Authority,

First

Lien

Term

Loan,

CME

Term

SOFR

3

Month

+

9.0000%,

10.0000%, 6/25/31

‡,ƒ

$

280,000

271,600

Victra

Holdings

LLC,

First

Lien

Term

Loan,

CME

Term

SOFR

3

Month

+

3.7500%,

7.4219%, 3/30/29

‡,ƒ

112,613

112,543

Winterfell

Financing

SARL,

First

Lien

Term

Loan

B3,

EURIBOR

6

Month

+

5.0000%,

7.1270%, 5/4/28

‡,ƒ

EUR

500,000

521,661

3,442,226

Consumer

Staples

-

0

.5

%

Froneri

International

Ltd.,

First

Lien

Term

Loan

B5,

EURIBOR

6

Month

+

2.7500%,

4.8990%, 9/30/32

‡,ƒ

EUR

500,000

595,622

Lavender

Dutch

BorrowerCo

BV,

First

Lien

Term

Loan

B,

CME

Term

SOFR

3

Month

+

3.2500%,

6.9348%, 12/2/32

‡,ƒ

$

249,219

249,842

845,464

Janus

Henderson

Income

ETF

Schedule

of

Investments

(unaudited)

January

31,

2026

3

Shares/

Principal

Amounts

Value

Bank

Loans

-

(continued)

Financials

-

2

.3

%

Acropole

Holding

SAS,

First

Lien

Term

Loan

B,

EURIBOR

3

Month

+

3.5000%,

5.5190%, 7/23/32

‡,ƒ

EUR

500,000

$

597,894

Aretec

Group,

Inc.,

First

Lien

Term

Loan

B4,

CME

Term

SOFR

1

Month

+

3.0000%,

6.6719%, 8/9/30

‡,ƒ

$

316,496

314,797

Asurion

LLC,

First

Lien

Term

Loan

B13,

CME

Term

SOFR

1

Month

+

4.2500%,

7.9219%, 9/19/30

‡,ƒ

354,469

354,720

Boots

Group

Finco

LP,

First

Lien

Term

Loan,

CME

Term

SOFR

3

Month

+

3.5000%,

7.2063%, 8/30/32

‡,ƒ

134,000

134,335

Chrysaor

Bidco

SARL,

First

Lien

Term

Loan

B,

EUR0012M

+

3.5000%,

5.6190%, 10/30/31

‡,ƒ

EUR

500,000

596,437

Hudson

River

Trading

LLC,

First

Lien

Term

Loan

B,

CME

Term

SOFR

1

Month

+

2.5000%,

6.1733%, 3/18/30

‡,ƒ

$

327,833

326,332

Jones

DesLauriers

Insurance

Management,

Inc.,

First

Lien

Term

Loan,

CME

Term

SOFR

12

Month

+

3.0000%,

6.5415%, 12/9/32

‡,ƒ

362,000

361,660

Mermaid

Bidco,

Inc.,

First

Lien

Term

Loan

B,

CME

Term

SOFR

3

Month

+

3.2500%,

7.1506%, 7/3/31

‡,ƒ

342,443

336,022

Osaic

Holdings,

Inc.,

First

Lien

Term

Loan,

CME

Term

SOFR

6

Month

+

3.0000%,

6.5954%, 8/2/32

‡,ƒ

123,000

121,909

Ovg

Business

Services

LLC,

First

Lien

Term

Loan,

CME

Term

SOFR

1

Month

+

3.0000%,

6.6719%, 6/25/31

‡,ƒ

445,891

443,943

3,588,049

Health

Care

-

2

.2

%

Althea

Acquisition

Bidco

SARL,

First

Lien

Term

Loan

B,

EUR0012M

+

3.2500%,

5.3650%, 1/20/33

‡,ƒ

EUR

500,000

594,974

Dermatology

Intermediate

Holdings

III,

Inc.,

First

Lien

Term

Loan,

CME

Term

SOFR

3

Month

+

4.2500%,

7.9168%, 3/26/29

‡,ƒ

$

276,419

264,771

Donte

Group

SL,

First

Lien

Term

Loan

B,

EURIBOR

6

Month

+

4.0000%,

6.1200%, 11/26/32

‡,ƒ

EUR

500,000

598,792

Hologic,

Inc.,

First

Lien

Term

Loan

B,

EUR0012M

+

2.7500%,

5.0000%, 1/14/33

‡,ƒ

EUR

500,000

594,266

Loire

Finco

Luxembourg

SARL,

First

Lien

Term

Loan

B,

EURIBOR

1

Month

+

4.0000%,

5.9540%, 1/21/30

‡,ƒ

EUR

500,000

598,810

PAREXEL

International

Corp.,

First

Lien

Term

Loan

B,

CME

Term

SOFR

1

Month

+

2.7500%,

6.4661%, 12/12/31

‡,ƒ

$

145,000

144,880

Star

Parent,

Inc.,

First

Lien

Term

Loan,

CME

Term

SOFR

3

Month

+

4.0000%,

7.6719%, 9/27/30

‡,ƒ

566,687

566,789

3,363,282

industrials

-

0

.2

%

Albion

Financing

3

SARL,

First

Lien

Term

Loan,

CME

Term

SOFR

3

Month

+

3.0000%,

6.8685%, 5/21/31

‡,ƒ

213,000

211,735

Chariot

Buyer

LLC,

First

Lien

Term

Loan,

CME

Term

SOFR

1

Month

+

2.7500%,

6.4661%, 9/8/32

‡,ƒ

71,814

71,814

283,549

Industrials

-

2

.5

%

Ammega

Group

BV,

First

Lien

Term

Loan,

EURIBOR

3

Month

+

5.0000%,

7.0190%, 12/30/28

‡,ƒ

EUR

500,000

503,930

Azuria

Water

Solutions,

Inc.,

First

Lien

Term

Loan

B,

CME

Term

SOFR

12

Month

+

2.7500%,

6.1911%, 1/27/33

‡,ƒ

$

414,811

411,700

Beacon

Mobility

Corp.,

First

Lien

Term

Loan,

CME

Term

SOFR

3

Month

+

3.2500%,

6.9219%, 8/6/30

‡,ƒ

42,697

42,661

CP

Atlas

Buyer,

Inc.,

First

Lien

Term

Loan

B,

CME

Term

SOFR

1

Month

+

5.2500%,

8.9219%, 7/8/30

‡,ƒ

591,518

580,007

EMRLD

Borrower

LP,

First

Lien

Term

Loan,

CME

Term

SOFR

6

Month

+

2.2500%,

6.1219%, 8/4/31

‡,ƒ

326,581

325,970

Janus

Henderson

Income

ETF

Schedule

of

Investments

(unaudited)

January

31,

2026

4

Shares/

Principal

Amounts

Value

Bank

Loans

-

(continued)

Industrials

-

(continued)

EMRLD

Borrower

LP,

First

Lien

Term

Loan

B,

CME

Term

SOFR

3

Month

+

2.2500%,

6.0724%, 5/31/30

‡,ƒ

$

237,708

$

237,326

Ensemble

RCM

LLC,

First

Lien

Term

Loan,

CME

Term

SOFR

12

Month

+

3.0000%,

6.4242%, 1/27/33

‡,ƒ

797,672

792,687

Gibraltar

Industries,

Inc.,

First

Lien

Term

Loan

B,

CME

Term

SOFR

12

Month

+

2.5000%,

5.9240%, 1/31/33

‡,ƒ

156,100

156,100

Inizio

Group

Ltd.,

First

Lien

Term

Loan,

CME

Term

SOFR

3

Month

+

4.2500%,

8.0219%, 8/21/28

‡,ƒ

583,000

537,817

Salas

Obrien,

Inc.,

First

Lien

Term

Loan,

CME

Term

SOFR

12

Month

+

2.7500%,

6.1740%, 1/21/33

‡,ƒ

187,157

187,157

3,775,355

Information

Technology

-

2

.2

%

Darktrace

Finco

US

LLC,

First

Lien

Term

Loan,

CME

Term

SOFR

3

Month

+

3.2500%,

6.8981%, 10/9/31

‡,ƒ

369,370

359,212

Modena

Buyer

LLC,

First

Lien

Term

Loan,

CME

Term

SOFR

3

Month

+

4.2500%,

7.9168%, 7/1/31

‡,ƒ

575,016

546,742

Project

Alpha

Intermediate

Holding,

Inc.,

First

Lien

Term

Loan,

CME

Term

SOFR

3

Month

+

3.2500%,

6.9219%, 10/28/30

‡,ƒ

296,071

274,052

Project

Alpha

Intermediate

Holding,

Inc.,

First

Lien

Term

Loan

B,

CME

Term

SOFR

3

Month

+

5.0000%,

8.6719%, 5/9/33

‡,ƒ

227,000

179,330

Proofpoint,

Inc.,

First

Lien

Term

Loan,

CME

Term

SOFR

3

Month

+

3.0000%,

6.6719%, 8/31/28

‡,ƒ

422,225

418,797

X

Corp.,

First

Lien

Term

Loan

B1,

CME

Term

SOFR

6

Month

+

6.5000%,

10.4475%, 10/26/29

‡,ƒ

173,108

172,711

X

Corp.,

First

Lien

Term

Loan

B3,

9.5000%, 10/26/29

ƒ

807,000

834,236

Zodiac

Purchaser

LLC,

First

Lien

Term

Loan,

CME

Term

SOFR

1

Month

+

3.5000%,

7.1719%, 2/16/32

‡,ƒ

567,150

546,591

3,331,671

Materials

-

0

.6

%

Ahlstrom

Holding

3

Oy,

First

Lien

Term

Loan

B1,

CME

Term

SOFR

3

Month

+

4.2500%,

8.1836%, 5/23/30

‡,ƒ

289,666

289,738

INEOS

US

Petrochem

LLC,

First

Lien

Term

Loan

B,

CME

Term

SOFR

1

Month

+

4.2500%,

7.9219%, 10/7/31

‡,ƒ

130,018

83,943

INEOS

US

Petrochem

LLC,

First

Lien

Term

Loan

B1,

CME

Term

SOFR

1

Month

+

4.2500%,

8.0219%, 4/2/29

‡,ƒ

290,780

200,880

Spa

Holdings

3

Oy,

First

Lien

Term

Loan

B,

CME

Term

SOFR

3

Month

+

4.0000%,

7.9336%, 2/4/28

‡,ƒ

297,756

297,291

871,852

Utilities

-

0

.3

%

Long

Ridge

Energy

LLC,

First

Lien

Term

Loan

B,

CME

Term

SOFR

3

Month

+

4.5000%,

8.1719%, 2/19/32

‡,ƒ

487,698

484,650

Total

Bank

Loans

(cost

$21,976,710)

21,874,694

Collateralized

Loan

Obligations

-

5

.0

%

Arini

European

CLO

II

DAC

2A

DR,

EURIBOR

3

Month

+

3.1500%,

5.1660%,

10/15/38

(144A)

‡

EUR

400,000

479,455

Aurium

CLO

I

DAC

1X

DR2,

EURIBOR

3

Month

+

3.3500%,

5.3800%,

7/25/38

‡

EUR

700,000

847,647

Bbam

European

CLO

VIII

DAC

8A

D,

EURIBOR

3

Month

+

3.0500%,

5.1010%,

1/26/40

(144A)

‡

EUR

650,000

787,037

Capital

Four

CLO

XI

DAC

11A

D,

EURIBOR

3

Month

+

3.1000%,

5.2240%,

1/25/39

(144A)

‡

EUR

400,000

482,515

CIFC

Funding

Ltd.

2019-7A

A1R,

CME

Term

SOFR

3

Month

+

1.2800%,

4.9476%,

10/19/38

(144A)

‡

$

1,227,000

1,232,031

Fidelity

Grand

Harbour

CLO

DAC

2019-1X

DR,

EURIBOR

3

Month

+

3.2500%,

5.2660%,

1/15/38

‡

EUR

700,000

842,527

Janus

Henderson

Income

ETF

Schedule

of

Investments

(unaudited)

January

31,

2026

5

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

Octagon

75

Ltd.

2025-1A

D2,

CME

Term

SOFR

3

Month

+

3.6500%,

7.3192%,

1/22/38

(144A)

‡

$

700,000

$

700,316

Palmer

Square

European

CLO

DAC

2021-2A

DR,

EURIBOR

3

Month

+

3.1500%,

5.1730%,

3/15/38

(144A)

‡

EUR

280,000

335,840

Penta

CLO

DAC

2023-15A

DR,

EURIBOR

3

Month

+

3.0500%,

5.0416%,

10/15/38

(144A)

‡

EUR

250,000

300,279

Penta

CLO

DAC

2020-7X

DR,

EURIBOR

3

Month

+

3.3000%,

5.3300%,

1/25/39

‡

EUR

500,000

598,395

Rad

CLO

10

Ltd.

2021-10A

A,

CME

Term

SOFR

3

Month

+

1.4316%,

5.1026%,

4/23/34

(144A)

‡

$

1,050,000

1,050,812

Total

Collateralized

Loan

Obligations

(cost

$7,497,289)

7,656,854

Convertible

Bonds

-

0

.9

%

Consumer,

Non-cyclical

-

0

.9

%

BioMarin

Pharmaceutical,

Inc.,

1.2500%, 5/15/27

318,000

307,952

Bridgebio

Pharma,

Inc.,

0.7500%, 2/1/33

(144A)

292,000

297,840

Cogent

Biosciences,

Inc.,

1.6250%, 11/15/31

117,000

140,165

Travere

Therapeutics,

Inc.,

2.2500%, 3/1/29

131,000

169,291

Zoetis,

Inc.,

0.2500%, 6/15/29

(144A)

372,000

380,370

1,295,618

Total

Convertible

Bonds

(cost

1,296,002)

1,295,618

Corporate

Bonds

-

34

.4

%

Basic

Materials

-

1

.1

%

First

Quantum

Minerals

Ltd.,

7.2500%, 2/15/34

(144A)

429,000

450,707

FIS

Fabbrica

Italiana

Sintetici

SpA,

EURIBOR

3

Month

+

3.2500%,

5.2758%, 2/5/31

(144A)

‡

EUR

280,000

332,804

Olympus

Water

US

Holding

Corp.,

5.3750%, 10/1/29

EUR

320,000

355,877

Olympus

Water

US

Holding

Corp.,

7.2500%, 2/15/33

(144A)

$

200,000

199,222

Taseko

Mines

Ltd.,

8.2500%, 5/1/30

(144A)

288,000

305,695

1,644,305

Communications

-

4

.3

%

AMC

Networks,

Inc.,

10.5000%, 7/15/32

(144A)

408,000

439,901

APLD

ComputeCo

LLC,

9.2500%, 12/15/30

(144A)

364,000

378,103

AppLovin

Corp.,

5.5000%, 12/1/34

512,000

524,184

Cipher

Compute

LLC,

7.1250%, 11/15/30

(144A)

295,000

303,971

Flash

Compute

LLC,

7.2500%, 12/31/30

(144A)

439,000

440,490

Gray

Media,

Inc.,

7.2500%, 8/15/33

(144A)

346,000

354,225

Level

3

Financing,

Inc.,

3.7500%, 7/15/29

(144A)

406,000

374,535

Level

3

Financing,

Inc.,

6.8750%, 6/30/33

(144A)

115,135

118,646

Level

3

Financing,

Inc.,

8.5000%, 1/15/36

(144A)

388,000

397,209

Lumen

Technologies,

Inc.,

4.1250%, 4/15/29

(144A)

195,411

195,411

Lumen

Technologies,

Inc.,

10.0000%, 10/15/32

(144A)

184,918

184,918

Midcontinent

Communications,

8.0000%, 8/15/32

(144A)

479,000

460,879

Qwest

Capital

Funding,

Inc.,

6.8750%, 7/15/28

268,000

258,706

Qwest

Capital

Funding,

Inc.,

7.7500%, 2/15/31

151,000

137,292

Rakuten

Group,

Inc.,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.5780%,

5.1250%, 4/22/26

(144A)

‡,μ

301,000

300,026

Univision

Communications,

Inc.,

8.5000%, 7/31/31

(144A)

299,000

311,814

Univision

Communications,

Inc.,

9.3750%, 8/1/32

(144A)

319,000

343,453

Vmed

O2

UK

Financing

I

plc,

6.7500%, 1/15/33

(144A)

393,000

383,238

VZ

Secured

Financing

BV,

7.5000%, 1/15/33

(144A)

377,000

378,155

WULF

Compute

LLC,

7.7500%, 10/15/30

(144A)

291,000

303,519

6,588,675

Consumer,

Cyclical

-

7

.8

%

Brightstar

Lottery

plc,

5.7500%, 1/15/33

(144A)

382,000

379,754

Janus

Henderson

Income

ETF

Schedule

of

Investments

(unaudited)

January

31,

2026

6

Shares/

Principal

Amounts

Value

Corporate

Bonds

-

(continued)

Consumer,

Cyclical

-

(continued)

Caesars

Entertainment,

Inc.,

6.0000%, 10/15/32

(144A)

#

$

757,000

$

736,454

Carnival

Corp.,

5.7500%, 8/1/32

(144A)

343,000

352,269

Carvana

Co.,

4.8750%, 9/1/29

(144A)

939,000

864,349

Carvana

Co.,

9.0000%, 6/1/30

(144A)

Ø

558,227

582,061

CD&R

Firefly

Bidco

plc,

8.6250%, 4/30/29

GBP

320,000

459,220

Flutter

Treasury

DAC,

6.1250%, 6/4/31

GBP

170,000

237,117

General

Motors

Financial

Co.,

Inc.,

ICE

LIBOR

USD

3

Month

+

3.5980%,

5.7500%, 9/30/27

‡,μ

$

504,000

501,108

Hilton

Grand

Vacations

Borrower

LLC,

4.8750%, 7/1/31

(144A)

527,000

491,539

Latam

Airlines

Group

SA,

7.6250%, 1/7/31

(144A)

473,000

496,059

LGI

Homes,

Inc.,

4.0000%, 7/15/29

(144A)

652,000

598,364

LGI

Homes,

Inc.,

7.0000%, 11/15/32

(144A)

112,000

109,236

Mohegan

Tribal

Gaming

Authority,

8.2500%, 4/15/30

(144A)

633,000

659,997

NCL

Corp.

Ltd.,

5.8750%, 1/15/31

(144A)

612,000

613,675

New

Home

Co.,

Inc.

(The),

9.2500%, 10/1/29

(144A)

73,000

76,922

New

Home

Co.,

Inc.

(The),

8.5000%, 11/1/30

(144A)

483,000

503,116

Penn

Entertainment,

Inc.,

4.1250%, 7/1/29

(144A)

498,000

462,160

Rivers

Enterprise

Lender

LLC,

6.2500%, 10/15/30

(144A)

353,000

358,351

Royal

Caribbean

Cruises

Ltd.,

5.3750%, 1/15/36

285,000

285,596

SIG

plc,

9.7500%, 10/31/29

EUR

220,000

250,005

Six

Flags

Entertainment

Corp.,

7.2500%, 5/15/31

(144A)

$

454,000

448,039

Six

Flags

Entertainment

Corp.,

8.6250%, 1/15/32

(144A)

87,000

88,779

Starz

Capital

Holdings

1,

Inc.,

6.0000%, 4/15/30

(144A)

511,000

477,785

Stellantis

Finance

US,

Inc.,

6.4500%, 3/18/35

(144A)

350,000

364,743

United

Airlines

Holdings,

Inc.,

5.3750%, 3/1/31

208,000

210,066

Victra

Holdings

LLC,

8.7500%, 9/15/29

(144A)

501,000

527,403

Voyager

Parent

LLC,

9.2500%, 7/1/32

(144A)

536,000

569,404

Warnermedia

Holdings,

Inc.,

4.0540%, 3/15/29

221,000

207,409

11,910,980

Consumer,

Non-cyclical

-

3

.9

%

BioMarin

Pharmaceutical,

Inc.,

5.5000%, 2/15/34

(144A)

200,000

200,554

CVS

Health

Corp.,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.5160%,

6.7500%, 12/10/54

‡

267,000

277,570

CVS

Health

Corp.,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.8860%,

7.0000%, 3/10/55

‡

169,000

176,883

Garda

World

Security

Corp.,

6.5000%, 1/15/31

(144A)

207,000

212,188

HLF

Financing

Sarl

LLC,

12.2500%, 4/15/29

(144A)

175,000

188,151

HLF

Financing

Sarl

LLC,

4.8750%, 6/1/29

(144A)

323,000

306,524

House

of

HR

Group

BV,

9.0000%, 11/3/29

EUR

300,000

337,286

Humana,

Inc.,

5.5000%, 3/15/53

$

271,000

240,962

ION

Platform

Finance

US,

Inc.,

7.8750%, 9/30/32

(144A)

581,000

509,545

LifePoint

Health,

Inc.,

10.0000%, 6/1/32

(144A)

271,000

285,911

Nidda

Healthcare

Holding

GmbH,

EURIBOR

3

Month

+

3.2500%,

5.2760%, 10/15/32

(144A)

‡

EUR

170,000

203,266

Pilgrim's

Pride

Corp.,

6.2500%, 7/1/33

$

279,000

298,249

Raven

Acquisition

Holdings

LLC,

6.8750%, 11/15/31

(144A)

318,000

318,676

Star

Parent,

Inc.,

9.0000%, 10/1/30

(144A)

167,000

176,264

Surgery

Center

Holdings,

Inc.,

7.2500%, 4/15/32

(144A)

242,000

243,649

Synergy

Infrastructure

Holdings

LLC,

7.8750%, 12/1/30

(144A)

644,000

671,780

Teva

Pharmaceutical

Finance

Co.

LLC,

6.1500%, 2/1/36

604,000

635,389

UnitedHealth

Group,

Inc.,

5.3000%, 6/15/35

#

137,000

140,973

Veritiv

Operating

Co.,

10.5000%, 11/30/30

(144A)

596,000

638,165

6,061,985

Janus

Henderson

Income

ETF

Schedule

of

Investments

(unaudited)

January

31,

2026

7

Shares/

Principal

Amounts

Value

Corporate

Bonds

-

(continued)

Diversified

-

0

.3

%

Progroup

AG,

5.3750%, 4/15/31

EUR

400,000

$

486,446

Energy

-

4

.3

%

Antero

Resources

Corp.,

5.4000%, 2/1/36

$

377,000

374,297

DT

Midstream,

Inc.,

5.8000%, 12/15/34

(144A)

205,000

212,631

Granite

Ridge

Resources,

Inc.,

8.8750%, 11/4/29

762,000

729,620

Hess

Midstream

Operations

LP,

4.2500%, 2/15/30

(144A)

649,000

633,945

Howard

Midstream

Energy

Partners

LLC,

6.6250%, 1/15/34

(144A)

346,000

355,134

ITT

Holdings

LLC,

6.5000%, 8/1/29

(144A)

755,000

727,889

OEG

Finance

plc,

7.2500%, 9/27/29

EUR

320,000

397,655

SM

Energy

Co.,

8.7500%, 7/1/31

(144A)

$

331,000

347,669

SM

Energy

Co.,

9.6250%, 6/15/33

(144A)

335,000

366,385

Sunoco

LP,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.2300%,

7.8750%, 9/18/30

(144A)

‡,μ

839,000

864,195

Tallgrass

Energy

Partners

LP,

6.7500%, 3/15/34

(144A)

718,000

730,716

USA

Compression

Partners

LP,

6.2500%, 10/1/33

(144A)

496,000

502,447

Viper

Energy

Partners

LLC,

5.7000%, 8/1/35

279,000

284,039

6,526,622

Financial

-

5

.7

%

Apollo

Debt

Solutions

BDC,

5.2000%, 12/8/28

(144A)

81,000

81,028

Aretec

Group,

Inc.,

10.0000%, 8/15/30

(144A)

229,000

246,677

Asurion

LLC

and

Asurion

Co-Issuer,

Inc.,

8.0000%, 12/31/32

(144A)

231,000

241,350

Asurion

LLC

and

Asurion

Co-Issuer,

Inc.,

8.3750%, 2/1/34

(144A)

206,000

208,258

Atlas

Warehouse

Lending

Co.

LP,

4.9500%, 11/15/30

(144A)

250,000

251,058

Atlas

Warehouse

Lending

Co.

LP,

5.2500%, 1/15/33

(144A)

250,000

250,369

Bread

Financial

Holdings,

Inc.,

6.7500%, 5/15/31

(144A)

225,000

231,722

Burford

Capital

Global

Finance

LLC,

7.5000%, 7/15/33

(144A)

622,000

600,501

Burford

Capital

Global

Finance

LLC,

8.5000%, 1/15/34

(144A)

200,000

200,450

Capital

One

Financial

Corp.,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.1570%,

3.9500%, 9/1/26

‡,μ

380,000

377,190

Capital

One

Financial

Corp.,

SOFR

+

2.0360%,

6.1830%, 1/30/36

‡

273,000

282,646

Citigroup,

Inc.,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.4170%,

3.8750%, 2/18/26

‡,μ

441,000

440,289

Citigroup,

Inc.,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.2800%,

5.5920%, 11/19/34

‡

205,000

210,978

EF

Holdco,

7.3750%, 9/30/30

(144A)

395,000

399,223

Freedom

Mortgage

Holdings

LLC,

6.8750%, 5/1/31

(144A)

239,000

237,177

Jane

Street

Group,

6.7500%, 5/1/33

(144A)

666,000

692,732

JPMorgan

Chase

&

Co.,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.8500%,

3.6500%, 6/1/26

‡,μ

441,000

440,617

M&T

Bank

Corp.,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.6790%,

3.5000%, 9/1/26

‡,μ

384,000

377,153

Marex

Group

plc,

6.4040%, 11/4/29

70,000

72,933

Millrose

Properties,

Inc.,

6.3750%, 8/1/30

(144A)

303,000

309,268

Millrose

Properties,

Inc.,

6.2500%, 9/15/32

(144A)

269,000

272,034

Navient

Corp.,

5.5000%, 3/15/29

#

506,000

494,919

Osaic

Holdings,

Inc.,

6.7500%, 8/1/32

(144A)

493,000

510,856

Rithm

Capital

Corp.,

8.0000%, 4/1/29

(144A)

280,000

286,058

Rithm

Capital

Corp.,

8.0000%, 7/15/30

(144A)

286,000

292,444

StoneX

Group,

Inc.,

7.8750%, 3/1/31

(144A)

136,000

144,688

Toronto-Dominion

Bank

(The),

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.7210%,

6.3500%, 10/31/85

‡

269,000

273,375

Janus

Henderson

Income

ETF

Schedule

of

Investments

(unaudited)

January

31,

2026

8

Shares/

Principal

Amounts

Value

Corporate

Bonds

-

(continued)

Financial

-

(continued)

US

Bancorp,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.5410%,

3.7000%, 1/15/27

‡,μ

$

383,000

$

377,670

8,803,663

Industrial

-

2

.4

%

Ardagh

Metal

Packaging

Finance

USA

LLC,

3.0000%, 9/1/29

EUR

540,000

615,665

Assemblin

Caverion

Group

AB,

EURIBOR

3

Month

+

3.5000%,

5.5260%, 7/1/31

‡

EUR

320,000

382,568

CompoSecure

Holdings

LLC,

5.6250%, 2/1/33

(144A)

$

191,000

190,389

JH

North

America

Holdings,

Inc.,

5.8750%, 1/31/31

(144A)

358,000

364,097

Maxam

Prill

Sarl,

7.7500%, 7/15/30

(144A)

661,000

688,669

Rand

Parent

LLC,

8.5000%, 2/15/30

(144A)

474,000

495,335

Reno

de

Medici

SpA,

EURIBOR

3

Month

+

5.0000%,

7.1000%, 4/15/29

‡

EUR

320,000

113,438

Watco

Cos.

LLC,

7.1250%, 8/1/32

(144A)

$

254,000

266,266

Weekley

Homes

LLC,

6.7500%, 1/15/34

(144A)

146,000

146,750

Wilsonart

LLC,

11.0000%, 8/15/32

(144A)

415,000

379,066

3,642,243

Technology

-

2

.2

%

Booz

Allen

Hamilton,

Inc.,

5.9500%, 4/15/35

#

199,000

204,751

Cloud

Software

Group,

Inc.,

9.0000%, 9/30/29

(144A)

554,000

559,413

Cloud

Software

Group,

Inc.,

6.6250%, 8/15/33

(144A)

#

58,000

55,598

CoreWeave,

Inc.,

9.2500%, 6/1/30

(144A)

#

155,000

152,582

CoreWeave,

Inc.,

9.0000%, 2/1/31

(144A)

381,000

370,430

Electronic

Arts,

Inc.,

2.9500%, 2/15/51

392,000

364,040

Kioxia

Holdings

Corp.,

6.6250%, 7/24/33

(144A)

353,000

368,606

ROBLOX

Corp.,

3.8750%, 5/1/30

(144A)

521,000

498,480

Rocket

Software,

Inc.,

6.5000%, 2/15/29

(144A)

507,000

451,775

TeamSystem

SpA,

EURIBOR

3

Month

+

3.5000%,

5.5160%, 7/31/31

‡

EUR

320,000

379,661

3,405,336

Utilities

-

2

.4

%

Algonquin

Power

&

Utilities

Corp.,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.2490%,

4.7500%, 1/18/82

‡

$

202,000

200,534

Alpha

Generation

LLC,

6.2500%, 1/15/34

(144A)

765,000

769,964

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

293,714

CenterPoint

Energy,

Inc.,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.2230%,

5.9500%, 4/1/56

‡

406,000

409,104

CMS

Energy

Corp.,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.9610%,

6.5000%, 6/1/55

‡

411,000

424,503

Long

Ridge

Energy

LLC,

8.7500%, 2/15/32

(144A)

171,000

181,659

NRG

Energy,

Inc.,

6.0000%, 1/15/36

(144A)

380,000

383,966

Talen

Energy

Supply

LLC,

6.2500%, 2/1/34

(144A)

321,000

325,321

Talen

Energy

Supply

LLC,

6.5000%, 2/1/36

(144A)

472,000

483,915

Vistra

Operations

Co.

LLC,

6.0000%, 4/15/34

(144A)

198,000

207,572

3,680,252

Total

Corporate

Bonds

(cost

51,885,734)

52,750,507

Mortgage-Backed

Securities

-

47

.2

%

1301

Trust

,

6.2227

%

,

8/11/42

(144A)

‡

263,000

266,788

ALA

Trust

,

CME

Term

SOFR

1

Month

+

3.0907%

,

6.7717

%

,

6/15/40

(144A)

‡

176,000

177,158

BAMLL

Re-REMIC

Trust

0.0099%, 2/27/51

(144A)

‡

243,129

187,889

0.0000%, 11/27/51

(144A)

¤,§

257,817

200,555

0.8576%, 9/27/52

(144A)

‡

327,626

301,904

Janus

Henderson

Income

ETF

Schedule

of

Investments

(unaudited)

January

31,

2026

9

Shares/

Principal

Amounts

Value

Mortgage-Backed

Securities

-

(continued)

BLP

Commercial

Mortgage

Trust

,

CME

Term

SOFR

1

Month

+

3.7500%

,

7.4302

%

,

12/15/42

(144A)

‡

$

870,000

$

872,245

BX

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

1.9409%,

5.6211%, 2/15/39

(144A)

‡

148,756

149,052

CME

Term

SOFR

1

Month

+

1.6423%,

5.3225%, 12/15/39

(144A)

‡

65,015

65,184

CME

Term

SOFR

1

Month

+

1.8920%,

5.5722%, 12/15/39

(144A)

‡

1,114,893

1,117,791

7.7127%, 8/13/41

(144A)

‡

888,000

863,009

CME

Term

SOFR

1

Month

+

2.7905%,

6.4715%, 10/15/41

(144A)

‡

403,815

406,061

BX

Trust

CME

Term

SOFR

1

Month

+

2.9413%,

6.6215%, 3/15/30

(144A)

‡

296,307

295,213

CME

Term

SOFR

1

Month

+

2.6901%,

6.3703%, 4/15/41

(144A)

‡

742,847

745,418

CME

Term

SOFR

1

Month

+

2.8894%,

6.5696%, 6/15/41

(144A)

‡

370,000

369,561

5.5173%, 12/13/42

(144A)

‡

590,000

599,257

CME

Term

SOFR

1

Month

+

3.7500%,

7.4302%, 7/15/44

(144A)

‡

808,000

805,668

BXHPP

Trust

CME

Term

SOFR

1

Month

+

0.7645%,

4.4445%, 8/15/36

(144A)

‡

220,000

210,135

CME

Term

SOFR

1

Month

+

1.0145%,

4.6945%, 8/15/36

(144A)

‡

375,000

348,844

BXP

Trust

,

3.4248

%

,

6/13/39

(144A)

‡

240,000

233,575

Connecticut

Avenue

Securities

Trust

SOFR30A

+

6.0000%,

9.6973%, 12/25/41

(144A)

‡

389,503

404,091

SOFR30A

+

12.0000%,

15.6973%, 6/25/42

(144A)

‡

260,263

299,133

SOFR30A

+

5.9000%,

9.5973%, 7/25/43

(144A)

‡

1,000,000

1,096,241

SOFR30A

+

2.8000%,

6.4973%, 3/25/44

(144A)

‡

1,425,000

1,473,923

SOFR30A

+

1.6000%,

5.2973%, 9/25/44

(144A)

‡

60,908

61,158

SOFR30A

+

1.7000%,

5.3973%, 1/25/45

(144A)

‡

1,390,536

1,385,977

SOFR30A

+

1.9500%,

5.6473%, 2/25/45

(144A)

‡

830,000

838,064

DROP

Mortgage

Trust

,

CME

Term

SOFR

1

Month

+

1.2645%

,

4.9445

%

,

10/15/43

(144A)

‡

325,000

317,688

Extended

Stay

America

Trust

CME

Term

SOFR

1

Month

+

2.6000%,

6.2802%, 10/15/42

(144A)

‡

957,000

965,114

CME

Term

SOFR

1

Month

+

3.3500%,

7.0302%, 10/15/42

(144A)

‡

219,000

221,090

CME

Term

SOFR

1

Month

+

4.1000%,

7.7802%, 10/15/42

(144A)

‡

117,000

118,271

CME

Term

SOFR

1

Month

+

2.9000%,

6.5700%, 2/15/43

(144A)

‡

299,000

300,494

CME

Term

SOFR

1

Month

+

3.7500%,

7.4200%, 2/15/43

(144A)

‡

150,000

151,669

Fashion

Show

Mall

LLC

,

5.8259

%

,

10/10/41

(144A)

‡

1,000,000

1,021,437

FHLMC

STACR

REMIC

Trust

SOFR30A

+

6.2500%,

9.9473%, 10/25/33

(144A)

‡

20,164

25,579

SOFR30A

+

2.1000%,

5.7973%, 9/25/41

(144A)

‡

277,867

279,821

SOFR30A

+

6.2500%,

9.9473%, 9/25/41

(144A)

‡

912,000

937,926

SOFR30A

+

7.5000%,

11.1973%, 10/25/41

(144A)

‡

476,492

496,606

SOFR30A

+

7.8000%,

11.4973%, 11/25/41

(144A)

‡

983,654

1,031,895

SOFR30A

+

7.0000%,

10.6973%, 12/25/41

(144A)

‡

1,236,000

1,291,673

SOFR30A

+

8.5000%,

12.1973%, 2/25/42

(144A)

‡

507,575

542,510

SOFR30A

+

1.4500%,

5.1473%, 10/25/44

(144A)

‡

269,353

269,579

SOFR30A

+

1.6500%,

5.3473%, 2/25/45

(144A)

‡

350,000

350,664

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

2.5000%,

TBA, 30

Year

Maturity

^

767,375

651,192

3.0000%,

TBA, 30

Year

Maturity

^

4,748,000

4,205,830

3.5000%,

TBA, 30

Year

Maturity

^

5,263,000

4,865,447

4.0000%,

TBA, 30

Year

Maturity

^

2,414,000

2,304,412

4.5000%,

TBA, 30

Year

Maturity

^

3,868,000

3,787,565

5.0000%,

TBA, 30

Year

Maturity

^

3,308,000

3,305,728

5.5000%,

TBA, 30

Year

Maturity

^

7,928,000

8,037,644

6.0000%,

TBA, 30

Year

Maturity

^

3,467,000

3,549,723

Janus

Henderson

Income

ETF

Schedule

of

Investments

(unaudited)

January

31,

2026

10

Shares/

Principal

Amounts

Value

Mortgage-Backed

Securities

-

(continued)

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

-

(continued)

6.5000%,

TBA, 30

Year

Maturity

^

$

153,000

$

158,445

FREMF

Mortgage

Trust

,

5.6344

%

,

11/25/28

(144A)

‡

162,000

152,537

Galaxy

Senior

Participation

Interest

Trust

1

,

0.0000

%

,

7/31/26

¢

,‡

441,064

443,422

GNMA

II,

30

Year,

Single

Family

3.5000%,

TBA, 30

Year

Maturity

^

2,092,000

1,915,852

4.0000%,

TBA, 30

Year

Maturity

^

204,000

192,894

5.0000%,

TBA, 30

Year

Maturity

^

96,000

95,942

5.5000%,

TBA, 30

Year

Maturity

^

68,000

68,733

Great

Wolf

Trust

CME

Term

SOFR

1

Month

+

2.8900%,

6.5702%, 3/15/39

(144A)

‡

154,000

155,161

CME

Term

SOFR

1

Month

+

5.4360%,

9.1162%, 3/15/39

(144A)

‡

117,000

117,287

GS

Mortgage

Securities

Corp.

Trust

,

CME

Term

SOFR

1

Month

+

2.6500%

,

6.3254

%

,

11/25/41

(144A)

‡

330,000

330,631

GWT

CME

Term

SOFR

1

Month

+

2.9395%,

6.6196%, 5/15/41

(144A)

‡

1,330,000

1,339,535

CME

Term

SOFR

1

Month

+

3.6384%,

7.3186%, 5/15/41

(144A)

‡

171,000

171,427

Hudsons

Bay

Simon

JV

Trust

,

4.1545

%

,

8/5/34

(144A)

238,000

231,064

JPMorgan

Chase

Bank

NA

CME

Term

SOFR

1

Month

+

2.3645%,

6.0371%, 10/25/57

(144A)

‡

862,387

890,144

CME

Term

SOFR

1

Month

+

2.6145%,

6.2871%, 10/25/57

(144A)

‡

655,427

675,083

LHOME

Mortgage

Trust

,

7.1280

%

,

3/25/29

(144A)

Ç

325,000

326,894

MHC

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

2.7154%,

6.3954%, 4/15/38

(144A)

‡

320,000

320,000

CME

Term

SOFR

1

Month

+

3.3154%,

6.9954%, 4/15/38

(144A)

‡

680,000

679,999

MHP

CME

Term

SOFR

1

Month

+

3.9575%,

7.6377%, 1/15/27

(144A)

‡

800,000

796,935

CME

Term

SOFR

1

Month

+

2.3145%,

5.9955%, 7/15/38

(144A)

‡

325,000

324,600

MKT

Mortgage

Trust

,

2.6940

%

,

2/12/40

(144A)

482,000

438,701

MTN

Commercial

Mortgage

Trust

,

CME

Term

SOFR

1

Month

+

5.2852%

,

8.9752

%

,

3/15/39

(144A)

‡

650,000

651,580

New

Residential

Mortgage

Loan

Trust

,

7.1010

%

,

3/25/39

(144A)

Ç

323,000

324,329

NRM

FHT1

Excess

Owner

LLC

,

6.5450

%

,

3/25/32

(144A)

Ç

569,092

578,250

NYC

Commercial

Mortgage

Trust

,

5.8329

%

,

6/10/42

(144A)

1,342,000

1,373,010

PRET

LLC

,

6.3677

%

,

4/25/55

(144A)

Ç

933,259

935,798

Prima

Capital

CRE

Securitization

Ltd.

,

5.5000

%

,

10/1/33

(144A)

175,000

146,712

PRM7

Trust

,

6.6184

%

,

11/10/42

(144A)

‡

278,000

278,454

PRPM

LLC

,

6.4690

%

,

5/25/30

(144A)

Ç

609,919

609,792

Saluda

Grade

Alternative

Mortgage

Trust

8.0000%, 4/25/29

(144A)

Ç

168,081

167,239

7.5000%, 2/25/30

(144A)

Ç

170,000

170,207

Saluds

Grade

Alternative

Mortgage

Trust

,

5.6570

%

,

10/25/40

(144A)

Ç

100,000

99,889

SCG

Commercial

Mortgage

Trust

,

CME

Term

SOFR

1

Month

+

2.7500%

,

6.4302

%

,

8/15/42

(144A)

‡

200,000

200,899

SCG

Trust

,

CME

Term

SOFR

1

Month

+

3.4000%

,

7.0802

%

,

9/15/42

(144A)

‡

290,000

291,449

SMRT

,

CME

Term

SOFR

1

Month

+

2.7000%

,

6.3810

%

,

1/15/39

(144A)

‡

800,000

798,014

SREIT

Trust

,

CME

Term

SOFR

1

Month

+

2.7327%

,

6.4127

%

,

11/15/36

(144A)

‡

165,000

164,859

SWCH

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

3.3402%,

7.0204%, 2/15/42

(144A)

‡

170,000

169,416

CME

Term

SOFR

1

Month

+

4.2389%,

7.9191%, 2/15/42

(144A)

‡

530,000

521,622

Taurus

UK

Designated

Activity

Co.

SONIO/N

+

2.0000%,

5.7314%, 7/20/35

(144A)

‡

GBP

120,000

163,728

SONIO/N

+

2.8000%,

6.5314%, 7/20/35

(144A)

‡

GBP

170,000

231,645

Janus

Henderson

Income

ETF

Schedule

of

Investments

(unaudited)

January

31,

2026

11

Shares/

Principal

Amounts

Value

Mortgage-Backed

Securities

-

(continued)

TEXAS

Commercial

Mortgage

Trust

,

CME

Term

SOFR

1

Month

+

3.0906%

,

6.7708

%

,

4/15/42

(144A)

‡

$

271,000

$

272,367

TVC

Mortgage

Trust

5.5750%, 4/25/40

(144A)

Ç

100,000

99,998

6.3400%, 4/25/40

(144A)

‡

100,000

99,999

Vontive

Mortgage

Trust

,

6.5070

%

,

3/25/30

(144A)

Ç

496,000

503,780

Wells

Fargo

Commercial

Mortgage

Trust

6.3820%, 3/15/38

(144A)

‡

302,000

303,352

7.1375%, 3/15/38

(144A)

‡

189,000

190,347

5.7613%, 9/15/40

(144A)

‡

561,000

570,051

Total

Mortgage-Backed

Securities

(cost

$72,173,155)

72,545,523

Common

Stocks

-

0

.9

%

Biotechnology

-

0

.3

%

BioMarin

Pharmaceutical,

Inc.*

6,823

385,772

Communications

Equipment

-

0

.1

%

Ciena

Corp.*

638

160,655

Diversified

Telecommunication

Services

-

0

.2

%

GCI

Liberty,

Inc.*

,¢

250

250,000

Semiconductors

&

Semiconductor

Equipment

-

0

.1

%

Broadcom,

Inc.

662

219,321

Software

-

0

.2

%

Cipher

Mining,

Inc.*

18,777

299,681

Total

Common

Stocks

(cost

$1,377,559)

1,315,429

Exchange

Traded

Fund

-

3

.9

%

Janus

Henderson

Emerging

Markets

Debt

Hard

Currency

ETF

£

(cost

$5,659,456)

112,357

6,025,706

Investment

Companies

-

3

.2

%

Money

Market

Funds

-

3

.2

%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

3.6619%

£,∞

(cost

$4,955,625)

4,955,626

4,957,112

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

0

.8

%

Investment

Companies

-

0

.6

%

Janus

Henderson

Cash

Collateral

Fund

LLC,

3.5827%

£,∞

925,022

925,022

Time

Deposits

-

0

.2

%

Royal

Bank

of

Canada,

3.6500%,

2/2/26

231,256

231,256

Total

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

(cost

$1,156,278)

1,156,278

Total

Investments

(total

cost

$

189,013,292

)

-

123

.9

%

190,217,783

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(23.9%)

(36,662,873)

Net

Assets

-

100.0%

$153,554,910

Janus

Henderson

Income

ETF

Schedule

of

Investments

(unaudited)

January

31,

2026

12

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

172,371,282

90

.6

%

Luxembourg

4,305,763

2

.3

United

Kingdom

3,457,980

1

.8

Netherlands

2,652,808

1

.4

Canada

1,804,159

0

.9

Italy

825,903

0

.4

Germany

689,712

0

.4

Japan

668,632

0

.4

Ireland

632,490

0

.3

Spain

598,792

0

.3

France

597,894

0

.3

Finland

587,029

0

.3

Chile

496,059

0

.3

Sweden

382,568

0

.2

Cayman

Islands

146,712

0

.1

Total

$190,217,783

100

.0

%

Schedule

of

Affiliated

Investments

-

(%

of

Net

Assets)

Affiliated

Investments,

at

Value

at

10/31/25

Purchases

Sales

Proceeds

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciatio

n/

(Depreciation)

Affiliated

Investments,

at

Value

at

1/31/26

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

Shares

Held

at

1/31/26

Dividend

Income

Investment

Company

-

7.1%

Exchange

Traded

Fund

-

3.9%

Janus

Henderson

Emerging

Markets

Debt

Hard

Currency

ETF

$

6,728,350

$

138,316

$

(

782,840

)

$

38,443

$

(

96,563

)

$

6,025,706

112,357

$

140,100

Money

Market

Funds

-

3.2%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

3.6619%

∞

3,265,055

68,665,180

(

66,973,504

)

(

453

)

834

4,957,112

4,955,626

41,946

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

0.8%

Investment

Companies

-

0.6%

Janus

Henderson

Cash

Collateral

Fund

LLC,

3.5827%

∞

2,069,198

7,162,225

(

8,306,401

)

–

–

925,022

925,022

16,173

Δ

Total

Affiliated

Investments

-

7.7%

$12,062,603

$75,965,721

$(76,062,745)

$37,990

$(95,729)

$11,907,840

$198,219

Janus

Henderson

Income

ETF

Schedule

of

Investments

(unaudited)

January

31,

2026

13

Schedule

of

Unfunded

Loan

Commitments

Borrower

Unfunded

Loan

Commitments

Value

Unrealized

Appreciation/

(Depreciation)

Azuria

Water

Solutions,

Inc.,

Delayed

Draw

First

Lien

Term

Loan

$55,170

$54,893

$(277)

Salas

Obrien,

Inc.,

Delayed

Draw

First

Lien

Term

Loan

$31,037

$31,193

$156

Total

$86,207

$86,086

$(121)

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

3/4/26

(502,920)

$

590,397

$

8,667

Euro

3/4/26

(496,250)

585,493

5,626

Euro

3/4/26

(188,252)

219,567

4,673

Euro

3/4/26

(108,160)

126,492

2,345

Euro

3/4/26

(103,559)

121,533

1,824

Euro

3/4/26

452,453

(

540,485

)

1,537

Euro

3/4/26

(103,316)

121,895

1,171

Euro

3/4/26

(19,847)

23,259

382

Euro

3/4/26

500,000

(

595,781

)

196

Euro

3/4/26

(6,582)

7,647

193

Euro

3/4/26

(9,359)

10,998

150

Euro

3/4/26

(5,690)

6,722

55

Euro

3/4/26

(4,170)

4,914

54

Euro

3/4/26

(2,601)

3,051

48

Euro

3/4/26

(2,837)

3,334

45

Euro

3/4/26

280,000

(

333,549

)

22

Euro

3/4/26

46,297

(

54,036

)

(

1,112

)

Euro

3/4/26

95,596

(

112,419

)

(

1,453

)

Euro

3/4/26

400,000

(

467,899

)

(

8,569

)

Euro

3/4/26

498,750

(

585,288

)

(

8,808

)

Euro

3/4/26

650,650

(

764,542

)

(

10,493

)

Euro

3/4/26

498,750

(

582,735

)

(

11,362

)

Euro

3/4/26

997,500

(

1,168,970

)

(

19,222

)

Euro

3/4/26

1,931,350

(

2,269,421

)

(

31,146

)

Euro

3/4/26

9,295,012

(

10,899,798

)

(

172,147

)

Great

British

Pound

3/4/26

(109,614)

145,902

4,512

Great

British

Pound

3/4/26

891,322

(

1,189,174

)

(

33,909

)

Japanese

Yen

3/4/26

(34,178,294)

215,948

6,129

Japanese

Yen

3/4/26

10,668,744

(

67,392

)

(

1,929

)

Japanese

Yen

3/4/26

23,509,550

(

150,242

)

(

2,515

)

(265,036)

Total

$(265,036)

Janus

Henderson

Income

ETF

Schedule

of

Investments

(unaudited)

January

31,

2026

14

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

3/20/26

$

1,230,109

$

(

16,360

)

U.S.

Treasury

2

Year

Notes

65

3/31/26

13,551,992

(

28,011

)

U.S.

Treasury

5

Year

Notes

290

3/31/26

31,589,610

(

173,538

)

Total

-

Futures

Long

(217,909)

Futures

Short:

U.S.

Treasury

10

Year

Ultra

Bonds

41

3/20/26

(4,680,406)

62,504

U.S.

Treasury

Long

Bonds

9

3/20/26

(1,036,125)

9,521

U.S.

Treasury

Ultra

Bonds

14

3/20/26

(1,644,125)

30,226

Total

-

Futures

Short

102,251

Total

$(115,658)

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

S&P

500

Emini

Index

6

7,325.00

USD

03/20/2026

$

300

$

(

8,169

)

$

3,669

$

(

4,500

)

U.S.

Treasury

10

Year

Notes

28

114.50

USD

02/20/2026

2,800,000

(

3,022

)

2,147

(

875

)

U.S.

Treasury

5

Year

Notes

57

110.50

USD

02/20/2026

5,700,000

(

5,261

)

3,480

(

1,781

)

Total

$(16,452)

$9,296

$(7,156)

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

S&P

500

Emini

Index

6

6,525.00

USD

03/20/2026

$

300

$

(

18,669

)

$

3,444

$

(

15,225

)

U.S.

Treasury

10

Year

Notes

28

111.00

USD

02/20/2026

2,800,000

(

6,084

)

2,584

(

3,500

)

U.S.

Treasury

5

Year

Notes

57

108.25

USD

02/20/2026

5,700,000

(

6,597

)

3,925

(

2,672

)

Total

$(31,350)

$9,953

$(21,397)

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.45-V1,

Fixed

Rate

of

1.00%

Paid

Quarterly

12/20/30

$

7,300,000

$

(

164,004

)

$

(

8,511

)

$

(

172,515

)

Janus

Henderson

Income

ETF

Schedule

of

Investments

(unaudited)

January

31,

2026

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

07/24/2026

USD

149,180

$

4,504

Average

Ending

Monthly

Value

of

Derivative

Instruments

During

the

Period

Ended

January

31,

2026

Futures

contracts:

Average

notional

amount

of

contracts

-

long

$42,130,310

Average

notional

amount

of

contracts

-

short

8,135,307

Forward

foreign

currency

exchange

contracts:

Average

amounts

purchased

-

in

USD

3,083,217

Average

amounts

sold

-

in

USD

18,005,702

Credit

default

swaps:

Average

notional

amount

-

buy

protection

2,433,333

OTC

Swaps:

Average

notional

amount

89,839

Options:

Average

value

of

option

contracts

written

11,068

Janus

Henderson

Income

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

January

31,

2026

16

CME

Chicago

Mercantile

Exchange

DAC

Designated

Activity

Company

ETF

Exchange

Traded

Fund

EUR

Euro

EUR0012M

12-Month

EURIBOR

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

plc

Public

Limited

Company

REMIC

Real

Estate

Mortgage

Investment

Conduit

SOFR

Secured

Overnight

Financing

Rate

SOFR30A

Secured

Overnight

Financing

Rate

30

Day

Average

TBA

(To

Be

Announced)

Securities

are

purchased/sold

on

a

forward

commitment

basis

with

an

approximate

principal

amount

and

no

defined

maturity

date.

The

actual

principal

and

maturity

date

will

be

determined

upon

settlement

when

specific

mortgage

pools

are

assigned.

UMBS

Uniform

Mortgage-Backed

Securities

*

Non-income

producing

security.

¢

Security

is

valued

using

significant

unobservable

inputs.

The

total

value

of

Level

3

securities

as

of

the

period

ended

January

31,

2026

is

$891,144,

which

represents

0.6%

of

net

assets.

#

Loaned

security;

a

portion

of

the

security

is

on

loan

at

January

31,

2026.

∞

Rate

shown

is

the

7-day

yield

as

of

January

31,

2026.

£

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.

Janus

Henderson

Income

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

January

31,

2026

17

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.

€

Security

is

in

default,

thus

not

accruing

interest

income.

The

rate

and

maturity

date

shown

is

as

of

the

contractual

maturity

date.

†

The

position

has

not

yet

settled

as

of

January

31,

2026.

The

coupon

rate

is

undetermined.

‡

Variable

or

floating

rate

security.

Rate

shown

is

the

current

rate

as

of

January

31,

2026.

Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread;

they

are

determined

by

the

issuer

or

agent

and

current

market

conditions.

Reference

rate

is

as

of

reset

date

and

may

vary

by

security,

which

may

not

indicate

a

reference

rate

and/or

spread

in

their

description.

¤

Zero

coupon

bond.

μ

Perpetual

security.

Perpetual

securities

have

no

stated

maturity

date,

but

they

may

be

called/redeemed

by

the

issuer.

The

date

indicated,

if

any,

represents

the

next

call

date.

ƒ

All

or

a

portion

of

this

position

is

not

funded,

or

has

been

purchased

on

a

delayed

delivery

or

when-issued

basis.

If

applicable,

interest

rates

will

be

determined

and

interest

will

begin

to

accrue

at

a

future

date.

See

Notes

to

Financial

Statements.

144A

Securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended,

are

subject

to

legal

and/or

contractual

restrictions

on

resale

and

may

not

be

publicly

sold

without

registration

under

the

1933

Act.

Unless

otherwise

noted,

these

securities

have

been

determined

to

be

liquid

in

accordance

with

the

requirements

of

Rule

22e-4,

under

the

1940

Act.

The

total

value

of

144A

securities

as

of

the

period

ended

January

31,

2026

is

$103,707,055

which

represents

67.5%

of

net

assets.

§

PO

–

Principal

Only

^

Settlement

is

on

a

delayed

delivery

or

when-issued

basis

with

final

maturity

TBA

in

the

future.

Janus

Henderson

Income

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

January

31,

2026

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

January

31,

2026

.

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

$

—

$

20,442,340

$

197,722

$

20,640,062

Bank

Loans

—

21,874,694

—

21,874,694

Collateralized

Loan

Obligations

—

7,656,854

—

7,656,854

Convertible

Bonds

—

1,295,618

—

1,295,618

Corporate

Bonds

—

52,750,507

—

52,750,507

Mortgage-Backed

Securities

—

72,102,101

443,422

72,545,523

Common

Stocks

Diversified

Telecommunication

Services

—

—

250,000

250,000

All

Other

1,065,429

—

—

1,065,429

Exchange

Traded

Fund

6,025,706

—

—

6,025,706

Investment

Companies

—

4,957,112

—

4,957,112

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

—

1,156,278

—

1,156,278

Total

Investments

in

Securities

$

7,091,135

$

182,235,504

$

891,144

$

190,217,783

Other

Financial

Instruments

(a)

:

Forward

Foreign

Currency

Exchange

Contracts

$

—

$

37,629

$

—

$

37,629

Futures

Contracts

102,251

—

—

102,251

OTC

Swaps

—

4,504

—

4,504

Total

Other

Financial

Instruments

$

102,251

$

42,133

$

—

$

144,384

Unfunded

Loan

Commitments

$

—

$

156

$

—

$

156

Total

Assets

$

7,193,386

$

182,277,793

$

891,144

$

190,362,323

Liabilities

TBA

sales

commitments:

Mortgage-Backed

Securities

$

—

$

69,906

$

—

$

69,906

Other

Financial

Instruments

(a)

:

Centrally

Cleared

Swaps

$

—

$

8,511

$

—

$

8,511

Forward

Foreign

Currency

Exchange

Contracts

—

302,665

—

302,665

Futures

Contracts

217,909

—

—

217,909

Options

Written,

at

Value

28,553

—

—

28,553

Total

Other

Financial

Instruments

$

246,462

$

311,176

$

—

$

557,638

Unfunded

Loan

Commitments

$

—

$

(

277

)

$

—

$

(

277

)

Total

Liabilities

$

246,462

$

381,359

$

—

$

627,821

(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

January

31,

2026 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.

125-25-71291

03-26